Q3 Results

Tata Motors is expecting passenger vehicle (PV) retail sales to maintain growth momentum in the ongoing quarter driven by year-end demand, according to a top company executive. As per FADA data, festive demand helped PV retail sales rise 32 per cent year-on-year (YoY) to 4,83,159 units in October. The segment reported a 7 per cent YoY increase to 6,03,009 units during the 42-day festival period this year. In September, PV retail sales had seen a dip of 19 per cent to 2,75,681 units. The Mumbai-based auto major saw its PV volumes decline 6 per cent YoY to 1,30,500 units in the July-September period hit by tepid demand. "In quarter three, we expect retail to be strong, driven by festivities and the year-end demand. Industry wholesale may be lower than retail, so as to reduce the channel inventory ahead of the new calendar year. That is for the industry," Tata Motors Passenger Vehicles MD Shailesh Chandra said in an analyst call. The automaker, on its part, will focus on driving ...

Reliance Power has posted a consolidated net profit of Rs 2,878.15 crore in the July-September quarter of this financial year. The company had reported a net loss of Rs 237.76 crore in the quarter ended September 30, 2023. Total income of the company dipped to Rs 1,962.77 crore in the quarter under review, from Rs 2,116.37 crore in the same period a year ago. The company has gained Rs 3,230.42 crore on deconsolidation of a subsidiary, the company said in a regulatory filing on Tuesday. Deconsolidation of a subsidiary occurs when assets, liabilities, and equity associated with the subsidiary are no longer reflected in the parent company's financial position. During the July-September quarter, Reliance Power has settled Rs 3,872 crore guarantor obligations for its subsidiary Vidarbha Industries Power Ltd (VIPL). "... The entire obligations of the Parent Company (Reliance Power) as a guarantor on behalf of VIPL stands fully settled resulting in the release and discharge of corporate

The Export Import Bank of India on Tuesday said it expects India's merchandise exports to grow 1.85 per cent to USD 107.5 billion in the October-December period of 2024. The non-oil exports will grow 7.39 per cent to USD 91.7 billion, estimates released by the policy bank said. Non-oil and non-gems and jewellery exports are forecast to amount USD 82.7 billion, which will be a growth of 7.8 per cent over the last year, it said. "Positive growth in India's exports could be as a result of India's continued strong economic activity backed by sustained momentum in manufacturing and services sector, improving demand prospects in trading partners, supported by expected global monetary easing," it said. There are risks which make any outcome uncertain, including uncertain prospects in select advanced and emerging economies, geoeconomic fragmentation, the Middle East and West Asia crisis, risk of intensification of protectionist policies, and global supply chain disruptions, it said. The b

ArcelorMittal, which also has a presence in India, on Thursday posted a 69 per cent fall in net income to USD 287 million during the third quarter, mainly on account of a decline in steel shipments. Luxembourg-based ArcelorMittal follows the January-December calendar as the financial year. In July-September 2023, it clocked USD 929 million "net income attributable to equity holders of the parent", the company said in a statement. The company recorded a net income of USD 504 million in the second quarter of 2024, the statement said. Globally, the medium- to long-term outlook for steel is positive, and ArcelorMittal will continue to harness its unique geographic presence and strong research and development capability to meet stakeholders' need, its Chief Executive Officer Aditya Mittal said. Demand is expected to be stronger in the second half of this year compared with 2023, and inventory levels are low, indicating that re-stocking will occur when real demand recovers. The increase

The New York-based investor in private equity and corporate credit reported $856 million in income from its retirement business, marking its second-highest quarterly total for this category

While the market closely eyes the US presidential elections, corporate earnings and macroeconomic data will also be on radar

State-owned Canara Bank aims to recover about Rs 6,000 crore from bad loans during the second half of the current fiscal. "We are anticipating recovery somewhere about Rs 3,000 crore in the third quarter and a similar amount in the fourth quarter," Canara Bank managing director and CEO K Satyanarayana Raju told PTI. The bank has recovered Rs 2,905 crore, including recovery in written-off accounts, in the second quarter. Slippages would be much less than recovery as the bank would be underwriting good loans, Raju said. Asked about the initial public offering (IPO) of Canara Robeco Asset Management Company, he said it may happen in the fourth quarter of this financial year. The approval from the finance ministry for the IPO of Canara Robeco Asset Management Company (AMC) is expected shortly. The lender holds a 51 per cent stake in the mutual fund. It plans to offload a 13 per cent stake through IPO. Last December, Canara Bank gave an in-principle approval to start the process of l

IT company reports 'large deals' in the quarter and 'momentum' in its AI services

Samsung has lost about a quarter of its value this year, as the once-dominant memory chipmaker struggled to get its latest chips certified by Nvidia Corp. for use in AI accelerators

The company on Thursday trimmed its 2024 outlook, projecting motorcycle revenue down 14 per cent to 16 per cent and operating profit margins between 7.5 per cent and 8.5 per cent

Revenues came in at 10.7 billion euros ($11.55 billion), up 1.8 per cent from a year earlier and beating an analysts' consensus forecast of 10.35 billion euros provided by the company

Schaeffler India on Wednesday said its consolidated Profit After Tax grew marginally to Rs 236.41 crore in the July-September quarter of this year, from Rs 232.76 crore a year ago. Revenue from operations during the reporting quarter, however, rose 14 per cent to Rs 2,116.3 crore in the third quarter of 2024, from Rs 1,853.6 crore in the year-ago period, the company said in a regulatory filing. Schaeffler India follows the January-December financial year. "Our domestic business continued its growth momentum as we progressed into the second half of the year. "Despite a challenging market environment, the automotive technologies and bearings and industrial solutions business showed an upward trend," Harsha Kadam, Managing Director and CEO at Schaeffler India said in a statement. The sustained quality of earnings reflects the company's constant focus on cost management and realization of financial and operating margins, he added.

During the three months ending Sept. 30, its India volume growth came in at 5.7 per cent

Production issues at Boeing and Airbus have led to slower delivery of newer planes, troubling the airline industry, which is seeing unprecedented demand for air travel

Its investment banking revenue jumped 56% in the third quarter. Competitors Goldman Sachs had posted a 20% surge in fees, while JPMorgan Chase saw a 31% gain

Declares interim dividend of Rs 15 per share

BofA's investment banking fees jumped 18 per cent to $1.4 billion, compared with a year earlier, bolstered by a rebound in activity in recent months

The third-largest US lender's dealmakers joined rivals at JPMorgan Chase and Wells Fargo in benefiting from a rebound in capital markets as corporate clients issued more debt and equity

Adjusted profit was $2.42 a share, surpassing Wall Street's average estimate of $2.19. Pharmaceutical revenue rose almost 5 per cent, exceeding expectations by more than $400 million

The company stated that this strategic move is part of hBits' commitment to democratising access to commercial real estate investments for retail investors across India