Mid-tier IT services firm Persistent Systems reported a 6% sequential increase in net profit to Rs 325 crore for the quarter ended September. Year-on-year, net profit surged 23.4%, driven by the company’s focus on an AI-led services strategy. The company’s consolidated revenue also saw a 6% quarter-on-quarter rise to Rs 2,897.1 crore, marking a 20%
The FMCG sector is facing sluggish demand as it is becoming polarised with the middle class shrinking but simultaneously there being high demand for premium products, Nestle India chairman and managing director Suresh Narayanan said on Tuesday. He added that in bigger cities, a channel shift is also being noticed with people preferring e-commerce and
Retailers’ allegation of anti-competitive behavior against quick commerce companies like Blinkit, Zepto, and Swiggy Instamart may not result in anti-trust action against the latter, as these firms don’t meet the requirement of having dominant position in the relevant market, experts say. In a letter dated October 18, the All India Consumer Products Distributors Federation (AICPDF)
Reliance Infrastructure on Tuesday announced that it will be setting up an integrated project for manufacturing explosives, ammunition and small arms in Ratnagiri, Maharashtra. The company has been allotted 1,000 acres of land in the Watad Industrial Area of Ratnagiri to develop the Dhirubhai Ambani Defence City (DADC). DADC will be the largest greenfield defence
India’s export of petroleum products remained muted in the first half of the current financial year 2024-25, while the imports surged 10% for the period, as per data from Petroleum Planning and Analysis Cell. The country exported 31.0 million tonnes of refined oil products during April to September, almost unchanged from 30.7 million tonnes in
Adani Energy Solutions posted a more than two-fold jump in its Q2 FY25 net profit, reaching Rs 675 crore, compared to Rs 276 crore in the same quarter of the previous financial year. However, it missed analysts’ net profit estimate of Rs 888 crore. The strong profit growth was driven by a higher Ebitda, along
Food delivery major Zomato on Tuesday reported a profit surge of 388.9 per cent during the fiscal second quarter at Rs 176 crore in comparison to Rs 36 crore recorded during the corresponding quarter of previous fiscal year. It recorded revenue from operations at Rs 4799 crore, up 68.5 per cent as against Rs 2848
E-commerce major Snapdeal announced that it has witnessed 1.8 times growth in order volumes during the festive season sale till 15th October 2024. The growth is in comparison with last year’s festive season sales period. The e-commerce platform is focused on value segments and hosts high-quality, value -priced merchandise in key categories like home, fashion
NPS Calculator: The National Pension System (NPS) is one of the popular investment schemes that offer financial security and stability during old age as that is the time when retirees often lack a regular source of income. With life expectancy in India continuously increasing, it becomes more important for individuals to save for their golden
Pay Commission pensions revisions: The Centre recently gave details about subsequent pension revisions and other reforms undertaken for senior citizen pensioners falling in the age bracket of 80 to 100 years. In the Rajya Sabha, Parliamentarians Sadanand Mhalu Shet Tanavade, Baburam Nishad, and Subhash Barala sought details on the increase in grievance redressal by Pension
Stock market participants are expected to track global trends and the trading activity of foreign investors in a holiday-shortened week ahead, with no significant domestic triggers in sight, analysts said. The equity markets will remain closed on Wednesday for Christmas. Looking ahead, analysts pointed out that while no major domestic events are scheduled, several global
In 2024, fundraising through Initial Public Offerings (IPOs) in India hit a record high of Rs 1.6 lakh crore. This milestone was fueled by robust economic growth, favorable market conditions, and enhancements in the regulatory framework. The year saw diverse companies, ranging from large to small market capitalizations, tapping into the IPO route, with the
Starbucks workers’ union, representing more than 10,000 baristas, initiated a five-day strike on Friday, citing unresolved issues related to wages, staffing, and schedules. Initially impacting Starbucks stores in Los Angeles, Chicago, and Seattle, the strike is now expanding to Columbus, Denver, and Pittsburgh. The union, Workers United, plans to escalate the walkouts, potentially involving “hundreds
