This week in the business world, a mix of earnings reports, corporate developments, and strategic moves have kept investors and analysts on their toes. The earnings season is in full swing, with major companies unveiling their financial performances, offering a glimpse into the economic landscape. While some firms celebrated robust profits, others faced the music of market expectations. Amidst this, strategic corporate developments and international relations have also painted a vivid picture of the dynamic business environment.
Swiggy’s Platform Fee Hike
Swiggy, one of India’s leading food delivery platforms, has increased its platform fee by 50%, now charging customers ₹3. This move comes amidst the company’s efforts to offset the increased costs and challenges posed by the ongoing pandemic. While such hikes are not uncommon in the industry, they invariably impact the customer’s overall bill, leading to a reevaluation of ordering frequency and preferences. Read the full article here.
HDFC Bank’s Impressive Q2 Results
HDFC Bank shares experienced a jump as the bank’s Q2 results impressed both investors and analysts. The bank reported a net profit of ₹8,834.3 crores, marking a 17.6% year-on-year increase. The robust performance is attributed to the healthy growth in net interest income, which rose by 14.4%. The bank’s asset quality also remained stable, instilling confidence among investors. Read the full article here.
India’s Ambitious Space Exploration Roadmap
Prime Minister Narendra Modi unveiled India’s ambitious space exploration roadmap, with the Gaganyaan Mission set for a 2025 launch. The plan includes establishing an ‘Indian Space Station’ by 2035 and putting the first Indian on the Moon by 2040. The announcement underscores India’s commitment to becoming a significant player in the global space arena. Read the full article here.
Sony-Zee Merger Drama
The merger between Sony's India division and Zee Entertainment Enterprises Limited (ZEEL) is expected to conclude by early November, despite challenges from financial entities like Axis Finance and IDBI. The merger, orchestrated by the Boston Consulting Group, is one of the media industry's most significant in recent times. Read the full article here.
FMCG Giants Announce Q2 Results
Hindustan Unilever (HUL) and ITC announced their Q2 results, offering insights into the FMCG sector’s performance. HUL posted a net profit of ₹2,717 crore, a 3.86% increase YoY, but faced concerns over sluggish revenue growth. ITC's net profit increased by 10.3% to ₹4,927 crore, with its revenue and cigarette segment performing well. However, the share prices of both companies were down, reflecting market reactions to their performances. Read HUL’s full article here. Read ITC’s full article here.
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