Finance minister Arun Jaitley on Thursday gave a strong indication that the February 1 interim Budget may not necessarily be a vote-on-account, emphasising that the government could deviate from an election-year convention to meet challenges confronting the economy, like the one facing the farm sector.
On the BSE index, Reliance Industries, Kotak Mahindra Bank, HCL Tech, ONGC, Asian Paints and Vedanta were among the major gainers with their stocks surging as much as 4.34 per cent. On NSE, except for Nifty IT, all other sub-indices finished in red with Nifty Pharma losing the most, down 2.70 per cent.
Net profit of the IT major stood at Rs 2,545 crore in the three months to December 31, from Rs 1,930 crore in the same period a year earlier. The Bengaluru-based company’s revenue increased by 10.2 per cent in Q3, while revenue from its IT services grew 13 per cent.
The company believes that early migration to the stricter emission norms will help it maintain a smooth transition to the new regime, especially as it is almost a certainty that older version cars will not be allowed to sell after March 31, 2020.
“Higher volume and manufacturing design improvements are crucial for Tesla to achieve the economies of scale required to manufacture the standard range (220 mile), standard interior Model 3 at $35k and still be a viable company,” the electric carmaker said.
State Bank of India (SBI) on Thursday said that lenders are considering a restructuring plan — an acknowledgement that the loan is not viable in the present form. RBI norms require lenders to make at least 15% provisions on their exposure once a loan is restructured.
The latest annual data from App Annie, an independent agency that collates data on apps, shows downloads in India (across Android and iOS) growing by 165% in this period. In China, which accounts for almost 50% of all the downloads in the world, it grew by 70%. Indonesia followed at 55%. In food delivery, India saw a dramatic 900% spike in downloads.