Thursday, November 28
Oil prices increased as Saudi Arabia and Russia confirmed their commitment to continue voluntary supply cuts until the end of the year. Brent crude rose 1.21% to $85.92 a barrel, while U.S. West Texas Intermediate crude increased by 1.33%. However, the gains may be limited due to a decrease in Chinese refinery throughput and disappointing October factory data. Analysts predict that the oil market will be in surplus in the first quarter of next year.
Reliance Industries and bp plc have decided to price the gas produced from their KG-D6 block in India's Bay of Bengal based on oil indexation, allowing them to benefit from the strong oil market. They are seeking bids from buyers for 4 million standard cubic meters per day of gas, with the price indexed to Brent crude oil. The starting bid price is set at USD 1.08 per million British thermal unit. The maximum bid value allowed is USD 4.5 per mmBtu. The government-dictated maximum rate for gas from difficult fields is USD 9.96 per mmBtu.
The United Auto Workers union has reached a tentative contract deal with General Motors that includes investments in electric vehicles and wage increases for U.S. hourly workers. The agreement follows a similar pattern set at Ford and Stellantis, providing base wage increases and improved conditions for temporary workers. The contract will raise wages for over 7,000 UAW workers in GM component plants, service parts warehouses, and subsystems operations. UAW leaders will now seek approval from union members at the Detroit Three.
Edtech startup Byju's has released its audited FY22 financials, revealing deep losses in its core business. The company reported EBITDA losses of Rs 2,253 crore in FY22, slightly lower than the losses of Rs 2,406 crore in FY21. However, revenues increased significantly to Rs 3,569 crore from Rs 1,552 crore. The financials exclude acquisitions made by the company. Byju's has faced various challenges, including a dispute with lenders and the resignation of its former auditor and board members.
Educational technology company Think and Learn Private Ltd, operating under the brand BYJU's, announced a reduction in operational losses for its core business during the 2021-22 fiscal year. The EBITDA, which represents the operational loss in the core business, decreased from Rs 2,406 crore in the previous year to Rs 2,253 crore, according to the company. The primary focus of the company involves its K12 educational offerings, applications, and tuition centers. BYJU'S reported that its core business revenue experienced substantial growth.
The country's largest lender SBI on Saturday reported a 9.13 per cent growth in consolidated net profit for the September quarter to Rs 16,099.58 crore. The state-run lender had reported a consolidated net profit of Rs 14,752 crore in the year-ago period and Rs 18,356 crore in the June quarter. On a standalone basis, it posted a net profit of Rs 14,330.02 crore as against Rs 13,264.52 crore in the year-ago period.
The seasonally adjusted S&P Global India Services PMI Business Activity Index fell to 58.4 in October, from a 13-year high of 61 in September, signalling the slowest rate of expansion since March. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction. The survey is compiled from responses to questionnaires sent to a panel of around 400 service sector companies. Survey members noted gains from clients in Asia, Europe and the US.
With Pratt & Whitney engine issues showing no signs of abating, the Directorate General of Civil Aviation (DGCA) has strongly asked the company to have a maintenance, repair and overhaul (MRO) facility in India at the earliest. While new generation PW engines for the Airbus A320neo family of planes — used by IndiGo and erstwhile GoAir — have been having a series of issues for last 5-6 years now, the worst impact is likely to be felt soon with hundreds of these engines going to be grounded for checks globally.
Zomato, the food delivery firm, reported net profits of Rs 36 crore in the September quarter, its second consecutive profitable quarter. Revenues increased by 67% year-on-year to Rs 3,060 crore, aiding profitability.“The growth momentum we witnessed in Q1FY24 continued in Q2FY24 driven by healthy growth across all our businesses,” founder and CEO Deepinder Goyal said in a letter to shareholders on Friday. Blinkit’s GOV stood at Rs 2,760 crore in Q2
