Good evening reader,
We love Thursdays. Their placement in the workweek is near perfect.
Yes, we've just made a blanket assertion! With confidence.
Signs of manic activity would have by now (hopefully) mellowed. Not saying we get done with work or anything, but at least the probability of a surprise goes down. One is happily tilted towards the weekend, but still not really plugged out.
Its a good day to introspect and take stock of the week's events. Probably that's why we do our Podcast today.
Oh yes, did we tell you we do a Podcast? It’s where we chat on 3 topical stories from the world of Business and Finance - curating and adding our insights on fairly layered topics (check the channel by clicking here). We try to keep it conversational...relaxed you know. Like the way people in general talk, but a wee bit more cynical ;)
Today's edition (Episode 8) talks about the ongoing crisis in Saudi Arabia, the changing economics of Uber, and how Reliance Jio is taking over broadband. Sprinkled in between would be anything and everything from the world of Business that caught our eye.
With this enthusiastic introduction, we're sure you can't wait (just removed out cynical hats for a moment). Hope you like it.
There's also the usual round-up of Today's 6 Top Business Stories through our End Of Day Wrap Up:
RBI dismisses liquidity window for NBFCs on belief of no systemic risk.
The Reserve Bank of India (RBI) has rejected a proposal for a special refinancing window for Non Banking Financial Companies (NBFCs) as it believes that there is ‘not a strong enough case right now’.
The two-day RBI Board meeting was intended to discuss the liquidity jam that NBFCs are facing and the government’s request to ease capital funding of Public Sector Banks (PSBs) to expand business.
Air passengers to double by 2037, India expected to be third largest aviation market.
According to International Air Transport Association (IATA), air traffic may double by 2037 to 8.2bn passengers a year, with Asia-Pacific region driving the growth. IATA stated this surge in aviation could support c. 100mn jobs globally. China is expected to be the largest market, followed by US and India.
Wipro Q2 profits drop 10% QoQ, below estimates.
Company realised a loss of INR514cr due to a client settlement during the quarter. Revenue rose by 2.4%, driven by a benchmark deal with Alight LLC. A sequential growth of 1-3% forecast by the firm for Q3.
Management cited challenges faced by Wipro's US Healthcare business over uncertainties around Obamacare.
Airtel Q2 profits plunge 65% y-o-y to c. INR119cr, still beat estimates.
Bharti Airtel reported a net profit of INR118.80 in FY19Q2, a 65% year-on-year fall. The telco’s total revenue slipped to INR20,422cr against INR21,777cr in September 2017. However, as of September 30, the company reported an increase of 14.2% in customers.
Tesla share price rises as company announces profit on Model 3 production.
Tesla announced a $311.5mn profit (its 3rd ever profitable quarter), beating market estimates and heading towards its Model 3 production targets. The company is rushing its manufacturing plans in China, intending to bring parts of Model 3 production to serve the Chinese market.
Fed report states US businesses are positive on growth but concerned about tight labour market and tariffs.
Businesses, mainly manufacturers, in the US are optimistic about the economy’s growth but are weighed down by concerns over trade tariffs that could push up costs, according to a report by US Federal Reserve. Some firms are raising prices to accommodate retaliatory tariffs on US goods, whereas others are shifting business strategies and importing materials from countries other than China. Companies reported offering more perks to retain/attract workers, but wage growth remained “mostly modest”.
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