Reliance Industries reports 13.55% rise in Q3 profit. TCS Q3 net profit rises to ?8,118cr; revenue up 6.7%. Facebook is reportedly backing away from plans to sell ads on WhatsApp. Alphabet joins Apple, Amazon and Microsoft in trillion dollar club. China GDP grows at its weakest pace in 29 years.
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Upward and Forward: Indian IT behemoth Tata Consultancy Services (TCS) today reported marginal rise (0.2%) in net profit to ?8,118cr ($1,147m) for Q3. Revenue was up 6.7% YoY to ?39,854cr ($5,631m).
In terms of constant currency, revenues grew 6.8% year on year, with operating margin expanding to 25%.
TCS also announced interim dividend of ?5 per share. Business Today
Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) today reported 13.55% rise in profit, beating estimates at ?11,640cr ($1,644m), on the back of robust growth in telecom and retail verticals. ET Earnings
We Will Be Hiring Soon: E-retailer Amazon has said that it plans to create one million new jobs in India over the next five years through investments in technology, infrastructure and its logistics network.
The news comes on the heels of Amazon's Founder Jeff Bezos's announcement that over the next five years, it will invest an incremental $1bn to digitise micro and small businesses in cities, towns, and villages across India, helping them reach more customers than ever before. Firstpost
Double It: The ecommerce giant is also set to double its investments in Prime Video in India following the overwhelming response it has garnered in the recent years. The number of hours that people watched Prime Video had grown by six times in just two years in India. Financial Express
Objection Overruled: In a blow to telecom operators Bharti Airtel and Vodafone Idea, the Supreme Court yesterday dismissed pleas to review its earlier judgement that had asked the telecom operators to pay more than ?1tr ($14.10bn) of dues to the government. Bharti Airtel has to pay outstanding dues worth ?35,586cr ($5,028m), while Vodafone Idea owes the government ?50,000cr ($7,064m).
Meanwhile, the telecom operators have said that they were evaluating filing curative petitions. Livemint
Non-telecom state-run companies including Gail India, Power Grid Corp and Oil India will file petitions seeking a review of the SC’s order that mandates them to pay more than ?3tr ($42.39bn) in arrears on their telecom licences, said solicitor general Tushar Mehta. ET Telecom
Do Another Day: As per a report by The Wall Street Journal, Facebook is backing away from efforts to sell ads on WhatsApp.
Plans to monetise WhatsApp by inserting ads amidst its Status feature - akin to how ads are inserted between Stories on Instagram, another Facebook-owned platform.
These plans led to Jan Koum and Brian Acton, who created the messaging service, to resign 18 months ago, leaving on the table a combined $1.3bn in deferred compensation.
Facebook bought WhatsApp in a mega $22bn deal in 2014. WSJ
Trillion Dollar Club: Google's parent company Alphabet has become only the fourth company to reach $1trn in valuation. In doing so, it joins an elite club of only three other companies - Apple, Amazon and Microsoft. BBG
Deceleration: China's GDP grew at its slowest pace in 29 years in 2019 at 6.1%, lower than the 6.6% growth seen in the previous year, data from the National Bureau of Statistics showed on Friday. Growth in the final quarter of 2019 equalled the 6% logged in the July-September period.
The Y-o-Y decline in the growth rate is 0.5 percentage points, which is the biggest since the 1.7 percentage points decline seen in 2012.
The downturn in numbers come as weaker exports, dampening investments, trade turmoil and lacklustre consumer sentiment weigh on the economy. Nikkei Asian Review
A Demographic Crisis is Born: China also unveiled data on Friday that showed its population growth rate (birth minus deaths) falling to 3.34 per thousand in 2019. This reflects a pronounced decline in fertility, the lowest rate since 1961, and down from 3.81 in the previous year.
Meanwhile, the country's birthrate in 2019 was the lowest since its founding in 1949. There were 14.6m births in China last year, a 500,000 drop from the year before, and the lowest in seven decades (except for 1961 when the country was suffering from famine). At 10.48 live births per 1,000 people, China's birthrate is now below the level of the UK's, whose birthrate is 11.1. To compare, Singapore, whose birthrate is one of the lowest in the world, has a birthrate of 8.9, while on the other end of the spectrum Niger has a birth rate of 46.5. Guardian
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