Here is a collection of the most important stories this evening:
Tata Steel Q2 profit plummets 87% even as revenue remains flat, misses estimates
Tata Steel Ltd on October 31 reported an 87 percent year-on-year decline in consolidated profit after tax at Rs 1,514 crore for the September quarter. Sequentially, the profit declined 80 percent. Consolidated revenue for the Tata group company remained flat with a marginal decline of one percent year-on-year to Rs 59,878 crore. Sequentially, they fell 6 percent. Realisations declined amidst a global meltdown in commodity prices even as a fall in volumes in Europe was negated by an increase in local volumes. A jump in input costs severely dented margins and profitability.
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L&T Q2 Results: Profit jumps 22.5% to Rs 2,229 crore, revenue up 23% on execution tailwinds
Larsen & Toubro (L&T)'s net profit during the second quarter of fiscal year 2022-23 climbed by 22.5 percent year-on-year to Rs 2,229 crore, as per the financial results declared by the company on October 31. L&T reported a 23 percent rise in consolidated revenue for Q2 FY23 at Rs 42, 763 crore, as compared to Rs 34,772 crore clocked in the corresponding quarter of the previous fiscal. Higher-than-expected sales growth was driven by execution tailwinds in the infrastructure projects segment and sustained growth momentum in the IT & TS portfolio.
Centre's fiscal deficit widens to Rs 6.20 lakh crore in April-September
The Central government's fiscal deficit widened to Rs 6.20 lakh crore in April-September, accounting for 37.3 percent of the full-year target, data released on October 31 by the Controller General of Accounts showed. The Centre is targeting a fiscal deficit of Rs 16.61 lakh crore for FY23, or 6.4 percent of GDP.
Eight core sectors' output grows 7.9% in September vs 5.4% YoY
India's eight core sectors grew 7.9 percent in September, quickening from an upwardly revised 4.1 percent in August, the commerce ministry has said on October 31. Output in six of the eight core sectors grew in September. These sectors include coal, refinery products, electricity, fertilisers, cement and steel, said the ministry.
SBI, HDFC Bank, 7 others identified for participation in digital rupee’s wholesale pilot, RBI says
The Reserve Bank of India (RBI) on October 31 identified nine banks to participate in commencing the first pilot of digital rupee in the wholesale segment. The nine banks are State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC, the RBI said in a release. The pilot will commence on November 1.