Moneycontrol Selects: Top stories this evening

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Here is a collection of the most important stories this evening:

IT Rules amendment: Govt threatens punitive provisions if intermediaries don't comply with GAC decisions

The government is open to modifying the IT Rules yet again to include punitive provisions if social media intermediaries do not comply with the decisions of its grievance appellate committees. "Our approach towards jurisprudence and laws is evolving. We would like to work as partners. If it needs further modification, we will not hesitate to do that," Union Minister Rajeev Chandrasekhar said.

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Maruti Suzuki to realign its strategies laying greater focus on SUVs across segments

With the hatchbacks, especially in the entry-level segment, seeing lukewarm sales this financial year compared to the pre-COVID times, Maruti Suzuki India Limited (MSIL) affirmed that going forward it will be sharpening its focus on Sports Utility Vehicles (SUVs) across segments towards small cars run on internal combustion engines (ICE). Besides, it will launch the Compressed Natural Gas (CNG) variants of some of the existing petrol-driven models.

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NTPC Q2 Result | Consolidated profit falls 7% YoY to Rs 3,418 crore

State-run power utility NTPC Ltd on October 29 reported a consolidated profit of Rs 3,417.67 crore for Q2FY23, down 7.4 percent from Rs 3,690.95 crore in the same quarter of the previous year. On a sequential basis, the consolidated profit came in lower by 14 percent compared to Rs 3,977.77 crore recorded in the June quarter. NTPC's consolidated revenue from operations rose 26.6 percent to Rs 44,175.03 crore as against Rs 32,403.58 crore registered in Q2FY22.

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IOC reports Rs 272 crore net loss in Q2 on back of selling petrol, and diesel below cost

State-owned Indian Oil Corporation (IOC) on Saturday reported a net loss of Rs 272.35 crore for July-September - the second straight quarter of loss arising from selling petrol, diesel, and cooking gas LPG at rates below cost. The net loss of Rs 272.35 crore compared to a profit of Rs 6,360.05 crore in July-September 2021, according to a company's filing with the stock exchanges.

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Slice tells customers that it will lend directly to bank accounts and not through its card

Digital lending and payments platform Slice will no longer lend through its key proposition - the prepaid card. Instead, it will directly lend to customer bank accounts, the company informed customers in a mail. The move will help the Tiger Global-backed fintech unicorn stay afloat amid the Reserve Bank of India’s (RBI) crackdown on digital lending and will help the startup to adhere to RBI’s digital lending norms ahead of the November 30 deadline. The move essentially means that Slice will stop lending to customers through its cards and instead will lend directly to their existing bank accounts.

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Consumer court directs Godrej Projects to refund Rs 51.36 lakh to a homebuyer

The National Consumer Disputes Redressal Commission (NCDRC) has ordered Godrej Projects Development Ltd to refund the entire principal amount of Rs. 51.36 lakh to a homebuyer along with 9 percent interest as compensation for its failure to provide a 24 metre road connecting the project. The road was portrayed in the advertisements and buyer agreements, the NCDRC said adding that road connectivity was an important feature that propelled buyers to take a decision to buy into the project.

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Elon Musk to provide choice in different versions of Twitter
Twitter users could in future choose a version of the social media platform they like by providing ratings on their tweets, Elon Musk, the new owner of the company, said in a tweet on Saturday. "Being able to select which version of Twitter you want is probably better, much as it would be for a movie maturity rating,” he said. "The rating of the tweet itself could be self-selected, then modified by user feedback,” he added.

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