Here is a collection of the most important stories this evening:
India's forex kitty swells by $6.56 billion to $531 billion
India's forex reserves increased by USD 6.561 billion to reach USD 531.081 billion for the week ended October 28, the RBI said on Friday. The overall reserves, which have been on a declining spree, had dropped by USD 3.847 billion to USD 524.52 billion in the previous reporting week.
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IndiGo Q2 loss widens to Rs 1,583.33 crore, revenue jumps 122%
Interglobe Aviation, the parent firm of low-cost carrier IndiGo, on November 4 reported a net loss of Rs 1,583.33 crore in the second quarter of fiscal year 2022-23. The net loss in Q2 FY23 has increased as against Q2 FY22, when it stood at Rs 1,435.65 crore. The airline company's revenue from operations in the September 2022 quarter climbed to Rs 12,497.58 crore, which is 122 percent higher as compared to Rs 5,608.49 crore clocked in the year-ago period.
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Titan Q2 Results | Net profit rises 33% YoY to Rs 857 crore, beats estimates
Titan Company on November 4 reported a year-on-year growth of 33% in its standalone profit after tax at Rs 857 crore for the September quarter. Net profit stood at Rs 641 crore in the same quarter last fiscal. This was much higher than analysts' expectations of Rs 713 crore.
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Shiv Sena leader Sudhir Suri shot dead in Amritsar
Shiv Sena leader Sudhir Suri was shot dead in Punjab's Amritsar on November 4. The incident took place outside a temple in the city. Amritsar police noted that Suri was shot outside Gopal Mandir, Amritsar during some agitation. "He sustained bullet injuries and was rushed to hospital and died," Amritsar CP said. Police also added that the accused has been arrested and his weapons recovered.
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India may miss FY26 fiscal deficit target of 4.5%: Fitch Ratings
Fitch Ratings does not expect the Centre to meet its goal of reducing the fiscal deficit to 4.5 percent of GDP by 2025-26 because of a lack of clarity on the medium-term consolidation path.
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SBI Q2 Preview | Strong loan growth, lower NPA to lift profits
State Bank of India (SBI), India's biggest lender, is expected to report a robust 39 percent increase in net profit, driven by strong loan growth and improved asset quality, when it announces the numbers for the July-September quarter on November 5. The quarter-on-quarter growth for most operating metrics is likely to show a big jump, given that the bank reported benign numbers in Q1FY23.
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Tesla’s former India policy chief to join e-scooter startup Ather Energy
Tesla Inc.’s former India policy chief is joining homegrown electric scooter startup Ather Energy Pvt, one of the best-funded fledgling firms in a sector attracting record investment. Manuj Khurana, who quit his post as Tesla’s local head of policy and business development in June, will start next week at the firm based in the southern technology hub of Bangalore, a person with knowledge of the matter told Bloomberg News.
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