Here is a collection of the most important stories this evening:
CPI inflation declines to a 3-month low of 6.77% in October
India's headline retail inflation rate fell to a three-month low of 6.77 percent in October from 7.41 percent in the previous months on a favourable base effect, data released on November 14 by the ministry of statistics and programme implementation showed. At 6.77 percent, the latest Consumer Price Index (CPI) inflation print is broadly along expected lines. As per a Moneycontrol poll, inflation was seen falling to 6.7 percent.
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OPEC cuts oil demand outlook as it starts to curb production
OPEC reduced its forecasts for global oil demand again as the group implements production cutbacks aimed at keeping markets in balance. Due to a weaker economic backdrop and China’s strict anti-Covid measures, the Organization of Petroleum Exporting Countries lowered estimates for the amount of crude it will need to pump this quarter by 520,000 barrels a day, following a similar-sized downgrade a month ago.
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L&T Infotech and Mindtree merger gets nod, will become India’s 5th largest IT firm by market cap
L&T Infotech and Mindtree have received approval for a merger and will start operating as a merged entity from November 14, making it the country's fifth-largest IT provider by market cap. In what is one of the largest mergers in the Indian IT sector, the combined entity, called LTIMindtree, will have a revenue of $3.5 billion.
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LIC shares climb nearly 6% as Q2 net income zooms multifold
Shares of LIC ended nearly 6 per cent higher on Monday after the firm reported a multi-fold jump in net income in the quarter ended September. The stock rallied 8.70 per cent to Rs 682.70 during the day on the BSE. It finally ended at Rs 664.80 apiece, higher by 5.85 per cent. On the NSE, it climbed 9.11 per cent to Rs 684.90 during the day. The stock settled at Rs 664.20 apiece, a jump of 5.81 per cent.
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IRCTC Q2 results: Net profit rises 42% to Rs 226 crore, revenue jumps 99%
Indian Railway Catering and Tourism Corporation (IRCTC) on November 14 reported a 42 percent rise in net profit at Rs 226 crore for the quarter ended September 30, 2022. Revenue from operations surged 99 percent to Rs 806 crore in the quarter under review from Rs 405 crore in the same quarter last fiscal. IRCTC's total income surged 105 percent to Rs 832 crore in Q2FY23 from Rs 405 crore in Q2FY22. Its catering services, one of the prime contributors to revenue, reported a multi-fold increase
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Zomato new initiatives head Rahul Ganjoo resigns
Zomato's new initiatives head and former food delivery chief Rahul Ganjoo has resigned from the company after a five-year stint at the company, according to a regulatory filing. He had joined the food tech major as the head of product development in August 2017 and was made the co-CEO of food delivery in October 2020. He assumed the title of head of new businesses in August this year. This is Zomato's second high-profile departure in the recent period.
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SoftBank won’t hasten exit from $1.8-billion holdings in Paytm, Policybazaar, Delhivery as lock-in expiry nears
Japanese venture investor SoftBank, whose holdings in Paytm, Policybazaar and Delhivery are currently worth $1.8 billion, will pare its stakes gradually over the next two years so as to not trigger a panic selling as the lock-in for pre-IPO investors in the three companies expires over the next 10 days, according to people familiar with the developments.
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