Moneycontrol Selects: Top stories this evening

Here are the most interesting articles. (Representative image) Source: Shutterstock

Here are the top stories this evening:

Banks, Tech, RIL power Sensex to 3-month high: Factors that led to the rally

The Indian equity benchmarks posted healthy gains on July 28 on strong global cues after the US Federal Reserve raised interest rates by 75 bps and chairperson Jerome Powell brushed aside talk of a recession.

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US economy shrank 0.9% last quarter, its 2nd straight drop

The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession.

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Dr Reddy’s Labs Q1 Result | Profit jumps 108% YoY to Rs 1,188 crore; revenue grows 6%

Dr Reddy’s Labs on July 28 reported a 108 percent growth in its consolidated net profit at Rs 1,188 crore for the first quarter of FY23 as against a profit of Rs 571 crore registered in the year-ago period. On a sequential basis, the profit increased multifold from Rs 87.5 crore logged during the January-March period.

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Vijay Shekhar Sharma seeks to reset Paytm

Paytm was the poster boy for India’s tech startups, only to lose two-thirds of its value since its IPO and become a symbol of the industry’s crash. Now its founder promises a sharpened focus on financial performance to convince investors of the money-losing company’s prospects. The digital-payments provider is set to become India’s first internet company to hit $1 billion in annual revenue by the end of this fiscal year in March, said Vijay Shekhar Sharma, 44. The brand, known formally as One97 Communications Ltd., is also shifting its attention from growth toward profitability, Sharma said.

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TVS Motor Q1 Result | Auto firm back in black

TVS Motor Company on July 28 said its consolidated profit for the quarter ended June (Q1FY23) stood at Rs 305.37 crore against a loss of Rs 10.55 crore posted in the same quarter last year. Its revenue from operations zoomed 56 percent on-year at Rs 7,315.70 crore against Rs 4,689.34 crore logged in Q1FY22. On a standalone basis, its profit came in at Rs 321 crore as against Rs 53 crore logged in the first quarter of FY22, registering a growth of over four-fold.

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CLSA initiates coverage on Paytm with 'Sell' rating, bearish on SBI Card too

The brokerage house, in its July 27 report, said Paytm was well-placed to capture the digital payments trends, but “even after assuming a 19%GMV CAGR till FY40 and core PAT margins improving to 7 basis points versus negative 10 bps in FY22,” it arrives at a target price of Rs 500 for the stock. CLSA India has also initiated coverage on SBI Cards & Payment Services with a 'SELL' rating. It said the company has a good business model but there are challenges ahead.

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Bajaj Auto gears up to roll out BS-VI version of Qute, to launch e-avatar too

Bajaj Auto Ltd (BAL), which was selling the Bharat Stage (BS)-IV compliant Qute quadricycle in select cities in the domestic market until March 2020, will be coming up with a version complying with the BS-VI emission norms in the medium term. The electric version of Qute can happen after the demand assessment.

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