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This week saw Q1 results of top companies like SpiceJet, ONGC, Nykaa, LIC among others. Moreover, this week, RBI monetary policy was also announced wherein Governor Shaktikanta Das-led MPC kept the repo rate steady at 6.50 percent. Air India too this week unveiled it’s brand news logo. In politics, Rahul Gandhi’s Lok Sabha membership was restored. Prime Minister Narendra Modi lead NDA government on Thursday defeated a no-confidence motion in parliament after a fiery speech by the premier at the climax of a three-day debate. Laws like The bills including the contentious Government of National Capital Territory of Delhi (Amendment) Bill, the Digital Personal Data Protection Bill, the Registration of Births and Deaths (Amendment) Bill were passed this week.
Here are some of the biggest news stories this week.
Rahul Gandhi‘s Lok Sabha membership restored
Senior Congress leader Rahul Gandhi’s Lok Sabha membership was restored on Monday and he is now free to attend Parliament sessions. Rahul Gandhi remained suspended from the Parliament for 4 months. Read more here
Delhi ordinance Bill, Data Protection Bill and more: President Murmu signs 7 new laws into effect. Details here
President Droupadi Murmu on Saturday gave her nod to four bills for them to become law. The bills include the contentious Government of National Capital Territory of Delhi (Amendment) Bill, the Digital Personal Data Protection Bill, the Registration of Births and Deaths (Amendment) Bill, and the Jan Vishwas (Amendment of Provisions) Bill, according to media report. Read more here
IRCTC Q1 results: Profit dips 5% to ₹232 crore, revenue rises by 17%
Indian Railways catering services provider, IRCTC has announced the results for the first quarter of the current financial year. The profit stood at ₹232.22 crore with a decline of 5% on an year-on-year(YoY) basis. The company’s profit in the fourt quarter of the last financial year was at was ₹279 crore. Read more here
RBI monetary policy: Shaktikanta Das-led MPC keeps repo rate steady at 6.50%. Predicts 6.5% GDP growth in FY24
n a bid to keep the uptrend in micro and macro economic growth in India, Shaktikanta Das led monetary policy committee (MPC) unanimously decided to keep the repo rate unchanged at 6.50 per cent for third straight meeting in a row. The RBI governor also re-iterated that the MPC has maintained its ‘accommodative’ stance on the interest rate hike. Read more here
Air India unveils new brand identity, aircraft livery
Tata-backed Air India unveiled its new brand identity on Thursday under its transformation journey. The airline’s new logo includes a modern design with golden, red and purple colours. It will replace the old logo of a red swan and orange spokes inside the swan, inspired by the Ashoka Chakra. Read more here
RBI introduces offline payment via UPI. Here is how you will benefit
The Reserve Bank of India’s announcement on Thursday regarding the introduction of conversational payments and offline functionality in UPI Lite marks a pivotal step that is set to reshape India’s economic trajectory. The central bank raised the payment limit via UPI lite to ₹500 from ₹200. Read more here
LIC Q1 Results: Profit rises 14-fold to ₹9,544 crore
Life Insurance Corporation of India on 10 August released the financial results of June quarter of FY24 and reported a profit of ₹9,544 crore in Q1 FY24, which is near fourteen-fold surge in first-quarter profit. Read more here
Government defeats no-confidence motion in a voice vote
Prime Minister Narendra Modi lead NDA government on Thursday defeated a no-confidence motion in parliament after a fiery speech by the premier at the climax of a three-day debate. Read more here
Nykaa Q1 Results: Net profit rises 8% to ₹5.4 crore, revenue up 24% YoY
FSN E-Commerce Ventures, which operates beauty and fashion retailer Nykaa, released its April-June quarter results for fiscal 2023-24 (Q1FY24) on August 11, reporting a rise of 8 per cent in total net profit (attributable to the shareholders + non-controlling assets) to ₹5.4 crore, compared to ₹5 crore in the corresponding period last year. Read more here
WhatsApp brings multi-account feature for Android beta users: How to use
Meta-owned instant messaging app WhatsApp is reportedly rolling out a new feature to its Android beta testers. As reported by WaBetaInfo, the feature allows WhatsApp users to add multiple accounts to the popular messaging app. Read more here
ONGC’s Q1 net profit more than doubles to ₹17,383 crore
State-run ONGC on Friday reported a 102.6% rise in its consolidated net profit for the April-June quarter at ₹17,383 crore. During the same quarter of last fiscal (FY23) the company had reported a net profit of ₹8,581 crore. Read more here
Q1 results 2023: SpiceJet defers first quarter results for FY24. Details here
Indian budget airline company Spicejet has deferred its Q1 results date from 11th August to 14th August 2023. The aviation company promoted by Ajay Singh said that board of directors of the company could only partially complete the agenda items during its meeting on 11th August 2023. Read more here
Top firms lose ₹74,603.06 crore in market valuation; HDFC Bank biggest laggard
The combined market valuation of seven of the top 10 valued firms declined by ₹74,603.06 crore last week. Of these, HDFC Bank emerged as the biggest laggard as its valuation declined by ₹25,011 crore to ₹12,22,392.26 crore, according to a report published by the news agency PTI. Read more here
X CEO Linda Yaccarino plans hiring spree to fuel growth following workforce restructuring under Elon Musk’s leadership
Linda Yaccarino, the CEO of X, mentioned that the formerly known as Twitter, is in the process of recruiting once more. This comes after a significant reduction of over 50 per cent of its staff following Elon Musk taking over the control. Read more here
Samsung Galaxy Z Flip 5 debuts with 10MP selfie camera and 3.4-inch cover display: Details inside
At its Galaxy Unpacked event, Samsung today took the wraps off its latest generation of Galaxy Z Flip foldaphone. The company unveiled Galaxy Z Flip 5 with 6.7-inch FHD+ Dynamic AMOLED 2X main display and 3.4-inch Super AMOLED 60Hz cover display. Read more here
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Updated: 13 Aug 2023, 11:45 AM IST
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