Short Stories

A collection of tiny tales on all that happened in the business universe over the last month 

Published a month ago on Jun 01, 2024 3 minutes Read

Results Season

Major companies like Adani Group, Ambuja Cements and Tata Technologies among others announced their fourth quarter results last month. While Adani Ports posted a 76% YoY rise in its Q4 profit, Adani Enterprises reported a consolidated 39% drop. Sun Pharma, on the other hand, reported a net profit growth of 34%. Among the major FMCG giants, ITC reported a 1.31% drop in profit from the year-ago quarter, Dabur posted a 16% growth and Britannia’s net profit fell 3.8%. In the fintech segment, it was yet another disrupted quarter for Paytm as its parent company, One97 Communications reported widening of net loss to Rs 550 crore. TVS Motors, posted a YoY profit growth of 15%, and Jindal Steel, whose net profit almost doubled to Rs 933 crore, are among the other big companies that released their earnings reports last month.

Microsoft Goes Land Buying

Microsoft has acquired 48 acre of land in Hyderabad for Rs 267 crore. It is a part of the software giant’s plans to expand its data centre. At present the company operates an India Development Centre in Hyderabad. The new land for its data centre in Hyderabad is in addition to the three data centres it already has in Pune, Mumbai and Chennai.

Rap for Adani

Norges Bank Investment Management, Norway’s $1.7-trillion sovereign wealth fund, has dropped Adani Ports and Special Economic Zone (APSEZ) from its portfolio. The world’s biggest sovereign wealth fund said that APSEZ contributes to violations of rights of individuals in war and conflict zones. Adani’s shares stayed stable though.

Made in India Pixel Soon

After Apple it is the turn of Google to manufacture its flagship phone in India. According to media reports, Google is tying up with Dixon Technologies, a local contract manufacturer, to make Pixel 8. The first batch of Made in India premium handsets will hit stores by the end of the year. Pixel will be competing with Apple’s iPhone, Samsung’s Galaxy and OnePlus 12 ranges in the over $40-billion smartphone market. 

Monsoon on Track

Skymet has predicted a normal monsoon following a sweltering summer. Monsoon is expected to be 102% of the long period average of 868.8 millimetre during the four-month monsoon period. Nearly half of India’s farmland is dependent on rains to grow crops. A normal monsoon will come as a boon to the rural economy that might spurt consumption and push overall economic growth.

SIPs Touch All-Time High

Investments in SIPs reached an all-time-high of Rs 20,371 crore in April 2024 which is up from Rs 19,271 crore in March 2024 and a significant rise from April 2023 when investments in SIPs stood at Rs 7.17 crore.

Household Savings Slip

The net household savings dipped Rs 9 lakh crore to Rs 14.16 lakh crore in three years to 2022–23, according to data released by the Ministry of Statistics and Programme Implementation. Economists said that this was partly due to the rise in loans taken by families. Loans—to finance home and auto purchase, education and make investments—have surged over the past few years.

Villagers Go Shopping

Rural growth outpaced urban growth for the first time in five quarters in the January–March period, according to Nielsen IQ data. Rural growth stood at 7.6% against urban growth of 5.7% for the period. Rural growth increased from 0.3% in January–March 2023 to 4% in June 2023 quarter and to 6.4% and 5.8% in the September and December quarters, respectively.

Influencers Day Out
India’s influencer marketing industry is projected to grow from Rs 1,900 crore in 2023 to Rs 3,400 crore in 2026, says a FICCI-EY report. The increase in consumer affinity towards endorsements by social media influencers is due to a rise in social media penetration. Brands have been investing in social media influencers for deepening brand connection.

A Slice of AI

Reddit has announced a deal with OpenAI similar to its earlier partnership with Google. The agreement will allow OpenAI to have real-time access to content via Reddit’s data API and will enable Reddit to bring new AI-powered features on its platform.