Business News at 05:30 pm on 12th October 2023

Let’s begin – HDFC Asset Management Company on Thursday posted profit for the second quarter of FY24 at Rs 436.52 crore, up 20 per cent in comparison to Rs 363.85 crore during the same period last year. It posted revenue from operations at Rs 643.08 crore, up 18.1 per cent as against Rs 544.72 crore during the second quarter of FY23. While the total income during the quarter under review was at Rs 765.35 crore, total expenses during Q2FY24 by HDFC AMC was at Rs 177.26 crore. The operating profit for the quarter ended September 30, 2023 was Rs 467 crore as compared to Rs 388.90 crore for the quarter ended September 30, 2022.

Up next – The growing world of smartphones has welcomed some amazing innovations, one of them would be the recent ‘self-healing’ screens in phones. Experts of CCS Insight believe that in the next five years, by 2028, the market will introduce ‘self-healing’ displays. According to analysts experts of CCS Insight report, smartphones will soon have ‘self-healing’ properties which is a “nano coating” that can repair small scratches and scraps without any manual intervention. The nano coating technology will repair the screen when exposed to air. It’s been several years since smartphone makers are working on the self repairing technology like LG, the South Korean technology that has been promoting self-healing smartphone technology since 2013.

In another development – Reliance Industries Chairman Mukesh Ambani has once again reclaimed the first position on the 2023 Forbes list of India’s 100 Richest, with a net worth of $92 billion. The combined net worth of the country’s top 100 wealthiest people, however, remained unchanged at $799 billion. Forbes India stated that while India is on high after hosting the G20 Summit in New Delhi and becoming the fourth country to land a spacecraft on the moon which led to a 14 per cent rise in stock market, the jump was tempered by a weaker rupee. Mukesh Ambani surpassed Adani Group Chairman Gautam Adani who slipped to the second position after the impact from the damaging report published by Hindenburg Research and later by OCCRP.

Moving on – The prevalence of chronic illnesses such as tuberculosis, and lifestyle-related ailments has been rising rapidly in India, resulting in the increased usage of diagnostic equipment. Against this backdrop, India’s X-ray systems market is expected to grow at a compound annual growth rate of around 3% between 2023 and 2033, forecasts GlobalData, a data and analytics company. GlobalData’s latest report reveals that India’s X-ray systems market accounts for around 15% of the Asia-Pacific market in 2023. According to GlobalData, South Korean radiology firm, Remedi Co Ltd, is in talks with the Indian firm Invencer Health Pvt. Ltd to introduce REMEX KA-6, a handheld X-ray system, in India. With its patented adjustable active area collimator, REMEX KA-6 is expected to offer high-quality X-ray images and enhanced clinical coverage while minimizing radiation exposure.

Meanwhile – IT major Infosys on Thursday posted profit for the quarter ended September 2023 at Rs 6,212 crore, up 3.2 per cent as against Rs 6,021 crore during the same period last year, missing estimates. The IT giant posted revenue from operations at Rs 38,994 crore, up 6.7 per cent in comparison to Rs 36,538 crore during the second quarter of FY23. Infosys also declared an interim dividend of Rs 18 per equity share and has fixed October 25, 2023 as the record date for interim dividend and November 6, 2023 as payout date.

In other developments – A group of Japanese firms will issue a digital currency by July 2024 for the transaction and settlement of clean energy certificates, cryptocurrency exchange DeCurret said on Thursday. The launch would align Japan with other countries that have seen an increase in the number of digital currencies backed by bank deposits and block-chain technology, and could affect the central bank’s plan for issuing its own digital yen. DeCurret has been spearheading the launch of a digital currency by anchoring discussions at a consortium of Japanese firms keen to tap the technology.

Lastly – The Delhi High Court has stayed the cheating case proceedings against Pawan Munjal, MD & CEO of Hero MotoCorp, as per media reports. The Delhi Police has registered an FIR against Pawan Munjal on the allegation that he availed tax credits on fake bills generated by Hero MotoCorp. The report is said to have been filed on October 5. The complaint was filed by Brains Logistics, which claimed that the accused colluded to “cheat and falsify the books … and manufactured fake month-wise bills debited against the complainant totaling Rs 5.95 crore for 2009 and 2010.” The Delhi High Court is set to hear the case on December 6, 2023.