In earnings, SBI posted solid growth, with profits up 28% in Q2 thanks to a boost in treasury income. Asset quality also improved, though net interest margins fell to their lowest in nine quarters. Meanwhile, Tata Motors had a tough quarter, missing estimates across the board. Revenue dropped 4%, and profits were down over 11%. The company’s management remains cautious about short-term domestic demand.
Swiggy’s ₹11,300 crore IPO wrapped up successfully, fully subscribed on the final day. Qualified institutional buyers led the way, bidding for over three times the shares available.
Lastly, Chief Justice DY Chandrachud bid an emotional farewell to the Supreme Court, marking the end of his two-year tenure—the longest in the past 12 years. His departure leaves behind a contested legacy.
Nifty 50, Sensex slide for second straight session, end week in red
The Nifty 50 and Sensex indexes ended lower for the second straight session on Friday, wrapping up a week filled with crucial global events, including the U.S. Presidential elections and the Federal Reserve’s second interest rate cut.
At the close, the Sensex fell 55.5 points to 79,486. The Nifty dropped 51 points to 24,148, down 7.8% from its recent peak. The Nifty Bank index lost 0.7%, closing at 51,561.
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The rupee fell 5 paise to an all-time low of 84.37 against the US dollar in early trade on Friday, weighed down by persistent foreign fund outflows and a muted trend in domestic equities.
SBI Q2 Results: Net profit aided by higher other income; Asset quality improves
State Bank of India Ltd., India’s largest lender, reported its September quarter results on Friday, November 8.
The bank’s Net Interest Income (NII) or core income grew by 5.4% year-on-year to ₹41,620 crore, while a CNBC-TV18 poll anticipated the figure to be ₹41,639 crore.
Net profit for the period also increased by 28from the year-ago quarter to ₹18,331.4 crore, compared to a CNBC-TV18 estimate of ₹15,426.5 crore.
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Tata Motors Q2 profit and margin fall; firm cautious on near-term domestic demand
Homegrown auto major Tata Motors on Friday, November 8, reported a 11% year-on-year decline in net profit at ₹3,343 crore for the September quarter. The company had reported a net profit of ₹3,764 crore in the year-ago quarter.
Revenue for Tata Motors stood at ₹1.01 lakh crore at the end of the second quarter, a drop from last year’s topline figure of ₹1.05 lakh crore. Average revenue estimates from analysts stood at ₹1.03 lakh crore.
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CCI finds Zomato, Swiggy food delivery business breached competition laws
The Competition Commission of India (CCI) has determined that food delivery giants Zomato and Swiggy have engaged in anti-competitive practices, sources have told CNBC-TV18.
The CCI’s investigation revealed that both companies have entered into exclusive arrangements with select restaurant partners, a move that breaches competition regulations.
The antitrust body is yet to adjudicate and issue its ruling on the matter.
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Swiggy IPO subscribed 3.59 times on Day 3; check GMP and other details here
Swiggy Ltd.’s initial public offering (IPO) was subscribed 3.59 times on Friday, November 8, the third and final day of bidding. Investors bid for 57.53 crore shares as against the 16.01 crore on offer.
The retail individual investor (RII) category saw 1.14 times subscription of its allocated portion, while the qualified institutional buyer (QIB) segment was subscribed, at 6.02 times. Meanwhile, the non-institutional investor (NII) segment recorded a 0.41 times subscription rate.
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Ola Electric Mobility Q2 Results: Net loss of ₹495 crore, revenue grows by 39%
Ola Electric Mobility Ltd. continued to remain in the red as it reported its September quarter results after market closing on Friday, November 8.
The electric vehicle manufacturing company reported a net loss of ₹495 crore, which was slightly lower than the loss of ₹524 crore that it had reported during the same quarter last year. The company had reported a loss of ₹347 crore in the June quarter, its first reported quarter after listing.
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Jerome Powell says he will not step down as Fed Chair if asked by Trump
Federal Reserve Chair Jerome Powell made clear he’s ready to defend the US central bank from political pressure following the re-election of Donald Trump, saying he wouldn’t resign if asked and insisting the incoming president doesn’t have the power to fire him or other senior Fed leaders.
“No,” Powell said firmly on Thursday, when asked whether he would step aside if Trump asked for his resignation.
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China approves $839 billion local govt debt swap plan: Check key highlights here
China approved the local government debt swap plan on November 8 as it concluded its five-day meeting of the Standing Committee of the National People’s Congress (NPC).
China held a briefing on a plan to allow local governments to refinance their off-balance-sheet debt in Beijing, where the finance ministry announced that a $839 billion worth of debt swap has been approved to rescue local governments.
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Russia’s Putin congratulates Donald Trump on big win, says ready for dialogue
Russian President Vladimir Putin congratulated Donald Trump on winning the U.S. presidential election on Thursday (November 7) and said the president-elect’s remarks about Ukraine and restoring relations with Russia deserved attention.
CJI DY Chandrachud gets emotional on his farewell, wipes tears — Watch video
Chief Justice of India DY Chandrachud got emotional and had tears when his fellow judges – Justice Hrishikesh Roy and Justice PS Narasimha praised him and recalled memories of working with him.
“He happens to be a classmate of mine. Four of us had joined together” recalled Justice Roy.
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