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After reporting <keyword id="21767878" type="General" weightage="20" keywordseo="record-profits" source="keywords">record profits</keyword>, state-owned <keyword id="20459282" type="General" weightage="100" keywordseo="fuel-retailers" source="keywords">fuel retailers</keyword> <keyword id="19908045" type="General" weightage="20" keywordseo="Indian-Oil-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Oil Corporation" meta.hostid="153" meta.entityid="Indian Oil Corporation">Indian Oil Corporation</keyword> (<keyword id="6354733" type="General" weightage="20" keywordseo="IOC" source="Orion">IOC</keyword>), <keyword id="19908646" type="General" weightage="20" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword> and <keyword id="20052221" type="General" weightage="20" keywordseo="HPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="HPCL" meta.hostid="153" meta.entityid="HPCL">HPCL</keyword> posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates. IOC, the nation's largest oil firm, reported 81 per cent drop in standalone net profit in April-June - the first quarter of current 2024-25 fiscal year - to Rs 2,643.18 crore as opposed to a profit of Rs 13,750.44 crore a year back, according to a company filing. Net profit also declined sequentially, when compared to an earning of Rs 11,570.82 crore in March quarter. Hindustan Petroleum Corporation Ltd (HPCL) posted 90 per cent drop in profit to Rs 633.94 crore as compared to an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter. Bharat Petroleum Corporation Ltd (BPCL) net profit dropped to Rs 2,841.55 crore in April-June from Rs 10,644.30 crore a year back and Rs 4,789.57 crore in January-March, its filing showed. The three fuel retailers made extraordinary gains from holding petrol and diesel prices despite a drop in cost. The price freeze was justified in the name of recovering losses they had suffered in the previous year when they did not raise retail prices despite a surge in cost. The gains arising from the price freeze were eroded with petrol and diesel prices being cut by Rs 2 per litre each just before general elections and a fall in refining margins. Also, the three had uncompensated <keyword id="20866844" type="General" weightage="20" keywordseo="LPG-subsidy" source="keywords">LPG subsidy</keyword> - IOC booking under-recovery of Rs 5,156.23 crore in April-June, BPCL Rs 2,015.10 crore and HPCL Rs 2,443.71 crore, according to the filings. As per an order of the oil ministry, when market determined price (MDP) of LPG cylinders is less than its effective cost to customer (ECC), oil marketing companies (OMCs) have to retain the difference in a separate buffer account for future adjustment. However, as on June 30, 2024, the three firms had a net negative buffer as the retail selling price was less than MDP. The three retailers IOC, BPCL and HPCL had reported record profits totalling about Rs 81,000 crore in FY24 (2023-24), which was far more than their annual earnings of Rs 39,356 crore in pre-oil crisis years. This is because they resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year, when they kept rates lower than cost. IOC in 2023-24 posted a standalone net profit of Rs 39,618.84 crore compared to Rs 8,241.82 crore in 2022-23. While the company could argue that FY23 was impacted by the <keyword id="21626914" type="General" weightage="20" keywordseo="oil-crisis" source="keywords">oil crisis</keyword>, the FY24 earnings are higher than even the pre-crisis years - Rs 24,184 crore net profit in 2021-22 and Rs 21,836 crore in 2020-21. BPCL posted a net profit of Rs 26,673.50 crore in FY24, higher than Rs 1,870.10 crore earnings in 2022-23 and Rs 8,788.73 crore in FY22. HPCL's 2023-24 profit of Rs 14,693.83 crore is compared with a Rs 8,974.03 crore loss in FY23 and a profit of Rs 6,382.63 crore in 2021-22, according to the filings. The losses in FY23 had led to the finance minister announcing Rs 30,000 crore equity infusion in the three firms. Mid-way through the year, that support was halved to Rs 15,000 crore. The support was to happen by way of equity infusion via a rights issue. But after the record profits of 2023-24, the equity infusion plan has now been scrapped. Finance Minister Nirmala Sitharaman had on February 1 last year, while presenting the annual Budget for the 2023-24 fiscal (April 2023 to March 2024), announced an equity infusion of Rs 30,000 crore in IOC, BPCL and HPCL to support the three state-owned firm's energy transition plans. In the interim budget that the finance minister presented in February this year ahead of the general elections, the capital support to the three oil companies was halved to Rs 15,000 crore. In the full budget for 2024-25, both plans have been scrapped. While other state-owned oil companies like Oil and Natural Gas Corporation (ONGC) and GAIL (India) Ltd too have lined up billions of dollars of investment to achieve net-zero carbon emissions, the equity support was limited to the three fuel retailers, which had suffered huge losses in 2022 when they held retail petrol, diesel and cooking gas (LPG) prices despite a spike in raw material (crude oil) prices, following Russia's invasion of Ukraine. The board of IOC and BPCL had last year approved rights issues to raise to Rs 22,000 crore and Rs 18,000 crore, respectively. The government was to participate in the rights issue. The three companies, which control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices, resulting in losses when input costs were higher and profits when raw material prices were lower. They posted a combined net loss of Rs 21,201.18 crore during April-September 2022 despite accounting for Rs 22,000 crore announced but not paid LPG subsidy for the previous two years. Subsequent softening of international prices and government giving out LPG subsidies helped IOC and BPCL post annualised profit for 2022-23, but HPCL was in the red. In FY24, things changed dramatically, and the three firms posted record earnings.

After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

<ul class="summary-list"><li>OpenAI is one step closer to becoming a for-profit company.</li><li>The AI startup is in preliminary talks with California's attorney general's office, Bloomberg reported.</li></ul>OpenAI is one step closer to changing its governance structure from <a target="_blank" class="" href="https://www.businessinsider.com/what-openai-needs-to-do-to-become-for-profit-altman-2024-9">nonprofit to for-profit.</a>The AI startup is in preliminary talks with California's attorney general's office about the process of becoming a for-profit entity, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-11-04/openai-in-talks-with-california-to-become-for-profit-company?sref=yaJhKSOh">Bloomberg</a> reported Monday, citing two people familiar with the matter.In September, the Sam Altman-led company, which is worth $157 billion, announced that it planned to go all-in on profit. The announcement came nearly a decade after launching as a nonprofit research organization focused on the creation of safe artificial intelligence.Reports of the California attorney general's involvement in the process indicate the company is one step closer to formalizing the unprecedented shift, which would require the attorney general's approval.A person familiar with the situation told Bloomberg that OpenAI will submit details of its restructuring plan to Attorney General Rob Bonta after finalizing its proposal.Neither <a target="_blank" class="" href="https://www.businessinsider.com/history-of-openai-company-chatgpt-elon-musk-founded-2022-12">OpenAI</a> nor the California attorney general's office immediately responded to Business Insider's request for comment.OpenAI told Bloomberg that the company's <a target="_blank" class="" href="https://www.businessinsider.com/openai-competition-investor-anxiety-talent-retention-microsoft-meta-google-2024-8">nonprofit entity</a> would persist in any future restructuring. BI previously reported that the nonprofit would retain only a minority stake if the company becomes for-profit."While our work remains ongoing as we continue to consult independent financial and legal advisors, any potential restructuring would ensure the nonprofit continues to exist and thrive and receives full value for its current stake in the OpenAI for-profit with an enhanced ability to pursue its mission," OpenAI nonprofit board chairman Bret Taylor told Bloomberg.In 2019, OpenAI added a for-profit arm to help raise money toward its mission. In subsequent years, tensions grew between those at the company who supported a fully nonprofit makeup and those eager to develop new products. The pressure boiled over last November when the company's board briefly <a target="_blank" class="" href="https://www.businessinsider.com/what-sam-altman-did-so-bad-he-got-fired-openai-2023-12">ousted OpenAI CEO Sam Altman.</a>One year later, many of those who disagreed with Altman's approach are no longer at the company, and OpenAI has secured historic levels of funding. The company <a target="_blank" class="" href="https://www.businessinsider.com/openai-investors-latest-funding-round-2024-10">raised a record $6.6 billion</a> in its most recent funding round, putting it on the same level as several big-name publicly traded companies.A <a target="_blank" class="" href="https://www.businessinsider.com/openai-profit-funding-ai-microsoft-chatgpt-revenue-2024-10">for-profit structure</a> would be much more conventional for the big-name investors OpenAI is increasingly courting, including Microsoft and Nvidia.The process of <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-openai-restructure-richer-control-2024-9">shifting from nonprofit to for-profit</a> will likely involve a regulatory probe into how OpenAI values its services, including the popular ChatGPT model, Bloomberg reported.The shift will require OpenAI to change its structure under Delaware law, where many companies are based, as well as its certificate of incorporation.

OpenAI is making moves toward becoming a for-profit company

<ul class="summary-list"><li>British Airways owner IAG reported profits were up 15% from the same period last year.</li><li>One analyst said the group avoided being affected by Boeing delivery delays like some rivals.</li></ul>The owner of <a target="_blank" class="" href="https://www.businessinsider.com/british-airways-airbus-a380-premium-economy-review-upgrade-cost-2024-10">British Airways</a> posted bumper profits as it reported its third-quarter earnings on Friday that sent its stock higher.International Airlines Group posted an operating profit of 2 billion euros ($2.15 billion) for the three months to September 30, 15% higher than the same period last year. Revenue rose 7.9% to 9.32 billion euros."This is due to the effectiveness of our strategy and group-wide transformation," said IAG <a target="_blank" class="" href="https://www.businessinsider.com/neither-boeing-nor-airbus-won-this-years-farnborough-airshow-2024-7">CEO Luis Gallego</a>. "Demand remains strong across our airlines and we expect a good final quarter of 2024 financially."Sean Doyle, the CEO of BA, said in a LinkedIn post that the carrier had "faced a challenging operating environment this summer, driven by air traffic control restrictions, adverse weather and engine supply delays" and thanked customers for their understanding when delays have occurred. "We're already working hard with our industry and government partners to improve resilience across the sector ahead of next summer."Julie Palmer, partner at management consultancy company Begbies Traynor, told industry outlet ARGS: "In contrast to its peers, heavily affected by Boeing delivery delays and falling ticket prices, the British Airways owner was able to materially increase passenger revenues leading to a near 8% uptick in overall revenues."Analysts at Peel Hunt said the better-than-expected results were due to robust cash generation, the buildup of excess cash, and confidence in the strategy and long-term group prospects, and hailed a surprise 350 million buyback. "The outlook is positive, with sustainable demand for travel and attractive margins," they added. The stock jumped more than 6% in London, bringing the year-to-date rise to almost 50% and valuing IAG at just over 11 billion euros.The group also owns Iberia, Aer Lingus, and the budget carrier Vueling.Europe's biggest airline, <a target="_blank" class="" href="https://www.businessinsider.com/ryanair-earnings-profits-drop-boeing-delays-criticism-consumer-2024-11">Ryanair</a>, said on Monday that profits were down 18%. The budget carrier criticized Boeing, saying it relied on fuel savings to offset higher spending caused by delivery delays.Problems with engines powering Airbus jets have also affected European carriers. Wizz Air reported that profits were down a fifth, as it grounded dozens of planes for inspections on <a target="_blank" class="" href="https://www.businessinsider.com/airlines-scramble-for-spare-parts-amid-pw-engine-recall-2023-8">Pratt &amp; Whitney engines</a>.<h2 id="91bd5365-9f2f-4eb8-b5cf-e7efe2e11646">Route cuts </h2>Some issues still lie ahead for British Airways.Due to delays to Rolls-Royce engine parts for its Boeing 787 jets, the airline has canceled flights between London Gatwick and New York JFK from December to March.It also plans to stop flying to Dallas-Fort Worth due to the same supply-chain issues, Simple Flying reported.Nonetheless, BA announced that next summer, it will operate a record number of flights to North America.Flights to the North Atlantic region made up the highest proportion, or 31.7%, of IAG's airline seat kilometers in the last quarter. British Airways' revenue in the region was "particularly strong," the company said.

Profits jump at British Airways' owner as rivals struggle with Boeing delivery delays

<ul class="summary-list"><li>Spotify shares jumped as much as 14% on Tuesday after it reported earnings. </li><li>Total revenue grew 20% year-over-year in the second quarter, </li></ul>Spotify stock jumped Tuesday as the company's latest earnings breezed past expectations and delivered its highest profit ever in the second quarter. The quarter saw total revenue jump 20% year-over-year to €3.8 billion.The streaming giant's shares jumped as much as 14% in trading on Tuesday before paring some gains. The stock was up about 12% to trade at $330.07 at 10:45 a.m. ET. Spotify's record profits were driven by 12% growth in its premium subscribers and a 13% rise in its ad sales. The results outpaced analyst expectations and came months after the company embarked on efforts to improve efficiency and reduce costs.In December, Spotify <a target="_blank" href="https://www.businessinsider.com/spotify-ceo-daniel-ek-bluntly-axes-staff-cfo-exit-2023-12">laid off 17% of its staff</a> and cut <a target="_blank" href="https://www.businessinsider.com/spotify-axes-podcasts-stolen-heavyweight-ceo-daniel-ek-cost-cutting-2023-12">two of its most popular podcasts,</a> "Heavyweight" and "Stolen."The company's new podcast strategy seems to paying off, as the company reported improved profitability in its podcast division after seeing little return on heavy investment in past quarters, including several costly <a target="_blank" href="https://www.businessinsider.com/former-gimlet-boss-says-spotify-lit-money-fire-celebrity-podcasts-2023-12">deals with high-profile celebrities</a> last year.The company is also investing significantly in ad sales, which grew 13% in the quarter. A <a target="_blank" href="https://www.businessinsider.com/spotify-launches-creative-lab-tests-generative-ai-ads-2024-6">new in-house ad agency</a>, as well as a new generative AI ad product, aims to make audio ads easier to create."We keep on innovating and showing that we aren't just a great product, but increasingly also a great business," CEO Daniel Ek said. "We are doing so on a timeline that has exceeded even our own expectations. This all bodes very well for the future."During Tuesday's earnings call, Ek noted the company is making progress on a more expensive subscription tier.

Spotify jumps 14% after the music-streaming giant reports record profit in the 2nd quarter

The decline in <keyword id="22920992" type="General" weightage="100" keywordseo="loan-to-deposit-ratios" source="keywords">loan-to-deposit ratios</keyword> (LDR) within the banking system has been attributed to lower <keyword id="22920578" type="General" weightage="20" keywordseo="money-creation" source="keywords">money creation</keyword> by the <keyword id="6354335" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword>) and higher <keyword id="20335010" type="General" weightage="20" keywordseo="profits" source="keywords">profits</keyword> accrued by banks over the past two years, according to <keyword id="2258232" type="General" weightage="20" keywordseo="Nomura-report" source="Orion">Nomura report</keyword>. One of the contributors to the decline in systemic LDR is the lower net money creation by the RBI over the fiscal year 2023-24. Cumulative net fresh money creation during this period amounted to only Rs 0.6 trillion, a contrast to approximately Rs 20 trillion created in the three fiscal years preceding it (FY20-22). This represents a drop in money supply compared to previous years. In the fiscal year 2023-24, the net money creation by the RBI was virtually neutral, recording -1 per cent in FY23 and +1 per cent in FY24, against a 20-year average of +3 per cent and a higher +4-5 per cent in the earlier three years. This moderation in money supply, a discretionary move by the RBI, has had a notable impact on the LDR, limiting the ability of banks to expand their lending relative to deposits. Another crucial factor influencing the decline in LDR is the substantial increase in <keyword id="387788" type="General" weightage="20" keywordseo="bank-profits" source="Orion">bank profits</keyword> over the last two years. In FY24, the total profit of banks was 1.8 per cent of the previous year's deposits, a rise from the average of 0.1 per cent observed between FY16-20. This increase in profitability, while indicative of strong financial performance, has led to a reduction in deposits as banks appropriate a larger portion of these profits. The relationship between bank profits and deposits is intrinsic; banks generate profits from their operations, which are ultimately derived from depositors' funds. As banks' profits rise, the balance sheet needs to be adjusted accordingly, often leading to a reduction in deposits. Consequently, higher profits can result in a diminished deposit base, further impacting the LDR. The elevated LDR, driven by these factors, should be viewed as a cyclical phenomenon rather than a systemic issue. The argument that banks are failing to mobilize deposits or that money is being diverted elsewhere is misplaced. Instead, flows into capital markets and the muted growth in currency in circulation over the past two years do not directly impact system deposits. Banks have continued to create deposits through credit expansion, and the factors leading to the higher LDR are beyond their control. The lower money creation by the RBI is a cyclical issue that is expected to correct over time, while the higher bank profits reflect a positive trend rather than a problem.

Lower money creation by RBI, substantial rise in banks profits behind decline in loan-to-deposits ratios in banks: Nomura

<keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, under the leadership of <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>, showcased its vision for the future during the company’s Annual General Meeting (AGM) that was held today (August 29). During the AGM, <keyword id="19936674" type="General" weightage="20" keywordseo="reliance" source="keywords">Reliance</keyword> laid out ambitious plans that span across its diverse businesses. The conglomerate, which has interests ranging from oil to telecom to retail, is positioning itself as a key player in India’s growth story, with a particular focus on <keyword id="20239522" type="General" weightage="20" keywordseo="technological-innovation" source="keywords">technological innovation</keyword>, energy security, and retail expansion. <h2>Not chasing short-term profits</h2><keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword>, during his speech, said that Reliance is not merely chasing short-term profits but is dedicated to creating long-term wealth for the nation. He reiterated the company’s commitment to providing high-quality products and services that enhance the lives of Indian consumers. The chairman announced that the company’s board will consider issuing bonus shares on September 5, further rewarding shareholders as Reliance continues to grow. <h2>Transforming into a deep-tech company</h2>A major theme of the AGM this year was Reliance’s transformation into a deep tech company, with advanced manufacturing capabilities at its core. Ambani described this shift as essential to securing a place in the global top-30 companies in the near future. He highlighted the company’s strategic adoption of artificial intelligence (AI), calling it one of the most transformative events in human history. AI, he noted, opens up new avenues to address complex problems, making Reliance a net producer of technology. Reliance has been making significant strides in R&amp;D, with over ₹3,643 crore invested in FY24 alone, taking the total research expenditure to over ₹11,000 crore in the last four years. This investment is driving innovations in various areas, including bio-energy, solar power, green energy, and high-value chemicals. The company has also been active in digital research, filing patents in 6G, 5G, AI, and IoT, among others. Ambani assured that this tech-driven transformation would propel Reliance into a new phase of hyper-growth, multiplying its value in the coming years. <h2><keyword id="20337020" type="General" weightage="20" keywordseo="retail-business" source="keywords">Retail business</keyword> to double</h2>In addition to technological advancements, Reliance Retail, the company’s retail arm, is set to double its business in the next three to four years. Isha Ambani, Director of Reliance Retail, shared that the retail segment recorded a gross revenue of ₹3.06 lakh crore for the financial year ending March 31, 2024, marking a 17.8% growth over the previous year. The retail business has rapidly expanded, with Reliance opening 1,840 new stores in the past year, bringing the total to 18,836 stores across 79 million square feet of retail space. This growth has positioned Reliance Retail among the top-5 global retailers in terms of store count and among the top-10 in market capitalization globally. Isha Ambani emphasised that much of this growth is driven by a focus on smaller towns, where two-thirds of the new stores have been opened. Reliance Retail is also focused on creating high-quality, affordable products through its Consumer Brands business, which has seen the re-launch of popular brands like Campa, Lotus Chocolates, and Sosyo. Mukesh Ambani concluded by underscoring Reliance’s mission to provide energy security to India while also contributing to a cleaner and greener world. As the global landscape becomes increasingly uncertain, he expressed confidence in India’s role as a key growth engine in the global economy. The International Monetary Fund (IMF) projects that India will become the world’s third-largest economy by 2027, surpassing Japan and Germany. Ambani affirmed that Reliance will continue to be a driving force in India’s march toward becoming a developed nation.

Reliance AGM 2024: Company aims to double retail business, Mukesh Ambani says not pursuing short-term profit

<keyword id="19923700" type="General" weightage="20" keywordseo="Tata-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Power" meta.hostid="261" meta.entityid="Tata Power">Tata Power</keyword> on Tuesday said it has logged 31 per cent rise in consolidated net profit at Rs 1,189 crore, compared to the year-ago period, on back of operational efficiency. "At Rs 1,189 crore, growing 31 per cent YoY (year-on-year), the company reported its highest ever and 19th consecutive quarter of PAT growth on the back of strong operational performance and execution excellence across all its businesses of generation, transmission &amp; distribution, and renewables," Tata Power said in a statement. According to the statement, these businesses contributed 84 per cent of the PAT (net profit) in Q1FY25, compared to 72 per cent in the same period in FY24. The statement showed that the consolidated net profit before exceptional items was Rs 906 crore in the quarter ended June 30, 2023. The company's revenue rose 12 per cent YoY to a record high of Rs 16,810 crore (from Rs 15,003 crore in Q1 FY24), and EBITDA grew 11 per cent to Rs 3,350 crore in the reported quarter (from Rs 3,005 crore in Q1 FY24). EBITDA refers to earnings before interest, taxes, depreciation, and amortization. "All our businesses have grown profitably on the back of operational efficiency, execution excellence, and sustained business momentum," said Praveer Sinha, CEO and Managing Director, Tata Power. He informed that the planned capex for this financial year is Rs 20,000 crore and the company is committed to adopting and leading the new and emerging clean energy technologies, including pumped hydro projects, hydropower projects in Bhutan, and opportunities to develop small modular nuclear reactors as the government policy evolves. The company has recorded a capex investment of Rs 4,000 crore in Q1FY25. It has a clean and green installed capacity of 6.1 GW as of Q1FY25, accounting for 41 per cent of the capacity, with another 5.3 GW under execution. The combined order pipeline for utility-scale EPC and solar rooftop, including group captive, is Rs 15,500 crore. Tata Power is poised to garner 20 per cent market share in the residential rooftop segment on the back of its new solar manufacturing facility and strong pan-India channel partner network, it said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank">Unicommerce eSolutions IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank">Electric two-wheeler sales cross the 1 lakh mark after four months, Ola Electric leads the market</a> <a href="https://www.businessinsider.in/sports/news/neeraj-chopras-paris-olympics-journey-to-begin-with-qualification-round-today-top-rivals-to-look-out-for/articleshow/112311760.cms">Neeraj Chopra qualifies for finals with a first throw of 89.34m – top rivals to look out for</a>

Tata Power net profit up 31% to ₹1,189 crore in June quarter

<ul class="summary-list"><li>US stocks hit record highs as investors cheered Trump's election victory and market gains.</li><li>The Fed cut interest rates, Nvidia replaced Intel in the Dow, and the S&amp;P 500 briefly crossed 6,000.</li></ul>US stocks jumped on Friday to record highs, capping off a monumental week for markets as investors cheered Donald Trump's election victory.It was a big week for the market, and the momentum kept up even after the Dow Jones Industrial Average gained 1,500 points on Wednesday. The S&amp;P 500 briefly cross 6,000 for the first time, while the Dow topped 44,000 during the day, also a first as <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-replace-intel-dow-jones-industrial-average-2024-11">Nvidia replaced Intel</a> in the index. On Thursday, traders had more to cheer with the Federal Reserve cutting interest rates again by 25 basis points. Chair Jerome Powell said the central bank was feeling good about the economy, with more easing on the table, even as <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/surging-treasury-yields-after-trump-win-show-borrowers-may-not-get-relief-2024-11">bond markets repriced</a> this week in anticipation of higher borrowing costs under Trump's second term. At Friday's closing bell, stocks ended with their best weekly gain of 2024, with the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq 100</a> jumping about 5%.Bitcoin, meanwhile, was continuing a record-setting run on Friday in the wake of Trump's win, with the token climbing past $76,500. "The Trump rally isn't over with stocks reaching fresh all-time highs as investors look ahead to tax cuts, deregulation. and Made in America policies to power future gains. Market participants are also catching a tailwind from a dovish Federal Reserve," said José Torres, senior economist at Interactive Brokers.Also helping push stocks to record this week were solid earnings, with third-quarter results starting to wrap up.So far, 90% of S&amp;P 500 companies have reported earnings results. According to Fundstrat data, 77% of those companies beat profit estimates by a median of 6%, while 59% beat revenue estimates by a median of 6%.Investors will turn their attention to inflation data next week, with the October consumer price index set to be released on Wednesday and the October producer price index set to be released on Thursday.Here's where US indexes stood at the 4:00 p.m. closing bell on Friday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,995.54, up 0.38% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 43,988.99, up 0.59% (+259.65 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 19,286.78, up 0.09%</li></ul>Here's what else happened today:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trillion-valuation-donald-trump-election-win-tsla-2024-11">Tesla stock surged 7% to hit a $1 trillion market cap on Friday for the first time since April 2022.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/clean-energy-stocks-short-sellers-trump-us-election-renewables-evs-2024-11">Traders betting against clean-energy stocks have made $1.3 billion since Trump's election win.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/big-tech-winners-losers-trump-election-win-according-to-market-2024-11">Here are mega-cap tech's winners and losers from Trump's election win, according to the stock market.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/trumps-tariffs-threats-world-ceos-thoughts-trade-2024-11">CEOs worldwide are already talking about the potential impact of tariffs on their businesses.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/polymarket-whale-banked-85-million-profit-trump-president-election-win-2024-11">The Polymarket 'whale' actually made $85 million on his Trump election bet, nearly double than originally thought.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil declined 2.52% to $70.54 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was lower by 2.09% to $74.05 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> dropped 0.40% to $2,695.10 an ounce.</li><li>The 10-year Treasury yield declined 3 basis points to 4.313%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> gained 0.94% to $76,636.</li></ul>

Stock market today: Indexes end the week at records as investors cheer Trump's victory

<keyword id="19938772" type="General" weightage="20" keywordseo="Reliance-Industries-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries Ltd" meta.hostid="261" meta.entityid="Reliance Industries Ltd">Reliance Industries Ltd</keyword> on Monday reported an almost flat March quarter net profit, while its annual earnings hit a record high on the back of a recovery in its core oil and petrochemicals business and sustained momentum across the consumer-facing telecom and retail businesses. The oil-to-telecom-and-retail conglomerate's consolidated net profit stood at Rs 18,951 crore, or Rs 28.01 per share, in January-March quarter of the 2023-24 fiscal compared to Rs 19,299 crore, or Rs 28.52 a share, a year ago, according to a company's stock exchange filing. The profit was, however, higher quarter-on-quarter when compared to Rs 17,265 crore in October-December period. For the full fiscal FY24 (April 2023 to March 2024), Reliance posted a record net profit of Rs 69,621 crore as compared to Rs 66,702 crore earnings in the preceding financial year. Reliance also became the first Indian company to hit Rs 10 lakh crore turnover in FY24 when revenue from operations rose 2.6 per cent from Rs 9.74 lakh crore in 2022-23. The oil-to-chemicals (O2C) business, the main milch cow, posted a rise in profitability annually as well as sequentially, while retail business' earnings rose on new store openings despite lower footfalls. The firm helmed by billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> saw telecom revenues soar as it outpaced competition in subscriber addition and data traffic. While quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) was up 14.3 per cent year-on-year to Rs 47,150 crore, registering growth across all businesses, the revenue from operations rose almost 11 per cent to Rs 2.64 lakh crore. The mainstay oil refining and petrochemicals business, called O2C, posted a 11 per cent rise in revenue and a 3 per cent higher EBITDA at Rs 16,777 crore in Q4. This was primarily because of "advantageous" sourcing of feedstock (crude oil) for refining business and use of ethane for making chemicals as well as higher domestic product placement, a company statement said, adding exports were down 8.5 per cent. With the consumer base swelling to 481.8 million from 470.9 million at the end of December on a flat per-user revenues of Rs 181.7, Reliance <keyword id="21397660" type="General" weightage="20" keywordseo="Jio-Infocomm-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Jio Infocomm Ltd" meta.hostid="261" meta.entityid="Jio Infocomm Ltd">Jio Infocomm Ltd</keyword> - the digital services business - posted a 12 per cent rise in net profit at Rs 5,583 crore in the fourth quarter of FY24. Also, aiding the business was rise in data traffic to 40.9 billion GB in January-March from 38.1 billion GB in the preceding quarter. For the full year, Jio posted a profit of Rs 21,424 crore as compared to Rs 19,124 crore in FY23. Profits from the retail business climbed 11.7 per cent to Rs 2,698 crore as store count rose to 18,836 from 18,774. Store footfalls dropped to 272 million from 282 million in October-December 2023 but were higher than 219 million recorded in January-March 2023. Oil and gas EBITDA soared 47.5 per cent to Rs 5,606 crore as higher gas volumes partly offset lower price realisation. The firm's flagship KG-D6 block in Krishna Godavari basin in the Bay of Bengal is now producing about 30 million standard cubic metres per day of gas and 23,000 barrels a day of oil/condensate. The company said its outstanding debt rose to Rs 3.24 lakh crore from Rs 3.11 lakh crore in December-end. After accounting for cash in hand, net debt at Rs 1.16 lakh crore as on March 31 was lower than Rs 1.25 lakh crore a year back. Mukesh Ambani, Chairman and Managing Director of <keyword id="20076630" type="General" weightage="20" keywordseo="reliance-industries-limited" source="keywords">Reliance Industries Limited</keyword>, said all segments of business have posted a robust financial and operating performance. "This has helped the Company achieve multiple milestones. I am happy to share that this year, Reliance became the first Indian company to cross the Rs 1 lakh-crore threshold in pre-tax profits," he said. Performance of the digital services segment has been boosted by accelerated expansion of subscriber base, supported by both mobility and fixed wireless services, he said. "With over 108 million True 5G customers, Jio truly leads the 5G transformation in India." <keyword id="19901342" type="General" weightage="20" keywordseo="reliance-retail" source="keywords">Reliance Retail</keyword>, he said, continued to provide customers endless choices through its robust omni-channel presence. "We continue to offer product differentiation and superior offline experience through stores re-modelling and revamping of layouts. Our digital commerce platforms also provide newer solutions to users with a broad brand catalogue," Ambani said. Strong demand for fuels globally, and limited flexibility in refining system worldwide supported margins and profitability of the O2C segment. "Downstream chemical industry experienced increasingly challenging market conditions through the year. Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance," he said. "We remain committed to our projects and initiatives, including those in the new energy segment, which will bolster the company, and help it deliver sustainable growth for the future," he added. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/vodafone-idea-fpo-allotment-how-to-check-allotment-gmp-and-more/articleshow/109504341.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/vodafone-idea-fpo-allotment-how-to-check-allotment-gmp-and-more/articleshow/109504341.cms" target="_blank">Vodafone Idea FPO allotment – How to check allotment, GMP and more</a><a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a>

Reliance Industries quarterly profit stays flat; annual earnings hit record at ₹69,621 crore

<ul class="summary-list"><li>US stocks traded mixed on Tuesday, with the tech sector rallying ahead of key earnings reports.</li><li>The S&amp;P 500 and Nasdaq ended the day in the green, with the tech-heavy Nasdaq hitting a fresh record.</li></ul>US stocks traded mixed on Tuesday, with the Nasdaq Composite rising to a fresh record as traders looked ahead to high-profile earnings reports. The tech-heavy index and the S&amp;P 500 finished the day in the green, while bond yields wobbled.Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/snap-stock">Snap</a> rose 1%, while <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/amd-stock">Advanced Micro Devices </a>popped 3% as investors awaited earnings after the closing bell.Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> also rose 1%, while <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/meta-stock">Meta</a> shares climbed 2% as traders anticipated their <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/meta-q3-earnings-preview-meta-stock-price-ai-growth-guidance-2024-10">financials</a> on Wednesday. <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, which held mostly steady, is on deck to report on Thursday.Corporate profits have come in strong so far for the quarter. The S&amp;P 500 is on track to post a net profit margin of at least 12% for the reporting period, which would mark the second straight quarter it's done so, according to a <a target="_blank" class="" href="https://insight.factset.com/sp-500-reporting-net-profit-margin-of-at-least-12-for-the-2nd-straight-quarter">FactSet</a> analysis.Traders are looking to a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-tech-earnings-gdp-inflation-jobs-report-economy-2024-10">big few weeks</a> for markets, with third-quarter GDP set to be published Wednesday and the October jobs report due out Friday. The Fed is due to make its next rates decision next week, a day after the presidential election. Some doubts linger over whether the Fed will take interest rates as low as some investors initially hoped. Markets are pricing in a 53% chance rates will stay within 50 basis-points of their current target range at the Fed's January meeting, up from 0% odds priced in a month ago, according to the <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,832.92, up 0.16% <a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,233.05, down 0.36% (-154.52 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,712.75, up 0.78% </li></ul>Here's what else is going on:<ul><li>A hint in <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-earnings-outlook-q3-bottom-demand-manufacturing-election-bofa-2024-10?_gl=1*gr9ay9*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTczMDIyMjUxNS40OTYuMS4xNzMwMjIzMTMxLjguMC4w">S&amp;P 500 earnings calls</a> suggests that corporate profits are about to boom, Bank of America says.</li><li>Here's what Wall Street is expecting for <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/meta-q3-earnings-preview-meta-stock-price-ai-growth-guidance-2024-10?_gl=1*i0lfm3*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTczMDIyMjUxNS40OTYuMS4xNzMwMjIzMTEyLjI3LjAuMA..">Meta's third-quarter earnings report</a>.</li><li>The Fed is likely to disappoint markets with <a target="_blank" class="" href="https://www.businessinsider.com/fed-cut-rates-inflation-powell-blackrock-ceo-larry-fink-2024-10">just one more rate cut this year</a>, according to BlackRock's Larry Fink.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil dipped 0.22% to $67.23 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, held steady at $70.74 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> rose 1.13% to $2,772.63 an ounce.</li><li>The 10-year Treasury yield traded mostly event at 4.274%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> popped 5.84% to $73,279.</li></ul>

You Searched For "record profits" and got 10 results

After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

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OpenAI is making moves toward becoming a for-profit company

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Lower money creation by RBI, substantial rise in banks profits behind decline in loan-to-deposits ratios in banks: Nomura

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Reliance AGM 2024: Company aims to double retail business, Mukesh Ambani says not pursuing short-term profit

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Tata Power net profit up 31% to ₹1,189 crore in June quarter

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Stock market today: Indexes end the week at records as investors cheer Trump's victory

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Reliance Industries quarterly profit stays flat; annual earnings hit record at ₹69,621 crore

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Stock market today: Nasdaq closes at a record ahead of key tech earnings

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