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New Delhi: Shares of Federal Bank on Tuesday jumped 8 per cent after the firm posted an 11 per cent increase in net profit to Rs 1,057 crore in the September quarter. The stock climbed 8 per cent to Rs 199.55 on the BSE. At the NSE, it soared 7.83 per cent to Rs 199.49. The lender had earned a net profit of Rs 954 crore in the year-ago period. The total income increased to Rs 7,541 crore during the quarter under review against Rs 6,186 crore in the same quarter last year, Federal Bank said in a regulatory filing on Monday. The bank reported an interest income of Rs 6,577 crore during the quarter, higher than Rs 5,455 crore in the same period a year earlier. Net interest income (NII) grew 15 per cent to Rs 2,367 crore, as compared to Rs 2,056 crore in the same quarter a year ago. As regards asset quality, the bank witnessed an improvement with gross non-performing assets (NPAs) declining to 2.09 per cent of the gross loans by the end of September 2024, from 2.26 per cent a year ago. Similarly, net NPAs, or bad loans, moderated to 0.57 per cent from 0.64 per cent at the end of the second quarter of the previous fiscal year.

Federal Bank shares surge 8 percent after September quarter earnings announcement

Shares of <keyword id="19906778" type="General" weightage="100" keywordseo="Infosys" source="keywords">Infosys</keyword> climbed nearly 5 per cent in morning trade on Friday, a day after the IT major reported a 7 per cent rise in consolidated net profit in the April-June quarter and raised its growth outlook for the current financial year. The stock jumped 4.76 per cent to hit a 52-week high of Rs 1,843 on the BSE. At the NSE, it climbed 4.88 per cent to Rs 1,844 -- its 52-week high. The company's market valuation rallied Rs 20,843.19 crore to Rs 7,51,247.27 crore during the morning trade. The stock emerged as the biggest gainer among the BSE Sensex and NSE Nifty firms. IT major Infosys on Thursday reported a 7 per cent rise in consolidated net profit at Rs 6,368 crore in the April-June quarter and raised its growth outlook for the current financial year, signalling an improvement in the IT segment. With improvement in business, Infosys has shared plans to hire 15,000-20,000 freshers depending on the growth during the year. The company has been reporting continuous decline in headcount since March 2023 quarter. In the year-ago period, the company clocked a profit of Rs 5,945 crore, according to a BSE filing. "Infosys' Q1 numbers on all parameters have beaten market expectations," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. The consolidated revenue of Infosys increased by 3.6 per cent to Rs 39,315 crore during the reported quarter, from Rs 37,933 crore a year ago. For the current fiscal year, the company raised its revenue growth guidance to 3-4 per cent in constant currency terms from 1-3 per cent predicted earlier.

Infosys market valuation jumps by Rs 20,843 crore after earnings announcement; Shares climb nearly 5%

New Delhi: Shares of <keyword id="19903587" type="General" weightage="20" keywordseo="Life-Insurance-Corporation-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Life Insurance Corporation of India" meta.hostid="261" meta.entityid="Life Insurance Corporation of India">Life Insurance Corporation of India</keyword> (<keyword id="6367143" type="General" weightage="100" keywordseo="LIC" source="Orion">LIC</keyword>) climbed 3 per cent on Friday after the company reported a 10 per cent rise in net profit to Rs 10,461 crore in the June 2024 quarter. The stock jumped 3 per cent to Rs 1,159.60 on the <keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords">BSE</keyword>. At the NSE, it climbed 3 per cent to Rs 1,160 apiece. The state-owned life insurance behemoth had a net profit of Rs 9,544 crore in the year-ago period. The total income increased to Rs 2,10,910 crore during the latest June quarter as against Rs 1,88,749 crore in the year-ago period, LIC said in a regulatory filing on Thursday. <keyword id="22725292" type="General" weightage="20" keywordseo="lic-md" source="keywords">LIC MD</keyword> and CEO Siddhartha Mohanty said the Assets Under Management (AUM) increased to Rs 53,58,781 crore as on June 30, as compared to Rs 46,11,067 crore at the end of same quarter previous year, registering an increase of 16.22 per cent. The total premium income for the quarter increased by 16 per cent to Rs 1,13,770 crore, as compared to Rs 98,363 crore in the same quarter a year ago. Asked about entry into the health insurance business, he said, LIC is exploring the option of picking up majority stakes in a standalone health insurance company.

LIC shares climb 3 percent after earnings announcement

Shares of <keyword id="21352202" type="General" weightage="20" keywordseo="IT-major" source="keywords">IT major</keyword> Wipro tumbled nearly 9 per cent in morning trade on Monday after the company gave a <keyword id="22499444" type="General" weightage="20" keywordseo="flat-sequential-growth" source="keywords">flat sequential growth</keyword> guidance. The stock tanked 8.79 per cent to Rs 508.25 on the BSE. At the NSE, it tumbled 8.79 per cent to Rs 508.20 apiece. The stock emerged as the biggest laggard among the NSE <keyword id="22410486" type="General" weightage="20" keywordseo="Nifty-firms" source="keywords">Nifty firms</keyword>. Wipro on Friday posted a 4.6 per cent year-on-year rise in consolidated net profit for the June quarter at Rs 3,003.2 crore. The Q1 FY25 revenue of the Bengaluru-headquartered firm, however, fell 3.8 per cent to Rs 21,963.8 crore. The company said it expects revenue from the IT Services business segment to be in the range of USD 2,600 million to USD 2,652 million, in the September quarter. "This translates to sequential guidance of (-) 1.0 per cent to +1.0 per cent in constant currency terms," it said. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-to-launch-in-india-on-august-14-alongside-the-pixel-9-series/articleshow/111855704.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-to-launch-in-india-on-august-14-alongside-the-pixel-9-series/articleshow/111855704.cms" target="_blank">Google Pixel 9 Pro Fold to launch in India on August 14 alongside the Pixel 9 series</a><a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms" target="_blank">OnePlus Nord 4 vs Realme GT 6T – which mid-range phone should you buy under ₹35,000?</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank">Reliance Jio and Airtel added 3.45 million subscribers in May 2024, while Vi lost nearly a million</a>

Wipro shares tank nearly 9% after earnings announcement

Shares of <keyword id="19950203" type="General" weightage="100" keywordseo="TCS" source="keywords">TCS</keyword> on Friday climbed over 3 per cent after the country's largest <keyword id="20069374" type="General" weightage="20" keywordseo="IT-services" source="keywords">IT services</keyword> player reported 8.7 per cent growth in the June quarter net profit at Rs 12,040 crore. The stock went up by 3.10 per cent to Rs 4,044.35 on the BSE. At the NSE, it rallied 3 per cent to Rs 4,044.90. The company's <keyword id="20097096" type="General" weightage="20" keywordseo="market-valuation" source="keywords">market valuation</keyword> jumped Rs 40,359.77 crore to Rs 14,59,626.96 crore in morning deals. The stock emerged as the biggest gainer among the Sensex pack. "The positive domestic cue is the better-than-expected numbers from TCS and positive management commentary which can lift most IT stocks," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. In the equity market, the 30-share BSE Sensex climbed 226.11 points to 80,123.45 in early trade. The <keyword id="19950205" type="General" weightage="20" keywordseo="nse-nifty" source="keywords">NSE Nifty</keyword> went up by 82.1 points to 24,398.05. <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="261" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS) on Thursday posted an 8.7 per cent year-on-year rise in its consolidated net profit at Rs 12,040 crore for the first quarter ended June 2024. Net profit for the year-ago period stood at Rs 11,074 crore. The company - which competes in the IT services market with the likes of Infosys, Wipro and HCLTech - reported 5.4 per cent increase in revenue at Rs 62,613 crore for the quarter just ended. "I am pleased to report a strong start to the new fiscal year with all-round growth across industries and markets," K Krithivasan, Chief Executive Officer and Managing Director of TCS, said in a release. TCS has declared an interim dividend of Rs 10 per equity share of Re 1 each. Meanwhile, other IT stocks -- Infosys, Tech Mahindra, HCL Technologies and Wipro -- were also in demand.

TCS shares climb over 3% after earnings announcement; Market valuation jumps Rs 40,360 crore

<ul class="summary-list"><li>Alphabet, Google's parent company, reported its third-quarter earnings on Tuesday.</li><li>The company delivered beats on revenue, EPS, its advertising business, and Google Cloud revenue, which grew 35% year over year.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/google">Google's</a> parent company, Alphabet, released better-than-expected earnings results for the third quarter after the closing bell on Tuesday.Revenue from Google Cloud grew 35% year over year to $11.4 billion, bolstered by "accelerated growth" in the company's AI products, the company said.Here are the key numbers for the third quarter compared to analysts' expectations:<ul><li>Earnings per share: $2.12 vs. $1.83 expected</li><li>Revenue: $88.27 billion vs. $86.44 billion expected</li><li>Google Advertising: $65.9 billion vs. $65.5 billion</li><li>YouTube advertising revenue: $8.92 billion vs. $8.89 billion expected</li><li>Google Cloud revenue: $11.35 billion vs. $10.79 billion expected </li></ul>Source for analyst expectations: Bloomberg Alphabet and Google CEO Sundar Pichai said in the earnings release that "YouTube's total ads and subscription revenues surpassed $50 billion over the past four quarters for the first time.""Our commitment to innovation, as well as our long-term focus and investment in AI, are paying off with consumers and partners benefiting from our AI tools," he added. "We generated strong revenue growth in the quarter, and our ongoing efforts to improve efficiency helped deliver improved margins."The search giant's earnings arrived less than three months after a <a target="_blank" class="" href="https://www.businessinsider.com/google-violated-antitrust-law-to-keep-search-monopoly-judge-rules-2024-8">federal judge ruled the company violated antitrust law</a> by illegally maintaining a search monopoly. Its multibillion-dollar-a-year search deal with Apple and other paid partnerships came under the microscope. A potential breakup hangs over the company's head, and a protracted legal fight is expected.The company in October also announced a major reorganization amid its growing AI efforts, moving the Gemini app team under the Google DeepMind team led by Demis Hassabis.Ahead of a 4:30 p.m. ET earnings call with analysts, Wall Street analysts are looking for updates on the company's massive AI investments, advertising business, subscriptions like YouTube TV and Premium, and how its popular search product is doing against increasing competition from AI startups like OpenAI and Perplexity."Google felt the heat from legal pressure this quarter," said Evelyn Mitchell-Wolf, an analyst at Emarketer, a sister company to Business Insider. "A federal judge ruled Google operates illegal monopolies in search; Google defended itself in court for another antitrust case against its ad tech business; and the clock is ticking on Google's temporary administrative stay for the remedies delivered in yet another antitrust case concerning its Play Store. But none of these will affect Google's earnings yet."This post is developing…

Google delivers a big earnings beat

<ul><li>Indian stock indices opened green on Wednesday, following favourable assembly election results for the ruling party.</li><li>The <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> 50 index opened at 25,065.80 points, while the <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> index opened at 81,954.58 points.</li><li>The Reserve Bank of India is expected to announce its decision on policy rates.</li></ul>On Wednesday, the <keyword id="19932512" type="General" weightage="100" keywordseo="Indian-stock-market" source="keywords">Indian stock market</keyword> exhibited a positive atmosphere at the opening bell, reflecting positive investor sentiment driven by the favourable outcome of the recent elections for the incumbent party. The Nifty 50 index commenced the trading day at 25,065.80 points, registering a gain of 52.65 points, equivalent to a 0.21% increase. Similarly, the Sensex index opened at 81,954.58 points, representing a jump of 319.77 points or 0.39%. Market analysts anticipate a pivotal announcement from the Reserve Bank of India (RBI) regarding interest rates later in the day. However, the consensus among experts suggests that the rates are likely to remain unchanged. The RBI has maintained a steady <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword> of 6.50% for the past nine meetings, balancing its objectives of curbing inflation while fostering economic growth. "After sessions of corrections, India is getting some support at the level of 25,800 for Nifty50. Good state election results for the ruling party, contrary to the exit polls, have brought some optimism in the domestic market. RBI policy outcome, though no cut is expected, a plausible change in stance to neutral is anticipated. And investors are likely to focus on the upcoming Q2 results where earnings are likely to improve marginally on a QoQ basis" said Vinod Nair, Head of Research, Geojit Financial Services. Among sectoral indices on the National Stock Exchange, the Nifty PSU Bank index opened as the top gainer, with other indices also opening in the green. In the Nifty 50 list, 38 stocks opened with gains, 11 stocks declined, and 1 remained unchanged. "Nifty made a bounce back from expected support of 24750 and closed just above the 25,000 mark. With FIIs longs dropping further to 43%, Nifty may face resistance around the 25,100/25,150 range and any possibility of short covering can be expected above this range. Any break of crucial support of 24750 can witness another round of selling towards the 24,500/24,300 range" said Soni Patnaik, AVP, Derivatives Research Analyst, JM Financial Services. Meanwhile, other Asian markets showed mixed trends on Wednesday. Japan's Nikkei 225 was up 0.83%, while the Shanghai Composite fell sharply by 5.61%. Hong Kong's Hang Seng index also dropped by 3.04%. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/byd-emax-7-electric-mpv-launched-in-india-starting-at-26-9-lakh/slidelist/114046121.cms">BYD eMax 7 electric MPV launched in India starting at ₹26.9 lakh</a> <a href="https://www.businessinsider.in/personal-finance/news/heres-how-a-reddit-user-was-able-to-get-an-iphone-16-at-under-27000/articleshow/114035179.cms">Here’s how a Reddit user was able to get an iPhone 16 at under ₹27,000</a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-swiggy-ather-upcoming-large-ipos-in-india/slidelist/114014140.cms">Hyundai To Swiggy: Everyone wants to cash in on the IPO bonanza</a>

Nifty, Sensex open in green, RBI policy announcement to drive markets today

<ul class="summary-list"><li><a target="_blank" href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> stock has surged since the company reported earnings on Wednesday.</li><li>Wall Street analysts broke down the factors they believe are fueling the rally.</li></ul>Tesla's stock price has been on a tear in the two days since the carmaker reported quarterly earnings that exceeded expectations.The stock regained the ground it lost following Tesla's <a target="_blank" class="" href="https://www.businessinsider.com/tesla-robotaxi-event-cybercab-elon-musk-2024-10">"We, Robot"</a> event on October 10, during which Elon Musk showed off the Cybercab. He was lighter on launch specifics than some on Wall Street wanted, and the stock fell 9% the following day.Two weeks later, Tesla closed the week with a share price of $269.19 on Friday — its highest since September 2023. The stock is now up 8.33% since the start of the year.AvaTrade's chief market analyst, Kate Leaman, told BI that Tesla's earnings were a "surprise beat, which always gives the stock a push."Tesla announced better-than-expected profit and gross margin, a closely watched number. It also announced the <a target="_blank" rel="" class="" href="https://www.businessinsider.com/tesla-cybertruck-profit-2024-10">Cybertruck hit profitability</a> and said it was on track to start production for more affordable EVs in the first half of 2025.Jacob Bourne, an analyst at Emarketer, a sister company to Business Insider, said Tesla's strong results were not expected and "the biggest factor" behind the stock surge is "the surprise element." Ahead of the earnings report, analysts had concerns about waning EV demand and the impact of Tesla's price cuts on its profitability.RBC Capital Markets analyst Tom Narayan said: "Low and behold this company is able to still be profitable even with price cutting."Dan Ives, a Tesla bull and an analyst at Wedbush Securities, called Tesla's earnings figures a "Goldilocks quarter."Emarketer's Bourne said questions about Tesla's Cybercab robotaxi were a factor that contributed to uncertainty ahead of its earnings report. <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-america-super-pac-trump-turn-out-voters-2024-10">Musk's political activism was another,</a> Bourne said.Global Equities analyst Trip Chowdhry told BI that there had been questions about whether some people would stop buying Teslas because of Musk's support for former President Donald Trump."The negative narrative was proven to be 100% wrong," Chowdhry said.Narayan said while Tesla didn't unveil a <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-halts-gigacasting-blow-to-cheaper-evs-report-2024-5">lower-price vehicle</a> in the earnings report or announce regulatory approval for fully autonomous rides, the company did provide some concrete answers to lingering questions from the Cybercab event.Musk said he expected the company's robotaxi service would gain regulatory approval in Texas and California next year and that Tesla employees in the Bay Area already were testing the ride-hailing service with the development app.For Musk, the stock rally boosted his net worth to over a quarter trillion dollars.The Tesla CEO's net worth was $277 billion at market close on Friday, <a target="_blank" class="" href="https://www.bloomberg.com/billionaires/profiles/elon-r-musk/">according</a> to Bloomberg's Billionaires Index.

Tesla ends the week on a high fueled by earnings 'surprise'

<ul class="summary-list"><li>Microsoft's Q1 profits beat analysts' estimates as cloud computing continued to grow.</li><li>Q1 capital spending reached $20 billion, up from $19 billion in Q4.</li></ul><a target="_blank" href="https://www.businessinsider.com/category/microsoft">Microsoft</a> reported better-than-expected first-quarter results after the closing bell on Wednesday, and continued to ramp up its capital spending as it invests in AI capabilities.Capex totaled $20 billion, compared with $19 billion in its fiscal fourth quarter and $14 billion in the quarter before that.Much of the company's spending has been going toward data centers, graphics processing units, and other AI projects. By year end, Microsoft intends to <a target="_blank" href="https://www.businessinsider.com/microsoft-gpu-targets-1-8-million-ai-chips-this-year-2024-4">amass 1.8 million GPUs</a>. By July 2025, the Redmond, Washington, company plans to <a target="_blank" href="https://www.businessinsider.com/microsoft-plan-double-triple-data-center-capacity-2024-4">triple its data-center capacity</a>. The company is trying to figure out how it will recoup this massive investment.Also in the first quarter, Microsoft Cloud revenue rose 22% from a year earlier to $38.9 billion. Analysts, on average, had expected revenue for the business would total $38.11 billion, per Bloomberg.Shares rose more than 1% in late trading.Some analysts have been critical of the company's <a target="_blank" href="https://www.businessinsider.com/big-tech-earnings-microsoft-amazon-apple-alphabet-meta-2024-10">spending on artificial intelligence</a>, as Business Insider previously reported."We are expanding our opportunity and winning new customers as we help them apply our AI platforms and tools to drive new growth and operating leverage," the company's chairman and CEO, Satya Nadella, said in the earnings announcement.The report follows Microsoft's <a target="_blank" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/789019/000119312524204403/d846847d8k.htm">August announcement</a> that it would reconfigure how it reported results from its business units. The Productivity and Business Processes segment includes results from Microsoft 365 Commercial products and cloud services.Here are several key metrics for the quarter that ended September 30 and how they compared with analysts' consensus expectations as reported by Bloomberg.<ul><li>Earnings per share: $3.30 vs. $3.11 expected</li><li>Revenue: $65.59 billion vs. $64.51 billion expected</li><li>Operating income: $30.6 billion vs. the $29.21 billion expected</li><li>Microsoft Cloud revenue: $38.9 billion vs. the $38.11 billion expected</li></ul>Investors have been tracking spending on AI at many of the so-called Magnificant 7 stocks, of which Microsoft is one — along with fellow tech giants including Apple, Amazon, Google parent Alphabet, and Nvidia. One concern is that returns on <a target="_blank" href="https://www.businessinsider.com/ai-impact-overblown-investment-tech-stocks-billions-daron-acemoglu-mit-2024-10">companies' AI investments</a> could fall short of expectations. That's a worry at Microsoft partly because feedback on the company's<a target="_blank" href="https://www.businessinsider.com/big-tech-earnings-microsoft-amazon-apple-alphabet-meta-2024-10"> Copilot AI</a> has been mixed.

Microsoft reports stronger-than-expected earnings as it ramps up capital spending

Google Play has revealed its annual Best of 2024 awards for India, celebrating the apps and games that defined the year. With five of the seven top apps developed by Indian creators, the awards underscore India’s rising prominence in the global tech ecosystem. Mobile gaming also continues to boom, as the country solidifies its position as the second-largest market for gaming downloads worldwide. In a blog post announcing the winners, Google also shed light on how India is the world's second largest market in terms of mobile gaming downloads. "On the gaming front, the Indian gaming scene continues to thrive, with India adding 23 million new gamers in FY24, reaching a total of 590 million. In fact, India now boasts the world's second-largest market for mobile gaming downloads, with average weekly playtime increasing by 30%." Leading Apps: India at the Forefront of AI Innovation The blog post revealed that this year’s top apps showcased India’s innovative spirit, particularly in harnessing AI to meet user needs. Alle - Your AI Fashion Stylist, developed by Hey Alle, emerged as the year’s Best App and also won the Best for Fun award. Leveraging AI, Alle provides personalised fashion advice tailored to users’ occasions, body types, and preferences, reflecting the growing trend of AI-powered app experiences in India. Prateek Agarwal, Co-Founder &amp; CEO, Alle, said in a statement, “We noticed that the recent developments in Gen AI, combined with evolving consumer preferences for visual inspirational content, will create a massive opportunity to reimagine &amp; rebuild how people discover and shop for fashion. This realization led us to start Alle...As a new startup, Google Play has been crucial in helping us reach our early users organically. The platform's detailed analytics and crash reporting have been invaluable - they've helped us quickly identify and fix issues, improving our app stability.” Other app winners included: • Headlyne: Daily News with AI (Best for Personal Growth), offering curated news tailored to individual preferences. • Sony LIV: Sports &amp; Entertainment (Best for Large Screens), delivering immersive content on tablets and other big-screen devices. • WhatsApp Messenger (Best Multi-device App), enabling seamless communication across devices. • Fold: Expense Tracker (Best Everyday Essential) and Rise: Habit List (Best Hidden Gem) also captured user interest with practical and engaging features. The blog post added that India’s dominance in the AI app space is significant, accounting for 21% of global AI mobile app downloads this year, with nearly 1,000 Indian apps and games incorporating AI. Games that thrilled millions India’s gaming industry continued its upward trajectory, adding 23 million gamers this year, taking the total to 590 million. With gaming preferences increasingly reflecting local culture, many award-winning titles integrated Indian storylines and visuals. Squad Busters, a fast-paced multiplayer game, won Best Game for its simple yet engaging design. Meanwhile, Indus Battle Royale Mobile by SuperGaming earned the Best Made in India title for the second year running. Roby John, Co-Founder and CEO of SuperGaming, said in a statement, "We are committed to making Indus a standout Battle Royale experience. Our team has spent over three years thoughtfully crafting its characters, environments, and gameplay features to represent Indian Art and Culture authentically. The community's enthusiasm validates our vision of Indian games thriving globally. Winning this award is an incredible honor, not just as a milestone but also a motivation to keep striving for excellence. Google Play’s expertise and responsiveness have empowered us to deliver world-class gaming, pushing the boundaries of Indian gaming. We’re more committed than ever to raising the bar and making Indian gaming shine on the global stage.” Other top games included: • BGMI (Battlegrounds Mobile India) (Best Ongoing), for its India-centric updates featuring cricket, festivals, and celebrity collaborations. • Bloom – A Puzzle Adventure (Best Indie), for its unique mechanics and creativity. • Clash of Clans (Best Multi-device Game) and Yes, Your Grace (Best Story) also stood out for their engaging gameplay.

Google Play announces best apps and games of 2024 in India: All you need to know

<ul class="summary-list"><li>Tesla closed 22% higher on Thursday, its best day in years after posting strong earnings.</li><li>Analysts at JPMorgan caution that some of the automaker's growth drivers aren't sustainable.</li></ul>Tesla's earnings beat fueled a huge rally for the stock on Thursday, but JPMorgan is urging caution.Analysts at the bank said that while the <a target="_blank" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10?_gl=1*1b1iqo9*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyOTc3NDk1OC4zMDguMS4xNzI5Nzc1Nzk4LjYwLjAuMA..#wedbush-analyst-dan-ives-sticks-with-bullish-view-on-tesla-despite-recent-volatility?utm_medium=ingest&amp;utm_source=markets">strong earnings</a> should boost the stock in the short term, the automaker's growth drivers might not be sustainable in the coming quarters.The analysts correctly called the big reaction in the stock on Thursday post-earnings, with shares rising 22%, but they added that they see some caveats to the company's outlook. "However, we at the same time see several potentially unsustainable drivers of 3Q's better earnings and cash flow performance."The analysts pointed in particular to Tesla's near-record sales of regulatory credits. Tesla can sell credits it receives for producing electric cars to other companies that don't meet government emissions requirements.It's a hugely profitable business, and the credits generated $739 million for Tesla in the most recent quarter, the second-highest amount after the previous quarter's $890 million. While the credits are a huge profit driver in the near term, JPMorgan analysts said that won't last as other automakers introduce their own EVs and buy fewer credits from competitors like Tesla."Investors should be cautious about capitalizing the earnings generated from these (100% margin) credits, given that one of the tenets of the Tesla bull case is the large scale electrification of the automotive industry," the analysts wrote. "As other automakers broaden their electric offerings, they should over time be in a position to generate their own credits, negating and eventually eliminating the flow of competitor payments to Tesla."The analysts also pointed to large working capital benefits, which they say are unsustainable.Tesla saw a large beat on free cash flow in the most recent quarter, but that was in part due to a large increase in the amount due to its suppliers and other accrued liabilities, the analysts say.Tesla has only ever generated more cash from an increase in accounts payable in one other quarter, but at that time, deliveries and production both grew much faster, the analysts said. They wrote in the note that this suggests that this driver of the quarter's strong cash flow is unsustainable and possibly reversing."Automakers are expected to generate cash from working capital as sales rise, given timing differences arising from the favorable trade terms they enjoy with suppliers, but digging more deeply into the benefit, we note only in one quarter has Tesla ever generated more cash from an increase in accounts payable than it did in 3Q24," the analysts said.The automaker reported earnings per share of $0.62 for the third quarter, outpacing analysts' expectations of $0.51. Its operating profit came in at $2.7 billion, exceeding expectations of $2.0 billion and marking a 54% increase from a year ago. The company also announced that its Cybertruck <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-profit-2024-10">has reached profitability</a>.JPMorgan rates Tesla "Underweight" with a December 2025 price target of $135 a share, 48% lower than its Thursday closing price of $260.48.

Tesla earnings have reinvigorated investors but some growth drivers look 'unsustainable,' JPMorgan says

<ul class="summary-list"><li>Intel recently announced mass layoffs of 15,000 jobs amid losses in Q2.</li><li>Shareholders are claiming in a lawsuit that Intel didn't do enough to warn investors.</li></ul>A Missouri-based pension fund is accusing <a target="_blank" class="" href="https://www.businessinsider.com/category/intel">Intel</a>, in a class action lawsuit, of hiding problems about its in-house chips manufacturing business ahead of the company's reported net loss and mass layoff of 15,000 jobs.Intel on August 1 announced a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/intel-stock-price-layoffs-weak-guidance-missed-analyst-estimates-semiconductors-2024-8">15% reduction of its workforce</a> after reporting a net loss of $1.6 billion for the second quarter.The Silicon Valley company, which once led the chips industry, has struggled to catch up with its rivals, mainly Nvidia, a longtime competitor that now has a stranglehold on the GPU business amid the <a target="_blank" class="" href="https://www.businessinsider.com/intel-playing-catch-up-ai-race-chatgpt-chips-2023-10">AI race</a>.A lawsuit filed in a San Francisco federal court on Wednesday, naming CEO Patrick Gelsinger and CFO David Zinsner as co-defendants, claimed that Intel hid problems about its in-house chips manufacturing business that led to the dismal second-quarter earnings result. The lead plaintiff of the lawsuit is the Construction Laborers Pension Trust of Greater St. Louis, filed on behalf of other Intel investors.Unlike many of its rivals, Intel designs and manufactures chips through its foundry factories. The decision helped Intel tentatively win a $8.5 billion federal grant through the <a target="_blank" class="" href="https://www.businessinsider.com/chips-act-bill-to-boost-us-chipmaking-competition-with-china-2022-7">CHIPS Act</a>.According to the lawsuit, the company told investors that this in-house model will allow Intel to save "$8 to $10 billion exiting 2025."But the move turned out to be much more costly than investors anticipated, the complaint said."Unbeknownst to investors, however, Intel's foundry business was floundering, costing billions of dollars more than investors had been led to believe even while revenue growth in the division actually declined during the Class Period," the lawsuit said, referring to the period from January 25 to August 1, 2024.The lawsuit accused Intel, along with its CEO and CFO, of making false and misleading statements that "artificially inflated" the company's stock price.A spokesperson for Intel declined to comment.Shareholders in the lawsuit highlighted statements from defendants that they say showed the "purported success" of the company's business units, including the foundry model.One statement came from a <a target="_blank" class="" href="https://www.intc.com/news-events/press-releases/detail/1672/intel-reports-fourth-quarter-and-full-year-2023-financial">January 2024 press release</a> from Zinsner, who said: "We continued to drive operational efficiencies in the fourth quarter, and comfortably achieved our commitment to deliver $3 billion in cost savings in 2023. We expect to unlock further efficiencies in 2024 and beyond as we implement our new internal foundry model, which is designed to drive greater transparency and accountability and higher returns on our owners' capital."Shareholders alleged in the lawsuit that these were "materially false and misleading" statements that failed to disclose that "Intel's foundry business was suffering from ballooning costs and required substantially more capital expenditures than investors had been led to believe and, as a result, had suffered $7 billion in losses in 2023."James Park, a securities regulation expert at the University of California, Los Angeles, told Business Insider email that the lawsuit contained a fairly "standard set of allegations." "Intel will probably argue that the claim there would be cost savings was a forward-looking statement," he said, which is protected by the Private Securities Litigation Reform Act's safe harbor provision.

Intel shareholders accuse company of hiding problems about its in-house chips manufacturing business ahead of announced layoffs and poor earnings   

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! Add this to the list of things that might scare you about artificial intelligence: losing your home. Real-estate scammers are <a target="_blank" href="https://www.businessinsider.com/scammers-use-ai-deed-fraud-title-theft-to-steal-homes-2024-10">using AI tools to commit deed theft</a>, with the owner of a $137.5 million mansion saying they're among the victims.In today's big story, Tesla reports earnings this afternoon with the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-q3-earnings-preview-wall-street-auto-margins-robotaxi-2024-10">focus back on its cars business</a>.What's on deck:<ul><li>Markets: Breaking down the <a target="_blank" href="https://www.businessinsider.com/starboard-jeff-smith-74-page-presentation-pfizer-13-monitor-2024-10">74-page slideshow</a> activist investor Starboard presented to Pfizer.</li><li>Tech: Amazon's $100 billion data center dream <a target="_blank" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">is turning into a bit of a nightmare</a>.</li><li>Business: A deadly E. coli outbreak linked to McDonald's <a target="_blank" href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-tied-quarter-pounders-2024-10">sent its share price tumbling</a>.</li></ul>But first, back to basics.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Tesla the car company</h2><div type="image" title="Photo illustration of Elon Musk." height="882" width="1176" msid="114513508" hostid="261" sizebytes="107410"></div>Tesla has spent plenty of time discussing the future, but Wall Street wants to bring the EV giant back to the present.Elon Musk's company reports third-quarter earnings this afternoon, and analysts are focused on its core auto business. Business Insider's Matthew Fox has a rundown on <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-q3-earnings-preview-wall-street-auto-margins-robotaxi-2024-10">analysts' expectations ahead of Tesla's big day</a>.(To get real-time updates on Tesla's earnings, be sure to check out our <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10">live blog here</a>.)Musk has spent time talking up everything but the cars his company currently sells. From robotaxis to autonomous vehicles and bartending bots, Tesla's earnings calls have been heavily focused on what's next instead of what's now.Tesla has good reason to avoid talking about the present. Its sales dropped for two straight quarters <a target="_blank" href="https://www.businessinsider.com/tesla-q3-deliveries-sales-stock-price-2024-10">before righting the ship in Q3</a>. It'll now take a massive fourth quarter for its 2024 sales to eclipse last year's figure.Touting robotaxis and pitching the company as a leader in artificial intelligence has eased the pain (and helped the stock price), but even that has its limit. Tesla's share price is still down more than 12% year-to-date after its flashy robotaxi event <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-cybercar-analysts-self-driving-fleet-ai-2024-10">mostly fell flat with investors</a>.That's why all eyes are back on its core business of selling cars, including the status of its industry-leading profit margins.The report could signal the worst is behind Tesla … or is yet to come.<div type="image" title="Generel Motors photo collage" height="1500" width="2000" msid="114513510" hostid="261" sizebytes="91326"></div>Tesla also needs to worry about what's in its rearview mirror.General Motors' third-quarter earnings report topped estimates, leading to a nearly 10% surge in its stock. Part of its success included <a target="_blank" href="https://www.businessinsider.com/gm-stock-earnings-crushing-it-suvs-trucks-evs-2024-10">improved EV growth and profitability,</a> writes BI's Benjamin Zhang. GM now holds a 9.8% share of the US market, trailing only Tesla.That comes during what's been an overall tough time for the EV market. (But a good time for any <a target="_blank" href="https://www.businessinsider.com/ev-pile-up-dealer-lots-deals-discounts-leasing-2024-8">who's in the market for one</a>!)While the industry continues to grow, it's at a much slower pace than a few years ago. Automakers have been forced to readjust their strategy around breaking into the market.Overseas, things aren't much better for Tesla. China, the world's largest auto market and an area of growth for Tesla, has gotten increasingly competitive. Domestic rivals <a target="_blank" href="https://www.businessinsider.com/tesla-chinese-ev-rivals-record-deliveries-pressure-on-elon-musk-2024-10">recently posted a record month for sales</a>, and China's EV giants stole the show at <a target="_blank" href="https://www.businessinsider.com/china-ev-giants-innovation-ai-auto-show-european-rivals-despair-2024-10">Europe's largest auto show</a>.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Former Abercrombie &amp; Fitch CEO Mike Jeffries <a target="_blank" href="https://www.businessinsider.com/former-abercrombie-and-fitch-ceo-mike-jefferies-arrested-2024-10">arrested in sex-trafficking case</a>.</li><li>Starbucks just pre-released its sales figures, and they show <a target="_blank" href="https://www.businessinsider.com/starbucks-quarterly-sales-dropped-as-it-faces-us-china-headwinds-2024-10">its new CEO has an uphill struggle ahead</a>.</li><li>A Michelin star might <a target="_blank" href="https://www.businessinsider.com/restaurants-awards-michelin-star-new-york-city-dining-rent-costs-2024-10">kill your favorite restaurant</a>.</li><li>The Polymarket 'whale' is placing as many as 71 bets a minute <a target="_blank" href="https://www.businessinsider.com/polymarket-whale-trump-vs-harris-betting-odds-polls-election-2024-10">in favor of Donald Trump</a>.</li><li>Bhutan is known for prizing happiness. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/bhutan-known-gross-happiness-employees-longest-working-hours-in-world-2024-10">Its people also work longer than any other country</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Pfizer CEO Albert Bourla" height="683" width="1024" msid="114513505" hostid="261" sizebytes="38178"></div><ol><li>Activist investor Starboard aired its grievances to Pfizer. The hedge fund, which reportedly has a $1 billion stake in the drug giant, recently presented <a target="_blank" href="https://www.businessinsider.com/starboard-jeff-smith-74-page-presentation-pfizer-13-monitor-2024-10">a 74-page slideshow to Pfizer</a>. Its complaints included a lack of R&amp;D spend and a failure to deliver on its drug pipeline.</li><li>The bond market is scrambling to recalibrate itself. Bond yields are rising and prices are dropping as <a target="_blank" href="https://markets.businessinsider.com/news/bonds/treasury-yields-bonds-interest-rates-economy-inflation-election-labor-market-2024-10">traders reset their expectations of future interest rate cuts</a>. Strong economic data and a potential Trump win are believed to be the biggest factors preventing more rate cuts.</li><li>Inside Citadel Securities' massive tech rebuild. Ken Griffin's market maker is revamping the tech that powers its trades as it eyes growth. The goal is to prepare the firm for what lies ahead, <a target="_blank" href="https://www.businessinsider.com/inside-citadel-securities-multi-year-rebuild-trading-technology-2024-10">Citadel Securities' chief technology officer told BI</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Illustration of an Amazon data center wrapped in an orange-colored electrical cord, with three lightning bolt symbols" height="1000" width="2000" msid="114513501" hostid="261" sizebytes="86046"></div><ol><li>Amazon's data center dream is battling "zombie" facilities, high costs, and labor shortages. Amazon plans to spend more than $100 billion expanding its data centers over the next decade. But the ambitious plan means it's increasingly running into physical constraints. <a target="_blank" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">According to internal documents viewed by BI,</a> electricity and labor headwinds are hampering the company's long-term data center growth.</li><li>The plane-tracker who got on Elon Musk's bad side says he's lost faith in big social media. College student Jack Sweeney ran Threads accounts that tracked the movements of celebrities' private jets — or at least he did until Monday, when Meta removed the accounts citing safety concerns. <a target="_blank" href="https://www.businessinsider.com/jet-tracking-meta-ban-jack-sweeney-faith-social-media-2024-10">Sweeney told BI</a> he thinks he was targeted by one of the public figures he's tracking.</li><li>Disney and Apple are on the outs. Disney is <a target="_blank" href="https://www.businessinsider.com/disney-apple-app-store-hulu-disney-plus-2024-10">no longer letting new customers sign up for Hulu or Disney+ via Apple's App Store</a>, which takes up to 15% of the monthly fees generated by Disney's subscription services. Though the companies are still working together on some projects, the move points to a notable rift in the pair's long-standing relationship.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Illustration of block homes." height="2000" width="4000" msid="114513507" hostid="261" sizebytes="419628"></div><ol><li>Should America be more like Whoville? To bring down housing prices, America needs to break from its cookie-cutter tradition and build more weird homes. These five wacky home ideas could help <a target="_blank" href="https://www.businessinsider.com/home-prices-america-should-build-weird-houses-apartments-real-estate-2024-10">create the housing we need</a>.</li><li>The CDC said a deadly E. coli outbreak was linked to McDonald's Quarter Pounders. Shares in the Golden Arches dropped more than 9% in extended trading on Tuesday following the announcement that <a target="_blank" href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-tied-quarter-pounders-2024-10">one person died and 10 others were hospitalized</a>. A total of 49 cases across 10 states have been reported thus far, but the extent of the outbreak is "likely much higher," the CDC said.</li><li>Does anyone know what Disney's post-Bob Iger plan is? The company's announcement that it would name a new CEO in 2026 — far later than most expected — has left <a target="_blank" href="https://www.businessinsider.com/disney-bob-iger-ceo-succession-plan-questions-2024-10">more questions than answers</a>. The stakes are high: Disney flubbed Iger's last exit plan so badly that it had to bring him back after less than two years.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Billionaire Marc Lasry claims in a new lawsuit that a former employee is trying to extort him for $50 million. <a target="_blank" href="https://www.businessinsider.com/marc-lasry-sues-former-employee-demanding-50-million-2024-10">Here are the most eye-catching excerpts</a>.</li><li>Diddy's children break their silence on his arrest and <a target="_blank" href="https://www.businessinsider.com/diddy-children-arrest-accusations-response-2024-10">compare the accusations to 'conspiracy theories.'</a></li><li>Elon Musk's X has made hundreds of thousands of dollars <a target="_blank" href="https://www.businessinsider.com/elon-musk-x-america-super-pac-advertising-revenue-2024-10">from his super PAC</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Tesla, Boeing, IBM, Coca-Cola, and other companies report earnings.</li><li>Harvey Weinstein appears in New York court on additional charges of sexual assault.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

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