D-Mart Q2 net surges twofold to ₹418 crore

Rooftop solar: ‘India most cost-effective’

A global study has found that India is the most cost-effective country for generating rooftop solar energy at $66 per megawatt-hour, while the cost in China is marginally higher at $68 per megawatt-hour.

Due to the lower cost, rooftop solar photovoltaics (RTSPV) technology, such as roof-mounted solar panels used in homes, and commercial and industrial buildings, is currently the fastest deployable energy generation technology.

This is projected to fulfil up to 49% of the global electricity demand by 2050. According to the study, India has a significant solar rooftop potential of 1.7 petawatt-hour per year.

Earthquake of magnitude 4.8 strikes Bali, kills three

An earthquake of magnitude 4.8 struck Indonesia's Bali island on Saturday morning, killing at least three people, Indonesia's search and rescue agency said.

The quake affected the Karangasem and Bangli districts on the eastern side of the tourist island and a search has been concluded, the agency said in a statement, but authorities were continuing to monitor the situation.

The U.S. Geological Survey (USGS) said the 4.8 magnitute quake struck off Banjar Wangsian, and put its depth at 10 km (6.21 miles).

U.S. Wholesale Inventories Growth Matches Estimates In August

Wholesale inventories in the U.S. increased in line with economist estimates in the month of August, the Commerce Department revealed in a report released on Friday.

The report said wholesale inventories jumped by 1.2 percent in August after climbing by 0.6 percent in July. The continued advance in inventories matched economist estimates.

The notable increase in wholesale inventories came as inventories of durable and non-durable goods surged up by 1.2 percent and 1.1 percent, respectively.

Meanwhile, the Commerce Department said wholesale sales slumped by 1.1 percent in August after spiking by 2.1 percent in July.

Sales of non-durable goods tumbled by 1.7 percent during the month, while sales of durable goods fell by 0.5 percent.

With inventories jumping and sales slumping, the inventories/sales ratio for merchant wholesalers rose to 1.23 in August from 1.20 in July.

Marathon Digital Up 6% On Analyst Rating

The Nevada-based cryptocurrency mining company, Marathon Digital Holdings, Inc. (MARA), is up 6% in the Friday market despite the company not posting any stock-related reports to boost the stock.

Tuesday, B. Riley Financial analyst Lucas Pipes kept Marathon at “buy” and predicted that the stock price will reach $87.

The stock is trading hands at $46.28, up $2.69 or 6.17% from its previous close at $43.59. The stock opened at $45.50 in the morning and in the 52-week period, the stock has ranged between $2.06 and $57.75.

HDFC Bank Q2 consolidated profit rises 18% to ₹9,096 cr

The bank had earned a net profit ₹7,513.1 crore on standalone basis in the same quarter a year ago, the statement said.

HDFC Bank on Saturday reported an 18% increase in its consolidated net profit at ₹9,096 crore for the second quarter ended September 2021.

The country’s biggest private sector lender had posted a consolidated net profit of ₹7,703 crore in the corresponding quarter a year ago.

Total consolidated income during the quarter under review rose to ₹41,436.36 crore from ₹38,438.47 crore in July-September 2020, HDFC Bank said in a statement.

On a standalone basis, after providing ₹3,048.3 crore for taxation, it earned a net profit of ₹8,834.3 crore, an increase of 17.6% over the quarter ended September 30, 2020.

The bank had earned a net profit ₹7,513.1 crore on standalone basis in the same quarter a year ago, the statement said.

Total income (standalone) grew to ₹38,754.16 crore in the second quarter of FY2022 from ₹36,069.42 crore in the year-ago quarter.

Opinion | Pramila Jayapal Won’t Let the Biden Presidency Fail


By Michelle Goldberg

Opinion Columnist

Suspected DUI driver allegedly causes multiple crashes on I-25 in Denver

A driver going north in the southbound lanes on Interstate 25 early Saturday morning in Denver allegedly caused multiple crashes as other drivers tried to avoid them, police said.

Multiple vehicles, at least five, crashed near 8th Avenue on I-25 and five people were taken to the hospital, police said in a 4:59 a.m. Twitter post.

The driver going the wrong way crashed at Eighth Avenue and suffered serious injuries, police said.

The incident is being investigated as a DUI case along with reckless driving causing injury.

 

Fuel-efficient cars to gain traction: report

Maruti Suzuki India Limited has about 65% market share in the less-than-₹10 lakh price category

With fuel prices going up by 35% over the past 15 months thereby impacting overall vehicle running costs, cars that have higher fuel efficiency and lower maintenance costs are expected to gain higher traction among buyers in India, especially in the sub-₹10 lakh category, according to a report.

Considering the fact that 70% of the passenger-vehicle market in India is still accounted for by vehicles costing less than ₹10 lakh, the development augurs well for market leader Maruti Suzuki India Limited (MSIL), said the report by HSBC Global Research.

MSIL has about 65% market share in the less-than-₹10 lakh price category, it added.

D-Mart Q2 net surges twofold to ₹418 crore

The company had posted a net profit of ₹198.53 crore in the July-September quarter a year earlier

Avenue Supermarts Limited, which owns and operates the retail chain D-Mart, on Saturday reported a twofold increase in consolidated net profit to ₹417.76 crore for the second quarter ended September.

The company had posted a net profit of ₹198.53 crore in the July-September quarter a year earlier, Avenue Supermarts said in a filing. Revenue from operations rose 46.8% to ₹7,788.94 crore during the quarter under review.

“Total revenue for H1FY22 stood at ₹12,972 crore, as compared with ₹9,189 crore in the same period last year,” it said.

As of September 30, D-Mart had 246 stores.