Pokémon’s CEO hints at big plans for games on smartphone, switch
It’s been more than a year since Pokémon Go took the world by storm, getting people to wander outside and look for virtual monsters with their smartphones. The game became a social phenomenon, with adults and children gathering in parks and public areas to train their Pokémon. The fad is still going strong, with new characters and upgrades being added regularly. More than 65 million people use the app each month, although it’s down from a peak. In the US, the game is among the 20 most lucrative apps this year, holding the top spot for about a week in July.
Narendra Modi meets Myanmar’s state counsellor Aung San Suu Kyi
Prime Minister Narendra Modi on Wednesday met Myanmar’s state counsellor Aung San Suu Kyi and the two leaders are expected to discuss wide-ranging topics. “Meeting a valued friend. PM @narendramodi with the State Councillor Aung San Suu Kyi,” external affairs ministry spokesperson Raveesh Kumar tweeted. The prime minister’s visit to Myanmar comes amid a spike in ethnic violence against Rohingya Muslims in the Rakhine state. He is expected to raise the issue of the exodus of the ethnic Rohingyas into neighbouring countries.
Godrej Appliances targets 30% growth this festive season
Godrej Appliances, a division of Godrej and Boyce Mfg Co. Ltd, is targeting 30% growth in sales this festive season as compared to the same period last year.
It expects overall revenue for the financial year 2017-18 to grow more than 20% on a year-over-year basis, according to a top executive at the firm. The company’s entry into the front-load washing machine segment, announced on Saturday, is targeted at the festive season. It is also planning to launch new microwaves and refrigerators during the season.
Bank loans outstanding to the roads sector contract from a year ago
While there’s a lot of hype about the rising activity in road construction, data from scheduled commercial banks (SCBs) suggests that banks are wary of funding the sector. The chart shows that advances outstanding by SCBs to roads contracted year-on-year in the months of May, June and July this year. In fact, data shows that bank lending to roads has been steadily declining from the double-digit growth notched up in 2012. Banks must be wary of the sector after scores of road developers that were riding the uptrend in construction between 2010 and 2013 went belly up. Banks were left with huge non-performing assets as projects were stuck for want of clearances or funds.
Bharat Road IPO gets a thumbs down from analysts
Analysts are cold to Bharat Road Network Ltd’s (BRNL) Rs600 crore initial public offering (IPO) opening on Wednesday, expecting the loss-making company’s weak financial performance to continue in the near term. For the fiscal years 2017, 2016 and 2015, the Kolkata-based company’s consolidated revenue from operations was Rs10.25 crore, Rs75 lakh and Rs8.43 crore, respectively. For these fiscal years, its consolidated loss was Rs73.89 crore, Rs92.54 crore and Rs26.42 crore, respectively. “Due to operational inefficiency, BRNL is in loss since five years with heavy debt. Therefore, the asking price has a negative P/E (price to earnings ratio), which is not measurable,” Asit C. Mehta Intermediates Ltd said in a note on Monday, recommending investors to avoid the issue.
Banks start moving on NPA accounts in RBI’s second defaulter list
Banks have started work on debt resolution plans or are in the process of initiating insolvency proceedings against defaulters named in the central bank’s second list well in advance of the 13 December deadline set by the regulator, three senior bankers said. In June, the Reserve Bank of India (RBI) sent its first list of 12 defaulters to their creditors for the quick launch of resolution proceedings at the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC). The borrowers had bad loans totalling Rs2 trillion.
Source: Mint
Raghuram Rajan on demonetisation; here is what ex RBI governor said
Nine months after demonetisation, with almost 99% of the banned notes back into the system and the economy gripped by slowdown, the former Governor of the Reserve Bank of India, Raghuram Rajan, has said that if a decision such as this turns out exposed — of not having the right effects on the economy, “as a country, you would want to ask what were the inputs that went into that decision”.
Lucknow metro service faces technical glitches on day 1, temporarily stopped near Alambagh station; see pics
The Lucknow metro service which was opened for public use on Wednesday morning faced a technical glitch on its first public run, reported ANI. The metro which was flagged off by Uttar Pradesh chief minister Yogi Adityanath on Tuesday stopped temporarily stopped near Alambagh station due to technical glitches. According to a report by Zee News, there was panic among the passengers as the AC and lights went off. The Lucknow Metro Rail Corporation (LMRC) officials have reached the spot and are trying to fix the problem.
Just Dial shares zoom over 6% as HDFC Mutual Fund buys 4.6% stake in company
Shares of the local search engine Just Dial advanced over 6% on Wednesday after HDFCMutual Fund purchased 32.06 lakh shares out of 36 lakh shares sold by private equity firm Sequoia earlier yesterday. PE major Sequoia yesterday sold nearly 36 lakh shares of Just Dial for a little over Rs 135 crore through open market transactions. According to bulk deal data of the NSE, the private equity major offloaded 35.98 lakh shares, or 5.17% stake, in Just Dial. The stock of Just Dial rose as much as 6.76% to the day’s high of Rs 403 on NSE today.
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