logo
India's Swiggy logs wider first-quarter loss

India's Swiggy logs wider first-quarter loss

CNA21 hours ago
Indian food delivery giant Swiggy posted a wider first-quarter loss on Thursday, as rising investments in its quick-commerce arm, Instamart, continued to weigh.
Its consolidated net loss widened to 11.97 billion rupees ($136.68 million) for the quarter ended June 30, from a loss of 6.11 billion rupees a year ago.
($1 = 87.5740 Indian rupees)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Nippon Steel warns of full year loss after $1.3 billion Q1 shortfall
Nippon Steel warns of full year loss after $1.3 billion Q1 shortfall

CNA

time7 minutes ago

  • CNA

Nippon Steel warns of full year loss after $1.3 billion Q1 shortfall

TOKYO :Nippon Steel revised on Friday its forecast for the full fiscal year to a 40 billion yen ($266 million) loss from 200 billion yen profit previously, partly due to costs related to its acquisition of U.S. Steel. In June, Nippon Steel, Japan's biggest steelmaker, closed its $14.9 billion acquisition of U.S. Steel after an 18-month struggle to obtain U.S. government approval for the deal, which faced scrutiny due to national security concerns. Nippon Steel said that the full year results will be hit by a one-off loss tied to the U.S. Steel deal, in particular a loss of 231.5 billion yen related to the transfer of its 50 per cent stake in joint venture AM/NS Calvert to partner ArcelorMittal, and some other factors. On Friday, Nippon Steel posted 195.83 billion yen in losses for the three months to June 30, wider than analysts' expectations. An LSEG poll of analysts had expected Nippon Steel to post 25.7 billion yen in quarterly losses. A year earlier, it reported quarterly net profit of 157.56 billion yen. Nippon Steel has also decided to conduct a stock split at a ratio of five shares for every one share effective from October 1. Last month, global rating agency S&P downgraded Nippon Steel to 'BBB' from 'BBB+' with a 'negative' outlook, citing an increasing financial strain following the Japanese steelmaker's acquisition of U.S. Steel. ($1 = 150.5400 yen)

Japan's GPIF posts $68 billion investment gain in Q1
Japan's GPIF posts $68 billion investment gain in Q1

CNA

time7 minutes ago

  • CNA

Japan's GPIF posts $68 billion investment gain in Q1

TOKYO :Japan's Government Pension Investment Fund (GPIF) said on Friday that it booked an investment gain of 10.2 trillion yen ($67.74 billion) for the April-June period. It posted strong gains in its domestic and foreign stock portfolios. The result compares with a gain of 8.97 trillion yen over the same period a year prior. The fund booked a smaller gain on foreign bonds and a slim loss on domestic bonds. In the year ended March it posted an annual investment gain of $11.8 billion, its fifth consecutive year of investment gains. The fund is one of the world's largest institutional investors, with total assets of 260 trillion yen at the end of June. It is closely watched by financial markets due to its mammoth size. ($1 = 150.5800 yen)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store