Top Headlines: UltraTech Q2 Net Falls 42%; Rupee Breaches 83 Per Dollar

Rupee plunges 61 paise to dip below 83-mark for first time against dollar

The rupee plunged 61 paise to decline below the 83-mark for the first time against the US dollar on Wednesday amid unabated foreign capital outflows and a strong dollar in the overseas markets.

Besides, rising crude prices in the international markets and risk-averse sentiment among investors weighed on the local currency, traders said. Read more

UltraTech Cement's Q2 net profit falls 42% to Rs 759 cr; net sales rise 16%

Aditya Birla group firm UltraTech Cement Ltd on Wednesday reported a decline of 42.09 per cent in its consolidated net profit at Rs 758.70 crore for the second quarter ended on September 30, 2022.

The company had posted a net profit of Rs 1,310.34 crore in the July-September period a year ago, UltraTech Cement said in a BSE filing.

Its revenue from operations rose 15.61 per cent to Rs 13,892.69 crore during the quarter under review as against Rs 12,016.78 crore in the corresponding period of the last fiscal. Read more

Risk to India's sovereign rating from external pressures limited: Fitch

India’s external buffers appear sufficient to cushion risks from rapid monetary policy tightening in the US and high global commodity prices, according to Fitch Ratings.

“External finances are becoming less of a strength in India’s credit profile, but we expect foreign-exchange reserves to remain robust and India’s current-account deficit to be contained at a sustainable level”, said the rating agency in a statement on Wednesday. Read more

Nestle India's profit rises 8.3% to Rs 668 cr in Q2, tops estimates

Nestle India reported a bigger-than-expected rise in third-quarter profit on Wednesday, benefiting from price increases and a rebound in demand for its chocolates and packaged foods in rural areas.

The Maggi noodles maker's profit rose 8.3% to Rs 668 crore ($81.1 million) in the quarter ended Sept. 30. Read more