Coal India’s profit rises

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⭐ Coal India’s profit surges

State-owned coal producer reported a massive 178% year-on-year (YoY) jump in its consolidated net profit to ₹8,832 crore. Meanwhile, revenue from operations also rose by 39% to ₹35,092 crore. The mining giant produced 159.75 million tonnes of raw coal during Q1, up 29% from the year-ago period. The offtake of raw coal also improved to 177.49 MT from 160.44 MT during the period. 

⭐ PB Fintech’s net loss widens

Policybazaar operator PB Fintech reported a consolidated loss of ₹204 crore in Q1FY23, up from ₹110 crore in the year-ago period. However, revenue from operations rose 112% YoY to ₹505 crore. The bottomline was impacted by an increase in employee expenses (up 82% YoY), and advertising & promotion expenses (up 173% YoY). EBITDA loss more than doubled to ₹234 crore as compared to a loss of ₹118 crore in the year-ago period.

⭐ US inflation rate falls

The US consumer inflation rate stood at 8.5% in July, down from a 9.1% in June. However, on a monthly basis, prices were unchanged. The dip is due to falling gas prices, although an increase in overall prices slowed only marginally from the four-decade high it touched in June 2022.

Global markets (at 7:30 AM today)

Fact of the day

Fashion brand Gucci is the first major brand to accept payments in the form of ApeCoin.

Source: Financial Express