Tata Motors’ net loss narrows

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⭐ Tata Motors’ net loss narrows

Tata Motors narrowed its loss to ₹944 crore from ₹4,441 crore in the year-ago period. Meanwhile, revenue jumped 29% year-on-year (YoY) to ₹79,611 crore. The company’s EBITDA margin improved by 1.3% bps YoY to 9.7%. The management said that the demand continues to remain strong but will remain a key monitorable in wake of global uncertainties.

⭐ Adani Ports acquires stake in Indian Oiltanking

Adani Ports and Special Economic Zone has entered into an agreement for the acquisition of a 49.38% equity stake in Indian Oiltanking Ltd (IOTL), which is one of India’s largest developers and operators of liquid storage facilities. Adani Ports will also acquire an additional 10% stake in IOT Utkal Energy Services, which is a 71% subsidiary of IOTL.

⭐ Meta sacks employees

Meta Platforms, the parent company of Facebook, has sacked over 11,000 employees, which is 13% of the company’s workforce. It is also set to extend the freeze it has imposed on new hiring. This is the first major round of layoffs at Meta. Meta’s CEO Mark Zuckerberg has said that they are taking steps to become a leaner organisation by cutting spending as well as extending its hiring freeze till the end of Q1.

Global markets (at 7:30 AM today)

Fact of the day

Smartphone shipments in India fell by 12% year-on-year but grew 16% quarter-on-quarter on account of the festive season sales and strong demand for 5G smartphones.

Source: Economic Times