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Tuesday,20-October-2020

Business

HDFC Bank’s Q2FY21 net profit rises over 18%

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Lending major HDFC Bank on Saturday reported a 18.4 per cent increase in standalone net profit for the quarter ended September 30 of FY21 on the year-on-year basis.

The bank’s net profit for the second quarter of FY21 rose to Rs 7,513.1 crore on a YoY basis.

“While the previous quarter largely bore the brunt of the Covid-19 pandemic, some of the softness continued into the current quarter, leading to lower retail loan origination, use of debit and credit cards by customers, efficiency in collection efforts and waivers of certain fees,” the bank said in a statement.

“As a result, fees or other income were lower by approximately Rs 800 crore. However, the loan and card momentum has improved over the previous quarter, thereby reducing the gap to less than half.”

Besides, the bank’s net interest income (interest earned less interest expended) for the quarter ended September 30, 2020 grew by 16.7 per cent to Rs 15,776.4 crore from Rs 13,515.0 crore for the corresponding period of the previous year.

“The bank’s continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 153 per cent well above the regulatory requirement,” the statement said.

Business

Hiring activity dips 30% in Q2, rise in contractual jobs: Report

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The hiring activity in India saw a 30 per cent decrease in the June quarter compared to the same period last year as the country saw a rise in contractual jobs, a new report said on Tuesday.

However, the Jube quarter witnessed a 13 per cent increase in the number of work-from-home jobs as compared to Q2 2019.

Furthermore, the demand for contract workforce increased by 11 per cent in Q2 from the same period last year, while the demand for full-time employees decreased by 13.8 per cent, according to data from SCIKEY talent commerce platform, a talent marketplace.

IT and IT Services sectors indicated recovery in contractual jobs in the June quarter.

“Cloud businesses and digital transformation is the need of the hour and one of the top most requirements for all industries to adapt to the new normal,” said Karunjit Kumar Dhir, Co-Founder SCIKEY.

“This will definitely have a positive impact on the hiring sentiments among techies who will now look for jobs in India especially due to the strain in H-1B visas”.

The pandemic has given rise to a huge number of contract workers for a plug and play model allowing companies to reduce their hiring costs.

In the packaging, IT, telecom and ecommerce industry, some of the top job roles companies are looking for are developer, analyst, management profiles, tester, engineer, senior and consultants.

An earlier study from the company found that there was an uptick in hiring senior executives in India compared to freshers and mid-level executives in the pandemic period (April to July) as the enterprises looked to invest in talent at the very top levels.

Indian companies hired 72 per cent of top executives as compared to 28 per cent of freshers and mid-level executives in the reported period.

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LG launches world’s 1st rollable TV for whopping Rs 64 lakh

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LG Electronics on Tuesday released the world’s first rollable TV in South Korea at a jaw-dropping price of $87,000 (about Rs 63.9 lakh) as the tech giant aims to target high-end consumers amid the pandemic.

The company said overseas launch schedules of LG Signature OLED R have not been fixed yet due to the Covid-19 situation in each country, reports Yonhap news agency.

LG said the product, which uses flexible OLED display that leverages self-lighting pixel technology, is designed to deliver a differentiated user experience to high-end consumers and strengthen its position in the premium TV market.

Its name “R” contains the meaning of “revolutionary,” “rollable” and “redefine the space,” according to the home appliance maker.

The 65-inch TV model named RX is highlighted by its screen that rises from a box and can be rolled up inside.

Depending on how much the screen has rolled up inside the base, it provides three different viewing options for users to design interior space.

While the full view option is for watching TV, the line view option exposes only a part of the screen and offers five different stylish modes: music, clock, frame, mood and ThinQ home dashboard to check conditions of other smart devices inside the house.

The ‘Zero view’ completely hides the screen and allows it to be used as a Bluetooth speaker.

LG said it has adopted a differentiated system for its rollable TV from production to customer care service.

LG said production and quality inspection of the rollable TV will be processed by artisans and craftspeople at LG’s TV assembly line in Gumi, some 260 kilometers southeast of Seoul, a similar system used in making luxury cars and watches.

It will also engrave a message of the customer’s choice on the TV’s aluminum cabinet.

The owners of LG Signature OLED R will get free after-sales support for three years and will get special checkup service twice a year.

LG’s rollable TV was first unveiled at the Consumer Electronics Show (CES) in the United States last year.

The world’s top OLED TV maker originally planned to launch the rollable TV in 2019, but its mass production has been delayed due to OLED display supply and yield rate issues.

At this year’s CES, LG unveiled a different model of its rollable TV with a screen that rolls down from the ceiling.

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L&T shares rise on hopes of contract for bullet train project

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Shares of Larsen & Toubro (L&T) rose over three per cent on the hopes of bagging the contract for constructing the 237 km length of the bullet train project under the Mumbai-Ahmedabad high-speed rail corridor.

The engineering and infrastructure major has emerged as the lowest bidder for constructing the bullet train project.

The financial bids for the design and construction of 237 km length of viaduct for 508 km of Mumbai-Ahmedabad high-speed rail corridor were opened on Monday and Larsen and Toubro emerged as the lowest bidder, said a statement from the Indian Railway.

On Tuesday, shares of L&T surged 3.6 per cent on the BSE to touch an intra-day high of Rs 935.60 per share.

At 9.43 a.m., its share price was at Rs 927.55, higher by Rs 24.55 or 2.72 per cent from its previous close.

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