Top Headlines: India Inc's profit declines, Ola ride-share's IPO, and more

Business Standard brings you the top headlines at this hour

The corporate profit to GDP ratio declined sharply in the previous two quarters, reversing the steep rise seen in the second half of financial year 2020-21 (FY21) and FY22. On the other hand, Ola’s ride-hailing business which has turned profitable might look at going for an IPO next year though a final decision has not been taken. Read more on these in our morning brief of top headlines.

India Inc's profit declines sharply to 3.48% of GDP in Q2 of FY23

The corporate profit to gross domestic product (GDP) ratio declined sharply in the previous two quarters, reversing the steep rise seen in the second half of financial year 2020-21 (FY21) and FY22. The combined net profit of the 3,361 listed companies in Business Standard’s sample was equivalent to 3.48 per cent of India’s GDP at current prices in the September quarter (Q2FY23), down from 3.57 per cent in Q1, and 4.39 per cent in Q2FY22, which was a decadal high. Read more
 

Mulling an IPO for Ola ride-share business next year, says Bhavish Aggarwal

Ola’s ride-hailing business which has turned profitable might look at going for an IPO next year though a final decision has not been taken. Ola founder and CEO Bhavish Aggarwal says that the business has matured and has been growing steadily except for the temporary pandemic blip. Ola will continue to grow at 25-30 per cent year on year, he said. Read more
 

Exit polls predict comfortable wins for BJP in Gujarat, AAP in MCD

The Bharatiya Janata Party (BJP) was set to win the Gujarat Assembly elections comfortably, exit polls predicted, but they signalled a tight finish in Himachal Pradesh. In the Delhi municipal elections, however, the saffron party seemed to be headed for a big defeat at the hands of the Aam Aadmi Party (AAP). According to the exit polls, the Congress tally reduced drastically in the 182-member Gujarat Assembly, but it was fighting back in the 68-seat Himachal Pradesh Assembly. Read more
 

Kirloskar Bros shareholders to vote on forensic audit starting Tuesday

Investors of Kirloskar Brothers will begin voting on Tuesday, on a resolution seeking a forensic audit of the company as requested by Kirloskar Industries, one of KBL's key shareholders. Kirloskar Industries said as the largest minority shareholder of KBL, it is its duty to hold the KBL Board accountable to all stakeholders, instead of allowing it to be run as a "personal fiefdom" of its Chairman and Managing Director. Read more
 

Covid was man-made virus, says scientist who worked at Wuhan lab

Andrew Huff, a US-based scientist, who worked at a controversial research lab in China’s Wuhan, has said that Covid-19 was a "man-made virus" that leaked from the facility. Covid was leaked from Wuhan Institute of Virology (WIV), a state-run and funded research facility, two years ago, the New York Post reported, quoting US-based researcher Andrew Huff's statement in the British newspaper The Sun. Read more