SURGE CHARGES
Dhanteras rush: Quick commerce apps flag high demand, surge charges
The platforms’ home screens were heavily themed around Dhanteras, the first day of the Diwali festivities, when it is traditionally considered auspicious to buy gold, silver, and utensils. The apps promoted gold and silver coins, steelware freebies, and gadgets, among other things. Lakshmi and Ganesh coins in gold and silver were also advertised.
Auto sales to maintain momentum, driven by GST relief, EVs : SIAM
The Indian automotive industry is expected to sustain growth momentum in the second half of the fiscal year. Key factors include improved affordability, strong financing support, and resilient market demand. Sales of entry-level passenger cars have surged significantly, indicating a revival in consumption among first-time buyers.
Paraguayan president Santiago Pena impeached minutes after resigning following bank collapse
The 78-0 vote marked a stunning repudiation of Pena by lawmakers from his long-ruling Colorado Party, who joined the opposition in backing his impeachment after three days of demonstrations rocked the capital, Asuncion.
Why did market rally today? Sensex zooms 2,009 pts, Nifty ends above 24,500. Trump’s setback, 6 other factors behind Rs 8 lakh cr gains
Why market is up today: On Thursday, the Indian stock market saw a notable rally as Sensex and Nifty both surged up to 3%. Easing oil prices contributed positively to the market's momentum, leading to a recovery this week. Major companies like IndiGo and Maruti Suzuki led the gains among their peers on Sensex.
Thousands mock Trump's midterm setback at Tehran rally
Thousands participated in an anti-American rally in Tehran following the recent US midterm elections. Demonstrators chanted slogans and displayed banners denouncing the US and Israel, highlighting ongoing tensions. Iranian officials connected the results of the elections with the rising cost of living and the conflict with Iran. The annual event commemorates the 1979 takeover of the US embassy in Tehran.
AMD's OpenAI, Meta chip deals trigger $1 billion quarterly charge
AMD in February agreed to sell up to $60 billion worth of AI chips to Meta over five years, giving the Facebook owner warrants that could let it buy as much as 10% of the chip firm if it meets certain milestones. The deal followed a similar agreement with OpenAI last year, giving the startup the option to buy up to roughly 10% of the chipmaker.
Tesla misled South Korean customers about automated-driving tech, consumer group alleges
Tesla has marketed Full Self-Driving (Supervised) software to prospective buyers in South Korea for years, often collecting lump-sum payments of 9.043 million won ($6,726).
AMD's OpenAI, Meta chip deals trigger $1 billion quarterly charge
AMD in February agreed to sell up to $60 billion worth of AI chips to Meta over five years, giving the Facebook owner warrants that could let it buy as much as 10% of the chip firm if it meets certain milestones. The deal followed a similar agreement with OpenAI last year, giving the startup the option to buy up to roughly 10% of the chipmaker.
Tesla misled South Korean customers about automated-driving tech, consumer group alleges
Tesla is facing a consumer complaint in South Korea over allegedly misleading customers by selling its Full Self-Driving (FSD) software to buyers whose vehicles cannot legally use it. The software, which was sold for a one-time payment of 9.043 million won ($6,726), is compatible with only about 20% of Tesla cars registered in the country, mainly US-made models.
Anthropic says revenue surged 1,100% ahead of IPO
Anthropic, one of the world's leading artificial intelligence companies, on Monday reported a more than 1,100 percent surge in quarterly revenue and nearly $900 billion in spending commitments as it counts down to its Wall Street listing later this month. The filing said the company has committed to spend about $895 billion, mostly on computing power, with $70 billion of that due before September 2027.
Anthropic revenue up 12x in Q3, commits $895 billion spending
Anthropic has reported a remarkable twelve-fold increase in quarterly revenue, reaching nearly $17 billion. The company plans to invest over $895 billion in future computing infrastructure and costs. Despite substantial revenue growth, Anthropic faces a $23.3 billion net loss in the last quarter due to rising expenses. Additionally, AI pricing pressures have impacted revenue growth, resulting in lower earnings.
US midterm elections: Trump approval stuck near record low as voters lean towards Democrats, poll shows
US President Donald Trump's approval rating remains low as voters indicate their intention to oppose him in upcoming elections. Polls show that 46% of voters prefer Democrats compared to 38% for Republicans. Many voters identify rising living costs as a significant issue influencing their decisions. Democratic voters express greater enthusiasm about voting compared to their Republican counterparts. The general election outcomes are expected to reflect these sentiments among the electorate.
Anthropic revenue jumps 1,100% ahead of IPO as AI spending commitments near $900 billion
Anthropic reported a 1,100% surge in third quarter revenue to $17 billion ahead of its planned IPO later this month. However, the AI company also disclosed a $23.3 billion net loss and nearly $895 billion in spending commitments, raising questions about AI infrastructure costs and investor appetite for its proposed listing.
Weather today, November 3: Tamil Nadu, Andhra Pradesh, Telangana brace for heavy rain as Cyclone Murasu triggers IMD alert across 5 states
Weather today November 3: Severe Cyclonic Storm Murasu is expected to weaken after crossing the Andhra Pradesh coast, but its impact is likely to continue on November 3. The IMD has forecast heavy to very heavy rainfall in parts of Andhra Pradesh and Telangana, with rain and strong winds also expected in Tamil Nadu, Odisha and Chhattisgarh. Coastal areas remain under warnings for rough seas and strong winds.
Fintechs fortify cyber defences; Logistics cos in the speed lane
Happy Monday! Fintechs are stepping up security as AI-powered cyberattacks become more sophisticated. This and more in today’s ETtech Morning Dispatch.
Festive spending drives record UPI transactions in October
UPI processed transactions worth Rs 31.53 lakh crore during the month, a 16% rise from a year earlier and the highest on record, signalling that the platform continues to expand even as consumers navigate higher prices of electronics and other festive purchases this year.
Electric two-wheeler sales hit record 2.24 lakh units in October on festive demand, new models
TVS Motor retained its leadership in October, nearly doubling registrations to 60,433 units and expanding its market share to 27% from 20.6% in the same month last year. Hero MotoCorp also gained ground, with its share rising to 13.4% from 10.9%, while Bajaj Auto maintained its market share at nearly 22%.
Reliance Retail Q2 profit takes a hit on Qcomm push
Reliance Retail Ventures reported a significant drop in net profit, down 24.5% year-on-year to ₹2,619 crore in the last quarter. Despite this, revenue improved by 5.8% to ₹80,220 crore, largely driven by a surge in grocery sales. The company's profitability was affected by strategic investments and evolving festive season patterns, alongside rising finance costs stemming from increased borrowing and interest rates. Focus remains on improving transactions and business model adaptation.
Record earnings! 5 big takeaways from RIL Q2 results investors should watch for Monday trading
Reliance Industries reported record Q2FY27 profit of Rs 29,550 crore and revenue of Rs 3.62 lakh crore, driven by strong refining margins and Jio growth. Retail profitability weakened, while declining debt improved the conglomerate's financial position.
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