Maruti takes a hit

    Rs 1,556 crore

    What is it? Maruti Suzuki’s net profit in the April-June quarter, a 4.4% increase from a year-ago period.

    Why is it important? The net profit has lagged estimates – a Bloomberg poll of analysts had estimated a net profit of Rs 1,692.3 crore. Maruti, which has more than 50% market share, said the company’s performance was impacted by a one-time compensation to dealers due to the switch to the goods and services tax, higher raw material prices, sales promotion and marketing expenses.

    Tell me more: Maruti’s revenue from operations increased by 16.4% to Rs 19,777 crore from a year ago. It sold 3.94 lakh units in the latest quarter, up 13.2% from the same period a year ago.

     

     

    24.1%

    What is it? Samsung’s market share in India’s smartphone market in the April-June quarter this year.

    Why is it important? With this, Samsung continues to be the leader in the smartphone segment in the country followed by Chinese brands such as Xiaomi and Vivo, which have more than doubled their market share from a year ago. However, Xiaomi overtook Samsung in the category of smartphones selling under Rs 10,000 in the second quarter with its phones Redmi Note 4 and Redmi 4. This is the first time any brand has been able to overtake Samsung, which has held the best-seller slot for its models for the last four years or so.

    Tell me more: Chinese smartphone brands account for more than half of the shipments and this is the second straight quarter when their market share exceeds 50% after they took over local brands in the second half of 2016.

     

     

    6

    What is it? The number of years after which banks in India can appoint the same audit firm, as per a notification by the Reserve Bank of India (RBI) on Thursday.

    Why is it important? This has been increased from two years. Earlier, upon completion of its four year term with a bank, an audit firm, could be reappointed after a gap of two years. The central bank observed that in some cases, the statutory central audit responsibility was handled by two audit firms, who were appointed alternately. This policy change is aimed at deterring the auditors and the auditee from establishing a comfortable relationship that might hinder strict adherence to audit principles and also, to enable the examination of issues in a bank from a different perspective.

    Tell me more: The change in rule comes at a time when there has been a great divergence between the bad loans reported by some banks for 2015-16 and the RBI’s findings.

     

     

    0

    What is it? The number of top-100 Joint Entrance Examination (JEE) rankers who opted for three IITs — Kharagpur, Kanpur and Madras.

    Why is it important? While 65 of them opted for IIT Bombay, 31 of the rankers chose IIT Delhi. However, this year, the remaining four rankers did not opt for the other IITs. While the IIT Kharagpur had stopped attracting the top-100 rankers for some years, some of them had still chosen Kanpur and Madras (Chennai) till 2016. But in 2017, these three top seats of learning seem to have fallen out of favour.

    Tell me more: The three institutes have got around 50 students from the top 500 rankers this year.

     

     

    Rs 1,250

    What is it? The average wholesale price of a quintal of onions in Maharashtra on Thursday.

    Why is it important? It is a rise of 118% since July, 13. A wait for kharif crops in October, Gujarat’s floods and hoarding by farmers of crops from March and April have led to the hike.

    Tell me more: The central government might reinstate a minimum export price which had been withdrawn in the last 19 months. The country is already reeling under the rise in prices of tomato, another kitchen staple.

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