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When Soota turns 80 in November, Happiest Health will be a rare Indian technology startup with an octogenarian founder.

The consolidated revenues from contracts with customers of the company grew 34.5 per cent to Rs 328.92 crore during the quarter under review.

The company reported a profit before tax (PBT) of Rs 50.8 crore compared to a loss of Rs.2.6 crore in the same period last year and a PBT Rs 52.4 crore in the Jan-March quarter of the last fiscal year. In the first quarter of this fiscal year, the company considered a share-based compensation charge of Rs 6 crore, excluding which the profit before tax was Rs 56.8 crore.

They expect the Federal Open Market Committee to lift rates by a half percentage point in September, then shift to quarter-point hikes at the remaining two meetings of the year. That would lift the upper range of the central bank’s policy target to 3.5% by the end of 2022, the highest level since early 2008.

Pinterest Inc plunged 7.5%, Facebook-owner Meta Platforms Inc dropped 4.6%, Google-owner Alphabet Inc, which also sells ads online, fell 2.1%.At current prices Pinterest, Meta, Alphabet and Snap were collectively set to lose about $36 billion in market value.

The company said the quarter saw the highest ever revenue for O2C business in a volatile environment. It said it was also the best quarter for Reliance Retail in terms of revenues, which stood at Rs 58,554 crore, up 51.9 per cent YoY. Also, the quarter was the best in revenue terms for Jio Platforms.

Reliance’s retail division, which runs over 15,866 stores across groceries, consumer electronics and apparel, posted revenues of Rs 51,582 crore in the three months to June, with net profit at Rs 2061 crore.

Net profit for the quarter ended June 30 was Rs 4335 crore, compared to Rs 4173 crore in the previous quarter, and Rs 3501 crore a year before.

The Dow Jones Industrial Average rose 131.02 points, or 0.41%, at the open to 32,167.92. The S&P 500 opened lower by 0.52 points, or 0.01%, at 3,998.43, while the Nasdaq Composite dropped 34.24 points, or 0.28%, to 12,025.37 at the opening bell.

Motilal Oswal Investment Advisors, Edelweiss Financial Services and HDFC Bank are the book-running lead managers to the issue.The equity shares are proposed to be listed on BSE Limited and National Stock Exchange (India) Limited.Sai Silks is one of the leading retailers of ethnic apparel, particularly sarees, in south India in terms of revenues and profit after tax in fiscal 2019, 2020 and 2021.