BUSINESS
Govt approves sugarcane FRP of Rs 305 per quintal for FY23 season
Aiming to protect interest of sugarcane farmers, the CCEA has also decided that there would not be any deduction in case of sugar mills where recovery is below 9.5 per cent. Such farmers are likely to get Rs 282.125 per quintal for sugarcane in 2022-23 as against Rs 275.50 per quintal in current sugar season 2021-22.
Average inflation rate highest in 2022, at 6.82%, since 2014
As per the government data, the average inflation was 6.65 per cent in 2014, came down to 4.91 in 2015 and further slipped to 3.33 in 2017. Even in 2019, it was 3.72 per cent but jumped to 6.62 in 2020. Average inflation rate in 2021 was 5.14 per cent. The National Statistical Office (NSO) releases the inflation rate on the 12th of every month (next working day if 12th is a holiday), based on the Consumer Price Index (CPI).
Adani Transmission's revenue of Rs 3,049 crore increased 22% YoY
Consolidated Operational EBITDA increased 10 per cent YoY to Rs 1,213 crore in the quarter. Consolidated PAT at Rs 168 crore in Q1FY23 ended lower YoY. It is not comparable due to Rs 288 crore one-off income (Rs 238 crore net-off tax) in Q1FY22 and adverse forex movement of Rs 185 crore in the current quarter. Consolidated cash profit (excluding one-time) of Rs 731 crore increased 16 per cent from Rs 633 crore in Q1FY22.
Airtel picks Nokia, Ericsson for 5G deployment in India
Nokia said it will provide equipment from its market-leading AirScale portfolio, including modular and scalable baseband as well as high-capacity 5G massive MIMO radios. "Airtel has always believed that the real leverage of 5G technology will come from the capacity to build an ecosystem across devices, networks, applications and services," Gopal Vittal, MD and CEO of Bharti Airtel, said in a statement.
Aditya Birla Capital consolidated PAT rises 42% on-year to Rs 429 cr
The Company, through its subsidiaries, continues to maintain its track record of delivering strong performance through market and macroeconomic cycles, with its diversified business model. NBFC and housing finance business: The overall lending book of the company rose 22 per cent on-year to Rs 69,887 crore, with strong focus on retailisation, with a total active customer base at over 4.8 million.
RBI names minority-dominated regions for banks' priority lending schemes
Presently, the Union Minority Affairs Ministry has classified Sikhs, Muslim, Christians, Zoroastrians, Buddhists, and Jains as "minority communities". The RBI has listed 121 districts where the minority population component is at least 25 per cent, plus the states of Punjab, Meghalaya, Mizoram, Nagaland, and the Union Territories of Jammu & Kashmir, Ladakh, and Lakshadweep.
Indigo reports highest-ever quarterly revenue of Rs 130.2 bn
"Headwinds caused by depreciating rupee and higher fuel prices led to a net loss of Rs 10,643 million for the quarter ended June 2022. Excluding foreign currency loss of Rs 14,246 million, net profit for the quarter aggregated to Rs 3,603 million," the airline said. For the quarter ended June 30, 2022 compared to the same period last year, the airline reported that passenger numbers increased by 221.9 per cent, yield improved by 50.3 per cent and load factor improved by 20.9 points.
Zomato says 'not privy' to shareholders' plan as Uber sells 7.8% stake
Uber, which suffered around $707 million loss in its Zomato investment in the first half of this year, sold its share in the food delivery aggregator via a block deal on stock exchanges that has been bought by several global and Indian VCs, according to sources close to the development of the matter. According to them, the block deal move will actually ensure more "long-term" and stable investment from top VC firms in the company. The Zomato block deal was executed at Rs 50.44 per share equivalent to 612 million or 7.8 per cent of total outstanding shares.
Rupee ends down 45 paise to close at 79.16 against US dollar
"Rupee traded very weak near 79.25 - a fall of more than 0.50 points as the dollar index rose above 106$ on back of US China geopolitical issues with regards to Taiwan. Also India's trade deficit widened to an all time high, sending signals on imbalance of trade, guiding rupee weaker to the dollar," said Jateen Trivedi, VP Research Analyst at LKP Securities.
Sensex rises for sixth straight session; Nifty up just 42 points
At close, Sensex ended 214.17 points or 0.37 per cent up at 58,350.53, while Nifty was up 42.70 points or 0.29 per cent at 17,388.15. The IT Index ended with a gain of 1.3 per cent, with Tech Mahindra, Infosys and TCS being the major contributors to the surge. Tech Mahindra, TCS, Infosys and Asian Paints were among the major gainers in Nifty on Wednesday.
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