BUSINESS
Reliance Jio may launch 5G services in India on Independence Day
"Jio is committed to offering world-class, affordable 5G and 5G-enabled services. We will provide services, platforms and solutions that will accelerate India's digital revolution, especially in crucial sectors like education, healthcare, agriculture, manufacturing and e-governance," Akash Ambani had emphasised after emerging as the leader in the 5G spectrum auction, including the pricey 700 MHz band.
Companies rushed to raise funds via CP to lock in lower rates ahead of RBI policy
According to the data compiled from market sources, companies raised Rs 37,920 crore through commercial papers (CP) since July 25, with highest being raised on July 27 worth Rs 13,425 crore. Small Industries Development Bank of India raised Rs 9,450 crore, the highest among all the companies who raised funds in last few days, which was followed by Reliance Jio Infocomm Ltd raising Rs 6,450 crore, Hindustan Petroleum Corp Ltd raising Rs 5,400 crore, and Larsen and Toubro Ltd raising Rs 5,000 crore.
India diversifying its oil import sources'
In a report, S&P, citing sectoral experts, said India is keen to explore such opportunities in other Latin American countries. "Besides expanding strategic petroleum reserves and diversifying its crude supply sources, the government is making effort to bring oil from overseas equity assets in the event of a supply disruption," said Lim Jit Yang, advisor for Asia-Pacific oil markets at Platts Analytics.
Liquor traders unwilling to place bulk orders, leading to shortage in Delhi
The liquor traders are afraid that if they place orders in bulk, they will be under pressure to clear the inventory anyhow by the end of this month after their licence expires on August 31. The capital city is not experiencing the liquor crisis for just premium brands, even the non-premium brands are not available at many outlets. Meanwhile, a total of six zonal licensees have opted out of the extension and surrendered their licences even as private shops reopened on Tuesday after LG V.K. Saxena's approval for one month extension. It has resulted in the closure of 126 stores out of the total 468 that were presently operating in the city.
ED attaches Rs 105.32 cr bank balances of fintech firms having Chinese links
The ED initiated money laundering investigation on the basis of various FIRs registered by Cyber Crime police station, Hyderabad under various sections of IPC and section 67 of IT Act, following suicides by various persons over alleged harassment for loan repayments.
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.
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