BUSINESS
India becomes largest producer, second largest exporter of sugar
Sugar production in 2018-19 was 332 lakh metric tonnes (LMT) after discounting diversion of 3 LMT for ethanol; in 2019-20, it was 274 LMT (after discounting diversion of 9 LMT for ethanol); in 2020-21, the production increased to 310 LMT (after discounting diversion of 22 LMT for ethanol) and for 2021-22, it is 335 LMT (after discounting diversion of 35 LMT for ethanol).
Adani Ports cargo volume jumps 26% leading to record revenue, EBITDA
"FY22 has been a stellar year for APSEZ, with achievement of various milestones for itself and new benchmarks for India's maritime industry," said Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ. The company did a record cargo volume of 312 MMT with Mundra port alone handling 150 MMT, a feat never achieved by any other commercial port in the country.
India's Public Cloud market set to reach $13.5 bn by 2026
In 2021, the revenue of public cloud market, including infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS) solutions, and software-as-a-service (SaaS), reached $4.6 billion in India, according to the International Data Corporation (IDC). "With digital innovation leading the top business objectives for Indian organisations, cloud adoption is set to accelerate in 2022," said Rishu Sharma, Associate Research Director, Cloud and Artificial Intelligence, IDC India.
Meta onboards Kalaari Capital to scale early-stage startups in India
The partnership is a part of Meta's 'VC Brand Incubator Initiative' for the growth of micro, small and medium businesses in the country. "As part of this initiative, Meta has partnered with India's largest VC funds. We are thrilled to now partner with Kalaari Capital that has been instrumental in the growth journey of many startups," said Ajit Mohan, VP and MD at Meta in India. Kalaari Capital is an early-stage, technology-focused venture capital firm based in Bengaluru.
Coal production rose to 34 million tonnes in first half of May
The total dispatch of coal has been at 37.18 MT, recording an increase of 15.87 per cent as compared to the corresponding period of last year. The total coal dispatch including non-CIL coal producing units has been to the tune of 71.77 MT for the entire month of April, registering a growth of 9.39 per cent on a year-on-year basis.
Ease of Doing Business for MSME stands at 67, service sector faces more problems
The 'Ease of Doing Business for MSMEs in India: Percolating EODB Reforms at Factory Level' study, was carried out by the Research Bureau of the PHD Chamber of Commerce and Industry (PHDCCI) in collaboration with Department of Commerce, Delhi School of Economics, University of Delhi. It was released by Union Jal Shakti Minister Gajendra Singh Shekhawat.
DGCA warns airlines against offering unserviceable seats
"This is to inform that it has come to notice of the DGCA that some of the scheduled carriers are offering unserviceable seats on their scheduled international/domestic operations," it said in a statement, adding that it was not only causing inconvenience to the travellers but also inviting a serious safety concern.
ED grills Chitra Ramkrishna at Tihar Jail in NSE co-location scam
The financial probe agency is conducting a parallel probe in the matter, on the basis of the FIR filed by the Central Bureau of Investigation (CBI). The ED team questioned Ramkrishna for some hours and recorded her statements in connection with the Prevention of Money Laundering case. In coming days, it might arrest her as well, if they need to confront her with documents.
Indices settle low, weighed down by metal, IT, FMCG, media stocks
The Sensex closed at 54,052.61 points, down 236 points, or 0.43 per cent, whereas Nifty was at 16,125.15 points, down 89.55 points or 0.55 per cent. Among the sectoral indices, Nifty media, IT, FMCG, metal, pharma, and realty declined the most on Tuesday.
Seven brokerage, investment firms give 'buy' call for Aditya Birla Capital
They are Motilal Oswal, Credit Suisse, HDFC Securities, ICICI Securities, Investes, and Morgan Stanley, and their target price falls in the range of Rs 130 to Rs 169. ICICI Securities pegged the highest at Rs 169, whereas Credit Suisse the lowest at Rs 130. It posted a rise of 20 per cent in its consolidated profit after tax at Rs 450 crore Q4, whereas the consolidated revenue rose 18 per cent year on year to Rs 6,962 crore.
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