Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 46 per cent jump in net profit for the three months ended June on the back of bumper earnings from oil and telecom businesses. The oil-to-retail-to-telecom conglomerate's consolidated net profit rose to Rs 17,955 crore during April-June period -- the first quarter of 2022-23 fiscal year -- from Rs 12,273 crore in the year-ago period, it said a stock exchange filing.
Unveiling his infrastructure conglomerate's green vision, billionaire Gautam Adani on Tuesday said his group will invest $20 billion over the next 10 years in renewable energy generation and component manufacturing and will produce the world's cheapest green electron. The port-to-energy conglomerate plans to triple its renewable power generation capacity over the next four years, foray into green hydrogen production, power all data centres with renewable energy, turn its ports into net carbon zero by 2025, and plans to spend over 75 per cent of capital expenditure until 2025 in green technologies, he said. Speaking at JP Morgan India Investor Summit, Adani Group chairman said the USD 20 billion investment will be in renewable energy generation, component manufacturing, transmission and distribution.
Billionaire Mukesh Ambani-led Reliance Industries Ltd's plans for investing Rs 75,000 crore in solar, batteries, fuel cells and hydrogen could create valuation of $36 billion (Rs 2.6 lakh crore) for the new energy business, Wall Street brokerage Bernstein Research said in a report. Reliance currently has three verticals -- oil-to-chemical (O2C) business that houses its oil refineries, petrochemical plants and fuel retailing business; digital services that comprises telecom arm Jio; and retail including e-commerce. New Energy will be the fourth vertical. At the company's annual general meeting of shareholders last month, Ambani announced a plan to invest Rs 75,000 crore in a new energy business over the next 3 years in the next stage in its transformation.
The 2+2 was attended by Secretary of State Antony Blinken and Secretary of Defence Lloyd Austin and their Indian counterparts S Jaishankar and Rajnath Singh respectively.
In a major relief to Indian information technology (IT) companies operating in Australia, Canberra has agreed to amend its domestic laws to stop taxing offshore income of such Indian companies, as part of the free trade deal inked. This may lead to savings up to $200 million each year for over 100 Indian IT companies operating in Australia. "The Government of Australia has agreed to amend the domestic taxation law to stop the taxation of offshore income of Indian firms providing technical services to Australia. "This will resolve the issue that the Indian government has raised about the double taxation avoidance agreement (DTAA) between the two governments for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income," said a commerce ministry official.
The Tata group on Thursday launched its super app, Tata Neu, bringing all its brands in one platform as it seeks to play a major role in the Indian ecommerce space currently dominated by the likes of Amazon and Flipkart.
Challenge the status quo, question the why behind processes, and push yourself and your organisation. That's how you will win, even if you 'lose' is Neha Sampat's advice to wannabe entrepreneurs.
The President said he made the decision in consultation with European allies but added they may not be in a position to join the US in banning Russian energy imports.
India on Monday joined a US-led initiative to set up an Indo-Pacific Economic Framework to bind partner countries to achieve common goals, with Prime Minister Narendra Modi asserting that New Delhi will work with the stakeholders to make it an "inclusive and flexible" structure to pave the way for development, peace and prosperity in the region.
A French court has ordered freezing of an Indian government property in Paris on a plea by Devas shareholders who are seeking to enforce a USD 1.3 billion arbitration award over a cancelled satellite contract, according to the court order copy.
With the Sharif family set to return to power in Pakistan amid the fast-deteriorating economic situations and political instability, it is to be seen if Shehbaz Sharif infuses fresh energy into the system, or the much-tainted family continues to resort to its old ways.
Start-ups Zomato, PB Fintech, One97 Communications, and FSN E-Commerce Ventures have entered the large-cap category after the latest reclassification exercise by the Association of Mutual funds in India (Amfi). This comes despite stocks such as PB Fintech (Policybazaar) and One 97 Communication (Paytm) trading below their issue price. Others such as Mindtree, SRF, IRCTC, Tata Power, JSW Energy have been moved from mid-cap to large-cap category.
He is survived by two sons, Rajiv Bajaj and Sanjiv Bajaj, and a daughter Sunaina Kejriwal.
Investments by private equity and venture capital funds in November stood at $6.8 billion across 102 deals, which is double by value when compared with the pandemic-impacted year-ago period but half of the bets in the preceding month of October, as per a report. In November 2020, such high-risk investors had infused $3.9 billion, while in October, the total investments had stood at $13.1 billion, the monthly data shared by industry lobby IVCA and the consultancy EY said. The overall investments in the first 11 months of the year have touched $72.6 billion, which is 53 per cent higher than the all-time high for a year achieved in 2020, it said.
'We're seeing major Bollywood celebrities, fashion icons, and even movie studios all wanting to build Metaverse experiences'
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 22.5 per cent rise in net profit for the quarter ended March on the back of bumper oil refining margins, steady growth in telecom and digital services and strong momentum in the retail business. The oil-to-retail-to-telecom conglomerate's consolidated net profit rose to Rs 16,203 crore in the quarter ended March 31, 2022 from Rs 13,227 crore, the firm said in a statement. Net profit, however, fell 12.6 per cent sequentially -- breaking a six-quarter chain of quarter-on-quarter improvement.
Ola founder and chief executive officer (CEO) Bhavish Aggarwal will step back from day-to-day operations to focus more on engineering functions, team building, and products, apart from focusing on long-term strategic projects, such as two-wheelers, cars, and innovations in quick commerce and international expansion. "I'll be spending more time with all engineering functions, team building, and on products," said Aggarwal in an internal note, adding, "I'll also be increasing my focus on our longer-term strategic projects, including new two-wheeler products, our car project, innovations in quick commerce, electrifying ride-hailing, our cell research and development (R&D), international expansion, building our Pune technology (tech) centre, and Futurefoundry UK." To drive scale, speed, and quality, Aggarwal said he is expanding Ola Group's chief financial officer (CFO) G R Arun Kumar's role to help him steer 'day-to-day operations' across the group.
An India-Japan joint statement said the two leaders expressed serious concern over the conflict and the unfolding humanitarian crisis in Ukraine.
Unfazed by the Supreme Court upholding winding up of the company, shareholders of Devas Multimedia will continue to seek seizure of Indian government assets abroad to collect $1.2 billion the firm has been awarded by arbitration tribunals for cancellation of a satellite deal but are open for talks to settle the issue, their counsel said. "The decision by the Supreme Court does not change anything. The Modi government and the Indian courts cannot rewrite the facts. "Their flimsy allegations of fraud will never stand up in courts outside of India," said Matthew D McGill, partner at Gibson, Dunn & Crutcher, and lead counsel for several Devas' shareholders.
Shashi Tharoor has also been retained as the chairman of the panel on Information Technology.
The government's agenda also includes the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.
The leaders of the two countries "discussed the main aspects of bilateral cooperation and exchanged views on current regional topics, including developments in South Asia," said a brief statement issued by the Russian President's office - Kremlin.
Despite headwinds, it remains "structurally bullish" on India and expects the Sensex to scale up to the 70,000-mark by December 2022; 80,000 level in a bull-case scenario and hover around the 50,000-mark as a bear-case, the brokerage house said in a report.
The retail inflation rate breached the 6 per cent upper tolerance limit of the RBI for the first time in seven months in January, while the wholesale price index stayed in double-digits for the 10th month in a row, showed two sets of data released by the government on Monday. Retail inflation, the key input for the RBI while reviewing the repo rate every two months, soared during the month mainly because of a spike in certain food items. The previous high for retail inflation was 6.26 per cent in June 2021.
In conversation with Deepsekhar Choudhury and Neha Alawadhi, Sharma speaks about his journey and the road ahead.
It is for the first time in the history of Independent India that not a single Muslim is part of the Union Cabinet.
'We expect exports to touch Rs 1,000 crore by the end of the year.'
Billionaire Mukesh Ambani's Reliance Industries on Friday reported a 43 per cent jump in its September quarter net profit as its businesses from oil to retail fired on all cylinders, growing both sequentially and on a year-on-year basis. Net profit of Rs 13,680 crore, or Rs 20.88 per share, in July-September compared with Rs 9,567 crore, or Rs 14.84 a share, in the same period a year back, the company said in a statement. While better realisation and a sharp rise in crude oil prices benefited the old-economy business, retail saw footfalls at stores reach pre-Covid levels and per user earning from telecom business rose.
Reliance Industries on Friday reported a 41.5 per cent jump in its third quarter net profit as oil, retail and telecom businesses fired on all cylinders. Net profit of Rs 18,549 crore in October-December compared with Rs 13,101 crore a year back, the company said in a stock exchange filing. Income from operations rose to Rs 1.91 lakh crore from Rs 1.28 lakh crore.
'The force of reforms. The force of investment. The force of formalisation. The force of digital and green technology. And the force of youth and entrepreneurship. I am convinced that these 5 forces will propel India's rise over the next several decades,' predicts Kumar Mangalam Birla, chairman, Aditya Birla group.
The Tata group is looking to make a foray into semiconductor (also known as chips) manufacturing and it has set up a business to seize the opportunity, Chairman N Chandrasekaran said on Monday. "At the Tata group, we have already pivoted into a number of new businesses like electronics manufacturing, 5G network equipment as well as semiconductors, in all probability," he said while speaking at the annual general meeting of the IMC Chamber of Commerce and Industry. Chandrasekaran said global supply chains, currently heavily dependent on China, would see a big change in a post-pandemic world with businesses shifting their reliance to other countries.
'We do realise it is time to have a larger ambition.'
As India goes into firming up trade deals with developed nations like Australia, the United Kingdom (UK) and the regional bloc, and the European Union (EU), it will have to be well prepared to negotiate on new-generation issues, such as data protection regulation, e-commerce, and environment. India is yet to negotiate pacts with its trading partners on these evolving issues since discussions between them have until now been largely focused on tariff and non-tariff barriers and the rules of origin. "We can no longer look at trade just as trade. We have to look at it in totality of global and regional conditions.
Richest Indian Mukesh Ambani on Tuesday mentioned about leadership transition at his energy-to-retail conglomerate, saying he wants the process to be accelerated with seniors, including him, yielding to the younger generation. Ambani, 64, who has previously not spoken about succession plans at the country's most valuable company, said Reliance is "now in the process of effecting a momentous leadership transition." Ambani has three children -- twins Akash and Isha, and Anant.
Notwithstanding the COVID-19 second wave hitting the nation hard, Indian organisations have displayed resilience, and the salary increment is being projected to grow from an average of 8.8 per cent this year to an estimated average of 9.4 per cent in 2022, according to a survey. According to the Aon's 26th Annual Salary Increase Survey released on Tuesday, most businesses have an optimistic view going into 2022, with 98.9 per cent of companies intend to give salary increases in 2022, as compared to 97.5 per cent companies in 2021. There is positive sentiment across most sectors, and India Inc is firmly on the path to recovery, with most firms projecting salary hikes back to FY 2019 levels by FY 2022.
Here are some of the key farmer leaders who fronted the protests.
As Covid-19 cases recede, India Inc is once again tweaking work rules. Big tech companies such as TCS, Wipro and Infosys have either begun or are in the process of calling employees back to office in a staggered manner. A survey by Aon, a global professional services firm, has found that 60 per cent of tech firms now expect every second employee to come to office. More than half of the employees working in engineering and manufacturing firms are also being asked to return to work.
Fifteen Cabinet ministers and 28 Ministers of State were sworn-in by President Ram Nath Kovind at a ceremony at Rashtrapati Bhavan on Wednesday evening.
President Kovind, who arrived in Dhaka earlier in the day on his maiden State visit at the invitation of his counterpart M Abdul Hamid to attend the golden jubilee celebrations of Bangladesh's independence from Pakistan in 1971, held delegation-level talks with him which was followed by a banquet.
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