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.
Posts tagged Rediff
SEE: First Drive of the All New Scorpio N (22-07-2022)
Packed to the brim with features that were missing in its predecessor, the all-new Scorpio N is a huge step forward, says Rajesh Karkera.
Rs 253-cr assets of Nirav Modi group in HK attached (22-07-2022)
The Enforcement Directorate Friday said it has attached gems, jewellery and bank deposits worth Rs 253.62 crore of some Hong Kong-based companies of fugitive diamond merchant Nirav Modi as part of a money laundering probe. Some assets of Nirav Modi group of companies in Hong Kong were identified in the form of gems and jewelleries lying in private vaults and bank balances in accounts maintained there and these have been provisionally attached under sections of the Prevention of Money Laundering Act (PMLA), the federal probe agency said in a statement. The amount kept in banks amounts to $30.98 million and Hong Kong dollars 5.75 million, which is equivalent to Rs 253.62 crore (as on July 22, 2022), it said.
Akasa Air to operate first flight on Aug 7 (22-07-2022)
New airline Akasa Air on Friday said it will launch commercial flight operations on August 7 by operating its first service on Mumbai-Ahmedabad route using Boeing 737 Max aircraft. In a statement, the carrier said it has opened ticket sales on 28 weekly flights it will be operating on Mumbai-Ahmedabad route from August 7, as well as on 28 weekly flights it will operating on Bengaluru-Kochi route from August 13. The carrier will launch commercial operations with two 737 Max aircraft. Boeing has delivered one Max plane and the second one’s delivery is scheduled to take place later this month.
Reliance Jio Q1 net profit rises 24% to Rs 4,335 cr (22-07-2022)
India’s largest telecom operator Reliance Jio Infocomm on Friday reported a nearly 24 per cent year-on-year rise in its standalone net profit to Rs 4,335 crore for the June 2022 quarter. Billionaire Mukesh Ambani-led Reliance Jio clocked revenue from operations of Rs 21,873 crore in the just-ended quarter, which was 21.5 per cent higher than the year-ago period, according to a filing.
Prices of consumer items have spiked up to 32% in a yr (22-07-2022)
Consumer-focused companies have been left with few options but to increase the prices of their products as input costs mount because of various factors, including supply chain disruptions. This has been affecting monthly household budgets. Prices of scores of items — from spices to soaps to rice — have increased in the past year.
Sensex reclaims 56K; Nifty gains 114 points (22-07-2022)
Benchmark indices rallied on Friday with the BSE Sensex climbing over 390 points to settle above the 56,000-mark amid fresh buying by foreign funds and largely positive global market trends. Intense buying in banking and finance counters also drove the indices higher. Rising for the sixth straight session, the 30-share BSE benchmark jumped 390.28 points or 0.70 per cent to settle at 56,072.23.
Bids invited for BKC station, bullet train tunnel (22-07-2022)
The National High Speed Rail Corporation Limited has invited bids for the design and construction of an underground station at Mumbai’s Bandra Kurla Complex and for a tunnel for the bullet train project, Railway Minister Ashwini Vaishnaw said on Friday. This is the first set of bids invited after the rebel Shiv Sena leader Eknath Shinde-led government came to power in Maharashtra. The new government has given the green light to the project, which remained dormant during the erstwhile Uddhav Thackeray-led dispensation.
Will O-RAN disrupt the way 5G networks roll out? (22-07-2022)
Will open radio access network technology (O-RAN) disrupt the way 5G networks roll out in the country? After all, it promises to offer a substantially lower capital cost, enables the choice of an array of vendors, and provides more network flexibility – all very important for telcos who expect to invest over Rs 60,000 crore to roll out a pan-India 5G network and that’s without spectrum costs. But more importantly, it counters the stranglehold of global telecom gear makers such as Ericsson, Nokia, and Samsung over telcos to whom they sell propriety technology and bundled hardware and software.
Weak rupee: RBI Guv tries to soothe frayed nerves (22-07-2022)
Reserve Bank Governor Shaktikanta Das on Friday said the rupee is holding up relatively well when compared to the currencies of emerging market peers and advanced economies. Days after the domestic currency breached the 80-level against the dollar, Das said Reserve Bank of India (RBI) has zero tolerance for volatile and bumpy movement in the rupee and added that the central bank actions have helped in smoother movement. He said RBI has been supplying US dollars to the market to ensure adequate supply of liquidity and also clarified that the central bank does not target a particular level for the currency.