BUSINESS
Reliance Industries posts record consolidated revenues at Rs 2.42 lakh crore in Q1 FY23
The consolidated Net Profit for the quarter was Rs 19,443 crore ($2.5 billion), higher by 40.8 per cent. EPS for the quarter was Rs 26.6 per share which increased by 42.7 per cent. Reliance's exports for the quarter was Rs 96,212 crore ($12.2 billion), higher by 71.3 per cent. RIL's capital expenditure (including exchange rate difference) for the quarter ended 30th June, 2022 was Rs 31,434 crore ($4.0 billion).
QR code labelling on electronics items to start soon: Top industry body
Last week, the Department of Consumer Affairs announced the first step to simplify labelling using digital QR code under a law that is over 30 years old. "The industry will start working alongside the government to start transforming labelling on electronics commodities over the next one year," said Pankaj Mohindroo, Chairman of ICEA.
Indian fintech ecosystem plugged corruption, leaks: Rajeev Chandrasekhar
India is among the world's fastest growing fintech markets with 6,636 startups. The Indian fintech industry's market size was $31 billion in 2021 and has the highest fintech adoption rate at 87 per cent. "There was a time when it was openly admitted that out of every Rs 100 disbursed by the government from Delhi, only Rs 15 reached the beneficiary, and the remaining of money got mysteriously siphoned off.
'Railways suffered loss of Rs 259.44cr during Agnipath protests'
"Separate data regarding the amount of refund granted to passengers due to disruption of rail services on account of public disorder consequent to agitation like those held after launching of Agnipath scheme is not maintained. However, during the period June 14 to 30, a total refund of approximately Rs 102.96 crore was granted on account of cancellation of trains," Vaishnaw said.
Demand for India's rice likely to shoot up in global market as floods hit crop in Southeast Asian nations
Even as sowing of the grain in India this year is estimated to be 17 per cent lower due to inadequate rains in states such as Bihar and Orissa, analysts said that there is no cause for any worry as the country is sitting on adequate stocks from last year. However they maintained that New Delhi must refrain from taking any "sudden decisions."
'You buy an umbrella to use when it rains': RBI Governor on using forex reserves
Das said in recognition of the fact that there is a genuine shortfall of supply of forex in the market relative to demand because of import and debt servicing requirements and portfolio outflows, the RBI has been supplying US dollars to the market to ensure that there is adequate forex liquidity. "After all, this is the very purpose for which we had accumulated reserves when the capital inflows were strong.
Smartphone shipments fall 5% in India in Q2 amid dwindling demand
Xiaomi retained its market-leading position, shipping 7 million units, despite experiencing another quarter of both annual and sequential decline. With 6.7 million shipments, Samsung came second, pulling closer to Xiaomi, according to market research firm Canalys. Remaining in third place, realme shipped 6.1 million units, while vivo and OPPO completed the top five, shipping 6 million and 5.5 million units, respectively.
Kia reports 40% jump in Q2 profit riding on high-end SUVs
Net profit for the three months ended in June rose to 1.88 trillion won ($1.43 billion) from 1.34 trillion won in the same period of last year, the company said in a statement. The second-quarter bottom line was buoyed by increased sales of high-end SUV models, decreased incentives and the won's weakness against the dollar, reports Yonhap news agency.
Discover Joy with Amazon Prime Day on July 23 and 24
The exciting Prime Day lineup will include over 70 new launches from renowned and popular fashion and beauty brands, including Allen Solly, Vero Moda, Puma, Adidas, Mamaearth, Maybelline, Fastrack, Fossil, American Tourister, Skybags, Zaveri Pearls, Melorra, Chumbak, Lavie, Lino Peros, L'Oreal Professional, Bath and Body Works, among others.
Akasa Air to launch commercial operation from August 7
The airline said that it will deploy a Boeing 737 Max plane on the route for commercial operation. Flight operations will be conducted on two Boeing 737 Max aircraft. Boeing has already delivered one aircraft and the second one will be delivered later this month. Akasa Air, in a statement issued on Friday, said it has begun sale of tickets on 28 flights that will operate weekly on the Mumbai-Ahmedabad route from August 7.
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