- Tuesday, November 26, 2024
By: Shubham Ghosh
HERE are some news in brief related to Indian economy and business for Monday, July 18, 2022.
Reliance Jio Infocomm has put in Rs 14,000 crore (£1.46 billion) as earnest money deposit (EMD), more than half of the amount submitted by the bidders for the 5G spectrum auction, official data showed on Monday, Asian News International reported. The second highest amount of money as EMD has been put in by Bharti Airtel Limited at Rs 5,500 crore (£574 million). Vodafone Idea Limited has deposited Rs 2,200 crore (£229 million) as EMD for the 5G auction. EMD amount of Adani Data Networks stands at Rs 100 crore (£10 million), as per data released by the Department of Telecommunications.
While experts have expressed concerns over the falling Indian rupee vis-a-vis the US dollar, the country’s finance minister has pointed out various factors such as the Ukraine war and rising crude oil prices that have caused the currency to witness the fall Nirmala Sitharaman on Monday said in a written response to a lawmaker’s question over the rupee’s fall, “Global factors such as the Russia-Ukraine conflict, soaring crude oil prices and tightening of global financial conditions are the major reasons for the weakening of the Indian rupee against the US dollar.”
India can produce crude oil at one-fourth of the import price if its government allows more private players in exploration and production, Anil Agarwal, chairman, Vedanta Ltd said in a statement on Monday, Moneycontrol News reported. The billionaire, who heads the metals and energy conglomerate, has been arguing for higher private participation to optimally utilise the country’s natural resources.
L&T Realty, the real-estate development arm of Larsen & Toubro, on Monday said it has entered into a binding agreement to jointly develop projects worth Rs 8,000 crore (£834.7 million) in different locations in Mumbai region, Asian News International reported. The company plans to develop projects in South Mumbai, Western Suburbs and Thane. It also plans to develop 4.4 million square feet of real estate projects. This is a part of the company’s larger plan to strengthen its footprint in major metros by adding around 5 million sq. ft. per year over the next five years.
Mineral production in India rose by 10.9 per cent year-on-year in May led by a sharp jump in the output of coal, gold, phosphorite, and bauxite, as per the government data released on Monday, ANI reported. The index of mineral production of the mining and quarrying sector for the month of May 2022 at 120.1, was 10.9 per cent higher as compared to the level in the month of May 2021, the country’s ministry of mines said in a statement. The cumulative growth for the period April-May 2022-23 over the corresponding period of the previous year has increased 9.4 per cent.
Ola Electric, India’s largest electric vehicles company, on Monday said it will invest $500 million (£417.4 million) in setting up a battery innovation centre and promoting indigenous cell research and development in India, ANI reported. The company plans to set up a state-of-the-art ‘Battery Innovation Center (BIC)’ in Bengaluru in the southern state of Karnataka. It will be one of the world’s largest and most advanced cell R&D facilities with more than 165 unique and cutting-edge lab equipment to cover all aspects of cell-related research and development, Ola Electric said in a statement.
A unique business platform has been set up exclusively for the Arya Vysyas from the Telugu community to aid and support the community’s businesses on the theme of ‘give to get.’ The ‘Global Vysya Business Legends’ (GVBL) platform was launched in Hyderabad, along with three business chapters for the First Time in India, an official website, and a Digital business directory covering Arya Vysyas businessmen and entrepreneurs from India and around the world on July 16, ANI/PNN reported.
Honda Motorcycle and Scooter India has raced past Bajaj Auto to become India’s second biggest bike seller during the first half of the current fiscal. During the April-September period this fiscal, Honda sold 10,48,143 motorcycle units in the domestic market, registering a growth of 19.8 per cent. Bajaj Auto, on the other hand, sold 10,10,559 units witnessing a fall of 10.45 per cent, according to the latest data from Society of Indian Automobile Manufacturers.
