- Tuesday, March 04, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Wednesday, February 8, 2023:
Adani Wilmar’s consolidated net profits during the October-December 2022 quarter increased by 16.4 per cent to Rs 246 crore (£24.6 million). In the same quarter of the previous year, it was Rs 211 crore (£21.1 million), ANI reported. The Adani group company on Wednesday announced the financial results for the December-ended quarter and the first three quarters of the current financial year 2022-23. The company’s revenue from operations during the quarter rose a little above 7 per cent to Rs 15,438 crore (£1.54 billion) from Rs 14,371 crore (£1.44 billion) in the same quarter of 2021. In the April-December period of 2022, the company recorded 13 per cent growth in both volume and revenue, it said in its earnings report filed with stock exchanges.
Telangana is committed to providing an impetus to EV adoption and aims to play a pivotal role in India’s transition to electric mobility, said, KT Rama Rao, the southern Indian state’s minister for IT E&C, MA&UD and industries & commerce, said, ANI/NewsVoir reported. “We strongly believe India is well equipped to develop as a hub for manufacturing of electric vehicles and its supply chain,” added the minister. He was speaking at the launch of the first edition of the Hyderabad E-Motor Show as part of the ongoing Hyderabad E-Mobility Week.
The Indian finance ministry on Wednesday came out with a draft scheme for settlement of pending disputes related to government contracts, PTI reported. Under the Vivad se Vishwas II (Contractual Disputes) scheme, contractors would be offered settlement amounts depending on the status of a dispute. In cases of disputes where court or arbitral order have been passed, the settlement amount would be 80 per cent or 60 per cent of the amount awarded by the court or the arbitral tribunal.
ONGC Videsh (OVL) Ltd, the overseas exploration arm of India’s Oil and Natural Gas Corp, is eyeing exploration and production investment opportunities in countries in Africa and Latin America, such as in Ghana and Suriname, managing director Rajarshi Gupta said, Reuters reported. The company already has a presence in both the continents through stakes in projects in countries such as Mozambique, Brazil and Venezuela, among others. “It’s better to invest in bigger hot spots where you can get larger discoveries… Africa and Latin America still hold a lot of potential. Ghana is there, Suriname is there, all of the continental shelf. Brazil is also an interesting proposition,” Gupta told reporters at the India Energy Week in Bengaluru.
Subhrakant Panda, president of industry body FICCI has said the Reserve Bank of India is expected to remain cautious while focusing on the economy achieving its full potential, ANI reported. In the just concluded three-day monetary policy committee meeting, the RBI decided to raise the repo rate, the rate at which the RBI lends money to all commercial banks, by 25 basis points to 6.5 per cent. Since May last year, the RBI has increased the short-term lending rate by 250 basis points, including today’s, to contain inflation. India’s retail inflation was above RBI’s six per cent target for three consecutive quarters and had managed to fall back to the RBI’s comfort zone in November 2022.
