- Monday, March 10, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Monday, October 10, 2022:
Indian finance minister Nirmala Sitharaman will start an official visit to the US on Tuesday (11) to take part in a number of critical bilateral and multilateral meetings, including the annual meets of the International Monetary Fund (IMF), the World Bank, the G20 finance ministers and Central Bank governors. She will also interact with the US treasury secretary Janet Yellen and World Bank president David Malpass, separately, to discuss issues of mutual interest, the Indian finance ministry said in a statement. During the latter half of her visit, the finance minister will hold two round-table meetings with major American investors who are members of the US India Business Council and the US India Strategic Partnership Forum.
Indian commerce and industry minister Piyush Goyal on Monday interacted with industry representatives and reviewed the functioning of the GIFT special economic zone in Gujarat, Asian News International reported. “Held a fruitful interaction with industry representatives at GIFT City. Discussed the benefits of setting up units here. Received excellent suggestions including those on exports promotion and ‘Make in India’ in manufacturing,” Goyal said in a tweet after the meeting. The minister had interactions at the International Bullion Exchange (IIBX) in GIFT City to understand issues with respect to trading of gold; operationalising the gold spot exchange and reducing the cost of gold metal loans for jewellery exporters through Gift IFSC, according to an official statement released by the Ministry of Commerce and Industry.
India Cements on Monday announced it has entered into in a pact with JSW Cement to divest its entire stake in Springway Mining Pvt Ltd (SMPL) for nearly Rs 477 crore (£52.4 million), Moneycontrol reported. “This is to inform you that our company has entered into a Share Purchase Agreement on 10.10.2022 with JSW Cement Limited (buyer) and divested the entire shareholdings held by it in Springway Mining Private Limited (SMPL), for a total consideration of Rs 476.87 crore (£52.4 million),” India Cements informed the stock exchanges. “Consequently, SMPL ceased to be the wholly owned subsidiary of our company,” the regulatory filing said.
Digital financial services firm One97 Communications, which operates under the Paytm brand name, on Monday posted around 17 per cent increase in annualised run rate of loan disbursals to around Rs 34,000 crore (£3.7 million) in September, PTI reported. The company had posted an annualised run rate of loan disbursals of about Rs 29,000 crore (£3.18 million) in August. “Our loan distribution business (in partnership with top lenders) continues to witness accelerated growth with disbursements through our platform now at an annualised run rate of Rs 34,000 crore in the month of September,” the company said in a regulatory filing. During the reported month, total number of loans disbursed by Paytm grew by over three fold to about 92 lakh (9.2 million) in the quarter ended September 2022, from 28.41 lakh (2.84 million) a year ago.
American tech major Qualcomm has set up a 1.8-million-square-feet facility at Raheja Commerzone in Hyderabad’s Madhapur suburb, joining other tech companies setting up huge campuses in the city, according to a report by Telangana Today. Inaugurated by the company’s president and CEO, Cristiano Amon, the new office is Qualcomm’s largest set-up anywhere outside the United States. Called one of the largest investments by the marquee company after the formation of the Telangana state, Qualcomm will invest Rs 3,904.5 crore (£429.2 million) over a period of five years and will accommodate 8,700 employees, it was learnt.
Tata Consultancy Services (TCS), the country’s largest software exporter, on Monday said its consolidated net profit jumped by 8 per cent year-on-year to Rs 10,431 crore (£1.1 billion) for the quarter ended September 30, 2022, ANI reported. The company’s consolidated revenue from operations surged by 18 per cent to Rs 55,309 crore (£6.08 billion) in the second quarter of 2022-23 as compared to Rs 46,867 crore (£5.15 billion) in the corresponding quarter of the last year. “Demand for our services continues to be very strong. We registered strong, profitable growth across all our industry verticals and in all our major markets. Our order book is holding up well, with a healthy mix of growth and transformation initiatives, cloud migration and outsourcing engagements,” Rajesh Gopinathan, chief executive officer and managing director of TCS, said in a statement.
Overall auto retail sales saw a massive jump of 57 per cent during the just concluded ‘Navratri’ festival period in India as compared to that of the last year, data released by the Federation of Automobile Dealers Associations (FADA) on Monday said, ANI reported. All categories also showed high growth with two-wheelers, three-wheelers, commercial vehicles (CV), passenger vehicles (PV) and tractors increasing by 52 per cent, 115 per cent, 48 per cent, 70 per cent and 58 per cent, respectively. “For the first time, FADA is releasing Navratri auto retail figures. When compared to Navratri 2019 (which was prior to Covid), total retails increased by 16 per cent. Here too, all categories showed positive momentum with 2W, 3W, CV, PV and tractors growing by 4 per cent, 31 per cent, 37 per cent, 59 per cent and 90 per cent, respectively,” said Manish Raj Singhania, president, FADA.
