- Sunday, March 09, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Wednesday, October 19, 2022:
The Adani Group informed both exchanges, BSE and NSE, that its indirect subsidiary, Vishvapradhan Commercial Pvt Limited, had made an open offer to the public shareholders of New Delhi Television Ltd (NDTV), on Wednesday, Asian News International reported. The manager of the open offer, JM Financial Limited, addressed a letter to the Securities and Exchange Board of India (SEBI) the same day. The Group’s statement indicated that the decision to acquire NDTV was arrived at in furtherance of the Group’s objective to set up a credible next-generation media platform with emphasis on digital and broadcast segments and that NDTV is a suitable broadcast and digital platform to deliver on this vision.
Benchmark stock indices Sensex and Nifty closed higher on Wednesday, rallying for the fourth straight session helped by buying in index majors Reliance Industries and HDFC twins, Press Trust of India reported. The 30-share BSE Sensex rose by 146.59 points or 0.25 per cent to settle at 59,107.19. During the day, it rallied 439.09 points or 0.74 per cent to 59,399.69. The broader NSE Nifty advanced 25.30 points or 0.14 per cent to end at 17,512.25. From the Sensex pack, Nestle, HDFC, Axis Bank, Reliance Industries, ITC, HDFC Bank and UltraTech Cement were the prominent winners. NTPC, State Bank of India, Bajaj Finserv, HCL Technologies, Dr Reddy’s, Infosys and Maruti were among the laggards.
Model N, a technology, data, and analytics services player from California, US, which caters to the pharmaceutical and medical technology companies, has set up a new product innovation facility in Hyderabad in the southern Indian state of Telangana, Telangana Today reported. The facility spans over 70,000 square feet and will house 500 employees. Telangana’s IT and industries principal secretary Jayesh Ranjan inaugurated the unit. “We welcome Model N to the fast-growing global IT hub of the world. Their presence reaffirms Hyderabad’s growth, and its ability to attract start-ups, venture capital firms, OEMs, policymakers, think tanks, and global technology companies,” he said.
The rupee plunged 61 paise to decline below the 83-mark for the first time against the US dollar on October 19 amid unabated foreign capital outflows and a strong dollar in the overseas markets, PTI reported. Besides, rising crude prices in the international markets and risk-averse sentiment among investors weighed on the local currency, traders said. At the interbank foreign exchange market, the local currency opened strong at 82.32 but later pared gains to settle at an all-time low of 83.01(provisional) against the American currency, down 61 paise over its previous close. In the previous session on October 18, the rupee slipped 10 paise to end at 82.40 against the dollar.
Indian minister of petroleum and natural gas Hardeep Puri on Tuesday inaugurated Asia’s largest Compressed Bio Gas (CBG) plant at Lehragaga, Sangrur in Punjab, ANI reported. Addressing the inaugural event of the CBG plant Puri said the new plant is the beginning of India’s master plan for a CBG-based rural economy. He said that the CBG is the need of the hour, and the government is taking all steps to promote the ecosystem around it. The plant has been commissioned with an FDI (foreign direct investment) of Rs 220 crore (approx.) (£23.6 million) by Verbio AG, one of Germany’s leading Bio-energy companies, according to an official statement released here by the Ministry of Petroleum & Natural Gas.
Assam chief Minister Himanta Biswa Sarma has urged the heads of Indian and American companies to join hands with his government and explore the opportunities offered by his state, especially in tea, trade and tourism, PTI reported. Addressing an event hosted by the US-India Strategic Partnership Forum in New Delhi on Tuesday (18) night, Sarma also said that in terms of policy and development, the strategically located state is now “at the heart of the country”. The chief minister urged CEOs and heads of several companies of both India and the US to partner with Assam and grab the opportunity that the state offers for investment, according to an official statement.
