- Sunday, March 09, 2025
By: Shubham Ghosh
Here are news related to Indian economy and business for Friday, October 21, 2022:
Reliance Jio on Friday posted a 28 per cent growth in its net profit to Rs 4,518 crore (£485.4 million) for the quarter ended September 30, against Rs 3,528 crore (£379 million) in the year-ago period, Asian News International reported. The telecom giant garnered a revenue from operation of Rs 22,521 crore (£2.4 billion) in the second quarter of the financial year (Q2 FY23), a 20 per cent growth from Rs 18,735 crore (£2 billion) year-on-year. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) stood at Rs 11,489 crore (£1.23 billion) in Q2FY23, against Rs 10,964 crore (£1.17 billion) in the first quarter (Q1FY23), a 4.8 per cent growth. Jio also revealed in its statement that its network operating expenses went up to Rs 7,181 crore (£771.5 million) from Rs 6,264 crore (£673 million) in the year-ago period.
Indian billionaire Gautam Adani’s group is aiming to raise at least $10 billion (£8.87) in new debt over the next year as his conglomerate plans to refinance its high-cost borrowings and fund projects in the pipeline, Bloomberg reported citing informed people. The group plans to raise up to $6 billion (£5.32 billion) using multiple instruments including foreign currency debt and green bonds to swap its existing high-interest debt with lower-cost borrowings and deploy the rest for project financing, one of the sources said on condition of anonymity. The effort could begin in the ongoing December quarter.
With an annual donation of Rs 1,161 crore (£124.7 million), Shiv Nadar has reclaimed the title of ‘India’s Most Generous’, according to EdelGive Hurun India Philanthropy List 2022, The Hindu reported. He had donated Rs 3 crore (£322,319) every day. Wipro’s Azim Premji was in the second spot with an annual donation of Rs 484 crore (£52 million), while Gautam Adani was seventh in the list with a Rs 190 crore (£20.4 million). AM Naik, group chairman, Larsen & Toubro, who donated Rs 142 crore (£15.2 million), was the “most generous professional manager” in the country, as per the list.
AGCO Corporation, Your Agriculture Company, a worldwide manufacturer and distributor of agricultural machinery and precision ag technology, announced the inauguration of its Digital Capability Center (DCC) in Bengaluru, ANI reported. The new centre was inaugurated on October 18 in the presence of key AGCO leaders and approximately 100 local employees while being live streamed to AGCO employees in other locations around the world. As part of the inauguration keynote, Daniel Zapf, AGCO’s vice president and chief information officer, said, “We are excited to leverage the great talent India has to offer to help the world’s farmers sustainably feed our world. We are confident that our digital capability center in India will help us incubate and rapidly scale the best technology talent for AGCO.”
Robotex India on Friday announced that in collaboration with BMC Software India Pvt. Ltd. (a subsidiary of BMC Software, Inc.) the launch of multiple initiatives towards strengthening the Science, Technology, Engineering, and Mathematics (STEM) education ecosystem in India, ANI reported. With the unique initiative ‘Build Your First Robot’, BMC Software aims to empower 250 government school female students in Pune with the emerging technology skills required to increase their employability and bridge the gender divide. This is one of the first programs of its kind launched in the state of Maharashtra.
