- Tuesday, April 22, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Monday, October 30, 2023:
iPhone maker Apple India witnessed a 48 per cent jump in revenue on a year-on-year basis to Rs 49,322 crore (£4.8 billion) in the financial year ended March 2023, according to financial details provided by business intelligence firm Tofler. Apple India had registered revenue of Rs 33,381 crore (£3.29 billion) in the financial year (FY) 2022. The company’s profit increased by about 77 per cent to Rs 2,230 crore (£220.4 million) in FY’2023, from Rs 1,263 crore (£125 million) in FY’2022. “The company’s total expenses for the fiscal were reported as Rs 46,444 crore (£4.59 billion),” Tofler said. The expenditure of the company in FY’2022 was about Rs 31,693 crore (£3.13 billion).
Kalvakuntla Kavitha, a lawmaker from the southern Indian state of Telangana, was set to deliver a lecture at the University of Oxford on Monday (30) to highlight the development model undertaken by the state’s chief minister, K Chandrasekhar Rao, who is also her father. The Bharat Rashtra Samithi leader has been invited to deliver a lecture entitled ‘Exploring Inclusive Development: The Telangana Model’ at the world-renowned university and is expected to offer a glimpse into the policies, strategies and initiatives that have positioned the relatively new southern state as a “beacon of inclusive development”.
Malaysian energy giant Petroliam Nasional (Petronas) and Singapore’s sovereign wealth fund GIC will invest in a project to produce five million tonnes of green ammonia a year in India by 2030. Gentari, the renewable energy arm of Petronas, and an affiliate of GIC will invest in the project being developed by AM Green, which has been set up by the founders of clean energy company Greenko Group, the companies said in a statement. “Gentari Sdn Bhd (Gentari), via its wholly-owned subsidiary Gentari International Renewables Pte Ltd, has entered into an agreement with AM Green BV (AM Green) to jointly invest, in phases, into a green ammonia platform, AM Green Ammonia Holdings BV (AMG Ammonia),” it said. AMG Ammonia was established by the founders of Greenko. An affiliate of Singapore investment entity, GIC, is also an investor in AMG Ammonia.
Daimler India Commercial Vehicles (DIVC) has announced a key partnership with iQuippo to provide digital solutions for pre-owned BharatBenz commercial vehicle customers, Times of India reported. iQuippo is India’s leading physical and digital marketplace for sale of pre-owned vehicles with options of evaluation and funding. In a statement, the company said, “The collaboration will provide value-added support for BharatBenz customers to exchange their used vehicles with lesser turnaround time, gain a better resale value and enjoy hassle-free processes.”
India’s Zydus Lifesciences on Monday said it has inked a pact with Sun Pharma to sell in the country an oral treatment medication for anemia associated with chronic kidney disease (CKD). The companies have entered into a licensing agreement to co-market the innovative drug, Desidustat, in India, Zydus said in a regulatory filing. Under the terms of the agreement, Zydus has granted Sun Pharma semi-exclusive rights to co-market the product in India, it stated. Sun Pharma will market the drug under the brand name Rytstat, it added. Zydus has launched the drug under the brand name Oxemia in 2022 and will continue to market it in the domestic market.
(With agencies inputs)
