World entering a highly disruptive green energy era, says Mukesh Ambani
Reliance Industries (RIL’s) annual report released on Sunday highlighted the company’s focus on new energy solutions, with Chairman and Managing Director (MD) Mukesh Ambani stating that the age of fossil fuels will not continue much longer. RIL has sought shareholders’ approval to give Ambani another five-year term as MD till 2029 at nil salary. The recently demerged Jio Financial Services, which “will leverage the prowess of digital and retail businesses”, was expected to be listed soon. Read more
Q1 results: India Inc profit surges 65% but shows lopsided growth
There has been a sharp recovery in the headline corporate earnings in the April-June 2023 quarter (Q1FY24), after a dismal showing by early bird companies. The combined net profit of the 983 listed companies that have declared their quarterly results, so far, was up 64.7 per cent year-on-year to record a high of Rs 2.68 trillion in the first quarter, but growth in earnings remained lopsided because most of the incremental gains came from a handful of companies. Read more
Curbs on PC, laptop imports: 3-month breather set to light up Diwali season
Original equipment manufacturers (OEMs) heaved a sigh of relief after the government decided to delay the licensing mandate for the import of personal computers by nearly three months. With this, import restrictions are not expected to dampen PC (including laptops, desktops, notebooks, and workstations) shipments ahead of the upcoming festival season. The licensing mandate for imports of PCs is now effective from November 1. Still, the government’s move will increase the compliance burden on original equipment manufacturers, affecting certain companies more than others. Read more
Surging prices: Indian refiners push the envelope on Russia crude oil
Indian refiners are concerned after the European benchmark Brent crude rose to the highest level since mid-April, marching towards $90 a barrel. The rise in Brent prices and the output cut by Moscow this month have made Russian Urals crude costlier, complicating matters for Indian importers, led by Indian Oil and Reliance Industries. Read more
No end in sight? Food price hike likely to disturb India’s inflation maths
Prices of the majority of food items, led by tomatoes and other vegetables, have been on an upward trajectory since the past few months. Incessant rains in major growing areas in July, that inundated fields and damaged standing crops, affected vegetable supplies in the urban and semi-urban areas. Read more