Ambuja Cements Reports 46% Increase In Standalone Profit To Rs 368.99 Cr

Ambuja Cements reported a 46 per cent increase in its standalone profit to Rs 368.99 crore in the quarter ending 31 December 2022 as compared to Rs 252.81 crore in Q3FY22.  The company’s income from operations increased 10 per cent year on year to Rs 4,128.5 crore from Rs 3,739.9 crore. Earnings before interest, taxes, depreciation, and amortisation, or EBITDA, were Rs 715 crore with a margin of 17.5 per cent. In line with volumes, net revenue increased by 11 per cent quarter on quarter to Rs 8,036 crore. Ebitda…

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Gadkari Announces Grants For Multiple NH Projects In Karnataka

Minister of Road Transport and Highways Nitin Gadkari announced funds for national highway projects for Karnataka on Wednesday.  One of the projects includes widening of the two lanes of the Kanamadi- Bijjaragi-Tikota section on the Maharashtra-Karnataka border of National Highway 166E via an engineering, procurement and construction (EPC) model worth Rs 196.05 crore, Gadkari tweeted.  The other project, widening to two lanes with paved shoulder of National Highway 548B Murrum on Maharashtra border to IB circle in Kalaburgi and Vijayapura district on the EPC model at the cost of Rs…

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Gautam Adani Re-enters Forbes Richest List, Ranks 17

Owner of Adani Group, the Indian industrialist, Gautam Adani has re-entered the Forbes list of ‘The World’s Billionaires’, ranking at number 17, with an increase of USD 463 million on Tuesday, February 7. In the previous week, Adani slipped from the third position on the Forbes list, to not even among the top 20 richest people.  Notably, the Adani Group stocks have seen an increase- Adani Ports prices have increased by 9.64 per cent (Rs 598.70), Adani Enterprises surged by 25 per cent, while Adani Wilmar and Adani Transmission prices…

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UP Budget Session To Commence From 20 Feb

The budget session of the Uttar Pradesh assembly is scheduled to kick start from 20 February. According to sources, the state annual budget for the financial year 2023-24 is expected to cross Rs 7 lakh crore.  The UP governor will be addressing the joint session of both the legislative assembly and the legislative council on the first day, followed by State Finance Minister Suresh Khanna tabling the budget on day 2. This is the second budget of the second term of Yogi Adityanath government in Uttar Pradesh.  Sources in the…

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Data Centre, Logistics Park Amongst Top Choices Of Foreign Investors Investing In UP

Data Centre, Logistics Park, Renewable Energy, Textiles and Film City have emerged amongst the top five sectors in Uttar Pradesh, where foreign investors have shown a keen interest in investing in the state. Ahead of the UP Global Investors Summit, 108 MoUs have already been signed so far and a few more are expected during the three day summit beginning 10 February.  According to official information, if numbers say anything, the state will soon turn into a data centre hub, as it is the first choice of the foreign investors.…

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MPC Meeting SBI Economists Anticipate RBI To Pause Interest Rate Hike

The State Bank of India (SBI)economists has said they are anticipating that the Reserve Bank of India (RBI) to hit the pause button on interest rate hikes at its forthcoming monetary policy review this week.  Monetary Policy Committee (MPC) organised by the central bank is probable to continue with its present stance of withdrawal of accommodation, the state’s bank economists said.  MPC, a six-member committee, headed by RBI Governor Shaktikanta Das began the three-day meeting on Monday. Decisions will be announced on Wednesday. The note stated that even though the…

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LIC Housing Finance Reports Massive Decline 37% In Q3

LIC Housing Finance reported a 37 per cent decline in net profit to Rs 480.30 crore in Q3 FY23 compared to Q3 FY22, despite a 16 per cent increase in operating revenue to Rs 5,871 crore. Net interest income (NII) increased by 10 per cent to Rs 1,606 crore from Rs 1,455 crore during the same period the previous year. For the three months that concluded on December 31, 2022, net interest margin (NIM) stayed constant at 2.42 per cent. Expected Credit Loss (ECL) reporting is required by IndAS 16…

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First G20 Tourism Group Meet Kickstarts In Rann Of Kutch From Today

The first meeting of the Tourism Working Group (TWG) under G20 will begin on Tuesday in the Rann of Kutch in Gujarat. The three day meeting will be ending on 9 February and will see participation of over 100 delegates.  Union Minister for Fisheries, Animal Husbandry and Dairying Parshottam Rupala, Union Minister of Tourism G Kishan Reddy, Gujarat Chief Minister Bhupendra Patel and more than 100 delegates from the G20 member countries and international organisations will be attending the meeting. Reddy will also organise the first Global Tourism Investors’ Summit…

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Adani Group Remains Eligible For CEMBI, JACI, JESG Indexes, Says JP Morgan

The bank’s note read that as per rules of current index, the companies of Adani Group remains eligible for inclusion in CEMBI, JACI and JESG indices India’s Adani Group, which has in recent weeks faced a brutal share selloff after the US short-seller Hindenburg released a report, is still eligible for inclusion in JP Morgan’s influential bond indexes including CEMBI, JACI and JESG. This was stated by JP Morgan in a note on Monday. The bank’s note read that as per rules of current index, the companies of Adani Group…

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SEBI Tightens The Noose To ‘Uncover’ The Beneficiaries Behind FPIs

As an aftermath of the Adani issue, the market regulator Securities and Exchange Board of India has decided to set a deadline of September this year for the Foreign Portfolio Investors (FPI) to disclose the Ultimate Beneficial Owners (UBO) of their funds.   According to reports, SEBI has asked the designated depository participants (DDP), which are the banks that act as a link between the market regulator, FPIsand investors, to update the list of UBOs.  It may be noted that the identity of the UBOs has been a controversial topic…

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