Business Today: Today Business Headlines 20-10-22: Sagar Cements’ income has increased. But..: Sagar Cements’ income has increased by 32 percent compared to the 2nd quarter of last year. Last year’s revenue was only 371 crore rupees, but now it has increased to 489 crore rupees. Sagar Cements, which earned a net profit of Rs 20 crore, has now recorded a net loss of Rs 49 crore, more than double that. In the quarter that ended September of the current financial year, operating expenses have increased by 52 percent, and the loss has to be covered.
‘Adani’ shares to ‘Gangavaram’ promoters
Adani Ports and SEZ Limited has decided to allot over 4 crores 77 lakh shares to the eligible promoters of Gangavaram Port Limited. The Finance Committee of Adani Ports has approved the issue of shares of the face value of Rs 2 each. With this, the number of equity shares of Adani Ports exceeds 216 crores. According to the share swap agreement, Adani Ports, which owns more than 58 percent of the shares in Gangavaram Ports, is allotting stocks to this extent.
‘Wipro’ invests in Indonesian startup
Wipro Consumer Care-Ventures will invest in Indonesian startup ‘Unit’. This startup is creating nutraceutical and wellness products for kids as well as adults in gummies format. Henceforth, it has decided to focus on manufacturing products that are available at affordable prices with premium quality for the daily lifestyle of the consumers. However, Wipro Consumer Care Ventures MD said that this is the first time they have invested in a South East Asian company.
In the country of ‘sky’.. in the month of September.
Akasha Air, a new entrant in our domestic market who started full-fledged services in the first month, has acquired a share of almost one percent. The Directorate General of Civil Aviation has revealed the performance of various airlines in September. According to this data, IndiGo continues to be the first with a share of 58 percent in the Indian domestic market of about 12 airlines. However.. CEO Vinay Dubey said that even if Rakesh Jhunjhunwala is physically away, Akasha Air is financially strong and will expand with 72 aircraft in five years.
In 5 years. 3 times.
Petroleum Minister Hardeep Singh Puri said that the number of petrol pumps selling biofuels in our country has increased three times in the last five years. He said that in 2016-17 there were only 29 thousand 897 biofuel petrol pumps while this number will reach 67 thousand 641 in 2021-22. Ethanol demand is expected to cross 10 billion liters by 2025. In this context, it is stated that the ethanol production target has been set at 1000 crore liters by next April.
‘Biggest win for hospitality sector’
The “Federation of Hotel and Restaurant Associations of India” feels that fining Oyo, MakeMyTrip, and Goibibo is the biggest victory for the hospitality sector, which is not immune to their dominance. It said that the Competition Commission of India has taken this decision after investigating the complaints they gave less than three years ago. It is known that the CCI yesterday on Wednesday imposed a penalty of Rs 223 crore on MakeMyTrip and Goibibo and Rs 168 crore on Oyo for not following proper business values.
Stock Market Update
The two-day streak of gains was broken in the Indian stock markets. Today started with losses. Sensex lost 271 points to trade at 58835. The Nifty is down 77 points at 17434. IndusInd, Shoppers Stop, ITC, and NLC stocks are optimistic. The rupee stands at 82.25 against the dollar.
