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NEWS

Posted On:
06-08-2024

Reliance Industries jumps two places on Fortune's Global 500 list

Oil-to-telecom-to-retail conglomerate Reliance Industries Ltd continues to be the highest-ranked Indian firm on the Fortune Global 500 list, jumping two places to be ranked at No.86 in the 2024 ranking. The firm was placed at No.88 in last year's ranking and has gained a whopping 69 places in the last three years - from being placed at No.155 in 2021 to being at No.86 in 2024. Releasing the 2024 list, Fortune on its website said Reliance has been on the 500 list for 21 years now. It had revenues of $ 108.8 billion and a profit of $ 8.4 billion last year. The 2024 ranking has nine Indian firms, five of them from the public sector. Insurance behemoth Life Insurance Corporation of India (LIC) jumped 12 places to be ranked at No.95 on the 2024 list while state-owned Indian Oil Corporation (IOC) slid 22 places to 116.
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Posted On:
07-08-2024

Power Finance Corp board did not discuss Shapoorji Pallonji Group loan

In its statement, SP Group stated that the value of the provided security structure is in excess of six times the loan value and that it will ensure the complete repayment of the loan over the tenor. The group worked with PFC for the last nine months to formalise this “unique proposal,” which was validated by reputed third-party consultants. Besides, as of March 2024, PFC has sanctioned about Rs 82,000 crore to the infrastructure sector. The corporation has played a vital role in financing the industry. The corporation also announced its quarterly financial results in today’s board meeting. It reported a net profit of Rs 7,182.06 crore, 20 per cent more than what it was during the same period of the last financial year. The total income stood at Rs 24,736.68 crore, compared to Rs 21,017.81 crore in Q1 FY24. The state-owned firm also declared an interim dividend of Rs 3.25 per equity share (subject to deduction of TDS) on the face value of the paid-up equity shares of Rs 10 each for FY 2024-25.
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Posted On:
07-08-2024

ICICI Bank fostering compliance, strong risk culture: CEO Sandeep Bakhshi

ICICI Bank, the country’s second-largest private sector lender, is focusing on growing in a “prudent and responsible manner”, stated Sandeep Bakhshi, Managing Director and Chief Executive Officer (MD & CEO), in the bank’s annual report for FY24. Additionally, Bakhshi emphasised that the bank is "fostering a strong risk and compliance culture" to ensure a balance of risk and rewards for achieving long-term sustainable outcomes. “Driven by the principles of ‘One Bank, One Team’ along with ‘Fair to Customer, Fair to Bank’ and ‘Return of Capital’, our focus will be growing in a prudent and responsible manner”, said Bakhshi. Bakhshi also highlighted that the bank is making continuous efforts to strengthen service digital capabilities and enhance delivery systems, underpinned by a focus on operational resilience, adding that the bank’s priority is to simplify banking for its customers and deliver a superior experience across all ecosystems, micro markets and customer segments.
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Posted On:
08-08-2024

India evolving as a major manufacturing base for Kobelco Construction: CEO

Kobelco Construction Equipment India Pvt Ltd, the subsidiary of Japan-based Kobelco Construction Machinery Co, launched its SK80 Excavator under the Centre's ambitious 'Make in India' campaign. The eight-tonne category mid-segment excavator, was unveiled by company Managing Director and CEO Takemichi Hirakawa and senior officials at an event here on Wednesday. Kobelco Construction Equipment India manufactures excavators and cranes at its factory in Sri City in neighbouring Andhra Pradesh, located about 110 km from here. "We have been delivering high-quality excavators to meet the growing demands of the Indian customers for the last 17 years. We have made considerable investments of about Rs 75 cr in the recent past and our latest product SK80 Excavator is a first major step towards indigenisation," Hirakawa said. "We have been delivering high-quality excavators to meet the growing demands of the Indian customers for the last 17 years. We have made considerable investments of about Rs 75 cr in the recent past and our latest product SK80 Excavator is a first major step towards indigenisation," Hirakawa said.
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Posted On:
08-08-2024

Jio Studios garners Rs 700 cr from box office, action-packed year ahead

Jio Studios, the media and content arm of Billionaire Mukesh Ambani-led Reliance Industries, has garnered Rs 700 crore at the box office, according to the latest annual report of the oil-to-chemicals company. The company has an "action-packed year" with 11 theatre releases, 35 direct-to-digital releases and 8 original web series across languages and genres produced by the company, which is "the largest by any film studio" in 2023-24. These were released across theatres, OTT and broadcast platforms including Jio Cinema, Netflix, Amazon Prime Video, Disney+ Hotstar, Colors and Star Network, it added. "With eight consecutive hits, Jio Studios' films garnered a whopping Rs 700 crore at the box office with every second film in Q4 FY2024 being a Jio Studios film," it said. Besides, Jio Studios also has an "extensive pipeline of theatrical spectacles", the report added. "Jio Studios has strategically expanded its presence beyond the Hindi market, making significant inroads in regional language markets, through meticulous craftsmanship and a deep understanding of diverse cultural nuances," it said.
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