Check out the Top 5 Prime Business News this week in the NF World Latest News section below. This section covers the weekly summary of Economic, Stocks, Industry and Cryptocurrency related Business News.
Mukesh Ambani Announces ₹75,000 crore Investment and Expansion of Jio in Uttar Pradesh
Reliance Industries Limited Managing Director Mukesh Ambani announced plans to complete the rollout of G in every town and village in Uttar Pradesh by December 2023.
At the Global Investors’ Summit 2023 in Lucknow, Ambani revealed Reliance’s commitment to invest INR 75,000 crore over the next four years and launch two new initiatives: Jio School and Jio AI Doctor, which will offer affordable access to education and healthcare in villages and small towns across Uttar Pradesh.
He also announced plans to set up 10 GW of renewable energy capacity, the largest in the state. Ambani praised PM Modi’s leadership and the vision of the Indian government, saying that India is poised for strong growth.
Aditya Birla Group Chairman Kumar Mangalam Birla added that India is on track to become the 3rd largest economy by 2030 and stands out among the 36 countries where the company operates.
Retail Inflation Breaches RBI’s Comfort Zone, Rises to Three-Month High of 6.52% in January
The Indian retail inflation has exceeded the comfort level set by the Reserve Bank of India (RBI), reaching a three-month high of 6.52 per cent in January.
This marks an increase from the 5.72% recorded in December and is back above the 6% target set by the Reserve Bank of India (RBI) after the policy repo rate was raised by 25 basis points to 6.5%.
Retail inflation has now been above the target for 40 consecutive months. The inflation rate for the food basket was 5.94% in January, up from 4.19% in December.
The rural retail inflation was 6.65% while urban inflation was 4.79%. The inflation for food and beverages rose by 6.19%, while clothing and footwear increased by 9.08%.
Housing inflation rose by 4.62% and fuel and weak inflation rose by 10.84%. The inflation for miscellaneous items increased by 6.21%.
CTO of Walt Disney’s Streaming Services, Jeremy Doig, Leaves Company Amid Restructuring Efforts
Jeremy Doig, CTO of Walt Disney’s streaming services, has left the company. This departure is part of CEO Bob Iger’s restructuring efforts for the entertainment company.
Doig joined Disney last March after a long stint at Google and was responsible for technology at Disney, Hulu, and ESPN. Aaron LaBerge, who has been with Disney for the past decade, will now oversee technology and product for Disney’s media businesses.
Doig’s departure comes shortly after Iger announced that Disney would be cutting 7,000 jobs and implementing a new corporate structure. This new structure elevates Alan Bergman, Dana Walden, and Jimmy Pitaro, but strips power from employees such as Rebecca Campbell and Michael Paull. Campbell will be leaving at the end of June, while Paull’s future remains unclear.
Iger has effectively dissolved the Disney Media Entertainment & Distribution division that was created by his predecessor Bob Chapek. This has left thousands of Disney employees unsure about their future at the company and how their divisions will operate.
While the programming and marketing for the three primary streaming services have been divided among two separate divisions, the technology employees will still have to work on all three. In a colleague memo, LaBerge stated that “the past 36 hours have been a whirlwind of events.” This follows Disney’s reporting of first-quarter results that exceeded expectations.
Essar Oil and Gas Reports Record Quarterly Revenue Boosted by Doubled CBM Production
Essar Oil and Gas Exploration and Production Ltd. (EOGEPL) has reported its highest-ever quarterly revenue of INR 219 crore in the third quarter of the financial year 2023, with an increase of 54% YoY.
This success was made possible due to the doubling of coal bed methane (CBM) production and favourable global gas prices.
In the first nine months of the financial year 2023, the company posted record revenue of INR 696 crore. The third quarter also saw a 100% growth in the earnings before interest, taxes, depreciation and amortisation (EBITDA) to INR 171 crore and a 273% YoY increase in profit after tax (PAT) to INR 97 crore.
The latest revenue growth is due to the production of over 0.8 million metric standard cubic meters per day (mmscmd) and 100% gas offtake through GAIL (India)’s Urja Ganga pipeline.
The company aims to participate in India’s vision of reducing its carbon footprint by providing alternative clean fuel at economical prices and contributing to India’s goal of becoming a gas-based economy.
Adani Group Reaffirms Strong Balance Sheet and Corporate Governance Amid Market Turmoil
The Adani Group has reassured investors that its balance sheets are “very healthy” and that each of its companies has strong corporate governance and secure assets.
The group, which operates in a range of industries including ports and power, has faced a significant decline in its market capitalization following a report by US-based short-seller Hindenburg Research.
The report accused the group of fraud and stock manipulation through a network of shell companies, leading to actions by banks such as Credit Suisse, Citigroup, and Standard Chartered.
In response, the Adani Group has reduced its revenue growth target by 50% and is cutting down on capital expenditure.
However, the group’s spokesperson has maintained that its companies have strong cash flows and a fully funded business plan.
Each entity is expected to review its own capital market strategy once the market stabilizes, and the group is confident in delivering superior returns to shareholders.
Adani Enterprises, the group’s flagship company, will release its Q3 financial results on February 14th.