India In-Focus — Reliance Industries revenue surges; Funds service Akasa opens bookings
RIYADH: India’s Reliance Industries Ltd. on Friday reported a 46.3 % leap in June-quarter revenue, as sturdy refining margins on account of consumption of cheaper Russian crude and gas exports buoyed its dominant oil-to-chemicals enterprise.
The Mukesh Ambani-led conglomerate mentioned consolidated revenue rose to 179.55 billion rupees ($2.25 billion) within the three months ended June 30 in contrast with 122.73 billion rupees a yr earlier.
Reliance emerged as one of many key patrons of discounted Russian crude after some Western patrons shunned it following Moscow’s invasion of Ukraine in late February.
The personal refiner additionally boosted gas exports throughout the quarter, particularly to European international locations grappling with shortages as a result of sanctions on Russia.
“Geopolitical battle has brought on vital dislocation in vitality markets and disrupted conventional commerce flows. This together with resurgent demand has resulted in tighter gas markets and improved product margins,” mentioned Mukesh Ambani, chairman and managing director of Reliance Industries.
India’s latest finances service Akasa opens bookings
India’s latest finances service Akasa Air, which is backed by billionaire Rakesh Jhunjhunwala, has opened ticket gross sales for its first business flights beginning Aug. 7, the airline mentioned in an announcement on Friday.
Akasa’s preliminary community will embrace a complete of 56 weekly flights between the western cities of Mumbai and Ahmedabad and the southern cities of Bengaluru and Kochi on its new Boeing 737 MAX planes, it mentioned.
“Akasa Air’s community technique is targeted on establishing a powerful pan-India presence and offering linkages from metro to tier 2 and tier 3 cities throughout the nation,” mentioned Praveen Iyer, the airline’s co-founder and chief business officer.
Iyer mentioned Akasa will increase its community in a phased method, connecting to extra cities because it provides new plane every month.
Domino’s might shift enterprise away from Zomato and Swiggy
Domino’s Pizza India franchise will take into account taking a few of its enterprise away from fashionable meals supply apps, Zomato and SoftBank-backed Swiggy, if their commissions rise additional, based on a letter seen by Reuters.
The disclosure was made by Jubilant FoodWorks, which runs the Domino’s and Dunkin’ Donuts chain in India, in a confidential submitting with the Competitors Fee of India which is investigating alleged anti-competitive practices of Zomato and Swiggy.
Jubilant is India’s largest meals companies firm, with greater than 1,600 branded restaurant shops – together with 1,567 Domino’s and 28 Dunkin shops.
The CCI ordered in April its probe into Zomato and Swiggy after an Indian restaurant group alleged preferential therapy, exorbitant commissions and different anti-competitive practices. The meals supply apps deny any wrongdoing.
After the CCI sought responses from Domino’s India franchise and several other different eating places as a part of its investigation, Jubilant sought extra time to share knowledge associated to its on-line gross sales, however wrote to the watchdog expressing issues over the possibly greater fee of food-ordering platforms.
“In case of a rise in fee charges, Jubilant will take into account shifting extra of its companies from on-line restaurant platforms to the in-house ordering system,” the corporate said in its July 19 letter addressed to the CCI.
Jubilant FoodWorks declined to remark, whereas the CCI and Swiggy didn’t reply.
(With enter from Reuters)