Business news India: Latest India business news headlines today 1 February 2023

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Here’s today business news, the latest business news India today 1 February 2023

• As per a report in a financial daily, OLX Group is reported to have announced that it is firing 15% of its global workforce as the demand for its offerings has begun to slow down.
• Manu Jain announced that he has quit Xiaomi after over 9 years of joining. However, he did not disclose where he would be joining next.
• Focus on the Fed’s decision to raise rates causes gold to remain constant.
• IMF forecasts a decline in the Indian economy in 2023
• President Murmu will speak before a joint session of both Houses of Parliament during the 2023 budget session.

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Latest business news India today 1 February 2023 – business news headlines today

• Delhi High Court has given Delhi Metro Rail Corporation a final opportunity for payment of arbitral award dues owed to Reliance Infrastructure and the final hearing is listed for 13 February.
  
• The I&B ministry is reported to have issued an advisory on public service broadcasting as required in the Guidelines for Uplinking and Downlinking of Satellite Television Channels in India, 2022, issued in November. It has asked broadcasters to report on the same starting 1 March 2023.
  
• As per ICEA, Electronic goods export is likely to grow by 36.8 percent to cross Rs 1.6 lakh crore in the current fiscal, with mobile phone export accounting for around 50% of it.
  
• Tata Motors is said to have raised the second and final tranche of Rs 3,750 crore from TPG Rise Climate as per an agreement done in 2021. Tata Motors announced in October 2021 that it will raise US$ 1 billion in its passenger EV business from TPG Rise Climate in exchange for compulsorily convertible preference shares.
  
• Green energy arm of the Hinduja Group, Hinduja Renewables, is said to have joined the race to acquire a majority stake in renewable energy firm Fourth Partner Energy.
  
• Adani Group is reported to have acquired the strategic Israeli port of Haifa for USD 1.2 billion.

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Latest business news India today 1 February 2023 – business news India today

• Adani Group has planned to implement a twin-airport strategy for Mumbai and Navi Mumbai airports, to shift turboprop aircraft operations to Navi Mumbai airport to reduce congestion at the Mumbai international airport. The strategy is aimed to free up runway capacity at Mumbai airport by shifting the small aircraft operations to Navi Mumbai, which is expected to commence operations by December 2024.
  
• Godrej Consumers reported a 3.5% rise in consolidated profit to ₹546.3 crore in the December 2022 quarter as against a net profit of ₹527.6 crores in the December 2021 quarter.
  
• RailTel has reported a 51.5% decline in consolidated net profit to ₹31.95 crores for the December 2022 quarter against a net profit of ₹66.01 crore in the December 2021 quarter.
  
• Indian Hotels Company Ltd has reported an over four-fold rise in consolidated net profit at ₹403.56 crore in December 2022 quarter as against a consolidated net profit of ₹95.96 crore posted in the year-ago period.
  
• Vedantu is reported to have widened its losses even though the revenues are said to have jumped by 80%. The losses increased to ₹696.3 crore in the last financial year (FY22) which is approx. 13% higher as compared to ₹616.3 crore losses reported in FY21.
  
• Infosys is reported to have appealed against a corporation tax assessment by the UK authorities.

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