Top Headlines: RIL Q2 net flat, CCI speeds up Apple antitrust case & more

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Mukesh Ambani-led Reliance Industries (RIL) on Friday reported a consolidated net profit (attributable to the company’s owners) of Rs 13,656 crore for the quarter ended September 30, 2022 (Q2). On the heels of its order against Google, the Competition Commission of India (CCI) is expediting its probe in the Apple Inc matter and is expected to finalise its investigation by the end of January. Read more 

Windfall tax impact: Reliance net profit flat in Q2 at Rs 13,656 crore

Mukesh Ambani-led Reliance Industries (RIL) on Friday reported a consolidated net profit (attributable to the company’s owners) of Rs 13,656 crore for the quarter ended September 30, 2022 (Q2). This was almost flat over the year-ago period figure of Rs 13,680 crore, but fell well short of expectations. The oil-to-telecom conglomerate’s gross sales for the quarter came in at Rs 2.53 trillion, up 32 per cent over the year-ago period. Read more
 

After Rs 1,338-cr penalty on Google, CCI speeds up Apple antitrust case

On the heels of its order against Google, the Competition Commission of India (CCI) is expediting its probe in the Apple Inc matter and is expected to finalise its investigation by the end of January. The competition watchdog, which had launched the probe against the iPhone maker in December 2021 over alleged violations of antitrust laws, will soon be quizzing app developers and also seek a response from the company, according to an official in know. Apple’s restrictions prima facie result in denial of market access for potential app developers and distributors. Read more
 

Voda Idea gets board approval to raise Rs 1,600 crore from ATC Telecom

Loss-making telecom operator Vodafone Idea board on Friday approved a proposal to raise up to Rs 1,600 crore from mobile tower company ATC Telecom Infrastructure, the company said in a regulatory filing. "The Board of Directors of Vodafone Idea Limited at its meeting held today - October 21, 2022 - has, inter-alia, approved issuance of up to 16,000 Indian Rupee denominated optionally convertible, unsecured, unrated and unlisted debentures having a face value of Rs 10,00,000 each, in one or more tranches, aggregating up to Rs 1,600 crores, convertible into equity shares at a conversion price of Rs 10 per equity share, to ATC Telecom Infrastructure Private Limited," VIL said. Read more
 

Diwali 2022: Dhanteras likely to see bumper demand for jewellery

Another bumper season is awaiting jewellers as demand during Dhanteras and Diwali is expected to be 15-20 per cent higher than what it was last year. In the previous season, demand was up 20-25 per cent over a year earlier but that was mainly because of pent-up demand from the lockdown year. Read more
 

Gautam Adani to target Europe with huge Morocco clean energy project

Gautam Adani is in exploratory talks for a giant renewables project in Morocco, which would aim to supply electricity and emissions-free fuel to Europe. Adani’s coal-to-ports conglomerate is considering building wind and solar generation plants in the North African nation and facilities to produce green hydrogen for export, according to people familiar with the proposals and who requested anonymity to discuss private details. Read more