Retail inflation accelerates to 7.41% in Sept; IIP contracts 0.8% in Aug
In a double whammy for the economy, India’s retail inflation rate shot up to 7.41% in September from 7% in the preceding month while factory output contracted 0.8% in August, data released by the National Statistical Office showed.
The consumer price index (CPI) based inflation was driven by a higher food inflation rate of 8.6% in September while contraction in output of mining and manufacturing led to a dip in factory output. READ MORE.
Wipro Q2 results: Net profit declines 9% to Rs 2,659 cr; revenue rises 15%
IT services major Wipro Ltd on Wednesday reported a 9.3 per cent drop in its September quarter net profit, weighed down by rising staff expenses and lower non-US earnings.
Profit attributable to equity shareholders of the company was 9.3 per cent lower at Rs 2,659 crore, the company said in a statement. READ MORE.
Govt to give Rs 22,000-cr one-time grant to oil PSUs to cover LPG losses
The government will extend a one-time grant of Rs 22,000 crore to three state-owned fuel retailers to cover for the losses they incurred on selling domestic cooking gas LPG below cost in the last two years, I&B Minister Anurag Thakur said on Wednesday.
The Union Cabinet headed by Prime Minister Narendra Modi at a meeting on Wednesday, approved the one-time grant to three oil marketing companies – Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), Thakur told a news briefing. READ MORE.
HCL Tech Q2 net rises 7% to Rs 3,489 cr, firm declares Rs 10 dividend
IT firm HCL Tech on Wednesday reported 7% rise in consolidated net profit at Rs 3,489 crore for the quarter ending September 30, 2022. It reported consolidated net profit of Rs 3,259 crore in the year-ago period.
The company’s revenue from operations rose 20% to Rs 24,686 crore in Q2FY23 as against Rs 20,655 crore in Q2FY22. READ MORE.