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Adani says will use 5G spectrum to support data centres, businesses

Richest Indian Gautam Adani's group on Tuesday said the Rs 212 crore worth of spectrum it has bought in a millimetre wave band will be used to create a private network to support its businesses and data centres.

Adani Data Networks Ltd (ADNL), a unit of Adani Enterprises Ltd, acquired the right to use 400MHz of spectrum in the 26GHz millimetre wave band for 20 years in the auction that concluded on Monday. Adani Group plans to use the airwaves for its data centres as well as the super app it is building to support businesses from electricity distribution to airports, and gas retailing to ports.

Bank of India's Q1 profit declines 22% to Rs 561 cr as provisions rise

Bank of India's net profit declined 22.08 per cent year-on-year (YoY) to Rs 561 crore in the first quarter of financial year 2022-23 (Q1FY23) on fall in non-interest income and rise in provisions for bad loans.

The Mumbai-based public sector lender had posted a net profit of Rs 720 crore during the year-ago period (Q1FY22). The bank’s stock closed 2.65 per cent higher at Rs 50.4 per share on BSE on Tuesday.

BP boosts dividend after Q2 profit hits 14-year high of $8.45 bn

BP's second quarter profit soared to $8.45 billion, its highest in 14 years, as strong refining margins and trading prompted it to boost its dividend and spending on new oil and gas production.

The strong performance caps a blowout quarter for the top Western oil and gas companies on the back of soaring energy prices that have increased pressure on governments to impose new taxes on the sector to help consumers.

Shapoorji Pallonji sells entire stake in Jammu-Udhampur highway to NIIF

Shapoorji Pallonji (SP) Group has sold its stake for an undisclosed amount in the Jammu-Udhampur Highway to the state-run National Infrastructure Investment Fund (NIIF) to service its bond market debt. The group undertook the project through a unit called SP Jammu Udhampur Highway Limited in 2011, after getting the contract to build a 64.5-km highway on a build-operate-transfer (annuity) basis. The concession agreement allowed the firm to collect a pre-agreed semi-annual sum for the next 20 years.

GAIL starts to ration gas as former Gazprom unit cuts supplies: Report

India's largest gas distributor GAIL (India) Ltd has started gas rationing, cutting supplies to fertiliser and industrial clients after imports were hit under its deal with a former unit of Russian energy giant Gazprom, two sources familiar with the matter said.

Lower gas supplies will affect impact India's urea production, and a sustained cut would lift imports of the soil nutrient, a fertiliser industry source aware of the cuts said.

HDFC Bank Parivartan signs Rs 107 crore deal with IISc Bengaluru HDFC Bank Parivartan on Tuesday signed a memorandum of understanding with the Indian Institute of Science, pledging Rs 107.76 crore for construction of Bagchi-Parthasarathy Hospital at IISc Bengaluru. The three wings of the hospital to be supported by the bank are cardiology, radiology and emergency medicine, it said in a statement.

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