Business
Mukesh Ambani’s Reliance Industries Toppled By SBI To Become India’s Most Profitable Firm
It is not often that another Indian company gets to pip Reliance in the profitability sweepstakes. But, in the June 2023 quarter i.e., Q1FY24, the State Bank of India (SBI) has reported higher profits than Reliance Industries, claimed media reports.
For the quarter, Q1FY24, Reliance had reported net profits of Rs 16,011 crore while SBI had reported net profits of Rs 18,537 crore, a full 15.8 per cent higher than the profits reported by Reliance Industries. It is not just the latest quarter. Even if you look at the four rolling quarters from September 2022 to June 2023, then Reliance Industries has reported net profits of Rs 64,758 crore while the 4 quarter rolling net profits of SBI is 3.25 per cent higher at Rs 66,860 crore, the report said.
Incidentally, this is the first time in more than a decade that SBI has reported higher profits than Reliance Industries in 4 rolling quarters combined, the report said. The last time it happened was way back in the fiscal year 2011-12 when SBI reported a trailing 12-month net profit of Rs 18,810 crore against Reliance’s consolidated net profit of Rs 18,588 crore.
Historically, reliance has competed with other firms like Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation from the public sector oil and gas majors to rank the country’s most profitable firm.
In April-June of 2012-13 Indian Oil had outperformed reliance to get to the top of the profit league table. Prior to this ONGC was on the top until October-December quarter of FY12.
Just about 3-4 years back, PSU banks were struggling with tepid growth in top line, high levels of NPAs and low capital adequacy. Things have changed drastically in the last few years.
Multiple rounds of capital infusion by the government have helped to better capitalize the public sector banks. A focus on retail has helped the public sector banks to improve their financial performance. What has been the outcome, SBI has been consistently showing growth in net interest income (NII), one of the most important measures in the banking industry, the report said.
Secondly, the net interest margins (NIM) have expanded sharply for most of the PSBs in the last few years. Above all, consistent provisions and a focus on recoveries has reduced the gross NPAs of PSBs, cut the net NPA levels to below the 1% mark on an average and also sharply reduced the quarterly provisions. That has sharply improved the provisions coverage ratio, the report said.
Business
Navi Mumbai: CIDCO’s 9.6-Km Kharghar Coastal Road Work To Begin In 2026, Promises Faster NMIA Connectivity By 2029

Navi Mumbai: Construction of the much-anticipated Kharghar Coastal Road — a key link that will enhance connectivity to the upcoming Navi Mumbai International Airport (NMIA) — is expected to commence in early 2026, following the receipt of mandatory forest clearances.
Planned by the City and Industrial Development Corporation (CIDCO), the 9.678-kilometre-long and 30-metre-wide arterial road will connect the airport to major nodes such as Belapur and Nerul, significantly improving regional mobility and supporting economic growth across Navi Mumbai.
The project will also provide direct high-speed access to the International Corporate Park (ICP) being developed on the lines of Bandra Kurla Complex (BKC), the Golf Course, and the FIFA-standard Centre of Excellence (COE) at Kharghar.
A grade-separated interchange over the Sion-Panvel Expressway is part of the plan to ensure smooth traffic flow and reduce congestion between the airport and nearby business and recreational hubs.
Of the total road length, 6.96 kilometres will be newly developed, while the remaining portion will integrate with the existing network. The corridor will also cater to the anticipated transport demand from upcoming projects such as the Water Transport Terminal and Pradhan Mantri Awas Yojana (PMAY) housing schemes in the area.
CIDCO has awarded the construction contract to the J Kumar–J M Mhatre Joint Venture. Officials said the project will not only boost airport connectivity but also strengthen Kharghar’s position as a major residential and commercial hub, linking it seamlessly to Taloja and Navde.
“Known for its well-planned infrastructure, green cover, and educational institutions, Kharghar is poised to witness a new phase of growth once the coastal road becomes operational. Kharghar coastal road is estimated to be ready by 2029 if everything goes as per plan,” an official from CIDCO said.
Business
Telecom operators embrace AI to bolster revenues, drive efficiency globally

New Delhi, Nov 8: Leading telecoms globally are deploying artificial intelligence (AI) across network operations, customer service, and fraud prevention to drive efficiency and reduce costs, according to a new report.
These initiatives are already contributing to EBITDA margin gains, with predictive maintenance and automated support systems leading the way, according to an IDC report.
AI also enables personalised offerings and dynamic pricing, boosting average revenue per user (ARPU) and reducing churn.
Fraud detection systems enhanced by AI are helping reduce losses, reinforcing customer trust and regulatory compliance. With AI accelerating time-to-market for new services, telecoms can better monetize emerging technologies like 5G and edge computing.
“In the longer term, as AI continues to evolve, it will be increasingly recognized not as a mere technological enhancement, but as a strategic enabler poised to drive sustainable growth for telecommunications operators,” said the report.
Meanwhile, worldwide spending on telecommunication and pay TV services is projected to reach $1,532 billion in 2025, representing an increase of +1.7 per cent year-on-year, according to the IDC report.
The latest forecast is slightly more optimistic compared to the forecast published earlier this year, as it assumes a 0.1 percentage point higher growth of the total market value.
The regional dynamics remain mixed, with inflationary effects, competition, and Average Revenue per User (ARPU) trends playing a central role in shaping market trajectories, said Kresimir Alic, research director, Worldwide Telecom Services at IDC.
The breakdown by telecom service type confirms that established trends remain intact, despite adjustments to overall market forecasts.
Mobile continues to dominate, driven by rising data consumption and the expansion of M2M applications, which are offsetting declines in traditional voice and messaging revenues.
Fixed data services are also expected to grow steadily, fuelled by increasing demand for high-bandwidth connectivity.
The global connectivity services market is projected to grow at a compound annual rate of 1.5 per cent over the next five years, maintaining a cautiously optimistic outlook.
Business
Govt plans AI-based eKYC, global credential verification in DigiLocker

New Delhi, Nov 8: The Ministry of Electronics and IT on Saturday announced plans for AI-based eKYC and global credential verification in the DigiLocker platform.
The platform has evolved from a secure document storage service into a trust layer that connects citizens with ministries and departments, according to an official statement.
National e-Governance Division (NeGD), Ministry of Electronics and IT organised the National Conference on DigiLocker to discuss and showcase how DigiLocker evolves into a cornerstone of trust, convenience, and efficiency across government, education, and industry sectors.
The conference underscored the transformative role of DigiLocker in facilitating paperless governance, inclusive education, and secure digital services.
“DigiLocker serves as the trust layer connecting citizens, ministries, and departments—enabling secure, interoperable, and accountable digital governance. Our vision is a future where every digital interaction is trusted, every citizen empowered, and every institution accountable” said S. Krishnan, Secretary of MeitY, who chaired the conference.
Krishnan said that the platform advances India’s digital journey from connectivity to capability, service delivery to self-reliance and now from digitalisation towards trust.
Abhishek Singh, Additional Secretary of the Ministry of Electronics and IT, outlined the future of DigiLocker with AI-based eKYC and global credential verification, positioning it as a global model for paperless governance.
Presentations were made on integration of Digi Locker with Pension and Treasury systems in Maharashtra and with over 500 services through Sewa Setu Portal in Assam, the statement noted.
Seven states, including Assam, Himachal Pradesh, Madhya Pradesh, Meghalaya, Kerala, Maharashtra, and Mizoram, have been recognised as “DigiLocker Accelerators” for their distinct achievements.
DigiLocker allows citizens to access, verify, and share IDs, financial credentials and certificates securely.
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