Page 12 - Banking Finance June 2025

ROUNDUP

Larsen & Toubro (L&T) reported a 25% Energy Hub in Andhra India's Exports to US Cross
rise in consolidated profit after tax
(PAT) to Rs 5,497 crore for the fourth Pradesh $11 Billion Mark in March,
quarter ending March 31, 2025. This ReNew Power will invest Rs 22,000 Record Monthly High
compares to Rs 4,396 crore in the crore to establish India's largest re- India's monthly exports to the United
same period last year. The company newable energy project in Andhra States soared to a record $11.2 billion
also recorded an increase in revenue Pradesh, marking its re-entry into the in March 2025, crossing the $10 billion
from operations to Rs 74,392 crore, up state after five years. The green en- threshold for the first time and reflect-
from Rs 67,079 crore. ergy complex in Anantapur will feature ing a near 50% jump over the 12-
L&T's total order inflow during the fi- a 1,800 MW solar plant, a 1,000 MW month average, according to the US
nancial year stood at a record Rs wind facility, and a 2 GWh battery en- Census Bureau. This spike pushed the
3,56,631 crore, marking an 18% year- ergy storage system (BESS), developed total bilateral goods trade to $15 bil-
on-year growth. Notably, international in two phases. Additionally, a 100- lion for the month.
orders contributed Rs 2,07,478 crore, kilometre extra-high voltage transmis- The increase follows a 90-day tariff
accounting for 58% of the total. sion line will be built for power evacu- pause announced by US President
Commenting on the performance, S N ation. Donald Trump and growing anticipa-
Subrahmanyan, Chairman and Manag- The groundbreaking ceremony is tion around a formal India-US trade
ing Director, said, "We achieved the scheduled for May 16 and is expected pact. From January to March 2025,
highest ever yearly order inflows in the to be attended by Andhra Pradesh India exported $27.7 billion in goods to
company's history which buoys our or- Minister Nara Lokesh. In the first the US and imported $10.5 billion, re-
der book to a record level." The robust phase, ReNew will construct 587 MW sulting in a trade surplus of $17.2 bil-
order pipeline is expected to drive the lion.
of solar, 250.8 MW of wind power, and
company's continued growth trajec-
415 MWh of BESS. The remaining ca- "India blows the doors off its record for
tory. exports to the U.S. in March-$11.2b,"
pacity will be developed in later
phases. The project underscores the said Richard Rossow of the Center for
ReNew Power to Set Up state's growing appeal as a hub for Strategic and International Studies.
Rs. 22,000 Crore Green renewable energy infrastructure. Annual goods trade between the two
nations reached $129.2 billion in 2024,
up from $124.1 billion in 2023.
Indore Declared India's First Beggar-Free City After

Year-Long Drive Apple to Shift Entire Mo-
Indore has become India's first beggar-free city following a concerted cam- bile Production to India in
paign initiated in February 2024, officials confirmed. The initiative, launched Future, Says Scindia
by the district administration, aimed to rehabilitate the city's 5,000 beg-
Telecom Minister Jyotiraditya Scindia
gars, including 500 children, by enrolling them in schools and providing em- announced that Apple plans to source
ployment opportunities. "Indore has become the country's first beggar-free and manufacture all its mobile phones
city," said District Magistrate Ashish Singh, adding that the campaign has in India going forward, positioning the
now become a national model, gaining recognition from the Union Ministry country as a key global manufacturing
of Social Justice and Empowerment and the World Bank. hub. Speaking at the Bharat Telecom
Authorities cracked down on begging by banning the practice and discour- event, Scindia highlighted India's rise
aging citizens from offering money or buying items from beggars. Three FIRs as a reliable and cost-effective produc-
tion base for global smartphone
have been registered so far for violations. A reward of Rs 1,000 is offered
brands.
to those reporting instances of begging. Many beggars from Rajasthan were
also identified during the campaign. Indore is among 10 cities selected un- He noted that the government's Pro-
der a central pilot initiative to eliminate begging. duction Linked Incentive (PLI) scheme
had transformed the telecom equip-

BANKING FINANCE | JUNE | 2025 | 11