Business Standard - April 28, 2023
Business Standard - April 28, 2023
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In this issue
April 28, 2023
I-T lens on big spenders, aims to widen tax base
Targets adding 10% new filers in FY24, raising base to about 86 million
2 mins
HUL's net profit rises 12.8% in Q4
Hindustan Unilever (HUL) - the country's largest fast-moving consumer goods (FMCG) major - registered a 12.8 per cent year-on-year (YoY) increase in net profit in the March quarter (Q4) of financial year 2022-23 (FY23), which was in line with Street estimates.
2 mins
'Looking closely at banks' biz models'
The Reserve Bank of India (RBI) is looking closely at banks' business models to flag any deficiencies that could impact financial resilience, Governor Shaktikanta Das said on Thursday, but added that domestic lenders can maintain minimum capital even under severe stress conditions.
2 mins
Godrej acquires Raymond's FMCG biz for ₹2,825 cr
Godrej Consumer Products (GCPL) on Thursday announced the acquisition of the consumer products business of Raymond Consumer Care (RCCL), a subsidiary of BSE-listed Raymond, in an all-cash deal of ₹2,825 crore.
1 min
Wipro announces ₹12K-cr buyback at ₹445/share
Wipro on Thursday said it intended to buy back about 4.91 per cent of its share in a ₹12,000-crore plan. The IT company also said the total outlay for the buyback, including taxes, will be $1.8 billion (₹14,800 crore).
1 min
In a first, OYO turns cash flow-positive in 4th quarter
Softbank-backed hospitality major OYO said it turned cash flow-positive in the fourth quarter of FY23, marking its first profitable quarter, the company told its employees in a presentation.
1 min
USFDA flags violations at Ipca plant
Ipca Laboratories said on Thursday the US Food and Drug Administration (USFDA) has issued three observations under form 483 for the company's formulation manufacturing facility at Piparia, near Silvassa.
1 min
Adani to raise $1bn to finance green projects
Billionaire tycoon Gautam Adani's group is looking to raise $1-1.5 billion for financing new green energy projects in the conglomerate's biggest borrowing since the group came under attack from a US short seller in January.
2 mins
Swiggy partners apna to hire 10,000 gig workers
Online food delivery platform Swiggy has partnered jobs and professional networking company apna to create 10,000 hyperlocal opportunities for its quick commerce grocery service -Instamart - in 2023.
1 min
IRB bags ₹7,400-cr Hyderabad Outer Ring Road project
It is India's second largest road monetisation asset
1 min
Import of key Chinese medical devices rises up to 152% till DecFY23
In the first nine months of financial year 2022-23, India's exports of medical devices have grown by 17 per cent, while imports have declined by around 8 per cent, show the latest data compiled by the Association of Indian Medical Device Industry (AiMeD).
2 mins
Rail network in 14 states 100% electrified, N-E lags
The Indian Railways fully electrified the broad-gauge (BG) network of 14 states and Union Territories (UTS) by the end of 2022-23 (FY23), data released by the Ministry of Railways shows. It is looking to complete electrification by December end.
2 mins
Rajnath to China: Existing border pact violations 'eroded' basis of ties
In a clear message, Defence Minister Rajnath Singh on Thursday told his Chinese counterpart Li Shangfu that China's violation of agreements along the frontier in eastern Ladakh \"eroded\" the entire basis of bilateral ties and that all issues must be resolved in accordance with the existing pacts.
1 min
Axis Bank reports ₹5,728-cr loss on Citi biz acquisition
Barring the deal, Q4 net profit jumps 61% to ₹6,625 crore
1 min
FAME 3.0 likely only if funds in surplus
The Centre will take a call on the third leg of the faster adoption and manufacturing of (hybrid &) electric vehicles (FAME) if funds are left at the end of the current fiscal year, senior government officials told Business Standard.
2 mins
HDFC likely to raise ₹15K cr in 10-yr bonds next week
Development The Housing Finance Corp is likely to raise up to ₹15,000 crore ($1.84 billion) through bonds maturing in 10 years, three merchant bankers said on Thursday.
1 min
Sweeping spending cuts for America: Republicans clear debt-ceiling hike
The US House of Representatives on Wednesday narrowly passed a Bill to raise the government's $31.4 trillion debt ceiling, defying Democratic President Joe Biden by attaching sweeping spending cuts for the next decade.
1 min
Fed impact: US economic growth at 1.1% in Q1
NINE INTEREST RATE HIKES OVER THE PAST YEAR: The surge in borrowing costs is expected to send the economy into a recession sometime this year
2 mins
Rape case against Trump goes to trial
Donald Trump raped a former American columnist E Jean Carroll (pictured) and later mocked her with defamatory comments, a US court hearing a lawsuit against the ex-president was told.
1 min
IFSC relaxation may boost trade in foreign stocks
The Reserve Bank of India's (RBI's) decision on Wednesday to relax restrictions on banks operating in the International Financial Services Centre (IFSC) related to the repatriation of idle funds in foreign currency accounts (FCA) could give a fillip to trading in foreign stocks at the GIFT City.
2 mins
Business Standard Newspaper Description:
Publisher: Business Standard Private Ltd
Category: Newspaper
Language: English
Frequency: Daily
Business Standard is India's leading business daily.
A preferred choice of serious business readers, Business Standard is acknowledged as a quality leader.
Business Standard stands for reporting that stresses accuracy and credibility, commentary that is informed, independent and fair, and journalism that is rooted in ethical conduct and defined by a sacrosanct bond with the reader. All Business Standard journalists sign on to a code of conduct that is available on the website.
Business Standard's editorial team is led by Shyamal Majumdar.
The English newspaper is published from 12 centers - New Delhi, Mumbai, Kolkata, Bengaluru, Chennai, Ahmedabad, Hyderabad, Chandigarh, Lucknow, Pune, Kochi and Bhubaneswar. It is also printed from Bhopal.
The Hindi Business Standard is published from eight centres - New Delhi, Mumbai, Kolkata, Patna, Lucknow, Bhopal, Chandigarh and Raipur.
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