Business Standard - December 01, 2023

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December 01, 2023

JSW to buy 35% in JV with SAIC Motor

The JSW group and SAIC Motor of China on Thursday signed a strategic joint venture (JV), with the Sajjan Jindal-led conglomerate holding a 35 per cent stake in the new entity.

2 mins

GDP expands 7.6% in Q2

India's gross domestic product (GDP) grew at 7.6 per cent in the September quarter of 2023-24, outperforming expectations by a wide margin as manufacturing and construction activities expanded by double digits.

2 mins

Edge to BJP in MP, a close fight in Raj

EXIT POLLS Most exit polls on Thursday predicted a photo finish in Rajasthan, with a couple of them suggesting that the Congress could be on the cusp of breaking a quarter-century trend of the state's electorate throwing out the party in power, and that the party was ahead of the ruling Bharat Rashtra Samithi (BRS) in Telangana and set to return to power in Chhattisgarh.

1 min

BFSI forms larger pie of corporate profits in India than US, Europe

The global banking, financial services, and insurance (BFSI) industry over the past year has seen a significant increase in revenues and net profits.

2 mins

Coke bottler to open ₹1.3K cr Ratnagiri unit

Hindustan Coca-Cola Beverages (HCCB), the bottling arm of Coca-Cola in India, held its groundbreaking ceremony for its greenfield factory at the MIDC Lote-Parshuram Industrial Area, Khed in Ratnagiri, Maharashtra, with an estimated investment of ₹1,387 crore.

1 min

AHEAD OF IPO - Mamaearth sold excess stock to distributors

70 distributors in Maharashtra, Goa sitting on 90-day inventory

1 min

Building talent pool, supply chain can help India in semicon race'

India can become a leader in the semiconductor industry by building a strong talent pool, offering solutions to the global supply chain challenges and encouraging collaboration between its academia and startups to foster innovation, industry experts said on Thursday.

1 min

UltraTech to buy Kesoram's cement biz in all-stock deal

Industrialist Kumar Mangalam Birla is set to take over the cement business of Kesoram Industries, a prized asset in the business empire of his grandfather BK Birla, who died in 2019.

2 mins

'Can no longer sustain': Go First CEO Khona quits

Go First's Chief Executive Officer (CEO) Kaushik Khona disputes, not HC' resigned from his position nearly seven months after the airline filed for insolvency.

1 min

Need guardrails to ensure AI is never misused: MOS IT

The Indian government sees artificial intelligence (AI) as a \"kinetic enabler\" for its $1 trillion digital economy goal, Minister of State for Electronics and Information Technology Rajeev Chandrasekhar said on Thursday, even as he called for legislative measures to prevent the misuse of technology by bad actors.

1 min

Whirlpool to sell up to 24% in India biz to reduce debt

Whirlpool will sell up to 24 per cent of its stake in the company's India business in a bid to reduce debt, weeks after the unit reported weaker profit due to rising competition and pricing pressures.

1 min

PVR Inox to spend ₹500 cr to open 150 screens in FY25

Multiplex operator PVR Inox will open 150 screens in the next financial year (FY25) with an investment of about 500 crore, said Sanjeev Kumar Bijli, executive director, PVR Inox.

1 min

Smartphone PLI created 500K jobs, says Vaishnaw

The government's productionlinked incentive (PLI) scheme has led to incremental job creation of 500,000 in the mobile phone industry, said Union Minister for Railways, Communications, Electronics & Information Technology Ashwini Vaishnaw on Thursday at the official inauguration of Dixon Technologies (India)'s new smartphone manufacturing facility in Noida, Uttar Pradesh.

1 min

upGrad's revenue jumps 96% for FY23, Ebitda loss shrinks

Edtech firm upGrad's revenue increased 96 per cent to ₹1,194 crore in 2022-23 (FY23), up from ₹608 crore in FY22.

1 min

Weak harvest dries up farm GVA in Q2

The growth of gross value added (GVA) of agriculture and allied sectors slowed to 1.2 per cent year-on-year (Y-o-Y) at constant prices in the second quarter of financial year 2023-24 (Q2FY24) from 3.5 per cent in the previous quarter and 2.5 per cent in the yearago period, according to the official data released on Thursday.

1 min

Investment growth hits 5-quarter high

Amid the front-loading of capital expenditure (capex) by the central government, growth in capital investment accelerated sharply to 11 per cent during the second quarter (Q2, or JulySeptember) the highest in five quarters from 7.9 per cent in April-June this financial year, the data released by the National Statistical Office (NSO) on Thursday showed.

2 mins

'Q2 numbers an upside for FY24 GDP estimate'

The Centre sees better-thanexpected 7.6 per cent growth in the July-September quarter as an upside for its full-year estimate of economic growth in the country.

1 min

Fin secy: No legal bar on member's reappointment

Amid speculation over the composition of the sixteenth Finance Commission, Union Finance Secretary T V Somanathan (pictured) on Thursday said no legal provisions disallow members from being re-appointed.

1 min

Q2FY24 GDP surprised on the upside

Led by healthy year-on-year (Y-o-Y) as well as sequential pickup in manufacturing, construction and majority of the services, India's real GDP growth in Q2, FY24 at 7.6 per cent (Y-0-Y) was much higher-thananticipated.

2 mins

Major tax collections declined in October

collections from major central much to the government.

1 min

CENTRE OKAYS DEFENCE BUYS More Tejas, choppers in ₹2.23 trn deal

India on Thursday accorded an initial approval to defence acquisition projects worth 2.23 trillion that included procurement of 97 Tejas light combat aircraft and 156 Prachand combat helicopters in a major move to significantly enhance the combat capabilities of its armed forces amid China's increasing military posturing along the contested frontier.

1 min

Core sector output grew by 12.1% on low base effect

India's core sector output, that measures production by eight industries, grew by 12.1 per cent in October compared to the same time last year, the government said on Thursday.

1 min

Experts warn of Covid spike in Kerala as vax immunity wanes

A family in Kerala recently contracted Covid.

2 mins

A struggle for renewables as China powers up with coal

The world's biggest climate conference in Dubai has commenced, featuring India and China, two of the world's three largest emitters, expected to play pivotal roles in negotiations on the extent of the climate pendulum's swing to combat global warming.

3 mins

ELECTION SNAPSHOT: 75% PRESSED THE BUTTON IN 4 OF 5 STATES

Polling for five states Chhattisgarh, Madhya Pradesh, Mizoram, Rajasthan, and Telangana - ended on Thursday with a voter turnout of 75 per cent and above except for the southern state.

1 min

US charges on Indian national a 'matter of concern': MEA

India on Thursday described as a \"matter of concern\" the US charging an Indian national with conspiring to kill a Sikh separatist on American soil, and asserted that a high-level probe committee will investigate all aspects of the case.

1 min

Nothing pending from Centre to K'taka: FM

Union Finance Minister Nirmala Sitharaman on Thursday said there is \"nothing pending\" from the Central government to Karnataka and the National Disaster Response Fund (NDRF) for the drought relief to the state, which is due, will be decided once the high-power committee decides.

1 min

In a win for India, COP28 okays loss & damage fund

On the first day of the Conference of Parties (COP28) in Dubai, the landmark loss and damage fund (LDF) was approved in just hours of the premier climate conference starting its negotiations.

2 mins

Microsoft to take observer position OpenAI board on

Microsoft will take a non-voting, observer position on OpenAI's board, CEO Sam Altman said in his first official missive after taking back the reins of the company on Wednesday.

1 min

Elon Musk curses out advertisers who left X over antisemitic content

Billionaire Elon Musk swore at advertisers that have fled his social media platform X over antisemitic content in a fiery Wednesday interview.

1 min

Heirs beat self-made billionaires for first time: UBS

UBS Group AG said heirs joining the ranks of the world's richest over the past year had racked up more wealth than newly-minted self-made billionaires, in a sign that the transfer of family fortunes is becoming an ever-larger factor in the distribution wealth.

1 min

Israel, Hamas extend Gaza truce by 1 day

Hamas hands over two women hostages

1 min

US consumer spending slowed in Oct, weekly jobless claims rose

US consumer spending rose moderately in October, while the annual increase in inflation was the smallest since early 2021, signs of cooling demand that could further strengthen expectations that the Federal Reserve's interest rate hiking campaign was over.

1 min

Opec+ agrees on deeper output cuts

Opec+ oil producers on Thursday agreed to output cuts approaching 2 million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its current voluntary cut, delegates told Reuters.

1 min

The learning curve - estimonial ads by coaching schools should be curbed

The Central Consumer Protection Authority (CCPA) has asked the government's Department of Personnel and Training (DoPT) to enforce conduct rules and disallow candidates who pass the civil-services examination to earn through testimonial advertisements after their selection.

2 mins

The fossil fuel dilemma

The production of fossil fuels coal, oil and natural gas jumped to a record high last year, with as much as 237 million barrels of oil equivalent produced each day.

3 mins

Building the fighter fleet

In the face of combat aircraft shortfall and changing warfare dynamics, the IAF's acceptance of indigenous defence systems marks a positive shift in strategy TULUSTRATIO

4 mins

Distributors flock to MFs as returns, flows improve

An improved showing of mutual funds (MFS) is helping the industry attract distribution talent at a brisk pace.

2 mins

Zomato's superior execution should hold it in good stead

A recent release by Swiggy investor Prosus has set off an inevitable comparison with Zomato.

2 mins

Tata Tech shares soar 2.7 times on blockbuster market debut

The global ER&D player registers best listing-day performance for an IPO of over ₹500 crore

2 mins

Despite near-term risks for equities, IPO charm to stay

Notwithstanding the nearterm risks stemming from the Assembly election outcome, which investors may extrapolate to the general election in 2024, along with volatile oil prices, asymmetrical global growth, and geopolitical tensions, analysts expect the buzz in the primary markets to remain intact in 2024.

2 mins

Smallcaps see biggest monthly leap in 3 years; Nifty climbs 5.5% in Nov

Notwithstanding concerns about lofty valuations, smallcaps recorded their most significant monthly gain in nearly three years in November.

1 min

₹ closes at new low of 83.39 per $

Worst performer among Asian currencies in Nov

2 mins

Tight liquidity: OMO not on the discussion table

Discussions over open-market operation (OMO) auctions have temporarily waned among bond market participants, given the current tightness in the banking system liquidity.

1 min

Pesticide industry opposes Maha draft Bill on aid to farmers

Leading pesticide manufacturers and formulators have opposed the Maharashtra government's draft Bill seeking to provide compensation to farmers for incurring financial losses due to the use of adulterated and spurious seeds, insecticides and fertilisers, saying it will lead to unfair claims and put genuine suppliers to excessive checks and scrutiny.

2 mins

Pace of credit to retail declined to 18% in Oct

The pace of bank credit in the retail segment moderated to 18 per cent on a year-on-year (Y-O-Y) basis in October 2023, down from 20.5 per cent a year ago.

1 min

Esops: Boon or bane

It has always been believed that motivated employees of a company.

3 mins

MINIMUM GOVERNMENT, MAXIMUM GOVERNOR

The saga of state govts vs Governors takes new twists with Supreme Court's intervention

5 mins

Diplomatic powerhouse who shaped US foreign policy

Henry Kissinger, a controversial Nobel Peace Prize winner and diplomatic powerhouse whose service under two Presidents left an indelible mark on US foreign policy, died at his home in Connecticut on Wednesday at age 100, Kissinger Associates Inc said.

4 mins

Nilekani, Nikhil Kamath in Forbes Asia philanthropy heroes list

Infosys Co-founder Nandan Nilekani, chairman emeritus at DLF K P Singh and Zerodha Cofounder Nikhil Kamath have featured in the 17th edition of Forbes Asia's Heroes of Philanthropy list released on Thu The unranked list \"highlights business leaders who are donating from their fortunes and giving personal time and attention to their select causes\", Forbes said in a press release.

1 min

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