Business Standard - December 08, 2023

In this issue

December 08, 2023

Stop producing ethanol from sugarcane juice: Govt to mills

Ethanol from B-heavy NOT IN SWEET SPOT Shares of sugar and ethanol firms decline molasses allowed

2 mins

Sitharaman rules out 'spectacular' interim Budget

Says India's economic growth supported by all sectors

2 mins

Realty boost: IT SEZ developers get flexibility to use vacant space

The commerce ministry has made life easier for developers of special economic zones (SEZs) related to information technology (IT) and IT-enabled services (ITES) as the income-tax holiday given to them is being withdrawn.

2 mins

BIG FIRMS WEIGH BIDS FOR CRITICAL MINERAL BLOCKS

Come January, India's maiden auction round for critical mineral blocks may see interest from some of the biggest players in the industry.

2 mins

AWG downgrades India to negative on Go First woes

A viation Working Group (AWG), a global aviation group comprising plane manufacturers and lessors, on Thursday downgraded India to \"negative\" from \"positive\" as lessors were not able to repossess their aircraft from Go First more than seven months after the airline filed for insolvency.

1 min

ED files charge sheet against Vivo India

The Enforcement Directorate has filed its first charge sheet in connection with its money laundering probe against Chinese smartphone maker Vivo India and some others, official sources said on Thursday.

1 min

SpiceJet looks to tap equity route for funds

SpiceJet, which has been grappling with a cash crunch for several quarters, announced on Thursday that its board is considering options for raising fresh capital through the issuance of equity or convertible securities on a preferential basis.

1 min

NCLT grants SpiceJet, lessor time till Jan for settlement

The National Company Law Tribunal (NCLT) on Thursday granted low-cost carrier Spicejet and aircraft lessor Celestial Aviation time till January 18 for settlement after the airline told the tribunal that they have made partial payments to the lessor.

1 min

Office rents up 7% in top 7 cities despite tepid leasing in HIFY24: Anarock

Notwithstanding tepid leasing activity in the first half (H1) of 2023-24 (FY24), average rental values across the top seven cities witnessed a 7 per cent growth in H1FY24 compared to the same period in 2022-23 (FY23), essentially due to increased construction and input costs, according to Anarock Research.

2 mins

Driven by AI, Micron sees robust chip demand

US-based chipmaker Micron Technology is expecting demand for semiconductors to rise significantly in the next few years, globally and in India, as memory consumption is going up, largely driven by the widespread adoption of technologies like artificial intelligence (AI).

2 mins

ChrysCapital buys stake in ProHance, enters SaaS space

Private equity firm ChrysCapital said on Thursday it has acquired a 75 percent stake in ProHance Analytics, a software-as-a-services (SaaS) expert in workforce analytics and operations.

1 min

BILLING SYSTEM CASE - Google withdraws appeal against Delhi HC order

Google on Thursday withdrew its appeal against a single judge order of the Delhi High Court directing the Competition Commission of India (CCI) to take up the application moved by a group of Indian digital startups against the tech giant's new inapp user choice billing system.

1 min

'Digital public infra fuelling innovation'

India's digital public infrastructure (DPI) ecosystem is fuelling market innovation and value creation, accelerating the emergence of new startups, and enabling them to challenge incumbents, said Nandan Nilekani, co-founder of Infosys who spearheaded the country's unique identification project, on Thursday.

1 min

GenAI startup Sarvam AI raises $41 million

Sarvam AI, a generative artificial intelligence (GenAI) startup, on Thursday said it raised $41 million in a Series A round led by Lightspeed and supported by Peak XV Partners and Khosla Ventures.

1 min

Mobile manufacturing to hit $50 bn in FY24: Vaishnaw

Mobile phone manufacturing worth $50 billion will take place in India in the current financial year and the total exports from the category will reach $15 billion, Information Technology Minister Ashwini Vaishnaw said on Thursday, asserting that the country's overall exports are set to touch $1 trillion very soon.

1 min

Indian envoy met 8 former Navy men on death row: MEA

The Indian ambassador to Qatar met eight former Indian Navy personnel on death row four days ago and two hearings took place on an appeal filed against the capital punishment handed down to them by a Qatari court.

1 min

CEA urges India Inc to step up investments

Says drivers of economic growth need to rebalance

2 mins

Govt drives ASP calibration for critical minerals

Move to streamline average sale price calculation method

1 min

Struggling to keep its head above water, Ambattur counts its losses

South Asia's largest small-scale industrial hub lost ₹2,000 cr due to Chennai floods

3 mins

Pvt banks increase FD market share

Public sector banks lost 200 basis points of their share in fixed deposits per

2 mins

Proposal in works to buy 100K tonnes of maize at MSP

Broad contours of the purchase plan have been discussed

2 mins

Life insurers' premiums fell 25.3% in November

The life insurance industry reported a 25.28 per cent decline in new business premium income in November 2023 to ₹26,494.83 crore from ₹34,588.8 crore recorded a year ago

1 min

Banks ask fintech partners to curtail tiny personal loans

Top banks and non-bank lenders have asked their fintech partners to curtail issuing tiny personal loans, sources said on Thursday, weeks after the central bank clamped down on the fastgrowing business.

1 min

Digital threat drives cyber insurance demand

Aspurt in cyberattacks and an increased awareness about such crimes have contributed to a rise in demand for cyber insurance policies.

3 mins

Modi cites 'team spirit' as reason for BJP's triumphs across states

Urges MPs to use 'Modi ki guarantee' slogan instead of 'Modiji ki guarantee'

1 min

Revanth Reddy sworn in as chief minister of Telangana

The state also got its first Dalit deputy CM in Mallu Bhatti Vikaramarka ARCHIS MOHAN/PTI New Delhi/Hyderabad

2 mins

China's exports grow for first time in 6mths

China's exports grew for the first time in six months in November, giving a boost to policymakers eager to stimulate a recovery in the world's second-largest economy.

1 min

Meta to add encryption to Facebook, Messenger Govt spying on Apple, Google users: US senator

Meta Platforms said on Wednesday it has started to roll out end-to-end encryption for all personal chats and calls on Messenger and Facebook.

1 min

From unicorns to zombies: Tech startups lose time, money

WeWork raised more than $11 billion in funding as a private company.

2 mins

EU's talks on AI rules stall after nearly 24 hours of debate

After nearly 24 straight hours of negotiations, European Union (EU) representatives remain divided over a plan to adopt what would become the most comprehensive regulation of artificial intelligence (AI) in the western world.

3 mins

Russia becoming 'new global growth centre', says Putin

President Vladimir Putin said on Thursday that economic isolation from the West was only helping Russia to become a new growth centre in a world entering a period of radical change, as the West fell behind.

1 min

'World is watching, says Biden as Israel, Ukraine aids stall

US President Joe Biden urged the Congress to approve additional aid for Ukraine before Christmas, as Republican objections fuel worries the US will to resist Russia's invasion is flagging.

1 min

A new start in J&K Elections should be a precursor of statehood

Four years after Jammu & Kashmir lost its special status and was bifurcated into two Union Territories, the revival of the democratic exercise is back on the agenda.

2 mins

Safety, a cost and an opportunity

Cyclone Michaung is wreaking havoc in Tamil Nadu.

3 mins

OpenAI storm: Flawed board or star syndrome?

The firing and subsequent reinstatement of its CEO shows the scope of private sector boards is limited in addressing broader social concerns

4 mins

Positive signs Bulls can stretch valuations

The bullish market reaction after the Assembly election results can be attributed to a \"policy continuity\" premium.

2 mins

#MeToo beyond the Global North

BOOK REVIEW CHINTAN GIRISH MODI ow do we talk about the origin, evolution and afterlife of the #MeToo movement? When academics and activists narrate its history, where do the loudest voices come from and who gets muffled and silenced in the bargain? What can be done to ensure that knowledge production about feminist organising is interdisciplinary, multi-vocal and inclusive? If these questions interest you, read Intimacy and Injury: In the Wake of #MeToo in India and South Africa.

3 mins

SCENE OF THE CRIME

Overall crime rate dropped, but more than 1,000 cases of violence against women reported daily, shows NCRB's 2022 report

2 mins

No M pneumoniae cases in samples tested since Jan in India: Govt

Mycoplasma pneumoniae, a bacteria, linked to surge in children hospitalisation in China

3 mins

India on course to become 5th-largest market for travel

India is poised to become the next big travel market in the world, projected to hit the fifth rank in outbound travel with spends of $89 billion in 2027 as compared with the current 10th position with $38 billion in 2019.

2 mins

Sharp downgrades may keep Paytm stock under pressure

In a presentation, One97 Communications (Paytm) announced that it is going to cut back on loan distribution for small-ticket 'postpaid' loans as a prudential measure.

2 mins

Markets snap 7-day winning streak on profit booking

Benchmark equity indices Sensex and Nifty snapped their seven-day winning streak on Thursday due to profit taking by investors after recent sharp gains triggered by negative cues from Asian markets.

1 min

SoftBank to exit Zomato, offload 93.5 mn shares

SoftBank's SVF Growth Singapore plans to sell its remaining 93.5 million shares (1.1 percent equity) in Zomato at a fixed price range of ₹120-121 per share on Friday. With Zomato's last closing at ₹121.8, the deal is anticipated to generate approximately  ₹1,130 crore ($135 million) for SoftBank.

1 min

Warburg Pincus divests 1.3% in IDFC FIRST Bank

Dayside Investment, an affiliate of global private equity major Warburg Pincus, sold its entire 1.

1 min

SAT sets aside Sebi order against IIFL Securities

Reduces penalty to ₹20 lakh from ₹1 cr for 'technical breach'

1 min

PSUs to dominate list of Amfi upgrades

Public sector undertakings (PSUs) to dominate list of Amfi upgrades Public sector undertakings (PSUS) dominate the list of companies that are slated to get upgraded from 'midcaps' to 'largecaps' during the semi-annual reclassification exercise done by mutual fund industry body Amfi.

1 min

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