Business Standard - June 24, 2024

In this issue

June 24, 2024

India Inc cut back on dividends in FY24 despite record profit

Despite a boom in corporate profitability, listed firms in FY24 reduced dividend payout, which was down 4.7 per cent year-on-year (Y-o-Y) to 4.03 trillion from the record high of ₹4.23 trillion in FY23.

2 mins

PLI review committee flags payment delays

Calls for improved scrutiny to block instances of wrongful claims

2 mins

Job market blues for B-schools

Institutes reach out to more recruiters, adapt curriculum to align with demand

4 mins

Quant MF under Sebi lens for irregularities

Office searched after regulator found discrepancies

1 min

Startup Layoffs Down 62% In '24 So Far

A fter a string of layoffs, startups in India this year are expected to step up hiring by more than 10 per cent over last year, according to human resource platforms.

2 mins

Cred's Kunal Shah top startup founder-investor

Kunal Shah, the 41-year-old founder of fintech company Cred, which currently has a valuation of $6.4 billion and is among the top 10 unicorns in India, has another feather in his cap: He is the top startup founder-investor in the country, having funded over 266 startups, according to data from the research agency Traxcn.

2 mins

Bharat Biotech moves to include ICMR as co-owner in patent filings for Covaxin

Experts in the scientific community feel that giving credit to someone for their contribution to a patent filing is indeed desirable.

2 mins

Tata Steel, Dutch govt may finalise deal by FY25

A binding agreement between the Dutch government and Tata Steel on the transition to low-carbon steelmaking at the company's IJmuiden plant in the Netherlands is expected to be concluded in the current financial year.

2 mins

Musashi India to ramp up EV localisation to 70% by FY25

Musashi Auto Parts India, a subsidiary of Japanese auto parts giant Musashi Seimitsu Industries, has announced plans to significantly increase localisation for its electric vehicle (EV) components from the current 10 per cent to 6070 per cent by the end of the financial year.

2 mins

Sula eyes double-digit growth on premiumisation

Raising toast to 25 successful years, India's largest winemaker Sula Vineyard is eyeing a sustained double-digit growth in revenue over the next five years, buoyed by growth in the premium and elite categories and expansion of its new ranges.

2 mins

Adani talks cement companies' merger at investor meet

Ambuja Cements plans to consolidate all Adani group cement companies under a single entity in the medium term, according to brokerage firm Jefferies.

1 min

Adani's salary lower than execs' in FY24

Draws pay from only two of the 10 firms of the conglomerate

1 min

Centre should probe alleged leak of confidential data from ICEGATE

In a welcome move last Monday, the Central Board of Indirect Taxes and Customs (CBIC) started a campaign against frauds committed in the name of Indian Customs.

2 mins

Informal entities in manufacturing lost 5.4 mn jobs in 7 yrs

Unincorporated enterprises lost 1.8 mn establishments between Jun 2016 and Sep 2023, according to the 2 surveys

2 mins

Results of maiden critical mineral block auction today

The Centre will announce the results of its maiden round of critical mineral auctions, initiated in November last year, on Monday.

2 mins

7 yrs of GST: Households emerge top beneficiaries

Most household items cheaper after GST implementation

1 min

Pandemic exposure lowered wage aspirations of young, rural women

The exposure to the pandemic lowered the wage aspirations of young women, especially in rural India, which may have decreased their willingness to migrate to urban areas, according to a recent study by the World Bank.

2 mins

2 security personnel killed in Naxal attack

Search ops underway in Chhattisgarh

1 min

Norm tweaks may ease burden on insurers

The Goods and Services Tax (GST) Council's decision to not levy tax on co-insurance premium and reinsurance commission retrospectively will be a consolation for general insurance companies, experts said.

1 min

"Too high real repo rate could have adverse effects on demand, supply'

ASHIMA GOYAL, emeritus professor, Indira Gandhi Institute of Development Research, and an external member of the Reserve Bank of India's (RBI's) Monetary Policy Committee (MPC) voted in favour of a 25 basis points (bp) cut in repo rate in the June policy meeting against the majority view of status quo. Goyal indicates a growth sacrifice of 1 percentage point - FY25 GDP growth is projected at 7.2 per cent compared to 8.2 per cent in FY24 - if the repo rate is kept unchanged for the next six months, in an email interview with Manojit Saha. Edited excerpts:

2 mins

Life insurers may alter product mix

Likely to change tack to reduce impact of revised norms

3 mins

ICAI, govt discuss road map to create big Indian companies

The Institute of Chartered Accountants of India (ICAI) has held discussions with ministry of corporate affairs (MCA) secretary Manoj Govil on the 'Aggregation of CA Firms' and the roadmap to create big Indian firms, a press statement by ICAI said.

1 min

GST on oil boils down to revenue concerns

Despite Constitutional provisions, inclusion of petrol and diesel under GST framework remains a distant dream.

3 mins

Can Congress be third-time lucky in Haryana?

Anti-incumbency against BJP and farmer protests favour the Oppn party, but analysts say the election outcome hinges on coalition dynamics and multi-cornered contests

3 mins

House test for govt amid exam row

It's rare for a special session to begin on a fractious note with NDA, Oppn bloc engaged in war of words over appointment of pro-tem Speaker.

3 mins

Yaccarino rejigs Xamid Musk's pressure on costs

The chief executive of social media platform X, Linda Yaccarino, has shaken up her inner circle in the face of pressure from owner Elon Musk (pictured) to boost sales and cut costs, the Financial Times (FT) said on Sunday.

1 min

Egypt cracks down on tourism firms

After hundreds of pilgrims died in the scorching desert heat during the annual Hajj pilgrimage to Mecca, the Egyptian government announced on Saturday that it had suspended the licenses of 16 tour companies that had facilitated travel for some pilgrims to Saudi Arabia.

1 min

China, EU to hold talks on EV tariffs

China and the European Union (EU) agreed to start talks on the bloc's plans to impose tariffs on electric vehicles (EVs) imported from the Asian nation.

1 min

US-Vietnam trust at an all-time high: US envoy

A senior US diplomat held talks in Vietnam on Saturday and said that the trust between the two countries was at an \"all-time high\", just days after Russian President Vladimir Putin's state visit to Hano.

1 min

US responsible for attack on Crimea: Russia

Russia said on Sunday that the United States was responsible Russian-annexed Crimean penfor a Ukrainian attack on the insula with five US-supplied missiles that killed at least five people including three children and injured 124 more.

1 min

Global investors turn cautious on once-favourite Japanese stocks

Japan's record share market rally earlier this year is looking like a distant memory as foreign investors sell off stocks in a sluggish economy.

2 mins

Netanyahu Sees End To Weapons Dispute As Gallant Heads To US

Israeli Prime Minister Benjamin Netanyahu repeated claims that the US has delayed arms shipments but said he hoped the issue will soon be resolved, as Defence Minister Yoav Gallant heads to Washington for high-level talks.

1 min

In hustle to catch up on AI, Apple turns to Meta

Rivals hold talks on potentially integrating Meta's GenAl model with Apple Intelligence

1 min

PSU giants roar back, match Nifty's decade returns

Once left behind, PSU stocks close performance gap after 6-year slump

2 mins

Hotel stocks to find suite spot in medium term despite Q1 chill

ROOM WITH A VIEW: Lemon Tree Hotels, Samhi Hotels top picks on brokerage rankings menu

3 mins

Municipal corp's plan revisions deemed illegal

Seven buildings constructed by Seth Developers formed seven societies without the builder's cooperation, leading to several grievances among the residents.

2 mins

Buy deferred annuity plan for guaranteed lifetime income

Given the fixed pension amount, invest part of your retirement corpus in growth assets to counter inflation

4 mins

AI reckoning for world's ad industry at Cannes Lions

Walking along the Promenade de la Croisette during Cannes Lions 2024, one could be forgiven for thinking that a global technology conference was underway.

2 mins

A Field Of Opportunity For Indian AI Firms

Being local is their advantage against global tech giants in the race to build large language models, reports Ashutosh Mishra

3 mins

Meta Al is in India, will take on ChatGPT and Google Gemini

Tool launching today; it will be available on all social media platforms of the company to assist people in their daily lives

2 mins

Tweak draft project loan financing norms

Instead of a blanket 12-fold jump in the provision requirement, the RBI can ask lenders to create project finance reserves on their balance sheets

5 mins

IT'S COMPLICATED

Having undergone 'separations', Andhra and Bihar want special status. Do they have a case for it?

4 mins

Academics urge Centre to uphold exam integrity

As the row over irregularities in competitive exams continues to rage, several academicians on Sunday urged the Centre to preserve the integrity of exams and stressed that overnight solutions are not possible in such complex cases.

1 min

Many aspirants look to foreign shores

Postponement of NEET-PG puts spanner in the works of candidates planning to go for post-MBBS courses

2 mins

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