Business Standard - June 27, 2024

In this issue

June 27, 2024

Telcos bid low, buy airwaves for ₹11.3K cr

Volume limited as large part of spectrum already auctioned, says Scindia

3 mins

Budget likely to retain ₹50K cr monetisation, asset sale goal

The Centre in the upcoming Budget may stick to its capital-receipts target of 50,000 crore in 2024-25 (FY25) on account of disinvestment, asset monetisation, and other capital receipts, continuing its new calibrated approach to asset-sale strategy, according to official sources.

1 min

IIFCL plans to break new ground in affordable housing fin space

In a move that might give a fillip to affordable-housing finance projects, state-owned India Infrastructure Finance Company Ltd (IIFCL) is planning to enter this real estate segment.

2 mins

Electronics policy reboot soon in production push

Meity has set up working group to frame finer contours of new policy

2 mins

Over 225 GenAl projects in the works: Nilekani

Says Infosys has invested in hiring talent with proven GenAl skills

2 mins

Naik steps down as LTIMindtree chairman

SN Subrahmanyan to take over the role SHIVANI

2 mins

DRL to buy Haleon biz for ₹5,276 crore

Indian pharma major Dr Reddy's Laboratories is set to acquire the entire nicotine replacement therapy (NRT) business of British consumer healthcare firm Haleon outside the US market for 500 million pounds (₹5,276 crore).

1 min

Voda Idea in talks with Samsung for 4G, 5G equipment

Vodafone Idea (Vi) is in talks with Samsung to secure network equipment for its ongoing 4G and 5G rollouts, the telecom operator said on Wednesday.

1 min

Ather to invest ₹2K cr on third plant in Maha

Electric two-wheeler manufacturer Ather Energy plans to set up a third manufacturing facility in Bidkin city in Maharashtra entailing an investment of over 2,000 crore, the company announced on Wednesday.

1 min

Adani group presses the pedal on retail play

With an existing consumer base of 400 million across airports, electricity and gas distribution businesses, the Adani group is revving up its retail play.

2 mins

Banks may rework priority-sector lending plans after RBI tweaks

The Reserve Bank of India's (RBI's) recent tweak to the incentive framework may push banks to take their plans for priority-sector lending (PSL) back to the drawing board to increase staff strength in branches and tone up working of Business Correspondent Network in 196 districts with low credit penetration.

2 mins

Tech Inc for fewer tariffs, ₹1 trillion deeptech fund

To develop a strong electronics components and sub-assembly ☐ecosystem, the tech industry has demanded fiscal support and streamlining of the input tariffs in the sector from the government which is consulting all the stakeholders before the upcoming Union Budget 2024-25.

2 mins

Unions call for social security fund for unorganised workers

The central trade unions have called for setting up a government-sponsored social security fund in the upcoming Budget. This will help millions of unorganised, gig, platform and agricultural workers, as envisaged under the Code on Social Security 2020.

2 mins

FY25 GDP growth likely to be close to 7.5%: NCAER

Gross domestic product (GDP) growth during 2024-25 (FY25) may turn out to be higher than 7 per cent and even close to 7.5 per cent, with high frequency indicators showing resilience amid growth dynamism in the Indian economy, the monthly economic review released by the National Council of Applied Economic Research (NCAER) said on Wednesday.

1 min

₹snaps 3-day winning streak

The rupee snapped three-session winning streak on Wednesday as weakness across regional peers and month-end dollar demand from oil importers weighed on the Indian currency, dealers said.

1 min

Trade bodies call for ease of doing business

Trade bodies and chambers of commerce & industry have requested the state government to stress more on ease of doing business in Rajasthan.

1 min

Growth in remittances to India may halve in 2024: World Bank

The growth in remittances to India is likely to halve in 2024 to 3.7 per cent from 7.5 per cent in 2023, according to the World Bank.

1 min

SBI raises ₹10,000 crore via 15-year infra bonds

Issue oversubscribed 4x; bank to use proceeds to fund power, road projects

2 mins

Govt to open 33 schools in Maoist heartland

With his blurred vision, Manish Poyam, now 82 years old, keenly watches his granddaughter as she packs her school bag, in Chhattisgarh's restive Bijapur district.

1 min

Trained policemen, new apps: Centre readies rollout of criminal laws

ARCHIS MOHAN New Delhi, 26 June The Centre on Wednesday said it had taken several steps, including training of nearly four million grassroots functionaries and half a million police and prison personnel, to ensure a smooth rollout of three criminal laws.

2 mins

Mandatory linking of CGHS, Ayushman Bharat IDs on hold

Data privacy concerns, lack of tech infra likely causes

1 min

CBI arrests Kejriwal in excise policy case

In mounting troubles for Delhi Chief Minister Arvind Kejriwal, the CBI on Wednesday arrested the AAP chief in a corruption case linked to the alleged excise scam.

2 mins

Om Birla elected LS Speaker for 2nd term by voice vote

Oppn leaders, led by Rahul, remind him of his duty to honour Constitution

2 mins

WikiLeaks founder Assange returns to Australia a free man

Julian Assange landed in Australia for the first time in more than a decade, following a guilty plea in a US court that allowed him to return to his home country a free man after serving time in a UK prison and holing up in an Ecuadorian embassy.

2 mins

VW splashes $5 billion in joint venture with Rivian

Volkswagen AG is taking another swing in its long struggle to catch up with Tesla Inc, plowing $5 billion into a tie-up with the US company's closest would-be rival, Rivian Automotive.

1 min

OpenAI's China block to reshape AI scene as big players pounce

OpenAI's abrupt move to ban access to its services in China is setting the scene for an industry shakeup, as local AI leaders from Baidu Inc.to Alibaba Group Holding move to grab more of the field.

2 mins

Kenya prez scraps $2.3 billion tax plan after deadly protests

Kenyan President William Ruto said he's withdrawing a contentious tax bill, bowing to public pressure after deadly protests against the plan to raise $2.3 billion in new levies led to the deaths of at least 23 people.

1 min

US, Russia seek to dial down tensions

Two sides give widely divergent accounts of conversation

1 min

E-2Ws may need higher domestic value addition

In a move that could support companies looking to raise their value addition and reduce imports, the government is learnt to be considering increasing the eligibility condition of domestic value addition (DVA) in electric two-wheelers for subsidy under the new Electric Mobility Promotion Scheme (EMPS), provided it is extended beyond July 31.

2 mins

40% investment by TaMo CV arm in FY25 to be in advanced tech

Bulk of capex will go into electrification and alternative fuel technology, says executive director

2 mins

'CAFE-III standards to disrupt PV market

Tata Motors, the leader in the passenger electric vehicle space with a 70 per cent market share, expects the upcoming Corporate Average Fuel Efficiency (CAFE-III) standards that are slated to be unveiled by April 2027, will be disruptive for the passenger vehicle (PV) market in India and challenging for automakers.

2 mins

Will take 'appropriate' action in warehouse case: Amazon

After accepting lapses at its warehouse in Haryana's Manesar, Amazon India has claimed to have started \"disciplinary proceedings\" against those who allegedly tried to stop workers from taking water and toilet breaks.

1 min

Half of adults in India physically inactive: Lancet

Is our modern lifestyle leading us toward a health crisis? According to a recent report by medical journal Lancet, signs point in that direction.

1 min

Labour ministry seeks report from TN govt

The Ministry of Labour and Employment on Wednesday said it has sought a report from the Tamil Nadu labour department, amid reports that married women are not being allowed to work at Foxconn India's Apple iPhone unit in Sriperumbudur.

1 min

Sebieases 'trading plan' norms for insiders

In a breather to senior executives of listed companies, the Securities and Exchange Board of India (Sebi) has amended Prohibition of Insider Trading (PIT) regulations to provide flexibility in the \"trading plan\" that allows insiders to deal in their shares.

1 min

Quant MF CEO tells investors not to fall prey to narratives

Says net ₹1,398 crore withdrawn in last few days

2 mins

Bombay HC asks Chandra to respond to Sebi summons

The Bombay High Court on Wednesday directed Essel Group Chairman Subhash Chandra to furnish documents and information sought by the Securities and Exchange Board of India (Sebi) in its summons in an alleged fund diversion case involving Zee Entertainment Enterprises.

1 min

Loan growth may drive further gains for LIC Housing

LIC Housing Finance (LICHF) delivered a healthy FY24 with improvements in net interest margin (NIM) and credit costs and an improved return on assets of 1.7 per cent compared to an average of 1.3 per cent between FY14-FY23.

2 mins

Promoter entity sells 2.6% in Vedanta to trim debt

Finsider International Company, a promoter group entity, sold its entire 2.63 per cent shareholding in the domestic miner Veda on Wednesday.

1 min

Heavyweights do heavy lifting

RIL, ICICl Bank spur indices to new highs

2 mins

Ulips a good fit for investors who panic during mkt declines

The Insurance Regulatory and Development Authority of India (Irdai) has asked life insurance companies not to advertise Unit-Linked Insurance Plans (Ulips) as investment products.

3 mins

Investors bank on ICICI after mcap tops $100 bn

Shares of ICICI Bank have risen 31.3 per cent in the last one year, only a little behind Axis Bank, whose stock up 34 per cent.

2 mins

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