Business Standard - July 10, 2024![Add to My Favorites Add to Favorites](/static/icons/filled.svg)
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In this issue
July 10, 2024
India, Russia target $100 billion trade by 2030, FTA with EAEU
India and Russia are looking to raise bilateral trade to $100 billion by 2030, balance the lopsided trade, eliminate non-tariff trade barriers, and explore the possibility of a Eurasian Economic Union (EAEU)-India Free Trade Area.
![India, Russia target $100 billion trade by 2030, FTA with EAEU](https://reseuro.magzter.com/100x125/articles/18959/1760243/SCP9yepCO6oZUlk5uvGsys/INDIA-RUSSIA-TARGET-100-BILLION-TRADE-BY-2030-FTA-WITH-EAEU.jpg)
2 mins
Budget may go vocal for higher local procurement
Greater local content norms may kick in first in steel, chemicals, pharma sectors
![Budget may go vocal for higher local procurement](https://reseuro.magzter.com/100x125/articles/18959/1760243/Ue8If8vyvNzrOcZEMxEsys/BUDGET-MAY-GO-VOCAL-FOR-HIGHER-LOCAL-PROCUREMENT.jpg)
2 mins
RBI flags 'lakhs' of accounts used for fraud, evergreening
The Reserve Bank of India (RBI) is alarmed that some banks have \"lakhs\" of accounts that are being used for fraudulent transactions and evergreening loans.
2 mins
Hybrids at present emit less carbon than battery-powered electric cars'
Against the backdrop of the ministry of heavy industries (MHI) setting up a task force to design a road map for the country's electric vehicles and amid states such as Uttar Pradesh exempting registration fee for hybrid cars, RC BHARGAVA, chairman of Maruti Suzuki, in a telephonic interview with Surajeet Das Gupta, talks on the battle between electric and other alternative technologies to reduce carbon emissions. Edited excerpts:
![Hybrids at present emit less carbon than battery-powered electric cars'](https://reseuro.magzter.com/100x125/articles/18959/1760243/g06mEk3zuf1ftpNfn47sys/HYBRIDS-AT-PRESENT-EMIT-LESS-CARBON-THAN-BATTERYPOWERED-ELECTRIC-CARS.jpg)
3 mins
F&O expert group meets Monday for industry proposals
An expert panel set up by the Securities and Exchange Board of India (Sebi) to review norms for the flourishing equity derivatives segment will meet on July 15 to take on board suggestions by various market participants, said sources.
2 mins
TaMo, M&M cut prices to spur demand
Automobile majors Tata Motors and Mahindra & Mahindra (M&M) have slashed the prices of their popular vehicles in a bid to stimulate demand, at a time when car sales are experiencing a challenging phase with around ₹60,000 crore worth of inventory lying unsold with dealers.
1 min
Cognizant settles CFO lawsuit with Wipro
Nasdaq-listed IT services major Cognizant on Tuesday said the firm's Chief Financial Officer (CFO) Jatin Dalal (pictured) had reached a settlement in the \"non-compete\" lawsuit filed by Wipro.
![Cognizant settles CFO lawsuit with Wipro](https://reseuro.magzter.com/100x125/articles/18959/1760243/A05jgjCMF4VvXjRNPrysys/COGNIZANT-SETTLES-CFO-LAWSUIT-WITH-WIPRO.jpg)
1 min
Honda 2W share rises after on-board norms compliance
Sales gap with Hero narrows to 45,000 units in June
![Honda 2W share rises after on-board norms compliance](https://reseuro.magzter.com/100x125/articles/18959/1760243/IeBittX6xE9Oo6HDQyCsys/HONDA-2W-SHARE-RISES-AFTER-ONBOARD-NORMS-COMPLIANCE.jpg)
2 mins
'GenAI giving 30-40% productivity gains
For Dinesh Nirmal (pictured), who heads IBM Software, one of his mandates is to integrate generative artificial intelligence (GenAI) into all products IBM builds and leverage it to enhance developer productivity across global labs.
1 min
Salaried execs drive up sales of pre-owned cars
The demand for pre-owned cars surged in Q2 of 2024 (April to June) as nearly half (48.5 per cent) of salaried professionals celebrated their promotions and bonuses with these car purchases, a report by CARS24, an auto-tech company, said.
1 min
'Salesforce creating solutions specifically for SME segment'
India is a key growth market for Salesforce and it has recently started a public services division in the country. ARUNDHATI BHATTACHARYA, CEO and chairperson of Salesforce India, talks about the public sector services, the role of artificial intelligence (AI) and the small and medium enterprise (SME) segment, in an interview with Ayushman Baruah in Bengaluru. Edited excerpts:
!['Salesforce creating solutions specifically for SME segment'](https://reseuro.magzter.com/100x125/articles/18959/1760243/o6azNsAFzAZYPxmFNSusys/SALESFORCE-CREATING-SOLUTIONS-SPECIFICALLY-FOR-SME-SEGMENT.jpg)
2 mins
Startups taking longer to climb funding stages
Food and agriculture tech startups took the longest
1 min
UPI segment: 'We do not worry about mkt share'
Even as the duopoly of PhonePe and Google Pay in the Unified Payment Interface (UPI) segment is a concern for the National Payments Corporation of India (NPCI), Vikas Bansal (pictured), CEO of Amazon Pay India believes that there is a need to focus on growing new digital payment instruments within the country.
![UPI segment: 'We do not worry about mkt share'](https://reseuro.magzter.com/100x125/articles/18959/1760243/rSsPFQhF3Ratcsb2SJ2sys/UPI-SEGMENT-WE-DO-NOT-WORRY-ABOUT-MKT-SHARE.jpg)
1 min
Fair trade, focus on manufacturing, infra on steel firms' Budget wish list
India's leading steel companies hope the Modi 3.0 Budget will continue the massive capital expenditure currently underway, focusing on infrastructure development, manufacturing, and fair trade.
1 min
From '30, only India-made ships likely in coastal ops
Govt to come up with new shipbuilding policy as part of 100-day plan
![From '30, only India-made ships likely in coastal ops](https://reseuro.magzter.com/100x125/articles/18959/1760243/gt1kAeBK_1720556042261/FROM-30-ONLY-INDIAMADE-SHIPS-LIKELY-IN-COASTAL-OPS.jpg)
2 mins
Mechanisation, better logistics catalyst for record coal stock'
From a coal shortage two years ago to surplus stocks with power plants across the country, coal availability in India has improved significantly. P M PRASAD, chairman and managing director of Coal India Ltd (CIL), says in an email interview with Shreya Jai this is because of several factors - from a boost in production to seamless coordination among different departments and increased mechanisation at the mines. Edited excerpts.
![Mechanisation, better logistics catalyst for record coal stock'](https://reseuro.magzter.com/100x125/articles/18959/1760243/rPSU5KWsjECE7LtghBzsys/MECHANISATION-BETTER-LOGISTICS-CATALYST-FOR-RECORD-COAL-STOCK.jpg)
3 mins
Ghosh hangs up boots as Bandhan Bank MD & CEO
Chandra Shekhar Ghosh on Tuesday ended his nearly nine-year tenure as the managing director and chief executive officer (MD & CEO) of Bandhan Bank.
![Ghosh hangs up boots as Bandhan Bank MD & CEO](https://reseuro.magzter.com/100x125/articles/18959/1760243/O9cnjvHVQz72KMRJVE4sys/GHOSH-HANGS-UP-BOOTS-AS-BANDHAN-BANK-MD-CEO.jpg)
1 min
Canara Bank plans to raise ₹10,000 cr via infra bonds
Public sector lender Canara Bank plans to raise up to ₹10,000 crore through infrastructure bonds for lending to projects in areas like roads, power and ports, among others, this financial year (FY25).
1 min
ONGC unveils ₹2 trn net-zero plan
As part of its net-zero emissions road map, state-owned Oil and Natural Gas Corporation (ONGC) plans to offset 9 million tonnes (mt) of carbon dioxide (CO2) equivalent emissions (tCO2e) by 2038 at a total cost of ₹2 trillion.
1 min
Rolls-Royce offers engines for Zorawar LT, futuristic fighter jet
To conform to India's Atmanirbhar Bharat initiatives, a growing number of aerospace and defence original equipment manufacturers like RollsRoyce are establishing defence production facilities in India.
![Rolls-Royce offers engines for Zorawar LT, futuristic fighter jet](https://reseuro.magzter.com/100x125/articles/18959/1760243/44pkIT4mx4eklsL7vKasys/ROLLSROYCE-OFFERS-ENGINES-FOR-ZORAWAR-LT-FUTURISTIC-FIGHTER-JET.jpg)
2 mins
In the making: One-stop portal for MSME queries
The central government is working on a web portal, Udyami Bharat, where entrepreneurs of micro, small, and medium enterprises (MSMEs) can access details of all schemes related to the sector run by different ministries, a senior government official privy to the development said.
1 min
Modi to Putin: No solution possible in battlefield
PM addresses Indian community, announces two more consulates
![Modi to Putin: No solution possible in battlefield](https://reseuro.magzter.com/100x125/articles/18959/1760243/qy5rCrqesm8OtDxdT23sys/MODI-TO-PUTIN-NO-SOLUTION-POSSIBLE-IN-BATTLEFIELD.jpg)
2 mins
Saudi Arabia to lure ultra-luxury travellers with palace stays
In the south of Riyadh, nestled into downtown streets steeped in rare desert greenery, sits a 365,000 square-foot palace once lived in by King Saud bin Abdulaziz, the second ruler of modern Saudi Arabia.
![Saudi Arabia to lure ultra-luxury travellers with palace stays](https://reseuro.magzter.com/100x125/articles/18959/1760243/8IvLWrcKH1720556976651/SAUDI-ARABIA-TO-LURE-ULTRALUXURY-TRAVELLERS-WITH-PALACE-STAYS.jpg)
3 mins
French Left bloc wants to rule but centrists demand a role
French political leaders from the Left-wing that came first in Sunday's legislative election said they intended to govern according to their tax-and-spend programme, but centrists laid claim to a role as the left lacks a majority.
![French Left bloc wants to rule but centrists demand a role](https://reseuro.magzter.com/100x125/articles/18959/1760243/YcP3Ha3Aw6tQ4NYJzspsys/FRENCH-LEFT-BLOC-WANTS-TO-RULE-BUT-CENTRISTS-DEMAND-A-ROLE.jpg)
1 min
More good data to strengthen case for rate cut: Powell
Federal Reserve Chair Jerome Powell said \"more good data\" would strengthen confidence that inflation is moving down toward the US central bank's 2 per cent target, and recent readings point to \"modest further progress\" on prices.
![More good data to strengthen case for rate cut: Powell](https://reseuro.magzter.com/100x125/articles/18959/1760243/epYkYzUnzyUoA8JeSCcsys/MORE-GOOD-DATA-TO-STRENGTHEN-CASE-FOR-RATE-CUT-POWELL.jpg)
1 min
Biden Seeks Rebound As Key Nato Summit Begins
US President will use the stage to convince allies that he can still lead
![Biden Seeks Rebound As Key Nato Summit Begins](https://reseuro.magzter.com/100x125/articles/18959/1760243/iwMmf4Y1KGlnmJQApRAsys/crp_BIDEN-SEEKS-REBOUND-AS-KEY-NATO-SUMMIT-BEGINS.jpg)
1 min
World wars in Retailville
The foundation of Clash is an ☐ world's largest retail company, account of how the journey of the Walmart, was disrupted by e-commerce behemoth Amazon.
4 mins
Enabling farmers
New policy on FPOS should improve returns
2 mins
Media's window problem
Every year, there are a few months when the death knell of the film business is sounded.
4 mins
Hope & scepticism in Iran
A reformist becoming President will test the nation
2 mins
Focus back on raising revenue
With the fiscal deficit target staring at the government, the FY25 Budget has limited expenditure options
![Focus back on raising revenue](https://reseuro.magzter.com/100x125/articles/18959/1760243/aqFeDnAxp6CRY6MDUyJsys/FOCUS-BACK-ON-RAISING-REVENUE.jpg)
4 mins
Gas plan caught in regulatory minefield
New Delhi's ambitious targets to clean its air by decarbonising energy sector will be underpinned by its success in building nascent natural gas segment
![Gas plan caught in regulatory minefield](https://reseuro.magzter.com/100x125/articles/18959/1760243/4AmtrPvCPI0g1GM5QLssys/GAS-PLAN-CAUGHT-IN-REGULATORY-MINEFIELD.jpg)
4 mins
Food services may grow at 8.1% CAGR till 2028
Sector projected to grow to ₹7.76 trn from ₹5.69 trn currently: NRAI
![Food services may grow at 8.1% CAGR till 2028](https://reseuro.magzter.com/100x125/articles/18959/1760243/FqEYD0TERSSM8bWTAuCsys/FOOD-SERVICES-MAY-GROW-AT-81-CAGR-TILL-2028.jpg)
2 mins
Gaming industry 'naturally inclined' to Make in India: Federation CEO
The domestic gaming industry is unique and \"naturally inclined\" to the government's Atmanirbhar Bharat, or self-reliant India campaign, said Anuraag Saxena, chief executive officer of E-Gaming Federation (EGF), on Tuesday.
1 min
Video game studios seek distinction from RMG rivals
In a letter to the Prime Minister's Office (PMO), a consortium of over 70 Indian video game studios, including Outlier Games, SuperGaming, and Newgen Gaming, has asked for the creation of a comprehensive policy for the gaming industry that differentiates video games from real-money games.
![Video game studios seek distinction from RMG rivals](https://reseuro.magzter.com/100x125/articles/18959/1760243/x9PeTGkfIbS6iLY3KuQsys/VIDEO-GAME-STUDIOS-SEEK-DISTINCTION-FROM-RMG-RIVALS.jpg)
2 mins
Budget: Capital gains tax rejig on share sale may dent markets
Any changes to the capital gains tax structure especially a tax hike on the sale of stocks of listed companies could trigger a market correction, according to analysts, who want Finance Minister Nirmala Sitharaman to maintain a status quo in this matter in her Budget on July 23.
![Budget: Capital gains tax rejig on share sale may dent markets](https://reseuro.magzter.com/100x125/articles/18959/1760243/3wPXT9ovzCoATJ2j3vwsys/BUDGET-CAPITAL-GAINS-TAX-REJIG-ON-SHARE-SALE-MAY-DENT-MARKETS.jpg)
2 mins
HDFC MF to halt new SIPs in Defence Fund
HDFC Mutual Fund (MF) has announced that its Defence Fund will stop accepting fresh systematic investment plan (SIP) registrations from July 22.
1 min
Sebi seeks feedback on Reit, Invit rule changes
Securities and Exchange Board of India (Sebi) on Tuesday said it has sought public views on the proposed amendments to the master circulars for real estate investment trusts (Reits) and infrastructure investment trusts (Invits).
1 min
Analysts divided on GAIL's prospects; limited fresh gains in the offing
While most analysts are expecting poor results from oil marketing companies (OMCs) in the first quarter of 2024-25 (Q1FY25) and even in the first half (H1) of FY25, GAIL (India) could be an outlier.
2 mins
Maruti drives market euphoria
Nifty hits fresh high; Sensex jumps over 300 points as M&M, Tata Motors also rev up gains
![Maruti drives market euphoria](https://reseuro.magzter.com/100x125/articles/18959/1760243/mS3Y5QCnJbpR8tZfkTpsys/MARUTI-DRIVES-MARKET-EUPHORIA.jpg)
2 mins
MF AUM tops ₹60 trn on record inflows
Industry adds last 10 trillion in just six months
![MF AUM tops ₹60 trn on record inflows](https://reseuro.magzter.com/100x125/articles/18959/1760243/zAQra0GxIWPgrUPZyWfsys/MF-AUM-TOPS-60-TRN-ON-RECORD-INFLOWS.jpg)
2 mins
Paint stocks await fresh coat after lacklustre Q4
Rerating some time away, no immediate trend reversal: Analysts
![Paint stocks await fresh coat after lacklustre Q4](https://reseuro.magzter.com/100x125/articles/18959/1760243/kTGudfWXetAi8jIkp89sys/PAINT-STOCKS-AWAIT-FRESH-COAT-AFTER-LACKLUSTRE-Q4.jpg)
2 mins
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Language: English
Frequency: Daily
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