Business Standard - July 16, 2024

In this issue

July 16, 2024

Zomato mcap reaches ₹2 trn, delivers Goyal billionaire tag

Zomato's founder and chief executive officer, Deepinder Goyal (pictured), on Monday entered the billionaire club as the food tech company's share price surged to a record high of ₹232 during intraday trade, taking its market capitalisation (mcap) beyond the ₹2 trillion mark.

1 min

Govt may raise tax mopup estimates

Projections may increase by ₹30K-40K cr vs Interim Budget

2 mins

Apple rings in 35% growth in India sales to clock ₹67K cr

Apple Inc is poised to report a 35 per cent year-on-year surge in its India revenue at nearly ₹67,000 crore (a little over $8 billion) for 2023-24, according to people in the know.

1 min

Tax Waiver Criteria Met: Hybrid Carmakers To UP

Strong hybrid car sales won't affect growth of electric cars, they argue

2 mins

Auto sales log 9.4% growth in Q1: Fada

Driven by a spike in twowheeler and three-wheeler sales, India's automobile retail numbers posted an impressive 9.4 per cent year-on-year (Y-oY) growth in the first quarter of FY25, according to data shared by the Federation of Automobile Dealers Associations (Fada).

1 min

We expect Prime Day '24 to be biggest ever: Amazon exec

E-commerce major Amazon is expecting the upcoming eighth iteration of its annual Prime Day sale event in India, on July 20-21, to be its biggest ever, a senior executive at the firm said on Monday.

1 min

Temasek to invest $10 bn in India over next 3 years

Singapore government's sovereign wealth fund Temasek is looking to invest $10 billion in India during the next three years, Ravi Lambah, Temasek's head of India and strategic initiatives, said.

1 min

SpiceJet posts net loss for 6th year on the trot

Airline posts consolidated net profit of ₹127 cr in Q4FY24

2 mins

Lupin divests US women's health specialty business

Lupin on Monday said it has divested the US commercial women's health specialty business to Evofem Biosciences, a biopharmaceutical company based in the US, which focuses exclusively on women's health, for an undisclosed sum.

1 min

No change in UK plan: Chandrasekaran

There has been no change in Tata Steel's strategy on operations in the United Kingdom (UK), company Chairman N Chandrasekaran has told shareholders.

2 mins

Spike in food prices pushes WPI inflation to 16-mth high in June

India's Wholesale Price Index (WPI)-based inflation rose for the fourth consecutive month in June to a 16-month high of 3.36 per cent from 2.61 per cent in May, primarily on the back of an adverse base effect and a sharp spike in food prices.

1 min

Trade deficit narrows in June; exports fall to 7-month low

Growth in merchandise exports fell to 2.6% amid muted demand overseas

2 mins

CPC scores better on forms against registrar offices

Processing of forms related to the Companies Act has shown a 10 per cent uptick in the first quarter of 2024-25 since the launch of the Central Processing Centre (CPC), compared to those processed at registrar offices in the corresponding period last year, revealed sources.

1 min

Centre to pay MTNL's bond interest by tomorrow

The government will come to the rescue of cash-strapped Mahanagar Telephone Nigam Ltd (MTNL) and ensure that its bondholders are paid the interest guaranteed to them, officials at the department of telecommunications (DOT) said.

1 min

Tiruppur stitches a new tale after FY24 setback

With a contraction of 14 per cent in knitwear exports during 2023-24, India's textiles export hub Tiruppur is back in positive terrain in 202425, with the first three months seeing a rise in exports.

2 mins

India flags concern on NTBs with Russia

India has flagged concerns over non-tariff barriers (NTBS) faced by its exporters with the Russian government, commerce secretary Sunil Barthwal said here on Monday.

1 min

Jio Fin profit falls 5.7% to ₹313 crore

Firm plans to venture into loan against property and securities segment

1 min

RBI calls on lenders to hear borrowers before declaring account fraud

The Reserve Bank of India (RBI) has prescribed norms that lenders have to follow before classifying loan accounts as fraud.

1 min

BOB, BOM launch deposit schemes to fund credit demand

Over a week after Reserve Bank of India (RBI) governor Shaktikanta Das highlighted persistent gap in deposit and credit growth in a meeting with CEOs of public and private sector banks, two staterun lenders - Bank of Baroda (BOB) and Bank of Maharashtra (BOM) have floated special schemes to garner deposits to fund credit demand.

1 min

India pushes for plug-and-play DPI models to keep sovereignty

DPI of countries should be universally applicable, says India's G20 task force report

1 min

'Risk-based supervision model for insurers in works'

The country's insurance regulator may consider implementing a risk-based supervision model, similar to that in the banking sector, which will establish principles for managing operational, market, and governance risks in the insurance industry, said Keki Mistry, chairman of HDFC Life.

1 min

Delhi-based Velmenni wins grant to develop submarine communication

A small Delhi-based firm, Velmenni, is among the high-tech defence companies awarded the Innovations for Defence Excellence (iDEX) grant to develop wireless communication between submarines and the control centre.

2 mins

Climate-resistant seeds may cover 25% kharif paddy area

ICAR working on releasing 100 seed varieties and 100 technologies in 100 days

2 mins

Pakistan govt to ban Imran's party for 'anti-state activities'

In a controversial move, the Pakistan government on Monday announced that it will ban jailed former prime minister Imran Khan's party for its alleged involvement in anti-state activities and slap cases against him and two of his senior party colleagues for treason.

1 min

Alphabet in talks to buy Wiz in $23 billion cyber deal

Google parent Alphabet is in talks to acquire cybersecurity startup Wiz, according to a person familiar with the matter.

1 min

Trump tightens grip on Prez bid

Former US Prez to announce his VP pick at RNC; Secret Service faces harsh public scrutiny and probe

2 mins

OpenAI's Secret Weapon: New AI Reasoning Technology 'Strawberry'

ChatGPT maker OpenAI is working on a novel approach to its artificial intelligence models in a project code-named Strawberry, according to a person familiar with the matter.

1 min

China Economy Falters As Xi Holds 3rd Plenum

Q2 GDP expands 4.7%, less than forecast of 5.1%

1 min

The real challenge of Viksit Bharat@2047

The primary hurdle of the 2047 development goal lies in job creation for surplus agricultural workers and fresh workforce entrants

4 mins

An activist's restless dialogue

The world is cruel, unjust, unequal.

4 mins

The London market strives to stay relevant

\"The financial services sector is central to the UK economy, and at the heart of this government's growth mission,\" said Rachel Reeves, the UK's new chancellor, on July 11.

3 mins

Demographic destiny

India has a limited window of growth

2 mins

Shooting for safety

US badly needs stricter gun-control laws

2 mins

Higher orders, margin boost needed to sustain ABB's valuations

While there should be satisfactory double-digit growth in capital goods revenues in the first quarter of the ongoing financial year (Q1FY25), order flow has been impacted by the elections.

2 mins

Gold, largecaps picks for 2nd half of CY24

Silver gives 30% returns, surpasses all asset classes

2 mins

Mkts close at record highs

Benchmark Sensex and Nifty closed at new record high levels on Monday following buying in PSU bank shares and fresh foreign fund inflows.

2 mins

Outflow rise from SIP accounts in H1CY24 slows growth in net inflows

Recoveries from SIP accounts in June stood at over ₹10,000 crore for seventh straight month

2 mins

New F&O list may have 35 additions

No change in Nifty, components Sensex

1 min

ONGC shares scale fresh high, mcap crosses ₹4 trn

Company now most valuable PSU after SBI and LIC

2 mins

Check equity exposure range; select fund based on risk appetite

Many retail investors, especially recent entrants, are a jittery lot with the Sensex rallying beyond the 80,600 level.

2 mins

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