Business Standard - July 20, 2024![Add to My Favorites Add to Favorites](/static/icons/filled.svg)
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In this issue
July 20, 2024
RIL profit drops 5.5% on weak showing by oil-to-chemicals biz
Misses Q1 earnings estimates despite gains in consumer, upstream segments
![RIL profit drops 5.5% on weak showing by oil-to-chemicals biz](https://reseuro.magzter.com/100x125/articles/18959/1771176/HwApRj1QxUvbc6JnN5Lsys/RIL-PROFIT-DROPS-55-ON-WEAK-SHOWING-BY-OILTOCHEMICALS-BIZ.jpg)
2 mins
₹35,000 cr electronic parts PLI plan afoot to give sub-assemblies a legup
The Ministry of Electronics and Information Technology (Meity) is ready to allocate over 35,000 crore to the proposed production-linked incentive (PLI) scheme for electronic components, in a bid to transform India into a global hub for sub-assemblies, a senior official disclosed.
![₹35,000 cr electronic parts PLI plan afoot to give sub-assemblies a legup](https://reseuro.magzter.com/100x125/articles/18959/1771176/TWh75om4unRi9lwX98Wsys/35000-CR-ELECTRONIC-PARTS-PLI-PLAN-AFOOT-TO-GIVE-SUBASSEMBLIES-A-LEGUP.jpg)
2 mins
Microsoft global outage disrupts aviation in India
Other services in the country largely unaffected
![Microsoft global outage disrupts aviation in India](https://reseuro.magzter.com/100x125/articles/18959/1771176/oZkRi7CTaCbjricSG78sys/MICROSOFT-GLOBAL-OUTAGE-DISRUPTS-AVIATION-IN-INDIA.jpg)
4 mins
Reliance Retail profit flat in Q1, Ebitda grows on store expansion
Company adds 331 new stores and records footfall at 296 million across formats, up 18.9%
![Reliance Retail profit flat in Q1, Ebitda grows on store expansion](https://reseuro.magzter.com/100x125/articles/18959/1771176/0MQKnGry4sqIzMhSqozsys/RELIANCE-RETAIL-PROFIT-FLAT-IN-Q1-EBITDA-GROWS-ON-STORE-EXPANSION.jpg)
2 mins
Wipro profit beats estimates, rises 5.2%
Bengaluru-based IT services major Wipro posted a net profit of ₹3,036.6 crore for the first quarter of the current financial year (FY25), up 5.2 per cent from the year-ago period.
![Wipro profit beats estimates, rises 5.2%](https://reseuro.magzter.com/100x125/articles/18959/1771176/7L3ppCp95TUsiJb8BFksys/WIPRO-PROFIT-BEATS-ESTIMATES-RISES-52.jpg)
2 mins
Dip in sales realisation mutes UltraTech net profit at ₹1,696 cr
UltraTech Cement, the country's largest cement maker, on Friday reported a flat net profit for the first quarter of financial year 2024-25 (Q1FY25), a period marked by weak demand which the firm attributed to completion of key infrastructure projects and election lull.
![Dip in sales realisation mutes UltraTech net profit at ₹1,696 cr](https://reseuro.magzter.com/100x125/articles/18959/1771176/7mpyuHek7TsFgAsdfUrsys/DIP-IN-SALES-REALISATION-MUTES-ULTRATECH-NET-PROFIT-AT-1696-CR.jpg)
2 mins
Jio Platforms net up 11.7%, Arpu unchanged
Jio Platforms Ltd (JPL), which runs India's largest mobile network operator Reliance Jio, on Friday reported a 11.7 per cent year-on-year (Y-o-Y) increase in net profit to ₹5,698 crore for the first quarter (April-June) of financial year 2024-25 (FY25) on robust subscriber growth.
![Jio Platforms net up 11.7%, Arpu unchanged](https://reseuro.magzter.com/100x125/articles/18959/1771176/Adt16MVjaoItRHQ7PZ8sys/JIO-PLATFORMS-NET-UP-117-ARPU-UNCHANGED.jpg)
2 mins
JSW Energy profit soars 80% on renewables boost
JSW Energy on Friday posted an 80 per cent jump in its net profit at ₹522 crore in the April-June quarter, mainly due to higher profitability in thermal business and incremental contributions from renewables.
1 min
JSW Steel net drops 64%, misses estimates
JSW Steel on Friday reported a 63.9 per cent year-on-year (Y-o-Y) decline in the consolidated net profit to ₹845 crore for the June quarter of 2024-25 (or Q1FY25), on the back of lower realisation, inventory losses and planned shutdown costs.
![JSW Steel net drops 64%, misses estimates](https://reseuro.magzter.com/100x125/articles/18959/1771176/cuLXoTeQJ7ymuUWjZAssys/JSW-STEEL-NET-DROPS-64-MISSES-ESTIMATES.jpg)
1 min
Paytm loss widens in Q1
Fintech firm One97 (OCL), Communications which owns Paytm brand, on Friday said its loss has widened to 839 crore in the quarter ended June 30, due to the continued impact of restrictions on Paytm Payments Bank Ltd.
1 min
BPCL net slumps 73% on lower margins
State-owned oil marketing company (OMC) BPCL on Friday reported a consolidated net profit of 2,841.5 crore in the April-June quarter (Q1) of FY25, recording a 73.2 per cent dip compared to 10,644 crore in the corresponding quarter of FY24.
1 min
Sebi issues show-cause notice to Paytm on ESOPS
Capital markets regulator Securities and Exchange Board of India (Sebi) has issued a show-cause notice to Paytm, questioning the fintech major's move to grant 21 million Employee Stock Options (ESOPs) to its founder and CEO Vijay Shekhar Sharma in financial year 2021-22 (FY22).
1 min
'Dire need to double allocation for agri R&D'
Just days before the Budget, the quarterly bulletin by Indian Council for Research on International Economic Relations (ICRIER) arm Agriculture Policy, Sustainability, and Innovations (APSI) has underscored the dire need to double the current budgetary allocation for agriculture research and development (R&D) in order to broaden its impact.
!['Dire need to double allocation for agri R&D'](https://reseuro.magzter.com/100x125/articles/18959/1771176/pXsjRjE4tp23WA3iufesys/DIRE-NEED-TO-DOUBLE-ALLOCATION-FOR-AGRI-RD.jpg)
1 min
Five new Bills listed for Budget session
Will see tabling of the Economic Survey on Monday
2 mins
Upstream oil cos bat for tweaking tax regime
Oil and gas firms in the exploration and production (E&P) sector have sought a broad reduction in the tax levied on older oil blocks and exemption from customs duty on a larger set of imports in pre-Budget discussions.
![Upstream oil cos bat for tweaking tax regime](https://reseuro.magzter.com/100x125/articles/18959/1771176/zb0dJNtpy9kyDW9DpiWsys/UPSTREAM-OIL-COS-BAT-FOR-TWEAKING-TAX-REGIME.jpg)
2 mins
Agri exports decline 3% on Red Sea crisis
India's agriculture exports contracted 3 per cent to $5.88 billion during the first quarter of the financial year due to major 'global headwinds and tight domestic supply conditions'.
1 min
Sanjeev Krishan re-elected PwC India chairman
PwC India announced on Friday that Sanjeev Krishan (pictured) has been re-elected as its Chairperson for a second straight term.
![Sanjeev Krishan re-elected PwC India chairman](https://reseuro.magzter.com/100x125/articles/18959/1771176/Tu8jXQp6WzuXcyhTZ9Xsys/SANJEEV-KRISHAN-REELECTED-PWC-INDIA-CHAIRMAN.jpg)
1 min
Govt sets up 22-member panel for base-year revision
Committee will revise price indices such as consumer, wholesale, retail and producers
![Govt sets up 22-member panel for base-year revision](https://reseuro.magzter.com/100x125/articles/18959/1771176/jxwMz7eMOuZLQ0X3Vafsys/GOVT-SETS-UP-22MEMBER-PANEL-FOR-BASEYEAR-REVISION.jpg)
1 min
Exports to top 10 nations outpace overall numbers
Increase 16.5% compared to 5.8% in total export
![Exports to top 10 nations outpace overall numbers](https://reseuro.magzter.com/100x125/articles/18959/1771176/q19qA0SNvqOPSLzmvmZsys/EXPORTS-TO-TOP-10-NATIONS-OUTPACE-OVERALL-NUMBERS.jpg)
1 min
Deposits remain preferred saving instrument but equity gains steam
RBI paper says investment funds' share up over 50% between FY12 and FY23
1 min
Need unambiguous, clear focus on inflation: Das
Guv says RBI's target is inflation, not a neutral rate of interest
![Need unambiguous, clear focus on inflation: Das](https://reseuro.magzter.com/100x125/articles/18959/1771176/PDWseK0E5T1gEJhYmcHsys/NEED-UNAMBIGUOUS-CLEAR-FOCUS-ON-INFLATION-DAS.jpg)
3 mins
Foreign banks emerge largest debt investor
Foreign banks have emerged as the largest investors, with their investments exceeding the value of net inflows into JP Morgan index-eligible bonds, according to the state of the economy report by the Reserve Bank of India.
1 min
Trump for unity, tax cuts, trade wars
Former US President accepts Republican nomination, recounts assassination attempt
![Trump for unity, tax cuts, trade wars](https://reseuro.magzter.com/100x125/articles/18959/1771176/8Haq68Z56aU7PtYGJiTsys/TRUMP-FOR-UNITY-TAX-CUTS-TRADE-WARS.jpg)
2 mins
Russian court convicts US reporter of spying, jails him for 16 years
The Wall Street Journal reporter Evan Gershkovich (pictured) was convicted Friday of espionage and sentenced to 16 years in a maximum-security prison on charges that his employer and the US government have rejected as fabricated.
![Russian court convicts US reporter of spying, jails him for 16 years](https://reseuro.magzter.com/100x125/articles/18959/1771176/91AifmHRXWiqqZIEu97sys/RUSSIAN-COURT-CONVICTS-US-REPORTER-OF-SPYING-JAILS-HIM-FOR-16-YEARS.jpg)
1 min
Israeli occupation of Palestinian territory breaches int'l law: ICJ
Israel should end its \"unlawful\" occupation of large parts of the Palestinian territory, the United Nations' top court said in a legal opinion.
1 min
Data that powers AI is disappearing fast
For years, the people building powerful artificial intelligence systems have used enormous troves of text, images and videos pulled from the internet to train their models.
2 mins
The Fed should not cut interest rates yet
With inflation cooling and unemployment rising in the United States, investors are betting that the Federal Reserve will cut interest rates.
![The Fed should not cut interest rates yet](https://reseuro.magzter.com/100x125/articles/18959/1771176/IzdmA7oSDzIrdvvVKMPsys/THE-FED-SHOULD-NOT-CUT-INTEREST-RATES-YET.jpg)
3 mins
Watching space Rahul
Congress party's score of 99 in the Lok Sabha elections has vaporised three painful questions dogging Rahul Gandhi for two decades. His record so far deserves a closer look
![Watching space Rahul](https://reseuro.magzter.com/100x125/articles/18959/1771176/OO9NDt70abaWN5omDFTsys/WATCHING-SPACE-RAHUL.jpg)
5 mins
Martian dream vs reality
EYE CULTURE Ilon Musk has unveiled an audaE cious vision: A million-strong Martian metropolis.
3 mins
Congratulations! Twitter turned 18
Earlier in the week, Twitter turned 18 a landmark birthday for the world's most popular microblogging site.
![Congratulations! Twitter turned 18](https://reseuro.magzter.com/100x125/articles/18959/1771176/mnJuL3LsXaCgA7D7KbBsys/CONGRATULATIONS-TWITTER-TURNED-18.jpg)
3 mins
Time for accommodation
Supporters of the Bharatiya Janata Party (BJP) can be forgiven for asking themselves dismally when there will be good news.
![Time for accommodation](https://reseuro.magzter.com/100x125/articles/18959/1771176/snkAzu8ohUFJd0sbnVLsys/TIME-FOR-ACCOMMODATION.jpg)
3 mins
10 banks, NBFCs see minor disruptions: RBI
The Indian financial sector largely escaped unscathed, experiencing only minor disruptions, amid the global tech outage that severely impacted major services worldwide.
1 min
Manual check-ins, flight delays: Chaos reigns supreme at Indian airports
Nearly 1,100 flights delayed, over 100 cancelled across Delhi, Mumbai, B'luru
![Manual check-ins, flight delays: Chaos reigns supreme at Indian airports](https://reseuro.magzter.com/100x125/articles/18959/1771176/Pc4AGt5tpBH4Shsbbnzsys/MANUAL-CHECKINS-FLIGHT-DELAYS-CHAOS-REIGNS-SUPREME-AT-INDIAN-AIRPORTS.jpg)
2 mins
Underlying cause of outage fixed, says Microsoft
A worldwide tech outage crippled industries from travel to finance on Friday before services started coming back online after hours of disruption, highlighting the risks of a global shift towards digital, interconnected technologies.
2 mins
Biz as usual at bourses, some brokers face issues
The domestic securities market remained largely unaffected by the global technical outage triggered by issues at cybersecurity CrowdStrike.
1 min
It's raining diseases across India this monsoon
Chandipura virus claims 15 lives in Gujarat; Kerala, K'taka see spike in dengue
![It's raining diseases across India this monsoon](https://reseuro.magzter.com/100x125/articles/18959/1771176/ZlFypFDqcgPq2z8Ttaosys/ITS-RAINING-DISEASES-ACROSS-INDIA-THIS-MONSOON.jpg)
2 mins
Covid: India lost 2.6 yrs' life expectancy
In the aftermath of Covid-19, life expectancy saw a decline, with socially-disadvantaged groups experiencing the most significant losses.
2 mins
India in early stages of equity cult: Chris Wood
Says a change in capital gains tax can trigger a correction
![India in early stages of equity cult: Chris Wood](https://reseuro.magzter.com/100x125/articles/18959/1771176/3TBgfgvjVyGwS4VPAnwsys/INDIA-IN-EARLY-STAGES-OF-EQUITY-CULT-CHRIS-WOOD.jpg)
3 mins
Infosys among top IT bets after strong Q1 showing
Shares of Infosys zoomed 4.76 per cent, hitting their fresh 52-week high of $1,843 apiece on the BSE during Friday's intraday deals.
1 min
Nearly ₹8 trn wiped out as mkts tumble
Benchmarks snap 4-day winning run amid global IT outage
2 mins
F&O volumes a macro concern, says Sebi chief
The rising volumes in the derivatives segment have now become a macroeconomic issue instead of being a risk concentrated to only a few individual investors, said Madhabi Puri Buch (pictured), chairperson of the Securities and Exchange Board of India (Sebi).
![F&O volumes a macro concern, says Sebi chief](https://reseuro.magzter.com/100x125/articles/18959/1771176/N3HtFDjmfwHazhA9GvBsys/FO-VOLUMES-A-MACRO-CONCERN-SAYS-SEBI-CHIEF.jpg)
1 min
Patanjali net jumps 200% to ₹263 cr in Q1
Indian fast-moving consumer goods (FMCG) company, Patanjali Foods, reported a 200 per cent increase in net profit to ₹262.9 crore in the first quarter ended June 30, 2024.
1 min
US Biosecure Act may boost Indian CDMO, CRO firms
Indian drug companies to benefit as American biopharma looks to diversify sourcing
3 mins
Ceat teams up with Bayer 04 Leverkusen
With an eye to the European market, Indian tyre manufacturer Ceat has inked a two-year partnership deal with German football club Bayer 04 Leverkusen - the reigning Bundesliga champions.
1 min
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