In this issue

July 25, 2024

Job schemes not a mandate, but a nudge to firms: FM

The government's ambitious employmentlinked incentive schemes and the internship programme announced in the 2024-25 Budget are not enshrined as rights, and the private sector will only be nudged to adopt them, Union Finance Minister Nirmala Sitharaman said on Wednesday.

2 mins

India Inc awaits demand uptick to go on capex spree

Chief executive officers (CEOs) across sectors have expressed intentions to expand capacities, expecting the government's target to invest a record ₹11.11 trillion on infrastructure development will act as a catalyst for a jump in consumer demand.

3 mins

Consumers discerning; premium segments performing better than mass: HUL chief

India is going through a significant transformation at a fast pace, which shows in changing consumer trends, Rohit Jawa, chief executive office and managing director, Hindustan Unilever (HUL), told investors after announcing its earnings.

1 min

Axis Bank posts muted profit growth

Net profit up 4% at ₹6,035 crore

1 min

India should keep its focus on EVs: BMW senior V-P

Strong hybrid or plug-in hybrid cars can be a stepping stone towards India's aim to reduce carbon emissions, but the country's focus should remain on electric vehicles (EVS) with regard to low taxes and incentives, a senior official of the BMW Group stated on Wednesday.

1 min

L&T net rises 12% on higher revenue, order execution

Firm's outstanding order book at ₹4.90 trillion

2 mins

Piramal Fin eyes overseas bond mkt to diversify funding

Piramal Capital & Housing Finance Ltd.(PCHFL), currently heavily reliant on bank funding, plans to continue accessing the overseas bond market to diversify its borrowing sources.

1 min

HZL launches Asia's first low-carbon zinc brand

Vedanta-owned Hindustan Zinc (HZL), India's largest zinc producer, has launched EcoZen, Asia's first low-carbon green zinc brand.

1 min

Delhi HC quashes summons to Pawan Munjal

The Delhi High Court on Wednesday quashed summons issued to Hero Motocorp Chairman Pawan Kant Munjal in a case registered by the Directorate of Revenue Intelligence (DRI) relating to foreign currency.

1 min

'Vision-setting Budget for Viksit Bharat'

A day after presenting the Union Budget for 2024-25, Finance Minister NIRMALA SITHARAMAN spoke to Shrimi Choudhary, Ruchika Chitravanshi, Asit Ranjan Mishra & Nivedita Mookerji on issues ranging from the private sector's role in job creation to coalition needs in making Budgets, at her North Block office.

9 mins

'Profit drop at top companies led to decline in corporation tax forecast'

Revenue Secretary SANJAY MALHOTRA says the revised projection for corporation tax in 2024-25 (FY25) reflects the decline in profits of the top 170 companies during the first quarter of the current financial year. In conversation with Shrimi Choudhary, the senior bureaucrat discusses several tax-related announcements in the Union Budget. Edited excerpts:

4 mins

'Govt cannot go alone in skilling, pvt sector crucial'

Finance Secretary TV SOMANATHAN in conversation with Ruchika Chitravanshi, Shrimi Choudhary, and Asit Ranjan Mishra discusses the Union Budget's emphasis on employment, skills, and state-level reforms. Edited excerpts:

3 mins

'Shouldn't have fiscal incentive or disincentive towards savings'

Economic Affairs Secretary AJAY SETH, in a conversation with Ruchika Chitravanshi and Asit Ranjan Mishra, goes into the details of the Budget fine print. Edited excerpts:

4 mins

Relief for salaried individuals on TDS, TCS

A small tinkering with tax slabs and an increase of ₹25,000 in standard deduction in the Budget will most likely fall short of the expectations of salaried individuals.

2 mins

Rlys on the move, aims to ferry 7.4 bn passengers in FY25

The Ministry of Railways estimates passenger volumes on Indian Railways to be around 7.4 billion in 2024-25, and expects to carry 1,650 million tonnes (mt), fetching a total operational revenue of ₹2.79 trillion, Budget documents show.

1 min

New shipbuilding policy soon

Shipping minister says policy will help India become one of the top five shipbuilding nations by 2047

2 mins

₹10K cr war chest to help fight food inflation

Union Finance Minister Nirmala Sitharaman in her Budget speech on Tuesday said steps were being taken to supply adequate perishable goods to markets, while stating inflation continued to be low and stable, and was moving towards 4 per cent.

2 mins

Defence budget a long shot from 2% goalpost

A deep dive into the defence budget allocation and strategic challenges, kicking off a three-part analysis

2 mins

Critical mineral strategy: Boost for EV sector but experts flag policy gaps

To position India as a key manufacturing hub for advanced technologies like electric vehicles (EVs) and energy storage systems, Finance Minister Nirmala Sitharaman on Tuesday removed the Customs duty on 25 critical minerals, including lithium, nickel, copper, and cobalt.

2 mins

Banks wary of lending to stressed MSMEs

Seek measures like leeway in 90-day NPA classification

2 mins

Need to think big and do big: Incremental approach won't do

Finance Minister Nirmala Sitharaman has diligently done what has been asked of her, as she has consistently done over the last six years to deliver a Budget document with reasonable fiscal discipline and limited reform ambitions.

3 mins

No significant impact of removal of indexation benefit: Realty players

The removal of indexation benefit while calculating the long-term capital gains (LTCG) tax on sale of property may not have a significant impact on demand and prices in the real estate sector in the long term, according to a Business Standard analysis of responses by 10 developers and consultants.

2 mins

Health budget looks to strengthen state drug regulators

As India's drug regulator gets stricter with drug manufacturing units with regular audits and risk-based inspections, this year's Union Budget saw the allocation for strengthening state drug regulatory systems increase significantly from the revised budgetary estimates of 2023-24.

2 mins

Laying building blocks for Viksit Bharat

\"Turning attention to full year and beyond, we particularly focus on employment, skilling, MSMEs (micro, small and medium enterprises) and the middle class,\" said Finance Minister Nirmala Sitharaman, clearly summing up the government's intent while presenting this year's Union Budget.

3 mins

Budget ignored Oppn-Ruled States? Outrageous Allegations, Says FM

Chidambaram claims inflation dismissed 'in just 10 words' in Budget speech

3 mins

Rating agencies upbeat on fiscal consolidation plan

Global credit rating agencies have given thumbs up to the FY25 Budget, lauding the government's firm commitment to deficit reduction, with Moody's Ratings noting that the Budget is credit positive.

1 min

Defect in content update led to IT crash: CrowdStrike

CrowdStrike, the cybersecurity company at the center of massive global IT outages, said that a bug in a safety mechanism allowed flawed data to go out to customers in a botched update, causing meltdown.

1 min

Harris Attacks Trump Over 'Fear And Hate'

V-P says building up middle class will be a 'defining goal' for her

1 min

Olympics security thins out tourists, business activity

Fabrice Pierret is used to catering to hordes of tourists who pack Le Lutétia, a brasserie he manages on the Île Saint-Louis, where a splendid view of the Seine River, with a glass of red wine and steak frites, has long made it a popular stop for visitors.

2 mins

Good science, bad communication

Public policy in democracies is Pinformed and driven by anothe combination of expert opinion, inclinations of politicians (who may not know much about the issues) and by public opinion, since that may translate into votes.

3 mins

The worrying trend in household savings

With the share of physical assets rising, the responsibility to free up resources to fund corporate capex shifts to the government

5 mins

Oiling wheels of change

Discounted sales from Russia are reported to have reduced India's annual oil import bill from $157 billion to $132 billion last year.

4 mins

Net credit card additions down 48% to 2 mn in Q1

Card spend flat at ₹4.79 trillion but likely to pick up in coming quarters

2 mins

Flash PMI rises to 61.4 in July

Gains in new orders key driver; pace of job creation strongest in over 18 yrs

1 min

HOW TO FISC IT

Govt changes stance on fiscal consolidation, will make debt the primary target

5 mins

Humayun's Tomb museum set to open

Nine years after the foundation stone of the Humayun Tomb World Heritage Site Museum was laid, the 100,000 sq ft facility that offers a glimpse into the life of the second Mughal emperor is set to open to the public in New Delhi.

2 mins

Gold ETF investors anchored amid price downturn

Adjusted for fall in NAV, AUM of gold ETFs remains unaffecte

2 mins

71% intraday traders pay the price chasing quick gains

Sebi study underscores the risks associated with intraday trading

2 mins

Brokerages' thumbs up to Budget but for capital gains tax curveball

As markets sift through Budget fine print, they also monitor Q1 earnings, monsoon trends, global cues

3 mins

New tax structure may hit buyback success rate

The success rate of buybacks could drop under the new tax structure as the higher taxes may deter shareholders from tendering their shares during the repurchase programmes.

1 min

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