Business Standard - August 31, 2024

In this issue

August 31, 2024

GDP growth slows to 5-quarter low of 6.7%

BUT GROSS VALUE ADDED GROWTH PICKS UP PACE IN Q1 | RAINS, LOWER INFLATION MAY HELP IN CONSUMPTION RECOVERY

2 mins

Panel formed to simplify direct tax laws

The revenue department in the finance ministry has formed a panel headed by VK Gupta, chief commissioner of income-tax (I-T), to simplify the decades-old I-T Act.

2 mins

Falling API prices signal Chinese predatory play

Prices of active pharmaceutical ingredients (APIs) have been declining over the past several months, boosting the margins of drug manufacturers.

3 mins

Vistara to fly into sunset on Nov 11

To merge with Air India as SIA's ¥2,059 cr FDI for 25.1% in combined entity gets Cabinet nod

2 mins

Next-gen Aravalli engines set to power HAL helicopters

At the Shakti engine's current unit price of ₹8-10 cr, the expense on these engines would amount to 40,000-50,000 d

2 mins

Bajaj looks to pip TVS to second spot in e2W mkt

The country's legacy two-wheeler giants Bajaj Auto and TVS - are fighting a neck-and-neck battle for market share, with the former threatening to dislodging its rival soon.

2 mins

Entry-level bike sales in slow lane despite rural demand turnaround

Between April and July 2024, 125cc segment saw 21% growth against 46.5% in 125-150cc segment

2 mins

Maserati banking on entrepreneurs to drive India story

Expects to record threefold growth in volume sales during the next 3-5 years

2 mins

'Decided against Samir's reappointment due to conduct'

Godfrey Phillips India's Nomination and Remuneration Committee (NRC) has decided against the reappointment of Samir Kumaar Modi to the board, citing concerns over his \"overall conduct during board meetings and outside\", which the company said went against his fiduciary duties as an executive director.

1 min

Investment, consumption growth picks up

I ncreased capital expenditure (capex) by the private sector and households lifted growth in capital investment to 7.5 per cent in Q1FY25 (April-June) from 6.46 per cent in the preceding quarter, the data released by the National Statistical Office (NSO) on Friday showed.

2 mins

Core sector growth slows to 6.1% in July

Growth in India's eight core sector industries slowed to 6.1 per cent in July compared to 8.5 per cent in the same month last year, according to government data released on Friday.

1 min

Agriculture growth dips as heatwave stings crop output

Gross Value Added (GVA) growth in agriculture and allied activities in the first quarter of the 2024-25 financial year (Q1FY25) dipped to 2.7 per cent at constant prices from 4.2 per cent in Q1FY24 due to a drop in output of some crops following heatwave in the main growing months.

1 min

GDP growth still resilient

Against the Reserve Bank of India's (RBI's) projection of 7.1 per cent, India's first quarter (Q1) 2024-25 (FY25) gross domestic product (GDP) growth came in at 6.7 per cent.

3 mins

Rural consumption picking up, says CEA

The gross domestic product (GDP) growth data for the first quarter of FY25 showed a continued pickup in rural consumption and the economy in the medium term could grow at 7 per cent on a sustained basis if it builds on the structural reforms undertaken in the last ten years, Chief Economic Advisor (CEA) V Anantha Nageswaran said on Friday.

1 min

Fiscal deficit at 17.2% of target

The Centre's fiscal deficit at the end of the first four months of the current financial year touched 17.2 per cent of the full-year target, government data showed on Friday.

1 min

Competition for deposits but no rate war: SBI chief

Competition for deposits among banks is likely to continue for some time, and instead of getting into a rate war to mobilise deposits, they would focus more on improving service quality, said C S Setty (pictured), chairman, State Bank of India (SBI).

1 min

OVL in talks with Russia, US to regain control of projects

ONGC Videsh Limited (OVL) is in an advanced stage of discussions with the United States (US), Venezuela, and Russia to take back control of its stuck projects in Venezuela and Russia, the company's senior management said on Friday.

1 min

Fintech success is unmatched: PM

'It has democratised financial services by raising accessibility'

1 min

Manufacturing to chart growth path, says Goyal

Commerce and Industry Minister Piyush Goyal said on Friday that manufacturing would determine the direction of India's growth trajectory, adding that India could achieve far more through it.

2 mins

Whitelisting deadline extended

Spam norms to be effective from Oct1; telcos asked to submit update in 15 days

1 min

Mild gain in US inflation gauge sets stage for Fed rate cut

The Federal Reserve's preferred measure of underlying US inflation rose at a mild pace and household spending picked up in July, reinforcing policymakers' plan to start cutting interest rates next month.

1 min

America 'ready to turn page' on Trump: Harris

In first interview since nomination, US V-P emphasises on issues like fracking, immigration

1 min

Alibaba has shed monopolistic acts: China's regulator

Alibaba Group has secured the endorsement of China's antitrust watchdog more than three years after a landmark probe into its online behaviour, suggesting Beijing is keen to signal its support for the country's giant internet sector.

1 min

What microfinance can teach economists

Economics is a meaningless subject,\" Muhammad Yunus, the Nobel Peace Prize winner, microfinance pioneer, and rogue economist told Time magazine a few months ago.

3 mins

The 'caste' constant in Haryana

A s candidate selection for the Haryana Assembly elections gathers pacethe state goes to the polls on October 1 and nominations close on September 12 - some trends are interesting.

3 mins

Adani Ports buys 80% in Astro Offshore for ₹1,551 cr

India's largest private port operator Adani Ports and Special Economic Zone (APSEZ) on Friday said it will acquire 80 per cent stake in Astro Offshore, an offshore supply vessel firm, in an all-cash deal worth $185 million (around ₹1.551 crore).

1 min

15,000 content sites removed in 3 mths

Kamlesh Chandra Varshney, a whole-time member of the Securities and Exchange Board of India (Sebi), said on Friday that the market regulator in the last three months had removed around 15,000 content sites linked to unregistered finfluencers or providing unauthorised investment advice.

1 min

Strong earnings growth ahead for listed sugar majors

Sugar stocks went up sharply on Friday on the news of a major policy change on ethanol as the industry gears up for the next crushing season.

2 mins

12 not out: Nifty scores longest winning run

Sensex gaining streak lengthiest since Sep '23; both indices at new highs

2 mins

NSE sells digital examination biz to CL Educate for ₹230 cr

The National Stock Exchange (NSE) has sold its digital examination business (DEX) to CL Educate for ₹230 crore.

1 min

Stricter SME IPO, migration regulations on the table

Consultation paper on paper on proposed guardrails expected soon

2 mins

IFSCA issues final norms for direct listing in GIFT City

The International Financial Services Centres Authority (IFSCA) on Friday issued the final norms specifying eligibility conditions and norms for direct listing on the exchanges in the GIFT City.

1 min

Mkt watchdog plans review of informal guidance framework

Sebi plans to revamp the informal guidance (IG) framework mechanism used by market participants for seeking clarity or interpretation of securities law.

1 min

Regulator's recovery rate less than 2% over past decade

The recovery rate of proceeds collected by the Securities and Exchange Board of India (Sebi) as a share of the amount for which it sent out recovery notices has been less than two per cent in the past decade.

1 min

Anatomy of Reliance-Disney merger

The joint venture between Reliance Industries (RIL) and Bodhi Tree Systems owned Viacom 18 Media, and The Walt Disney Company will create India's largest media company.

4 mins

No 'big bang' AGM announcement, RIL seen range-bound

Reliance Industries (RIL) has announced plans to become a deeptech company with advanced manufacturing capabilities.

1 min

Savings from Russia oil drop to a third

Indian refiners saved $8-10 billion from April 2022 to June 2024 - enough to cover half the fertiliser subsidy bill

2 mins

35% docs feel unsafe during night shifts: IMA

A study by Indian Medical Association (IMA) has revealed that over 35 per cent of its respondent doctors, majority of them being women, felt \"unsafe\" or \"very unsafe\" during their night shifts, so much so that some even felt the need to start carrying weapons for self-defence.

1 min

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