Business Standard - September 04, 2024

In this issue

September 04, 2024

GST compensation road map may stretch into FY26

The all-powerful Goods and Services Tax (GST) Council, at its upcoming meeting on September 9, is expected to provide a roadmap for the compensation cess that will likely continue \"well into\" 2025-26 (FY26), and also discuss whether it should eventually be replaced with a tax or a cess, say government officials.

2 mins

Rogue robocallers behind Trai's bid to dial up rules against spam

The Telecom Regulatory Authority of India's (Trai's) latest push to review its existing spam regulations and expand the definition of \"commercial communications\" is driven by an urgent need to tighten controls on autodialers or robocallers, and bulk messaging, according to official sources.

2 mins

Steel recycle mandate for automakers on the anvil

The environment ministry is likely to soon issue regulations that will mandate automakers to recycle a specified percentage of steel from old vehicles, starting from the next financial year, according to people familiar with the matter.

2 mins

Working capital cycle shortest in 25 yrs at 47.8 days

Online transactions key driver

2 mins

Syngenta may look to increase manufacturing under Make in India'

Basel (Switzerland)-based Syngenta has had a strong presence in India for a long time. Chief Executive Officer (CEO) JEFF ROWE, in an interview with Sanjeeb Mukherjee in New Delhi, lays down growth plans. Edited excerpts:

3 mins

Toyota, Maruti launch mkt drive for hybrid cars in UP

Japanese automakers Toyota and Maruti Suzuki are going all out to market their hybrid cars in Uttar Pradesh, aiming to cash in on tax waivers that upset many of their rivals.

1 min

Kia tops Fada customer index in mass-mkt space

In the luxury segment, Audi takes the top spot

2 mins

Classic Legends' Jawa 42 FJ enters neo-classic market

Mahindra-backed Classic Legends has launched the Jawa 42 FJ, a new neo-classic motorcycle in India.

1 min

48% tax on hybrid cars,5% on EVs to stay for long: Kant

India will continue with five per cent tax on electric cars and 48 per cent tax on hybrid cars for a \"long period of time\", said its G20 Sherpa Amitabh Kant on Tuesday.

1 min

Entrepreneurship the new frontier for freshers: Study

The success of Indian startup stories is fuelling hundreds of dreams as more freshers opt to start their own venture.

1 min

TotalEnergies' AGEL investments now at $3.2 bn

French energy major TotalEnergies' latest $444 million investment in a joint venture (JV) with Adani Green Energy Limited (AGEL) has taken its total commitment to this Adani company to $3.2 billion.

1 min

CoC decided to liquidate airline: Go First RP to NCLT

The Resolution Professional (RP) of bankrupt airline Go First told the National Company Law Tribunal (NCLT) on Tuesday that its Committee of Creditors (CoC) had unanimously decided to liquidate the company after lucrative bids failed to materialise.

1 min

'58% Indians feel burnout, more than global average'

As many as 58 per cent of Indians experience burnout and workplace exhaustion, much higher than the global average of 48 per cent, a report released on Tuesday said.

1 min

Shareholder value creation at heart of demerger plan: Gautam Singhania

Shareholder value creation is at the core of Raymond's demerger plans, said Gautam Singhania, chairman and managing director of the firm.

1 min

IT HIRING DIPS, BUT AI/ML JOBS OUTLIER WITH 14% RISE: REPORT

While hiring across India's IT sector remained stagnant with just 1 per cent Y-o-Y growth in August, jobs in artificial intelligence (AI) and machine learning (ML) domain witnessed a sharp 14 per cent increase on a yearly basis during the month, according to data from job portal Naukri.com released on Monday.

1 min

The Supreme Court on August 1 allowed states to create sub-categories in reservations. In this first of a three-part series, Business Standard looks at Andhra Pradesh

The most literate in the Scheduled Caste community in Andhra Pradesh has higher literacy than the state average, while less than 40 per cent in the least literate sub-group can read and write.

3 mins

Govt okays procurement of future-ready combat vehicles, Dornier-228 aircraft

The defence ministry on Tuesday approved the procurement of future-ready combat vehicles (FRCVS) for modernisation of the Army's tank fleet and air defence fire control radars, among other proposals.

1 min

World Bank upgrades India FY25 growth forecast to 7%...

Says country saw success despite adversity; doesn't see growth slowing down

2 mins

Banking system liquidity improves to 1-month high

The liquidity in the banking system improved to a onemonth high surplus of ₹2.23 trillion on Monday, according to the latest data by the Reserve Bank of India (RBI).

1 min

FDI inflows jump 47.8% to $16.17 bn in April-June'24

Foreign direct investment (FDI) in India jumped 47.8 per cent to $16.17 billion in April-June period of the current financial year on healthy inflows in services, computer, telecom, and pharma sectors, according to government data.

1 min

FM reviews capex plans of ministries

In a move to push capital expenditure (capex) utilisation by ministries, Finance Minister Nirmala Sitharaman on Tuesday met officials of the road transport & highways ministry and the telecom department (DOT) to review plans for their budgeted capex.

1 min

Agri minister launches ₹750 cr fund AgriSure

Union Agriculture Minister Shivraj Singh Chouhan on Tuesday launched a ₹750 crore fund AgriSure to provide financial support to agritech startups even as he underlined the need for increasing public as well as private investments in the farm sector.

1 min

Mis-selling of life insurance policies at alarming level: Irdai

The alarming level of life insurance policy misselling has caught the attention of policymakers amid efforts by the insurance regulator to boost insurance penetration, a top official from the Insurance Regulatory and Development Authority of India (Irdai) said on Tuesday.

1 min

Current licence gives us enough space'

After three decades, a Bajaj group company is looking to list on the bourses. Bajaj Housing Finance, a 100 per cent subsidiary of India's largest non-banking finance company Bajaj Finance, has priced its public offering at ₹66-70 per equity share. It is looking to raise ¥6,560 crore, of which fresh issues are worth 3,560 crore and the offer for sale (OFS) is ₹3,000 crore. SANJIV BAJAJ, chairman and managing director, Bajaj Finserv, the holding company of Bajaj Finance, and ATUL JAIN, managing director, Bajaj Housing Finance, outlined the company's growth plans beyond the IPO in an interview with Manojit Saha and Subrata Panda in Mumbai. Edited excerpts:

3 mins

Households set to rebuild financial assets as income rises, says Patra

With rising incomes, households are expected to gradually rebuild their financial assets, reminiscent of the 15 per cent of gross domestic product (GDP) observed from the early 2000s until the global financial crisis, said Michael Debabrata Patra, deputy governor of the Reserve Bank of India, on Tuesday.

1 min

Cong in seat-sharing talks with AAP for Haryana polls

The Congress and Aam Aadmi Party (AAP) could revive the seat-sharing alliance for the upcoming Haryana Assembly elections they had in the state for the Lok Sabha polls.

1 min

Modi's US visit may focus on smaller events in New York

In contrast to the broad swathe of Prime Minister Narendra Modi's visit to the United States in September 2019 - his first to that country after winning a second successive term five years back his forthcoming visit to the US later this month will likely have him stay in New York.

2 mins

Govt to sell 6.78% stake in GIC Re for ₹4,700 crore

The Union Ministry of Finance will dilute a 6.78 per cent stake in reinsurance company General Insurance Corporation of India (GIC) Re to garner around ₹4,700 crore.

1 min

Centre moves SC against WB govt in rape, murder case

The Centre on Tuesday moved the Supreme Court alleging \"unpardonable\" non-cooperation by the West Bengal government in providing logistical support to the CISF, tasked with providing security at the RG Kar Medical College and Hospital in Kolkata, where a trainee doctor was raped and murdered.

1 min

UK halts 30 Israeli arms licences

Prime Minister Keir Starmer's government drew criticism from Israel and the UK's Chief Rabbi over its decision to suspend some arms licences due to concerns the use of British components in Gaza risks violating international humanitarian law.

1 min

Cathay inspects Airbus A350 fuel lines post-component fault

Cathay Pacific Airways inspection of its Airbus SE A350 fleet is focused on deformed or degraded fuel lines in the engines of the widebody aircraft, after the discovery of the issue caused multiple flight cancellations as engineers switch out parts.

1 min

Taiwan accuses China of 'illegally poaching' talent from its tech firms

Taiwan said Chinese chip companies are \"illegally poaching\" talent and trade secrets, underscoring the heated global rivalry to develop the key technology used in phones, cars and artificial intelligence.

1 min

Russian missile strike kills 41, wounds 180 in Ukraine

Areas affected include a military training facility and nearby hospital in Poltova 3 September Two Russian ballistic missiles struck a military training facility and nearby hospital in a centraleastern region of Ukraine, killing at least 41 people and wounding 180 others, Ukrainian President Volodymyr Zelenskyy said Tuesday.

1 min

How Ukraine clinched a wartime debt restructuring

Just a few months after Russia invaded Ukraine, the country's financial adviser, Rothschild, handed Kyiv's debt chief a thick black folder detailing major sovereign debt restructurings of the past 30 years.

1 min

Illumina wins Grail battle in blow to EU merger probe

Illumina's blocked $7 billion bid for cancer-detection provider Grail should never have been probed by the European Union, according to a top court ruling that strikes at the heart of the EU's attempt to vet more global deals.

2 mins

Congo says 129 died during attempted jailbreak, stampede

An attempted jailbreak in Congo's main prison left 129 people dead, including some who were shot and others who died in a stampede at the overcrowded facility, authorities said Tuesday.

1 min

Will ELI fix India's jobs crisis?

India is grappling with a stark economic paradox: While gross domestic product (GDP) growth Despite the economy expanding by 8.2 per cent in FY24, there has been a persistent decline in the labour force participation rate (50.2 per cent in Q1 FY24, as reported by the Periodic Labour Force Survey) and a rise in the unemployment rate (9.2 per cent in June 2024, according to the Centre for Monitoring Indian Economy).

3 mins

Primary driver

The frenzy that centred round the SME (small and medium enterprises) initial public offering (IPO) of Resourceful Automobile indicates the ☐ Automobile, a motorcycle dealer with two showrooms and a workforce primary market is in a phase of irrational exuberance.

2 mins

Difficult conversations we must have

High immigration and demographic change are huge concerns globally. Political correctness should not prevent us from discussing them

4 mins

Protecting gig workers

Union Minister for Labour and Employment Mansukh Mandaviya recently reiterated the government's commitment to extending social-security benefits to gig and platform workers.

2 mins

Sweet revolution: Mithai gets gourmet twist

Champagne-infused laddoos to gold-foiled barfis, artisanal brands transforming Indian sweets into high-end delicacies

3 mins

Mobile use not linked to brain cancer: WHO-backed study

There is no link between mobile phone use and increased brain cancer risk, according to a new World Health Organization (WHO)-commissioned review of the available published evidence worldwide.

1 min

Sebi search-and-seizure ops jump 2x

Locations outside metros also see action in FY24

2 mins

Sebi moves to ensure ease of FPI onboarding

Markets regulator Securities and Exchange Board of India (Sebi) is stepping up efforts to ease the onboarding of foreign portfolio investors (FPIs) and constituted a cell for consultations with offshore investors and custodians, said whole-time member Ananth Narayan.

2 mins

Strong prospects, valuations to drive gains for hotel stocks

The hospitality industry has around 212,000 rooms, with an industry size of about ₹82,000 crore.

2 mins

Nifty extends winning run to 14th session

The benchmark Nifty's winning run continued, with the 50-share index managing to eke out 1.15 point gain on Tuesday, ending at 25,280.

1 min

Cong seeks clarity on Buch 'retiral' payouts

The Congress on Tuesday sought further clarification from ICICI Bank and Madhabi Puri Buch, chairperson of the Securities and Exchange Board of India (Sebi), regarding the \"retiral benefits\" paid to her by the private sector lender.

2 mins

SAT adjourns Zee's plea against Sebi

The Securities Appellate Tribunal (SAT) on Tuesday adjourned a hearing on a plea filed by Subhash Chandra, chairman emeritus of Zee Entertainment Enterprises, against the Securities and Exchange Board of India (Sebi) in the alleged fund diversion matter.

1 min

SC to Sahara: Gave enough chances to repay ₹10K cr dues

The Supreme Court on Tuesday said Sahara India had been given \"enough chances\" to pay ₹10,000 crore out of the ₹25,000 crore total payment ordered by the apex court in 2012.

1 min

Valuations turn pricey as bulls charge ahead

Analysts expect rally to take a breather as corporate earnings catch up

2 mins

Read all stories from Business Standard

Business Standard Newspaper Description:

Business Standard is India's leading business daily.
A preferred choice of serious business readers, Business Standard is acknowledged as a quality leader.

Business Standard stands for reporting that stresses accuracy and credibility, commentary that is informed, independent and fair, and journalism that is rooted in ethical conduct and defined by a sacrosanct bond with the reader. All Business Standard journalists sign on to a code of conduct that is available on the website.

Business Standard's editorial team is led by Shyamal Majumdar.

The English newspaper is published from 12 centers - New Delhi, Mumbai, Kolkata, Bengaluru, Chennai, Ahmedabad, Hyderabad, Chandigarh, Lucknow, Pune, Kochi and Bhubaneswar. It is also printed from Bhopal.

The Hindi Business Standard is published from eight centres - New Delhi, Mumbai, Kolkata, Patna, Lucknow, Bhopal, Chandigarh and Raipur.