Business Standard - September 16, 2024

In this issue

September 16, 2024

Banks may face bigger fines for non-compliance

Current penalties may not act as effective deterrent: Experts

2 mins

'Shipbuilders from Japan, Korea keen to invest here'

In what could be a boost for India's nascent shipbuilding industry, companies from Japan and South Korea have expressed interest in investing in the sector, Union Minister of Ports, Shipping, and Waterways Sarbananda Sonowal has said.

2 mins

Cost of convenience: Restaurants list higher prices in online menus

The convenience of ordering food online comes at a cost; or, to be more accurate, an 'additional cost'.

3 mins

New-look Chennai town to welcome Ford on its India comeback trail

Henry Ford Road in Maraimalai Nagar, located about 50 kilometres from Chennai, has remained quiet for the past two years since the Ford India plant ceased operations in 2022.

3 mins

'Claims of ICE vehicle demise self-serving'

During the past few months, Bajaj Auto has seen a huge increase in its electric scooter sales, thanks to the massive distribution expansion and launch of models below ₹1 lakh for the first time. Based on Vahan registrations, Bajaj Auto's electric two-wheeler market share stood at 19.3 per cent till August 30. RAKESH SHARMA, executive director, Bajaj Auto in an email interview with Surajeet Das Gupta, talks about company's mega electric vehicle (EV) play. Edited excerpts:

3 mins

'Service outlets not stressed; utilisation full in big cities'

As several major carmakers struggle with a slowdown in India, Mahindra and Mahindra (M&M) has defied the trend with 20.4 per cent year-on-year (Y-o-Y) jump in domestic sales, reaching 209,148 units in the April-August period. NALINIKANTH GOLLAGUNTA, chief executive officer of M&M Automotive Division, spoke with Deepak Patel in an interview in Delhi. Edited excerpts:

4 mins

Govt to pay MTNL's bond interest again: DoT officials

The government will again step in and pay for state-run telecom operator Mahanagar Telephone Nigam Limited's (MTNL) upcoming interest payment on bonds issued by it, officials from the Department of Telecommunications (DOT) have said.

1 min

Adani firms to sign 6.6 Gw power supply pact with Maha discom

Adani group entities Adani Green Energy (AGEL) and Adani Power (APL) on Sunday announced they would sign a longterm power purchase agreement (PPA) with Maharashtra's largest electricity distribution utility to supply the state with a 6.6 gigawatt (Gw) of combined solar and thermal power.

1 min

Regulatory, supply chain issues weigh on medtech sector

Despite India's $10 billion medtech market and the country's potential to become a global manufacturing hub, scaling businesses in the sector remains challenging.

1 min

MHI all set to auction final 10 GWh of ACC PLI scheme

The Centre has kick-started the auction process for the final 10 gigawatt-hour (GWh) of the Advanced Chemistry Cell (ACC) Production-Linked Incentive (PLI) scheme designated for grid-scale battery storage.

2 mins

US lenders counter Byju's claim on debt

Want repayment of full $1.2 bn loan

1 min

Swiggy may file IPO papers this week, to raise ₹8.3K cr

Flood-delivery platform Swiggy is considering filing publicly for its domestic initial public offering (IPO) as soon as this week, people familiar with the matter said, adding to a strong pipeline of share sales in the country.

1 min

Kudos to CBIC for dropping troublesome CGST Rules

In a welcome move, the Goods and Services Tax (GST) Council has decided to omit Rule 96(10), Rule 89(4A) and Rule 89(4B) from the Central GST (CGST) Rules, 2017, with prospective effect.

2 mins

RBI seeks details of select NBFCs' loan book growth

Outstanding product-wise portfolio, annualised interest on them on radar

2 mins

Jan-Dhan a new option for PSBs to mobilise deposits

State-owned banks are increasingly targeting JanDhan accounts to mobilise deposits as they face growing pressure to mop deposits to manage credit growth amid an increasing shift of household savings towards higher-yielding financial instruments.

2 mins

Liquidity may turn deficit this week due to advance tax, GST payments

After remaining in surplus for over two months, banking system liquidity is expected to shift into deficit mode this week due to advance tax payments and goods and services tax (GST) outflows, said market participants.

1 min

Record ₹82K cr GST evasion detected in online gaming

The Directorate General of GST Intelligence (DGGI), the central investigation and anti-evasion arm under the finance ministry, has detected the highest-ever goods and services tax (GST) evasion by the online money gaming industry, amounting to ₹81,875 crore in FY24 across 78 cases.

2 mins

GST Council forms GoM to review tax on health, life insurance

The Goods and Service Tax (GST) Council on Sunday constituted a 13member Group of Ministers (GoM) to suggest GST rate on premiums of various health and life insurance products and submit its report by October 30.

1 min

What's the writing on the wall?

After resignation as Delhi CM, Arvind Kejriwal's party colleagues say he will campaign to reclaim his image as an anti-corruption crusader, and give his successor time to roll out welfare schemes. ARCHIS MOHAN decodes

4 mins

Clerics make an electoral foray

Mosque sermons in Kashmir, for decades, have maintained a calculated distance from political topics. But that might be changing now, writes KALEEM GEELANI

3 mins

A system on life support

Bengal's health care breakdown is a symptom of deeper political illness. It reveals more than dysfunction; it unveils a clash of ideologies. ISHITA AYAN DUTT on Bengal's pulse

4 mins

World girds up for Fed's 1st rate cut since '20

Discussions on Sep 17-18 will likely centre around whether to reduce rates by 25 or 50 basis points

2 mins

Russia claims to destroy 29 drones, Kyiv shoots down 10

Russia's air defence units destroyed 29 drones that Ukraine launched overnight targeting seven Russian regions, Russia's defence ministry said on Sunday.

1 min

Inside Musk's mushrooming security apparatus

The day before Elon Musk spoke at a celebration for Tesla's futuristic Cybertruck pickup in November, a Florida man, Paul Overeem, was arrested near the company's Austin, Texas, factory and accused by the authorities of planning a \"mass casualty event\" there.

2 mins

Affordable health care

Infrastructure needs improvement

2 mins

Underutilised data

GST transactions are a rich mine for policymakers

2 mins

How to get FDI up 10 times

Xi Jinping came to power in China in 2013, and brought a new emphasis on arbitrary state power and nationalism.

4 mins

Sustaining the cotton revolution

A consistent downtrend in cotton yield over the past decade is a clear indication that the cotton revolution, triggered by the introduction of gene-altered and pest-protected Bt-cotton hybrids in 2002, has withered away.

3 mins

India our APAC priority and primary market focus'

With markets looking forward to a rate cut by the US Federal Reserve (Fed) this week, BHASKAR LAXMINARAYAN, chief investment officer and head investment management Asia at Julius Baer, shares with Puneet Wadhwa that a 25-basis- point (bp) cut paired with a strong dovish message could be just as effective as a 50-bp cut with minimal commentary. The impact, he observes, will largely depend on the accompanying message and how it is interpreted. Edited excerpts:

2 mins

United Spirits to distil neat double-digit growth with premium blend of tailwinds

GROWTH ON TAP: Premiumisation and strategic pricing raise the bar for alcobev maker's Prestige and Above portfolio

2 mins

Powerhouse in a small package: Delivering big returns

Launched in September 2010, the Nippon India Small Cap Fund has consistently ranked in the top 30 percentile of the smallcap fund category in the CRISIL Mutual Fund Ranking (CMFR) for four consecutive quarters through June 2024.

2 mins

Delaying buy decision may push costs higher amid rising prices

Pay 20-30% of cost as down payment; EMI should not exceed 40% of take-home salary

3 mins

Bank not liable for lack of pledged goods cover

Shree Shakti Foam had applied to Canara Bank for a cash credit facility against the hypothecation of stocks.

2 mins

There is a case for Al helping the law

The technology can assist in clearing the massive backlog in courts and in research, report ASHUTOSH MISHRA & BHAVINI MISHRA

4 mins

Firms need time to comply with data protection law'

Companies will need time to comply with the Digital Personal Data Protection Act (DPDP) whose rules are to be released, according to VINAYAK GODSE, chief executive officer of Data Security Council of India (DSCI). It's a non-profit non-profit organisation set up by NASSCOM and works in cybersecurity and privacy. \"Companies will need to overhaul processes and adjust operations\", he said in an interview with Ashutosh Mishra in New Delhi. Edited excerpts:

2 mins

UPS: SENSE & SENSIBILITY

As the govt embarks on a new pension scheme, what will be its fiscal implications?

4 mins

Ambiguity over GST food rates in spotlight

The managing director (MD) of a famous restaurant chain in Tamil Nadu supposedly apologising to Union Finance Minister Nirmala Sitharaman in Coimbatore on Wednesday has triggered a political controversy.

3 mins

Four states get six Vande Bharat trains

Prime Minister Narendra Modi on Sunday virtually flagged off six Vande Bharat trains for Jharkhand, Odisha, Bihar, and UP at Ranchi.

1 min

SOM Distilleries debuts in K'taka with Woodpecker beer

Bhopal-based SOM Distilleries and Breweries has entered the Karnataka market with \"Woodpecker\" premium beer, India's first twist cap beer.

1 min

D2C brands hitch their wagon to quick-commerce

As quick commerce gains ground, emerging direct-to-consumer (D2C) brands are betting big on digital channels to drive growth.

2 mins

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