Business Standard - September 26, 2024

In this issue

September 26, 2024

CNG car sales growth zooms past other PVs

PETROL CARS: LOSING TRACTION?

3 mins

₹50,000 cr mega IPOs may make it cracker of a Diwali

Three of India's biggest initial offerings are in the offing

2 mins

Amazon engaging with India on GPU procurement tender: Senior exec

Amazon's Cloud computing arm, Amazon Web Services (AWS), is \"engaging with the Indian government\" over its request for proposal (RFP) to procure high-end graphic processor units (GPUs) for AI Mission which aims to bolster the nation's computing infrastructure, a senior company executive said.

2 mins

Piramal Pharma targets $2 bn revenue by FY30

Pharmaceutical firm Piramal Pharma is eyeing to double its revenue to $2 billion by 2029-30, company Chairperson Nandini Piramal said on Wednesday.

1 min

Samsung workers' strike: Centre asks TN to intervene

Union Labour Minister Mansukh Mandaviya has written to Tamil Nadu Chief Minister MK Stalin on Wednesday and urged swift resolution of the ongoing workers' strike at the Sriperumbudur plant of Samsung Electronics, sources said.

1 min

FINTECH LOAN DISBURSEMENTS DECLINE IN VOLUME & VALUE IN Q1FY25: REPORT

For the first time in over four quarters, the volume and value of credit disbursements among fintech companies declined marginally on a quarter-on-quarter (Q-o-Q) basis, data from a self regulatory organisation for fintechs (SRO-FT) shows.

1 min

NCLAT didn't apply mind in Byju's case: SC

Hints matter may be sent back to appellate tribunal

2 mins

K'taka plans tax waivers for hybrid cars, EV incentives

Karnataka plans to cut levies and offer financial incentives to companies in the clean mobility sector, including a steep tax cut for hybrid cars that will be a boost for Toyota, a draft of a document showed.

1 min

‘InGovern report creating anti-India sentiment’

Religare Enterprises, currently undergoing a turnaround, recently made headlines following a report by proxy advisory firm Ingovern. The Burman family, which owns 21.5 per cent, has made an open offer. As the takeover battle intensifies, the Securities and Exchange Board of India (Sebi), sent notices to RASHMI SALUJA, chairperson of Religare Enterprises, for alleged insider trading. And, the Enforcement Directorate (ED) has also started a probe. In a video interview with Dev Chatterjee and Khushboo Tiwari, Saluja discusses various issues. Edited excerpts:

2 mins

"About 40% of our global R&D workforce is in India"

With a talent pool of 13,000, half skilled in artificial intelligence (AI) technologies, SAP Labs India is becoming a global AI hub for SAP's worldwide customers. Headquartered in Bengaluru, it specialises in custom and multi-agent AI technologies to drive business transformation. As SAP's second-largest research and development (R&D hub), it develops solutions that set new digital transformation standards for SAP's 450,000 customers. SINDHU GANGADHARAN, managing director and head of customer innovation services, in conversation with Peerzada Abrar in Bengaluru, emphasises India's strategic importance for SAP's growth and innovation. Edited excerpts:

1 min

Deploy DPIs to build skilling infra: Ficci-EY

A skilling passport, a centralised registry and work experiences of professionals across India are examples of digital public infrastructures (DPIs) the industry can leverage to create a robust skilling ecosystem, according to report released by Federation of Indian Chambers of Commerce & Industry (Ficci) in collaboration with Ernst & Young (EY).

1 min

Govt eyes $100 bn FDI inflows annually

The government is looking at a target of $100 billion foreign direct investment (FDI) inflows per annum in the coming years, in line with India's thrust towards the \"Make in India\" programme, Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Amardeep Singh Bhatia said on Wednesday.

2 mins

Consensus eludes GoM on GST rate rejig

Over 100 items discussed at Goa meeting

2 mins

Out-of-pocket health spend fell to 39% in 2021-22

Household healthcare costs declined as government spending rose to 48%

2 mins

Govt begins talks to finalise EU products for retaliatory tariffs

Consultations on with relevant departments and ministries

2 mins

Mumbai rains hit local train, flight services

Heavy rains lashed Mumbai and suburbs on Wednesday, inundating low-lying areas, disrupting local trains and affecting flight operations.

1 min

Shipbuilding clusters to come up in five states: Sonowal

Ship-building and ship repair clusters will be established in five states including Gujarat, Andhra Pradesh and Maharashtra, Union Minister for Ports, Shipping and Waterways (MoPSW) Sarbananda Sonowal said on Wednesday.

1 min

Banks turn to CD issuances in Sep amid deposit woes

Raise ₹5.4 trn compared to ₹3.2 trn in same period of last FY

2 mins

Organised gold loans may top ₹10 trn in FY25

It may hit ₹15 trn by Mar '27, says Icra

1 min

Shriram Finance raises $500 mn

Shriram Finance has raised $500 million from global investors through issuance of fixed rate, senior secured social USD notes at a coupon of 6.15 per cent.

1 min

Bank of India gets 2,500 cr via bonds

State-owned Bank of India on Wednesday raised ₹2,500 crore through Tier-II bonds at a coupon rate of 7.49 per cent, sources said.

1 min

Life insurers may discuss surrender value norms tomorrow

Compliance heads of life insurance companies are scheduled to meet the executives of Life Insurance Council on Friday and are likely to discuss the industry's readiness to implement the new surrender value norms supposed to take effect on October 1 this year, unless an extension is granted, said multiple sources aware of the development.

1 min

OECD ups India's FY25 GDP forecast to 6.7%

ADB retains projection, expects faster growth in coming quarters

1 min

Peace on border must for progress in India, China ties: Jaishankar

The India-China relationship would influence the future of the entire world, External Affairs Minister S Jaishankar said while making it clear that peace needed to be restored on the border first for bilateral ties to move forward.

1 min

Mumbai's first underground Metro gears up for partial launch in Oct

Mumbai's first-ever underground Metro is expected to begin operations in a phased manner starting in October, according to state agency officials. The ₹37,276 crore project is likely to become fully operational in 2025.

1 min

Modi lists out govt's pro-farmer policies at Haryana rally

Addressing a public meeting in Haryana's Gohana on Wednesday, Prime Minister (PM) Narendra Modi (pictured) highlighted the Centre's recent \"pro-farmer\" decisions of removing minimum export price on basmati, which he said would benefit paddy growers.

1 min

Over 56% turnout seen in 2nd phase of J&K elections

20 of 26 segments registered lower voter turnout than in the 2014 polls

2 mins

China to give rare cash handouts to the poor

China said it will give one-off cash handouts to people in extreme poverty before Tuesday, in a rare announcement of direct aid just a day after unveiling a sweeping program to stimulate the world's second-largest economy.

1 min

Secret Service lapses were preventable, finds Senate probe

Multiple Secret Service failures ahead of the July rally for former president Donald Trump where a gunman opened fire were “foreseeable, preventable, and directly related to the events resulting in the assassination attempt that day,” according to a bipartisan Senate investigation released on Wednesday.

1 min

Google revs up feud with Microsoft over Cloud tactics

Files complaint with European Commission

1 min

AI market will surge to nearly $1 trillion by 2027: Bain

The global market for AI-related products is ballooning and will hit as much as $990 billion in 2027, as the technology's quick adoption disrupts companies and economies, Bain & Co said.

1 min

Green businesses

Indian firms still have a long way to go

2 mins

Labour market signals

India needs better-quality jobs

2 mins

Transforming the future of war

The biggest wars of the century gone by were won more by the side with greater industrial capability and technological excellence than those with larger populations or greater mineral wealth.

3 mins

Conflict management: Thy name is governance

In the realm of market regulation, managing conflict is the key to effective governance

4 mins

Fab pact: A harbinger of good things ahead

In a significant milestone, the United States and India reached an agreement to establish a semiconductor plant in India that will cater to national security and defence.

3 mins

Zoho joins ONDC with Vikra app

SaaS major Zoho on Wednesday announced that it was joining the Open Network for Digital Commerce (ONDC) network with the launch of Vikra, a seller side app, and Zoho IoT, a low-code platform enabling businesses to build and deploy custom IoT (Internet of Things) solutions.

1 min

1st in India: Airtel's AI-powered spam detection goes live today

Bharti Airtel on Wednesday announced a network-based solution that will use artificial intelligence (AI) and 250 parameters to detect spam calls and messages for the telecom company's customers.

1 min

Ahead of festival season, online home searches pick pace

As the festival season kicks in, the online searches for homes in India have started to pick up again after seven months of low activity, a report released on Wednesday said.

1 min

Telcos can't opt out of new service regime: Trai chief

Says consultation paper on satellite spectrum to be out in next few days

2 mins

‘Buy’ consensus in Nifty 200 index at 61, lowest in a decade

Analysts are having a hard time recommending stocks worth buying in India's $5 trillion equity market.

1 min

In a first, Sensex finishes above 85K, Nifty tops 26K

Benchmark Sensex closed above the 85,000 level for the first time while Nifty scaled the 26,000 peak at close on Wednesday as fag-end buying in banking and power shares helped stock markets recoup early losses.

1 min

Exchanges call for better scrutiny by merchant bankers

Amid concerns over the quality of issuances by small and medium enterprises (SMEs) and rising instances of violations, stock exchanges have urged investment bankers to enhance scrutiny and ground checks before filing documents for an initial public offering (IPO).

2 mins

Sebi sets up FPI outreach cell

The Securities and Exchange Board of India (Sebi) has established an outreach cell for foreign portfolio investors (FPIs).

1 min

IPO hopes drive NSE's valuation 2x

National Stock Exchange's (NSE's) valuation in the private markets has doubled to $36 billion in the last four months, backed by investor expectation that an initial public offering (IPO) could materialize as early as the first quarter of next year, according to people familiar with the matter.

1 min

Zerodha's profit swells 62% in FY24

Discount stock broker Zerodha on Wednesday reported a 61.5 per cent year-on-year (Y-o-Y) jump in profit during the financial year 2023-24 to ₹4,700 crore while revenues jumped 21 per cent to ₹8,320 crore.

2 mins

Asset quality key monitorable for Cholamandalam Investment

Cholamandalam Investment and Finance's (Chola) share has yielded one of the best returns in the last month.

2 mins

Max Healthcare stock in the pink of health

Acquisitions, organic growth to improve profit trajectory

2 mins

A Sri Lankan victory at Hindu College

Professors, batchmates reminisce new Sri Lanka PM Harini Amarasuriya's campus days in Delhi

2 mins

Auspicious Nov stars shine on wedding biz

Hotels booked to capacity; makeup artistes, caterers have their hands full

3 mins

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