Business Standard - October 02, 2024

In this issue

October 02, 2024

Sebi rolls out 6 measures to rein in F&O speculation

MITIGATING RISKS IN INDEX DERIVATIVES

1 min

M&As back in action, up 14% in 1st 9 months

INDIA M&As PICKING UP Mergers and acquisitions between January and September

1 min

Private sector capex zooms 42% in Q2

But project completions slightly lower than in March quarter

1 min

Stubble burning: From Ground Zero in Punjab, bad news for Delhi-NCR

Govts step up efforts, but farmers say policies unclear, assistance insufficient

3 mins

After Hosur fire, stockpiles steady iPhone production

The fire on Sunday at the Tata Electronics factory complex in Hosur, which is set to play a key role in Apple Inc's plans for a major ramp-up in iPhone production, is not expected to impact iPhone assembly, especially with the peak domestic festival sales season approaching and the iPhone 16 series having become available in India from September 20.

2 mins

EV sales grow 19% in H1, but slow to a crawl monthwise

Electric vehicle (EV) sales saw a robust growth of 19 per cent in the first half (H1) of 2024-25, rising to 836,621 units from 702,013 units in H1 of 2023-24. However, monthly, the increase was modest, with a 1.22 per cent rise from August's 146,745 units.

1 min

Sony Pictures names Ravi Ahuja CEO

Media veteran was leading global TV production, India ops since 2021

2 mins

Infibeam's senior exec appointed Rediff CMD

Rediff.com, the news website that was acquired by payments solution provider Infibeam Avenues, on Tuesday announced the appointment of Vishal Mehta as its new chairman and managing director (CMD). Mehta succeeds Ajit Balakrishnan, who had been the chairman and chief executive officer (CEO) of Rediff since 1996. Mehta is also the CMD at Infibeam Avenues.

1 min

Auto firms prune sales to dealers over low demand

September tally hit by Shraddh period, but enquiries and bookings rise

2 mins

Tafe-AGCO brand battle reaches US shareholders

American firm responds, says Chennai company's interests 'misaligned'

2 mins

Over 900 Samsung workers arrested in Chennai for protests

Police on Tuesday said they had detained 912 Samsung Electronics workers and union members for organising a street protest, as a strike at the South Korean firm's home appliances plant in Tamil Nadu state entered its fourth week.

1 min

Daily UPI transactions cross 500 mn

Unified Payments Interface (UPI) daily transactions crossed 501 million in September, the highest ever since UPI turned operational in 2016.

2 mins

GST mopup growth in Sep slowest in H1FY25

Net numbers fall 3.9% to ₹1.5 trn amid high refunds

2 mins

Manufacturing PMI at 8-month low

Net employment, quantity of purchases rise and business confidence remains broadly aligned

1 min

FY23 wage share in NVA below pre-Covid level

ASI data shows share of profits as proportion of NVA was above the pre-pandemic period

1 min

Saudi oil supply rebound gives India bargaining power

A resurgence in Saudi Arabian supplies of crude oil to India coupled with an attack on an Iraqi tanker in August carrying crude to Europe may result in improved bargaining power for India with West Asian and Russian suppliers for winter supplies.

3 mins

Price of ATF down 6%, commercial LPG up ₹48.5 per cylinder

State-run oil marketing companies (OMCs) on Tuesday reduced the price of Aviation Turbine Fuel (ATF) by 6 per cent to ₹87,597 from ₹93,480.22 kilolitre in Delhi, the lowest price since April, and increased the cost of commercial LPG by ₹48.5 per cylinder.

1 min

Retail inflation for industrial workers rises to 2.4% in Aug

Retail inflation for industrial workers inched up marginally to 2.44 per cent in August against 2.15 per cent in July this year.

1 min

Gold financiers may take a hit on RBI warning

Large NBFCs may not be impacted; smaller players may have to mend ways

1 min

Majority of banks, insurers in compliance

TRAI'S WHITELISTING NORMS

2 mins

Govt picks three new external members for MPC ahead of key meet

Six days ahead of the crucial meeting of the interest rate-setting panel, the government on Tuesday appointed three external members to the reconstituted Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI).

2 mins

IBC needs 2nd-generation reforms: Kant

The Insolvency and Bankruptcy Code (IBC) is in need of second-generation reforms to acknowledge concerns regarding the present functioning of the Code, Amitabh Kant, G20 Sherpa and former CEO of Niti Aayog, said on Tuesday.

1 min

Mibor panel backs benchmark based on secured money mkt

The Reserve Bank of India (RBI)'s Committee on Mibor Benchmark, in its report published on Tuesday, suggested that the Financial Benchmarks India Limited (FBIL) may develop and publish a benchmark based on the secured money market, referred to as the Secured Overnight Rupee Rate (SORR).

1 min

Centralised portal for internship scheme set to go live tomorrow

Candidates can send applications from October 12

2 mins

Favourable biz environment drives firms' credit upgrades in H1FY25

Backed by conducive business and economic conditions, the number of credit rating upgrades surpassed that of downgrades by a higher proportion for Indian corporates in the first half of the current financial year (H1FY25).

1 min

10 YEARS OF SWACHH BHARAT MISSION - Over 82% Indian households had access to toilets in 2019-21

Numbers up from 45% in 2004-05

1 min

J&K polls: 65% voter turnout in Phase-III, may surpass LS figures

Baramulla, Sopore see highest turnout in 3 decades

2 mins

Israel targets Hezbollah in ground invasion

Ready for direct clashes with Israeli forces, says militant group; escalation causes international alarm

3 mins

China's CPC marks 75 years amid economic trouble

China is marking the 75th year of Communist Party rule as economic challenges and security threats linger over the massive state.

2 mins

Samsung to cut thousands of jobs in worldwide layoffs

Samsung Electronics is laying off workers in Southeast Asia, Australia, and New Zealand as part of a plan to reduce global headcount by thousands of jobs, according to people familiar with the situation.

1 min

Adnoc to buy German firm for $16 billion

Abu Dhabi's Adnoc has struck a deal to buy German chemicals maker Covestro for $16.3 billion, including debt, in the energy giant's biggest ever acquisition.

1 min

Boeing may raise at least $10 billion by selling stock

Boeing Co is considering raising at least $10 billion by selling new stock, as the planemaker seeks to replenish cash reserves depleted further by an ongoing strike, according to people familiar with the discussions.

1 min

The evolution of India's economic laws

For an economy to function optimally, participants must be certain of the outcomes - that the counterparty will perform its part, the wealth that one generates will remain with the creator, and that legal systems will ensure these. These attributes are a sine qua non for economic progress. Yet, as far back as 1793, Governor General Cornwallis rued that the “growing backlog of suits struck at the very root of the prosperity of the country”.

3 mins

GST: Good enough vs the ideal

We must steadily reduce complexity in GST, but incremental reform may be as good as any rapid pursuit of a theoretical ideal

4 mins

Flexibility to markets

Sebi's new measures help both investors and issuers

3 mins

Time for policy inflection

Most investors believe emerging market central banks must follow the Fed. If they don't, interest rate differentials can lead to significant capital flows and currency fluctuations.

4 mins

Big, but not enough

China's stimulus package may not be effective

2 mins

Industry divided on T+O impact

The Securities and Exchange Board of India (Sebi) has announced a slew of measures to infuse life into the same-day (T+0) settlement cycle. However, market players are divided over their effectiveness given the lack of interest in the framework in the present form.

1 min

AMC scrips rally on new asset class

Nippon Life India up 5.2% on BSE; Aditya Birla Sun Life ends trading day 4.4% higher

2 mins

Indices fall for third day on FII outflows

Benchmark indices Sensex and Nifty edged lower on Tuesday, extending the losing run to the third day amid profit-taking in oil & gas and select FMCG stocks.

1 min

Allegations against Buch: Sebi board lacks power to act, experts point out

The Securities and Exchange Board of India (Sebi) board meeting on Monday was expected to address allegations of disclosure lapses and conflicts of interest involving Chairperson Madhabi Puri Buch. However, two board members disclosed that the matter was not brought up, leaving some participants disappointed, especially in light of a slew of accusations from the country's main Opposition party, the Congress.

2 mins

Larger gold loan players less impacted by RBI advisory

The Reserve Bank of India (RBI) has issued an advisory for entities giving gold loans (GL) where it identified irregular practices and gave three months for lenders to correct these and avoid supervisory action.

2 mins

Brokerages revise fee as true-to-label norms kick in

Leading brokerages have revised their charges with the true-to-label norms by the Securities and Exchange Board of India (Sebi) kicking in from Tuesday.

1 min

Time for caution on Nifty, but no need to panic

Historic trend does not flag immediate concern even as monthly RSI stood at 83 in Sep, indicating 'overbought' condition: Analysts

3 mins

CHANGING CHANNELS

Carmakers are adding layers to their dealerships to reach more buyers and meet rising aspirations, while increasing revenue per car. Do they have the right products?

5 mins

Post-monsoon showers to be above-normal this year: IMD

The India Meteorological Department (IMD) on Tuesday said that after a strong rainy season, the post-monsoon months will also be good. It predicts rainfall across the country in October to be 'above normal' at 115 per cent of the Long Period Average (LPA). The cumulative all-India rainfall for October is around 75.4 mm.

1 min

Substandard drugs on a decline amid crackdown

The first of a two-part series focuses on how quality audits and regulatory actions on pharma units nationwide are showing results

2 mins

Engagement speaks louder than followers

Actions, not followers, are new social currency for Indians online, reveals Comscore Social's mid-year review

2 mins

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