Business Standard - October 17, 2024

In this issue

October 17, 2024

Trade deficit eased in Sep to 5-month low

India's merchandise trade deficit narrowed to a five-month low of $20.78 billion in September as imports grew at the slowest pace in six months and exports rose marginally after two months of decline, the official data showed on Wednesday.

2 mins

States for compensation cess merger with 28% GST slab

State FMs suggest no new item in lists of luxury, sin, and demerit goods until transition

2 mins

Pvt life insurers mull new model for commission

Clawback, deferral, or reduction in payouts on the cards for distributors

3 mins

Specialised skills to drive 20-25% growth in IT fresher hiring

Fresher hiring, which has been subdued as Indian information technology (IT) services firms scaled back their recruitment, is set for a turnaround. The IT sector's fresher hiring is expected to rise by 20-25 per cent for 2024-25 (FY25).

3 mins

Too early for businesses to say cracker of a Diwali

With just a fortnight to go for Diwali, the countdown has begun for the biggest shopping season in the country. But the mood is still not quite upbeat.

2 mins

Ericsson maps out India's 5G dominance over the US

Swedish telecommunications (telecom) gear maker Ericsson has announced that India will soon outdo the US in the number of 5G fixed wireless access (FWA) broadband subscriber homes, potentially reaching over 85-100 million by 2030.

1 min

BlackRock, JioFin Services may set up private credit venture in India

BlackRock, the world's largest asset manager, is in talks with Mukesh Ambani's Jio Financial Services to set up a private credit venture, aiming to tap the expanding direct lending opportunities in India, according to people familiar with the matter.

1 min

Trai to consider all inputs for satellite spectrum: Chair

Indicates existing consultation paper won't be retracted

2 mins

Samsung equipment to replace Vi's Chinese 5G gear in 6-7 circles

Vodafone Idea's (Vi's) latest order of network equipment from new partner Samsung will lead to 5G gear deployment in its six to seven telecom circles where the telco has existing gear installed from Chinese equipment makers Huawei and ZTE, Chief Technology Officer (CTO) Jagbir Singh told Business Standard.

1 min

80% data traffic growth from select few

Despite data traffic rising 50 per cent annually in India, 80 per cent of it originates from two to three large traffic generators (LTGs), a trend which is not sustainable, MATS GRANRYD, Director General of global mobile industry body GSM Association (GSMA), tells Subhayan Chakraborty in an interview in New Delhi. Edited excerpts:

1 min

Reliance's IP sprint: 3K patents at 100 filings/week

Reliance Industries has filed over 3,000 patents - currently at a rate of 100 per week - in cutting-edge technology areas such as artificial intelligence (AI), 6G, and 5G in India and a host of other countries, according to sources familiar with the developments.

2 mins

Bajaj Auto Q2 net skids 31%, revenue rises 22%

Pune-based two-wheeler major Bajaj Auto on Wednesday reported a 31.4 per cent fall in consolidated profit after tax (PAT) to ₹1,385.44 crore for the second quarter of the financial year 2024-25 (Q2FY25). Its revenue from operations grew 22.2 per cent to ₹13,247.28 crore during the period.

2 mins

Vistara stood out by empowering frontline employees: Chairman

Vistara stood out from other Indian carriers like IndiGo because it empowered frontline employees to solve passengers' problems and provide a premium service, said its Chairman Bhaskar Bhat (pictured) on Wednesday.

2 mins

Committed to long-term investment in India

Singapore headquartered Sembcorp Industries is the largest foreign renewable energy (RE) player in India with 5 gigawatt (Gw) of operational solar and wind power capacity. It started out by acquiring several key RE assets in India and went on to participate in government tenders. The company is widening its ambit to hybrid RE and green ammonia production. In an interaction with Shreya Jai in New Delhi, A NITHYANAND, chief executive officer (CEO), renewables business (India), Sembcorp Industries, shares the company's plans in India. Edited excerpts:

2 mins

Samsung workers resume work today

Workers at the Samsung India Electronics, who ended their strike demanding better pay and working conditions, would resume work from tomorrow, the Centre of Indian Trade Unions (CITU) said on Wednesday.

1 min

GenAI startups in India see 3.6x surge in H1CY24

India's GenAI ecosystem has witnessed strong, broad-based growth, with the total number of GenAI startups increasing 3.6 times to more than 240 by the first half of 2024 (H12024) from over 66 in H12023, according to a report by IT trade body Nasscom.

2 mins

Indian manufacturing should eye export-led growth: Godrej

The Indian manufacturing sector should aim for export-led growth driven by climate-friendly processes and see regulations like the Carbon Border Adjustment Mechanism (CBAM) as an opportunity to have a global footprint, Jamshyd Godrej (pictured), Chairman, CII Sohrabji Godrej Green Business Centre and Chairman, Godrej & Boyce told Business Standard in Delhi on Wednesday.

1 min

Insurers get till FY27 for new accounting norms

The Insurance Regulatory and Development Authority of India (Irdai) has asked both bank-sponsored and non-bank-sponsored insurance companies to implement IFRS 17 regulations by FY27, a move that will give these companies time for implementation.

1 min

India-UK FTA negotiations likely to restart in Nov

India is hoping that free trade agreement (FTA) negotiations with the United Kingdom (UK) will restart in November, a senior government official has said.

2 mins

2nd time in 20 yrs, manufacturing jobs outpace sector growth

Capital intensity adds horsepower to the sector in latest ASI data

1 min

‘There's a renewed focus on GCCs with tech emphasis’

KPMG is ramping up its capacity by about 20 per cent annually, focusing on its technology division while also reviewing the effectiveness of its well-being policies, says YEZDI NAGPOREWALLA, chief executive officer of KPMG India, in an interview with Ruchika Chitravanshi in New Delhi. Edited excerpts:

2 mins

RINL funding decision likely next month

Govt awaits UK consulting firm's viability report on Navratna entity

1 min

Cabinet okays MSP boost for rabi crops

May not have big inflationary impact: BoB analysis

2 mins

OIS rates surge on US yields, RBI stance

Overnight index swap (OIS) rates have been soaring in October due to the rise in US Treasury yields and on the expectations of delayed rate cut by the Reserve Bank of India's rate setting panel, said dealers.

1 min

Ahead of Diwali, govt staffers get 3% DA hike

With Diwali drawing close, the Union Cabinet on Wednesday announced a 3 per cent hike in dearness allowance (DA) for central government employees, and a similar 3 per cent jump in dearness relief (DR) which goes to pensioners.

1 min

US, UK push ahead with India despite Trudeau's allegations

Canada's allies, the United Kingdom (UK) and the United States (US), signalled they will continue to pursue stronger ties with the Indian government, despite Prime Minister Justin Trudeau's allegations that Indian diplomats secretly collected intelligence on Sikh separatists living in Canada who were then threatened, extorted or killed.

1 min

Israeli strikes kill 15 in town with dark history in Lebanon

Attack on southern town of Nabatieh kills six, including local mayor

1 min

LVMH's fall from grace in China rattles luxury investors

Eighteen months ago, LVMH shares were trading at a record high and the group's controlling shareholder, Bernard Arnault, was the world's wealthiest person.

2 mins

‘Age of electricity to follow fossil fuel peak: IEA

The world is on the brink of a new age of electricity with fossil fuel demand set to peak by the end of the decade, meaning surplus oil and gas supplies could drive investment into green energy, the International Energy Agency said on Wednesday.

1 min

Morgan Stanley's investment banking revenue surges 56%

Morgan Stanley's profit surpassed estimates on a bumper third quarter for investment banking that had also buoyed rivals, sending its stock to a record.

1 min

EU AI Act checker reveals Big Tech's compliance pitfalls

Some of the most prominent artificial intelligence models are falling short of European regulations in key areas such as cybersecurity resilience and discriminatory output, according to data seen by Reuters.

1 min

Jaishankar at SCO: Terrorism hurdle to regional trade

Delivering a thinly veiled message to Pakistan from its capital, External Affairs Minister S Jaishankar on Wednesday said if activities across borders are \"characterised\" by terrorism, extremism, and separatism, they are hardly likely to encourage trade, energy flows, and connectivity in parallel.

1 min

The woes of illegal construction

We often spot one corner or part of a city that seems untouched by infrastructure development. These areas are often dotted with numerous cramped buildings, shops occupying pavements and roads, which cause traffic congestion. Loose wires hang precariously from poles, and multiple basements pose fire hazards.

3 mins

Two great architects

The aesthetics of Ratan Tata and Christopher Benninger made India a nicer physical place

5 mins

Green power

New plan will aid the transition

2 mins

Satellite communication

Trai must clear the way

2 mins

Maha's pre-poll welfare schemes unlikely to hit state's fiscal health

The series of welfare schemes announced by the Maharashtra government ahead of the Assembly elections is unlikely to hit the fiscal health of the state in the financial year 2025 (FY25), according to rating agency ICRA. The agency said that the state's market borrowings remained within prudential norms.

1 min

I'm back: Omar Abdullah takes charge as J&K CM

5 ministers take oath, including Dy CM from Jammu region and 1 Independent

3 mins

Saini elected BJP legislature chief in Haryana; set to take oath today

Nayab Singh Saini on Wednesday staked claim to form the next government in Haryana, hours after he was unanimously elected as the leader of the BJP legislature party in the state.

1 min

Why language needs more than a tag

Earlier this month, the Union Cabinet granted classical language status to Marathi, Pali, Prakrit, Assamese, and Bengali. With Tamil (2004), Sanskrit (2005), Telugu (2008), Kannada (2008), Malayalam (2013), and Odia (2014) already designated as classical languages, this brings the total to 11.

3 mins

Amazon Prime Video to introduce ads next year

Amazon's streaming platform Prime Video will include advertisements in shows and films for Indian viewers starting next year.

1 min

' 'Kutty Japan' faces crackle of fireworks, barium bans

Impressed by its industrial vibrancy, former prime minister Jawaharlal Nehru affectionately referred to this small city in Tamil Nadu as 'Kutty Japan' (Kutty means 'mini' in Tamil). Now, in 2024, Nehru's Kutty Japan, popularly known as Sivakasi, still contributes to over 85 per cent of the fireworks made in the country, lighting up the festive colours of every city and village in India.

2 mins

Agencies actively pursuing bomb threat cases: Minister

Law enforcement agencies are actively pursuing all cases of bomb threats against airlines and the government is closely monitoring the situation, Civil Aviation Minister K Rammohan Naidu said on Wednesday.

2 mins

Global fund managers pare India allocation: BofA

Global fund managers increased their allocation to China at India's expense after Asia's largest economy unleashed a stimulus package, according to a survey conducted by BofA Securities.

1 min

Benchmarks fall as IT, auto shares retreat

Benchmark indices declined for the second day. The Sensex fell 318.76 point or 0.39 per cent to settle at 81,501.36 while the Nifty dipped 86.05 point or 0.34 per cent to close at 24,971.30 on Wednesday.

1 min

MF licence aspirant list swells with new wave of AMCs ready to roll

New applications serve as launchpad for diversifying business and expanding capital market reach

2 mins

Quant MF scoops up nearly half of AEL's ₹4.2K cr QIP

Subscribes 6.66 mn shares at ₹2,962 apiece

2 mins

Concor's growth route shifts as demand dips

Weak exim volumes, competitive pressures add to logistics firm's demand woes

2 mins

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