Business Standard - October 22, 2024

In this issue

October 22, 2024

Delimitation in focus as 2 South CMs talk reversing population policies

Over the past three days, the chief ministers of two southern states have flagged concern about the region's diminishing demographic dividend in the decades to come on account of the strides the South has made in population control.

3 mins

RBI report confident of festival boost to economy

The Reserve Bank of India's (RBI's) State of the Economy report for October acknowledged a slowdown in some high-frequency indicators but expressed confidence in a recovery, aided by consumption demand during the festival season.

2 mins

CPSE dividend likely to cross record FY24 tally

₹29,000 cr in kitty so far; govt may garner ₹65,000 cr in FY25

1 min

FPI selling tops $10 bn in Oct amid China shift

If trend holds, this will be first monthly outflows of over $10 bn

2 mins

CPSE dividend likely to cross record FY24 tally

₹29,000 cr in kitty so far; govt may garner ₹65,000 cr in FY25

2 mins

Career Launcher parent plans to test international waters

CL Educate, the parent company of coaching centre Career Launcher, is planning expansion into key international markets such as Singapore, Indonesia, West Asia and North America.

1 min

UltraTech Q2 profit falls 36% on lower revenue from ops

Profit stands at ₹820 crore, revenue down 2.4% at ₹15,634.73 crore

2 mins

Celeb-bait ads make Meta turn to facial recognition tech to combat scams

Global launch to help with faster account recovery

2 mins

PhonePe cuts FY24 losses to ₹1,996 cr

Fintech major PhonePe trimmed its losses to ₹1,996 crore in 2023-24 (FY24), a substantial decrease from a loss of ₹2,792 crore it posted in FY23.

1 min

CoinSwitch: WazirX moved $73 mn crypto after data breach

Embattled crypto exchange WazirX cumulatively moved over $73 million worth of crypto to exchanges such as Bybit and Kucoin following a security breach on the platform, which led to a theft of $230 million, a senior executive from CoinSwitch, a rival crypto company, alleged on Monday.

1 min

Poonawalla's bold script: 50% stake buy in Dharma for ₹1K cr

Karan Johar to retain remaining 50% ownership

3 mins

Mega project builders in J&K assess risks, but no immediate alarm

Terrorist attacks in Jammu and Kashmir (J&K) over the past 35 years have been non-discriminatory, but of late targeting vital infrastructure projects has evolved into a pattern. However, contractors of major ongoing projects in J&K don't see cause for alarm just yet.

2 mins

Pvt banks leading in AI adoption

Private sector banks in India are taking the lead in the adoption of Artificial Intelligence (AI) in areas like fraud detection, customer segmentation, and chat automation, according to a Reserve Bank of India (RBI) study.

1 min

Outward remittances under LRS drop 5%

Outward remittances under the Reserve Bank of India's Liberalised Remittance Scheme (LRS) fell 4.97 per cent year-on-year (Y-o-Y) to $3.2 billion in August 2024 compared to $3.37 billion last year due to tepid growth in the international travel segment.

1 min

RBI CLAMPDOWN Navi nixes ₹100 crore bond sale

Bengaluru-based non-banking finance company (NBFC) Navi Finserv cancelled its planned bond issuance of ₹100 crore, which was scheduled for bidding on Monday, two sources privy to the development said.

1 min

FinMin can't treat DRT officers as subordinates: SC

The Supreme Court (SC) on Monday reprimanded the finance ministry and sought an explanation from it for asking the debts recovery tribunals (DRTs) to collect data for the ministry.

1 min

RBI net sold $6.5 bn in August

Reverse buying, selling $ to stabilise ₹ amid carrytrade unwinding

1 min

Brics to focus on closer energy ties among members

The 16th Brics Summit is expected to see more focus on creating a sharper energy policy for the grouping that ensures closer partnership among members in both energy security and energy transition, official sources said.

1 min

250-bp rate hike lowered demand, inflation by 160 bps

Durable alignment with target in sight, says report

2 mins

Bajaj Housing Fin profit up 21% in 1st result since listing

The net profit of Bajaj Housing Finance, a non-banking financial company (NBFC), surged 21 per cent year-on-year (Y-o-Y) to ₹546 crore in the second quarter of FY25 (Q2FY25) from ₹451 crore in Q2FY24, aided by healthy growth in total income.

1 min

FM approves raising of posts of CGMs public sector banks

Finance Minister Nirmala Sitharaman has approved the creation of Chief General Manager post (CGM), below board level, in five more nationalized banks including Bank of Maharashtra, Central Bank of India, and UCO Bank.

1 min

More unsecured loans of private banks turn NPA

Most private banks reported significant slippages to non-performing assets (NPA) from unsecured loans like credit cards in the July-September period (Q2FY25).

2 mins

SBI to outsource 40% onsite ATMs

State Bank of India (SBI) is planning to outsource the maintenance of 10,000 of its on-site automated teller machines (ATMs).

1 min

PM lauds Mobius' advice to 'invest 50% in India'

Modi says India does not believe in 'taken-for-granted' relations

1 min

New offshore-mining rules allow lease surrender after 10 years

Paving the way for India's first offshore mineral auction, the Centre has notified the Offshore Areas Operating Right Rules, 2024, aimed at regulating the exploration and production of minerals in offshore regions.

1 min

Rift in INDIA bloc over seat sharing

A consensus has eluded the INDIA bloc parties in reaching a seat-sharing agreement for contesting the Assembly elections in Jharkhand and the bypolls in some states, especially Uttar Pradesh (UP).

1 min

3 Lebanese soldiers killed in strike; Israel apologises

Says it is not battling the military and mistook the troops to be Hezbollah men

1 min

Apple CEO's sidequest: Helping Nike turn things around

A new iPad lineup wasn't the only thing on Tim Cook's mind when he introduced the tablets from Apple's California headquarters in May. The hint was on his feet: a pair of one-of-a-kind sneakers designed on an iPad just for Cook, by Nike.

2 mins

Microsoft launches AI agents, deepening rivalry with Salesforce

Microsoft is launching a set of artificial intelligence (AI) tools designed to send emails, manage records and take other actions on behalf of business workers, expanding an AI push that intensifies competition with rivals like Salesforce.

2 mins

Morgan Stanley's Gorman named new Disney Chair

New CEO to be announced early 2026

2 mins

A dealmaker's odyssey

In 1983, while pursuing a bachelor's degree in Mathematics from St. Stephens College, Delhi, the author of The Money Trap receives career advice from a friend of his father who taught statistics at Wharton. The latter suggests he should do an MBA in Finance. \"Americans are scared of maths, we (Indians) are good at it,\" is his pitch. Alok Sama, whose ambition then is to solve Fermat's last theorem, accepts his counsel and flees the India of Licence Permit Raj and shortages.

3 mins

Board committees: The board's engine room

The business of business is no longer only profit maximisation. It has been redefined to focus on generating value not just for shareholders but for all stakeholders, promoting the long-term sustainable success of the company, and contributing to society. Business is now more complex. Digital transformation, cybersecurity, artificial intelligence, recruitment and retention, climate change, geopolitics are just some of the more recent issues that boards need to address. Boards deal with this evolving and ever-expanding list through board committees that allow for enhanced decision-making. Some are for monitoring (audit committee) and others for advising (technology committee), ensuring that firms are well served.

3 mins

The state of global venture capital

The industry in the West is at a crossroads as exits dry up - a mistake India must avoid

5 mins

Differential exposure

Climate change hits the poor the hardest

2 mins

OF SHIPS AND TANKERS

Contrary to reports, India and Indian refiners are not breaking any international sanction laws

4 mins

In the making: A Ratan Tata Building by Tata group and Oxford University

The Tata group and Somerville College, University of Oxford, are partnering to build the Ratan Tata Building to honour late Ratan Tata. The construction is set to commence in Spring 2025.

1 min

Bomb hoax calls to be made cognizable offence: Naidu

Bomb hoax calls, which have affected more than 90 flights of Indian carriers since October 14, will soon be made a cognizable offence under Indian laws, Civil Aviation Minister Kinjarapu Rammohan Naidu said on Monday.

1 min

India, China reach pact on border patrolling

India's top diplomat, Foreign Secretary Vikram Misri, revealed on Monday that India and China had reached an arrangement for patrolling by both sides along the Line of Actual Control (LAC) in Eastern Ladakh.

2 mins

Mkts fall on unabated foreign fund outflow

Erasing initial gains, benchmark indices Sensex and Nifty closed lower on Monday due to a sharp fall in Kotak Mahindra Bank and relentless foreign fund outflows.

1 min

Samvat 2081: Gold's glitter, silver's sparkle may remain undimmed

Geopolitical tensions likely to support bullion; analysts recommend investors hedge portfolios with precious metals

3 mins

Nifty Microcap 250 stocks shine amid October volatility

October has so far been volatile for the Indian stock market amid the ongoing geopolitical crises in West Asia and the European region.

1 min

Lower production cost may support HZL margins

During the September quarter (Q2FY25), Hindustan Zinc's (HZL's) revenue was reported at ₹8,300 crore (up 22 per cent year-on-year or Y-o-Y, and 2 per cent quarter-on-quarter or Q-o-Q), marginally above consensus.

2 mins

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