Business Standard - October 29, 2024
Business Standard - October 29, 2024
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In this issue
October 29, 2024
Urban demand stress under watch: FinMin
Says festival season may boost consumption
2 mins
Record ₹4.6 trn DII inflows fuel mkt's stellar leap in Samvat 2080
Domestic institutional investors (DIIs) have infused a record ₹4.6 trillion into Indian equities over the course of Samvat 2080, marking the highest net annual investment in any Samvat to date.
2 mins
Higher tariffs lift Airtel's Q2 profit 168%, Arpu tops ₹230
Bharti Airtel's net profit in the July-September quarter (Q2) of FY25 rose 168 per cent year-on-year (Y-o-Y) to ₹3,593 crore as against ₹1,340 crore in the same period a year ago as a result of higher telecom tariffs imposed in early July.
2 mins
People moving from affordable segment wherever there is a possibility
The Indian real estate sector witnessed a decline in affordable housing launches and overall sales in the September quarter of 2024. NIRANJAN HIRANANDANI, managing director, Hiranandani Group, in an interview in Mumbai with Prachi Pisal, spoke about the sector's prospects and the group's plans to launch a real estate investment trust (Reit) to raise funds. Edited excerpts:
2 mins
Adani Power profit falls 50% to ₹3,297 cr
Adani Power on Monday reported a 50 per cent decline in its consolidated net profit to ₹3,297.52 crore in the September quarter (Q2FY25) compared to a year ago, mainly due to lower income as well as higher taxes.
1 min
Sun Pharma's Q2 net rises on higher mkt share, volumes
Rise in PAT also aided by good performance in domestic, emerging markets
2 mins
Ambuja Cements' Q2 net down 42%
Mirroring the price and demand weakness in the sector, Ambuja Cements reported a 42.5 per cent year-on-year (Y-o-Y) slump in its consolidated net profit (attributable to the owners of the company) for the second quarter of 2024-25 (Q2FY25), largely owing to muted growth in revenue.
1 min
Flipkart Internet's FY24 revenue grows 21%
Flipkart Internet, the marketplace arm of Walmart-owned Flipkart, reported a 21 per cent year-on-year (Y-o-Y) growth in its revenue to ₹17,907.3 crore in FY24.
1 min
JSW Infra's net jumps 46%, beats estimates
JSW Infrastructure's consolidated net profit (attributable to the owners of the company) for the second quarter of 2024-25 (Q2FY25) jumped 46.03 per cent year-on-year (Y-o-Y) to ₹371.51 crore, beating Bloomberg poll estimate of ₹299.23 crore.
1 min
Shashwat Sharma to take over as MD, CEO of Airtel
Board rejigged; Vittal named vice-chair
1 min
India gets its 1st private military aircraft facility
PM says Tata-Airbus unit in Vadodara to give new direction to India-Spain ties
2 mins
RBI sets ₹300 cr net worth rule for CCPs
The Reserve Bank of India (RBI) announced on Monday that any entity seeking authorisation or recognition as a Central Counterparty (CCP) must have a minimum net worth of ₹300 crore at the time of submitting its application.
1 min
Over 35% FPCs process multiple documents for registration: Survey
A study on farmer producer companies (FPCs) has found that around 36 per cent of such business entities had to process too many documents for registration, while 22 per cent indicated that they had to visit multiple offices.
1 min
SBI Life least affected by new surrender norms
Following SBI Life Insurance's Q2 earnings, managing director (MD) and chief executive officer (CEO) AMIT JHINGRAN spoke with Subrata Panda and Aathira Varier in Mumbai on the insurers' road ahead. Jhingran also talked about how the company is positioned to leverage various opportunities emerging in the sector. Edited excerpts:
3 mins
Das: Positives outweigh negatives in economy
Says recent action against NBFCs in the best interest of customers
2 mins
‘We may lend to a telco if it gets AAA rating’
Punjab National Bank (PNB) has said it would consider lending to a telecom company only if it gets AAA rating. PNB Managing Director and Chief Executive Officer ATUL KUMAR GOEL said this in an online interview to Harsh Kumar while responding to a question on Vodafone Idea’s request for a fundraise. As of now, PNB has refused lending to the telco, Goel said. Edited excerpts:
2 mins
IndianOil slips into red in Q2
Suffering from lower refining and marketing margins, state-run Indian Oil Corporation Ltd (IOCL) ended the second quarter of 2024-25 (Q2FY25) with a net loss of ₹169.58 crore (attributable to the owners), as compared to the ₹13,114.3 crore net profit registered in Q2FY24.
1 min
PNB's profit jumps 145% in Q2
State-owned Punjab National Bank (PNB) on Monday reported a 145 per cent year-on-year increase in its net profit at ₹4,303 crore for the second quarter (Q2) of 2024-25 (FY25). The net profit was ₹1,756 crore in the year-ago period.
1 min
Recoveries drive Indian Bank's profit up 36%
Public-sector lender Indian Bank's net profit during the September quarter of 2024-25 (Q2FY25) rose 36 per cent year-on-year (Y-o-Y) to ₹2,707 crore, predominantly driven by a sharp rise in non-interest income (NII) and decline in provisions for stressed loans.
1 min
Ashok Chandra tipped to be next PNB MD & CEO
The Financial Services Institutions Bureau (FSIB) on Monday recommended Ashok Chandra for the position of managing director (MD) & chief executive officer (CEO) of Punjab National Bank (PNB).
1 min
Tamilnad Mercantile Bank profitjumps 11%, backed by high NII
Thoothukudi-headquartered Tamilnad Mercantile Bank (TMB) has posted an 11 per cent rise in net profit during the second quarter of this financial year (Q2FY25).
1 min
Federal Bank reports 11% rise in profit on income growth
Federal Bank reported a 10.8 per cent year-on-year (Y-o-Y) increase in its net profit for the second quarter of the current financial year (Q2FY25), with profits rising to 1,056.7 crore from ₹954 crore in the same quarter of the previous financial year.
1 min
Spandana Sphoorty suffers 216 crore consolidated loss
Microfinance lender Spandana Sphoorty Financial suffered a consolidated loss of ₹216 crore in the quarter ended September 2024 (Q2FY25) on multi-fold rise in provisions for stressed loans.
1 min
Census likely from early 2025, no call yet on caste
Sources say data will be declared by 2026, which may change future cycles
2 mins
Waqf Bill panel meet: BJP, Oppn engage in verbal clash again
Members of ruling and Opposition parties engaged in verbal clash as former judges and Waqf administrators of different states appeared before the Parliament's panel on the Waqf Bill, which met for the first time on Monday after TMC member Kalyan Banerjee's suspension for unruly conduct.
1 min
When B/E filed in advance, duty rate will be as on date of grant of entry inwards for vessel
2 mins
Japan PM vows to restore stability after losing majority
Ruling coalition fell short of required number in the lower house for the first time since 2009
2 mins
Israel bombs Tyre in south Lebanon, leaving 7 dead
Israel continued battering Lebanon on Monday, including an early-morning airstrike on the southern port city of Tyre that left seven dead, the Lebanese health ministry said.
1 min
Boeing launches $19 bn share sale in bid to shore up finances
Boeing Co launched a nearly $19 billion share sale, one of the largest ever by a public company, to address the troubled planemaker's liquidity needs and stave off a potential credit rating downgrade to junk.
1 min
VW to hit the brakes on three German factories to cut costs
Plan includes mass layoffs and a 10% wage cut
2 mins
Harris plans 'freedom' rally, Trump courts men in final push before polls
The campaign for the US presidency enters its final week with Vice President Kamala Harris and former President Donald Trump locked in a stubbornly close race, making starkly different pitches to motivate supporters and win over the few remaining persuadable voters.
2 mins
Keeping the faith
It would not be an exaggeration, albeit controversial, to consider religion among one of the most divisive forces in the world. It creates barriers between people on the basis of the gods they worship or the prophets they revere. It justifies wars and has emboldened crusaders and imperialists to undertake acts of unbelievable cruelty in the past.
3 mins
Don't confuse sales data with consumer trends
It is the quarterly earnings season, and with it come narratives from equity analysts, business media and chief executive officers on the health and status of consumer demand.
3 mins
Different experiences
Consumption prospects of different classes may be diverging
2 mins
Global leader
India has capabilities to leverage AI
2 mins
Can China navigate the storm?
While it has successfully weathered economic challenges before, this time is different
3 mins
Has the exchange rate regime changed for the worse?
Over the past few years, the Reserve Bank of India (RBI) has radically altered the nation's exchange rate policy, shifting from a relatively flexible regime to an inflexible one.
4 mins
MHA issues alert against illegal payment gateways
The Ministry of Home Affairs (MHA) has issued an alert against illegal payment gateways created by transnational gangs of cybercriminals using mule bank accounts and are being used for facilitating money laundering, officials said on Monday.
1 min
CPCB cracks down on plastic waste violations
In response to rising complaints regarding violations of the Plastic Waste Management (PWM) Rules, 2016, the Central Pollution Control Board (CPCB) has issued stringent orders to State Pollution Control Boards (SPCBs) and Pollution Control Committees (PCCs) to enforce immediate action against offenders.
1 min
Volume outlook remains positive for Coal India
The Q2FY25 revenue for Coal India (CIL) was reported at ₹30,700 crore (down 6 per cent year-on-year or Y-o-Y and 16 per cent sequentially).
2 mins
Mkts snap 5-day losing streak as geopolitical tensions ease
ICICI Bank propels Sensex to best session in a month
2 mins
Index funds move the SIP needle
Share of such funds in monthly inflows nears 5 per cent from 3.5 per cent a year ago
2 mins
Waaree Energies jumps 56%, Deepak Builders slumps
It was a mixed bag for new listings on Monday with shares of Waaree Energies gaining over 55 per cent while that of Deepak Builders and Engineers India plunging more than 20 per cent.
1 min
Swiggy trims IPO valuation to $11.3bn
Sets price band at ₹371-390 per share
1 min
IndiGo shares nosedive 8% after weak Q2 show
Near-term outlook remains challenging as supply outpaces demand
2 mins
After recent silver rally, limit exposure to 5%, enter with 7-yr horizon
Silver recently crossed the 1 lakh per kilogram mark, outpacing gold over the past year. This surge is driven by industrial demand, interest rate cuts, and various other macroeconomic factors.
2 mins
Facing OTT heat, DTH players' revenue continues to decline
Shift in preference for more flexible digital content options reason for fall
3 mins
Germany's Rhenus Group eyes cargo ops in inland waterways
Rhenus Logistics, a leading transportation player in Europe, is looking to ramp up its India operations. It will pump about $100 million into the country's inland waterways starting next year, said Tobias Martin Bartz, chief executive officer (CEO) of the Rhenus Group.
2 mins
Business Standard Newspaper Description:
Publisher: Business Standard Private Ltd
Category: Newspaper
Language: English
Frequency: Daily
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