Business Standard - October 31, 2024

In this issue

October 31, 2024

₹11K cr IPO in sight, Swiggy projects qcom as the future

Qcom to surpass food delivery biz in 5 yrs, says CEO

3 mins

Firms get second shot at IPO jackpot

Buoyancy in the primary markets has thrown a lifeline for companies that were unable to successfully launch an initial public offering (IPO) on their first attempt.

2 mins

Down to the wire: Last-minute buys add spark to Diwali

Diwali is like a litmus test of consumer sentiment, but this time the industry is still waiting for the 'last-minute' shopping trends to emerge before giving a verdict.

4 mins

L&T profit rises 5.4% on better execution

Keeps guidance on order inflow, revenue generation for full yr

2 mins

Tata Power net up 6% at ₹926 cr

Private power producer Tata Power reported a 6 per cent year on year (Y-o-Y) increase in net profit (attributable to owners of the company) at ₹926.53 for the second quarter of the current financial year (Q2FY25), missing the Street estimates.

1 min

‘We want to be a co-pilot in India’s AI journey’

Last year, Microsoft launched the Secure Future Initiative (SFI), an effort to advance cybersecurity protection. IRINA GHOSE, managing director, Microsoft India and South Asia talks about the initiative and how Indian enterprises are looking at cybersecurity. October is also the month of cybersecurity awareness. She tells Shivani Shinde over a video call, how AI is getting infused in security and Microsoft’s focus in the new year. Edited excerpts:

3 mins

Toyota's 1st electric-SUV to roll out from Maruti's stable

After a successful tie-up in traditional ICE and strong hybrid models, Suzuki and Toyota are now set to take their partnership to the next level: the electric vehicle segment.

2 mins

Biocon profit slumps 84%

Bengaluru-based biopharma Biocon on Wednesday reported a consolidated year-on-year decrease of 84.3 per cent in net profit to ₹27.1 crore in the second quarter of the financial year 2025 (Q2FY25) from ₹172.7 crore in Q2FY24.

1 min

Dabur net falls 17% on low urban demand

Home-grown fast-moving consumer goods (FMCG) major Dabur India on Wednesday reported a 17.5 per cent year-on-year (Y-o-Y) drop in net profit to ₹425 crore in the second quarter, as high food inflation and heavy monsoon impacted sales.

1 min

Smartphone market value surges 12% in Q3CY24: Counterpoint

India's smartphone market grew by three per cent year-on-year (Y-o-Y) in volume in the third quarter (Q3) of calendar year 2024, while its value surged by 12 per cent Y-o-Y to reach an all-time record for a single quarter, according to a report by research firm Counterpoint.

1 min

Bharti Telecom plans to raise ₹8.5K cr via bond sale

Bharti Telecom, owned by billionaire Sunil Bharti Mittal, is planning to raise about ₹8,500 crore in the rupee bond market, according to people familiar with the matter.

1 min

Meesho generates positive operating cash flow of ₹232 crore in FY24

Meesho said on Wednesday it has become the first \"horizontal\" Indian e-commerce company to achieve profitability and generate positive free cash flow and operating cash flow of ₹232 crore in FY24.

1 min

BSNL deploys over 50,000 4G sites

State-run telecom operator Bharat Sanchar Nigam Limited (BSNL) has successfully deployed more than 50,000 indigenous 4G sites nationwide, the Ministry of Communications announced on Wednesday.

1 min

Torrent Pharma promoters sell 3% stake, raise ₹3K cr

Plan to use funds for investment in power business

1 min

US-China tensions no opportunity for India

India is not looking at the ongoing US-China trade tensions as an opportunity for its own benefit, and the country stands on its strengths such as democratic institutions, robust rule of law, and talented youth.

1 min

Expansion to benefit elderly, but experts flag reimbursement woes

With rising number of patients, healthcare providers call for timely payments

2 mins

Apr-Sep fiscal deficit at 29% of FY25 target

Rising tax revenues and RBI dividend boost receipts

1 min

IBBI, IBA partner for centralised platform to auction liquid assets

Assets undergoing liquidation through the Insolvency and Bankruptcy Code (IBC) will soon be available to potential buyers under a centralised platform for listing and auction as the regulatory body overseeing insolvency proceedings has collaborated with the Indian Banks Association (IBA) to facilitate the auction under one umbrella, a circular issued by the Insolvency and Bankruptcy Board of India (IBBI) said.

1 min

AAP and BJP lock horns over 'health model' ahead of polls

The efficacy of Delhi's 'health model' versus the Centre's Ayushman Bharat scheme is set to shape the contours of the political contestation between the ruling Aam Aadmi Party (AAP) and the opposition Bharatiya Janata Party (BJP) in the run-up to the Assembly polls in the national capital.

2 mins

Core sector bounces back on refinery, cement gains

Flashes 2% growth in Sep after contraction in Aug; IIP may show modest uptick

2 mins

Canara Bank reins in gold loan growth

Public sector lender Canara Bank has moderated the gold loan growth to 15-17 per cent from an earlier pace of 25-30 per cent in the backdrop of regulatory concerns and to balance the portfolio.

1 min

Centre exploring move to ease foreign investment norms

Policymakers looking at option of foreign investments through mix of equity and debt

2 mins

Pvt banks see sequential fall in profit

Slippages in unsecured retail portfolios take a toll on private lenders' Q2 showing; elevated credit costs also hurt

2 mins

Aditya Birla Cap Q2 net up 42% on one-off gain

Aditya Birla Capital on Wednesday reported 42 per cent year-on-year (Y-o-Y) growth in consolidated net profit to ₹1,001 crore in July-September quarter of 2024-25 (Q2FY25) from ₹705 crore in Q2FY24.

1 min

Canada alleges Shah behind plot to target Khalistanis

A Canadian official alleged Tuesday that Home Minister Amit Shah ordered a campaign of violence, intimidation and intelligence-gathering targeting Khalistanis in Canada.

1 min

'Invest in China' to boost 'Make in India': Feihong

Chinese envoy calls for closer commercial ties between the two nations

2 mins

Bulk onion sales stabilised prices across mkts: Centre

The retail price of onions has stabilised in major markets of Andhra Pradesh, Maharashtra, Karnataka, Uttar Pradesh, Tamil Nadu and New Delhi since the bulk sale through trains began on October 20, the Centre claimed on Wednesday, as the second rake carrying 840 tonnes of buffer onions reached the national capital.

1 min

Disengagement between India, China troops in eastern Ladakh complete

Indian and Chinese troops have completed disengagement at two friction points at Demchok and Depsang Plains in eastern Ladakh and patrolling is set to commence soon at these points, Army sources said on Wednesday.

1 min

Samsung's $122 bn wipeout shows cost of sleeping on AI

Just a few months ago, Samsung Electronics looked primed to benefit from the global AI boom: profits were surging and its stock was rising toward an all-time high.

1 min

'Davos in the desert' finds almost no mention of war

Saudi Arabia, its Gulf neighbours seek to reassure investors that it's safe to do business amid turmoil in West Asia

1 min

Robust spending drives US Q3 GDP growth 2.8%

Consumer spending rises at fastest pace since Q1 2023

2 mins

Alphabet's AI bet pays off with Cloud, search growth

Google parent Alphabet said its AI investments were \"paying off\" as it reported a 35 percent surge in its cloud business and US poll-related spending lifted YouTube ad sales in the third quarter.

1 min

Indian-Americans rally behind Harris

As the US election heads for a finish, Democratic nominee Kamala Harris, the daughter of Indian and Jamaican immigrants, has been counting on support from the Indian-American community in most of the pivotal battleground states.

1 min

US election nerves are fuelling bets on Asian sovereign bonds

India, Indonesia, South Korea top picks

2 mins

A forgotten Iranian hostage crisis

In 2017, Ben Macintyre wrote Rogue Heroes: The History of the SAS, Britain's Secret Special Forces Unit That Sabotaged the Nazis and Changed the Nature of War. It was a digression from his earlier focus on espionage during World War II and the Cold War.

3 mins

India's options amid shifting global trade rules

With the changing dynamics of global trade institutions, India needs to infuse flexibility into its trade policy

4 mins

Targeting winter pollution

Searching for silver bullets is impractical

2 mins

Rural safety net

Dependence on MGNREGS must be reduced

2 mins

The widening cracks in state finances

India's federal fiscal policy has behaved well post-pandemic, with both the Centre and states aligning their consolidation path until recently.

4 mins

SAMSUNG IN VIETNAM VERSUS APPLE IN INDIA

Apple Inc exported iPhones worth $10 bn from India in FY24, a fifth of what Samsung achieved last year in Vietnam

5 mins

Record 2.5 mn diyas set the tone for Ram temple's first Diwali

The margins of the Saryu River lit up with a record 2.5 million diyas (earthen lamps) as the evening progressed in Ayodhya on the eve of Diwali on Wednesday, setting the perfect tone for the first Deepotsav celebration since the consecration of the Ram temple.

1 min

Spot Diwali airfares on key routes nosedive

Spot airfares on major domestic routes have dropped by up to 32 percent for travel around Diwali, driven by subdued demand and a strategic shift in airline pricing.

2 mins

Tweaks to NFO filing process in the offing

Market regulator Securities and Exchange Board of India (Sebi) on Wednesday proposed tweaks to the regulatory filing procedure of new fund offers (NFOs).

1 min

Sebi for deployment of NFO proceeds in 30 days

Says AMCs should not sit on such funds for an 'indefinite period'

1 min

Swiggy early investors to pocket gains ranging between 3x and 35x

Food delivery aggregator Swiggy's early investors will see returns as high as up to 35x as the company lists on the Indian bourses.

1 min

India's gold demand up 18% in Q3

India's gold demand witnessed an 18 percent on-year growth during the July-September quarter of this year to 248.3 tonnes, as the reduction in gold import duty resulted in a revival in jewellery demand, the World Gold Council (WGC) said in a report on Wednesday.

2 mins

Healthy growth outlook, market share gains positive for Marico

Marico may buck the industry trend with the fast-moving consumer goods (FMCG) major reporting strong growth and favourable commentary in a weak quarter for the industry.

2 mins

Markets decline on selling in banking, financial stocks

Benchmark equity indices Sensex and Nifty declined on Wednesday, as selling pressure in banking and financial stocks amid a bearish trend in global markets unnerved investors.

1 min

Cipla not in the pink of health amid slow growth

Brokerages slash target price after subdued Q2 performance

2 mins

Pharma and health care funds: Defensive bets amid growing Volatility

The pharmaceutical sector has been attracting strong investor interest.

2 mins

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