Business Standard - December 21, 2024

In this issue

December 21, 2024

Sensex, Nifty witness worst weekly decline in 2.5 years

Both indices trade below 200-DMA; equity investors lose ₹18.4trn in 5 days

3 mins

IT sector's employee productivity on the rise even as firms apply brakes on hiring

With fewer workers, information-technology (IT) companies have improved their employee productivity and earnings.

3 mins

SC lifts 30% interest cap on late payment of credit card bills

In a relief to banks, the Supreme Court on Friday set aside an order of the National Consumer Disputes Redressal Commission (NCDRC) that capped credit card interest rates at 30 per cent per annum on late bill payments.

3 mins

States push Sitharaman for more interest-free capex loans

Also demand Centre raise their borrowing limits in FY26 Budget

2 mins

Low-paid auto workers at greater risk of injuries

SIIF report notes that those earning below ₹8,000 lost on an average 2.27 fingers in accidents

1 min

L&T signs ₹7.6K cr deal with MoD for K9 Vajra artillery

The Ministry of Defence (MoD) on Friday signed a ₹7,628.70 crore contract with Larsen & Toubro Limited (L&T) for the procurement of 100 additional 155 mm/52 calibre K9 Vajra-T self-propelled tracked artillery guns for the Indian Army.

1 min

Solar deals may shine bright in 2025

More deal closures in the solar sector are likely in the coming months, with strategic players consolidating the market, said industry officials and experts.

1 min

Bajaj's Chetak 35 series looks to begin overseas ride in 6 months

Five years after Bajaj Auto's flagship electric scooter brand Chetak was launched, the electric two-wheeler is now set to hit international markets by the first quarter of next financial year, senior company officials said.

2 mins

DEAL FOR STAKE IN INDIA CEMENTS CCI okays acquisition by UltraTech

CCI okays acquisition by UltraTech

1 min

Diagnostic testing gets a small-town booster shot

Demand for diagnostic testing is rising rapidly from smaller towns, pushing the organised diagnostic services players to focus on penetrating deeper into these markets.

3 mins

'Tourist hotspots have an appetite for more offers'

IHCL MD and CEO Puneet Chhatwal says the hospitality firm plans to open 2 hotels each in Bahrain, Saudi Arabia

2 mins

Unicorn workforce fell 6,700 in a yr

PrivateCircle Research analysis says layoffs were one of the reasons for the decline

2 mins

Adani, Sun Petro, others line up ₹1.8 trillion investment for Bihar

Adani group, Sun Petrochemicals, and a host of other companies—big and small—on Friday committed to investing a record ₹1.81 trillion in Bihar, across sectors ranging from renewable energy to cement, food processing, and manufacturing.

1 min

UP raises land acquisition rate for Jewar International Airport by 39%

Taking a major pro-farmer stance, Uttar Pradesh Chief Minister Yogi Adityanath announced a nearly 39 per cent hike in the land acquisition rate for the under-construction Jewar International Airport in Greater Noida.

1 min

Tata Steel Netherlands faces penalty of almost €27 mn over emissions

Dutch regulators have threatened Tata Steel with fines and the forced closure of one of its coke plants in IJmuiden if the company doesn't significantly reduce toxic emissions in the next 12 months.

1 min

Govt chalking out plans for dedicated space parks

Move key to achieving goal of $11 bn space-related export by 2033

2 mins

Need to guard against risks of currency appreciation

NAGESH KUMAR, member of the Reserve Bank of India's (RBI's) monetary policy committee (MPC), in an email interview with Manojit Saha, said that deceleration of the manufacturing sector was the reason why he voted for a 25 basis points (bps) policy repo rate cut in the December review. Edited excerpts:

2 mins

Malhotra chairs his 1st RBI board meet

Sanjay Malhotra (pictured), who took charge as governor of Reserve Bank of India (RBI) last week, chaired his first board meeting of the central bank on Friday.

1 min

'Need joint efforts to improve logistics sector efficiency'

Commerce and Industry Minister Piyush Goyal on Friday called for a complete integration of industry stakeholders with government platforms to improve efficiency of the logistics sector.

1 min

Policy rates have limited impact on food prices: MPC external members

Das, who chaired his last MPC meeting, expressed optimism about economic growth

3 mins

Firms make beeline for raising funds from debt capital market

A range of institutions, including state-owned Power Finance Corporation (PFC), Punjab National Bank (PNB), Small Industries Development Bank of India (Sidbi), TATA Capital, and India Infra Debt, raised funds from the domestic debt capital market on Friday.

1 min

Forex reserves slip to six-month low

India foreign exchange reserve (in $ bn)

1 min

Law panel for simplification of GST registration structure

Proposal, if implemented, could fast-track registration of small businesses

2 mins

RBI fines IndusInd Bank, Manappuram Finance

The Reserve Bank of India (RBI) on Friday imposed a penalty on IndusInd Bank and Manappuram Finance worth ₹27.3 lakh and ₹20 lakh, respectively for non-compliance of norms.

1 min

Bancassurance cap may affect banks' net profit by 1-2%: IIFL Securities

If bancassurance caps are introduced by the Insurance Regulatory and Development Authority of India (Irdai) to curb mis-selling, it could potentially shave off 15-30 per cent of banks' fee income that they earn by selling insurance and have a bearing on their net profit by 1-2 per cent, said IIFL Securities note on Friday.

1 min

39-member House panel set up, BJP MP Mahtab may lead

Winter session ends; LS functions 52% of scheduled time, RS 39%

2 mins

2.2K cases of violence against minorities in B'desh: Centre

A total of 2,200 cases of violence against Hindus and other minorities have been reported in Bangladesh this year till December 8, and India's expectation is Dhaka will take necessary measures to ensure their safety, the government said on Friday.

1 min

1984 anti-Sikh riots: SC directs Centre to file report on trials in 2 wks

The Supreme Court on Friday directed the Centre to file a fresh status report within two weeks on the status of trials in the 1984 anti-Sikh riots.

1 min

Former Haryana CM Om Prakash Chautala dies

Indian National Lok Dal president and five-time Haryana chief minister Om Prakash Chautala died here on Friday at the age of 89.

1 min

Govt raises copra MSP by ₹420/qtl

The government on Friday announced an increase in the minimum support price (MSP) for copra by up to ₹420 to ₹12,100 per quintal for 2025 season with a budget outlay of ₹855 crore.

1 min

US asks Nvidia to probe into China chip smuggling

The US Department of Commerce has recently asked Nvidia to look into how the company's products ended up in China over the past year, The Information reported on Thursday, citing a person close to the department.

1 min

Luxury brands offer cheaper goods for middle-class shoppers

Confronting a decline in demand for their usual fare, including $3,000-and-up handbags and $4,000-and-up cashmere jackets, major marketers of designer and luxury merchandise are broadening their product lines to emphasise scarves, belts, wallets, and home goods priced at $500 and under.

1 min

Russia fires missiles in Kyiv

Ukraine's capital faced a Russian missile attack for the first time in almost a month, a day after Kremlin leader Vladimir Putin offered to hold talks with US President-elect Donald Trump.

1 min

Trump-backed spending bill to avert shutdown fails House vote

Republicans' dissent signals trouble for Prez-elect

2 mins

Google cuts 10% of managerial roles

Google has cut 10 per cent of its managerial positions, including directors and vice-presidents.

1 min

Buy more US oil, gas or face tariffs, Trump warns EU

US President-elect Donald Trump said on Friday that the European Union may face tariffs if the bloc does not cut its growing deficit with the United States by making large oil and gas trades with the world's largest economy.

1 min

A bird that symbolises a nation

The bald eagle has long been synonymous with American ideals - freedom, resilience, and strength.

3 mins

Entertainment's history & geography

Nikkhil Advani's Freedom at Midnight (SonyLIV), based on Larry Collins and Dominique Lapierre's eponymous book, is a gripping watch.

3 mins

Rajya Sabha's tone and temper

Members of Parliament (MPs) in the INDIA bloc on December 10 moved an unprecedented resolution to impeach the vice-president and chairman of the Rajya Sabha, Jagdeep Dhankhar.

3 mins

When Bhagwat blows the whistle

When the RSS Sarsanghchalak is calling for a halt to the rash of 'masjids built over mandirs' claims, it could stem from the realisation that it will be impossible for the BJP government to maintain order if the issue spirals out of control

5 mins

The Fed is as clueless as markets

In normal times, the conduct of monetary policy is a lot like driving a car through a thick fog of uncertainty. You have a general idea of where you're going, but you want to move slowly to avoid accidents. At the moment, it's more like driving while double blindfolded—in a car with malfunctioning brakes. The most prudent move is to stop.

3 mins

Mirae Asset MF's AUM crosses ₹2 trn mark

Mirae Asset Investment Managers (India) on Friday announced that its mutual fund (MF) assets under management (AUM) has crossed the ₹2 trillion mark on the back of 54 per cent compound annual growth rate (CAGR) in the past five years.

1 min

IPO frenzy: Six issues fully subscribed; IGI at 13% premium on listing day

The initial public offerings (IPOs) of DAM Capital Advisors, Sanathan Textiles, Concord Enviro Systems, Mamata Machinery and Transrail Lighting, whose issues are on their penultimate day, were subscribed between 1.24 and 37.75 times.

1 min

Debt funds to deliver best show in 4 yrs

Strong performance attributed to bond index inclusion and fiscal prudence, say experts

3 mins

NSE rings in tighter eligibility norms for SME listings

The National Stock Exchange (NSE) on Thursday brought into effect tighter eligibility norms for listing of small and medium enterprises (SMEs), just a day after the Securities and Exchange Board of India (Sebi) in-principle approved them in a bid to protect the interest of retail investors.

1 min

PIL in HC seeks action against Amfi for 'misleading' ads

A public interest litigation (PIL) has been filed in the Bombay High Court seeking directions to Securities and Exchange Board of India (Sebi) to revoke the permissions granted to mutual fund body Association of Mutual Funds in India (Amfi) for \"misleading\" and \"deceptive\" advertisement campaigns under the investor education and protection measures.

1 min

Sun Pharma: Down, but not out

Despite short-term blip, pharma major remains favourite among investors

3 mins

Banner year beckons after record $19 bn public offer

India has become one of the world's leading markets for deals such as initial public offerings (IPOs), smashing its record for money raised this year as investors snap up opportunities.

2 mins

Accenture Q1 showing a shot in arm for IT stocks

Strong US economy bodes well for Indian IT firms, say analysts

2 mins

SPHERES OF INFLUENCE

New districts are being announced more because of demands by influential groups than empirical studies, usually in the buildup to elections

4 mins

A singular life in plural India

In India today it is difficult to imagine a period of uninterrupted communal harmony, with reports of lynching, hate speech and bigotry surfacing with rising frequency.

3 mins

11 dead in fire after LPG tanker crashes into vehicles on Jaipur-Ajmer highway

An LPG tanker collided with a truck on Friday, sparking a massive fireball that turned a stretch of the Jaipur-Ajmer highway into an inferno in which 11 people were killed and 37 vehicles engulfed in flames.

1 min

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