Business Standard - September 19, 2024

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September 19, 2024

IT stocks suffer biggest one-day fall in six weeks

Accenture promotion delay, past Fed rate cuts cited

2 mins

Cabinet clears 'One Nation, One Poll' and host of proposals in farm to space

Soon after completing 100 days in office, the National Democratic Alliance (NDA) government has taken a series of decisions that would have political and economic implications for the country.

3 mins

Tata Power to scale up internal RE component supply chain

Plans to manufacture key parts rather than buying them

1 min

IT staffers' FY25 salary hikes may be 5.5-8%

Experts say top performers may continue to see increases ranging from 12-18%

2 mins

25-year-old company veteran Samir Kumar has cart full as he takes reins at Amazon India

Amazon has announced that Samir Kumar, a 25-year veteran of the company, will assume the role of head of its India consumer business effective October 1, 2024.

2 mins

'No plans to phase out Kwid until rules allow'

Renault India, which saw a 33 per cent decline in sales in 2023, is facing a challenging 2024. The company's Managing Director and Chief Executive Officer VENKATRAM MAMILLAPALLE, discusses the firm's revival plans, launch strategy, and the future of the Kwid in an interaction with Shine Jacob in Chennai. Edited excerpts:

2 mins

RInfra pares debt by 87% to ₹475 cr

Anil Ambani group firm Reliance Infrastructure (RInfra) and its subsidiary Reliance Power (RPower) have cleared a major part of their debt, with RInfra reducing its standalone external borrowing by almost 87.6 per cent to ₹475 crore, down from ₹3,831 crore as on June, according to stock exchange notices.

1 min

Best option is to double down on mkt strategy: P&G India

Procter & Gamble Hygiene and Healthcare (PGHH) and Gillette India (GI), both listed entities of Procter & Gamble India, noted in their investor calls that despite near-term macroeconomic challenges, an above normal monsoon will help revive demand in India.

1 min

'Irreparable loss for us': EY India on death of CA

The death of 26-year-old chartered accountant Anna Sebastian Perayil is \"tragic\" and an \"irreparable loss\" for EY India, the company said in a statement on Wednesday.

2 mins

PM E-DRIVE TO BOOST EV ADOPTION: HDK

The newly launched ₹10,900 crore PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme aims to boost electric vehicle (EV) adoption through significant upfront incentives and the development of essential charging infrastructure, Minister of Heavy Industries HD Kumaraswamy said on Wednesday.

1 min

ZEEL refutes $940 mn Disney Star claim over ICC TV rights deal

Star India on Monday filed a statement of case seeking $940 million damages from Zee Entertainment Enterprises (ZEEL) over the terminated ICC TV rights deal, the latter said in a stock exchange filing.

2 mins

India's growth stands out globally: FM

Finance Minister Nirmala Sitharaman on Wednesday said India is standing out globally in terms of economic growth and will continue to do so in the next few years.

1 min

Casa ratio of banks may fall to pre-Covid level: SBI chief

The share of low-cost deposits in the banking system, which is already on a downward slope, could decline further to touch the levels seen before Covid-19 due to the efficient cash management by the government as well as the corporate sector, State Bank of India chairman CS Setty said on Wednesday.

2 mins

Exports to China fall at faster clip than to other partners

Amid a massive slowdown in China, India's exports to the neighbouring country contracted at a faster pace in comparison to the exports to the rest of the world.

2 mins

CCI can now appoint agencies to track orders

The Competition Commission of India (CCI) can now appoint monitoring agencies to oversee the implementation of its orders such as those relating to mergers & acquisitions (M&As), commitment and settlement, according to the latest General Regulations 2024.

1 min

Apple, mobiles charge up 22% growth in electronics exports

Driven by mobile devices and Apple Inc's iPhone vendors, electronics exports grew by 21.8 per cent between April and August in 2024-25 (FY25) compared to the same period last year, reaching $13.57 billion.

1 min

Net direct taxmopup rises 16% till Sep 17

Net direct tax collection grew 16.12 per cent to over ₹9.95 trillion so far this financial year (FY25) on higher advance tax mopup.

1 min

Windfall tax cut on crude may not impact firms, govt

The windfall tax on domestically produced crude oil being slashed to zero is not expected to have a significant impact on the government's revenue or the tax burden of upstream oil companies, analysts said on Wednesday.

2 mins

Govt relief on PDS wheat quota, to launch ₹1K cr credit guarantee fund

The Centre has decided to partially restore wheat allocation for the beneficiaries of the government's flagship free grains programme, Pradhan Mantri Gareeb Kalyan Ann Yojana (PMGKAY), over two years after it had slashed the wheat quota and supplemented it with rice due to reduced crop yield.

1 min

LIC earmarks ₹600 cr for digital shift; to be 'paperless' in 2 yrs

State-run Life Insurance Corporation of India (LIC) has committed ₹600 crore for its digital transformation journey, Sunder Krishnan, chief risk officer said on Wednesday.

1 min

Tupperware files for bankruptcy

Tupperware Brands Corp, whose plastic containers became synonymous with food storage, filed for bankruptcy following a years-long struggle with sales declines and growing competition.

1 min

Nippon Steel gets extension for US Steel deal review

A US security panel has granted Nippon Steel Corp permission to refile its plans to purchase United States Steel Corp, for $14.1 billion, likely pushing a decision on the politically contentious takeover past the US elections in November, according to people familiar with the matter.

1 min

Trail of exploding Hezbollah pagers runs from Taiwan to Hungary

Group vows to retaliate against Israel

2 mins

Google wins EU legal fight over $1.7 bn antitrust fine

Google won a court fight with the European Union over a €1.5 billion ($1.7 billion) fine for thwarting competition for online ads, partly atoning for last week's crushing defeat in a separate judgment for abusing its monopoly powers.

1 min

BlackRock, Microsoft to raise $30 bn for AI bets

BlackRock Inc and Microsoft Corp are teaming up on one of the largest efforts to date to bankroll the build-out of data warehouses and energy infrastructure behind the boom in artificial intelligence.

1 min

Wrong turn inwards

Exports no longer a manufacturing priority

2 mins

Digging up due process

The Supreme Court's latest interim order on a batch of petitions stating that no demolition should take place in the country without its express permission for the next 15 days restores the criticality of due process in the Indian justice system.

2 mins

Reviving cities' blue lifelines

The paradox of environmental preservation and urban development has been discussed more times than one can count.

3 mins

J&K records 59% polling in Phase I

Almost 59 per cent polling was recorded (updated until 7.30 pm) on 24 of the total 90 seats that polled in the first phase of the Jammu and Kashmir (J&K) Assembly elections Wednesday.

1 min

Centre lines up Venus mission, Chandrayaan-4

The Union Cabinet on Wednesday cleared the new moon mission Chandrayaan-4 and approved the development of the Venus Orbiter Mission (VOM) as part of the government's vision to explore and study the Earth's closest planet.

1 min

'One Nation, One Election' cleared by Union Cabinet

Govt to form implementation group, make efforts to build consensus

1 min

Changing pension landscape in India

The NPS Vatsalya scheme proposed by the Central Government in the Union Budget 2024 appears to be a true game changer, nudging the gen Alpha to turn into astute and savvy investors by getting early onto the prudent financial behaviour bandwagon.

4 mins

From locking horns to unlocking potential

India-US trade ties have taken a positive turn under Biden

4 mins

Govt pushes for shielding gig workers under e-Shram

Platform aggregators get 3 months to complete registration process

1 min

The hidden price tag on fast food convenience

Fast delivery may be a time-saver, but it comes with a hefty bill - aggregator fees rack up ₹9,000-11,000 crore annually

2 mins

Trai excludes OTTs from licensing regime overhaul

The Telecom Regulatory Authority of India (Trai) has excluded communication over-the-top (OTT) services such as WhatsApp, Facebook Messenger, and Telegram from its new recommendations on authorisation or licensing regimes.

1 min

Sebi remains bullish on Reit market in India

WTM Ashwani Bhatia says benchmarking to bring accuracy, efficiency, and more customers into its fold

1 min

Exports demand may keep Bajaj Auto under pressure

Investors will have to weigh conflicting information about Bajaj Auto.

2 mins

Bourses up vigil on SME IPOS

Mandate comprehensive financial disclosures

2 mins

ICICI Bank mcap tops ₹9 trillion

Private on lender ICICI Bank Wednesday became the fifth Indian company to breach market capitalisation (mcap) of ₹9 trillion, even as its stock zoomed to a fresh high of ₹1,288.05 apiece, up 2 per cent from its previous close on the BSE.

1 min

India now 6th largest market in key MSCI all-country gauge

It is also largest emerging market in this category after surpassing China

2 mins

Bumpy ride ahead for Motherson arm

Auto component major may face near-term demand woes

2 mins

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