Business Standard - October 04, 2024

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October 04, 2024

Over ₹9 trn wiped out as markets crash 2%

Tensions in West Asia, FPI selling lead to biggest 1-day fall in 2 months

2 mins

Renewables firms seek buyers for 20 Gw assets

Nearly 10 leading renewable energy (RE) companies in India are actively seeking buyers for 20 gigawatt (Gw) of their operational and under-construction capacity.

2 mins

SC upholds 90,000 tax reassessment cases

The Supreme Court (SC) on Thursday upheld the position of the Revenue Department in a reassessment dispute case that may adversely impact more than 90,000 assessees who received tax notices in April-June 2021 under the old reassessment regime.

2 mins

Marriott to set up GCC in Hyderabad, 1st in hospitality

Marriott International will set up a global capability center (GCC) in Hyderabad, which will be its first such offshore unit in India and will help support Marriott's various operations across its global enterprise in 141 countries and territories.

1 min

Kia India CEO calls for balanced approach

INVESTMENTS IN EVS, HYBRIDS, OR ICE

2 mins

'ENGIE pursuing organic growth in building India renewables portfolio'

CATHERINE MACGREGOR, group chief executive officer and board member of French utility company ENGIE, spoke to S DINAKAR in New Delhi on energy transition and the firm's plans for India and the world. India contributes around 25 per cent to ENGIE's global renewable development portfolio on an annual basis between 2022 and 2025 and then 20 per cent per year from 2026 to 2030. MacGregor, an engineer by training from the elite Ecole Centrale of Paris who spent 23 years at oil field services company Schlumberger, declined to comment on actual investments into India. But based on the country's contribution to ENGIE's global renewable portfolio, India is expected to have a fair share of the ₹22-25 billion in investments the firm has planned over a three-year period between 2023 and 2025. Edited excerpts:

3 mins

Auto, component firms score low on PLI in FY24

Four firms out of 18 received certification for their models

2 mins

Blackstone to raise $10 bn with focus on India

REUTERS 3 October

1 min

IT firms may remain on recovery path in Q2

Demand uptick seen in pockets, sectors

2 mins

Biocon arm refinances $1.1 bn debt

Biocon Biologics, a subsidiary of Biocon, on Thursday said it had refinanced $1.1 billion (₹9,300 crore) long-term debt through US dollar bonds and new syndicated facility which includes $800 million (₹6,600 crore) senior secured notes due 2029 at a coupon of 6.67 per cent.

1 min

Gross negligence: NFRA on audit of several cos

The National Financial Reporting Authority (NFRA) in a circular on Thursday said that it has found \"gross negligence and audit failure\" in audits of group financial statements in several cases and said that the principal auditors must mandatorily comply with not only Standards of Audit 600 but also the related standards and codes mentioned in the Companies Act, 2013.

1 min

Reservations to apply in internship scheme

₹800 crore pilot launched; aims to provide 125,000 internships in FY25

2 mins

‘May impact conjugal relationship’: Govt against criminalising marital rape

Says this will have a far-reaching effect on the institution of marriage

1 min

More people now employed in agri than before Covid

PLFS data says share of manufacturing up

2 mins

Trai urges RBI, regulators to enforce anti-spam measures

The Telecom Regulatory Authority of India (Trai) has reached out to the Reserve Bank of India (RBI), and other sectoral regulators to push entities, including banks, businesses and insurance companies, to register for the Trai Digital Consent Acquisition (DCA) process, officials said.

1 min

Tea industry on edge as Iran-Israel tensions threaten export revival

The escalating tension between Iran and Israel has put the Indian tea industry on tenterhooks at a time when business in the West Asian market was just starting to improve.

2 mins

LIC eyes less than 50% stake in standalone health insurer

State-owned Life Insurance Corporation (LIC) is not keen on a composite licence but it is looking to buy less than 50 per cent stake in a standalone health insurance company to enter the segment. This means they have a say in the management of the company, without having to run it sources in the know said.

1 min

Govt ports outpace private peers

Coastal cargo, commodity anomalies tip scales for major ports

2 mins

Cabinet rationalises agri schemes into 2

₹10,103 crore Oilseeds Mission gets approval

2 mins

Banks post higher deposit growth rate in Jul-Sep

Unsecured business loans showing early signs of stress: India Ratings

1 min

Piramal Capital aims to double retail AUM in 3 yrs

Piramal Capital and Housing Finance Ltd. is aiming to nearly double its retail asset under management (AUM) from ₹50,530 crore to ₹1 trillion over the next three years. It is also planning to venture into newer segments in the retail lending space including gold loans, microfinance loans, and co-branded cards.

1 min

Haryana elections: Jobs, infra key poll plank in cities bordering Delhi

Preparations for a Congress rally at Rohtak's Shori market

3 mins

SC allows claiming ITC on construction expenses

Exception for commercial buildings meant for renting, leasing purposes

2 mins

SC slams air quality panel over stubble burning

Court bans caste-based discrimination in prisons

1 min

OpenAI now one of top 3 VC-backed global startups

Valuation nearly doubles to $157 bn in latest fundraise

1 min

Bangladesh recalls envoy to India in diplomatic shakeup

Envoys in Brussels, Canberra, Lisbon, and UN permanent mission also told to return

1 min

In Japan countryside, century-old firms lean on foreign workers

Four years ago, Hizatsuki Confectionery hired its first foreign workers. The company, in a mountainous region north of Tokyo, has been baking and frying glutinous dough into rice crackers since 1923. Then it was known as Teikoku Senbei, or Imperial Rice Crackers.

1 min

Biden says prolonged port strike would be 'man-made disaster'

Ship queue grows at US ports as dockworkers' strike enters third day

1 min

Israel hits heart of Beirut, kills 9

Says 'eliminated' head of Hamas govt who was right-hand man of leader Yahya Sinwar. Hezbollah also carries out strikes on Israel's base for 'military industries'

2 mins

Follow Centre's lead

States' turn now to call a war on open defecation

2 mins

Revving up arms sales

Four strategies to accelerate India's defence exports

4 mins

India's climate-trade crossroads

India's export-heavy industries are facing a new kind of trade barrier — one centered not on tariffs or quotas but on carbon emissions. The European Union's Carbon Border Adjustment Mechanism (CBAM), designed to tax imports based on embedded carbon emissions, will fully apply by 2026, with the current transitional phase lasting until 2025.

3 mins

The great betrayal of Tibet

BOOK REVIEW

3 mins

Supreme Court is right

Onus on politicians to refrain from weaponising religion

2 mins

₹500 CR INVESTMENT SCAM CASE: PhonePe, Easebuzz, 20 other firms face probe

Payment aggregator platforms PhonePe and Easebuzz are under investigation by the Delhi Police's cyber security cell, the Intelligence Fusion and Strategic Operations (IFSO) unit, for suspected negligence in opening merchant accounts linked to a ₹500 crore investment scam case.

1 min

'Hardware priority for Google India'

Hardware is a big priority for Google in India, said its India Managing Director Roma Datta Chobey, as the world's most popular search engine completed 20 years of its presence in the country.

2 mins

On buyback, Upstox delivers 10x returns to Ratan Tata

Upstox, an investment platform, has generated a 10-fold return to Tata group's Former Chairman Ratan Tata on a buyback of 5 per cent of his stake in the company, according to a company press release.

1 min

Broking stocks end mixed after F&O curbs

Shares of BSE, Angel One surge while 5Paisa, IIFL Securities dip

2 mins

Conflict worries may keep mkts jittery in near term

Indian equity markets may remain volatile in the near term with the Iran-Israel conflict likely to become a \"localised\" affair like the Russia-Ukraine war, analysts said on Thursday, advising investors to use this opportunity to buy quality largecap and select mid, and smallcap stocks.

2 mins

Equity mopup jumps 2.2x in H1FY25

At ₹1.55 trillion, the amount of capital raised through equity issuances during the first half of financial year 2024-25 (H1FY25) was 2.2 times that of the same period of last financial year.

1 min

Markets during wartime: Swift recovery ensues sharp correction

Historically, equity mkts have overreacted amid looming geopolitical risks before finding their feet

1 min

Silver lining for two-wheelers, investors should be cautious

The auto industry sees the festive season as critical and this year, it seems two-wheelers and tractors will lead the way.

2 mins

Dabur shares tank 6%, Marico hits new high

Analysts say Dabur may fare better in Q3, expect double-digit revenue growth for Marico

3 mins

Has there been a slowdown in money supply after inflation targeting?

Global economy continues to hog the limelight with geopolitical uncertainty looming large with the recent escalation of hostilities. Fortunately, India's financial sector is resilient with asset quality in a robust shape. Financial stability however assumes paramount importance in the current context with gyrations in asset classes across the spectrum likely becoming the norm.

4 mins

Visa woes slow Petrapole border's road to normalcy

A steady stream of passengers is seen heading towards the Petrapole terminal, the largest land port in South Asia, along the India-Bangladesh border, about 80 km from Kolkata. Many bound for Bangladesh are carrying heavy blankets, oddly defying the time of the year. Meanwhile, a dhaki crossing into India signals that Durga Puja is just around the corner.

2 mins

‘Direct subscribers likely to dominate streaming market’

UK-based Omdia expects bundling of streaming video with telcos to plateau by 2029

2 mins

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