Business Standard - October 09, 2024

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October 09, 2024

Historic Haryana hattrick for BJP; NC-Cong takes J&K

RULING PARTY BETTERS 2019 SHOWING; CONG FAILS TO KEEP LS MOMENTUM. OPPN ALLIANCE TO FORM FIRST GOVT IN UNION TERRITORY SINCE ARTICLE 370 REPEAL

3 mins

Markets snap six-session losing streak

Indices up about 1% as China rally loses steam

2 mins

PepsiCo reports double-digit organic India revenue growth

Even as beverage and snacks major PepsiCo trimmed its sales forecast for the year upon missing estimates, it witnessed double-digit organic revenue growth in India during the third quarter of the calendar year 2024 ended September 7.

1 min

Will fly grounded planes in 2 yrs: SpiceJet to DGCA

Company to spend ₹400 crore on 36 grounded aircraft; says planning to bring 7 of them back in service by Nov 15

1 min

RUDDER ISSUE: Akasa to run safety tests on 14 of 25 planes

Air India Express to also conduct similar audit; SpiceJet says none of its Boeing 737 NGs impacted

1 min

CCPA notice won't impact activities: Ola

Ola Electric has said that the show-cause notice from the Central Consumer Protection Authority (CCPA) \"would not impact\" its activities and that the company will file a response to the notice within the 15-day deadline.

1 min

BYD India will only sell electric cars in short term: Chauhan

Chinese electric vehicle maker BYD will be closely monitoring whether the momentum behind strong sales growth in hybrid cars continues over the next 6-8 months before deciding to unveil a plug-in hybrid version in India.

2 mins

GIC plans to sell ₹41K cr stake in Greenko Energy

GIC Pte is considering options for its 50 per cent stake in India's Greenko Energy Holdings, including a possible sale that could be worth around $5 billion (over ₹41,000 crore), people familiar with the matter said.

1 min

DHARMA-SAREGAMA SAGA: Consolidation may be filmmaking's surprise hit

There is no confirmation that RP-Sanjiv Goenka Group's Saregama is acquiring a majority stake in Karan Johar's Dharma Productions. The stock has been steadily rising since the rumours first broke in August. In a letter to BSE on Tuesday, the company said, \"At this stage, there is no material event/information that requires disclosure.\"

3 mins

Adani Green units plan to raise up to $1bn via bonds

Four subsidiaries of Adani Green Energy's plan to raise up to $1 billion by issuing US dollar-denominated bonds, two merchant bankers involved in the deal said on Tuesday.

1 min

Workers' strike still on at Samsung Chennai unit despite pay hike offer

Workers' strike at Samsung Electronics plant at Sriperumbudur entered its 30th day on Tuesday with no end in sight as Centre of Indian Trade Unions (CITU), the union leading the charge, claimed that its major demands are yet to be fulfilled. This is despite the company agreeing to pay a special incentive to the employees.

1 min

Foxconn arm to infuse ₹13K cr to set up TN factory

The Tamil Nadu government on Tuesday cleared the ₹13,180 crore project by Yuzhan Technology, part of Taiwan's Foxconn Group, at Kancheepuram. The unit is reportedly expected to assemble smartphone display modules, which will be one of the first such units to cater to Apple's growing presence in the country.

1 min

Victory, defeat & vindication

A leader's charisma is a big plus. But don't underestimate the craft of mounting an election campaign. Haryana is BJP's reward for mastering it

4 mins

Once dubbed 'political lightweight', Saini shows heft in Haryana

A month before the polls in Haryana, a video surfaced on social media of Bharatiya Janata Party (BJP) leader Karan Kamboj, visibly upset at being denied a party ticket and refusing to shake Chief Minister Nayab Singh Saini's hand. Many viewed this as evidence that Saini was a \"political lightweight\" within his own party and that the BJP's central leadership might scapegoat him for what appeared to be an impending defeat in the state.

1 min

Omar Abdullah to be at helm again - in post-Article 370 J&K

In a political comeback, Omar Abdullah is poised to take over as chief minister of Jammu & Kashmir (J&K) for a second time - just four months after a humbling defeat to Sheikh Abdul Rashid in the Lok Sabha elections for the Baramulla constituency.

1 min

‘No panic, enough oil available globally’

India will be able to navigate through any oil supply shock that may result from the potential widening of the conflict in the Middle East, Oil Minister Hardeep Singh Puri (pictured) said on Tuesday.

1 min

Govt to lease out crude oil storage amid Gulf tensions

Will enable refilling crude oil caverns as escalating hostilities threaten supplies

3 mins

Banks should avoid high-risk lending: FM

Says regulators doing a world-class job

2 mins

Only 2 of 11 e-com platforms have minimum wage policy

Fairwork India survey noted insufficient evidence to show that workers earn at least a local living wage after expenses

1 min

SBI-led panel against 18% GST on co-lending

Says co-lending should be restricted to priority sector lending and not extended to other areas

2 mins

‘Godfather of AI’ Geoffrey Hinton and John Hopfield win Physics Nobel

US scientist John Hopfield and British-Canadian Geoffrey Hinton won the 2024 Nobel Prize in Physics for discoveries and inventions that laid the foundation for machine learning, the award-giving body said on Tuesday.

2 mins

China targets EU brandy in tit-for-tat move

Plans higher tariffs on imported cars

1 min

Israel says Hezbollah chief's stand-in likely killed in Beirut

Israel said Hashem Safieddine, a likely successor to assassinated Hezbollah chief Hassan Nasrallah, has probably been killed as well.

1 min

US FAA issues alert over Boeing 737 rudder issue

The Federal Aviation Administration (FAA) on Tuesday said it issued a safety alert to airlines warning of the potential for limited or jammed rudder movement on certain Boeing 737 airplanes.

1 min

Samsung apologises after Q3 profit jumps 274% but misses estimates

Samsung Electronics warned its third-quarter profit would come in below market expectations and apologised for the disappointing performance with the tech giant lagging its rivals in supplying high-end chips to Nvidia in the booming AI market.

1 min

Are you pregnant yet? Invasive push by China for babies

The first time a government worker encouraged Yumi Yang to have a baby, she thought little of it. She and her husband were registering their marriage at a local office in northeastern China, and the worker gave them free prenatal vitamins. When an official later called to ask if she had taken them, and then called again after she did get pregnant to track her progress, Yang shrugged those questions off too. But then officials showed up at her door after she had given birth, asking to take a photograph of her with her baby for their files. That was too much.

1 min

Google Play must allow rival app stores: US court

Play store faces revenue hit of over $1 billion as antitrust woes mount

2 mins

NSS at 75: Preparing for 2047

This month marks the beginning of the 75th year of the National Sample Survey (NSS). It is an opportune moment to not only acknowledge those who contributed to development of survey design and sampling methods but also reflect on the way forward.

3 mins

Maldivian reset

Domestic priorities induce a thaw with India

2 mins

A lender's warning

State Bank of India's notice to MTNL presents an opportunity to change the telephone company's ownership

5 mins

Clear verdict

Haryana for continuity; J&K needs change

2 mins

The unique women of the Constituent Assembly

Hidden Figures, a Hollywood film released in 2016 was about the lives of three Black women mathematicians whose contribution to the launch of the American space capsule, Friendship 7, was seminal. The film describes their day-to-day struggles against discrimination, prejudice and other barriers that they overcame to become role models for many.

3 mins

MFISRO to review indebtedness compliance

Micro Finance Industry Network (MFIN), a self-regulatory organisation for the microfinance sector, will review the compliance of its members regarding norms to restrict the number of lenders per borrower to four, and the limit of total microfinance indebtedness to ₹200,000.

1 min

Non-life premiums fall 6.5% in Sep as crop, auto segments drag

Non-life insurers have reported a 6.53 per cent year-on-year (Y-o-Y) drop in premiums in September, owing to underperformance of state-owned general insurers, slowdown in auto sales impacting motor insurance segment, and weak performance in the crop insurance segment.

1 min

LIC reduces 1st-year agent payout to 28% from 35%

First insurer to change commission after revision in surrender value norms

2 mins

Ultratech better placed amid recovery hopes

The cement industry struggled through the July-September quarter (Q2) of financial year 2025 (FY25) due to seasonal factors and high competitive intensity.

2 mins

Sebi issues checklist for AIFs to curb circumvention

The Securities and Exchange Board of India (Sebi) on Tuesday issued fresh guidelines on due diligence of investors in the alternative investment funds (AIFs) to prevent circumvention of norms and ever-greening of loans.

1 min

Time to flip the script and turn the page on India stocks? Experts weigh in

Recent developments - geopolitical flare-ups in West Asia that have triggered an 18 per cent increase in crude oil prices to around $80 a barrel in just a few days, stimulus measures announced by China to prop up its economy, and the lofty valuation of Indian markets (23x one-year forward earnings) - have prompted foreign portfolio investors to dump Indian stocks worth over ₹30,000 crore in the first four trading days of October.

2 mins

CRISIL expects 25% hit on discount brokers' PBT over regulatory changes

A raft of regulatory measures by the Securities and Exchange Board of India (Sebi) is expected to hit the profitability of brokerages, particularly those operating the discount model. The estimated hit could be around 25 per cent of their profit before tax (PBT), said CRISIL Ratings in a note on Tuesday.

1 min

Low on equities, hybrids withstand mkt turmoil

BAFs decline 2.7% on average compared to a 5.4% fall in Nifty 50

1 min

India's manufacturing under-performance: A new clue from ‘multi-plants'

In Tuesday's piece, we highlighted the rise of the multi-plant phenomenon and showed that when account is taken of it, large plants in India have not grown over time despite a number of favourable developments such as policy liberalisation and contractualisation of labour. We also documented their lower productivity, which could explain in part why Indian firms did not become competitive internationally, especially in labour-intensive sectors.

4 mins

Kolkata slowly gets into Durga Puja spirit

Retail, restaurant, sponsorship gradually recover from the strain of protests and the absence of Bangladeshi shoppers

3 mins

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