Business Standard - January 09, 2025

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January 09, 2025

M&M to diversify semicon supply chain for new EV lineup

Mumbai-based auto major Mahindra and Mahindra (M&M) has de-risked its semiconductor supply chain for its new electric vehicles (EVs) BE 6 and XEV 9e, which were unveiled in November last year and deliveries expected to commence in March, a senior company executive said on Wednesday.

3 mins

India must do frontier work in AI: Nadella

MoS Prasada flags fake videos, says won't wait to bring legislation

2 mins

BP wins bid to increase Mumbai High production

UK-based global energy major BP on Wednesday won the bid to boost production from state-owned Oil and Natural Gas Corporation's (ONGC) flagship Mumbai High field, which has been witnessing a steady decline in output.

2 mins

A $5 bn 'error' sees gold import data cut

The central government has revised downwards the gold import data for November to $9.8 billion, a sharp reduction from the earlier announced figure of $14.8 billion, according to data from the Directorate General of Commercial Intelligence and Statistics (DGCI&S) released on Wednesday.

2 mins

Tepid earnings growth likely for India Inc in Q3

Revenue too seen growing in single digit, suggest brokerage estimates

2 mins

Foxconn, Dixon ask govt to pay pending subsidies

Apple Inc supplier Foxconn Technology Group and Dixon Technologies India Ltd are asking India to pay them billions of rupees in subsidies they think they are entitled to under the government's production incentives programme.

1 min

Unlisted firms race past listed peers in sales, earnings growth

Amid concerns over revenue and earnings growth slowdown in listed companies, Business Standard delves into the financials of unlisted firms - often released with a delay. The first of a 3-part series highlights their notable outperformance in both sales and profits

2 mins

Lupin Gets US FDA EIR for Unit in Pithampur

Lupin, a global pharmaceutical company, announced that it has received a Voluntary Action Indicated (VAI) classification from the United States Food and Drug Administration (US FDA) for its Pithampur Unit-1 manufacturing facility.

1 min

Swiggy unveils Snacc for 15-minute food delivery

Food and grocery delivery platform Swiggy has launched a new app, Snacc, for delivery of snacks, drinks and meals in 15 minutes.

1 min

United Breweries Halts Beer Supply to Telangana Due to Operating Losses

Beer maker United Breweries has immediately suspended its supplies to Telangana Beverages Corporation (TGBC) due to significant and ongoing operating losses in Telangana.

1 min

Demerger provides enhanced access to capital and positions us favorably

Founded in 2011, Rossell Techsys specializes in aerospace and defense solutions, focusing on high-performance assemblies and sub-assemblies. Partnering global defense majors, it delivers mission-critical products from India. Spun off from Rossell India in August 2024, it was listed on the National Stock Exchange and BSE on December 9, 2024. Against this backdrop, its Managing Director RISHAB GUPTA discusses the demerger, space sector entry, revenue growth, defense focus, and expansion plans in an interview with Bhaswar Kumar in New Delhi. Edited excerpts:

3 mins

FinMin talks: MFIs push for lower asset thresholds

Representatives of microfinance institutions (MFIs) on Wednesday raised concerns with Ministry of Finance officials regarding the Reserve Bank of India's (RBI's) regulations on asset qualification norms, which have been increased from 75 per cent to 85 per cent of total assets.

2 mins

Safari Retreats ruling: Review plea in SC

In a significant development, the Finance Ministry (FinMin) has filed a review petition before the Supreme Court (SC) following the apex court's recent judgment in the Safari Retreats case, permitting commercial real estate companies to claim input tax credit (ITC) on construction costs for rental properties.

1 min

Experts See FY26 Nominal GDP Growth at 10-11%

The upcoming Union Budget to be presented on February 1 is likely to assume a nominal gross domestic product (GDP) growth between 10 and 11 per cent for FY26, a Business Standard poll of 10 economists showed.

2 mins

Rent taking up a larger share of urban income

Conveyance or travel expenses rising too

2 mins

'Capex should be ramped up by 25% over BE'

The advance growth estimates have shown lower-than-expected growth numbers. How do you think the Budget can spur growth in the economy?

3 mins

US Congressman opposes decision to probe Adani

Challenging the decision of the Biden administration to investigate the activities of Gautam Adani, an influential Republican lawmaker has said such selective actions risk damaging critical alliances with key partners.

1 min

Numeros to open bookings for its electric 2Ws on Jan 17

Numeros Motors, an electric vehicle original equipment manufacturer (OEM) owned by Infosys co-founder S D Shibulal's son, is all set to launch and kick off bookings for its flagship electric two-wheeler brand Diplos in the upcoming Bharat Mobility Global Expo 2025 in Delhi on January 17.

1 min

₹ Volatility Fails to Affect Consumer Durables Firms

These companies have contracts in yen and yuan

1 min

3W exports took to revival road in 2024 amid global headwinds

India's three-wheeler exports have shown a resurgence in 2024, due to a host of factors including recovery in key export destinations like Sri Lanka, Kenya and Nepal, and a falling rupee.

1 min

Hyundai Looks to Bring in New Variants, Spruce Up Popular Models

As India's car market is shifting towards premiumisation, Hyundai Motor India (HMIL) has announced new variants and feature upgrades for three of its popular models—Venue, Verna, and Grand i10 NIOS.

1 min

SC to hear online firms' pleas on GST tomorrow

The Supreme Court will hear on Friday urgent petitions filed by online gaming firms seeking a stay on GST demand notices and related proceedings.

1 min

New surrender value norms may hit life insurer margins

Higher claims of non-life firms may impact combined ratio

2 mins

Vande Bharat Express from Jammu to Srinagar soon

Semi-high speed Vande Bharat train will soon link Jammu with Srinagar, becoming the first train to connect the two capitals of the Union Territory through Udhampur-Srinagar-Baramulla (USBRL) rail link—which in turn will link the UT with national capital Delhi.

1 min

Task cut out for banks as operational challenges loom

The draft digital personal data protection (DPDP) rules, which require banks to obtain explicit consent from their customers before using their data for purposes beyond the original intent, although is being followed in spirit, leaves no room for regulatory arbitrage, experts said.

2 mins

Reforms needed in ICAR for better outcomes, says PMO principal secy

The Indian Council of Agricultural Research (ICAR) and the research institutes under it need reforms so that their outcomes could be improved and resources used efficiently, principal secretary in the Prime Minister's Office (PMO), P K Mishra said on Wednesday.

1 min

PM Unveils Projects Worth ₹2 Trn in Andhra Pradesh

Prime Minister Narendra Modi on Wednesday virtually laid the foundation stone and launched projects worth over ₹2 trillion here.

1 min

'Staffing firms cornered 30-40% of H-1B visas'

With Donald Trump all set to take over for a second term as US President, MUKESH AGHI, president and chief executive officer of Washington-headquartered US-India Strategic Partnership Forum, which has top companies from both the countries as its members, talks about the challenges and opportunities in business between the two nations in a video interview with Surajeet Das Gupta. Edited excerpts:

3 mins

Meta's next fact-checker, debunker, moderator: You

Meta would like to introduce its next fact-checker — the one who will spot falsehoods, pen convincing corrections, and warn others about misleading content. It's you.

1 min

AI chip missteps weigh on Samsung's earnings in Q4

Bottom line dented due to investments in high-end chipmaking for Nvidia

1 min

Remote but resource-rich Greenland occupies key position in world

Remote, icy and mostly pristine, Greenland plays an outsized role in the daily weather and in the climate changes taking shape all over the planet.

1 min

Tencent makes biggest buyback in two decades

Tencent Holdings repurchased the most shares in nearly two decades after a selloff sparked by the tech firm's addition to a US blacklist for alleged links to the Chinese military.

1 min

Economic emergency on cards as Trump plans to push tariffs

US President-elect Donald Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, CNN reported on Wednesday.

1 min

What is UK's 'grooming gang' scandal seized on by Musk

Elon Musk, the tech mogul, in a series of vitriolic posts, has accused UK Prime Minister Keir Starmer and other Labour Party lawmakers of enabling Britain's so-called grooming gangs.

1 min

A much-needed charge

PM E-Drive could be a game-changer

2 mins

A Threat to Investment

Retrospective policy changes have previously plunged the economy into uncertainty—now, a similar situation looms again

4 mins

India's missing managerial capital

One of the great things about the periodic visits by marquee Indian-origin chief executive officers (CEOs) such as Alphabet and Google's Sundar Pichai and Microsoft's Satya Nadella is that they leave middle-class Indians basking in the warm glow of reflected glory.

3 mins

Foreign policy begins at home

In his latest book, Dhruva Jaishankar explains the origin and meaning of the Sanskrit words Vishwa Shastra, used in the title, as \"treatise of the world\". As he writes, \"For it to be India's world, a Vishwa Shastra is necessary\".

3 mins

Metros and riders

Planning requires rethinking for improved outcomes

2 mins

2024's record NFO run extends into new year

Six equity MFs launched in January so far, with 2 being industry firsts

2 mins

Jefferies, Bernstein bets on RIL lift stock over 2%

Mukesh Ambani-led Reliance Industries Ltd (RIL) shares were buzzing in trade on Wednesday, as the scrip rose up to 2.4 per cent to an intraday high of ₹1,270.70 per share on the BSE in an otherwise weak market.

1 min

Production ramp-up, realisations to drive gains for ONGC

Global energy markets are experiencing weaker demand. The strong US dollar is also influencing crude and gas prices.

3 mins

Markets end with minor losses as FPIs go on selling spree

India's benchmark indices ended with minor losses on Wednesday amid foreign portfolio investor (FPI) selling.

1 min

SC to Sebi: Review Sahara group's property proposals for development

The Supreme Court on Wednesday directed the Securities and Exchange Board of India (Sebi) to examine proposals submitted for the development of the Sahara group's property in Mumbai's Versova by two developers - Oberoi Realty Ltd and Valor Estate Ltd.

1 min

Sebi Okays 4 New Public Offers

The Securities and Exchange Board of India (Sebi) has approved the initial public offering of four companies including Dr Agarwal's Health Care and Casagrand Premier Builder.

1 min

Sebi warns Ola Electric over disclosure norm violation

The Securities and Exchange Board of India (Sebi) has issued an administrative warning to EV maker Ola Electric Mobility over certain violations of disclosure norms.

1 min

46 Million Demat Accounts Added in '24, Tally at 185 mn

The number of dematerialised (demat) accounts in 2024 rose by 46 million, marking an average addition of 3.8 million accounts per month.

1 min

Cement firms set to see decline in profit

Pricing weakness to eat into earnings; growth demand to be in single-digit

2 mins

A GOLD STANDARD IN NEED OF ANSWERS

As India's electoral system stands on the verge of a landmark, it searches for ways to tackle freebies, inducements, black money, and vitriol

5 mins

Govt May Mandate Airlines Share Weather Data With Met Dept

The government is planning to make it mandatory for domestic airlines to share weather data captured by aircraft during takeoff and landing with the India Meteorological Department (IMD), which senior officials say will significantly enhance forecasting capabilities.

1 min

India's AI push gains force amid PM's power talks with tech leaders

As India eyes global leadership role in artificial intelligence (AI) landscape, Prime Minister Narendra Modi has held a series of meetings with top tech captains over the last few days, including Microsoft CEO Satya Nadella, former Infosys CEO Vishal Sikka and Perplexity CEO Aravind Srinivas, to turn the plans into reality.

1 min

Indian cos vie to top future tech adoption chart

Employers in India are planning to outpace global adoption in certain future technologies as companies operating in the country are heavily investing in technologies like artificial intelligence (AI), energy technologies, robotics, and autonomous systems, said the World Economic Forum (WEF) in its latest \"Future of Jobs\" report released on Wednesday.

2 mins

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