Business Standard - July 26, 2024

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July 26, 2024

Mega meeting today to plan database for jobs

Within days of the Union Budget announcing several proposals related to employment, internship and skilling, the government is initiating a process to comprehensively tap relevant information on jobs and workforce.

2 mins

Skilling plan laudable, but needs clarity: Biz leaders

While praising the internship scheme announced in the Budget, India Inc wants clarity on how it will be implemented.

3 mins

Royalty is not tax: SC allows states to levy minerals cess

Cites fiscal federalism to highlight power of states to tax

3 mins

PMS firms rethink strategy after increase in STCG tax

The 33 per cent increase in short-term capital gains (STCG) tax, as announced in the Union Budget 2024-25, is likely to make it more challenging for portfolio management services (PMS) providers to compete with mutual funds (MFS) and alternative investment funds (AIFS).

2 mins

Unilever spells out strategy behind Q1 volume growth

Unilever consolidated its share gains achieved over the last three years in India to post a volume growth of 3.8 per cent in the April-June quarter of 2024-25, Fernando Fernandez (pictured), chief financial officer at Unilever told investors after announcing its earnings for the first quarter.

1 min

Rural volumes may overtake urban by FY25-end

Kantar report says rural growth largely led by rise in population rather than consumption

1 min

TechM net up 23% on cost action; still a miss

India's fifth-largest IT services company Tech Mahindra on Thursday reported a 23 per cent year-on-year (Y-o-Y) jump in its net profit for the first quarter of 2024-25.

2 mins

Nestlé flags food inflation, lower demand growth

Misses profit estimates despite 6.9% rise

1 min

50% PCs to be Al-powered in 3 yrs: HP India

Global personal computer (PC) manufacturer HP expects at least 50 per cent of all PCs to be artificial intelligence (AI) devices in the next two-three years, said a senior executive.

1 min

Auto component sector still reeling from Red Sea crisis

The Red Sea crisis is significantly impacting the multi-billion-dollar India's auto components industry.

1 min

Export of iPhone in touching distance of target ahead of date

Apple iPhone exports in the April-June quarter (Q1) of 2024-25 (FY25) hit a new milestone, accounting for 79 per cent of its total freight on board (FOB) value production in the country, totalling $3.8 billion, according to data provided by its vendors to the government.

1 min

'Archaic laws need to be reviewed keeping in mind recent changes'

Guidelines for public-sector banks to assess micro, small, and medium enterprises MSMEs) for credit will be finalised by the Indian Banks’ Associations IBA), says Department of Financial Services DFS) Secretary VIVEK JOSHI in an interview with Harsh Kumar and Asit Ranjan Mishra in New Delhi. Joshi also spells out the ideas behind the Budget proposals for the financial sector. Edited excerpts:

3 mins

'Startups are thrilled...they feel funding winter may end with angel tax abolition'

The government is looking at ways to speed up the process of clearing foreign direct investment (FDI) proposals, Department for Promotion of Industry and Internal Trade (DPIIT) Secretary RAJESH KUMAR SINGH said on Thursday. In a post-Budget interview, Singh told Shreya Nandi in New Delhi that the pipeline of funds should get better, with abolition of the contentious angel tax. Edited excerpts:

2 mins

'Don't want to raise tariffs to high levels as industry becomes complacent'

The Central Board of Indirect Taxes and Customs Chairman SANJAY KUMAR AGARWAL says there has been a fourfold increase in the goods and services tax (GST) collections from online gaming to ₹1,150 crore every month. In conversation with Asit Ranjan Mishra, Agarwal explains the rationale behind the Customs duty cuts on silver and gold, among other Budget provisions. Edited excerpts:

2 mins

'People are opting and seeing value in new tax regime'

Central Board of Direct Taxes Chairman RAVI AGRAWAL says the old regime of personal income tax can be phased out once taxpayers in substantial numbers shift to the new one. In a conversation with Shrimi Choudhary and Asit Ranjan Mishra, he says extending the 15 per cent concessionary rate (for companies) depends on how they have utilised the benefit. Edited excerpts:

2 mins

TDS on income from G-sec unlikely to impact retail participation

The introduction of tax deducted at source (TDS) on income from central government securities and state bonds may not lead to a significant effect on retail participation, according to market participants.

1 min

'Draft of revised direct tax code in six months'

The Centre is working on a comprehensive review of the Direct Tax Code, which will be prepared by the internal committee then shared for stakeholder consultation within the next months, Revenue Secretary Sanjay Malhotra (pictured) said on Thursday.

1 min

Buyers throng jewellery stores after cut in Customs duty on gold

Jewellers are seeing a rise in demand as buyers flock to stores to buy gold after the government cut the import tax on gold, silver, and platinum in an effort to reduce the smuggling of these precious metals.

2 mins

Extend prepack to big firms: Industry

As Finance Minister Nirmala Sitharaman, in her Budget speech, hinted at impending changes to the Insolvency and Bankruptcy Code (IBC), industry experts suggest priorities should include extending pre-packaged insolvency to larger firms, codifying group insolvency norms, and clarifying project-wise insolvency processes.

2 mins

Agnipath driving shift in spending patterns

Finance Minister Nirmala Sitharaman, who was defence minister until five years ago, allocated to the Ministry of Defence (MoD) on Tuesday, earmarking a Budget of ₹6.21 trillion almost the same amount as in her Interim Budget, presented before the general elections this year.

2 mins

Amazon in race to develop AI chips cheaper, faster

Texas, 25 July Inside Amazon com's chip lab in Austin, Texas, half a dozen engineers on a Friday afternoon put a closely guarded new server design through its paces.

1 min

"Time for younger voices in Oval Office'

Says US PresidentJoe Biden in his first speech since ending re-election campaign

1 min

Harris is a radical Left lunatic, unfit to rule: Trump

Unleashing a volley of attacks against his new campaign opponent Vice President Kamala Harris, former president and Republican presidential candidate Donald Trump has said she is \"unfit to rule\" and described her as a \"radical left lunatic\" whom voters will reject.

1 min

The secret battle for the future of Murdoch empire

Rupert Murdoch is locked in a secret legal battle against three of his children over the future of his media empire, as he moves to preserve it as a conservative political force after his death, according to a court document seen by The New York Times.

4 mins

Anatomy of a democratic coup

In December 1932, Adolf Hitler had hit rock bottom.

4 mins

Talking puppy tells tall tales

Three years ago, when I was trying to build a company (a sort of euphemism for not having steady income), some well-meaning folks sought my advice on the strategic direction for a fledgling startup.

4 mins

Capital gains tax reforms in context

The budgetary provisions on the taxation of capital gains could help foster change in trading behaviour and address inequality

4 mins

Govt looks for cost-effective probe measures for hill roads

The Ministry of Road Transport and Highways is looking at a comprehensive set of matrices to identify slope vulnerabilities and cost-effective remedial measures to reduce the impact of rising cases of landslides and slope destabilisation in hilly areas where national highways have been constructed.

1 min

K'taka passes resolution to scrap NEET

The Karnataka Assembly on Thursday passed a resolution to scrap the National Eligibilitycum-Entrance Test (NEET), becoming the third state after Tamil Nadu and West Bengal to ask the Centre to exempt it from the national-level medical entrance test.

1 min

Govt plans new course for EV localisation

The Ministry of Heavy Industries is discussing a phased manufacturing programme (PMP) with stakeholders, requiring stricter localisation for electric vehicle (EV) makers to qualify for the proposed Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAMEIII) subsidy scheme.

2 mins

Sale of Bharat atta, rice at revised rates extended

Move will help govt tame food prices

1 min

"Our focus is to grow exposure beyond South India'

Thrissur-based South Indian Bank is looking to expand beyond Kerala. The lender is also shifting its focus on loan mix to micro small and medium enterprises (MSMEs) and retail, from the current bias towards corporates, the bank's managing director and chief executive officer P R SESHADRI said in an telephonic interview with Shine Jacob. Edited Excerpts:

3 mins

RBI to tighten banks' LCR norms

Releases draft guidelines, proposes additional 5% 'run-off' factor on retail deposits

2 mins

BSNL plans 5G rollout in 2025

State-owned telecom operator Bharat Sanchar Nigam Limited (BSNL) is planning to begin 5G services in the country by early next year, officials said.

1 min

Canara Bank profit grew 10.5% in June qtr

Public sector lender Canara Bank's net profit grew 10.5 per cent yearon-year (Y-o-Y) to ₹3,905 crore in the quarter ended June (Q1FY25) backed by non-interest income, such as fees and recoveries.

1 min

HDFC Bank rolls out FD scheme with higher rates

HDFC Bank, the country's largest private-sector lender, has launched a special edition fixed deposit (FD) scheme for customers, offering higher interest rates than its peers for tenures of 35 months and 55 months.

1 min

Hackers eye 'gold' as millions flock to Paris

Millions will be flocking to Paris where Olympics will be held over the next 16 days, beginning Friday.

1 min

India may have dengue vaccine by 2026: IIL

India may have a dengue vaccine by 2026, said a top executive of vaccine manufacturer Indian Immunologicals (IIL), as several players have joined the race to develop the country's first vaccine against the mosquito-borne disease that claimed 485 lives last year.

2 mins

Game, set, match. Now for medals

India hopes for its best ever tally in Paris Olympics, which opens today

2 mins

Markets extend losses for 5th session; metal stocks a drag

Equity market benchmark indices Sensex and Nifty stayed on the back foot for the fifth straight session on Thursday as investors offloaded metal, banking and finance stocks amid a lacklustre trend in global markets.

1 min

Akums Drugs sets IPO price band at ₹646-679

Akums Drugs and Pharmaceuticals on Thursday set a price band of ₹646-679 per share for its upcoming initial public offering (IPO) that opens for subscription on July 30 and closes on August 1.

1 min

L&T may outperform guidance after strong Q1

L&T surprised on the upside of consensus due to stronger-thanexpected growth overseas.

2 mins

Budget bowls tax googly at SWFs, pension funds

Takes away special exemption which was extended by a year in Interim Budget

2 mins

Gold, overseas ETFs may get the tax edge

These assets may qualify for 12.5% LTCG taxation in 12 months

2 mins

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