Business Standard - August 09, 2024

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August 09, 2024

All quiet on the eastern front: B'desh unrest grinds Petrapole business to a halt

Petrapole (West Bengal), 8 August Ganesh Datta cremated his wife on Monday and is now heading back home to Bangladesh.

3 mins

Ambani family's wealth 10% of India GDP: Report

At 15.45 trn, Adanis most valued first-gen family biz

2 mins

IT Firms Face 'Long Curve' Before Revenue Visibility From GenAI

Revenue from generative artificial intelligence (GenAI) or the deal pipeline in this segment in April-June of FY25 was missing in the quarterly statements of large information-technology services firms other than Accenture and Tata Consultancy Services (TCS).

2 mins

RBI holds repo rates again, cites food inflation risks

Policy must stay the course with close vigil on inflation trajectory, says governor

2 mins

Special CBDT unit to spot top 5,000 cases of unpaid tax

The Central Board of Direct Taxes (CBDT), driven by a \"very steep rise\" in pending income tax arrears, has decided to create a special team to identify the \"top 5,000 cases\" by the end of September.

2 mins

B'desh crisis may be a speed bump for Indian 2W firms

Bajaj Auto, Hero MotoCorp, TVS collectively hold over 50% of market share in strife-torn country

2 mins

Education made up 33% of firms' CSR spend in FY23

Reliance topped social spending from FY19 to FY22

1 min

₹1.82 trn GST from cell phones 5x what PLI allocated

Goods and services tax (GST) collections from mobile device companies, amounting to ₹1.82 trillion between 2020-21 (FY21) and 2023-24 (FY24), have already generated more than five times the revenue for the government compared to the ₹34,149 crore allocated under the production linked incentive (PLI) scheme for mobile devices over six years ending 2025-26 (FY26).

2 mins

Fortis to acquire 31% stake in Agilus for ₹1,780 crore

Deal values diagnostic arm at ₹5,700 crore

2 mins

Siam to take up inventory concerns at next meeting

Automobile industry body Siam is set to discuss the alarming rise in passenger vehicle (PV) inventory in its upcoming executive committee meeting.

1 min

US judge refuses to block Byju's payment to BCCI

In a big relief for Byju's, Delaware Bankruptcy Court in the US has rejected attempts by GLAS Trust Company, which represents the foreign lender consortium, to impede the edtech firm's ongoing turnaround efforts.

1 min

Trai directs telcos to curb misuse of bulk connections

The Telecom Regulatory Authority of India (Trai) on Thursday directed telcos to strictly monitor and disconnect all telecom resources of businesses if they misuse their bulk connections and engage in spam calls.

1 min

NCLT directs IIHL to transfer ₹2.7K cr to lenders in 2 days

Clarifies that interest on the money will accrue to lenders

2 mins

FPI investment limit in OIS mkt under review

The Reserve Bank of India (RBI) has been reviewing the investment limit for foreign investors in the overnight index swap (OIS) market, Deputy Governor Michael Debabrata Patra said in the post-monetary policy press conference on Thursday.

1 min

"Today, India is far more resilient than what it was earlier'

Reserve Bank of India (RBI) Governor SHAKTIKANTA DAS, along with Deputy Governors MICHAEL DEBABRATA PATRA, SWAMINATHAN J, TRABI SANKAR, and M RAJESHWAR RAO, responds to a range of issues during a post-policy media interaction.

3 mins

Multiple users can now have one bank account

The Reserve Bank of India (RBI) has proposed introducing Delegated Payments feature on Unified Payments Interface (UPI), the widely used digital payments platform, allowing multiple users to make transactions from a single primary bank account.

1 min

Food inflation can't be ignored, need to remain vigilant: Das

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said with food inflation comprising 46 per cent of the consumption basket, the pressures from it cannot be ignored by the monetary policy committee (MPC).

2 mins

Now, cheques to be cleared in a few hours

Reserve Bank of India (RBI) has proposed continuous clearing of cheques with 'on-realisation-settlement' Cheque Truncation System, instead of the current clearing cycle of two working days to speed up payments and enhance efficiency in the system.

1 min

IBBI brings in self-regulatory norms for CoCs

The Insolvency and Bankruptcy Board of India (IBBI) has introduced guidelines for the Committee of Creditors (CoC), which steers the insolvency resolution, to stem the value erosion that occurs due to delay in procedures and bring more transparency to the process.

1 min

RBI mandates fortnightly credit information reporting

The Reserve Bank of India (RBI) on Thursday mandated the frequency of credit information reporting to fortnightly basis as a measure to boost transparency in the system.

1 min

Repository of digital lending apps soon

The Reserve Bank of India (RBI) is setting up a public repository of digital lending applications (DLAs) of regulated entities such as banks and non-banking financial companies (NBFCs).

1 min

Household optimism on economic conditions for coming year takes a hit

Households in major cities in India seem to be less optimistic about the economic conditions for the year ahead.

1 min

'Banks should offer innovative products to garner deposits'

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday asked banks to offer innovative products and services and effectively use their branch networks to attract household savings as deposits, amid increasing appeal of alternative investment avenues to retail customers.

2 mins

No concern on growth, no comfort on inflation

Not too many were expecting a rate cut by the Reserve Bank of India (RBI) despite the recent turmoil in global markets and near-certainty about the US Federal Reserve's first rate cut in four years in September.

4 mins

Angry young man who retained belief in humanity of communism

He began his life in politics as an angry young man.

3 mins

FM: No back-door entry for defaulting promoters

Statement comes in response to concerns over haircuts in insolvency cases

2 mins

SpaceX may bring astronauts home in 2025 if Boeing remains unfit

US' National Aeronautics and Space Administration (Nasa) is working with Elon Musk's SpaceX on plans to return two astronauts to Earth in the event that they're unable to travel on the troubled Boeing craft that initially carried them to space.

2 mins

Three-quarters of global carry trades now unwound: JP Morgan

Three-quarters of the global carry trade has now been removed, with a recent selloff erasing this year's gains, according to JPMorgan Chase & Co.

1 min

Meta raises $10.5 bn in largest high-grade debt sale

Meta Platforms sold $10.5 billion of investment-grade bonds, its largest-ever debt sale, which will boost its cash pile as the company spends heavily on artificial intelligence (AI).

1 min

Yunus sworn in as B'desh interim head

NOBEL LAUREATE VOWS TO 'UPHOLD, PROTECT CONSTITUTION' 16 ADVISORS TO ASSIST LEADER

2 mins

Plot to attack Taylor Swift show in Austria linked to Islamic State

Three Taylor Swift (pictured) concerts this week in Vienna have been cancelled following arrests over an apparent plot to launch an attack in the area, potentially at the stadium itself, and at least one of the suspects has been linked to the Islamic State group.

1 min

Purvodaya for eastern revival

From the solar chakras of Konark to the teascented breezes of Darjeeling, from Nalanda's phoenix-like resurgence to the Brahmaputra's life-giving pulse, eastern India ascends not as a lone star but as the lodestar in India's competitiveness odyssey.

3 mins

Chinese dependence

India has difficult choices

2 mins

Staying the course

Mr Das has set the record straight

2 mins

Don't count on a growth miracle

In a volatile global landscape, sustained growth rate of more than 7 per cent is quite a challenge

4 mins

Normal monsoon to drive Dabur's growth: CEO

Dabur India aims to achieve mid-high single-digit growth in consolidated business in FY25, driven largely by normal monsoon and a rural-focused Budget, the firm said on Thursday during its annual general meeting.

1 min

Clinical Trial Waiver Only If Drugs Have Greater Benefits: Govt

The Ministry of Health and Family Welfare announced on Thursday that while it has waived the precondition of local clinical trials for certain drugs already approved in well-regulated markets, the subject expert committee will still assess whether these drugs offer greater therapeutic benefits than those available in India.

1 min

Rural continues to outpace urban in volumes growth

FMCG sector growth at 4% in April-June on relaxed consumption, shows Nielsen IQ data

2 mins

A CLASS APART

Sebi has proposed a new asset class. How far can it quench the risk-taker's thirst?

4 mins

Waqf Bill referred to joint committee of Parliament

Oppn says move aims at targeting Muslims

2 mins

'Wrestling won, I lost...no strength left': Crestfallen Vinesh bids adieu

Wrestler Vinesh Phogat (pictured) has announced retirement after her heartbreaking disqualification from the Olympics, saying she doesn't have the strength to continue.

1 min

NSE's loss may be GIFT City's gain

Stricter F&O rules likely to lead shift in volumes, says NSE CEO

2 mins

Improving outlook may drive further gains in Godrej Consumer

THE COMPASS Godrej Consumer Products (GCPL) reported a three per cent year-onyear (Y-o-Y) decline in consolidated net revenue to ₹3,330 crore, lower than consensus.

2 mins

Keep bulk of portfolio in short- to medium-duration debt funds

In its monetary policy review meeting that ended on July 31, the US Federal Reserve (Fed) opted to keep interest rates unchanged, but hinted at a rate cut in September.

2 mins

Alternative investment avenues attracting retail customers: RBI

Alternative investment avenues are becoming more attractive to retail customers, said the Reserve Bank of India (RBI) on Thursday, noting that the trend may expose the banking system to \"structural liquidity issues\".

2 mins

Markets cede ground after 1-day gain

Sensex, Nifty decline 0.7% as global worries reignite

2 mins

LIC Q1 profit up 9.6% at ₹10.4K crore

Healthy growth in group business premiums

1 min

Oil India Q1 net profit falls 9% to ₹1,467 crore on higher expenses

State-run explorer Oil India reported a smaller-thanexpected quarterly profit on Thursday, hurt by higher expenses.

1 min

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