Business Standard - January 04, 2025

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January 04, 2025

Framework for gig workers set for June launch

To provide welfare and social security net to millions of gig and platform workers, the labour ministry is considering launching a \"framework for social security coverage\" by June this year, senior government officials told Business Standard.

2 mins

Centre pushes transfer to states to meet capex goals

Capital expenditure (capex) in the country in November declined 9 per cent over the previous month amid expectations that it would intensify in the second half this financial year.

2 mins

HUL in talks to buy skincare brand Minimalist for ₹3K cr

The text 'Maker of Pond's products may ink deal with Peak XV-backed startup in Q4' is the drophead but was missed in extraction

2 mins

Govt releases DPDP Rules without any penal clause

The government has released the long-awaited draft of Digital Personal Data Protection Rules, which do not mention any penal action for violations.

1 min

Investors Betting Big on Higher-Risk Equity Funds

Nearly one in two equity mutual fund (MF) accounts, or folios, are now in the three riskiest categories—sectoral and thematic, smallcap, and midcap funds—thanks to the growing penetration of online investment platforms and investors' preference for top-performing funds.

2 mins

No fresh subsidy required for EV ecosystem: Goyal

Commerce and Industry Minister Piyush Goyal on Friday said there was no need for fresh subsidies or incentives for the electric vehicle (EV) ecosystem.

2 mins

Seven Billionaire Founders Rode India's IPO Boom in 2024

A blockbuster year for initial public offerings in India catapulted seven entrepreneurs into the dollar billionaires league, many of them early movers in the country's booming renewable energy sector.

2 mins

Adani Group's US SEC, NY cases assigned to one judge for efficiency

The civil and criminal cases against the Adani Group, pursued by the US Securities and Exchange Commission (SEC) and the Eastern District of New York, have not been \"combined.\"

1 min

Pharma firms seek booster shot to PLI

The pharmaceutical sector has rolled out a robust wish list for the upcoming Budget, with import duty exemptions, simplification of tax procedures, and strengthening of the production-linked incentive (PLI) scheme among major demands.

1 min

Paytm's Ebitda Likely to Break Even This Quarter

Brokerages expect improved contribution of financial services into revenue pie

2 mins

Sold small portion of shares for personal reasons: Pitti

Co-founder of EaseMyTrip Nishant Pitti (pictured) on Friday said he sold a \"small portion\" of the promoter shares held by him for \"personal reasons\", days after the company announced his resignation as CEO.

1 min

Govt Teams Up With Startup Policy Forum

The Department for Promotion of Industry and Internal Trade (DPIIT) has entered into a partnership with the Startup Policy Forum (SPF).

1 min

Dabur expects muted revenue growth in Q3...

...but Marico upbeat on top line growth

1 min

Premium Devices Demand to Push Smartphone Market to $50 Billion This Year

Rising demand for premium devices, led by Apple and Samsung, is expected to increase India's smartphone market size to over $50 billion (about ₹4.28 trillion) this year, market research firm Counterpoint Technology Market Research said on Friday.

1 min

Western Carriers bags ₹139 crore Vedanta order

Western Carriers India Ltd (WCIL), a Kolkata-based logistics firm, has secured a material handling order worth ₹139 crore from Vedanta Ltd, the company said on Wednesday.

1 min

Meity Sets 2030 Electronics Production Target at $500 Billion

The government, under the aegis of the Ministry of Electronics and Information Technology (Meity), has taken on board Indian Cellular and Electronics Association (ICEA) and consultancy firm Bain & Company to finalize a detailed strategy report for the country to hit an ambitious production value of $500 billion in electronics by 2030.

2 mins

Rupee at record low of 85.79 against dollar

Change in 1st 3 sessions lowest in 5 yrs

1 min

Manufacturing sees fall in productivity

ASUSE survey says sector recorded highest growth in emoluments per hired worker

1 min

Gas for LPG set to be diverted to city retailers

The Petroleum and Natural Gas Ministry has asked GAIL and ONGC to divert 1.27 million metric standard cubic meters per day (MMSCMD) of natural gas to city gas distribution (CGD) firms.

1 min

Rural poverty ratio fell below 5% in FY24, a first

SBI Research study attributes decline to consumption growth, infra boost

2 mins

DFS Launches Baanknet to Streamline PSB Asset Auctions

Department of Financial Services (DFS) secretary M Nagaraju on Friday launched a revamped e-auction portal 'Baanknet' in Delhi.

1 min

67% of major forest fires in 2023-24 doused within 24 hrs

In the November 2023-June 2024 forest fire season, 67 per cent of major fires in India were extinguished within 24 hours, according to data from the Ministry of Environment, Forest, and Climate Change (MoEFCC).

1 min

New rule to avoid tax deduction on purchases via IFSC sellers

The Ministry of Finance has introduced a new tax rule, effective January 1, 2025, allowing buyers to avoid tax deduction on purchases made from sellers operating within the International Financial Services Centres (IFSC).

1 min

BharatPe parent to sell up to 25% stake in Unity SFB for $800 mn

Resilient Innovations, the parent company of BharatPe, is scouting for investors to sell up to 25 percent of its 49 percent stake in Unity Small Finance Bank (Unity SFB).

2 mins

13 States and UTs Tagged 'Achievers' in Logistics Survey

Gujarat, Karnataka, Maharashtra, Odisha, Tamil Nadu, and Delhi are among the 13 states and Union Territories that have been categorized as \"achievers\" in the logistics index chart 2024, according to the sixth LEADS (Logistics Ease Across Different States) 2024 report released on Friday.

1 min

Loan growth of banks in Dec qtr picks up pace

Bank of Baroda, a state-owned bank, in its quarterly update on Friday said its domestic deposits grew 9.23 per cent year-on-year (Y-o-Y) in October-December (Q3FY25) at ₹11.65 trillion, while advances increased 11.76 per cent Y-o-Y at ₹9.63 trillion, outpacing deposit growth during the period.

1 min

EPFO Can Start Assessment Against Firms Under IBC

The insolvency appellate tribunal has held that there is no bar against assessment proceedings by statutory authorities, including the EPFO, once the liquidation process starts against any debt-ridden company under the IBC.

1 min

Securitisation volume of banks tops ₹68K cr in Q3

ICRA estimates say private sector banks account for ₹25,000 cr, NBFCs for remaining ₹43,000 cr

1 min

Targets ₹4,000 crore corpus for startups

The Uttar Pradesh (UP) government is planning to create a corpus of almost ₹4,000 crore to promote startups and enrich the market innovation ecosystem in the state.

1 min

FISME Proposes Measures to Address Protectionist Policies

Amid the recent HSBC India Manufacturing Purchasing Manager's Index (PMI) report indicating a concerning 12-month low in manufacturing activity, the Federation of Indian Micro and Small & Medium Enterprises (FISME) has urged the government to take immediate action to mitigate the impact of rising protectionist measures on the sector.

1 min

SBI Unveils 2 Schemes To Boost Deposit Mobilisation

State Bank of India – the country's largest lender – has unveiled two new schemes to boost deposit mobilisation at a time when most banks are facing challenges to raise resources.

1 min

Will protect our interests: Govt on China's plan to build damon Brahmaputra

Days after China announced its plan to build a mega dam on Brahmaputra river in Tibet, India on Friday said it will continue to monitor and take necessary measures to protect its interests.

1 min

Thousands gather to pay final tribute to Dr Singh

From political stalwarts to ordinary admirers, thousands united in grief and reverence at New Delhi's Rakab Ganj Sahib Gurudwara, on Friday, to pay their tribute to former Prime Minister Manmohan Singh, whose quiet demeanour belied his transformative impact on India's economy and polity.

1 min

Skilled worker movement helps both US, India: MEA

The movement of skilled professionals, which is an important part of India-US ties, benefits both countries, the Ministry of External Affairs (MEA) said on Friday amid a deepening debate over H-1B visas, on which US President-elect Donald Trump and his backer Elon Musk have recently commented.

2 mins

Make 2025 year of poverty-free villages: Chouhan

Ahead of the Union Budget, Rural Development Minister Shivraj Singh Chouhan on Friday called upon state ministers to make 2025 a year of 'poverty-free villages'.

1 min

Diamond from Modi: Jill Biden's priciest gift in 2023

A $20,000 diamond presented by Prime Minister Narendra Modi to US First Lady Jill Biden was the most expensive gift given by any world leader to the Biden family in 2023, the US State Department said.

1 min

Tesla Cybertruck in list of EVs eligible for US subsidy

Tesla China sales hit record high in 2024

1 min

Biden blocks $15 billion sale of US Steel to Japan's Nippon Steel

US President Joe Biden officially blocked Nippon Steel's proposed $14.9-billion purchase of US Steel on Friday, dealing a probably fatal blow to the contentious merger plan after a year of review.

1 min

China to Offer Phone Subsidy in Spending Push

China will expand consumption subsidies to cover smartphones and other electronics, in a step to promote domestic spending as external headwinds pick up.

1 min

US Surgeon General Calls for Cancer Warnings on Alcohol

Alcoholic drinks should carry a warning about cancer risks on their label, the US Surgeon General said on Friday in a move that could signal a shift towards more aggressive tobacco-style regulation for the sector.

1 min

Open up' North Sea, get rid of windmills: Trump

US President-elect Donald Trump called to \"open up\" the British North Sea and get rid of windmills in a post on his social media platform Truth Social on Friday.

1 min

2,700 Cops Fail to Arrest Yoon After 6 Hr Standoff

South Korean presidential guards prevent arrest of impeached leader

1 min

Beta launch of a new generation

Babies born on the first day of 2025 aren't going to be just the first of the year; they're the first of a new generation.

3 mins

Rethinking the woman voter

It looks, at first blush, like an exciting new winning political formula. Empower women – with cash grants, free transport, and safety both in public places and within the family – and the votes will come pouring in.

3 mins

Covid's Lessons Have All Been Forgotten

The vaccines allowed Covid to be treated as an aberration, but we must not forget what it really was: A preview of the kind of planetary challenges that await us

4 mins

Will Trump fire the Fed?

Nearly every Cabinet or staff appointment announced by US President-elect Donald Trump has been met with a predictable wave of media outrage.

3 mins

The third man

Eye Culture

3 mins

Petronet LNG: Clarity awaited over possible policy changes

A new consultation paper from the Petroleum and Natural Gas Regulatory Board (PNGRB), 'Optimising LNG supplies from terminals in India,' indicates that Petronet LNG faces regulatory risk, due to the regulator wishing to control regasification tariff.

2 mins

Mkts End New Year Week With Gains

But benchmark indices see decline on Friday amid selling by foreign portfolio investors

2 mins

Quadrant Future fixes price band at ₹275-290, offer opens on Jan 7

Quadrant Future Tek on Friday said it has fixed the price band at ₹275-290 per equity share for its ₹290-crore initial public offering (IPO) that will open for public subscription on January 7.

1 min

Sebi warns JM Financial of lapses in due diligence

The Securities and Exchange Board of India (Sebi) has warned investment banking firm JM Financial for certain lapses in due diligence during the initial public offering (IPO) of Western Carrier (India).

1 min

Film producer Vipul Shah's Sunshine Pictures files DRHP

Film and television producer-director Vipul Shah-backed Sunshine Pictures has filed draft papers with the market regulator Sebi to raise funds through an initial public offering (IPO).

1 min

How front-running works, what's Ketan Parekh's role

The Securities and Exchange Board of India (Sebi) has uncovered a sophisticated front-running scam involving Ketan Parekh, a stock market manipulator, and Singapore-based trader Rohit Salgaocar.

2 mins

NSE Raced Past Asian Peers in IPOs in 2024

The National Stock Exchange (NSE) has recorded the highest number of initial public offerings (IPOs) in Asia in the calendar year 2024 (CY24) with a total of 268 listings across the main board and the SME platform, the exchange stated on Friday.

1 min

MFs' Equity Buying Topped ₹4 Trillion in 2024

Mutual funds' (MFs) equity buying jumped over twofold in 2024 to top ₹4 trillion for the first time.

1 min

Jefferies: '25 may be year of monetary easing in India

Brokerage raises target price for HDFC, ICICI Bank

2 mins

Avenue Supermarts hits 15% upper circuit after Q3 update

Avenue Supermarts (owner of DMart retail chain) shares clocked 15 per cent upper circuit in trade on BSE at ₹4,160.4 per share on Friday. Buying in the stock sparked after the company released its Q3 business update.

1 min

AFTER SINDHU, WHO?

Women's badminton faces uncertainty due to a shrinking talent pool, lack of quality coaches, and overreliance on Gopichand

4 mins

Union Carbide waste disposal: Protests rock Pithampur, 2 attempt self-immolation

Two persons on Friday attempted self-immolation, adding to tensions in Pithampur, Madhya Pradesh, as protests against the planned disposal of 337 tonnes of hazardous waste from Bhopal's defunct Union Carbide factory continued in the small industrial town.

1 min

No cause for alarm: Indian health officials on hMPV spread in China

As the world marks the fifth anniversary of the Covid-19 pandemic in 2025, another flu-like illness has emerged, though Indian officials insist there is no reason to panic.

1 min

A global outreach beyond business

An ancient civilisation with a modern outlook, India has a lot of fine strengths – in cinema, sports, art, culture, food, yoga – that it is building on

3 mins

Over 500 flights delayed, 24 train ops hit in Delhi

Palam airport records zero visibility from 8 am to 9.30 am Friday

2 mins

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