Business Standard - February 04, 2023

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February 04, 2023

Sensex gains most in nearly 3 months; Adani rout ebbs

The Sensex posted its biggest single-day gain since November 11 as the benchmark index rose for a fifth straight day on Friday. The intense selling pressure seen in Adani group stocks in recent days showed signs of easing.

2 mins

Banks resilient, says RBI amid Adani crisis

‘Central bank maintains constant vigil on sector, individual banks’

2 mins

'FY24 disinvestment target is pragmatic, but challenging'

LICis a long-term investor and has diversified portfolios, TUHIN KANTA PANDEY, secretary, the Department of Investment and Public Asset Management Dipam), tells Shrimi Choudhary in an interview, amid concerns about the insurer's exposure to Adani group companies. He also sees the FY24 disinvestment target as pragmatic, yet challenging because of uncertainties in the market. Edited excerpts:

3 mins

Govt gets 33% in Vi; promoters to invest

Centre clears ₹16,133-cr dues conversion into equity

3 mins

Air India, AirAsia to tweak 'flight path' to avoid internal contest

Under the streamlining plan, A-I may exit five routes and AirAsia India four

2 mins

IndiGo swings back into profit, net soars 1,000%

Record ₹1,422-cr quarterly profit comes on the back of best ever revenue

2 mins

Distribution helps Tata Power report over 2x rise in profit

Tata Power on Friday reported an over two-fold rise in consolidated net profit to ₹945 crore for the December quarter (Q3FY23) against the corresponding period of the last financial year (Q2FY22). The result was aided by higher power generation and distribution sales, as well as improved realisation per unit. The December quarter net profit beat street estimates, which had pegged bottomline at ₹900 crore, according to Bloomberg. The company had reported a net profit of ₹426 crore last year.

1 min

ITC Q3 profit up 23% at ₹5,006 cr

Board okays interim dividend of ₹6/share

1 min

Maharashtra tops list of states buying EVs through FAME scheme

Maharashtra electric vehicles tops the list in sales of across all segments which have availed of the FAME II subsidy, followed by Karnataka, Tamil Nadu, Gujarat and Rajasthan.

2 mins

L&T sees pvt capex revival aiding orders

The growth in capital expenditure (capex) by the private sector, even as the government spurred spending on infrastructure was a positive for companies such as Larsen & Toubro (L&T), its chief financial officer (CFO) R Shankar Raman (pictured) told Business Standard.

1 min

Best quarterly show: SBI books over ₹14K-cr profit

Healthy NIl rise, drop in credit costs boost bottom line

2 mins

Services PMI drops to 57.2 in January

Growth in India's services industry eased in January after expanding in December due to a slowdown in exports and new orders, said a private survey on Friday.

1 min

'Hike in TCS to target discretionary spending'

The decision to increase the tax collection at source (TCS) rate for foreign remittances under the Liberalised Remittance Scheme (LRS) is to target the discretionary spending, arising out of taxable income and not the savings, Revenue Secretary Sanjay Malhotra said on Friday.

1 min

CHARITABLE TRUST Trustees will be liable for non-payment of exit tax: CBDT chief

Trustees of charitable institutions will be made \"personally liable\", if they don't pay additional income tax (exit tax) on their accreted income, along with the trusts, Nitin Gupta, chairman of the Central Board of Direct Taxes (CBDT), told Business Standard.

2 mins

Indian financial markets remain well-regulated, says Sitharaman

India remains a well-governed and I well-regulated financial market for investors and one much-talked about incident should not be considered indicative of how well the markets are governed, Finance Minister Nirmala Sitharaman said on Friday, commenting for the first time on the Adani group stock rout.

2 mins

FM begins post-Budget outreach from today

Finance Minister Nirmala Sitharaman will begin her customary post-budget interaction with stakeholders in Mumbai on Saturday.

1 min

Working for backward sections our priority: PM

Prime Minister Narendra Modi on Friday asserted that the deprived and backward sections will be given priority in the government's quest for development of the nation.

1 min

Digital upgrade on track to end reservation woes

Minister says backend overhaul to raise rail ticket enquiry capacity 10-fold

2 mins

'Very bullish on India,' says Tim Cook amid Apple's global sales challenges

Apple CEO Tim Cook has said he is \"very bullish on India\" and described the country as a major focus and \"hugely exciting market\" where the technology giant is putting a \"significant amount of energy\" through investments, retail and online presence.

2 mins

Low annual limit for H-1B visa petitions affecting US employers:Study

The low annual limit of 85,000 registrations for H-1B petitions is the main problem facing US employers trying to secure foreign talent, according to a new report about the skilled workers' visas, the most sought-after by Indian IT professionals.

1 min

RS, LS adjourned over JPC demand

Both Houses of Parliament were adjourned for the day on Friday, moments after proceedings started as Opposition leaders continued to raise demands for a probe by a Joint Parliamentary Committee or a Chief Justice of India (CJI)-designated committee into the allegations against the Adani Group in the Hindenburg Research report.

2 mins

Ford returns to F1

Ford Motor Co is making a comeback to the pinnacle of motorsports, returning to Formula 1 more than two decades after dropping out.

1 min

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