Business Standard - September 01, 2023

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September 01, 2023

GDP grows 7.8% in Q1

FASTEST PACE OF GROWTH IN 4 QTRS, AIDED BY SERVICES SECTOR, INVESTMENT| WEAK MONSOON, DEPRESSED GLOBAL DEMAND, RISING RATES CLOUD OUTLOOK

2 mins

Sept rains could be 'normal': IMD

Cumulative rainfall set to be 'below normal'

2 mins

Car discounts sputter in Aug but set to regain speed

Even as the festival season kicks off with Onam, data indicates that car discounts have remained relatively flat on a month-on-month (M-o-M) basis.

1 min

Monsoon, El Niño may impact rural demand: Nestlé

Food inflation remains a cause for concern, and while the current situation is stable, Suresh Narayanan, chairman and managing director of Nestlé India, emphasised the need to closely monitor it.

1 min

'This will be the best Diwali we've ever had'

Amazon, at the fourth edition of its flagship Smbhav Summit in New Delhi on Thursday, signed a memorandum of understanding (MoU) with India Post for an integrated cross-border logistics solution to boost Indian exports. It is also among the first e-commerce companies to leverage the Railways' Dedicated Freight Corridor (DFC) for faster delivery of products. RUSSELL GRANDINETTI, Senior Vice-President, International Consumer at Amazon, spoke to Aryaman Gupta and Nivedita Mookerji about the e-commerce major's 10-year journey in India, regulatory hurdles, geopolitical narrative, the upcoming festival season and more. Edited excerpts:

4 mins

Investment growth comes up short despite govt capex push

Investment growth moderated slightly in the economy during the first quarter (Q1) of the current financial year (2023-24, or FY24), notwithstanding the front-loading of capital expenditure (capex) by the Centre.

2 mins

Agri growth reaps rabi harvest at 3.5% in Q1

Gross value added (GVA) in agriculture and allied activities recorded a growth of 3.5 per cent in the first quarter (Q1) of 2023-24 (FY24), driven by a healthy rabi harvest.

1 min

INDIA, OTHER MAJOR ECONOMIES POST GDP GROWTH, BUT CY24 RATE MAY BE SLOWER

India's peers among large economies have reported an improvement in their gross domestic product (GDP) growth rates for the April-June quarter.

1 min

Growth prospects bright, pvt capex takes off: CEA

Private sector capital formation, supported by the government's capex push, has already taken off with investment intentions coming back in a big way, Chief Economic Advisor (CEA), V Anantha Nageswaran, said on Thursday. \"India's real GDP growth towers above many other countries' estimates.

2 mins

A-I submits SOP, quality manual to activate licence

SUSPENSION OF SIMULATOR FACILITIES

2 mins

'JSW to invest ₹18,000 crore to expand cement business'

PARTH JINDAL, the 33-year-old scion of JSW Group, which has a revenue of $23 billion, aims to make significant strides in the cement industry, currently dominated by UltraTech and Ambuja Cements. JSW Group is open to acquiring more companies, provided the valuations are favourable and it does not overburden the group with additional debt. In an interview with Dev Chatterjee in Mumbai, the managing director of JSW Cement and JSW Paints reveals plans to invest ₹18,000 crore to treble cement capacity to 60 million tonnes per annum (mtpa), and that the paint company is targeting ₹10,000 crore in sales, despite increased competition from incumbent Asian Paints and soon-to-enter Aditya Birla Group. Edited excerpts:

2 mins

Core sector output slowed to 8% in July

Output of eight key infrastructure sectors known as the core sector marginally slowed to 8 per cent in July from 8.3 per cent in June. This is due to a low base effect and positive growth in all the eight sectors during the month. In July last year, the core sector had grown by 4.8 per cent.

2 mins

Gross tax revenue up 2.8% at ₹8.9 trillion so far in FY24

India's fiscal deficit widens to 33.9% of FY24 BE; net tax revenue contracts nearly 13%

2 mins

Crude import from Russia declines to lowest in 7 months

Indian imports of Russian oil plunged by a record in August month-on-month (M-o-M) as discounts on the fuel shrank in tandem with rising Brent oil prices.

3 mins

Rupee depreciates in August on weak yuan

The rupee depreciated by 0.6 per cent, or 54 paise, in August on the back of stronger dollar and weakening Chinese yuan, dealers said.

1 min

Industrial credit growth slipped in July

While the pace of lending in the retail segment moderated slightly year-on-year (Y-o-Y), the credit to services and agriculture and allied activities gathered further steam amid resilient economic growth.

1 min

Special five-day Parliament session from September 18

Success of Chandrayaan-3, Amrit Kaal goals, and G20 likely on agenda

3 mins

INDIA bloc holds talks to decide road map

Top leaders of the Opposition's INDIA alliance held talks in an informal setting here on Thursday evening to chart out a concrete roadmap and evolve a structure for cooperation among the alliance partners to take on the Bharatiya Janata Party (BJP) in the 2024 Lok Sabha polls.

1 min

UBS begins $10 billion cuts, to fire 3,000 Swiss staffers

UBS Group embarked on a sweeping plan to cut more than $10 billion in costs, saying on Thursday it will axe 3,000 jobs in Switzerland alone after it took over its stricken rival Credit Suisse.

1 min

Apple tests 3D printers in major manufacturing shift

Apple and its suppliers have been developing the technique for at least 3 years. They've been testing the process with steel cases destined for the Apple Watch Series 9, which is set to be unveiled on September 12

2 mins

Fitch cuts China's 2023 GDP forecast by 80 bps

Beijing eases down payments, mortgage rates in fresh stimulus move

2 mins

Musk's glass house used Tesla funds? DoJ probes

Vehicle range also being probed

1 min

The chipmaker who came in from the cold

It is Sahasra, not Micron or Foxconn, that is poised to roll out India's first semiconductor memory chip

5 mins

Mkts See 70% Chance Of Modi Returning To Power In 2024

Markets see a 70 per cent probability of Prime Minister Narendra Modi-led Bharatiya Janata Party (BJP) government returning to power after the Lok Sabha polls next year, said analysts at Jefferies.

2 mins

X To Collect Biometric And Job Info Of Users

Changes are part of the social network's new privacy policy

3 mins

EIFF, EMRF India exposure: From $430 million to zero

Their investment manager says both funds fully compliant and broad-based

1 min

Why is PM silent? Why doesn't he get this probed, asks Rahul

Congress leader Rahul Gandhi on Thursday demanded a Joint Parliamentary Committee (JPC) probe into reports that Adani family associates invested \"hundreds of millions\" in the company through opaque investment funds based in Mauritius.

1 min

Adani shares feel OCCRP pinch, fall by up to 4%

9 of 10 group stocks end in red, market capitalisation falls by ₹36,000 crore

2 mins

ICEA urges govt to rethink laptop, PC import policy

India Cellular and Electronics Association (ICEA) - which represents leading electronics and smartphone players - has urged the government to rethink the new import policy on laptops, tablets, and servers, raising concerns about consumer prices, bilateral relationships, and growth of the digital economy in India.

1 min

Rly Board gets its first woman CEO

Jaya Varma Sinha is set to become the first woman chairman and chief executive officer (CEO) of the Railway Board. She will succeed Anil Kumar Lahoti, who retired on Thursday.

1 min

HDFC Capital Advisors plans to raise $2 bn pvt credit fund

An arm of India's biggest lender HDFC Bank is seeking to raise as much as $2 billion for a real estate private credit fund as demand for new homes surges in the country.

1 min

CD issuances rise, market expects I-CRR extension

Banks in August increasingly turned to certificate of deposits (CDs), a short-term debt instrument used to raise funds, amid tight liquidity in the banking system.

1 min

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