Business Standard - June 25, 2024

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June 25, 2024

$493 mn loss: Prosus writes off entire Byju's investment

Investment firm Prosus has written off the value of its 9.6 per cent stake in edtech company Byju.

2 mins

ONDC likely to start levying user charges

The government-backed Open Network for Digital Commerce (ONDC) is likely to start levying user charges in the current financial year.

1 min

IPO tally sees best first half in 17 yrs

37 firms mop up ₹32K cr on mkt buoyancy, strong liquidity

2 mins

Adani ready to cash in on infra sector

At Adani Enterprises annual general meeting (AGM), chairman Gautam Adani said the group is well positioned to gain from opportunities in India's infrastructure sector.

1 min

From bricks to stocks: Family offices take big leap with new investments

Led by a new generation of entrepreneurs, India's family offices are shifting from traditional investments in physical and tangible assets like real estate to investing in technology, health care, and retail stocks.

3 mins

WeWork's India exit unlikely to hit co-working mkt

The exit of WeWork from its India unit is unlikely to have an impact on the country's co-working real estate market, according to industry executives.

2 mins

'TaMo demerger to boost synergy across verticals'

Chandrasekaran says firm will adopt 'differentiated' strategies for growth

3 mins

Oyo starts 1st luxury hotel in Dubai to boost portfolio

Travel tech platform Oyo on Monday announced the opening of its first luxury hotel in Dubai Palette Royal Reflections Hotel and Spa as the IPO-bound unicorn eyes strengthening its premium property portfolio globally.

1 min

Adani, Hindalco show interest in developing Hind Copper mines

The country's state-owned Hindustan Copper plans to develop two of its copper mines for which Adani Enterprises and Hindalco Industries have shown preliminary interest, a source with direct knowledge of the matter said.

1 min

Kotak Bank to add up to 200 branches in FY25

Kotak Mahindra Bank will increase its pace of opening new branches and add about 175 to 200 branches in the financial year 2024-25, a senior official at the bank said, months after the central bank barred the private lender from sourcing new customers digitally.

1 min

Noida airport to take off in Apr '25 as deadline pushed

Was expected to start commercial flight operations in December this year

2 mins

Manufactured goods India's strong suit in S Korea trade

India's exports of manufactured goods to South Korea have grown at a faster rate than imports from financial year 2010-11 (FY11) to FY24, since the two countries signed a trade agreement more than a decade ago.

1 min

'Challenge is maintaining good prices for farmers'

As the Narendra Modi government prepares to present its first Budget in its third term, all eyes are on the rural and agriculture sectors, which are understood to have been critical in reducing the number of seats for the Bharatiya Janata Party (BJP) in the Lok Sabha elections. Agricultural economist and Infosys Chair Professor for Agriculture at the Indian Council for Research on International Economic Relations (Icrier) ASHOK GULATI tells Sanjeeb Mukherjee that the Union Budget could have a distinct populist tinge in a telephonic interview. Edited excerpts:

3 mins

Finance Commission to address issue of freebies: Panagariya

The 16th Finance Commission would address the issues pertaining to the distribution of freebies and compensation for providing green cover, Chairman Arvind Panagariya (pictured) said on Monday.

1 min

Co-lending panel to submit report to FinMin in July

A committee on co-lending, led by a senior State Bank of India (SBI) official, will submit its recommendations to the finance ministry (FinMin) next month, according to a source familiar with the matter.

1 min

Mining majors skip auctions

The maiden, critical mineral auction in India has failed to enthuse the mining industry, with the first tranche achieving less than a 50 per cent success rate and the auction of several mines was cancelled owing to low response.

2 mins

Centre imposes stock-holding limit on wheat to check hoarding, prices

The central government has again imposed the stock-holding limit on wheat with immediate effect to bring down prices and check hoarding.

2 mins

Operating efficiency of Chinese, Indian banks eroded in FY24

The operating efficiency of banks in India and Mainland China, measured by cost to income ratio, eroded in the year ended March 2024 due to rise in operating expenditure and pressure on margins, according to S&P Global Market Intelligence.

1 min

Spectrum worth ₹96,318 cr to go under hammer

Analysts expect auctions to be a muted affair

1 min

Current account swung to surplus in Q4

Back in positive territory after 10 quarters due to surge in services exports; FY24 CAD narrowed to 0.7% of GDP

1 min

S&P retains India's FY25 GDP estimate on high interest rate

The S&P Global Ratings on Monday retained its growth forecast for India at 6.8 per cent for FY25, citing high interest rates and lower fiscal boost tempering demand in the non-agricultural sectors.

1 min

Won't agree to deal that ends war: Netanyahu

The viability of a US-backed proposal to wind down the 8-month-long war in Gaza was cast into doubt on Monday after Israeli Prime Minister Benjamin Netanyahu said he would only be willing to agree to a \"partial\" ceasefire deal that would not end the war, comments that sparked an uproar from families of hostages held by Hamas.

1 min

ByteDance, Broadcom in talks to develop advanced Al chip

China's ByteDance is working with US chip designer Broadcom on developing an advanced AI processor, two sources familiar with the matter said, a move that would help TikTok's owner secure sufficient supply of high-end chips amid US-Sino tensions.

1 min

China wants EU to scrap EV tariff plans by July 4

Beijing wants the European EU adopts new round of Russia Union (EU) to scrap plans to sanctions impose preliminary tariffs on Chinese electric vehicle (EV) imports by July 4, China's state controlled Global Times reported, after both sides agreed to negotiate a possible compromise.

1 min

Apple is first company charged under EU tech law

European Union (EU) antitrust regulators charged on Monday that Apple breached the bloc's tech rules, a charge that could result in a hefty fine for the iPhone maker which also faces another investigation into new fees imposed on app developers.

1 min

Jain raises $5.3 bn in biggest hedge fund debut since 2018

Bobby Jain (pictured), chief executive officer and chief investment officer, Global Jain a multistrategy investment firm founded in 2024 has gathered $5.3 billion in commitments for his new multistrategy hedge fund, marking the biggest fundraising haul since ExodusPoint Capital Management's record debut.

1 min

BJD to oppose govt in RS; TMC to be bridge between non-aligned parties, INDIA

Biju Janata Dal (BJD) president Naveen Patnaik on Monday asked his party's nine Rajya Sabha (RS) members to emerge as a \"vibrant and strong\" opposition in the Upper House.

1 min

EO against AA can be discharged through physical/deemed exports

Para 4.30 of HBP prescribes the procedure for obtaining advance authorisation (AA) for intermediate supplies.

2 mins

Country needs responsible and good Opposition: Modi

INDIA bloc displays copies of the Constitution, raises slogans against govt

2 mins

Nadda named leader of House in Rajya Sabha

The Bharatiya Janata Party (BJP) national president and Union minister Jagat Prakash Nadda was appointed the leader of the House in the Rajya Sabha on Monday.

1 min

Robust demand to drive gains for Havells India

Electrical Consumer Durable (ECD) companies like Havells India have seen strong Q4FY24 sales and continuing seasonal demand across fans, air coolers, and room air conditioners (RAC) in addition to business-to-business sales of cables, switchgear, and professional lighting, among others.

2 mins

Mixed session for smallcap firms with major stakes in Quant MF

Smallcap companies with significant Quant Mutual Fund stakes had a mixed day in the stock market on Monday, the first trading session after the front-running investigation at the fund house came to light.

1 min

Finfluencer norms , AIF valuations on Sebi table for nod

Current regulations mostly address listed companies

1 min

What is front-running?

With Quant Mutual Fund coming under regulatory scanner for alleged front-running activities, Business Standard provides an explainer on what such activities mean, with past instances and the impact they had.

2 mins

Weight cut likely for Thailand, Poland: HSBC

Thailand, Poland and the Czech Republic are the three emerging market (EM) peers of India that are likely to see a cut in their respective weights in the JPMorgan Emerging Market Bond Index (GBI EM index) over the next 10 months as India government securities (G-sec) start getting included in this index starting June 28, said analysts at HSBC in a recent note.

1 min

Opportunity seen for jewellery, hotel stocks

From Radhika Merchant and Anant Ambani's wedding related celebrations to Deepika Padukone and Ranveer Singh's nuptials, to that of Anushka Sharma and Virat Kohli's and Priyanka Chopra and Nick Jonas', Indian weddings have always been a grand affair.

2 mins

Alcobev players ramp up single-malt portfolio

Indian single malts dominated the market in 2023, accounting for 53% of total sales

3 mins

CoinDCX launches Web3 mode, gives access to 50k DeFi tokens

CoinDCX on Tuesday announced the launch of a Web3 mode within the crypto exchange app, giving around 15 million users access to over 50,000 DeFi (decentralised finance) tokens.

1 min

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