Business Standard - July 02, 2024

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July 02, 2024

India's medical tourism gets booster shot from Bangladesh visitors

India saw a dramatic increase in medical tourists from Bangladesh in 2023, with numbers soaring 48 per cent to 449,570 from 304,067 in 2022.

3 mins

Apple surpasses PLI targets on 5 parameters of 6

Technology major Apple, the poster boy of India's production-linked incentive (PLI) scheme, has exceeded its targets on five of the six parameters that the government monitors.

4 mins

GST mop-up ₹1.74 trn, growth slows to 7.7%

Growth less than 12.4% recorded in April and 10% in May

2 mins

TaMo drives group's finances to new high

Boosted by a sharp rise in Tata Motors' earnings, the combined net profits of listed Tata group companies grew at a double-digit rate in 2023-24 (FY24), and the group balance sheet ratios showed the best health in 18 years.

3 mins

New projects in Apr-Jun down over 90% to lowest on record

Announcements on setting up factories, building roads, and other new projects fell below the 1 trillion mark, according to early data for the April-June quarter (Q1) of 2024-25.

2 mins

M&A deal value in first half lowest since 2017

The deal value of mergers and acquisitions (M&A) in the first half of calendar year 2024, despite the rising stock markets, slowed 9 per cent to $38 billion as against $41.74 billion in the same period of 2023.

1 min

Car sales on growth track in H1

New models boost supply to dealers - a key metric of pvt consumption - despite polls, heatwave

2 mins

We rely on demand pull; no excess stock with dealers: Toyota

Toyota Kirloskar Motor (TKM) does not have excess inventories with dealers because the company works on a \"pull\" system, by which its production is aligned with demand, its Country Head and Executive Vice-President Vikram Gulati told Business Standard on Monday.

2 mins

Patanjali Foods to buy non-food biz of Patanjali Ayurved

Fast-moving consumer goods (FMCG) company Patanjali Foods (formerly Ruchi Soya Industries) announced on Monday its acquisitio of the entire nonfood business from Patanjali Ayurved.

1 min

EV sales rise 20% in June on low base effect

However, sales down 14% from May

1 min

Delhi airport T1 incident: IIT-D assessment report in a mth

Structural engineers from IIT Delhi, engaged by the civil aviation ministry, are expected to complete an independent assessment of the roof collapse incident at Delhi airport's T1 in a month's time, according to a senior official.

1 min

KKR picks up 70% in BMH for ₹2K cr

Global investment firm KKR on Monday said that it will acquire a controlling stake in Kerala's multispeciality hospital chain Baby Memorial Hospital (BMH).

1 min

Data stickiness may see users absorb mobile tariff hike

Industry Arpu may breach ₹200 mark in FY25

1 min

'Have strong pipeline of AI-led deals'

Mid-sized IT services company Sonata Software expects to grow above industry rates with growth bouncing back in the second half of the current financial year. JAGANNATHAN CHAKRAVARTHI, chief financial officer, Sonata Software, talks about the outlook for FY25, deal pipeline, and artificial intelligence (AI) strategy, in an interview with Ayushman Baruah in Bengaluru. Edited excerpts:

1 min

A first: Air India to set up flying school

Air India (A-I) on Monday said it is setting up a flying training organisation (FTO) at Amravati in Maharashtra to produce pilots for planes the airline and other carriers are going to receive in coming years.

1 min

User experience may be hit over digital competition Bill

The unbundling requirements under the draft digital competition Bill (DCB) may compromise the overall user experience of digital platforms, argued a study on the proposed legislation.

1 min

Trade union stalls stir plan at Tata Steel's Port Talbot

UK trade union Unite on Monday suspended industrial strike action at Tata Steel's operations in South Wales slated for next week.

1 min

Shipping chaos may continue till demand moderates

In the last few weeks, the ocean freight rates for exporters have doubled or even trebled for certain destinations in the Gulf, Europe, and North America.

2 mins

RBI, 4 Asean nations tie up for cross-border payments platform

The Reserve Bank of India (RBI) has joined hands with the Bank for International Settlements (BIS) and central banks of four Asean (Association of Southeast Asian Nations) countries to collaborate on Pro Nexus a multilat eral international initiative to enable retail cross-border payments.

1 min

'Don't want to play the price game'

Aditya Birla Health Insurance (ABHI)'s focus on retail segment, strong renewable book and innovative products will help in the health insurer's aim to achieve full year profitability by the next financial year (FY26). MAYANK BATHWAL, CEO of the firm, discussed the premium growth and product launches that will support the growth along with the impact of regulatory developments in a virtual interview with Aathira Varier. Edited Excerpts.

2 mins

New base years for macros likely to kick in from Jan-Feb 2026

Updated new base years for national accounts and other macro-indicators are expected to come into effect from January-February 2026, coinciding with the first and second advance estimates of national income for FY26, senior official sources aware of the development told Business Standard.

1 min

Shake-up of GST rate rejig panel on cards

Goa CM's entry may raise 'hierarchy' issues

2 mins

UCB credit profile improves in H2FY24

The financial and asset quality profiles of Urban Cooperative Banks (UCBs) improved further with gross non-performing assets (NPAs) declining to 8.8 per cent at the end of March 2024 from 10.9 per cent in September 2023.

1 min

Above-normal rains possible in July: IMD

Warns of riverine floods in parts of North India

2 mins

UPI transactions see marginal dip after record highs in May

Unified Payments Interface (UPI) transactions saw a marginal dip of 1 per cent in volume and 2 per cent in value in the month of June when compared to May, when it had smashed all the previous records by processing 14.04 billion transactions worth 20.45 trillion.

1 min

Manufacturing PMI rose to 58.3 in June

Growth in the Indian manufacturing sector recovered some of the ground lost in May, as the headline Purchasing Managers Index (PMI) figure released by HSBC on Monday rose to 58.3 from 57.5 in May.

1 min

Share of Russian oil imports rebounds from January lows

Despite Western sanctions, which started escalating since last October on Russian ships and insurance companies, the share of Russian crude oil in India's oil import basket has increased.

2 mins

CIL output up 8% in Q1

National miner Coal India continue till Oct Limited (CIL) posted 8 per cent growth in coal production during the first quarter of the current financial year (FY25).

1 min

Banks step up CD issuance in June

Mobilise ₹1.45 trillion to strengthen balance sheets, up 76% from May

1 min

Rahul takes 'not Hindus' jibe at BJP in Parliament

Apart from the PM, at least 5 cabinet ministers interjected during his speech

2 mins

Ready to discuss new laws but don't do politics: Shah

On Monday, the first day of the rollout of three new criminal laws, Union Home Minister Amit Shah appealed to members of Opposition parties, who have protested their implementation, to meet him and discuss their grievances.

1 min

EM bonds' $321 bn spree down to slow down

After a blockbuster six months, the sale of emerging-market bonds in hard currencies is set to slow down sharply in a second-half that's littered with political risk.

2 mins

FTA with India on manifesto agenda for both Tory, Labour

As the UK enters the final phase of campaigning ahead of Thursday's general election, a landmark free trade agreement (FTA) with India is seen as high on the agenda no matter whether the verdict is in favour of the incumbent Conservatives or the Opposition Labour.

2 mins

Under pressure, Boeing to buy stressed supplier Spirit

Enters all-stock deal at 4.7 bn valuation in a bid to improve manufacturing

1 min

French parties rush to build anti-Far Right front

France's political parties sought to build a united front aimed at blocking the path to government of Marine Le Pen's FarRight National Rally (RN) on Monday, after it made historic gains to win the first round of a parliamentary election.

1 min

Australia hikes student visa fees by 125%

Australia dealt a severe blow to international students Monday by raising visa application fees by 125 per cent to boost the “integrity\" of its fourth-largest export and help slow overall migration.

1 min

Trump has some immunity from prosecution: SC

The Supreme Court on Monday extended the delay in the Washington criminal case against Donald Trump on charges he plotted to overturn his 2020 presidential election loss, all but ending prospects the former president could be tried before the November election.

1 min

Power equations

Proactive focus on thermal power needs a rethink

2 mins

Improving financial stability

Some areas of concern remain

2 mins

The complexity of green transition

Inaction on generating new revenue as fossil fuel taxes dry up will harm India's economic prospects

4 mins

Democrat with an authoritarian streak

Of all the politicians of his generation, the life and times of Biju Patnaik is among the least explored, by academics and political historians alike.

4 mins

The need for hydrocarbon focus

Countries across the world have realised that the transition from dirty fuels to clean energy is not a neat, linear path but a bumpy journey with plenty of rough patches and sudden diversions.

3 mins

MF investors ease off buying pedal as FPIs make comeback

Domestic funds see lowest net buying in four months

2 mins

Promoters cash out over ₹87K crin H1CY24

Promoters sold shares worth over 87,000 crore in the first six months of 2024, capitalising on the market boom and attractive valuations.

2 mins

Regulator directs exchanges, other MIIs to levy same fees

The Securities and Exchange Board of India (Sebi) on Monday directed stock exchanges and other market infrastructure institutions (MIIs) to discontinue with the practice of levying slab-wise fee structures.

1 min

Mkts start July on strong note, log new highs

Indian equities extended their winning run during the first session of July by logging new highs on Monday, supported by gains in banking and technology stocks.

1 min

Clear skies ahead: Strong long-term gains for IndiGo

Long-term macro trends indicate growth in demand for air travel.

2 mins

Nod to FirstCry, Unicommerce IPOs

The Securities and Exchange Board of India (Sebi) has given nod to initial public offers (IPOs) of SoftBank-backed Unicommerce eSolutions, FirstCry parent Brainbees Solutions, Interarch Building Products, and Gala Precision Engineering.

1 min

Niva Bupa files draft papers for ₹3,000 cr IPO

Niva Bupa Health Insurance has filed a draft red herring prospectus (DRHP) with the capital market regulator Securities and Exchange Board of India (Sebi) to raise ₹3,000 crore via initial public offering (IPO).

1 min

MF Lite norms proposed for passive AMCs

The Securities and Exchange Board of India (Sebi) on Monday proposed to introduce a lighter version of mutual fund (MF) regulations for 'passive only' fund houses.

1 min

Weak steel prices rob metal sector's sheen

Slowdown in mining activity due to monsoon season will continue to remain a challenge in near-term, say analysts

2 mins

Asset monetisation helped RIL create value: Morgan Stanley

Asset monetisation cycles have created 2-3x value for the shareholders of Reliance Industries in the last three decades, with each decade witnessing $60 billion in market cap creation, according to a report by the US-based financial services firm Morgan Stanley.

2 mins

ON THE BOIL

Why are milk prices rising when the supply is healthy?

4 mins

Govt to organise Global IndiaAl Summit on July 3-4

The Ministry of Electronics and Information Technology will organise a global AI summit on July 3-4 to discuss issues related to artificial intelligence with India firmly committed to ethical and inclusive growth of this new-age technology.

1 min

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