Business Standard - July 19, 2024

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July 19, 2024

Infy tops profit estimates, lifts FY25 revenue forecast

Sees 7.1% rise in QI earnings, 100 bps improvement in margin to 21.1%

3 mins

'Every silver lining has a cloud': RBI report as rise in veg prices halts disinflation

The sharp rise in vegetable prices in June has halted the process of disinflation towards the 4 per cent target, noted the Reserve Bank of India's (RBI's) monthly bulletin released on Thursday.

2 mins

FMCG firms to restaurants, all ride 'Hallyu Wave'

The pandemic-induced lockdown introduced people to many new things.

2 mins

'Momentum we saw in Q1 will be maintained in Q2'

For LTI Mindtree, the first quarter performance for FY25 came in stronger at 5 per cent year-on-year (Y-o-Y). Importantly, the company's revenue from banking, financial services and insurance (BFSI) grew 2.9 per cent sequentially, and the US, which has been slow for several large peers, was up 6.4 per cent Y-o-Y and 4.4 per cent sequentially. DEBASHIS CHATTERJEE, chief executive officer and managing director of LTIMindtree, in a video interview with Shivani Shinde after the results, talks about the growth drivers. Excerpts

1 min

Tata Steel seeks bigger auto share, pins hopes on Odisha plant

Tata Steel is strengthening its new cold rolling milling (CRM) complex in Kalinganagar, Odisha, to serve domestic and world markets and maintain its leadership position in automotive steel, said a senior executive.

1 min

Byju's moves NCLAT against NCLT order, seeks urgent hearing

Cash-strapped Byju's has moved the National Company Law Appellate Tribunal (NCLAT) against the recent order of National Company Law Tribunal (NCLT), that allowed Indian cricket board's petition for initiating insolvency proceedings against the edtech company, sources said.

1 min

Infy may hire 20K freshers in FY25

Recruitment to be both on- and off-campus

1 min

Vivek Biyani launches retail chain for D2C cos

Vivek Biyani, the nephew of retail veteran Kishore Biyani, will launch a retail chain focused on direct-to-consumer (D2C) brands under the name Broadway, along with actor Rana Daggubati, Apurva Salarpuria of Salarpuria Group and Anuj Kejriwal of Anarock Retail.

1 min

BigBasket forays into SaaS space

BB Matrix to help new, existing e-commerce firms manage their supply chains

1 min

WazirX suffers security breach

Digital assets worth $234 million swindled

1 min

Pharmacos okay with QR codes to combat counterfeit drugs

As the Drugs Controller General of India (DCGI) is set to crack down on companies to ensure compliance with printing QR codes on top-selling brands to curb counterfeiting, top pharma companies say they welcome the regulator's mandate and that they are on track.

1 min

Neutral rate raised on shift in potential output

Estimate of 1.4-1.9% increase for Q4FY24 sparks debate about possible policy repo rate cut

2 mins

Labour productivity fell in 9 of 27 sectors in FY23

Eight of these belong to manufacturing: RBI KLEMS report

1 min

₹ settles at fresh closing low of 83.66 against $

Buoyant greenback, rise in oil prices lead to the decline

1 min

Fiscal headroom should be used to spend on social sector: Ficci

The government should use the fiscal headroom, achieved due to the Reserve Bank of India (RBI) dividend of ₹2.11 trillion, to increase the spend on social sector schemes to support the rural economy, the Economic Outlook Survey released by the Federation of Indian Chambers Commerce of and Industries (Ficci) said on Thursday.

2 mins

RBI vetting process in last leg, report by month-end

The Centre is expecting the Reserve Bank of India's (RBI's) 'fit and proper' report on the potential bidders of the IDBI Bank by the end of this month, official sources said.

1 min

HDFC Bank to grow advances slower than its deposits: CEO

HDFC Bank, the country's largest private sector lender, will grow its advances at a slower pace than its deposit, as it seeks to bring down its elevated credit- deposit ratio to premerger levels, Sashidhar Jagdishan, managing director (MD) and chief executive officer (CEO), HDFC Bank said in his address to shareholders in the bank's annual report for FY24.

1 min

2 dead, 34 hurt as 8 coaches derail

At least two people died and 34 others were injured after eight bogies of the Chandigarh-Dibrugarh Express derailed on Thursday afternoon in Gonda district of Uttar Pradesh, an official said.

1 min

'Need policies and support to deploy more solar panels'

India's solar module making capacity is set to surge in a few years and with annual solar installations averaging 14-15 Gw, can Indian manufacturers sustain operations owing to low demand and slow pace of installations in the country? HITESH CHIMANLAL DOSHI, chairman and managing director of Waaree group, the world's largest solar panel maker outside China - who recently inaugurated a 1.3 Gw solar modules plant in Noida - spoke to S Dinakar in a video interview about the challenges and opportunities for the industry. Edited excerpts:

3 mins

PSBs likely to take QIP route to meet shareholding norm

Indian Overseas Bank and Uco Bank in the fray

1 min

SC directs NTA to publish results by tomorrow

Seeks city, centre-wise results after masking identities of aspirants

1 min

Karnataka job quota Bill put on hold after Kharge's intervention

Karnataka chief minister Siddaramaiah on Thursday said his government has put on hold the Bill mandating job reservation for Kannadigas in the private sector due to \"some confusion\".

1 min

Malaysia wants India to ease export restrictions on rice, sugar and onion

Malaysia would like India to keep the window of exports to the country open for essential commodities like rice, sugar and onions even if there is an overall ban on them, its minister for plantation and commodities Datuk Seri Johari Bin Abdul Ghani said on Thursday.

1 min

UP BJP unit blames bureaucratic overreach for LS debacle in state

Prime Minister Narendra Modi on Thursday visited the Bharatiya Janata Party (BJP) headquarters where he met party workers and senior leadership to thank them for their contributions to the National Democratic Alliance (NDA) forming a third successive government at the Centre.

1 min

Bangladesh heads for shutdown, internet suspension as Quota protest toll rises to 18

At least 11 more people were killed in Bangladesh on Thursday as violence escalated in the capital Dhaka and elsewhere over student protests demanding reforms of the quota system for government jobs, taking the toll to 18 since the protests erupted.

1 min

Netanyahu makes surprise Gaza visit

Israeli Prime Minister Benjamin Netanyahu (pictured) made a surprise visit to troops in southern Gaza on Thursday, his office said, just days before his speech to the US Congress.

1 min

Faster and cheaper: OpenAI unveils GPT-40 mini

ChatGPT maker OpenAI said on Thursday it was launching GPT-40 mini, a cost-efficient small AI model, aimed at making its technology more affordable and less energy intensive, allowing the startup to target a broader pool of customers.

1 min

Quit calls grow as Biden tests positive for Covid

Will reconsider nomination if found medically unfit; ready to relinquish power to V-P Harris: US Prez a day before diagnosis

1 min

Xi's party bracing for slower growth

Officials are facing calls to rebalance their economy

1 min

Defence reforms 2.0 for Modi 3.0

Modi 2.0 brought transformative defence reforms, many of which were pending for decades, revitalising the armed forces.

4 mins

Investing in electric mobility

R&D will help lower import dependence

2 mins

A call for greater focus on revenue side

Government must strategically expand the fiscal space to face any exogenous shocks

3 mins

Fiscal consolidation

Both Centre and states need to reduce deficit

2 mins

Panchayat most watched Hindi web series in H1CY24

Film Chamkila attracted maximum eyeballs; non-fiction shows saw surge

1 min

Negative surprise on fiscal deficit unlikely in Budget'

The Reserve Bank of India (RBI) is expected to announce two 25 basis points (bps) rate cuts in the current financial year (FY25), according to AMIT TRIPATHI, CIO - Fixed Income Investments, Nippon India Mutual Fund. In an email interview with Abhishek Abhishek kumar, Tripathi says the central bank may ease the rates further in the next financial year. Edited excerpts:

2 mins

Multiple triggers ahead for affordable housing finance companies

Mortgage finance remains a structural growth opportunity in India with a policy focus on affordable housing, housing shortages, low mortgage penetration, and rising incomes as drivers.

2 mins

Tech stock rally drives markets to fresh highs

Nifty a whisker away from 25,000; IT index surges 2.2%

2 mins

Are global financial markets ready for Trump trade?

From higher import tariffs, trade restrictions with China, possible scrapping of Joe Biden's policies on renewable energy and electric vehicles (EVs), Donald Trump, according to reports, has made his intent clear on what he plans to do in case he gets elected to the White House later this year.

2 mins

Milky Mist gears up for ₹2K cr IPO

Erode-based paneer to icecream maker Milky Mist is poised to tap into the public markets for an initial public offering (IPO) to fuel its expansion plans, a senior company executive said.

1 min

Pricing, weak product mix may hit Asian Paints

Some brokerages have reduced target prices after muted Q1 showing

2 mins

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