Business Standard - August 13, 2024

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August 13, 2024

After early selloff, Adani stocks limit losses

Shares of Adani group companies experienced significant volatility on Monday, with intraday losses ranging from 2.5 per cent to 17.1 per cent, before the stocks regained most of the ground lost.

1 min

Diwali airfares shoot to ₹20K-30K on some routes

Flying during Diwali is going to be expensive even if you are booking tickets almost three months in advance.

3 mins

Bharti dials up UK telecom play with $4 bn stake in BT

With 24.5% stake, it'll be biggest shareholder in Britain's 2nd-largest telco

2 mins

RBI tightens HFC norms to bring them on a par with NBFCs

The Reserve Bank of India (RBI) on Monday tightened norms related to public deposit acceptance by housing finance companies (HFCS), which were so far subject to relaxed prudential norms compared to non-banking financial companies (NBFCs).

2 mins

Retail inflation below RBI target for first time in 5 yrs

India's retail inflation rate, based on the consumer price index, in July fell below the Reserve Bank of India's (RBI's) medium-term target of 4 per cent for the first time since August 2019 on the back of a high base and sharp reduction in food prices.

3 mins

JSW Steel to invest $120 mn in Australian mining firm

JSW Steel on Monday announced acquisition of up to 66.67 per cent in Australian miner M Res NSW HCC Pty Ltd (M Res NSW) in a bid to boost raw material security.

1 min

No intention of a takeover; not asked for board seats: Mittal

Telecom major Bharti Enterprises' aim to move into more developed 'hard currency' markets prompted its strategic stake buy in the UK's BT group and it does not aim to seek a board position at the moment despite being the largest investor in the British telco, chairperson SUNIL BHARTI MITTAL said on Monday during a virtual media briefing. Mittal said while Airtel has its hands full with its India plans, higher cash flows and reduced capital expenditure two to three years later may open it up to global opportunities. Edited excerpts:

3 mins

Festivals hold promise but PV sales may stay flat in FY25

Demand for SUVs may grow in mid-high teens; CNG vehicles in demand too

3 mins

Hotel bookings in 'suite' spot for I-Day weekend

The Independence Day long weekend is shaping up to be the perfect opportunity for a mid-year escape, according to industry data.

1 min

Subha Tatavarti steps down as Wipro CTO

In the ongoing saga of senior management resignations, IT major Wipro announced on Monday that its Chief Technology Officer (CTO) Subha Tatavarti has resigned.

1 min

Tech, easy financing for used cars will give advantage: CARS24

Autotech company CARS24, which is into the sale and purchase of used cars, is leveraging customer satisfaction and technological advancements to position itself as a leader in the segment.

1 min

Keeping close watch on competition: Berger

Berger Paints India, the second-largest paint company in the country, expects to continue raising its market share amid increased competition.

1 min

Vi Q1 loss narrows to ₹6,432 crore

Vodafone Idea (Vi) on Monday reported a net loss of ₹6,432 crore in the April-June quarter (Q1) of 2024-25 (FY25), down nearly 18 per cent from the ₹7,840 crore loss seen in the corresponding quarter of 2023-24 (FY24), due to lower interest and financing costs.

1 min

BoAt bucks the wearables market slowdown trend

Surpasses 50 million made-in-India products mark

1 min

India Inc's credit quality to improve further: S&P

Credit quality and financial profile of Indian rated companies are expected to improve further on the back of declining leverage and broad-based earnings growth, according to S&P Global Ratings.

1 min

Apple exceeds PLI target, ships 85% iPhones by value

Firm commits export target of $9 billion for FY25

1 min

Women dominate manufacturing jobs in urban India

Mospi report says women lead in agri sector in rural areas, butstill face barriers to entering labour market

2 mins

RBI tweaks risk weights for HFCs

In a relief to housing finance companies (HFCs), the RBI has tweaked the risk weights by capping the same for undisbursed loans at par with that of disbursed loans.

1 min

Direct tax collection rises 22.5% till Aug 11

At ₹4.47 trn, personal income-tax mopup outpaced corporation tax

1 min

Merchandise exports growth may slow to 4.2% in Q2: Exim Bank

India's merchandise exports growth may slow to 4.2 per cent year-on-year (Y-o-Y) in the September quarter of 2024-25 (FY25), down from 5.8 per cent in the June quarter, according to a forecast by the Export-Import Bank of India (Exim Bank) on Monday.

1 min

NBFC depositors can prematurely withdraw entire amount: RBI

The Reserve Bank of India (RBI) on Monday said nonbanking financial companies (NBFCs) will pay 100 per cent of deposit amount within the first three months of accepting the fund, if the depositor seeks an withdrawal citing an emergency.

1 min

Surveys soon on health, domestic tourism, travel

All three surveys to be for a duration of 1 year

2 mins

IIT Madras tops NIRF list for 6th time, AIIMS Delhi leads in medical

For the sixth time in a row, the Indian Institute of Technology Madras retained the number one spot in the list of top educational institutions in India under the National Institutional Ranking Framework (NIRF) announced by the Ministry of Education.

1 min

UBI seeks Eols for ₹2K cr bad loans

Sale of NPAs to be done through open auction on August 23

2 mins

LIC drives new biz premium growth of life insurers in July

The new business premium of life insurers increased 14.19 per cent year-on-year (Y-o-Y) at 31,823 crore in July, primarily driven by strong growth in state-run Life Insurance Corporation of India's (LIC's) business.

1 min

Kharif sowing keeps lead over 2023 tally in fillip to inflation battle

Kharif crops, such as paddy and maize, were sown in a larger area till the week ended August 9, 2024, compared to the same period last year in a positive sign for policymakers and central bankers looking to tame food inflation.

1 min

Markets defeated Cong's toolkit design, says BJP

Party terms JPC probe demand a sham; Oppn threatens nationwide stir

2 mins

Rules for offshore mineral exploration trust in place

The Centre has introduced the Offshore Areas Mineral Trust Rules, 2024, establishing the first-ever framework to oversee mineral exploration and production in India's offshore areas.

1 min

Opec trims demand outlook, cites muted growth for China

First reduction in 2024 oil demand forecast since July 2023

1 min

US deploys aircraft carrier, submarine in West Asia amid rising Iran tensions

The US shored up naval and air forces in West Asia to help Israel fend off any major attack from Iran, ahead of a resumption of Gaza cease-fire talks planned for later this week.

2 mins

FPIs pull out $15 bn from China in Q2

Foreign investors pulled out a record amount of money from China last quarter, likely reflecting deep pessimism about the economy.

1 min

Bangladesh businesses face cash crunch

Businesses in Bangladesh are facing a liquidity crunch as the central bank has capped the withdrawal of cash from banks at Taka 2 lakh amidst uncertainty in the country following the fall of the Sheikh Hasin-led government, a media report said on Monday.

2 mins

A slice of Britain

Bharti's BT deal will play out in the long run

2 mins

Safety essential for sustainable growth

India's rise as a manufacturing hub has been significantly influenced by geopolitical shifts, with businesses around the world seeking to diversify their supply chains.

3 mins

Consumption tailwinds

A raft of factors can whet spending propensity

4 mins

A new beginning

Just ranking ITIs will not be enough

2 mins

A TIME TO SKILL

Will upgrading ITIs solve the skilling problem?

4 mins

Nationwide doctor strike against Kolkata rape-murder hits services

Doctors in hospitals across states, including the national capital Delhi, went on an indefinite strike on Monday, halting all nonurgent elective services to demand a fair investigation into the rape and murder of a postgraduate resident doctor at Kolkata's R G Kar Medical College and Hospital.

1 min

Mumbai airport announces 'disruptions' in SpiceJet ops, soon deletes X post

Airline clarifies services unaffected

1 min

Pre-IPO deals lose steam as markets turn robust

Pre-initial public offering (IPO) allotments have lost favour amid buoyancy in the market and increase in average float size this year.

2 mins

MCA website lists Agora status as 'active'

Contradicts Puri Buch's claim; experts suggest Sebi chairperson may have used term loosely

1 min

Hindenburg report 'won't impact' AEL's $2 billion QIP

Fundraise by early next month, say top group officials

2 mins

Reit lobby calls Hindenburg claims 'baseless'

The Indian Real Estate Investment Trusts (Reits) Association (IRA) has refuted Hindenburg's allegations that the Reit framework serves the interests of a few.

1 min

New plea likely in SC for Sebi's final findings in Adani case

Advocate Vishal Tiwari, the petitioner in the Adani Hindenburg matter who first filed a plea in the Supreme Court (SC) for a probe, plans to file another plea before the apex court requesting the conclusive report by the Securities and Exchange Board of India (Sebi) on its investigations.

1 min

Strong growth prospects, mixed valuations seen for Info Edge

THE COMPASS Info Edge (India), the country's leading consumer internet company known for its platforms in recruitment (naukri.com), real estate (99acres.com), matrimony (jeevansathi.com) and education (shiksha.com) space, delivered revenue growth in line with expectations in the April-June quarter (Q1) of FY25.

2 mins

Balkrishna skids on demand worries

Rising raw material, freight rates may impact tyre maker's margins

2 mins

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