The Business Guardian - October 21, 2024

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October 21, 2024

Grant-in-aid to States moderates at 4.5% from 15.3 pc last fiscal: NSE

State governments across India are expected to face tighter finances in FY25, as grants-in-aid from the Centre are projected to decline by 6.3 per cent, highlighted a report by NSE.

1 min

Continued selling by FPIs negatively impacted oil, gas and auto sectors

The continued selling by FPIs may affect market sentiment and create further volatility in these key sectors. October has recorded the highest FPI outflows in recent history.

1 min

8th Pay Commission: Minimum Salary Likely to Double

The anticipation surrounding the 8th Pay Commission continues to grow, especially after the recent dearness allowance (DA) hike for central government employees and pensioners.

1 min

FPI selling eases this week, but Oct marks highest monthly sell-off

Foreign investors continued selling Indian equities this week, though at a slower pace compared to the previous week, according to data from the National Securities Depository Limited (NSDL). Between October 14 and October 18, Foreign Portfolio Investors (FPIs) sold Indian equities worth Rs19,065.79 crore. This marks a significant reduction from the previous week, when FPIs offloaded equities worth Rs31,568.03 crore.

1 min

TAP WATER CONNECTION FOR RURAL HOUSEHOLDS SURGED BY FIVE TIMES IN 5 YEARS

Tap water connections for rural households in India have increased fivefold over the last five years, according to a report by SBI. The report attributes this remarkable progress to the Jal Jeevan Mission (JJM), launched on August 15, 2019, with the aim of providing tap water to every rural household by 2024.

1 min

Punjab's capital expenditure lowest in FY25 at 6.2 pc

In FY25, Punjab is set to experience financial challenges as its capital-to-revenue expenditure ratio is the lowest among all states, standing at just 6.2 per cent, highlighted a research report by the National Stock Exchange (NSE).

2 mins

Indian pharma firms trail global peers in R&D, innovation, and talent metric

American multinational pharmaceutical company Eli Lilly ranked first overall for R&D intensity and third for the proportion of PhD employees, the report said. Among Indian firms, Dr. Reddy's Laboratories ranked first in both R&D intensity (10.3 per cent) and the proportion of PhD employees (0.97 per cent). Bengaluru-based Biocon ranked first among Indian firms for publications per billion USD revenue and third overall. Sun Pharmaceuticals ranked first among Indian firms for patents by revenue and third overall, with 636 patents per billion USD of revenue, surpassing many global and Indian firms, according to the report.

2 mins

OVER 20 FLIGHTS RECEIVE BOMB THREATS ON SUNDAY

Six flights each of IndiGo, Vistara and Air India received the threats.

1 min

Annual agricultural production target set at 341.55 million tons: Shivraj Singh

Union Agriculture Minister Shivraj Singh Chauhan stated that the annual agricultural production target for the country has been set at 341.55 million tons.

2 mins

Accord Secures Positive CHMP Opinion for Imuldosa® Biosimilar

Accord Healthcare Limited (Accord) announces that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has adopted a positive opinion, recommending marketing authorisation for Imuldosa® (development code: DMB-3115), a biosimilar of Stelara® (ustekinumab), marketed by Janssen Biotech Inc., a subsidiary of Johnson & Johnson.

1 min

INDIA'S SERVICES EXPORTS RISE 9.8 PC TO USD 180 BILLION IN FYTD25: BANK OF BARODA REPORT

This improvement was driven by a significant drop in gold imports, which corrected sharply to USD 4.4 billion from USD 10.1 billion in the previous month.

2 mins

Odisha's vision for industrial growth shines at Mumbai

Odisha's plans for industrial growth and investment took center stage during a roadshow in Mumbai, the second stop of its global investment initiative following a successful event in Delhi.

1 min

Luxury home sales surge 37.8 pc, Delhi-NCR, Mumbai emerge as top markets: Report

The luxury housing market in India experienced a significant boom during the first nine months of 2024 with sales of high-end residential units (priced at Rs 4 crore and above) soaring by 37.8 per cent year-on-year, according to a CBRE report.

2 mins

NeGD launches 'Ask Our Experts' series

The National e-Governance Division (NeGD), under the Ministry of Electronics and Information Technology (MeitY), launched the first episode of its new live interactive series, 'Ask Our Experts,' on October 18.

1 min

Jindal (India) Limited emerges as a dominant player in colour coated steel sheets in West Bengal; Contributes 30% to Overall Coated Steel Business

Jindal (India) Limited, part of prestigious B.C. Jindal Group and one of the leading downstream steel products manufacturers in India, has emerged as a major player in coated steel products in West Bengal.

1 min

SEBI, exchanges, depositories and industry leaders unite to elevate financial literacy

The inaugural AarthageniX Expo 2024, held at the Bombay Exhibition Center (NESCO) on October 18, marked a milestone in financial education, bringing together top industry leaders, regulatory bodies, and financial innovators to advance financial literacy in India.

1 min

Grant-in-aid, tax devolution from Centre to States will moderate at 4.5%: NSE

This drop in grants, which are a crucial part of non-tax revenues for many states, could place financial pressure on those heavily dependent on central support.

1 min

China's economic woes hit delivery workers hard, paychecks shrink by 1,000 Yuan

The USD 200 billion Chinese food delivery industry, once a thriving sector that expanded during the Covid-19 pandemic, is now facing a downturn, according to a report by CNN.

1 min

SaaS startup Simplismart raises $7 Mn in series a funding

Co-founded in 2022 by Amritanshu Jain and Devansh Ghatak, Simplismart offers an AI-based no-code machine learning platform that allows users to train custom machine learning models using their data, powering applications and decisions without writing code.

1 min

India's bioeconomy valued at $150 bn: BIRAC MD

India's biotechnology sector is witnessing remarkable growth, with the country's bioeconomy now valued at USD 150 billion but there is still significant untapped potential in innovation and product development, which could further elevate India's global standing in the sector, Dr Jitendra Kumar, Managing Director of the government's Biotechnology Industry Research Assistance Council (BIRAC), said.

1 min

FPI SELLING EASES THIS WEEK, BUT OCT MARKS HIGHEST MONTHLY SELL-OFF

This marks a significant reduction from the previous week, when FPIs offloaded equities worth Rs31,568.03 crore.

1 min

Mid- and small-cap mutual funds attract Rs 30,350 cr in H1 FY25

In comparison, the cumulative inflow into mid-cap and small-cap funds stood at Rs 32,924 crore during the same period last year, according to data from the Association of Mutual Funds in India (Amfi).

2 mins

Indian pharma firms trail global peers in R&D: Report

The largest disparity was observed in the number of publications per billion USD revenue, with global firms producing 8.4 times more publications than Indian firms, the report noted.

1 min

PANDAVAS SURVIVED KURUKSHETRA WAR DUE TO DRAUPADI'S KARWA CHAUTH FAST

Karwa Chauth is a fast that is exclusively observed by women. In our Sanatan Dharma, women hold a special place. As stated in the Manusmriti (3.56):

2 mins

Diplomatic and military moves against China by the current Indian leadership

Traditionally, India dissuaded herself from remarking on Chinese coercion and imperialism but India has commenced to oppose such policies vigorously under the current administration.

3 mins

Female cheetah to soon give birth to cubs at Kuno National Park: MP CM Yadav

A female cheetah is pregnant and expected to deliver cubs soon at the Kuno National Park (KNP) in Madhya Pradesh's Sheopur district.

1 min

Delhi Court to record witness statements against Ex-WFI chief on Nov 4

A court here will resume on November 4 recording the statements of witnesses against former Wrestling Federation of India (WFI) chief Brij Bhushan Sharan Singh in a criminal case filed against him by female wrestlers.

1 min

Bengal: Doctors to govt but won't end hunger-strike at present

Halder said those on hunger strike will not attend the meeting due to health concerns. He highlighted that the junior doctors have previously attended all meetings called by the state government, even with very short notice.

1 min

2 LABOURERS KILLED, 2 INJURED IN TERRORIST ATTACK IN J&K'S GANDERBAL

The terrorists opened firing on the camp housing labourers of a private company working on construction of a tunnel at Gund area in the district, they said

1 min

Congress names four candidates for Assam bypolls

The Congress on Sunday announced the names of four candidates for the upcoming bypolls in five assembly constituencies in Assam scheduled for next month.

1 min

Cyclonic storm likely to hit Odisha-West Bengal coasts by Oct 24: IMD

An orange warning is in place for Kendrapada, Cuttack, Nayagarh, Kandhamal, and Gajapati, indicating heavy to very heavy rainfall (7 to 20 cm) along with thunderstorms.

2 mins

Punjab And Haryana High Court Imposed Rs10K Cost On District Judge For Using 'Pick And Choose Policy' To Deny Benefit To Clerk

The judge stated that the counsel appearing for the respondent No. 2 and Respondent No. 3 has failed to point out as to why petitioner has been meted out with discrimination when other similarly situated employees have been granted the benefits.

2 mins

Allahabad High Court Denies Bail To Man Accused Of Damaging Lord Shiva Idols: Cannot Let Such Offences Flourish In Society

The Allahabad High Court in the case Shahrukh vs. State Of UP observed and has denied bail to a man who is being accused of destroying the idols of Lord Shiva and Goddess Parvati and attempting to kill the priest of a Temple in the Bareilly district of the state.

1 min

Supreme Court Recalls Its Judgement Which Struck Down Section 3 And Section 5 Of Benami Transactions (Prohibition) Act 1988

The Supreme Court in the case Union of India v. Ganpati Dealcom Pvt Ltd recalled its 2022 judgement wherein the court struck down Section 3(2) and Section 5 of the Benami Transactions (Prohibition) Act 1988 as unconstitutional.

2 mins

SUPREME COURT: IN MOTOR ACCIDENT CLAIMS, PREPONDERANCE OF PROBABILITIES MUST BE APPLIED; NOT PROOF BEYOND REASONABLE DOUBT

The bench in the case observed and has allowed the motor accident compensation claim of the kin of the bike rider who was killed in a road accident after a collision with a car coming in the opposite direction in an attempt to overtake a bus.

2 mins

Supreme Court Imposed Rs 1 Lakh Cost On Jharkhand, Says Govt Can Enquire Which Offer 'Ill-Advised' Filing: 'Frivolous SLP'

This court see no improvement in the attitude of the State Governments. Thus, the court dismissed the present SLP with the cost for an amount of 1 lac. 50k SCBA (Supreme Court Bar Association), 50K to AoR A(Supreme Court Advocates on Record Association).'

2 mins

Supreme Court To Consider: Whether Adjudicating Authority Under PMLA Ought To Have One Judicial Member?

The Supreme Court in the case The Joint Director versus Eastern Institute For Integrated Learning In Management University observed wherein the Division bench passed an order directing that 6 cases, where the issue is raised as to whether Adjudicating Authority under Prevention of Money Laundering Act, PMLA ought to have one Judicial Member, be placed before the Chief Justice of India so that they can be listed before one Bench.

1 min

'BJP's dirty politics behind air and water pollution in Delhi,' says CM Atishi

As the national capital struggles with rising pollution levels, Delhi Chief Minister Atishi has launched a scathing attack on the Bharatiya Janata Party (BJP), accusing it of playing \"dirty politics\" which she claims is the real cause behind both air and water pollution in the city.

1 min

IIT Ropar Backed Startup Launches uBreathe Life: The Plant-Based Air Purifier Revolution

Delhi NCR and most parts of India face a dire air pollution situation, with studies showing that residents can lose up to 10 years of life due to deteriorating air quality. In response, uBreathe, a biotech startup and Shark Tank success story, proudly announces the launch of uBreathe Life, a revolutionary plant-based air purifier developed together with Ugaoo.

1 min

"'Walk for Freedom' on the streets of Delhi raise awareness about human trafficking"

Over 300 citizens from Delhi's colleges, government bodies and NGOs today participated in the global 'Walk for Freedom' to raise awareness about human trafficking.

1 min

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The Business Guardian is a monthly business magazine published in India. It was launched in 2005 and is one of the most popular business magazines in the country. The magazine is known for its in-depth coverage of the Indian economy, as well as its insights from leading experts in the field. It covers a wide range of topics related to business, including:

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