Financial Express Pune - December 24, 2024
Financial Express Pune - December 24, 2024
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December 24, 2024
Byju's: ICAI panel probing auditing lapses
CHARTERED ACCOUNTANTS' APEX body ICAI president Ranjeet Kumar Agarwal on Monday said its disciplinary committee is investigating alleged auditing lapses at edtech firm Byju's, reports PTI.
1 min
PM's pre-Budget consultation with economists today
AHEAD OF THE Budget for 2025-26, Prime Minister Narendra Modi will interact with a group of economists to seek their suggestions on maintaining economic growth momentum amid global uncertainties, a key focus area of the government.
1 min
Centre may peg FY26 fiscal deficit at below 4.5% of GDP
THE CENTRAL GOVERNMENT is committed to pursuing the glide path of fiscal consolidation, as announced in the Budget for FY22, and to attain a level of fiscal deficit \"lower than 4.5%\" of the GDP by FY26, the finance ministry said.
2 mins
Govt plans to cut agri transportation costs
UNION MINISTER FOR agriculture and farmers' welfare Shivraj Singh Chouhan said on Monday that the government is developing a new scheme to reduce the transportation cost of farm produce and ensure higher income for farmers.
1 min
‘Mineral-rich Chhattisgarh now an investment destination too’
A year after assuming office, Chhattisgarh chief minister Vishnu Deo Sai has unveiled a new industrial policy aimed at attracting investments in various sectors such as semiconductors, information technology, electronics, food processing, renewable energy, tourism, and education.
3 mins
GST panel against tax relief for EV charging stations
THE FITMENT COMMITTEE of the GST Council has recommended maintaining \"status quo\" in the current taxation structure for electric vehicle (EV) charging services, even as the industry is batting for complete exemption or a reduction in the tax rate from 18% to 5%, according to official sources.
1 min
Bangladesh owes Tripura ₹200 crore in power dues
BANGLADESH OWES TRIPURA ₹200 crore in electricity dues but no decision has been taken on halting power supply to the neighbouring country yet, chief minister Manik Saha said on Monday.
1 min
Double counting: $3-4 bn downward revision in gold import figures likely
AN UNUSUAL JUMP in gold imports in November (180 tonnes in volume, i.e., three times the average in the first 10 months, $14.3 billion compared with $4.3 billion in the first 10 months) is partly being explained by the double counting of gold—as it enters Special Economic Zones (SEZs) and then again as it exits the SEZs.
2 mins
NFRA's move on 'SQM' rules needless, says ICAI
THE NATIONAL FINANCIAL Reporting Authority's (NFRA) move to notify standards on quality management (SQM) through the ministry of corporate affairs (MCA) is unnecessary, said Ranjeet Kumar Agarwal, president of the Institute of Chartered Accountants of India (ICAI).
1 min
Suspension of Swiss MFN status not to hit EFTA pact
THE SWISS DECISION to suspend the most favoured nation clause in the Double Taxation Avoidance Agreement will not delay the ratification and implementation of the already signed trade agreement between India and the EFTA bloc, Switzerland has said.
1 min
Former SC judge named as new NHRC chairman
FORMER SUPREME COURT judge V Ramasubramanian has been appointed the new chairperson of the National Human Rights Commission, the rights panel said on Monday.
1 min
Discoms to miss target to cut AT&C losses again
Despite a significant reduction in the national aggregate technical & commercial (AT&C) losses of electricity from 27.8% in 2008-09 to 15.37% in 2023, several states continue to report high losses over the past five years.
2 mins
Officers will have to learn groundworks for better coordination, says Vaishnaw
WHILE STRESSING ON the need for better coordination and understanding between ground level employees and the officers, Union minister for railways Ashwini Vaishnaw had on Saturday said that a module has been formulated for officers and employees, where both will be given training about each other's work.
1 min
West Asia share of crude imports at 9-month high
● Russia continues to be the top oil supplier to India
1 min
Zoho-backed Silectric to invest ₹3,426 cr in Karnataka
SILECTRIC SEMICONDUCTOR MANUFACTURING, a venture backed by Chennai-based Zoho Corp, will invest ₹3,425.6 crore to set up a manufacturing unit in Karnataka's electronics manufacturing cluster at Kochanahalli, Mysuru. The project is expected to create 460 jobs.
1 min
ReNew sells 300 MW solar asset in Rajasthan
RENEW ENERGY GLOBAL on Monday said it has sold its 300 MW solar project in Jaisalmer, Rajasthan, at an enterprise valuation of $176 million (nearly ₹1,500 crore) to Anzen Energy Yield Plus Trust.
1 min
Firms seek relief in 2025
● CEOs say move to be calibrated to align with fragile demand
4 mins
Air passenger traffic rises 12% in Nov
PASSENGERS CARRIED BY domestic airlines in India grew by 12% to 14.2 million in November against the same month last year, as per data supplied by the Directorate General of Civil Aviation (DGCA).
1 min
Realty project costs, lease rents likely to rise on GST change
THE GST Council's decision to retrospectively amend the Central Goods and Services Tax (CGST) Act to restrict input tax credit (ITC) on construction services for commercial real estate such as malls, shops, etc., for leasing could push project costs and increase rents, said experts.
1 min
Seed funding hits a 4-year low
DESPITE A MODEST recovery in startup funding this year, seed-stage investments remain in a slump, hitting their lowest since 2020.
2 mins
AI integration seen gaining pace in 2025, to unlock biz value: Report
THE UPCOMING YEAR will see enterprises accelerating AI integration and other advanced technologies to unlock significant business value, according to Wipro's Tech Trends for 2025 report.
1 min
Telcos see fresh challenges from direct-to-mobile technology
TELECOM OPERATORS, REPRESENTED by the Cellular Operators Association of India (COAI), on Monday said the proposed direct-to-mobile (D2M) technology will pose new challenges.
1 min
Simplilearn cuts losses by 56% to ₹107 cr in FY24
UPSKILLING PLATFORM SIMPLILEARN reduced its net losses by 56% to ₹106.7 crore in FY24 from ₹244.2 crore in FY23.
1 min
Telcos told to offer separate voice, SMS recharge plans
THE TELECOM REGULATORY Authority of India (Trai) on Monday mandated telecom operators to offer separate recharge plans only for voice and SMS services.
1 min
Airtel adds users in Oct, Jio loses again
BSNL ADDS SUBSCRIBERS FOR FOURTH MONTH
1 min
OYO buys US-based G6 Hospitality in a $525-million deal
TRAVELTECH COMPANY Oyo on Monday said it has completed the acquisition of US-based G6 Hospitality from Blackstone for $525 million.
1 min
Banks lobby RBI for new swaps market benchmark
A GROUP OF banks has asked the Reserve Bank of India to approve a new benchmark for overnight indexed swaps, according to people familiar with the matter.
1 min
HUDCO, PGCIL raise 10-yr bonds at 7.12%
HOUSING AND URBAN Development Corporation (HUDCO) and Power Grid Corporation (PGCIL) have raised funds from the domestic debt capital market.
1 min
Burman family gets Sebi nod for Religare open offer
THE BURMAN FAMILY'S open offer to acquire an additional 26% stake in Religare Enterprises has received an approval from the Securities and Exchange Board of India (Sebi), according to a report.
1 min
Kalyani Investment pays ₹1.12 crore to settle case with Sebi
KALYANI INVESTMENT, ONE of the promoter group entities of Bharat Forge, has settled a case with Sebi about the alleged violation of disclosure norms after paying ₹1.12 crore towards the settlement fee.
1 min
Sebi suspends trading in Bharat Global on financial irregularities
SEBI ON MONDAY suspended trading in Bharat Global Developers for alleged financial misrepresentation, misleading disclosures, price manipulation and offloading shares at inflated prices.
1 min
Non-life insurance claims ratio dips to 83%
NET INCURRED CLAIMS to net earned premium (claims ratio) of the non-life insurance industry stood at 82.52% during 2023-24, compared with 82.95% in the preceding fiscal, according to the Irdai's annual report.
2 mins
Rupee closes at its lifetime low of 85.12
● Weak yuan, demand for dollar keep the currency under pressure
1 min
Europe's hottest stock has an American architect
FORCED TO SEEK a government rescue barely a year ago, Siemens Energy was an unlikely candidate for Europe's best-performing stock of 2024.
3 mins
Struggles with a consumer society
TIGHTENING GOVERNMENT CONTROL ON CHINESE SOCIETY IS AT ODDS WITH ITS GOAL OF RAISING CONSUMPTION
4 mins
Merge to survive
Electric mobility is disrupting the global auto industry, forcing alliances and consolidation
2 mins
The conundrum of repo rate arguments
Monetary policy always triggers debate as theoretical arguments on both sides: repo rate induces investment or repo rate lowers inflation are equally strong
4 mins
Emami: Operating margins to improve
● Bolt-on acquisitions to drive double-digit revenue growth
1 min
Siemens: Weak outlook on HVDC, Railways
Muted performance in the LV business (smart infrastructure, including discoms capex and private capex in digital infrastructure). Given the limited near-term catalysts in HVDC and railways, we are revising down our FY25E/26E/27E EPS estimates by 9%, 15%, and 11%, factoring in slower HVDC order inflows and operating margins of 14%. Consequently, we downgrade Siemens to \"Hold,\" with a TP of ₹7,000, valuing the stock at 65x FY27E EPS of ₹106.
1 min
Awfis Space Solutions: Sustained growth outlook
35% CAGR in seat additions during FY24-27 projected
1 min
In a note to India, Bangladesh demands Hasina's extradition
● Dhaka insists on Hasina's trial, India declines comment
2 mins
Govt schools can fail class 5, 8; no-detention policy ends
THE CENTRE HAS scrapped the no-detention policy in schools governed by it, including Kendriya Vidyalayas and Jawahar Navodaya Vidyalayas, allowing students of Classes 5 and 8 to be held back from the ongoing academic session.
1 min
Toyota-Suzuki pact should be the template in India
ANALYSTS SAID THAT for the Indian market, auto firms can't afford to be just in segments like petrol and diesel.
1 min
UK insurer Aviva to shed up to 2,300 jobs in $4.65-billion deal
COMBINED COMPANY WILL SHED BETWEEN 5-7% OF ITS TOTAL WORKFORCE
2 mins
Noel Tata: From shadows to spotlight
THE NEW CHAIRMAN of Tata Trusts, however, has done enough to remove the earlier perception of \"lack of exposure\".
2 mins
US launches new probe into legacy Chinese chips
THE BIDEN ADMINISTRATION announced on Monday a last-minute trade investigation into older Chinese-made \"legacy\" semiconductors that could heap more U.S. tariffs on chips from China that power everyday goods from autos to washing machines to telecoms gear.
1 min
Now, Musk wants you to pay 'X-tra' as premium plans
● Marks the largest price increase since acquisition AGENCIES
1 min
Honda, Nissan on merger road
SMALLER MITSUBISHI MOTORS, in which Nissan is top shareholder, was also considering joining and would make a decision by the end of January, the companies said.
2 mins
For IT firms, it's a mixed blessing
\"DESPITE CURRENCY PRESSURES, the sector's growth is underpinned by strong demand, particularly in cloud and AI-driven transformation projects,\" said an industry analyst.
1 min
Shyam Benegal, pioneer of parallel cinema, dies
JUST WHEN MAINSTREAM Hindi cinema stepped into an exciting new phase with the rise of the 'Angry Young Man' in the '70s, Shyam Benegal made a stunning debut as the writer and director of Ankur (The Seedling, 1974), propelling the parallel cinema movement in India.
2 mins
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