Business Standard - December 03, 2024

In this issue

December 03, 2024

35% GST slab likely for tobacco, aerated drinks

The Group of Ministers (GoM) on Goods and Services Tax (GST) rate rationalisation, led by Deputy Chief Minister of Bihar Samrat Chaudhary, on Monday recommended a new slab of 35 per cent for tobacco, tobacco products and aerated drinks, according to sources.

1 min

Block deals lose steam as mkts wobble

The domestic equity markets are grappling with a pronounced slump in secondary share sales.

2 mins

Windfall tax on domestic oil, fuel exports scrapped

No major revenue impact, say experts

2 mins

After extended winter, signs of thaw in Indian edtech sector

After a prolonged winter, the Indian edtech sector seems to be witnessing some signs of a thaw.

3 mins

₹ stares at 85 vs $ amid GDP worries

Falls 21p to new low of 84.70; RBI has limited intervention room

2 mins

Prosus eyes five India listings in 12-18 mths

Global investment group Prosus has identified five Indian companies from its portfolio for an initial public offering (IPO) in the next 12-18 months.

2 mins

Corporation tax paid by listed cos at 4-yr low in Q2

Down 7% Y-o-Y, first decline in seven quarters

2 mins

JSW-MG's luxury e-ride begins in Jan

JSW MG Motor India is set to unveil its first luxury electric sportscar, the Cyberster, in India in January next year, with a price range of ₹65-70 lakh, its Chief Growth Officer Gaurav Gupta, told Business Standard on Monday.

2 mins

Razorpay partners MHA, 14C for digital payments security

Fintech firm Razorpay on Monday said that it is extending its support to the Ministry of Home Affairs (MHA) and the Indian Cyber Crime Coordination Centre, I4C to boost cybersecurity and digital payment ecosystem.

1 min

Škoda looks to drive change with Kylaq's 8K monthly sales target

Czech automobile (auto) maker Škoda Auto India, which has been in the Indian auto market for 25 years, is now targeting higher volumes, a 3 per cent market share, and better profitability with its locally developed compact sport utility vehicle, Kylaq.

1 min

After festival inventory buildup, two-wheeler dispatches fall in Nov

Major two-wheeler manufacturers in India witnessed a single-digit decline in domestic sales in November after dispatches had picked up in October for the festive season when wholesales went up by 14 per cent and retail also grew by 36 per cent.

1 min

SFIO conducts search ops at 3 firms

Hero Electric, Benling India, Okinawa Autotech alleged to have wrongfully claimed ₹297 cr subsidies

1 min

PE funding surges 23% to $31 bn in 1st 11 months of 2024

Deal count rises up to 1,022, up 18.4% from last year

2 mins

We are the only hotel with over 50% of portfolio in Tier-II, -III, and -IV cities

The Radisson Hotels group, operating in more than 95 countries, has 130 operating hotels in India. According to Hotelivate's report, it is the third-largest hotel group in India in terms of inventories as of August. Nikhil Sharma, managing director and area senior vice-president of the group, South Asia, talks to Roshni Shekhar in a virtual interview about the group's plans. Edited excerpts:

2 mins

EV sales down 12% in Nov after festival-driven rush

SLOWING DOWN

1 min

HC restores Samsung's tax plea

Sets aside ITAT order dismissing plea seeking stay on tax demand for ₹1,213 cr

1 min

India's potential GDP growth in 6.5-7% range: Nageswaran

India's potential gross domestic product (GDP) growth is in the range of 6.5-7 percent and the country should be able to achieve it on the back of things that done already in the past 10 years, Chief Economic Advisor V Anantha Nageswaran (pictured) said on Monday.

1 min

Manufacturing PMI at 11-month low on price pressures

Stymied by fierce competition and price pressures, growth in India's manufacturing sector slipped to 56.5 in November, according to a private business survey released on Monday.

1 min

RBI lifts curbs on Navi Finserv

The Reserve Bank of India (RBI) has lifted the restrictions imposed on Sachin Bansal-led Navi Finserv with immediate effect on Monday.

1 min

Govt to take steps for better GDP growth in H2FY25: DEA secy

The government is likely to take fresh measures to ensure that economic growth in the second half (October-March) of FY25 is much better than the seven-quarter low growth of 5.4 per cent in the July-September period, economic affairs secretary Ajay Seth indicated on Monday.

1 min

Tweaks on cards for PM internship plan

Age limit, educational qualification criteria may be relaxed

2 mins

Rabi acreage larger than last yr for most crops; mustard down

Most of the rabi crops sown covered a larger area than last year during the week ended December 2.

1 min

MGNREGA work demand up 4% as farm sowing ends

After consistently declining year-on-year since April, demand for work under the flagship MGNREGA scheme rose almost 4 per cent in November compared to the same period last year.

1 min

Prioritise liquidity support over rate action

Despite high geopolitical tension and uncertainties in the global economy, India witnessed strong growth prints, moderating inflation, modest fiscal and current account deficits, decent interest from foreign institutional investors (FIIs), and a stable currency, till about a couple of months ago.

2 mins

Bajaj Finserv Health aims to break even by FY27: CEO

Health-tech company Bajaj Finserv Health is aiming to break even by FY27, said Devang Mody, chief executive officer (CEO) of the company.

1 min

PSBs at only 42% of FY25 MUDRA disbursement target by Oct-end

Public Sector Banks (PSBs), including their sponsored Regional Rural Banks (RRBs), have achieved only 42 per cent of their current financial year (FY25) disbursement target for MUDRA loans by the end of October, according to an internal document seen by Business Standard.

1 min

Axis Bank awaits RBI nod on Axis Finance's future

Axis Bank, India's third-largest private-sector lender, is awaiting clarifications from the Reserve Bank of India (RBI) to decide the future of its wholly owned subsidiary, Axis Finance, following the regulator's proposal that only one entity within a bank group can undertake a specific type of permissible business.

1 min

Maha CM name likely on Dec 4

The suspense over who will be Maharashtra chief minister will end on December 4, when the state Bharatiya Janata Party (BJP) legislature party elects its new leader, a senior party functionary said on Monday.

1 min

National good vs lack of jobs: BJP, Oppn debate Bhagwat's population remarks

A day after Rashtriya Swayamsevak Sangh (RSS) Chief Mohan Bhagwat expressed concern over declining population growth, Bharatiya Janata Party (BJP) leaders welcomed his remarks while the Opposition asked where will additional resources come from in case of an increase.

1 min

Govt detects ₹824 cr GST evasion by crypto firms

But only ₹122 cr recovered, FinMin tells Parliament

1 min

FARMERS' MARCH TO DELHI ENDS AT UP BORDER

Farmers from Uttar Pradesh demanding adequate compensation for their lands acquired by the government arrived at the Noida-Delhi border on Monday during their march to the national capital.

1 min

Rise in sick days costing Europe billions every year

For businesses in Norway, illness is becoming an increasingly trying problem.

3 mins

In U-turn, Biden pardons son Hunter

US President Joe Biden signed a sweeping pardon for his son Hunter Biden, reversing his previous stance that he would not use his executive powers to aid his oldest-living child.

1 min

Stellantis CEO quits early over strategy dispute

Stellantis NV Chief Executive Officer (CEO) Carlos Tavares's (pictured) surprise departure leaves the maker of Jeep SUVs and Peugeot cars without clear leadership at a time of significant upheaval in the industry.

1 min

Intel CEO Gelsinger leaves as turnaround plan flounders

Intel Corp Chief Executive Officer (CEO) Pat Gelsinger (pictured) has retired from the company and stepped down from its board of directors just as the company is in the middle of trying to execute on a turnaround plan.

1 min

Iraqi militias enter Syria to strengthen govt forces

Hundreds of fighters from Iran-backed Iraqi militias crossed into Syria overnight to help the government fight rebels who seized Aleppo last week, Syrian and Iraqi sources said on Monday, and Tehran pledged to aid the Damascus government.

1 min

Chip war escalates as US tightens curbs on China

140 Chinese entities blacklisted; sale of chipmaking gear restricted

2 mins

Age restrictions

Australia's social-media law will be a case study

2 mins

Reversing family planning

A three-child norm is regressive

2 mins

Global warming and AI: A dangerous synergy

Global warming and artificial intelligence (AI) are two of the hottest discussion topics among scientists, technologists, economists, and policymakers today.

3 mins

Time to adapt

India's efforts to address climate change are misaligned with what is required to protect its people and farms from extreme heat

4 mins

Crossing the trans bar

Given that there are few literary works by trans people, especially in South Asia, Düsseldorf-based dental hygienist Thanuja Singam's autobiographical work Thanuja: A Memoir of Migration and Transition is a welcome addition to the canon of LGBTQIA+ literature.

3 mins

Adani Ports arm's rating upgraded by 6 notches

Rating firm CareEdge has revised Gopalpur Ports Limited's (GPL) credit rating from \"BBB\" (RWP) to \"AA/Stable\", upgrading it by six notches, post-acquisition by the Adani Ports and Special Economic Zone (APSEZ) in March this year.

1 min

Zepto CEO optimistic about public issue in '25

Fresh out of bumper $350 million funding this time from marquee domestic investors, quick commerce (qcom) company Zepto says it is on a clear path to becoming a full Indian-owned entity and hitting profit after tax (PAT) positive milestone, as co-founder and CEO Aadit Palicha exudes optimism about a possible initial public offering (IPO) in 2025.

1 min

Adani investor GQG's shares plunge over 14% after UBS downgrade

Shares of Australian-listed GQG Partners tumbled over 14 percent on Monday after UBS downgraded the stock and said the firm may have lost AU$600 million ($390 million) in funds under management in the two days following the indictment of Adani group executives.

1 min

Markets gain as FPI selloff eases; Sensex, Nifty up 0.6%

Benchmark indices recovered from early losses to end with gains of 0.6 per cent on Monday.

2 mins

AIFs seek tax passthrough to compete with new asset class

Plan to make representation to finance ministry, Sebi for level playing field

2 mins

Price hikes key trigger for cement majors

Cement had a slow quarter with volumes up 3 per cent year-on-year (Y-o-Y) on average in the second quarter of the current financial year (Q2FY25).

2 mins

Dixon Tech to gain from high volumes, new biz

May emerge as major smartphone manufacturer; brokerages positive

2 mins

Macro-driven funds that can fall prey to timing risk

DSP Mutual Fund has launched the DSP Business Cycle Fund.

2 mins

MAY THE BEST AIP WIN

Navy's choice between German and Spanish submarines could boil down to who has the best Air Independent Propulsion

6 mins

Swiggy expands its 10-min Bolt delivery service to over 400 cities

'BOLT' FROM BLUE

1 min

Warmer than normal winters likely this season, says IMD

Nov 2024 among the warmest since 1901

2 mins

Ola Electric powers ahead with 4,000 store target

Marks 4x increase with 3,200 new outlets joining 800 existing stores

2 mins

Delhi airport sets up special enclosures for delayed flights

The Delhi airport is establishing special enclosures at its terminals to accommodate passengers stuck in aircraft for more than three hours.

1 min

Ram Janmabhoomi stir picked up pace after Shah Bano case: Jung

The Ram Janmabhoomi movement gained momentum after the Rajiv Gandhi government's knee-jerk reaction to the Shah Bano case in 1985, leading to cascading communalism in the country, former Delhi lieutenant governor Najeeb Jung said on Monday.

2 mins

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