Business Standard - October 11, 2024

In this issue

October 11, 2024

Market rally takes collective wealth of richest 100 Indians beyond $1 trn

Mukesh Ambani, chairman and managing director of Reliance Industries, has once again secured top spot on Forbes' 2024 list of India's 100 richest tycoons, with his wealth increasing by $27.5 billion over the past year. The collective wealth of the 100 richest went past $1 trillion for the first time.

2 mins

Cautious demand scenario weighs on TCS show in Q2

Top line beats estimates, 5% profit growth disappoints

1 min

Govt considers seed funding for shipping insurance entity

With little progress in establishing a protection and indemnity (P&I) entity to insure cargo vessels, the Centre is considering deploying its own funds as preliminary investment. This approach would involve private insurers and shippers contributing at a secondary stage, according to multiple officials familiar with the development.

2 mins

Who's who queue up to bid farewell to Ratan Tata

Industrialists, politicians, film stars, Tata group employees, friends, family members and admirers -- running into thousands -- queued up at the National Centre of Performing Arts (NCPA) at Nariman Point since Thursday morning to pay their last respects to Ratan Tata, 86.

3 mins

JCB bets on 'greener' machines

Heavy machines maker JCB, which is growing in double digits this year, is planning to make its machines “greener” by reducing fossil fuel consumption, the firm said.

2 mins

Discretionary deal demand still low

In an analyst call on Thursday, Tata Consultancy Services Chief Executive Officer K Krithivasan elaborated that cost optimisation, vendor consolidation, customer experience transformation, and supply chain modernisation remain central themes for clients.

2 mins

Air India orders 85 additional Airbus aircraft

Airline also considering placing order using Boeing options

1 min

IT firms' focus on building IP and platforms may trigger more lawsuits

Recently there has been a spurt in litigation by information-technology (IT) services players as the industry's business model transitions towards platform and intellectual property-led deals.

2 mins

TCS sets in motion FY26 campus hiring process

IT major adds 11,000 employees in the first half of FY25

1 min

WTO cuts 2025 global trade growth outlook to 3%

Says West Asia conflict may disrupt shipping, raise energy prices

2 mins

Economists caution on RBI's growth optimism

Most project FY25 growth below 7.2%

2 mins

NBFCs raise over ₹3 trn in H1FY25 via domestic debt

Sep fundraise highest in current FY

2 mins

WORLD BANK REPORT - Manufacturing output to jump 9% if more women join workforce

India's manufacturing output would increase by 9 per cent if more women joined the workforce, the World Bank said in its South Asia Development Update on Thursday.

1 min

PSB share in incremental credit falls on slower lending to NBFCs

Public sector banks' (PSBs) share in incremental credit declined by three percentage points to 51 per cent in September 2024 from 54 per cent a year ago as they moderated the pace of disbursements to non-banking finance companies and unsecured credit.

1 min

Govt releases ₹1.8 trn to states in tax devolution

Includes advance instalment of ₹89K crore ahead of festival season

1 min

Good Glamm buys Sirona for ₹450 crore

Beauty and personal care conglomerate Good Glamm Group has completed the acquisition of Sirona Hygiene for ₹450 crore (approximately $60 million) in an all-cash deal, marking one of the largest cash exits for a direct-to-consumer (D2C) startup in India, especially in the FemTech space.

1 min

NFRA slaps ₹2 crore penalty on Coffee Day auditors, bars CAs

The National Financial Reporting Authority (NFRA) on Thursday slapped a penalty of ₹2 crore on the statutory auditor and ₹15 lakh on two chartered accountants for professional misconduct in the audit of Coffee Day Enterprises Limited (CDEL) in FY20.

1 min

Ola Electric seeks time to resolve service complaints

Executives meet MHI after ARAI notice

2 mins

Myntra's festival sale clocks record 627 mn user visits

Fashion e-commerce company Myntra has said that its recently concluded festival sale has been the firm's largest such edition by far, registering 627 million user visits, a significant growth over last year's edition.

1 min

Ministry of Ports plans int'l tie-ups to pool funds for insurance entity

Initially, the proposed P&I entity would cover only coastal and riverine vessels, which fall outside the international P&I framework and carry a lower risk profile, as previously reported.

1 min

BMW, Mercedes-Benz sales plunge in China

BMW AG and Mercedes-Benz Group AG saw car sales slump in China in the third quarter as weak consumer sentiment in their biggest market weighed on luxury spending.

1 min

Google's Nobel winners stir debate over AI research

The award this week of Nobel prizes in chemistry and physics to a small number of artificial intelligence pioneers affiliated with Google has stirred debate over the company's research dominance and how breakthroughs in computer science ought to be recognised.

1 min

Han Kang first South Korean writer to win Literature Nobel

South Korean author Han Kang was awarded the Nobel Prize in Literature \"for her intense poetic prose that confronts historical traumas and exposes the fragility of human life.\"

1 min

Israeli forces fire at UN peacekeepers in Lebanon

Israeli forces fired on two positions used by UN peacekeepers in Lebanon on Thursday and at a third one on Wednesday, the UN force said, as Israel warned Lebanese civilians not to return to homes in the south and pressed on with its assault on Hezbollah.

1 min

X to dodge requirements of landmark EU tech rules

Elon Musk's X will not be designated as a gatekeeper under landmark EU tech rules known as the Digital Markets Act, which would have subjected it to an onerous list of obligations, people with direct knowledge of the matter said on Thursday.

1 min

US inflation eases to its lowest level since Feb 2021

CPI up 2.4% Y-o-Y, slightly above forecast

1 min

Tesla's 'dream premium' faces moment of truth at Robotaxi reveal

The stakes for Tesla Inc are high as investors eagerly await the first look at the company's fully self-driving vehicle late on Thursday.

2 mins

Citi, Mastercard tie up on cross-border payments

Mastercard Inc and Citigroup Inc are collaborating to facilitate around-the-clock, cross-border payments with debit cards, giving consumers and companies another way to conduct business worldwide.

1 min

The quantum clock is ticking

On August 13 this year, a significant milestone in quantum technology was achieved as the National Institute of Standards and Technology (NIST) announced the first three Post-Quantum Cryptography (PQC) standards.

3 mins

Boosting confidence

Accepting international arbitration will increase investment

2 mins

Two big risks and two challenges for India

Having successfully tackled internal economic instability, it now faces external threats to growth ILLUSTRATION: BINAY SINHA

4 mins

A valuable legacy

Ratan Tata built a cohesive and forward-looking group

2 mins

At home in India's eternal city

Every time I visit Banaras, I leave with a wish to return to its warm embrace. The superficial reason is that there is so much to see that one life-time is just not enough. The deeper reason is a thirst for an opportunity to experience stillness amidst the chaos of a city that seems as ancient as beginningless time. The calming presence of the river Ganga has a mysterious pull not only for worshippers but also for those who seek nourishment in the lap of nature.

3 mins

Who's who in Tata Trusts

Noel Tata has been the main driver at Trent. Will he now lead the Tata group?

3 mins

The man who saw tomorrow

For doubters that business can be a primary source of good, they just need to reflect on Ratan Tata.

4 mins

In spite of the odds

Ratan Tata, who died on Oct 9, was an unlikely group chairman. But he dispelled all doubts in scripting an indelible chapter of business history

4 mins

Of friendship and the vastness of tomorrow

How a dinner at Los Angeles sparked an exploration of India's vibrant entrepreneurial landscape

3 mins

How Tata transformed under Ratan

From a disjointed mammoth, the group turned into a cohesive colossus

3 mins

Aman for startups

Ratan Tata was known as much for his business acumen as for his philanthropy. However, a lesser-known fact was his stellar track record when it came to startup investment.

1 min

A life that lives beyond

The passing of Ratan Tata marks the loss of not only an iconic leader but also a global visionary whose influence extended far beyond business.

2 mins

A career of exits & mega acquisitions

The defining feature of Ratan Tata's tenure as chair of Tata Sons and the Tata Group was a series of high-profile overseas acquisitions that put the conglomerate - and corporate India - on the global map. These acquisitions transformed a once India-centric family enterprise into a global business group. However, before embarking on global expansion, Tata pruned and consolidated the group's domestic portfolio, giving particular attention to ventures in the consumer space.

4 mins

The aviator: How Ratan Tata finally made his group fly

In a December 2012 interview, Ratan Tata, then preparing to step down as chairman of Tata Sons, expressed doubts about the Tata group re-entering the aviation sector, calling it a space plagued by \"destructive competition\". But beneath that frustration lay nearly two decades of failed attempts to conquer the Indian skies.

2 mins

Tatas & Mistrys: Two old biz families and a feud

The public fallout between Ratan Tata (right) and Cyrus Mistry altered a long-standing alliance

2 mins

Ratan Tata: The unlikely social media star

On Monday, Ratan Tata posted on social media: \"Thank you for thinking of me,\" debunking rumours about his health. Just two days later, on Wednesday, the former Tata Group chairman passed away in a Mumbai hospital at the age of 86.

1 min

Tata leaves behind an unfulfilled dream: A Nano EV

From Tetley Tea to Jaguar Land Rover and Air India, Ratan Tata has ticked off almost every item on his bucket list. However, one that remains unfinished is the electric version of his small car, the Tata Nano.

2 mins

Realty projects worth ₹7,200 cr get govt nod

Uttar Pradesh has approved real estate projects worth ₹7,200 crore to boost supply of residential and commercial spaces in the state. Almost three dozen new projects are approved covering construction of around 11,200 units.

1 min

New mineral policy on cards

The state government is set to introduce a new mineral policy, aimed at boosting mining revenue and optimising operations.

1 min

‘India-US working closely for safe AI’

India and the United States (US) are working closely to enable 'safe, secure, and trustworthy' artificial intelligence (AI) that can be applied in diverse societies, Seth Center, acting special envoy for critical and emerging technology, said on Thursday.

1 min

PM reveals 10-point plan to boost India-Asean ties

Says trade deal review by 2025 to harness group's greater economic potential

1 min

BRAINSTORM OVER BASE YEAR

Mospi's move to change GDP's base year aims to improve accuracy, address controversies, and align with economic realities

5 mins

Love-all, RAFA

'KING OF CLAY' TO SIGN OFF FROM PROFESSIONAL TENNIS BY THE END OF THIS SEASON

3 mins

DLF set to launch India's most expensive project in Gurugram

DLF, the country's biggest realty firm in terms of market capitalisation, is set to launch the most expensive project in India's real estate history - DLF The Dahlias, right across the road from the existing Camellias, on Golf Course Road in Gurugram.

1 min

Deadline for direct demat payout extended to Nov 11

The Securities and Exchange Board of India (Sebi) on Thursday extended the deadline to implement direct payout of securities to demat account from October 14 to November 11 to ensure a hassle free implementation.

1 min

Equity MFs rake in ₹34K cr in Sep

Inflows into equity schemes positive for 43rd straight month; MF industry AUM tops ₹68 trillion

2 mins

Oil gains after 2-day decline

Oil rose after a two-day decline as traders watched for an Israeli response to Iran's missile attack early last week, while US crude stockpiles expanded the most since April.

1 min

Bernstein downgrades Indian stocks on valuation concerns

Bernstein Societe Generale Group's Asia quant strategists have downgraded Indian stocks due to valuations, while predicting further upside for Chinese equities on a policy boost.

1 min

Pro-rata distribution mandate for AIFs likely to see tweaks

Final norms to ensure excuse, exclude provisions co-exist

2 mins

Paytm appears poised for rebound

While Paytm (One97 Communications) is not completely past regulatory hurdles, its share price has gained in the last month or two. The Paytm handle migration is complete along with FDI clearance necessary for the Payment Aggregator (PA) license.

2 mins

Indices close marginally higher

Equity benchmark indices Sensex and Nifty settled higher on Thursday due to gains in banking, power, and industrial stocks amid a firm trend in global markets.

1 min

RBI's inflation caution may halt FMCG rally

Analysts suggest buying quality stocks on dips for long term

3 mins

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