Business Standard - October 12, 2024

In this issue

October 12, 2024

Funding newer ventures Tata Sons' priority

Tata Sons has seen a remarkable surge in net profit in recent years, yet the group's holding company has channeled these gains predominantly into new ventures, rather than opting for higher dividend payouts.

4 mins

₹ weakens below 84 vs $ amid FPI selloff, costlier oil

The Indian rupee dropped below 84 per dollar for the first time to hit a new low on Friday amid continued selling of domestic equities by foreign portfolio investors (FPIs) and growing concerns about the rise in crude oil prices, currency dealers said.

1 min

Tapping wastewater: Govt floats up to 50% reuse mandate for bulk users by '31

The government has proposed regulations aimed at reducing water waste, with new mandates that set a bold target: Up to 50 per cent wastewater reuse by 2031 for bulk consumers.

2 mins

FMCG distributors red flag e-com, qcom firms' use of private vehicles

Fast-moving consumer products distributors' association has written to the Ministry of Health and Family Welfare and the Ministry of Road Transport and Highways seeking an inquiry into the use of private vehicles by quick commerce and e-commerce companies for commercial operations.

1 min

EV mkt may grow steadily until 2030: Hyundai India

Royalty outgo rate to be 3.5% for long period, says automaker's CFO

2 mins

Indian backpacker hostels chalk out global plans

Zostel, The Hosteller lead tech-driven expansion

2 mins

Amicus Capital invests ₹125 cr in Equirus

Private equity firm Amicus Capital on Friday announced that it had invested ₹125 crore in Equirus Group, a Rakesh Jhunjunwala-backed financial services firm, for an undisclosed stake.

1 min

Games24x7 looks to branch out as technology platform

Launches accelerator programme for startups

2 mins

Adani Energy inks $736 mn pact for power lines in Kenya

Billionaire Gautam Adani-led conglomerate has signed a $736 million pact to build and operate key electricity transmission lines in Kenya for 30 years, the African nation's Cabinet Secretary for Energy Opiyo Wandayi said.

1 min

Oberoi Realty board's nod to raise ₹6,000 cr

Oberoi Realty's board of directors has approved raising up to ₹6,000 crore in one or more tranches, said the company in an exchange filing on Friday.

1 min

Sudarshan Chemical to acquire Germany's Heubach for ₹1,180 cr

Pune-based Sudarshan Chemical Industries (SCIL) has signed a definitive agreement to acquire global pigment business operations of Germany's Heubach group for ₹1,180 crore (€127.5 million).

1 min

Bangladesh likely to keep power deal with Adani

Bangladesh is likely to set aside pricing concerns and retain a power purchase pact with Adani Power, in the face of supply worries and gloomy prospects for a legal challenge, two sources with direct knowledge of the matter said.

1 min

Amazon arm posts 134% growth on gifting store

Amazon Business, the business-to-business (B2B) online marketplace of the e-commerce firm, clocked over 134 per cent growth year-over-year (Y-o-Y) on corporate gifting store in the first 10 days of the Amazon Great Indian Festival 2024.

1 min

Top banks lead charge at IIM-L's placements

Leading banks and top consultancy firms lined up at the Indian Institute of Management (IIM) Lucknow for summer placements, with the highest domestic stipend hitting ₹3.95 lakh per month.

1 min

India-EU leaders flag slow progress in FTA talks

Top government officials from India and the European Union (EU) on Friday acknowledged slower than expected progress in the proposed trade agreement and called for mutual cooperation and understanding to take the negotiations forward.

1 min

IIP shrinks in August, a first in 22 months

More than usual rainfall, demand slowdown behind fall: Experts

2 mins

The middle-income trap is a clear potential for India

India's ambition to become a developed nation by 2047 may not be realistic but the country would have a higher per capita gross domestic product (GDP) by then, KENNETH KLETZER, professor of economics at the University of California, told Ruchika Chitravanshi in an interview in New Delhi. Kletzer also said India may be benefitting a little by being non-combatant in an increasingly worrisome world. Edited excerpts:

3 mins

Companies post over 90K internships on portal

The Prime Minister's Internship Scheme has registered over 90,849 opportunities as on Friday, according to sources in the Ministry of Corporate Affairs (MCA).

1 min

Net direct tax collection up 18.3% to ₹11.3 trn

India's net direct tax collection this financial year, after adjusting for refunds, grew 18.35 per cent to ₹11.3 trillion between April 1 and October 10.

1 min

Consider same-day loans: RBI to fintechs

Proposed product to target vendors, hawkers

1 min

HOME TRUTH ABOUT INDIA'S REALTY PRICES

Underperformance amid lofty projections

1 min

Business correspondents seek hike in commission

To knock on FinMin door; move to mark 1st refresh in a decade

2 mins

Bandhan Bank shares rally 12% as key overhangs resolved

Kolkata-based Bandhan Bank's share price jumped more than 12 per cent on Friday after two major uncertainties concerning the bank - the appointment of a new managing director (MD) and chief executive officer (CEO) and the outcome of the forensic audit by the National Credit Guarantee Trustee Company (NCGTC) being not worrisome as was feared - were resolved.

1 min

Rupee set to hold ground against greenback till Dec

Major Asian currencies versus $After depreciating 0.32 per cent against the dollar in October so far, the rupee is expected to hold ground against the greenback in the current quarter on the back of robust inflows.

1 min

Life insurers' new biz premium up 14% in Sep

Life insurance companies have reported 14 per cent year-on-year (Y-o-Y) growth in new business premium (NBP) in September, aided by a healthy surge in premiums of state-owned Life Insurance Corporation of India (LIC) and private counterparts.

1 min

US remains largest source of FDI in India: RBI

The US continued to be the largest source of foreign direct investment (FDI) in India, followed by Mauritius, Singapore, and the UK, according to an annual census of the Reserve Bank of India.

1 min

Peace in South China Sea crucial for region: Modi

Amid West Asia conflict, PM says solutions can't come from the battlefield

2 mins

Trump says India biggest tariff charger, vows reciprocal tax

Vowing to introduce a reciprocal tax if elected to power, former United States president Donald Trump has claimed that India imposes the highest tariffs on foreign products. But they do it with a smile, he added.

1 min

Hezbollah regroups after Israel's intense strikes

A man inspects the site of an Israeli airstrike that killed 22 people in Beirut on Friday

1 min

Musk unveils self-driving Cybercab

Says autonomous cars could be safer than humans; Tesla shares fall 8% in early trade

2 mins

JPMorgan Q3 profit beats expectations

Annual NII forecast raised; CEO Dimon cautious on geopolitical risks

1 min

Trump's time has come

Time waits for no man. But it seems former US President Donald Trump, who is running for a second term, is determined to make his mark on every minute. The maverick Republican presidential candidate recently unveiled a collection of luxury timepieces designed to make his diehard supporters' hearts tick a little faster.

3 mins

Is capitalism the cause of global inequality?

In 2014, the French economist Thomas Piketty's *Capital in the Twenty-First Century* became an international sensation, reshaping the inequality debate and launching its author into superstardom. Dr Piketty was right to point out that the political case for income redistribution is almost entirely focused on domestic concerns. But his central argument - that capitalism inevitably leads to growing inequality - falls apart when comparing the situation of impoverished farmers in Vietnam with the relative comfort of middle-class French citizens.

3 mins

Books for change

EYE CULTURE

3 mins

Palestinians: Our indifference

We must avoid the temptation to see Indian indifference to Palestine as usual \"enemy's (Muslim) enemy (Jew) is my friend\". Reason is the changed reality of Islamic world & India's equation with it

5 mins

Noel's appointment as Tata Trusts' chair signals continuity: Analysts

It will be business as usual for Tata group stocks post Noel Naval Tata's appointment as chair of Tata Trusts, said analysts. They added that the development will signal continuity.

2 mins

India-focused funds log first weekly redemption in 19 mths

China resurgence, expensive valuation dim India appeal; midcap funds see 14th week of outflows

2 mins

Sebi intervenes in ₹45cr Trafiksol IPO irregularity

To undertake detailed examination into disclosures by the firm

2 mins

NSE retains Nifty 50 for weekly contracts

The National Stock Exchange (NSE) has opted for the Nifty 50 index for issuing weekly option contracts following the Securities Exchange Board of India (Sebi's) one-exchange-one-benchmark mandate.

1 min

Compare lenders' costs; higher rates can offset benefits of offers

Footfall, enquiries, and bookings at car dealerships are rising, driven by attractive offers and promotions. These special deals typically start in October and run until the New Year.

2 mins

TCS shares dip as analysts offer mixed outlook

IT sector is expected to grow considerably from Q4 FY25 onwards

3 mins

An Indian anthropologist ahead of her time

Urmilla Deshpande set out to work on a novel about an Indian woman in Germany in the 1920s based on her grandmother Irawati Karve when she stumbled on the opportunity to write her biography.

3 mins

Less than 33% of youth can search Net, transact online

Less than a third of those in the 15-29 age group can \"search the internet; send or receive an email and perform an online transaction\", show the findings from the latest Comprehensive Annual Modular Survey (CAMS), released by National Statistical Office (NSO) this week.

1 min

Indians prefer credit over debit card for high-value payments

In June 2024, India saw a significant increase in the number of credit, debit, and prepaid cards, reaching a total of 1.451 billion cards—an 11 per cent jump from the previous year, according to the India Digital Payments report for the first half of 2024 (January to June) by payment technology service provider Worldline.

1 min

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