Business Standard - October 15, 2024

In this issue

October 15, 2024

RIL profit slips 5% in Q2 on weak fuel biz

Declines for third quarter in a row; misses Street estimates again

2 mins

Over-reliance on AI poses financial stability risks: Das

Reserve Bank of India (RBI) Governor Shaktikanta Das (pictured) on Monday warned that while artificial intelligence (AI) and machine learning (ML) have opened new avenues for business and profit expansion in the financial sector, over-reliance on these technologies could pose risks to financial stability.

2 mins

Oyo may raise $200 mn at 2x valuation of $5 bn

Fundraise to help it take over budget hotel chain Motel 6

2 mins

Retail net up5% at 2.9K cr; flagged weak growth in fashion, lifestyle

Reliance Retail Ventures on Monday reported a 5.2 per cent rise in net profit at 2,935 crore in the September quarter of 2024-25 (Q2FY25).

1 min

India Inc biggies set to invest $800 billion in a decade

S&P report also flags execution risk, and borrowing heavily for tech with unproven commercial payoff, such as green H2

1 min

HCLTech improves guidance slightly after earnings beat

HCLTech, India's third-largest IT services company, has raised the lower end of its FY25 revenue growth guidance by 50 basis points, bolstered by increased client spending. The Noida-headquartered firm is now estimating revenue growth between 3.5 per cent and 5 per cent.

1 min

Higher tariffs see Jio profit at ₹6.5K cr

Jio Platforms Ltd (JPL), which runs the country's largest mobile network operator Reliance Jio, on Monday reported a sharp 23.4 per cent year-on-year (Y-o-Y) increase in net profit to ₹6,539 crore for the second quarter (July-September) of FY25.

2 mins

SC revives Adani's ₹27K cr plan for KSK Mahanadi resolution

The Supreme Court (SC) on Monday revived the insolvency resolution process against 1,800-Mw KSK Mahanadi project (KMP) by setting aside the Telangana High Court's (HC) order that deferred the insolvency process.

1 min

PV sales growth likely to be below 5% in FY25: Siam

The flat sales of passenger vehicles (PVs) in the first half of 2024-25 came as a \"slight surprise\" for the automobile industry, but it is expecting a rebound in the second half due to the festival season, Shailesh Chandra, President, Society of Indian Automobile Manufacturers (Siam), said on Monday.

2 mins

Voltas, Daikin among 38 white goods PLI bidders

As many as 38 companies, including Voltas, Daikin, Orient, and Blue Star, have applied for production-linked incentive (PLI) for white goods after the government reopened the application window for the scheme for the third time.

1 min

GAMES OF SKILL VS CHANCE - Framework looks to clarify difference

Will be sent to Meity for feedback to be added to 2nd draft

1 min

India still lags US, China in 5G rollout

India's journey with 5G still has a long way to go. The country ranked 33 out of 39 in the 5G Connectivity Index for the second quarter of 2024, released by GSMA Intelligence. However, in areas like 5G revenue growth, data affordability, and video quality, India ranks among the best in the world.

1 min

Where will dogs go?' What Ratan Tata asked Chandra on Bombay House refit

Late Ratan Tata always ensured employees are taken care of along with the well-being of their families across the Tata group companies, which shaped a number of leaders across the conglomerate, and there really was no one like him, Tata Sons Chairman N Chandrasekaran said on Monday.

1 min

Ericsson bags multibillion $ 5G contract from Airtel

Swedish telecom gear maker Ericsson has received a multi-billion dollar contract from Bharti Airtel for selling 5G equipment, two sources familiar with the matter said.

1 min

GST compensation cess to be discussed at GoM meeting

A 10-member Group of Ministers (GoM) led by Minister of State for Finance Pankaj Chaudhary is set to meet for the first time on Wednesday to discuss the future of GST compensation cess after the loan repayment period ends in March 2026, according to multiple sources familiar with the matter.

1 min

Retail inflation rises to 5.49%, highest in CY24

Higher food prices, fading base effect behind surge; WPI inflation rises, too

2 mins

FM: Internship scheme looks to bridge gap in employability

The Prime Minister Internship Scheme is aimed at bridging the employability gap for students coming fresh out of college, Finance Minister Nirmala Sitharaman said on Monday.

1 min

‘RBI policy of not allowing crypto is a good approach'

India needs to improve on reducing regional inequalities and invest in human capital in order to become a developed country by 2047, AMIYATOSH PURNANANDAM, economist, University of Michigan, says in an interview with Ruchika Chitravanshi in New Delhi. He adds that the government needs to incentivise good long-term risk taking by banks to push private investment. Edited excerpts:

3 mins

FPI investment in debt sees change of fortune in Oct

₹2,798 cr of sales so far in Oct; 1st net outflow since April

1 min

RBI approves Tata Cap-TMFL merger

The Reserve Bank of India (RBI) has approved the merger of Tata Capital, an unlisted entity, with Tata Motors Finance (TMFL), paving the way for the formation of India's 12th largest non-banking finance company.

1 min

Up to 65 weak UCBs to exit turnaround regime by Mar

Ahead of the new prompt corrective action (PCA) framework for Urban Cooperative Banks (UCBs), about 60-65 weak UCBs are expected to exit the current supervisory regime by March 2025 on improvement in performance.

1 min

NEW BANDHAN CEO TO TAKE OVER IN NOVEMBER: Derisking loans may be first order of business

Partha Pratim Sengupta, who will take charge as managing director and chief executive officer (MD and CEO) of Bandhan Bank in early November, has his task cut out.

3 mins

ITC rule:Bombay HC seeks response from state's revenue dept

The Bombay High Court has recently granted an interim stay on a court order asking Enzene Biosciences Ltd to reverse proportionate Input Tax Credit (ITC) on interest earned on fixed deposits(FDs), and directed the pharmaceutical company to pay 10 per cent of the total tax amount.

1 min

ITC rule: Bombay HC seeks response from state's revenue dept

The Bombay High Court has recently granted an interim stay on a court order asking Enzene Biosciences Ltd to reverse proportionate Input Tax Credit (ITC) on interest earned on fixed deposits (FDs), and directed the pharmaceutical company to pay 10 per cent of the total tax amount.

1 min

Ahead of elections, Mumbai entry points go toll-free for light vehicles

The Maharashtra state government announced a toll exemption for all light motor vehicles (LMVs) crossing Mumbai's five entry points on Monday. While the move is expected to help decongest these locations, analysts indicate that tolling concession agreements will need to be addressed.

1 min

India pulls out top envoy, expels 6 Canada diplomats

India's diplomatic relations with Canada hit a fresh low on Monday following New Delhi's decision to withdraw its High Commissioner, Sanjay Kumar Verma, along with other diplomats and officials, from the North American nation and expel six of its diplomats.

2 mins

40,000 Indians apply for new Australian work visa

About 40,000 applications have been submitted in two weeks for 1,000 spots under Australia's new Working Holiday Maker visa programme, Australian Assistant Minister for Immigration Matt Thistlethwaite said on Monday.

1 min

Israel kills at least 18 in strike on Christian town in Lebanon

Israel expanded its targets in its war with the Iran-backed Hezbollah militia in Lebanon on Monday, killing at least 18 people in an airstrike on the Christian-majority town of Aitou in the north, the Lebanese Red Cross said.

1 min

China Ends War Games In Taiwan, But It's Not Over Yet

China's military vowed to take further action against Taiwan if needed after staging a day of war games on Monday. It said were a warning to "separatist acts" and which drew flak from Taiwan and the US.

1 min

Economics Nobel for inequality researchers

Trio wins prize for work on gaps in prosperity among nations, and how institutions affect economic progress

2 mins

Safe landing

New capability of SpaceX will improve space exploration

2 mins

Fact Vs Fiction: Trump's Tariff Tussle With India

On October 11, during a public meeting in Detroit, former US President Donald Trump called India the "biggest charger" of tariffs on foreign goods. This wasn't his first criticism. Last month, he called India "an abuser" of import tariffs, and in 2020, he labelled the country "Tariff King." Let's look at whether Mr Trump's claims about India's high tariffs are accurate, whether India's tariffs break global trade rules, and how this affects the India-US relationship.

4 mins

The power of institutions

Economics Nobel rewards those asking the deepest questions

2 mins

Viksit@2047: A matter of priorities

India's ambition may seem out of reach, but two and a half decades provide ample time to prepare - if it gets its focus right

4 mins

A hopeful narrative of India's potential

This is yet another book riding on the advances the Indian economy made after economic liberalisation and the accelerated growth of recent years.

3 mins

Sensex gains amid bargain hunting

India's benchmark indices gained on Monday led by heavyweights HDFC Bank, Infosys, and Larsen and Toubro following back-to-back weekly losses.

1 min

New F&O stock lineup awaits Sebi green light

Sources reveal that exchanges submitted a list featuring 40 net additions

2 mins

Hyundai raises ₹8,315 cr from anchor investors

Hyundai Motor India Ltd (HMIL) raised ₹8,315 crore from anchor investors on Monday, setting the stage for the country's biggest-ever maiden share sale. The Indian arm of the South Korean carmaker Hyundai Motor Company (HMC) allotted 42.4 million shares to 225 funds at ₹1,960 apiece, the higher end of its price band.

2 mins

Demand-supply mismatch sign of imbalance

The Securities and Exchange Board of India's (Sebi's) whole-time member Ananth Narayan on Monday sounded an alarm on an \"imbalance\" in the market, citing a mismatch between demand and supply of securities.

1 min

Anil Ambani challenges Sebi's ₹625 crore penalty order

Anil Ambani, chairman of the Reliance Group, has filed a plea in the Securities Appellate Tribunal (SAT) against an order by the Securities and Exchange Board of India (Sebi) on Reliance Home Finance (RHFL), imposing a total penalty of ₹625 crore on 26 individuals.

1 min

2Ws, 3Ws likely drivers of auto sector growth

Muted PV, CV sales volume in Q2 may reflect in performance of segment leaders

2 mins

TWIST IN THE TALE

India presses ahead with coal as China cuts permits ahead of COP29

5 mins

PhonePe launches firecracker insurance

Payments major PhonePe on Monday said it has tied up with Bajaj Allianz General Insurance to offer affordable insurance coverage against firecracker-related accidents during Diwali for a limited period.

1 min

Delhi air quality index hits 'poor' levels; Grap Stage-I enforced

As Delhi's air quality sinks deeper into the 'poor' category, the Commission for Air Quality Management (CAQM) has invoked Stage-I of the Graded Response Action Plan (Grap) across the entire National Capital Region (NCR). Delhi's daily average Air Quality Index (AQI) clocked 234 as per the daily AQI Bulletin provided by the Central Pollution Control Board. An AQI of 50 or below is considered 'good,' while 'satisfactory' falls between 51-100. A 'moderately polluted' reading ranges from 101-200, 'poor' extends from 201-300, 'very poor' between 301-400, and anything above 400 is deemed 'severe'.

1 min

Ops hit after 3 flights receive bomb threats

A-I flight diverted, two IndiGo flights delayed

1 min

Al to light the path at India Mobile Congress

PM to highlight transformative technology in inaugural address today; 15 ministries to showcase AI integration

2 mins

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