Business Standard - October 16, 2024

In this issue

October 16, 2024

Fresh vs OFS: Hyundai IPO to upend '24 skew

Share of fundraising via fresh issuances so far is highest in 12 yrs

2 mins

37-day strike by Samsung workers ends finally

Wage hike, assurance of no disciplinary action behind the breakthrough

2 mins

Debt-free Tata Sons has firepower for newer biz

Tata Sons is a debt-free company on a net basis for the first time in 18 years.

3 mins

‘India's goal should be to have 10-plus fabs by 2030’

India's third largest IT services player HCLTech's Q2 FY25 numbers beat estimates on growth and profits. Chief executive officer (CEO) and managing director (MD) C VIJAYAKUMAR sounded confident about the macro situation, saying discretionary spend was better in Q2 than Q1. In a video interview with Shivani Shinde, he talks about growth triggers, spend mindset and GenAI deal growth. Edited excerpts:

2 mins

Satcom takes centre stage as Mittal says 'buy spectrum'

No auction of satellite spectrum: Telecom minister

2 mins

PM for global digital tech framework

Prime Minister Narendra Modi has called for establishing a global framework for digital technology.

1 min

‘Indian data should remain in Indian data centres’

Reliance Jio Chairman Akash Ambani on Tuesday appealed to the Centre to expedite the updating of draft of the 2020 data centre policy, and called for storing Indian data in local data centres.

1 min

Not price cut, but discounts: Ola Electric on ARAI notice

Ola Electric on Tuesday told exchanges that it has not changed the price of the S1 X2 kWh model and was just doling out festival discounts, about a week after it was issued a notice by Automotive Research Association of India (ARAI) asking why it was not informed about the price cut.

1 min

In five years, Tatas plan 500K manufacturing jobs

Tata Group plans to generate 500,000 manufacturing jobs over the next five years, Chairman N Chandrasekaran said on Tuesday, while stressing that India cannot achieve its development goals without creating manufacturing jobs.

1 min

Festival season, discounts boost Ola Electric sales

Under regulatory scanner, Bengaluru-based Ola Electric has witnessed an uptick in its sales after facing a decline during the last few months.

2 mins

OUTWARD FDI FELL BY $900 MN TO $3.7 BN IN SEP

India's outward foreign direct investment (FDI) commitments declined by about $900 million to $3.72 billion in September 2024, compared to $4.63 billion in September 2023.

1 min

‘50 new payment apps keen on joining UPI despite 0 MDR’

The absence of merchant discount rate (MDR) is not deterring new participants to join the UPI ecosystem, with 50 new third-party application providers (TPAPs) keen on boarding the real-time payments' rails, a senior official of the National Payments Corporation of India (NPCI) has said.

1 min

SURGE IN SILVER, PLATINUM ALLOY SHIPMENTS: UAE to address India concerns on imports

The United Arab Emirates (UAE) has agreed to look into India's concerns over compliance to rules related to the import of silver products, platinum alloy and dry dates, the commerce department said on Tuesday.

1 min

Inflation may align with target in FY26: RBI dy guv

Patra says climate, tech risks seen as a threat to inflation-targeting

2 mins

WORLD BANK REPORT: 129 mn Indians living in extreme poverty in 2024

Almost 129 million Indians are living in extreme poverty in 2024, on less than $2.15 (about ₹181) a day, down from 431 million in 1990, the World Bank said in report on Tuesday.

1 min

Showcause notice only a demand notice and not an adjudicating order

We have received a show-cause notice (SCN) alleging willful mis-declaration with intent to evade duty, in a matter of classification.

2 mins

Students eye greener pastures as Canada dream turns sour

The recent diplomatic standoff between India and Canada is likely to further impact the students' interest to pursue higher education in the North American country, which was already on wane for some time now.

1 min

‘Same old Trudeau, same old things’: India rejects charges

Canadian police had alleged links between Bishnoi gang and Indian govt agents 'to target South Asian community'

1 min

Impact on trade, investment not likely amid row

The dramatic escalation of diplomatic tensions between India and Canada is unlikely to hurt trade and investment ties between the two nations, a senior government official said.

2 mins

Canada FDI has more than doubled since pandemic

Canada's foreign direct investment (FDI) into India doubled after the pandemic years even as India's own investments into Canada show signs of slackening in recent years.

1 min

Hezbollah threatens Israel but also calls for ceasefire

Hezbollah's deputy chief Naim Qassem said on Tuesday the Iran-backed group would inflict \"pain\" on Israel but he also called for a ceasefire as a conflict rages between them in south Lebanon.

1 min

Boeing to raise $25bn amid crippling strike

Company also enters into $10 bn credit agreement with banks

1 min

Jaishankar in Pak for SCO meet, 1st EAM visit in 9 yrs

External Affairs Minister S Jaishankar Tuesday exchanged pleasantries with Pakistan Prime Minister Shehbaz Sharif, hours after landing in the Pakistani capital to attend a conclave of the Shanghai Cooperation Organisation (SCO).

1 min

Goldman Q3 profit jumps 45%

Goldman Sachs' third-quarter profit jumped 45 per cent, fueled by a rebound in bond sales, stock offerings and mergers, sending its shares up more than 3 per cent in pre-market trading.

1 min

VW, BMW, and Mercedes are getting left in the dust by China's EVs

Ryan Xu was a dream customer for Germany's automakers. The Guangdong-based entrepreneur and her husband own a Porsche 911 and a Mercedes-Benz G-Class and were among the first buyers of the electric Porsche Taycan.

2 mins

A $700 billion war chest

Increasing geopolitical tensions in West Asia have put pressure on the Indian rupee, which breached the 84 mark against the US dollar last week. There are primarily two reasons why the rupee could witness volatility if the conflict escalates. First, the conflict could increase risk aversion among foreign investors, resulting in capital outflows. Second, it could potentially disrupt the supply of crude oil, leading to a significant increase in prices. Since India imports the bulk of its crude oil needs, this could increase dollar demand. Higher energy prices are always a risk for India. While oil prices are currently within a manageable range, India seems confident of dealing with global financial and energy market volatility. One of the key sources of this confidence is its massive foreign exchange reserves. It crossed the $700 billion mark recently.

4 mins

Taming the unicorns

Attention to institution building is critical

2 mins

Multiple fault lines of India's democracy

This is a frightening book to read. Because it describes in detail how difficult it is to survive as a religious minority in India, particularly as an Indian Muslim.

4 mins

Saudi Arabia's ambitious tech leap

The kingdom is leveraging advanced technology to fuel growth and position itself among the countries leading the governance of cyberspace

4 mins

Internship opportunity

Progress will need to be monitored

2 mins

Maha to vote on Nov 20, Jharkhand in 2 phases

CEC calls electronic media showing early trends on counting day nonsense'

2 mins

MSP: Need for improved methodology and institutional reforms

There were long drawn farmer protests in 2020 demanding legalising minimum support price (MSP) and that demand appears to have regained momentum recently. Notwithstanding formal legalisation, MSP continues to remain at the core of the discourse on remunerative prices and other farmer related issues.

3 mins

Institutions rule: This year's Economics Nobel

Why Colonial Origins of Comparative Development is Nobel-worthy

4 mins

RG KAR CASE SC questions task force's pace of work

The Supreme Court expressed its dissatisfaction over the slow progress made by the national task force, constituted to formulate a protocol for ensuring the safety of health care professionals.

1 min

7 flights get bomb threats in 24 hours

Seven flights, including one bound for the US, received bomb threats through a social media handle on Tuesday, prompting security agencies to undertake specific counter-terrorist drills at various airports.

1 min

Rajnath inaugurates high-tech communication station for subs

The battleworthiness of the Indian Navy's submarine fleet got a substantial boost on Tuesday when Defence Minister Rajnath Singh inaugurated its new communication station in Vikarabad, Telangana.

2 mins

India signs $4 billion deal to procure 31 US Predator drones

India on Tuesday signed an agreement with the US to acquire 31 Predator high-altitude, long-endurance drones from American defence company General Atomics, under the foreign military sales programme.

1 min

IndiGo gets Sebi nod to launch VC fund

India's largest airline IndiGo on Tuesday said that its corporate venture capital fund - IndiGo Ventures - has received approval from Securities and Exchange Board of India (Sebi).

1 min

Don't mistake pullback in equities for bear market

As India Inc prepares to report its performance for the second quarter of 2024-25 (Q2FY25), market movement, going ahead, will likely depend primarily on earnings growth, said VINIT SAMBRE, head-equities, DSP Mutual Fund, in an email interaction with Shivam Tyagi. Edited excerpts:

3 mins

Sentiment positive for OMCs amid lower oil prices, marketing margins

Geopolitics is impacting the energy sector with crude oil prices falling below $70/barrel (bbl) last month for the first time since December 2021. And, gross refining margins (GRMs) have collapsed to $2/bbl, due to weak demand from China.

2 mins

HCLTech shares hit new high on solid Q2 results

Brokerages bullish on stock, raise EPS target

2 mins

PVR Inox to find its comeback role in Q4, says CFO

PVR Inox, India's largest film exhibitor, is banking on the anticipated success of its lineup of multi-starrer movies, including Singham Again, Bhool Bhulaiyaa 3, and Pushpa 2: The Rule (the Allu Arjun starrer will be released in five languages), to restore profitability.

1 min

Framework for Cloud-driven AI needed: Jio exec

A general framework prioritising cloud-driven artificial intelligence (AI) and storing data in the country will be needed to fully utilise the potential of AI in India, according to a top Reliance Jio executive.

1 min

DGCA removes 'enhanced surveillance' on SpiceJet

The Directorate General of Civil Aviation (DGCA) on Tuesday removed SpiceJet from \"enhanced surveillance\" after the airline successfully raised ₹3,000 crore through a qualified institutional placement (QIP) process. The regulator will continue to conduct random spot checks of SpiceJet's operational aircraft to ensure safety.

1 min

IBM acquires SaaS firm Prescinto

Tech giant IBM said it has acquired Bengaluru-headquartered Prescinto, a leading provider of asset performance management software-as-a-service (SaaS) for renewables.

1 min

Avaada Energy closes ₹597 crore refinancing for its solar projects

Avaada Energy, an arm of Avaada Group, said it has closed approximately ₹597 crore ($71.1 Million) in refinancing for its commercial and industrial (C&I) solar projects in the states of Karnataka and Maharashtra.

1 min

Read all stories from {{magazineName}}

Business Standard Newspaper Description:

Business Standard is India's leading business daily.
A preferred choice of serious business readers, Business Standard is acknowledged as a quality leader.

Business Standard stands for reporting that stresses accuracy and credibility, commentary that is informed, independent and fair, and journalism that is rooted in ethical conduct and defined by a sacrosanct bond with the reader. All Business Standard journalists sign on to a code of conduct that is available on the website.

Business Standard's editorial team is led by Shyamal Majumdar.

The English newspaper is published from 12 centers - New Delhi, Mumbai, Kolkata, Bengaluru, Chennai, Ahmedabad, Hyderabad, Chandigarh, Lucknow, Pune, Kochi and Bhubaneswar. It is also printed from Bhopal.

The Hindi Business Standard is published from eight centres - New Delhi, Mumbai, Kolkata, Patna, Lucknow, Bhopal, Chandigarh and Raipur.