Business Standard - October 18, 2024

In this issue

October 18, 2024

Infy raises FY25 revenue forecast on BFSI boost

Ups growth projection to 3.75-4.5%; Q2 net profit rises 4.7%

2 mins

India's trade with Africa may take a hit if Iran-Israel conflict widens

A further escalation of the conflict between Iran and Israel will not only put India's exports to West Asia at risk, but also impact trade with Africa. Government officials said that exports to Africa will take a hit since a substantial amount of outbound shipments are routed from the UAE - a key transshipment hub to that region. India exports 10 per cent of its goods to Africa, valued at $13.9 billion during the first seven months of this financial year.

1 min

RBI bars Navi Finserv, 3 other NBFCs from extending loans

The Reserve Bank of India (RBI) has barred four nonbanking finance companies (NBFCs), including two microfinance institutions (MFIS), from sanctioning and disbursing loans for charging exorbitant interest rates to the borrowers.

2 mins

QIBs come to rescue of Hyundai India IPO

Country's largest issue booked 2.4x; retail investors stay away

2 mins

Slow growth bottoming out in IT cos

The second-quarter performance of the top five information-technology services firms gives the hint that slow growth has bottomed out on the back of discretionary spending kicking in for the sector's largest vertical - the banking and financial services.

2 mins

Byju's worth zero now: Raveendran

The worth of once most valued Indian startup is zero now, Byju Raveendran (pictured), the founder of beleaguered education technology startup Byju's, said on Thursday as he called for rebuilding the erstwhile empire from the scratch, brick by brick.

1 min

CEAT profit skids 41% to ₹122 cr

RPG Group owned tyre company CEAT, on Thursday posted a 41.4 per cent decline in profit after tax (PAT) for the second quarter FY25 (Q2FY25) while its consolidated revenue from operations grew by 8.23 per cent during the period.

1 min

LTIMindtree profit up 7.7% on rising deal momentum

IT services firm LTIMindtree reported a 7.7 per cent rise in net profit to ₹1,251.6 crore for the second quarter of FY25 (Q2FY25). Sequentially, profit was up 10.3 per cent. Revenue for the company increased 6 per cent Y-o-Y to ₹9,432.9 crore for Q2FY25. On a quarter-on-quarter (Q-o-Q) basis, revenue grew 3.2 per cent.

1 min

New measures coming to tackle hoax calls disrupting flights

The Ministry of Civil Aviation (MoCA) is in talks with the Ministry of Law and Justice and the Ministry of Home Affairs (MHA) to introduce new legislation aimed at penalising hoax callers responsible for false bomb threats and flight disruptions, Minister of Civil Aviation K Rammohan Naidu said on Thursday.

2 mins

Nestle India's net soars 8.6%

Fast moving consumer goods (FMCG) major Nestle India reported an 8.6 per cent rise in its net profit to ₹986.4 crore in the second quarter of financial year 2025 (Q2FY25), a period which was marked by muted consumer demand and high commodity prices. The company had reported a net profit of ₹908.1 crore in the same period last year

1 min

Nokia logs 8% sales dip in Q3 on weaker India market

Wireless and fixed-network equipment maker Nokia on Thursday reported better-than-expected third quarter earnings, mainly on the back of cost-cutting measures, but saw its sales dive 8 per cent largely due to a weaker India market.

1 min

Wipro Q2 profit rises 21% to ₹3,201 cr

Bengaluru-based IT services major Wipro's net profit increased 21.3 per cent year-on-year (Y-o-Y) to ₹3,201 crore for the second quarter of FY25. Sequentially, the net profit rose 6.8 per cent.

2 mins

IPO-bound Zepto in talks to raise $150 mn

Motilal Oswal's private investment arm may lead round

1 min

upGrad announces plan to train 100,000 for PM's Internship Scheme

Edtech startup upGrad will spend ₹200 crore on a skills training programme for 100,000 young people in financial year 2024-25 (FY25), seeking to assist the Prime Minister's Internship Scheme.

1 min

GE Aerospace to supply engines to Navy

The company has been chosen to supply power packs for six next-generation missile vessels that will be built by Cochin Shipyard

2 mins

In a first, 'Kanda Express' to roll into Delhi on Oct 20

Centre to pump 1,600 tonnes of onions loaded in 42 wagons into wholesale mkts to cool prices ahead of Diwali

2 mins

Direct tax-GDP ratio hits 24-year high in FY24

Direct tax mopup rises 18%, outpacing economic growth; buoyancy at 2.12

2 mins

India to be 3rd-largest economy by '30: S&P

India is poised to become the third-largest global economy by 2030, but its rising population presents mounting challenges in providing basic services and meeting growing investment needs to maintain productivity, S&P Global Ratings said on Thursday.

1 min

Govt working on welfare, social security benefits for gig workers

Union Labour Minister Mansukh Mandaviya on Thursday chaired a meeting with employee associations of gig and platform workers in a bid to provide millions of such workers with social security benefits like health insurance and pension.

1 min

Softening rates spur Indian firms' overseas bond issuances

High demand, lower costs drive global fundraising surge

2 mins

Diplomatic dispute due to Trudeau's 'baseless' allegations, says India

India on Thursday said that the current diplomatic row with Canada was triggered by Prime Minister Justin Trudeau's \"baseless\" allegations, emphasising that \"no evidence\" was provided to support Ottawa's serious claims against New Delhi.

1 min

IOB profit jumps 24%; asset quality improves

State-owned Indian Overseas Bank (IOB) on Thursday posted a 24 per cent surge in net profit to ₹777 crore in the second quarter ended September 2024 (Q2FY25). The lender had earned a net profit of ₹625 crore in the same quarter a year ago.

1 min

Central Bank's net surges 51% as NII rises

Central Bank of India's net profit during the second quarter ended September 2024 (Q2FY25) rose 50.91 per cent year-on-year (Y-o-Y) to ₹913 crore, aided by rise in net interest income (NII) and recoveries from written-off accounts. Sequentially, the Mumbai-based lender's net profit rose 3.75 per cent from ₹880 crore in Q1FY25.

1 min

Indian coastal vessels may not need trading licence for ops

Coastal Shipping Bill, 2024, gets Cabinet nod; foreign vessel rules from 2018 proposed to be revoked

2 mins

NFRA chair bats for adopting global auditing standards

India must adapt to local needs while meeting global requirements to strengthen its position as a global powerhouse, National Financial Reporting Authority (NFRA) Chairman Ajay Bhushan Pandey said on Thursday while speaking at an Assocham.

1 min

GSI to re-explore lithium reserves in J&K

The Ministry of Mines has directed the Geological Survey of India (GSI) to conduct a re-exploration of the 5.9 million tonnes of lithium block in Jammu and Kashmir's (J&K's) Reasi district after repeated setbacks to put the reserve up for auction again in six months.

2 mins

Axis Bank Q2 profit rises 18%, NII up 9%

Axis Bank on Thursday reported an 18 per cent year-on-year (Y-o-Y) jump in its net profit in the second quarter of financial year 2025 (Q2FY25), aided by robust increase in other income, including fee and trading income. Net profit for the quarter stood at ₹6,918 crore against ₹5,864 crore in the corresponding quarter a year ago.

1 min

OBC influence in focus as Saini council takes oath in Haryana

Nayab Singh Saini, who led the Bharatiya Janata Party (BJP) to a historic third consecutive Assembly election victory in Haryana, took the oath as the state's chief minister, along with a 13-member council of ministers, in Panchkula on Thursday.

1 min

Next CJI Sanjiv Khanna to have six-month tenure

Chief Justice of India (CJI) D.Y. Chandrachud, who is due to retire on November 10, has recommended the name of senior-most Supreme Court (SC) judge Justice Sanjiv Khanna (pictured) to the government for appointment as the 51st CJI.

2 mins

SC upholds constitutional validity of section 6A

CITIZENSHIP ACT VERDICT | The Supreme Court on Thursday upheld the constitutional validity of Section 6A of the Citizenship Act which grants Indian citizenship to immigrants from Bangladesh who entered Assam before March 25, 1971 by a majority verdict of 4:1.

2 mins

Qualcomm places production chips on India bet

Qualcomm Inc, the company designing fabless chips, is hoping to source some of the products it works on from India in the next two years as semiconductor plants here become operational.

2 mins

6G may usher in merged reality, bring in senses in digital communication

Industry standards for 6G are yet to be written, but it may extend beyond audio and visual communication, says MAGNUS EWERBRING, chief technology officer for Asia-Pacific at Ericsson, in an interview with Subhayan Chakraborty. He explains that the standalone architecture (SA) of 5G unleashes its full potential by enabling network slicing, which operators are increasingly embracing as Ericsson begins rolling out updates for 5G Advanced. Edited excerpts:

2 mins

5G for all: MediaTek dials in on affordable phones

Fabless Taiwanese chipmaker MediaTek aims to lower the prices of 5G mobile devices powered by its chipsets to the ₹6,000-7,000 range, making it easier for subscribers to switch to 5G.

3 mins

After 37-day strike, bonhomie in sight at TN Samsung plant

Employees were told to return to work from Monday onwards

2 mins

Half of India to have 5G by 2030, projects GSMA

India will see an unprecedented growth in the number of 5G mobile subscribers, and an explosion of data usage in the next six years, according to GSMA Intelligence projections. GSMA Intelligence is a market intelligence service that provides data, analysis, and forecasts for mobile and communications industries.

1 min

Harris vows break from Biden in TV interview

US Vice-President Kamala Harris (pictured) on Wednesday said she represented the next generation of leadership and her presidency would be different from that of her boss President Joe Biden and Republican rival Donald Trump.

1 min

Meta fires staffers for using meal vouchers to buy glasses, detergents

Meta has fired two dozen staff in Los Angeles for allegedly using their daily $25 (about ₹2,100) meal credits to instead buy household items including acne pads, wine glasses and laundry detergent, the Financial Times reported. These terminations are separate from the team restructurings and took place last week, the FT report said.

1 min

Musk's empire risks getting into EU cross hairs for potential X fines

The European Union (EU) has warned X that it may calculate fines against the social-media platform by including revenue from Elon Musk's (pictured) other businesses, including Space Exploration Technologies Corp and Neuralink, an approach that would significantly increase the potential penalties for violating content moderation rules.

2 mins

McKinsey cuts hundreds of jobs in China business

US-based consulting firm McKinsey is revamping its China business after reducing its government-linked clients and cutting about 500 jobs, which is around a third of its China workforce, the Wall Street Journal reported.

1 min

Bangladesh tribunal issues arrest warrant against former PM Hasina

Authorities told to produce her before ICT by Nov 18 for 'crimes against humanity'

1 min

ECB cuts rates for third time to prop up economy

The European Central Bank (ECB) lowered interest rates for the third time this year as a hastier retreat in inflation allows it to offer support to the region's stuttering economy.

1 min

Hungry for energy, Amazon, Google turn to N-power

Technology companies are increasingly looking to nuclear power plants to provide the emissions-free electricity needed to run artificial intelligence (AI) and other businesses.

2 mins

Hamas chief likely killed, says Israel

Israel said an operation in Gaza may have killed Hamas leader Yahya Sinwar, part of a renewed assault against the militant group after more than a year of war in the Palestinian territory.

1 min

When the personal becomes political

On the morning of February 27, 2002, a few coaches of Sabarmati Express catch fire in Godhra, Gujarat, killing the people trapped inside, a majority of whom are pilgrims and kar sevaks on their way back to Ahmedabad from Ayodhya. The cause of the fire is still disputed, but the horrifying incident sparks rampant violence against the Muslim community, members of which were accused of being responsible for the incident. For the next few days all over Gujarat, reprisals rage, aided and abetted by the state and its various agents, from ruling politicians and the police to organisations such as the Vishva Hindu Parishad and local gangsters. Ahmedabad sees recurring brutal outbreaks for three months and such incidents occur with regularity across the state for a year. These riots are commonly known as the 2002 Gujarat riots but Zara Chowdhary prefers the term \"pogrom\", citing the disproportionate level of death and mayhem amongst the minority Muslim population. Her incredible memoir, The Lucky Ones, is a chronicling of this debilitating period and centres on her family and their ties to each other as well as the land.

3 mins

A new beginning

SCO meeting can help improve Indo-Pak relations

2 mins

India should join World Bank's dispute centre

The International Centre for Settlement of Investment Disputes (ICSID) is a World Bank Group institution set up in 1996, with a specific mandate to resolve disputes that arise between foreign investors and the countries in which they invest.

3 mins

The case for exchange rate volatility

While some people view exchange rate fluctuation as detrimental to the economy, it is, in fact, a crucial element of economic flexibility

4 mins

Strike over

Environment for early end to labour disputes must be created

2 mins

HDFC Securities forays into wealth advisory business

HDFC Securities, the stock broking and research arm of HDFC Bank, on Thursday announced its entry in the wealth advisory space with the launch of HDFC Tru, targeting the burgeoning family offices and wealthy investors.

1 min

Margin pressure clouds L&T Technology's near-term outlook

The Street wasn't upbeat with the second quarter results of L&T Technology Services (LTTS) and its shares dropped 3 per cent on Thursday. It reported an almost flat 3 per cent rise in consolidated net profit year-on-year (Y-o-Y).

2 mins

Spl trading session for holdcos on Oct 28

Stock exchanges will conduct a special call auction for select investment holding companies (holdcos) on October 28 following the new framework introduced by the Securities and Exchange Board of India (Sebi) for price discovery.

1 min

FPI selling pulls indices down for third consecutive day

At ₹71,441 cr, outflows worst ever for a calendar month

2 mins

‘50-bp cut in interest rate likely by March 2025’

Positive macros – lower inflation, high forex reserves, and favourable demand-supply dynamics for government bonds - make a strong case for rate cuts from December, says DEVANG SHAH, head of fixed income, Axis Mutual Fund. In an interview with Abhishek Kumar in Mumbai, Shah says this view may not hold true if commodity prices go up sharply. Edited excerpts:

2 mins

China's stimulus measures fire up global investors

The recent stimulus measures announced by China have seen most analysts sit up and take notice.

2 mins

Mitigate accounting, disclosure, governance risks with ESG funds

Environmental, Social and Governance (ESG) investing has gained significant traction as sustainable investing practices take centre stage.

2 mins

Bajaj Auto slips 13% on weak festive demand

Near-term demand, margin woes weigh on company

2 mins

IN A HEART BIT

How the India-UAE Bilateral Investment Treaty could quickly reboot investment pacts

4 mins

Rlys goes back to 60-day advance booking window

Reverses 2015 order on 120-day advance booking for operational efficiency

2 mins

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.