Business Standard - October 26, 2024

In this issue

October 26, 2024

IndiGo swings into red in Q2 over cost blues

Aircraft groundings peaked to 'mid-70s' but situation is easing

2 mins

Boardroom battles to Frank Sinatra, life of Tata 'patriarch'

A fortnight after Ratan Tata passed away, his much awaited biography by Thomas Mathew is out.

5 mins

Germany raises visa quota for skilled Indians by 4.5x to 90K

Scholz pushes early EU FTA; Modi says right time to join India growth story

2 mins

Sensex drops below 80,000 amid earnings season gloom

Benchmark indices log longest weekly losing run in 14 mths; turbulence may continue

2 mins

ElasticRun's FY24 losses nearly halve to ₹359 crore

Business-to-business e-commerce platform ElasticRun saw its net loss for FY24 almost halve to ₹359.6 crore from ₹618.99 crore in FY23. Revenue for FY24 came in at ₹2,434.84 crore, down 48.6 per cent year-on-year against 4,738 crore.

1 min

RIL to move Dubai crude oil team back to India by year-end

Reliance Industries, operator of the world's biggest refining complex, is restructuring its trading operations, including moving most of its Dubai crude oil trading team back to Mumbai, two sources said.

1 min

VC funding up 50% till Sep on high-value deals

883 deals worth $8.3 bn announced

1 min

JSW Steel net slumps 84% on lower sales realisation

JSW Steel on Friday reported an 84.1 per cent year-on-year (Y-o-Y) decline in consolidated net profit to ₹439 crore for the July-September quarter (Q2FY25) on lower sales realisation due to cheap imports and an exceptional charge.

2 mins

Bajaj Auto's CNG motorcycle races ahead with record sales

Registrations highest since Freedom 125 was launched in July this year

2 mins

Lodha Q2 profit up 2x, revenue soars 53%

Real estate developer Macrotech Developers (also known as Lodha Group) has reported a consolidated profit of ₹423.1 crore in the second-quarter of the financial year 2024-2025 (Q2 FY25) as compared to ₹202.8 crore previous year.

1 min

Vedanta Resources gets Moody's rating upgrade after fundraise

Moody's Ratings on Friday said it has upgraded the ratings on bonds of Vedanta Resources Ltd (VRL) driven by the company's efforts to access funding.

1 min

Jobs most pressing global issue amid tech changes: FM

Jobs is the most pressing global issue due to economic headwinds and rapid technological change that are redefining skills the youth need for the job market, Finance Minister Nirmala Sitharaman has said.

1 min

No trade pact if EU insists on opening up dairy biz: Goyal

Issues like labour, climate change need to be discussed on int'l forums, he says

1 min

Income disparity down 74% since FY14: SBI study

There has been a cumulative 74.2 per cent decline in income disparity coverage for those earning up to ₹5 lakh annually between financial years 2013-14 and 2022-23, said a State Bank of India (SBI) report released on Friday.

1 min

Govt doubles Mudra loan ceiling to ₹20 lakh under new category

The government on Friday doubled the limit of a Mudra loan under the Pradhan Mantri Mudra Yojana (PMMY) to ₹20 lakh from ₹10 lakh under a new 'Tarun Plus' category to promote entrepreneurship in the country.

1 min

NIPFP cuts India's FY25 GDP growth forecast

Citing growth moderation in the June quarter of FY25 on account of sharp contraction in net exports as well as government consumption due to the model code of conduct, Delhi-based think tank National Institute of Public Finance and Policy (NIPFP), in its mid-year review, revised downwards its growth forecast for India to 6.9-7.1 per cent.

1 min

Fairfax not to cut CSB Bank stake in five years

Private sector lender CSB Bank plans to become a mid-sized new age bank by 2030, its managing director and chief executive officer PRALAY MONDAL said. In a telephonic interview with Shine Jacob he discussed the bank's roadmap, reducing the share of gold loans, and the recent Fairfax stake sale. Edited excerpts:

3 mins

Adani's ₹12,500 cr bid drives up KSK Mahanadi offers

Adani Group's ₹12,500 crore bid to acquire KSK Mahanadi Power has prompted other bidders to revise their offers upwards, and the final number could be much higher, according to sources.

1 min

IDBI Bank's net up 39% to ₹1,836 crore

Private sector lender IDBI Bank on Friday reported a healthy 39 per cent jump year-on-year (Y-o-Y) in its net profit for the second quarter of the current financial year (Q2FY25) to ₹1,836 crore on improvement in net interest margins and an uptick in non-interest income.

1 min

BPCL profit down 72% on higher costs, weak margins

State-run Bharat Petroleum Corporation (BPCL) reported a 72 per cent slump in its net profit for the second quarter of the current financial year (Q2FY25) over higher expenses and weak refining margins.

1 min

Recoveries drive BoB's bottom line up 23%

Bank's MD and CEO says the deposit costs have peaked with prospects for moderation

2 mins

Bandhan Bank profit rises 30% to ₹937 crore

Private lender Bandhan Bank on Friday reported a 30 per cent increase in its net profit for the second quarter of the current fiscal to ₹937 crore.

1 min

FAR securities get ₹60K cr since JP Morgan inclusion

In October so far, foreign portfolio investors sold FAR securities worth ₹5,000 crore

2 mins

India saw steepest surge in greenhouse emission in '23

Among major economies, India in 2023 recorded the steepest increase in greenhouse gas (GHG) emission, climbing 6.1 per cent, with China trailing close behind at 5.2 per cent, according to the United Nations Environment Programme (UNEP) Emissions Gap Report 2024.

2 mins

MGNREGA participation dipped in first 6 mths this FY compared to last

Fewer people participated in Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) during the first six months of this financial year (April-September) compared to the same period last year, a recent analysis of the scheme's performance by LibTech showed.

1 min

LEADERS' RELATIVES IN THE FRAY FOR BYPOLLS IN 48 ASSEMBLY SEATS

Friday was the last day for filing of nominations for 47 of the 48 Assembly bypolls, slated for polling on November 13.

1 min

McDonald's crisis reveals veg contamination is a harder problem than beef

Moves by major US fast-food chains to temporarily scrub fresh onions off their menus on Thursday, after the vegetable was named as the likely source of an E coli outbreak at McDonald's, laid bare the recurring nightmare for restaurants: Produce is a bigger problem for restaurants to keep free of contamination than beef.

2 mins

Apple's Q3 China iPhone sales slip, Huawei's soar

Apple's iPhone sales in China slipped 0.3 per cent while rival Huawei posted a 42 per cent surge in the third quarter of 2024, as competition intensifies in the world's largest smartphone market.

1 min

Israeli strike kills 3 journalists in Lebanon

Palestinian officials say at least 72 people killed since Thursday night; Beirut claims over1.2 million displaced

2 mins

China offers Taliban tariff-free trade in bid to develop ties

China will offer the Taliban tariff-free access to its vast construction, energy and consumer sectors, Beijing's envoy to Afghanistan said on Thursday, as the ailing resource-rich but diplomatically-isolated regime looks to build up its markets.

1 min

Mercedes vows to step up cost cuts after earnings halve in Q3

Mercedes-Benz will step up cost cuts after earnings halved in the third quarter, hit by tepid demand and fierce competition in China, it said on Friday.

1 min

Modi-Xi summit: A nudge, not a shift

Prime Minister Narendra Modi and Chinese President Xi Jinping met formally on October 23 after a gap of five years in Russia's Kazan, on the margins of the Brics+ meeting hosted by President Vladimir Putin of Russia.

3 mins

Business sans bindi

Social media activist Shefali Vaidya first started a campaign #NoBindiNoBusiness way back in 2021.

3 mins

Congress: Survival or revival

Congress is silently acknowledging it overread the verdict of the last general election. You can see it in easy concession to SP. It will likely be more reasonable in Maharashtra & Jharkhand

5 mins

Let the games end

One week in October 2024 has underlined in stark terms the truth that the Commonwealth has outlived its utility, if it ever had any.

2 mins

Triple test for Siddaramaiah

In the middle of all the excitement about the Assembly byelections in Uttar Pradesh (nine seats), to be held on November 13, there is little discussion about the three bypolls in Karnataka.

3 mins

Trai mandate unlikely to disrupt ecom space

New rules will require traceability of messages sent by principal entities

1 min

Swiggy launches 'International Logins' feature for NRIs

Food and grocery delivery platform Swiggy has introduced 'International Logins'—a feature that allows users from 27 countries, including the United States, Canada, Germany, the United Kingdom, Australia, and the UAE, to access all the offerings on the Swiggy app using their international phone numbers.

1 min

Acer logged best ever biz performance this yr: CBO

Firm is now aiming to position itself as second-largest PC manufacturer in the country

2 mins

WazirX reports 40% assets dip in reserves after July breach

Embattled crypto firm WazirX released its first proof of reserves (PoR) report following a security breach in July resulting in the loss of about 40.4 per cent of its assets compared to its reserves in June.

1 min

Healthify closes $45 mn funding round for US foray

Healthify, a health and fitness app that uses artificial intelligence (AI), said on Friday it has closed a $45 million round that was led by existing investors Khosla Ventures and LeapFrog Investments and had new participation from Claypond Capital.

1 min

'Make in India': Modi, Spanish PM to open Tata-Airbus C295 unit on Oct 28

Prime Minister Narendra Modi and his Spanish counterpart Pedro Sanchez will inaugurate the Tata Advanced Systems Ltd's (TASL's) final assembly line facility for the C295 aircraft in Vadodara on Monday.

1 min

The changing wedding business

Weddings have always been important in our country. But they are getting bigger and glitzier.

3 mins

Why are global markets so complacent?

The world is beset with risks - political, geo-political, fiscal and monetary. But markets choose to look the other way, either being blissfully oblivious or wantonly negligent

6 mins

YouTube partners Flipkart, Myntra to launch shopping programme in India

YouTube on Friday launched the YouTube Shopping affiliate programme in India, that would allow eligible creators to tag products in their videos and earn revenue when viewers purchase them on retailers' site.

1 min

View from the treetops

Have you ever flung your arms around a tree, rested your head on its trunk, and closed your eyes? I recommend this, especially for men who are reluctant to engage in softer recreational activities that seem threatening to their masculinity.

4 mins

Strong India biz growth to drive gains for GCPL

Godrej Consumer Products Ltd (GCPL) reported a 2 per cent year-on-year (Y-o-Y) increase in consolidated revenue to ₹3,670 crore.

2 mins

WHY RETAIL INVESTORS SHUN SOME IPOS

Hyundai Motors India's listing is the latest in a trend seen over the years

1 min

MF investor count tops 50 million

About10 million new investors joined MF fold in past12 months

1 min

360 One Wam launches ₹2,250 crore QIP

360 One Wam, the country's leading wealth management firm, has launched ₹2,250 crore qualified institutional placement (QIP).

1 min

IndusInd Bank shares fall 19%, most in 4 yrs

Analysts believe stock will remain under pressure in near term

2 mins

FPI outflows in Oct less intense than March '20

Selling by foreign portfolio investors (FPIs) so far in October is the highest ever in a calendar month, surpassing the March 2020 levels.

1 min

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