Business Standard - October 30, 2024

In this issue

October 30, 2024

Gold sparkles less this Dhanteras, silver shines

Jewellers approached this Dhanteras hoping that the day's sales would provide a breather in a year marked by sky-high gold prices.

3 mins

Brokerages snip Nifty EPS growth estimates

Further revisions for FY25, FY26 likely if Q2 show continues to disappoint

2 mins

Marico's earnings rise 20% on volume growth, asset sales

Homegrown FMCG major Marico reported a 20.27 per cent increase in consolidated net profit to ₹433 crore for the September quarter, driven by volume growth, pricing actions, and gains from asset sales.

1 min

Adani Ports net soars 40%

Adani Ports and Special Economic Zone Limited (APSEZ) reported a net profit (attributable to equity holders of the parent) of ₹2,445 crore for the second quarter of financial year 2025 (Q2FY25), up by 39.90 per cent year-on-year (YoY), even though it missed street estimates.

1 min

Maruti misses Street estimates, Q2 PAT slides 18% to ₹3,102 cr

Shares tumble over 4%; mcap erodes by ₹14,846 crore

2 mins

Cipla's profit jumps 15% on robust sales

Drug major Cipla on Tuesday reported a 15.2 per cent increase in its consolidated net profit at ₹1,303 crore for the second quarter (Q2) of FY25, driven by robust sales across key markets. India's third largest pharma company reported ₹1,131 crore during the same period in 2023-24.

1 min

JSW, Posco forge deal for 5 mtpa steel unit in India

JV to boost renewable energy, EV battery materials

2 mins

Adani Enterprises profit zooms 664% to ₹1,742 cr

The Adani group's flagship entity, Adani Enterprises (AEL), reported a more than sevenfold increase in its consolidated net profit (attributable to the company's owners) for the July-September quarter of 2024-25 (FY25), driven by improved revenue and reduced finance costs.

1 min

Flipkart records 7.2 bn customer engagements this festival season

E-commerce firm Flipkart recorded an overall 7.2 billion visits in terms of customer engagement this festive season between September 1 till October 28.

1 min

JSW Energy outbids Adani group, NTPC

JSW Energy, part of the billionaire Sajjan Jindal-led group, has emerged as the highest bidder for bankrupt KSK Mahanadi Power Company, according to a stock-exchange filing by the company on Tuesday.

1 min

Ireland govt signs up TCS to enhance worker enrolment

IT services major Tata Consultancy Services (TCS) announced on Tuesday that it has secured a 15-year contract with Ireland's Department of Social Protection (DSP) to implement and support the country's new Auto Enrolment Retirement Savings Scheme, known as the were not disclosed, such long-tenure \"My Future Fund.\" contracts are typically categorised as large deals.

1 min

Credit cards get a festive boost, spending increases 25% in Sep

Credit card spending in September recorded strong growth of 25 per cent year-on-year (Y-o-Y), marking the highest increase in six months. Even as many banks saw higher slippages during the July-September quarter of 2024-25, spending growth exceeded 20 per cent for the first time since February.

2 mins

Privatising banks is essential

Eliminating onerous regulations is the first step in reforms that India needs to take towards its goal of becoming a developed country by 2047, said RAJNISH MEHRA, economist, University of Arizona. In conversation with Ruchika Chitravanshi in New Delhi, Mehra stressed that lateral entry in the government is critical and added that the bureaucracy is not going to voluntarily do anything that diminishes its influence. He said that it will take strong leadership from the Prime Minister to push these changes through. Edited excerpts:

2 mins

CROP PRICES SHOW MIXED TREND IN RELATION TO THEIR RESPECTIVE MSPS

One of the most crucial factors that would determine how the rural economy performs in the remaining two quarters of FY25 is how prices of key agriculture commodities fare.

1 min

50% of construction workers' welfare cess funds unused

Nearly half of the ₹1.12 trillion collected by states and Union Territories (UTs) as the building and other construction workers' welfare cess remained unutilised till March 31 this year, a Business Standard analysis has revealed.

1 min

60% gold reserves held domestically: RBI data

Amount of yellow metal increased by 100 tonnes between April and Sep

1 min

14 Nifty firms missed estimates

So far, of the 27 Nifty companies that have come out with their Q2 results, 14 have missed estimates on both revenue and profit metrics.

1 min

Framework on sustainability for textile industry on cards

The Centre is working towards a framework on sustainability for the textile industry amid a rising global focus, especially among developed nations, to incorporate sustainable initiatives in production and trade of textiles.

1 min

Jio Fin arm gets RBI nod for online payment aggregation

Jio Payment Solutions, a wholly-owned subsidiary of Jio Financial Services, received a nod from the Reserve Bank of India (RBI) to operate as an online payment aggregator, the firm informed the exchanges on Tuesday.

1 min

Pillar Two tax regime unlikely soon as India moves with caution

The Union government is expecting to rake in ₹100-200 crore in additional revenue from Pillar Two, only under specific circumstances, a senior finance ministry official said requesting anonymity.

2 mins

Canara Bank Q2 profit rises 11% amid pressure on NIM

Canara Bank's net profit during the second quarter of financial year 2024-ZS (Q2FY25) rose 11.31 per cent year-on-year (Y-o-Y) to ₹4,014 crore amid pressure on net interest margins.

1 min

PNB Housing Finance plans to grow corporate book from Q3

After a three-year hiatus, PNB Housing Finance is looking to grow its corporate loan book from the current quarter (Q3) of FY25, Girish Kousgi, managing director (MD) and chief executive officer (CEO) of the housing finance firm, told Business Standard.

1 min

YES Bank looks to sell ₹635 cr unsecured loans

Private-sector lender YES Bank is looking to sell ₹635 crore of non-performing unsecured loans and has invited expressions of interest (EoIs) by November 4 from entities interested in acquiring the assets.

1 min

PM rolls out health cover for 70-plus senior citizens

Prime Minister Narendra Modi on Tuesday launched the expanded Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) scheme. It will apply to all aged 70 and above, irrespective of their socio-economic status, with a benefit cover of ₹5 lakh per year in empanelled hospitals across India.

2 mins

Many friendly fights on cards in Maharashtra

The filing of nomination papers for 288-member Maharashtra Assembly, which will vote on November 20, ended on Tuesday.

1 min

OUTGOING MAHARASHTRA ASSEMBLY SAW THREE CMs

Elections to the 15th Maharashtra Legislative Assembly will be held on November 20. The functioning of the 14th Maharashtra Assembly, between November 2019 and July 2024, was an eventful one.

1 min

Post ended presidential endorsements to fight 'credibility gap', says Bezos

Amazon.com Inc founder Jeff Bezos, the owner of the Washington Post, said the newspaper's decision to stop endorsing presidential candidates addresses a \"credibility gap\" afflicting the media industry.

1 min

Saudi wealth fund to cut overseas investments: Governer at Riyadh meet

Saudi Arabia's sovereign wealth fund plans to cut its overseas investments by about a third, its governor told a conference in Riyadh on Tuesday, as the Kingdom taps into its resources to fund plans to wean the economy off oil.

2 mins

US job openings decline to lowest since early 2021

US job openings fell in September to the lowest since early 2021 and layoffs picked up, consistent with a slowdown in the labor market.

1 min

China considers approving over $1.4 trn in extra debt next week

China is considering approving next week the issuance of over 10 trillion yuan ($1.4 trillion) in extra debt in the next few years to revive its fragile economy, a fiscal package which is expected to be further bolstered if Donald Trump wins the US election, said two sources with knowledge of the matter.

1 min

Naim Qassem elected new Hezbollah chief

Lebanese armed group Hezbollah named Naim Qassem as its new leader on Tuesday, but Israel said his tenure would be \"temporary,\" an apparent threat after it killed his predecessor Hassan Nasrallah in Beirut over a month ago.

1 min

This is as bad as it gets for US corporate earnings

But the worst may be behind us, say strategists at Bank of America

2 mins

Digital epidemic

State can't abdicate its duty to deal with cybercrime

2 mins

Decoding the inflation debate

The Reserve Bank of India (RBI) has been following a flexible inflation targeting (FIT) approach since its monetary policy framework agreement (MPFA) with the Government of India in February 2015.

4 mins

Flying high

Tata-Airbus venture a big boost to indigenous defence production

2 mins

India's missed trade opportunities

It is being overtaken in the race to capitalise on trade tensions between the US and China

4 mins

India's urbanisation is at a crossroads

Urbanisation is the flip side of prosperity. On a 250-year scale, as economies in the West grew their per capita income, their urbanisation rates increased alongside.

3 mins

'SIM consolidation to normalise over 2 qtrs'

Vittal to take up some roles of Bharti Enterprises Chairman Sunil Mittal

2 mins

Cashfree receives RBI nod to operate as PPI

Fintech firm Cashfree Payments on Tuesday said it has received regulatory approval to operate as a prepaid payment instrument (PPI) provider, enabling the firm to issue prepaid payment instruments like cards or digital wallets.

1 min

Updated, tighter regulations likely by January: Trai

Telecom Regulatory Authority of India (TRAI) expects to finalize by January, updated and tighter regulations on curbing spam calls and messages after holding extensive discussions on its recent consultation paper, Chairman Anil Kumar Lahoti has said.

1 min

CARBON TRADING SCHEME CRAWLS

Delays in setting up a carbon market in India have become a pressing concern now, especially after a UN body warned this week of the perils of going slow on emission reductions

6 mins

Sellers refuse to let their business bomb

From shops filled with electric diyas to 'sound-only' toys, New Delhi is adapting to yet another Diwali with a ban on firecrackers.

4 mins

NTPC Green Energy IPO to unlock value

The news that NTPC Green Energy (NGEL), a wholly-owned subsidiary of NTPC, has clearance from the Securities and Exchange Board of India (Sebi) to raise ₹10,000 crore via an initial public offering (IPO), was a trigger for the NTPC stock.

2 mins

Record-breaking real estate IPOs raise ₹13.5K cr in 2024

India's real estate sector witnessed a record surge in initial public offerings (IPOs), with 123 IPOs listed till October 20 this year, already surpassing the total for 2023, signaling economic optimism and ample market liquidity.

1 min

AMC rally may gain further steam after robust Q2 showing

Brokerages raise targets as AMCs deliver earnings surprise

2 mins

Markets gain on positive global cues

Rising for the second straight session, equity benchmark indices Sensex and Nifty closed higher on Tuesday, helped by fag-end buying in banking counters and a firm trend in global markets.

1 min

73,600x surge in 2 days: Elcid now India's 'priciest' stock

A little-known smallcap company, Elcid Investments, took a giant leap into the history books after its shares surged a staggering 73,600 times in two days to become the priciest stock in absolute terms, surpassing tyre major MRF.

1 min

Realty cos raise over ₹12.8K cr via QIPs during Jan-Sep '24

Listed real estate companies have raised ₹12,801 crore via qualified institutional placements (QIPs) in the first nine months of 2024 as they turned to IPO and QIPs to fund their aggressive expansion amid strong post-pandemic demand, a report by real estate consultant Anarock said.

1 min

Compare developer's price with resale rate to ensure authenticity

During the festive season, which lasts from October to December, the feel-good atmosphere often encourages potential homebuyers to take the plunge. Developers make attractive offers during this period to nudge the fence-sitters.

2 mins

Asset quality risk, a worry for IndusInd

Amid headwinds, the bank faces uncertainty over CEO extension

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.