Business Standard - November 01, 2024

In this issue

November 01, 2024

Climate change to put APAC GDP on thin ice with 41% melt by 2100

India alone could face 24.7% loss in GDP by 2070

2 mins

Climate change to put APAC GDP on thin ice with 41% melt by 2100

India alone could face 24.7% loss in GDP by 2070

3 mins

Deposits outpace credit growth after 30 months

Alignment due to fall in credit growth from previous highs

3 mins

Nifty finishes Samvat 2080 with 25% gain, most in 3 yrs

The Nifty 50 index has demonstrated resilience, closing Samvat 2080 with a nearly 25 per cent gain despite an 8 per cent pullback from its peak.

2 mins

Cognizant Q3 net income up 10.8% on deal pickup

Nasdaq-listed information technology (IT) major Cognizant Technology Solutions beat Wall Street estimates for third-quarter profit and narrowed the guidance thanks to the Belcan acquisition in August.

2 mins

‘Not getting even a dollar from price rise due to Red Sea crisis’

After becoming the first company in the TVS fold to get listed since 1994, TVS Supply Chain Solutions (TVS SCS), one of the largest integrated supply chain solution providers in India, has set a road map to break into the top 25 companies in the segment globally. The company’s Managing Director RAVI VISWANATHAN talks about the ongoing Red Sea crisis, growth strategy, and 2032 outlook in an interaction with Shine Jacob. Edited Excerpts:

3 mins

BPL Group founder TPG Nambiar dies

Indian electronic company BPL Group founder T P Gopalan Nambiar (pictured), died on Thursday, family sources said.

1 min

Urban demand under pressure as food inflation bites

Likely to remain soft on lower salary hike, high interest rates, says Nomura

2 mins

BluJ's air taxi vision cleared for takeoff

Hydrogen cargo flights by 2026, with passenger travel expected by 2030

2 mins

13,000 associates have rejoined Cognizant: CEO

Ravi Kumar S says AI will impact knowledge workers across segments

2 mins

Persana AI raises $2.3 mn in seed funding

The sales intelligence market size is projected to grow from $4 billion in 2024 to more than $10 billion by 2032 as businesses seek best resources to get ahead.

1 min

To be a leader in telecom, you need to lead in AI

From cell decongestion, to coverage, CHANDRU SARGOR, head of Ericsson India's Global Artificial Intelligence Accelerator (GAIA) and Ericsson R&D Site, Bengaluru, says that Artificial Intelligence (AI) is solving real-life challenges in telecom networks. In an interaction with Subhayan Chakraborty, he also explains how Agentic AI will be the way forward. Edited excerpts:

2 mins

Ambuja rivals UltraTech in limestone reserves via buys

Even as Adani Group-controlled Ambuja Cements focused on acquisitions to rival India's largest cement maker, UltraTech Cement, it appears to have built equally competitive limestone reserves in the last couple of years, disclosures suggest.

2 mins

LEAD Group to seek PE funding after hitting profitability milestone

Edtech unicorn LEAD Group is optimistic about achieving positive Ebitda (earnings before interest, tax, depreciation, and amortization) by the end of the current financial year (FY25) in March as spending on education rises, its co-founder and CEO Sumeet Mehta said.

1 min

Swiggy IPO gets $15 bn bids from big investors

Big investors, including Norway's sovereign wealth fund Norges and Fidelity, have placed bids worth more than $15 billion (around ₹1.2 trillion) in Swiggy's India IPO, 25 times the $605 million portion reserved for such investors, four sources told Reuters on Thursday.

1 min

Bank lending to industry surged 43% in H1FY25

Reflecting buoyancy and growth momentum, bank credit to industry—small, medium, and large—grew by 42.85 percent in the first half of the current financial year (H1FY25) over the same period last year.

2 mins

India's growth cannot depend on a few firms

Veteran banker Uday Kotak (pictured) has said India's growth cannot be dependent on a few firms or groups and pitched for a more broad-based approach where many entities grow.

1 min

Fintech firms latch on to digital gold rush this festival season

Roll out new ways for users to invest in gold via micro-purchases, SIPs for regular savings

2 mins

In NFRA Versus ICAI, audit standards upgrade on cards

The tug of war between the National Financial Reporting Authority (NFRA) and the Institute of Chartered Accountants of India (ICAI) over the need to revise India's auditing standards to align with global norms has further intensified.

3 mins

Rupee hits fresh low of 84.11 against dollar

Dealers cite foreign outflows, caution ahead of US polls as reasons

2 mins

Focusing on strengthening credit architecture

SALEE SUKUMARAN NAIR recently took charge as managing director (MD) and chief executive officer (CEO) of Tamilnad Mercantile Bank. Nair, formerly a deputy managing director of State Bank of India (SBI), in an online interaction with Shine Jacob, outlines his vision for the Thoothukudi-headquartered bank. Edited excerpts:

3 mins

HDFC Bank arm HDB files papers for ₹12.5K cr IPO

Lender to sell shares worth ₹10,000 crore through offer for sale

2 mins

Experts flag lifestyle, screening lapses as reasons

Experts have raised concern over the increase in incidence rate and mortality due to breast cancer in India, citing lifestyle issues and lack of screening mechanisms as reasons.

1 min

Won't compromise even an inch of India's territory: PM

Remarks come after India, China troops complete disengagement at 2 points

2 mins

Student credit card scheme fails to take off

Manoj Tripathi, a student from Jamshedpur, was elated when the Jharkhand government launched the ambitious Guruji Student Credit Card scheme in March this year.

1 min

Govt fast-tracks land acquisition drive

The Uttar Pradesh government has planned to acquire nearly 96,000 acres of more industrial land over the next two to three years, aiming to become a preferred investment destination in South Asia.

1 min

Disengagement 'almost' complete: Rajnath

Defence Minister Rajnath Singh on Thursday said the disengagement process in certain areas along Line of Actual Control (LAC) was \"almost complete\", based on consensus achieved between India and China.

1 min

US sanctions 400 people, firms for fuelling Russia's war machine

The US is sanctioning almost 400 individuals and companies in India, China, and Türkiye as part of a bid to crack down on a sprawling network that has helped keep Russia's war machine running nearly three years into the full-scale invasion of Ukraine.

2 mins

7 killed in deadliest attack in Israel since Lebanon invasion

Projectiles fired from Lebanon into northern Israel killed seven people on Thursday, including four foreign workers, authorities said.

1 min

Jeff Bezos, Elon Musk And The Billions Of Ways To Influence An Election

Entrepreneurs become legends when they make big bets on technology that pay off in a huge and dramatic way. Elon Musk is now applying that all-or-nothing philosophy to a presidential election, tying his reputation and perhaps his future to a win by Donald J. Trump.

3 mins

3-day mourning declared in Spain after 'flood of century'

Spain declared three days of mourning as heavy rains killed more than 90 people, in what is already one of the country's worst-ever natural disasters.

1 min

A new beginning

Markets will focus on India's underlying strength

2 mins

Banking on AI

Adoption can improve business practices

2 mins

US Economy In A Sweet Spot. Why Risk It?

The US just got another stellar update on the state of the economy. Real gross domestic product expanded at a 2.8 per cent annualised pace in the third quarter, and a key measure of inflation fell to within a whisker of the Federal Reserve's target.

3 mins

Deconstructing the Goan facade

My earliest impressions of Goa are etched with images of colourful caricatures personifying life there by the famous Mario Miranda, who belonged to the coastal state.

3 mins

Disengagement at the border

More clarity needs to emerge on specifics of infrastructure creation activities, patrolling, buffer zones and status quo ante in Eastern Ladakh

4 mins

Gold glitters with 32% gain, highest since Samvat 2067

Samvat 2080 was the best year for gold and silver, with the two precious metals delivering 32 per cent and 39 per cent, respectively, despite a 9 percentage point (900 bps) reduction in import duty, which led to a 9 per cent fall in domestic gold prices shortly after the announcement.

3 mins

₹, bonds to balance on high wire of RBI rate decisions, US polls

Foreign exchange (forex) and government bond dealers expect the timeline for domestic interest rate cuts and the US presidential election to play crucial roles in Samvat 2081.

2 mins

SMALLCAPS EARN THEIR FEATHERS, GOLD SHINES

Samvat 2080 closes with small and midcaps leading the charge, gold gleams with a 32% gain, and bond markets poised for stability. As investors celebrate strong returns, caution is advised amid evolving economic landscapes and geopolitical uncertainties Small, midcaps steal a march on largecaps As investors celebrate strong returns, caution is advised amid evolving economic landscapes and geopolitical uncertainties

2 mins

Execution key to further gains in Tata Power after Q2

Tata Power's Q2FY25 results were above consensus despite challenges like low plant availability at Mundra and Odisha discom operations getting affected by rain.

2 mins

Sensex, Nifty fall for second day on selling in IT shares, FII pullout

DOWNTURN Sensex intraday

1 min

Swiggy public issue to take 2024 IPO mopup past record ₹1.2 tm

Number of transactions stands at 71, making 2024 the busiest year for IPOs since 2007

2 mins

Climate May Keep Changing Long After Humanity Hits Net-Zero Emissions

The world is striving to reach net-zero emissions as we try to ward off dangerous global warming. But will getting to net-zero actually avert climate instability, as many assume?

4 mins

Musk's SpaceX now gets into the spy game

Pentagon needs what the firm offers to compete with China even as it frets over its potential for dominance, billionaire's global interests

6 mins

Anatomy of trade union: Collective bargaining realising strength

Over a century after India's first trade union Madras Labour Union was formed in Chennai by B P Wadia in 1918, the recent month-long strike by nearly 1,400 workers at a Samsung Electronics manufacturing unit near Chennai has put the spotlight back on labour unions in India.

2 mins

Rishabh Pant released by DC, SRH keeps Klaasen with highest-retaining amount

Flamboyant keeper-batter Rishabh Pant's nine-year association with Delhi Capitals officially ended on Thursday while South African Heinrich Klaasen, with ₹23 crore valuation, pipped none other than peerless Virat Kohli (₹21 crore) to emerge as the top-most retention for the upcoming IPL season.

1 min

Weak consumption hits Q2 ad revenue of media firms

A slowdown in the consumption economy has cast a shadow over traditional advertising revenue of media companies during the second quarter of financial year 2025 (Q2FY25), even as revenue from digital advertising continued to grow.

3 mins

Centre readies plan to tackle zoonotic disease outbreaks

With outbreaks of zoonotic diseases, such as swine flu, Nipah virus, and bird flu, becoming more frequent and increasingly threatening human health, the Union government has prepared a crisis management plan (CMP) on animal health.

1 min

More intelligence features will be available in Dec, confirms Apple

Apple will add the option to enable access to OpenAI's ChatGPT from within Writing Tools and Siri.

1 min

Delhi's air quality 'very poor' on Diwali

Delhi's air quality continued to deteriorate, remaining in the \"very poor\" category on Diwali, with levels expected to worsen to the \"severe\" category due to bursting of firecrackers at night.

1 min

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