Business Standard - November 07, 2024

In this issue

November 07, 2024

US plays the Trump card

His return to White House triggers fears of trade frictions with India

1 min

Positives outweigh negatives in the economy: RBI governor

Leaders of financial sector strike a note of confidence, optimism

4 mins

'SAP to step up hiring in India: CEO

30% of the company's deals now include artificial intelligence

2 mins

India one of our fastest-growing mkts: Microsoft AI CEO

During his first trip to India, Mustafa Suleyman, Microsoft Al's chief executive officer, expressed pride that India is one of the company's fastest-growing markets and highlighted that it has one of its strongest teams worldwide based in Bengaluru and Hyderabad.

2 mins

Tata Steel back in black with ₹833 cr Q2 profit

Conditions in China continue to weigh on steel prices, says CEO & MD Narendran

1 min

Jindal Steel's net profit falls 38% on subdued demand

Jindal Steel and Power reported a drop in second-quarter profit on Wednesday, hurt by weak domestic demand and lower steel prices.

1 min

Tata Steel back in black with ₹833 cr Q2 profit

Conditions in China continue to weigh on steel prices, says CEO & MD Narendran

1 min

Apple to build hostels for 100,000 Women Workers across India

Apple is executing an ambitious plan with its vendors to provide hostel facilities for 100,000 women employees across its factories, marking the largest such initiative by any company in India.

2 mins

B'desh chalks out plan to avert Adani's power cuts

Bangladesh is creating a \"dynamic payment plan\" for all electricity providers, including Adani Power, the country's power ministry chief said, as it races to stave off further blackouts after the company halved supply.

1 min

Auto retail sales rise 32% in Oct

Inventory levels improve from record high in Sept

2 mins

Skoda plans hybrid car launch in India in 3 yrs

Skoda Auto is setting its sights on a hybrid future in India, with plans to introduce such variants in upcoming models, including the next-generation Kushaq, expected in three years, a senior company official said on Wednesday.

2 mins

Jio sends 2nd legal opinion on satcom spectrum

Says Trai should ensure level playing field

1 min

KKR may sell $750 million stake in JB Pharma

KKR & Co. is considering selling some of its controlling stake in JB Chemicals & Pharmaceuticals via a block trade in the market, according to people familiar with the matter.

1 min

'NBFC action not punitive, but corrective'

Reserve Bank of India RBI) Governor SHAKTIKANTA DAS refused to drop his guard on inflation, citing major upside risks while remaining sanguine on growth. In an interaction with Tamal Bandyopadhyay during the Business Standard BFSI Insight Summit, he said the Indian financial sector was resilient enough to deal with any spillover from the external world ona day markets turned volatile following the US election results. Edited excerpts:

6 mins

Banks driving deposits with value-added services

Slowdown in unsecured loan growth due to rising risk rates: SBI chief

3 mins

Banking sector to be in a sweet spot as long as economy is robust: PSB chiefs

India's banking sector is expected to continue its good run on the back of solid economic growth and fundamentals, but needs to adopt a cautious approach and improve risk management practices and underwriting standards.

3 mins

Interest rates not primary driver of deposit growth for private sector lenders

Customer service, not higher interest rates, will be the key driver for deposit mobilisation for private banks, said top executives from private sector banks at the Business Standard BFSI Insight Summit 2024.

3 mins

Foreign banks focus on strengths to level up India play

India heads see new opportunities as Indian economy gains ground

3 mins

SFBs ready with systems to make the transition

Small finance banks (SFBs) in India have put in place systems to become universal banks, but they are not in a hurry to do so because they are building scale and capacities for long-term growth, according to their chief executive officers (CEOs).

3 mins

RBI action specific, does not flag systemic concerns: NBFC chiefs

The heads of non-banking finance companies (NBFCs) opine that the recent action by the Reserve Bank of India (RBI) against four entities - Asirvad Micro Finance Limited, Arohan Financial Services Limited, DMI Finance Private Limited, and Navi Finserv Limited - will not affect the sector since the move was initiated by the regulator addressing specific concerns of these companies.

4 mins

Regulation needed for innovation to thrive

At the Business Standard BFSI Insight Summit 2024, SHASHANK KUMAR, co-founder and managing director of Razorpay, said regulation was necessary for the growth of the financial technology (fintech) ecosystem, and norms did not necessarily stifle innovation at new-age companies. In a conversation with A K Bhattacharya of Business Standard, he pressed on the need for the Reserve Bank of India (RBI) to be the single regulator for all financial institutions, including traditional ones and fintech firms. Meanwhile, he acknowledged that while innovation at firms outpaced regulation, there must be a system to ensure the safety of the sector. He also added that the collaboration between banks and fintechs had demonstrated immense growth for the payments sector in the form of the Unified Payments Interface (UPI). Edited excerpts:

5 mins

₹10,700 cr equity infusion into FCI cleared as working capital

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved an equity infusion of ₹10,700 crore in the state-owned Food Corporation of India (FCI) to boost its working capital requirements for the current financial year (FY25).

1 min

IFC to invest $400 mn in Bajaj Fin's $1 bn fundraise

International Finance Corporation (IFC) on Wednesday said that it will partner with Bajaj Finance to invest $400 million out of the $1 billion fundraising to aid in the expansion of the latter's EV fleet, energy-efficient consumer goods (EECG) and women empowerment.

1 min

Services PMI in Oct bounces back from 10-mth low

Growth in India's dominant services industry picked up last month after dipping to a 10-month low rate in September amid a marked expansion in demand, according to a private business survey that on Wednesday also reported improved job creation in the sector.

1 min

Biggest fall in nearly 5 months pulls down rupee to fresh low

Declines 0.20% to 84.28 a $; still 2nd best Asian currency

2 mins

PM Vidyalaxmi scheme gets Cabinet approval

The Union Cabinet on Wednesday approved the PM-Vidyalaxmi scheme to provide monetary support to meritorious students in the form of education loans in both public and private institutions.

1 min

Trump 2.0 may intensify focus on illegal immigration, Quad

In his second term as the US President, Donald Trump is expected to maintain an unwavering focus on curbing illegal immigration, while his opposition to the H1B visa regime may be less pronounced, foreign policy experts reckon.

2 mins

FinMin asks PSBs to meet targets for agri-allied sector

The finance ministry has asked public-sector banks (PSBs) to meet loan targets for the agri-allied sector during the current financial year.

1 min

TRUMP TRIUMPHS

Donald Trump was elected US president, capping a remarkable comeback four years after he was voted out of the White House and ushering in a new American leadership likely to test democratic institutions at home and relations abroad.

3 mins

Victory casts a shadow on US Federal Reserve's policy path

Donald Trump's victory in Tuesday's presidential contest threatens to upend the US economic outlook and alter the Federal Reserve's policy calculus in the months ahead, while renewing questions about how fiercely he might pressure the central bank during his second term in the White House.

1 min

A human paradigm for economic growth

The global economy has been shaken by the breakdown of global governance.

4 mins

Trump 2.0

Stunning victory raises the stakes for stability and peace

2 mins

Necessary rebalancing

Supreme Court gives a boost to private property rights

2 mins

Can India avoid the middle-income trap?

Five key course corrections for India to become an advanced country and set a better path for others

4 mins

Narrative and reality in J&K

For a long time, Jammu & Kashmir has been caught between a tug of war of narratives, which has severely affected the well-being of those who live there.

3 mins

THE 'APPLE' OF INDIAN BUYERS' EYE

While Android continues to be the more popular smartphone platform in the country, iPhone has gained a stronger foothold in premium segment

5 mins

Nvidia overtakes Apple as world's most valuable firm

Nvidia Corp became the largest company in the world on Tuesday, surpassing Apple Inc and underscoring just how dominant artificial intelligence has become on Wall Street.

1 min

Lulu generates demand for $37 billion, becomes largest IPO in UAE this year

Lulu Retail said on Wednesday that its initial public offering (IPO) was 25 times oversubscribed across all tranches, excluding cornerstone investors, generating a demand of more than $37 billion, making it the largest IPO in the UAE for 2024 till date.

1 min

New rules to crack down on polluters

In response to the Supreme Court's (SC's) strong stance on unchecked environmental violations, the Ministry of Environment, Forest, and Climate Change (MoEFCC) has introduced new rules for conducting inquiries and imposing penalties on polluters.

2 mins

High-growth segments, Tier-II, -III cities to drive long-term gains for ABB

ABB reported a weak quarter. Revenue was at ₹2,910 crore, up only 5 per cent year-on-year (Y-o-Y), with operating profit at ₹540 crore, up 23 per cent and net profit at ₹440 crore.

2 mins

Indian markets celebrate the 'Red' win

Register biggest one-day gains in six weeks on Trump's victory

2 mins

Bitcoin surges to all-time high

The price of bitcoin hit a new high Wednesday as investors bet that former President Donald Trump's victory in the US presidential election will be a boon for cryptocurrencies.

1 min

Wall Street indices hit new highs

Wall Street's main indices soared to record highs on Wednesday, as Republican Donald Trump won the 2024 US presidential election in a remarkable comeback four years after he was voted out of the White House.

1 min

COSTS VARY: DO COST-BENEFIT ANALYSIS BEFORE BUYING RIDER

Tata AIG General Insurance recently introduced five new riders that can be purchased with its health insurance policies and provide more than 60 benefits to customers.

2 mins

Hindustan Zinc OFS garners bids worth ₹3,385 cr

Hindustan Zinc's (HZL's) share sale on Wednesday garnered bids for 67 million shares - worth ₹3,385 crore - as against 105.6 million on offer.

1 min

Swiggy IPO subscribed 12% on first day of offer

The initial public offering (IPO) of food delivery major Swiggy was subscribed 12 per cent on Wednesday, the opening day of the issue.

1 min

Dollar set for biggest one-day jump since '20

The US dollar soared on Wednesday and was set for its biggest one-day rise since March 2020 after Republican Donald Trump won the US presidential election, while the euro, Chinese yuan and Mexican peso were among the biggest losers on potential new tariffs in the regions.

1 min

MVA lists five poll guarantees, promises ₹3K/mth to women

The Maha Vikas Aghadi (MVA) Opposition alliance in Maharashtra unveiled \"five guarantees\" for the upcoming Assembly polls on Wednesday, which include a monthly allowance of ₹3,000 and free travel in state transport buses for women.

2 mins

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