Business Standard - November 09, 2024

In this issue

November 09, 2024

Swiggy, Zomato breached antitrust laws: CCI probe

An investigation by the country's antitrust body, the Competition Commission of India (CCI), found food delivery giants Zomato and SoftBank-backed Swiggy breached competition laws, with their business practices favouring select restaurants listed on their platforms, documents show.

1 min

SBI's earnings shoot up 28%, beat estimates

Other income expands sharply but provisioning too

3 mins

Satellite spectrum allocati0n:.]io, Airtel bat for restricted Validity of S-S years

Bharti Airtel and Reliance J io are pushing for a restricted validity on the assignment of spectrum for satellite broadband communications, proposing an initial period of three-five years before a government reassessment ofthe assignment terms and pricing methodology.

2 mins

Ola Electric Q2 revenue zooms 38%

Electric vehicle company Ola Electric said on Friday its revenue rose by 38.5 per cent to ₹1,240 crore for the September quarter (Q2FY25), up from ₹896 crore in the year-ago period, driven by higher sales.

1 min

Vedanta swings into black in Sep quarter

Anil Agarwal-promoted Vedanta Ltd on Friday reported a consolidated net profit of ₹4,352 crore (attributable to the owners of the company) for the September quarter (Q2) against a loss of ₹1,783 crore in the year-ago period, helped by a one-time gain and improved performance.

1 min

Fortis revenue rises 12% on strong hospital biz

Healthcare major Fortis Healthcare on Friday reported a 5 per cent year-on-year (Y-o-Y) rise in consolidated net profit for the September quarter of financial year 2024-25 (Q2FY25) at ₹193 crore, up from ₹184 crore reported in the same period last year.

1 min

TaMo Q2 earnings down 11% as EV, SCV go slow

Revenue dips 3.5% as demand, supply challenges persist

1 min

Engineering firms expect pipeline to remain robust amid West Asia crisis

Despite the recent escalation of tensions in West Asia, engineering companies remain optimistic about order activity from the region.

1 min

LIC profit slips 4%, net premium income up 11%

MD & CEO reveals plans to buy stake in health insurer by FY25-end

1 min

House of Abhinandan Lodha to invest ₹3,000 cr in 6 projects

Realty firm The House of Abhinandan Lodha on Friday announced a foray into six new cities, including Amritsar, Varanasi and Vrindavan, to build plotted development projects with an investment of ₹3,000 crore.

1 min

Naked greed: Zoho's Vembu slams Freshworks for layoffs

Sridhar Vembu (pictured), founder of software development company Zoho Corporation, on Friday accused Freshworks of prioritizing shareholder buybacks over employees, criticizing a rival for job cuts.

1 min

Taj parent to add 120 properties to cash in on travel boom

Luxury lodging brand Taj's owner Indian Hotels Co. Ltd. plans to add 120 hotels to its chain over the next few years across premium and mid-range labels, including its first one in Frankfurt next year, in a bid to capture soaring demand for travel and leisure spending.

1 min

Association suggests quality grading system for packet tea

The Indian Tea Association (ITA) is mooting the introduction of a scientific quality grading system from one leaf to five leaf marks for packet tea to boost consumer trust.

1 min

Pantomath's BVF invests ₹235 crore in Haldiram Bhujiawala

Kolkata-based Haldiram Bhujiawala has announced the closure of its private placement round, with Pantomath's Bharat Value Fund (BVF) investing ₹235 crore in the company for a minority stake (less than seven per cent).

1 min

UnifyApps raises $20mn in Series-A round

UnifyApps, an enterprise AI agent platform, has closed a $20 million Series A funding round led by ICONIQ Growth, with participation from existing investors including Elevation Capital.

1 min

Skill ministry asks states to enrol ITI passouts under PM Internship Scheme

The Ministry of Skill Development and Entrepreneurship (MSDE) has asked all states and union territories (UTs) to facilitate participation of youths passing out from industrial training institutes (ITIs) in the recently-launched Prime Minister's Internship Scheme.

1 min

'Ratan Tata empowered a generation of dreamers to push boundaries'

It has been a month since Shri Ratan Tata Ji left us. From bustling cities and towns to villages, his absence is deeply felt across every segment of society.

3 mins

Medical device industry gets a ₹500 crore shot in the arm

Amount will be allocated during a period of three years under govt scheme

1 min

My shoulders broad enough to accept criticism: CJI

At his farewell event, Justice Chandrachud says no greater feeling than serving the needy

2 mins

Rail freight grows 1.5% in Oct to 131 mt

In a year of tepid freight traffic, goods ferried via the Indian Railways registered a growth of 1.5 per cent during October to 131 million tonnes (mt), according to railways ministry data.

1 min

SC rules against PSUs unilaterally deciding arbitrators for disputes

PSUs will need to modify their contracts to fall in line with the judgment

1 min

Changes to surrender value norms in interest of customers: Industry

Changes to surrender value norms by the insurance regulator are in the best interests of customers and will boost insurance penetration, according to leading industry players.

2 mins

Time to open up insurance sector for 100% FDI

With the new regulatory framework focusing on ease of doing business, a reduced compliance burden and a more robust and resilient risk management system through risk-based capital, risk-based supervision, and the International Financial Reporting Standard, the industry is now positioned to meet its evolving needs, said DEBASISH PANDA, chairman, Insurance Regulatory and Development Authority of India (Irdai).

5 mins

'No place as fascinating and interesting as India on its development journey'

Chief Economic Advisor V ANANTHA NAGESWARAN, in a fireside chat with Tamal Bandyopadhyay at the Business Standard BFSI summit, talks about issues ranging from the US election results and growth in gross domestic product (GDP) to agriculture and his experience of having a ringside view of the Indian economy. Edited excerpts:

4 mins

Higher PE/VC funding boosts governance excellence

Higher private equity (PE) and venture capital (VC) investment has driven governance excellence and accountability among Indian companies, leading to better valuations, heads of top PE firms said on Friday.

3 mins

Free trade effective in theory, not in practice: CEA

Developing countries like India do not need to engage in the alarmist rhetoric about impending trade battles, especially when advanced economies have long abandoned their commitment to free trade and climate policies have already become extensions of trade protectionism, India's Chief Economic Advisor (CEA) V Anantha Nageswaran said in his keynote address at the Business Standard BFSI Insight Summit on Friday.

1 min

'RBI action on some NBFCs warranted'

At least ₹1.5 trillion was lost in India's futures & options (F&O) market, with much of it funded through personal and unsecured loans, said K.V. Kamath, non-executive chairman of Jio Financial Services on Friday.

4 mins

Investors flock to GIFT City as opportunities open up: Experts

GIFT City is increasingly gaining prominence with more banks, asset managers, insurance companies, and foreign investors opting to set shop at India's first and only International Financial Services Centre (IFSC), sensing growth potential.

2 mins

Don't see sustained correction in largecap stocks

DEVINA MEHRA, founder, chairperson, and managing director of First Global, in a fireside chat with A K Bhattacharya at the Business Standard BFSI Summit, spoke about the risks involved in being invested in the equity markets at a time when investors are losing money. Edited excerpts.

5 mins

Food, not Fed: Economists prioritise India's local inflation

Most economists believe that the monetary policy would be more dependent on local factors such as food inflation than on rate changes by the US Federal Reserve.

3 mins

General insurers see signs of growth revival

The penetration of general insurance products like health, motor, and property remains low in the country, but there are early signs of a growth revival in the industry and the beginning of market expansion, according to top CEOs (chief executive officers) of general insurance companies.

3 mins

Insurers hope amendment Bill will drive customer engagement

Insurers expect the proposed Insurance Amendment Bill to boost growth of the sector and customer engagement as it will open the market to a large extent.

3 mins

China unveils $1.4 trn debt package to boost economy

Finance Minister Lan Foan says more stimulus coming, as analysts claim Beijing may not want to fire all its weapons before Trump takes over officially

2 mins

Powell signals readiness to defy Trump for Fed

US central bank delivered a quarter-point rate cut on Thursday

2 mins

Trump's Ukraine proposals merit attention, says Putin

\"It seems to me, it deserves attention what was said about the desire to restore relations with Russia, to help end the Ukrainian crisis\", Putin said late Thursday at the annual meeting of the Valdai Club in the Black Sea city of Sochi, in his first comments on Trump's re-election.

1 min

Judge strikes down Biden's immigration policy for undocumented spouses

A federal judge on Thursday struck down a Biden administration policy that aimed to ease a path to citizenship for some undocumented immigrants who are married to US citizens.

1 min

White House to get woman chief of staff

President-elect Donald Trump on Thursday announced that Susie Wiles, one of his two campaign managers, will be his White House chief of staff, entrusting a top position to a political operative who helped the Republican win election.

1 min

Trump, Modi, Rahul & Formula 3

There's a formula of three pillars on which a successful campaign must rest. Trump has just followed it, as did Modi in 2014 and 2019, but not in 2024

5 mins

Six actions to navigate Trump 2.0

India and the US share a high-stakes strategic and trade partnership. The US is India's largest trading partner, with trade exceeding $190 billion, and is home to the largest user base for American tech giants like Google, Facebook, and Amazon.

3 mins

Why there is only one Bukhara

I first ate at the Bukhara way back in 1986. That too Sikandari Raan cooked by the legendary Chef Madan Lal Jaiswal.

3 mins

The truth behind the rhetoric

As the year draws to a close, a new dispensation is set to take over in the United States. The world is changing. What are the prospects for India in South Asia?

3 mins

Indian cricket's home truths

Virat Kohli, the modern-day batting virtuoso, has a star-studded resume – one that also includes being part of two of India's three lowest-ever scores in Test cricket. As the forlorn captain, he was in the thick of action when his team suffered its lowest-ever score – 36 all out against Australia in Adelaide four years ago.

3 mins

'Ek hai toh safe hai': Modi in first rally for Maha polls

Prime Minister Narendra Modi on Friday flagged the Congress' \"caste politics\" and cautioned the nation against it, while also accusing the grand old party of \"playing a dangerous game of pitting one caste against another\" for political gains.

2 mins

FORENSIC PROBE ALL SET TO BOOST CONVICTION RATE

With Bharatiya Nyaya Sanhita making such investigation mandatory in serious crime cases that attract seven years' imprisonment or above, more and more criminals are likely to be brought to justice in the next five years

4 mins

Beyond the syntax of national culture

This book is not just a masterly exploration of India's linguistic civilisation. More importantly, it serves as a timely warning against recent attempts at conducting the epistemic study of Indian languages through a narrow prism of singularity.

4 mins

Adani Power cuts B'desh supply by more than 60%

Adani Power on Friday further reduced electricity supply to Bangladesh as the company seeks to recover more than $800 million in dues, according to data from Bangladesh's grid operator and two sources.

1 min

Swiggy IPO: QIBs do final-day heavylifting

Issue subscribed 3.6x as institutional investors swoop in on Day 3 to corner 90% bids

2 mins

Sensex, Nifty fall for 2nd day on FPI selling

Stock markets closed lower for the second straight day on Friday amid relentless foreign fund outflows and losses in blue-chip stocks Reliance Industries, ICICI Bank, and State Bank of India.

1 min

Zinka Logistics sets price band for ₹1,115 cr IPO

Zinka Logistics Solutions Ltd, a digital platform for truck operators, on Friday said it has fixed a price band of ₹259-273 per share for its ₹1,115 crore initial share sale.

1 min

NSE mulls launching new products to bolster commodities market

The National Stock Exchange (NSE) is seeking to expand its commodities segment by launching new products after examining the performance of energy, base metals, and bullion, an official of the domestic equity benchmark said on Friday.

1 min

With benchmarks becoming harder to beat, avoid very high-cost funds

The Securities and Exchange Board of India (Sebi) has, through a circular dated November 5, mandated that asset management companies must disclose expense ratios for direct and regular plans separately in their half-yearly statements.

2 mins

Volumes, margins lead to earnings upgrade for Page Industries

Page Industries reported sales growth of 11 percent in Q2FY25 and volume growth of 7 percent year-on-year (Y-o-Y).

2 mins

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