Business Standard - November 13, 2024

In this issue

November 13, 2024

FSSAI sets expiry timelines for food items sold on ecom, qcom

The Food Safety & Standards Authority of India (FSSAI) on Tuesday asked e-commerce and quick-commerce food operators to ensure a minimum shelf life of 30 per cent or at least 45 days before products expire at the time of delivery.

1 min

Retail inflation breaches RBI's 6% threshold

October print at 14-month high as food prices climbed sharply; IIP picked up in September

2 mins

'We're now in the era of speed of doing business'

The Andhra Pradesh government on Tuesday signed a memorandum of understanding (MoU) with Reliance Industries under which the conglomerate will invest ₹65,000 crore to set up 500 compressed biogas plants in the state in five years.

3 mins

Pent-up demand for cars now over; growth will be only 3-4%

Last week, Maruti Suzuki launched the e Vitara in Milan, heralding its entry into the electric vehicle space, even as overall domestic market sales were muted after a two-year dream run. R C BHARGAVA, chairman of the company, discusses the reasons for the slowdown and their strategy in the EV market in an interview with Surajeet Das Gupta in New Delhi. Edited excerpts:

1 min

Britannia to remain focused on driving mkt share

Britannia Industries on Tuesday said that it remained focused on its strategy on driving market share while sustaining profits.

1 min

Zydus profit rises 14% to ₹911 crore

Ahmedabad-based Zydus Lifesciences on Tuesday reported a 13.8 percent year-on-year (Y-o-Y) increase in consolidated net profit for the September quarter (Q2FY25), reaching ₹911.2 crore, up from ₹800.7 crore recorded in the same quarter last year.

1 min

Hyundai PAT down 16°Io in lst results after listing

Carmaker's revenue falls on weak market sentiment, geopolitical factors

1 min

RIL to invest ₹65K cr in 500 CBG plants in Andhra Pradesh

Foundation for this maiden biofuel project in the state will be laid on December 28 at Kanigiri in Prakasam district

2 mins

Nykaa profit up 66% on beauty, fashion biz

FSN E-Commerce Ventures, the parent company of beauty and fashion brand Nykaa, on Tuesday reported a 67 per cent rise in its net profit to ₹13 crore for the second quarter of financial year 2025 (Q2FY25), compared to ₹7.8 crore in the year-ago period.

1 min

It's clear the PV market in India won't grow fast

R C BHARGAVA, chairman of Maruti Suzuki India, projects 3-4 per cent growth for India's passenger car market, citing affordability challenges in an interview with Surajeet Das Gupta in New Delhi. Maruti's first electric vehicle (EV), the Vitara, will be exported first, with an Indian launch in mid-2025. Bhargava underscores the need for higher localisation and design changes to make affordable EVs for India. Despite Chinese competition, Bhargava is confident about Maruti's edge. Edited excerpts:

2 mins

L&T bags over ₹15,000 cr NTPC order for thermal power plants

This is one of the biggest order wins for the company in the domestic market

1 min

COP29 agreement a boost for India's carbon market ambitions

Pact enables climate action by raising carbon credit demand

2 mins

PSBs clocked 11% growth in H1FY25

The Union Finance Ministry on Tuesday said that aggregate business of public sector banks (PSBs) has shown strong growth of 11 per cent in the first half of the financial year 2024-25 (H1FY25) to touch ₹236 trillion.

1 min

FM: May ease tariffs if no harm to economy

The government may take back the increased tariffs on products that do not harm the domestic industry, Union Finance Minister Nirmala Sitharaman said on Tuesday.

1 min

Rich nations try to shift pollution responsibility to India, China

Developing countries in Asia, including India, and climate activists are seeking over $1 trillion annually as grants alone from rich, polluting nations as compensation for climate change in the runup to COP 29 in Baku, Azerbaijan, the world's biggest climate event, which began this week, according to delegates and observers at the COP29 event in Baku.

2 mins

States' borrowings at 60% of Dec target

Officials say lower borrowings a sign of prudent fiscal management

1 min

₹ hits new intraday low of 84.41

The rupee depreciated to a new intraday low of 84.41 per dollar as foreign portfolio investors continued selling domestic equities amid persisting demand for the greenback, said dealers.

1 min

SBI eyes ₹10K cr via infra bond

State Bank of India (SBI), India's largest lender, is looking to raise ₹10,000 crore through 15-year infrastructure bonds as early as next week, said multiple sources aware of the development.

1 min

India Inc files ECB intent of $4.84 bn in September

Indian corporates, including non-banking financial companies (NBFCs), filed proposals in September 2024 with the Reserve Bank of India (RBI) to raise $4.84 billion through External Commercial Borrowings (ECBs).

1 min

'May reach $100 bn trade volume with Russia ahead of 2030'

India is confident of achieving $100 billion in annual bilateral trade with Russia well ahead of the timeline of 2030 and a more substantive relationship between the two nations has a larger global resonance, External Affairs Minister S Jaishankar said on Tuesday.

1 min

Further upside likely in factory output

\"The retail inflation in November 2024 is expected to be around 6 percent,\" said Paras Jasrai, economist at India Ratings.

1 min

NFRA for audit standards in line with global norms

Recommends revision that will hold group auditor responsible for the audit

2 mins

ED raids 17 places in Jharkhand, Bengal over 'Bangladeshi infiltration' case

The Enforcement Directorate (ED) on Tuesday raided multiple locations in poll-bound Jharkhand apart from West Bengal in a money laundering investigation linked to alleged illegal infiltration of Bangladeshi nationals, official sources said.

1 min

States should list gencos, discoms: Khattar

Citing that the country's power sector would require investments to the tune of ₹22 trillion in this decade, Union Minister for Power M L Khattar (pictured) urged states to publicly list their profit-making entities.

1 min

Day before polls, Cong promises caste-based Census in J'khand

The Congress on Tuesday released its manifesto for the Jharkhand Assembly elections promising 250 units of free electricity, caste-based Census, and filling up of all vacant government posts within a year.

1 min

Premiums of non-life insurers up 28% in Oct

Non-life insurers have reported a 27.53 per cent year-on-year (Y-o-Y) growth in premiums in October, supported by growth in standalone health and multi-line insurers.

2 mins

Shell wins appeal in landmark climate case

Friends of the Earth Netherlands says it would continue its fight; firm terms the decision right for global energy transition

2 mins

Trump to choose China hawk Rubio as secretary of state

President-elect turns to allies on Capitol Hill to fill top Cabinet posts

1 min

SoftBank back in black helped by Indian IPO mkt

SoftBank swung to its biggest quarterly profit in two years on a series of successful Indian listings, giving its founder Masayoshi Son more ammunition for his next bet.

1 min

Brits can't buy new Jaguars for a year amid EV shift

Monday came and went without much fuss about a major bit of British automotive history: Jaguar, the go-to car marque for prime ministers and members of the royal family, stopped selling any new vehicles in the UK.

1 min

US imposes methane fee on oil, gas producers...

US President Joe Biden's administration on Tuesday finalized a methane fee for big oil and gas producers meant to slash emissions of the powerful greenhouse gas, but which is likely to be scrapped by the incoming presidency of Donald Trump.

1 min

Key to Maharashtra's growth

India's economic reforms, which began in 1991, have created significant and unexpected outperformers and underperformers in terms of states' relative economic growth.

4 mins

Colonialism vs environmentalism

The premise of this collection of essays on prominent naturalists, mainly Indian, is notable, needed and quite frankly, inspirational. It contests effectively the widely held notions that love for nature and the creation and adoption of methods that help the environment are Western constructs and inventions that India has adopted.

4 mins

Foreign funding

Higher FDI will improve growth outcomes

2 mins

Credit for growth

Flow of credit can improve MSME performance

2 mins

Slowing capex

Recognising growth dynamics is necessary instead of changing norms to chase expenditure targets

4 mins

Tahiliani takes a decisive dive into pret With OTT

Women's-wear collection, costing ₹15,000 to ₹30,000, targets younger consumers

2 mins

Any waiver to be sectoral, not just for Vi: Scindia

Minister reiterates Starlink will have to comply with all norms to get satcom services licence

2 mins

Wilson & Hughes PE acquires travel firm Cox & Kings assets, brands

Iconic travel brand Cox & Kings, which went bust in 2019, is all set to make a comeback under a new owner, Singapore's private equity (PE) firm Wilson & Hughes which wants a pie of the fast-growing Indian travel market.

1 min

Delhi HC quashes lookout circular against Ashneer Grover, wife

The Delhi High Court has ordered cancellation of a lookout circular (LOC) issued against Ashneer Grover, the former managing director (MD) of payment app BharatPe, and his wife Madhuri Jain Grover, noting that the FIR lodged against them over allegations of cheating and forgery has already been quashed.

1 min

India to be among top 3 or 4 mkts for Siemens in 3 years

Country now contributes 3.5-4% to the firm's revenue

2 mins

BITING THE BULLET

The Bullet Train has been a 'dream project'. Can it become a reality anytime soon?

5 mins

NTPC Green Energy IPO eyes $12 bn Valuation

NTPC Green Energy Ltd is considering seeking a valuation of about $12 billion in what could be one of India's biggest initial public offerings (IPO) in the renewable energy industry, according to people familiar with the matter.

1 min

11 of 17 Nifty sector indices in correction mode

As many as 11 of 17 frontline Nifty sector indices are in 'correction' mode with energy, auto and central public sector enterprises (CPSE), consumption, and fast-moving consumer goods (FMCG) suffering the most in the recent market fall, according to data.

2 mins

Exchanges roll back direct payout of securities to client accounts

The National Stock Exchange (NSE) and BSE on Tuesday announced rollback of the direct payout of the securities to client demat accounts—which was enabled on November 11.

1 min

Sebi simplifies process for registration of certain FPIs

Abridged version of application form to be available in 3 months

1 min

Demand, margin gains ahead for UPL

Agrochemicals manufacturer UPL reported a muted quarter as operating profit remained flat on a year-on-year (Y-o-Y) basis, due to a price decline (down 7 percent Y-o-Y) and surplus capacity in China.

2 mins

Swiggy makes market debut today

Shares of food delivery major Swiggy will make stock market debut on Wednesday following its ₹11,327 crore initial public offering (IPO), second biggest this year and sixth-largest to hit the domestic market.

1 min

Nifty falls to near 5-month low

Earnings disappointment and foreign outflows continue to weigh on markets

2 mins

Low valuation sparks interest in IndusInd

Analysts believe worst may be over for lender after sombre Q2 results

2 mins

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