Business Standard - November 25, 2024

In this issue

November 25, 2024

Apple rings in $10 bn in iPhone production FOB

This equates to a $15 billion market value, with 70% exported

2 mins

Dark stores turning profitable rapidly

AADIT PALICHA, co-founder and chief executive officer of quick commerce firm Zepto, says the latest $350 million fundraise is one of the largest ever from domestic investors. This will allow the company to give more shareholding to Indian investors as it eyes an initial public offering (IPO) sometime next financial year. In a video interview with Aryaman Gupta and Shivani Shinde, Palicha talks about the rising scrutiny in the sector, expansion plans, and the IPO. Edited excerpts:

1 min

ICAI framing qualifications for forensic auditors

The Institute of Chartered Accountants of India (ICAI) is drafting guidelines to mandate compulsory qualifications for professionals conducting forensic audits.

2 mins

Solar sector caught in a haze as Adani storm set to hit funding, project plans

The Indian solar sector is bracing for impact after the US charges against the Adani group and NYSE-listed Azure Power last week.

3 mins

India leads Global South to reject 'unfair' finance deal

Rich Global North polluted the planet to turn wealthy in a short span of time, an Indian negotiator told this reporter in Baku last week. \"And now they are trying to get even richer by asking us to fix the problem.\"

3 mins

How Manjushree morphed into a packaging giant

The journey of Manjushree Technopack (MTL) from owning flour mills in Tinsukia, Assam, to becoming a dominant force in India's rigid plastic packaging industry caps a remarkable story of adaptation, innovation and strategic vision.

2 mins

Plea in SC to take US charges against Adani on record

Demands conclusive report by Sebi on probe carried out so far

2 mins

Luxury automakers hike prices up to 3% amid rising costs

Amid mounting inflationary pressures, escalating material costs, and rising operational expenses, luxury carmakers Mercedes-Benz India and BMW India have announced price increases of up to 3 per cent on their entire model ranges effective from January 1, 2025.

1 min

Qcom to create 10x more Mamaearths, Boats in 3-4 years

AADIT PALICHA, co-founder and chief executive officer of quick commerce firm Zepto, speaks to Aryaman Gupta and Shivani Shinde in an interview about the capex plans, slowdown in FMCG sector, and predatory pricing. Edited excerpts:

3 mins

FMCG distributors flag deep discounts by qcom cos to govt

Fast-moving consumer goods (FMCG) distributors' association has written to the finance ministry, highlighting concern over fund utilisation and fund accumulation by quick commerce companies and deep discounting of goods on their platforms.

1 min

Punit Goenka withdraws from ZEEL MD reappointment

ZEE Entertainment CEO Punit Goenka (pictured), who resigned from the post of managing director (MD) last week, has also withdrawn himself from reappointment for the post in the coming annual general meeting (AGM), according to an exchange filing.

1 min

UK FTA talks restart soon; complex issues persist

Issues like labour, environment remain tricky as talks may begin in Jan

2 mins

Major port cargo contracts 3.2% to 68 mt in Oct

Central government-owned ports, also known as major ports, recorded a rare 3.2 per cent year-on-year (Y-o-Y) contraction in their cargo volumes during October, primarily due to a fall in crude oil and coal shipments, according to government data.

1 min

CCPA seeks to polish diamond framework

Invites stakeholder views for norms

2 mins

Aligning with global audit standards critical to Viksit Bharat vision

AJAY BHUSHAN PANDEY, chairman, National Financial Reporting Authority (NFRA), in an interview with Ruchika Chitravanshi in New Delhi, says the latest reforms proposed to India's audit standards are historic and long overdue. Edited excerpts:

2 mins

Global fund managers' India euphoria fizzling out

The recent global fund flow data suggests that one big cycle of foreign fund allocation into India may have come to an end and the trend could remain soft for a longer time, according to a report by Elara Capital.

1 min

Adani case, Manipur may take centre stage in winter session

Govt lists banking law Bill for Lok Sabha discussions on Day 1

2 mins

RBI seeks info on NBFCs' supply-chain financing

Shadow banks told to rework offers

1 min

CBIC should review its MOOWR instructions

In October 2019, the government introduced much liberalized regulations for manufacture in customs bonded warehouses.

2 mins

Mahayuti's mandate: Delivering on promises without derailing growth

Focus now shifts to promises for women, farmers, and youth. They raise fiscal concerns despite Maharashtra's disciplined finances, writes INDIVJAL DHASMANA

3 mins

The rough side of victory

Jharkhand finances can be a constraining factor in keeping JMM-Congress electoral pledges, writes YASH KUMAR SINGHAL

3 mins

Between falling crop prices & electoral landslide

In Maharashtra, plunging crop prices foretold a backlash against the Mahayuti, yet the ruling alliance came out on top, by rallying women and through timely crop-related interventions, explains SANJEEB MUKHERJEE

2 mins

$36 trn debt may derail Trump's plans

High interest rates and price of repaying debt pose challenges

1 min

Rabbi who went missing in UAE was killed: Israel

Israel said Sunday that the body of an Israeli-Moldovan rabbi, Zvi Kogan (pictured), who went missing in the United Arab Emirates has been found after he was killed in what it described as a \"heinous antisemitic terror incident.\"

1 min

How Bessent became Treasury secretary from Democrat donor

In the heat of the 2000 presidential campaign, Vice President AI Gore took a break from barnstorming battleground states to attend a fundraiser for the Democratic National Committee in East Hampton, NY Standing behind Gore onstage was Scott Bessent, a hedge fund manager and at the time - a major donor to Democrats who cohosted the event at his home.

1 min

Trump effect? Iran to hold N-talks with European powers

Deputy foreign ministers of Iran, UK France, Germany to meet on Friday

1 min

New election commission sworn in B'desh

Bangladesh's newly appointed Chief Election Commissioner AMM Nasir Uddin and four other commissioners were sworn in on Sunday nearly three months after the resignation of the previous commission as deposed prime minister Sheikh Hasina's regime was toppled in a mass upsurge.

1 min

How Southwest Airlines lost its groove to unexpected costs and challenges

Three years ago, Southwest Airlines started flying out of Bellingham, Washington, a growing city near the Canadian border, aiming to do what it had done in dozens of smaller airports—sell lots of tickets to people who have few other travel options.

2 mins

Comeback script

Politics and economics of cash transfers must be debated

2 mins

High costs

US charges will cause reputation damage for Adani and India

2 mins

Wakeup call on biodiversity

The 16th Conference of Parties (COP-16) to the international Convention on Biological Diversity (CBD), held recently in Cali, Columbia, has proved a boon for India by spurring the government to revisit, and update, the country's National Biodiversity Strategy and Action Plan (NBS-AP).

3 mins

Strategy for FDI by Indian firms

A simple 2x2 classification for the leadership

4 mins

Anatomy of a terrorist attack

\"Why inflict this on myself?\" Emmanuel Carrère asks in the opening pages of his new book, as he stares down the 10 months he is about to spend in a 7,000-square-foot white plywood room, built to hold a crowd, in the lobby of the Palais de Justice in Paris.

4 mins

Earnings downgrades widespread, more expected

Tepid earnings growth in the September 2024–25 quarter, amid sticky inflation, withdrawals by foreign investors, and global headwinds, has diminished the appeal of Indian markets. ANDREW HOLLAND, chief executive officer at Avendus Capital Public Markets Alternate Strategies, tells Puneet Wadhwa in a telephonic conversation that flows—especially passive—will favor the US and developed markets over emerging markets (EMs). Edited excerpts:

2 mins

MARKET DRAFT POPS IPO BALLOON, 15 MAINBOARD LISTINGS LOSE AIR

DEFLATED: 10 of them down 10% or more below issue price

1 min

MFs hold the match to GIFT IFSC's listing fire

Mkt players aim to stoke flames of direct listing in financial hub

1 min

Premium portfolios to serve neat margin gains for liquor majors

PROFITS, UNCORKED: A spirited blend of festivals and weddings to pour strong growth in FY25's second half

2 mins

Retailer held liable for defective earpiece

CONSUMER PROTECTION

2 mins

Visit developer's past projects to evaluate service standards

Renting temporarily can be useful to assess suitability before committing to purchase

3 mins

So you're thinking of leaving X for Bluesky. How does it work?

The apps look and feel similar. Here is how to use Bluesky and what you might miss from X

3 mins

Greening AI for sustainable computing

Technologies are providing solutions to many business and social problems. However, the solution itself is becoming a problem for climate action.

3 mins

Agentic AI: The next frontier

A new iteration of AI is now taking the world by surprise. Agentic AI can take its own decisions. ARYAMAN GUPTA & SHIVANI SHINDE report

3 mins

The other side of financialisation

There's been a dramatic rise in loans against gold in the past one year, but growth in unsecured loans is slowing. Bank loans to the NBFC sector have also dipped

4 mins

Countdown to Feb 1 begins

FY26 Budget will come only six months after the last one, but has all the signs of becoming a hallmark document

4 mins

Crypto or not: Industry to focus on user protection, licensing regime

A consultation paper on the crypto sector is expected to suggest clarity on regulations after WazirX breach, says CoinSwitch co-founder

2 mins

Eastern states are country's growth engine, says Modi

Prime Minister Narendra Modi asserted on Sunday that his government considers India's eastern region as the country's growth engine, while the area was considered backward earlier.

1 min

India may become global leader in 5G FWA mkt by 2027

India is expected to become the world's largest 5G fixed wireless access (FWA) market by 2027 with over 30 million subscribers and overtake the US, the current global leader with 15 million subscribers, according to Counterpoint Research.

1 min

Demand for super top-up health insurance plans rises after Covid

Demand for super top-up plans in health insurance has increased significantly post the Covid-19 pandemic, owing to a rise in medical costs and increased insurance awareness in the country, industry insiders have said.

2 mins

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