Business Standard - December 07, 2024

In this issue

December 07, 2024

RBI keeps rates unchanged, cuts CRR by 50 bps to 4%

Maintains neutral stance; sets stage for Feb rate action

3 mins

Q2 GDP showing not a systemic slowdown: FM

The slow pace of gross domestic product (GDP) growth in the second quarter does not show systemic slowdown; it was impacted by a reduction in capital expenditure due to general elections in the first quarter, Finance Minister Nirmala Sitharaman said on Friday.

2 mins

Year-end rush: Market recovery sets IPO Street abuzz again

THE FIZZ IS BACK IPO tally this year is already highest ever for a calendar year

1 min

LG India files for IPO, may raise ₹15K cr

South Korean parent to sell 15% stake

2 mins

Tata Power plans ₹1.25 trn capex for FY26-30

Tata Power is planning to invest around ₹1.25 trillion between the next financial year (FY26) and FY30 in order to double its operational capacity to 32 gigawatts (GW) from 15.6 GW now, a senior company official said on Friday.

2 mins

Akasa Air inks codeshare pact with Etihad

Akasa Air, the Indian low-cost carrier, has entered into a codeshare partnership with Etihad Airways, the flag carrier of the United Arab Emirates.

1 min

CCI clears DHL, FedEx of collusion charges

An investigation by the Competition Commission of India (CCI) has concluded that there was no price collusion between the domestic units of delivery companies DHL, United Parcel Service and FedEx, according to three sources and a document seen by Reuters.

1 min

Paytm parent okays PayPay stake sale

One97 Communications, the company that operates brand Paytm, on Friday said the firm's wholly-owned Singapore entity approved stake sale in Japanese fintech corporation PayPay.

1 min

A-I Express' expansion plan ready for takeoff

Airline to induct 65 planes in 3 yrs; defers Kolkata-Dhaka direct flights

2 mins

Ixigo unlocks future of travel with AI for India's next billion

When Rajnish Kumar, co-chief executive officer of travel technology firm Ixigo, travels to his favourite destinations like Spain, Malaysia, and Singapore, artificial intelligence (AI) plays a vital role in shaping his itineraries.

2 mins

Pilot rest norms likely from July: DGCA

The Directorate General of Civil Aviation (DGCA) told the Delhi High Court on Friday that the proposed norms on duty and rest timings for pilots could only be implemented from July 2025 in a phased manner.

1 min

Tata Power eyes 40 mn customer base by 2030

Sinha was addressing the media at Tata Power's newly built 4.3 Gw solar module and cell manufacturing facility in Gangaikondan near Tirunelveli, Tamil Nadu.

1 min

LG Electronics latest to test India's IPO market

In India, LG Electronics is the largest home appliances and consumer electronics player after Samsung India Electronics.

1 min

No signs of stress across Adani group entities: JP Morgan

Global brokerage JP Morgan has assigned 'overweight' rating to four Adani group bonds and has ruled out \"any signs of stress\" across the key listed entities of the conglomerate saying most of them have leverage less than 5 times.

1 min

Don't want to go Byju's way: Aakash to NCLAT

Aakash Educational Services told the National Company Law Appellate Tribunal (NCLAT) on Friday that its move to amend Articles of Association (AoA) was aimed at infusing funds by selling equity and save the firm from going \"down the path\" of Byju's—the debt-ridden edtech firm that owns Aakash.

1 min

Ceat set to acquire Camso for $225 mn

Ceat, an RPG Group company, on Friday announced that it had entered into an agreement with global tyre company Michelin to acquire the Camso brand's Off-Highway construction equipment bias tyres and tracks business.

2 mins

Copper industry to see 10-13% spurt in demand in H2FY25: ICA India

India's copper demand is expected to clock a 10-13 per cent growth in the second-half of FY25, said a top executive from International Copper Association India (ICA).

2 mins

CRR cut to improve lenders' margins, may lift credit growth

The Reserve Bank of India's (RBI's) decision to cut the cash reserve ratio (CRR) by 50 basis points, injecting liquidity of ₹1.16 trillion into the banking system, is expected to reduce costs for banks and provide a much-needed boost to credit offtake, which has slowed in recent months.

2 mins

AI tool MuleHunter to tackle financial fraud

Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday that the central bank has developed an innovative artificial intelligence and machine learning (AI/ML) based model, MuleHunter.ai, to address the growing issue of mule bank accounts that are often used for committing financial fraud.

1 min

A policy addressing market microstructure

The Monetary Policy Committee (MPC) kept the rates and policy stance unchanged.

2 mins

Small finance banks can now offer pre-sanctioned credit line on UPI

The RBI on Friday allowed small finance banks to offer pre-sanctioned credit lines through Unified Payments Interface (UPI).

1 min

The underlying slowdown in growth is due to inflation

Reserve Bank of India (RBI) Governor Shaktikanta Das, along with Deputy Governors Michael Patra, M Rajeshwar Rao, Swaminathan J and T Rabi Sankar, responded to a range of questions during a post-policy media interaction. Excerpts:

3 mins

Households expect inflation to rise further: RBI survey

Indian households expect inflation to rise further while consumer confidence took a knock due to weaker sentiments, according to RBI's forward-looking surveys in November.

1 min

₹ reverses initial gains on concern over RBI moves

The rupee appreciated sharply on Friday after the Reserve Bank of India (RBI) cut the cash reserve ratio (CRR) by 50 basis points (bps) and hiked interest rates ceiling on fresh FCNR (B) deposits raised by banks.

1 min

Hike in FCNR(B) deposit rate may have limited impact on flows

The Reserve Bank of India's (RBI's) decision to raise the interest rate ceilings on foreign currency non-resident bank [FCNR(B)] deposits is expected to have a limited impact on attracting inflows.

2 mins

De-dollarisation not our objective, says RBI guv

Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday that de-dollarisation was not the objective of the central bank, and that it was only a part of \"derisking\" Indian trade, as dependence on a single currency could be \"problematic\".

1 min

Forex reserves jump $1.5 billion, end consecutive weeks of decline

Reach $658 bn for the week ended Nov 29

1 min

A cautiously dovish, par-for-the-course policy

\"It's all about managing expectations.\" That's what Reserve Bank of India (RBI) Governor Shaktikanta Das said while settling down for the customary post-policy interactions with the media on Thursday.

3 mins

Nod to 85 new KVs, 28 Navodaya Vidyalayas

The Union Cabinet approved on Friday the opening of 85 new Kendriya Vidyalayas and 28 new Navodaya Vidyalayas, Union Minister Ashwini Vaishnaw said.

1 min

Farmers to resume stir today; committed to buy at MSP: Govt

A large group of farmers, with a host of demands including legal guarantee for minimum support price (MSP), debt waiver and pension, temporarily halted their Delhi march from Shambhu border on Friday after some of them were allegedly hurt in police action which was trying to stop them.

1 min

No re-consideration on joining RCEP: Goyal

India in 2019 decided not to join the mega free trade agreement Regional Comprehensive Economic Partnership (RCEP) as the pact was not addressing its concerns and since then there has been no change in that position.

1 min

Economists stress need for manufacturing policy

Call for reining in food inflation and raising investment in pre-Budget talks

2 mins

NSO to release unemployment data every month from March

Surveys underway to release PLFS data for both rural and urban areas on a monthly basis Current weekly status (with a reference period of 7 days) to be used in the surveys The NSO currently releases the PLFS data for urban areas on a quarterly and yearly basis, while for rural areas it is done only annually Replacing the erstwhile Employment and Unemployment survey, the government started PLFS in April 2017

1 min

India will continue to be Voice for Global South: FM

Addressing a query on states undertaking reforms relating to factors of production, Sitharaman said it was in the interest of the country and the momentum the economy would need to sustain.

1 min

Rithala-Kundli corridor of Delhi metro approved

The Union Cabinet approved on Friday the 26.463 km Rithala-Kundli corridor of the Delhi Metro's Phase-IV project that will further enhance connectivity between the national capital and neighbouring Haryana.

1 min

Cash bundle on Singhvi's seat rocks upper house

A wad of currency notes found from the seat allotted to Abhishek Singhvi in the Rajya Sabha rocked the Upper House on Friday with the opposition

1 min

US payrolls rebound from storms and strikes, rise to 227,000 in Nov

The US job market returned to health last month after a storm- and strike-constrained October, with a solid advance in payrolls helping to temper concerns of a worsening slowdown in labor demand.

1 min

S Korea's Yoon under pressure to resign amid impeachment threat

South Korea's ruling party leader said President Yoon Suk Yeol needed to be removed from power for trying to impose martial law, increasing the pressure on him to quit even though members of his People Power Party reaffirmed its formal opposition to his impeachment late on Friday.

1 min

Trump's China tariff plan has $64 bn hole

Goods worth billions escape taxes due to undercounting of imports

3 mins

Syrian rebels enter two central towns, close in on city of Homs

Syrian insurgents entered two central towns early Friday just north of the central city of Homs, bringing them closer Syria's third largest city, an opposition war monitor and pro-government media both reported.

1 min

HK's IVF rules send people into black market for babies

A woman in Hong Kong had to travel to two different countries to attempt conceiving a baby on her own. A gay couple in the city resorted to even bigger extremes: Banned from surrogacy, they turned to the black market in mainland China to have their first child.

1 min

Former PayPal COO to be White House AI and crypto czar

Donald Trump says he is selecting venture capitalist David Sacks of Craft Ventures LLC to serve as his artificial intelligence and crypto czar, a newly created position that underscores the president-elect's intent to boost two rapidly developing industries.

1 min

Ex-senator Perdue is Trump's pick for China ambassador

President-elect Donald Trump announced he's nominating former Senator David Perdue as the US ambassador to China, enlisting a businessman with experience working in Asia for one of his key diplomatic posts.

1 min

A fiscally low-cost solution to China's economic challenges

The Chinese stock market has rallied recently in anticipation of another round of government stimulus.

3 mins

The Matrix, reality and simulation

It's 25 years of Keanu Reeves starrer The Matrix, where Neo, the protagonist, lives in the year 2199 and, more significantly, in a simulated world that is a fake-out version of the late 20th century, created by 21st-century artificial intelligence (AI) to enslave humanity.

3 mins

Return of bad ideas & missing reformers

There are three perfectly timed triggers for this week's column: Old, povertarian instincts are back; the steel industry lobbying for more import duties; and the absence of reformers like A D Shroff

5 mins

Roughhousing in Karnataka

In more than half a dozen states, the Bharatiya Janata Party (BJP) is in the Opposition.

3 mins

Does the captain still take it all?

Over the past four decades, since brands began hiring cricketers for endorsements, the captain of the Indian team has always had a distinct edge and a clear advantage.

3 mins

Demat a/c additions hit 7-mth low in Nov

The number of new dematerialised (demat) accounts added in November dropped to less than 3.2 million, the lowest since April 2024.

1 min

MobiKwik cuts issue size for 3rd time, sets price band at ₹265-279

Fintech firm MobiKwik is all set to launch its initial public offering (IPO) on December 11.

1 min

Sharp drop in India-US 10-year bond yield spread in past 4 yrs

Yield spread low despite rise in retail inflation in India

2 mins

Mkts snap five-day rally as RBI cuts FY25 growth forecast

Snapping the five-day winning run, benchmark Sensex dropped by 56 points in a highly volatile trade on Friday after the Reserve Bank of India (RBI) cut the growth projection for 2024-25 and kept the policy rates unchanged.

1 min

Gloomy outlook for growth may dampen market sentiment

The Reserve Bank of India (RBI)-led Monetary Policy Committee (MPC) held the repo rate unchanged and continued with its neutral monetary stance, scheduling a cash reserve ratio (CRR) cut to be implemented in two tranches.

2 mins

FPI lobby opposes Sebi's proposed AI, ML norms

Asifma seeks shared responsibility for AI-related breaches

1 min

A $500 bn haul reignites passive controversy on Wall Street

The passive-investing juggernaut is picking up speed—and it's stirring up fresh angst about the dangers posed by the index-tracking boom across Wall Street.

3 mins

CHECKMATING HISTORY

If Gukesh beats Ding, he will rewrite chess history by becoming the youngest to win the classical world championship since it started 138 years ago

5 mins

Pushpa 2 smashes box-office records with ₹294 cr opening

'Pushpa fire nahi, wildfire hai', the popular dialogue from Allu Arjun's Pushpa franchise has come true with the historic box office performance of the second part, which has amassed ₹294 crore gross globally on day one of its release.

1 min

Maruti, M&M join Hyundai in announcing price hikes

Up to 4% increase to be effective from Jan 1; higher input costs drive the move

2 mins

All We Imagine As Light named best '24 film by Sight and Sound

Director Payal Kapadia's \"All We Imagine As Light\" has been selected as the best film of the year by prestigious Sight and Sound magazine that also voted Anora, La chimera, Dahomey and Hard Truths amongst its top five.

1 min

High obsessions

In 1519, the Spanish conquistador Diego de Ordaz reached the summit of the stratovolcano Popocatépetl during an expedition in Mexico under Hernán Cortés.

3 mins

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