Business Standard - July 20, 2024

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July 20, 2024

RIL profit drops 5.5% on weak showing by oil-to-chemicals biz

Misses Q1 earnings estimates despite gains in consumer, upstream segments

2 mins

₹35,000 cr electronic parts PLI plan afoot to give sub-assemblies a legup

The Ministry of Electronics and Information Technology (Meity) is ready to allocate over 35,000 crore to the proposed production-linked incentive (PLI) scheme for electronic components, in a bid to transform India into a global hub for sub-assemblies, a senior official disclosed.

2 mins

Microsoft global outage disrupts aviation in India

Other services in the country largely unaffected

4 mins

Reliance Retail profit flat in Q1, Ebitda grows on store expansion

Company adds 331 new stores and records footfall at 296 million across formats, up 18.9%

2 mins

Wipro profit beats estimates, rises 5.2%

Bengaluru-based IT services major Wipro posted a net profit of ₹3,036.6 crore for the first quarter of the current financial year (FY25), up 5.2 per cent from the year-ago period.

2 mins

Dip in sales realisation mutes UltraTech net profit at ₹1,696 cr

UltraTech Cement, the country's largest cement maker, on Friday reported a flat net profit for the first quarter of financial year 2024-25 (Q1FY25), a period marked by weak demand which the firm attributed to completion of key infrastructure projects and election lull.

2 mins

Jio Platforms net up 11.7%, Arpu unchanged

Jio Platforms Ltd (JPL), which runs India's largest mobile network operator Reliance Jio, on Friday reported a 11.7 per cent year-on-year (Y-o-Y) increase in net profit to ₹5,698 crore for the first quarter (April-June) of financial year 2024-25 (FY25) on robust subscriber growth.

2 mins

JSW Energy profit soars 80% on renewables boost

JSW Energy on Friday posted an 80 per cent jump in its net profit at ₹522 crore in the April-June quarter, mainly due to higher profitability in thermal business and incremental contributions from renewables.

1 min

JSW Steel net drops 64%, misses estimates

JSW Steel on Friday reported a 63.9 per cent year-on-year (Y-o-Y) decline in the consolidated net profit to ₹845 crore for the June quarter of 2024-25 (or Q1FY25), on the back of lower realisation, inventory losses and planned shutdown costs.

1 min

Paytm loss widens in Q1

Fintech firm One97 (OCL), Communications which owns Paytm brand, on Friday said its loss has widened to 839 crore in the quarter ended June 30, due to the continued impact of restrictions on Paytm Payments Bank Ltd.

1 min

BPCL net slumps 73% on lower margins

State-owned oil marketing company (OMC) BPCL on Friday reported a consolidated net profit of 2,841.5 crore in the April-June quarter (Q1) of FY25, recording a 73.2 per cent dip compared to 10,644 crore in the corresponding quarter of FY24.

1 min

Sebi issues show-cause notice to Paytm on ESOPS

Capital markets regulator Securities and Exchange Board of India (Sebi) has issued a show-cause notice to Paytm, questioning the fintech major's move to grant 21 million Employee Stock Options (ESOPs) to its founder and CEO Vijay Shekhar Sharma in financial year 2021-22 (FY22).

1 min

'Dire need to double allocation for agri R&D'

Just days before the Budget, the quarterly bulletin by Indian Council for Research on International Economic Relations (ICRIER) arm Agriculture Policy, Sustainability, and Innovations (APSI) has underscored the dire need to double the current budgetary allocation for agriculture research and development (R&D) in order to broaden its impact.

1 min

Five new Bills listed for Budget session

Will see tabling of the Economic Survey on Monday

2 mins

Upstream oil cos bat for tweaking tax regime

Oil and gas firms in the exploration and production (E&P) sector have sought a broad reduction in the tax levied on older oil blocks and exemption from customs duty on a larger set of imports in pre-Budget discussions.

2 mins

Agri exports decline 3% on Red Sea crisis

India's agriculture exports contracted 3 per cent to $5.88 billion during the first quarter of the financial year due to major 'global headwinds and tight domestic supply conditions'.

1 min

Sanjeev Krishan re-elected PwC India chairman

PwC India announced on Friday that Sanjeev Krishan (pictured) has been re-elected as its Chairperson for a second straight term.

1 min

Govt sets up 22-member panel for base-year revision

Committee will revise price indices such as consumer, wholesale, retail and producers

1 min

Exports to top 10 nations outpace overall numbers

Increase 16.5% compared to 5.8% in total export

1 min

Deposits remain preferred saving instrument but equity gains steam

RBI paper says investment funds' share up over 50% between FY12 and FY23

1 min

Need unambiguous, clear focus on inflation: Das

Guv says RBI's target is inflation, not a neutral rate of interest

3 mins

Foreign banks emerge largest debt investor

Foreign banks have emerged as the largest investors, with their investments exceeding the value of net inflows into JP Morgan index-eligible bonds, according to the state of the economy report by the Reserve Bank of India.

1 min

Trump for unity, tax cuts, trade wars

Former US President accepts Republican nomination, recounts assassination attempt

2 mins

Russian court convicts US reporter of spying, jails him for 16 years

The Wall Street Journal reporter Evan Gershkovich (pictured) was convicted Friday of espionage and sentenced to 16 years in a maximum-security prison on charges that his employer and the US government have rejected as fabricated.

1 min

Israeli occupation of Palestinian territory breaches int'l law: ICJ

Israel should end its \"unlawful\" occupation of large parts of the Palestinian territory, the United Nations' top court said in a legal opinion.

1 min

Data that powers AI is disappearing fast

For years, the people building powerful artificial intelligence systems have used enormous troves of text, images and videos pulled from the internet to train their models.

2 mins

The Fed should not cut interest rates yet

With inflation cooling and unemployment rising in the United States, investors are betting that the Federal Reserve will cut interest rates.

3 mins

Watching space Rahul

Congress party's score of 99 in the Lok Sabha elections has vaporised three painful questions dogging Rahul Gandhi for two decades. His record so far deserves a closer look

5 mins

Martian dream vs reality

EYE CULTURE Ilon Musk has unveiled an audaE cious vision: A million-strong Martian metropolis.

3 mins

Congratulations! Twitter turned 18

Earlier in the week, Twitter turned 18 a landmark birthday for the world's most popular microblogging site.

3 mins

Time for accommodation

Supporters of the Bharatiya Janata Party (BJP) can be forgiven for asking themselves dismally when there will be good news.

3 mins

10 banks, NBFCs see minor disruptions: RBI

The Indian financial sector largely escaped unscathed, experiencing only minor disruptions, amid the global tech outage that severely impacted major services worldwide.

1 min

Manual check-ins, flight delays: Chaos reigns supreme at Indian airports

Nearly 1,100 flights delayed, over 100 cancelled across Delhi, Mumbai, B'luru

2 mins

Underlying cause of outage fixed, says Microsoft

A worldwide tech outage crippled industries from travel to finance on Friday before services started coming back online after hours of disruption, highlighting the risks of a global shift towards digital, interconnected technologies.

2 mins

Biz as usual at bourses, some brokers face issues

The domestic securities market remained largely unaffected by the global technical outage triggered by issues at cybersecurity CrowdStrike.

1 min

It's raining diseases across India this monsoon

Chandipura virus claims 15 lives in Gujarat; Kerala, K'taka see spike in dengue

2 mins

Covid: India lost 2.6 yrs' life expectancy

In the aftermath of Covid-19, life expectancy saw a decline, with socially-disadvantaged groups experiencing the most significant losses.

2 mins

India in early stages of equity cult: Chris Wood

Says a change in capital gains tax can trigger a correction

3 mins

Infosys among top IT bets after strong Q1 showing

Shares of Infosys zoomed 4.76 per cent, hitting their fresh 52-week high of $1,843 apiece on the BSE during Friday's intraday deals.

1 min

Nearly ₹8 trn wiped out as mkts tumble

Benchmarks snap 4-day winning run amid global IT outage

2 mins

F&O volumes a macro concern, says Sebi chief

The rising volumes in the derivatives segment have now become a macroeconomic issue instead of being a risk concentrated to only a few individual investors, said Madhabi Puri Buch (pictured), chairperson of the Securities and Exchange Board of India (Sebi).

1 min

Patanjali net jumps 200% to ₹263 cr in Q1

Indian fast-moving consumer goods (FMCG) company, Patanjali Foods, reported a 200 per cent increase in net profit to ₹262.9 crore in the first quarter ended June 30, 2024.

1 min

US Biosecure Act may boost Indian CDMO, CRO firms

Indian drug companies to benefit as American biopharma looks to diversify sourcing

3 mins

Ceat teams up with Bayer 04 Leverkusen

With an eye to the European market, Indian tyre manufacturer Ceat has inked a two-year partnership deal with German football club Bayer 04 Leverkusen - the reigning Bundesliga champions.

1 min

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