Business Standard - October 10, 2024

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October 10, 2024

Samsung relocation buzz sends alarm bells ringing

Sri City, a special economic zone in Andhra Pradesh, may be seeing an opportunity next door as a strike at Samsung's Sriperumbudur plant in Tamil Nadu - which is just 75-km away - entered the second month.

3 mins

RBI holds rate again, shifts stance gear to neutral

Das says inflation-growth balance well-poised; rates may start falling from Dec

3 mins

Asset monetisation target for this financial year raised to ₹1.9 trn

The NITI Aayog has increased the asset monetisation target for 2024-25 (FY25) by ₹23,000 crore to ₹1.9 trillion, moving closer to the overall ₹6 trillion target set under the National Monetisation Pipeline (NMP) for a four-year period.

2 mins

Hyundai set for ₹27,856 cr IPO, India's biggest

Indian arm to be valued at ₹1.59 trn

2 mins

‘Ready to export to new EV mkts if there is demand’

All set to debut on Indian bourses, Korean-origin auto major Hyundai Motor India Ltd (HMIL) says its IPO will ensure the company is more “dedicated” to succeed in India. Speaking with Sohini Das and Samie Modak in Mumbai, UNSOO KIM, president, CEO and MD, WANGDO HUR, executive director and CFO, and TARUN GARG, whole time director and COO of HMIL outline their plans. Edited excerpts:

3 mins

Physics Wallah looks for ibankers for IPO in 2025

The two founders of edtech company Physics Wallah are in talks with investment bankers after closing a funding round of $210 million as they prepare for an initial public offering (IPO), sources told Business Standard.

1 min

Top energy, commodity, infra companies see senior executive exits

During the last one month, at least six senior executives working at top companies in the energy, commodity and capital goods spaces have tendered their resignations, show disclosures.

2 mins

PW is able to develop set of products that are disruptive

DEBORAH QUAZZO, managing director of US-based tech investor GSV Ventures, explains to Aryaman Gupta in an interview in New Delhi on the firm's big-ticket investments in Physics Wallah (PW), and why it has shied away from ploughing funds into the beleaguered edtech firm Byju's. Edited excerpts:

2 mins

India's e2W penetration lags in EV race

India may be the second-largest market for electric two-wheelers (e2Ws) globally, having sold 0.9 million vehicles in the calendar year (CY) 2023. However, the situation differs when it comes to e2W penetration.

1 min

Govt may send notices to e-com, qcom players on expiry date norms

The Central Consumer Protection Authority (CCPA) has tightened scrutiny on quick commerce and ecommerce players on issues of flouting the rules of selling products close to the expiry date.

1 min

A-I, Vistara in churn over pilot career progression plan

Vistara pilots claim A-I colleagues leapfrogging them in promotion

2 mins

‘Lot of innovation in the pipeline for cheese JV’

Two years after announcing its joint venture (JV), Britannia Industries and Bel Group on Wednesday inaugurated their first cheese factory in Ranjangaon, Maharashtra, with an investment of ₹220 crore. VARUN BERRY, executive vice-chairman and managing director of Britannia Industries, and CÉCILE BÉLIOT, chief executive officer of Bel Group, discuss capturing a larger share of the cheese market in India in an exclusive telephonic interview with Sharleen D'Souza. Edited excerpts:

2 mins

Cyberattack probe underway: Star Health

Star Health and Allied Insurance (Star Health) on Wednesday said that a thorough and rigorous forensic investigation led by independent cybersecurity experts is underway into the cyberattack it had been subject to.

1 min

WB's Gill: India's rise as high-income developed nation 'not guaranteed'

Underscoring the threat of a middle-income trap, World Bank Chief Economist Indermit Gill has said that India's rise as a high-income developed country is \"not guaranteed\" unless it takes specific measures, including giving more economic freedom and improving quality of education.

2 mins

Rural indebtedness up, income, spend rise too

Share of food as part of rural consumption falls by 7.84%

2 mins

Early dip in stubble fires offers brief relief, but pollution threat looms

Delhi's brief reprieve from pollution, a welcome breath of fresh air during the monsoon months, might just linger a little longer. As the first gusts of the stubble-burning season sweep in, the skies are showing a promising change - incidents of crop residue burning have plummeted by nearly 65 per cent.

2 mins

CBAM arbitrary, can hurt industry: FM

EU's deforestation rules could disrupt India's supply chains, says Sitharaman

2 mins

Better access to water, sanitation but only 63% use clean fuel: Mospi

Recent findings from the Comprehensive Annual Modular Survey, released by the National Statistical Office (NSO) on Wednesday, reveal that 97.8 per cent of households have toilet facilities and 95.7 per cent have access to improved sources of drinking water. However, only 63.4 per cent of households use clean fuel for cooking.

1 min

Atishi forced to vacate Delhi CM's residence, claims CMO

Delhi chief minister's residence at 6, Flagstaff Road in Civil Lines was forcibly vacated at the behest of the BJP as Lt Governor V K Saxena wants to allot it to a saffron party leader, the CMO alleged in a statement on Wednesday.

1 min

Over 82% of rural youth able to use internet, says govt survey

Over 82 per cent of youth in rural areas between 15 and 25 years of age can use the internet while the figure is nearly 92 per cent in urban cities, showed a government survey.

1 min

After Assembly poll results, battle shifts to Maharashtra

BJP to work for bigger mandate in state: Modi; Cong to study Haryana outcome

2 mins

MPC holding out, but not for long

Ahead of the October meeting of the Monetary Policy Committee (MPC), uncertainty ran high on a potential change in rates, policy stance, and economic forecasts, and for good reason.

2 mins

'Confident inflation will moderate in Q3... but risks remain'

Reserve Bank of India (RBI) Governor SHAKTIKANTA DAS, along with Deputy Governors MICHAEL PATRA, M RAJESHWAR RAO, SWAMINATHAN J and T RABI SANKAR, responds to a range of questions during a post-policy media interaction. Edited excerpts:

2 mins

RBI opens door for rate cut, finally

If we see higher inflation in Sep-Oct and 7% GDP growth in Sep qtr, will the RBI go for a rate cut in Dec? Or, will that be pushed to Feb?

4 mins

Soon, pay up to ₹1K without entering PIN on UPI Lite

The Reserve Bank of India (RBI) on Wednesday enhanced transaction limits for UPI123Pay and UPI Lite to encourage wider adoption of these UPI products.

1 min

Micro, small enterprises not to face pre-pay fines

The Reserve Bank of India (RBI) on Wednesday said that banks and non-banking financial companies cannot levy foreclosure charges or pre-payment penalties on floating rate term loans sanctioned to Micro and Small Enterprises (MSEs).

1 min

New capital instrument norms for UCBs on anvil

The norms for new capital-raising instruments, such as issuance of shares at a premium for urban cooperative banks (UCBs), are expected to provide flexibility in raising resources and support growth of the sector.

1 min

Hopes dashed but prudent approach, say realtors

Even as the realtors' hopes for a repo rate cut ahead of the festive season were dashed after the Reserve Bank of India (RBI) kept it unchanged at 6.5 per cent for the 10th consecutive time on Wednesday, real estate industry experts say that the decision represents a \"prudent approach\" expected to boost stability in the sector.

1 min

BUYERS' BET Consumer confidence improves in RBI's September survey

Consumer confidence improved in the September 2024 Survey round compared to the previous round in July due to better perceptions about the general economic, employment, and income conditions, according to the Reserve Bank of India's (RBI) forward looking survey.

1 min

Boeing revokes pay offer as strike drags on

Talks between Boeing and its key manufacturing union broke down, and no negotiations are currently planned as the financially damaging strike heads into a fourth week.

1 min

Amazon targets faster deliveries with new tech

Amazon, in its quest for greater efficiency, has developed new systems to shave seconds off each package delivery and to help customers make faster buying choices, even for new product types that they may know little about.

1 min

Google faces breakup in historic antitrust case

Firm says it would have significant consequences for consumers, businesses

2 mins

Netanyahu speaks to Biden as Israel's Iran retaliation looms

Israeli Prime Minister Benjamin Netanyahu's office said he spoke with US President Joe Biden for the first time in more than a month as Washington looks to temper Israel's retaliation for last week's missile attack from Iran.

1 min

Airbus says deliveries fell 9% in September

Airbus deliveries fell 9 per cent in September to 50 aircraft, compared with the same month last year, the European planemaker said on Wednesday.

1 min

‘Anxiety as a symptom of anxiety’

Today, as we become our own diagnosticians, a quick Google search is handy but not always warranted. Inevitably, one question leads to an obsessive two hour-long spiral down the rabbit hole that is the internet, whether or not the issue deserves such immediacy. This behaviour is not new, as Caroline Crampton points out in her second book, A Body Made of Glass, although it has been on the rise.

3 mins

Strategy for GST reforms: Direction and speed

The argument that the tax system has settled and therefore no longer needs reforms is fallacious

4 mins

Unambiguous commitment

MPC wants the disinflation process to be completed

2 mins

Toxic work culture is upwardly mobile

A sewer is the world's least desired workplace. Yet blocked sewers and septic tanks make up the daily place of work for over 700,000 Indians known as manual scavengers, a profession that is officially supposed to be banned in India. A minuscule proportion of such workers get to use the giant cleaning machines that their counterparts in the West can depend on to do their work every day. In the past five years, over 300 Indians, overwhelmingly from among the lowest castes and backward communities, died by drowning or asphyxiation in the line of duty.

3 mins

The making of AI

Physics Nobel has created a controversy

2 mins

No irregularities found in Sebi probe: Zee panel

The Independent Investigation Committee (IIC), set up by the board of Zee Entertainment Enterprises Limited, said that \"no material irregularities\" were found against the company during the investigation by the securities regulator, it said in a release on Wednesday.

1 min

More upside in Zomato's stock, but competition also rising

The filing of Swiggy's DRHP has led to direct comparisons with Zomato, which is a direct competitor in food delivery and the fast-growing quick-commerce segment where Blinkit (owned by Zomato) faces off against Instamart (and Zepto).

2 mins

Nomura sees robust growth ahead for domestic AMCs

Forecasts industry AUM to grow at 18% CAGR between FY24 and FY30

2 mins

Mkts erase gains amid sustained FPI selling

India's benchmark indices made positive strides for the second consecutive session on Wednesday, but sustained selling by overseas investors saw them erase their gains.

1 min

India set to join FTSE Russell bond index next year

South Korean bonds to be added to FTSE World Government Bond Index

2 mins

Fortified rice supply, border roads get ₹21K cr Cabinet push

2,280 km roads to be built in Rajasthan, Punjab border areas

2 mins

97% rail electrification done

Indian Railways has completed electrification of 96.68 per cent of its broad gauge network, as it moved swiftly to become fully-electrified by 2024-25. Six more states now have 100 per cent electrified networks, taking the number of such states to 20, according to the national transporter's data.

1 min

BURNING ISSUE

Minimum support price has been a bone of contention between the farmers in Punjab and the state and Centre

3 mins

Missing funds went to legitimate purpose, says Byju's founder

The founder of Byju's, a once high-flying Indian education company that defaulted on its US debts, denied that he orchestrated a scheme to fraudulently transfer $533 million away from lenders.

2 mins

Brand Maggi stronger than ever as Nestlé India gears up for new leader

Nothing has presented \"two minutes\" as tastefully as Maggi since its entry into India over four decades ago.

2 mins

India on top of luxury firms' 'watch' list

Country's appetite for premium watches grows as China sees a downturn

3 mins

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