Business Standard - November 06, 2024

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November 06, 2024

Brainstorming by top minds of financial world to start today

Three-day event to explore India's potential and pathways to achieve it

3 mins

Equity NFO pipeline remains strong despite mkt weakness

The equity market's recent downturn appears unlikely to slow the brisk pace of mutual fund (MF) scheme launches, at least in the coming weeks.

1 min

Jio IPO may be pegged at over $6 bn; listing expected in Q2 or Q3 of 2025

Reliance Retail could be valued between $125 bn and $150 bn at the time of IPO

2 mins

Govt can't take over all private properties: SC

The ruling may impact policies aimed at wealth distribution

3 mins

Maruti to drive in eVitara next year

Maruti Suzuki unveiled its first electric car, the evitara, in Milan on Monday. It marks the company's foray into the electric vehicle (EV) segment, and its production is expected to start at its Gujarat unit next year.

1 min

Royal Enfield to debut C6 EV in Europe, US

1st model of 'Flying Flea' to hit India next yr; firm to set up hub in TN unit

2 mins

iPhone 16 takes bite out of 15's sales, dials 8% growth

Sales of the Apple iPhone 16 in the first month since its launch have shown a growth of 8 percent over the iPhone 15 in the corresponding period, according to preliminary estimates by Counterpoint Research.

1 min

Will launch three biosimilars globally in two-three years

Biocon Biologics (BBL), a subsidiary of Biocon, had refinanced $1.1 billion (₹9,300 crore) debt last month. The company's managing director and chief executive officer, SHREEHAS TAMBE, spoke to Sanket Koul and Aneeka Chatterjee in a video interview on issues ranging from refinancing, launches, and the road map. Edited Excerpts:

2 mins

L&T to acquire 21% stake in E2E Networks for ₹1.4K cr

Engineering conglomerate Larsen & Toubro (L&T) on Tuesday announced it will acquire a 21 per cent stake in Indian Cloud and AI Cloud provider E2E Networks, in an all-cash transaction of ₹1,406 crore.

1 min

Oberoi family feud: HC allows Anastasia to attend AGM

The Delhi High Court (HC) allowed Anastasia Oberoi, daughter of the late Prithvi Raj Singh (PRS) Oberoi, to attend the Annual General Meeting (AGM) on Tuesday, amid the ongoing inheritance battle over the Oberoi hotel empire.

1 min

A bitter brew as rising costs stir tea market

Erratic rainfall results in production loss of 76.73 million kg

2 mins

India's domestic air tariff up 43% in 5 yrs, just behind Vietnam

India has recorded the second-highest increase in domestic airfares in the Asia-Pacific (APAC) and West Asian regions, climbing by 43 per cent in the first half of 2024 compared to pre-pandemic levels in 2019, second only to Vietnam (63 per cent).

1 min

Fidelity increases Lenskart valuation by 12% to $5.6 bn

The valuation of eyewear retailer Lenskart to $5.6 billion has been increased by a fund managed by US-based financial services major Fidelity.

1 min

Managerial roles' share wanes, workers' rises

Experts say it's due to automation, increase in contractual hiring

1 min

Shadow lenders retreat as bad loans rise amid crackdown

Six years after the country's shadow-banking sector blew up, pockets of stress are building again, prompting firms to start pulling back amid scrutiny from the Reserve Bank of India (RBI).

2 mins

Kharif rice production expected to grow 6%

Pulses output in this season projected to be the lowest in nine years

2 mins

Ocean freight rates rise for 1st time since July

Drewry World Container Index up 4% ahead of Christmas, New Year rush

1 min

IBBI proposes mediation for operational creditors

The Insolvency and Bankruptcy Board of India (IBBI) has proposed revised regulations to allow operational creditors to opt for voluntary mediation before starting insolvency proceedings against a company.

1 min

Standalone health insurers' share in retail segment zooms

The share of standalone health insurers (SAHIs) in the retail health insurance segment rose to 57 per cent of the Gross Direct Premium Income (GDPI) worth nearly ₹18,000 crore in the April-August period of FY25.

1 min

NARCL looks to acquire over ₹2,800 crore of stressed loans

Emerges frontrunner to buy NPAs in Bareilly Highways, Mumbai Metro One

1 min

Manappuram Finance profit rises 2%

Gold loan company Manappuram Finance's (MFL) consolidated net profit rose by just 2 per cent year-on-year (Y-o-Y) to ₹572.1 crore in Q2FY25 amid a sharp rise in provisions related to impairment of financial instruments.

1 min

Bharat Connect clocked ₹1 trn in transaction value in Oct

Bill payments platform Bharat Connect processed transactions totaling ₹1 trillion in October, recording 239.31 million transactions.

1 min

Oil India net rises 3.8x on low base

State-owned Oil India Limited consolidated net profit rose 3.79 times, attributable to the owners of the company for the second quarter of FY25.

1 min

Berger Paints posts flat revenues amid prolonged rainfall

Coatings major Berger Paints India on Tuesday reported a 7.6 per cent decline in consolidated net profit to ₹270 crore for the second quarter of the financial year 2024-25.

1 min

DRL reports 9% decline in PAT

Hyderabad-based Dr Reddy's Laboratories (DRL) posted a 9.5 per cent year-on-year (Y-o-Y) decline in its consolidated profit after tax (PAT) at ₹1,341.9 crore for Q2FY25, while clocking in its highest-ever revenue from operations during the period, which were up by 16.5 per cent to ₹8,016.1 crore.

1 min

JK Tyre profit drops for first time in 2 years

JK Tyre & Industries reported its first quarterly profit fall in two years on Tuesday, hurt by weak tyre sales to car, bus and truck makers.

1 min

Titan profit falls 23% on Customs duty cut

Titan Company's net profit in the second quarter this financial year (FY25) fell 23.1 per cent due to Customs duty reduction.

1 min

India makes formal bid to host 2036 Olympics

India has submitted a letter of intent, expressing its desire to host the 2036 Olympic and Paralympic Games, to the International Olympic Committee's Future Host Commission, taking the first concrete step in an ambitious plan after months of informal dialogue with the IOC.

1 min

Parliament winter session from Nov 25

The Winter session of Parliament is scheduled to begin on November 25 and continue till December 20, Parliamentary Affairs Minister Kiren Rijiju said on Tuesday.

1 min

'Treat all equally': SC junks ruling against UP madrassas

CJI-led Bench says 2004 law doesn't violate principle of secularism

2 mins

Political space given to extremists: EAM

External Affairs Minister S Jaishankar on Tuesday took a strong exception to the Hindu temple incident in Brampton and said it tells in a way the \"political space\" which is being given to \"extremist forces\" in Canada.

1 min

LOCAL SCHEME, VOCAL DEBATE

Detractors say schemes like MPLAD seriously erode the notion of separation of powers as the legislator directly becomes the executive while implementing them

5 mins

Count me in, count me out: US elections on razor edge

The dizzying presidential contest between Republican Donald Trump and Democrat Kamala Harris hurtled towards an uncertain finish on Tuesday as millions of Americans headed to the polls to choose between two sharply different visions for the country.

4 mins

Saudi Aramco keeps $31 bn payout despite lower profit

Aramco held its quarterly dividend at $31 billion, despite lower profit, as Saudi Arabia's multitrillion-dollar economic transformation plans widen the budget deficit.

1 min

Decoding US presidential election

In the United States, a candidate becomes president not by winning a majority of the national popular vote but through a system called the Electoral College, which allots electoral votes to the 50 states and the District of Columbia based on their population. Here are some of the rules:

2 mins

Boeing workers vote to accept new deal

Boeing's US West Coast factory workers accepted a new contract offer on Monday, ending a bitter seven-week strike that halted most jet production and deepened a financial crisis at the troubled planemaker.

1 min

Chinese red tape leaves major deals in limbo

'Can pull off economic recovery'

1 min

Climate of denial

Mobilising private capital will be challenging

2 mins

Carbon debt: An unjust load on Global South

On the recommendation of Ed Conway, the author of the deservingly highly acclaimed book, The Material World, I purchased More and More and More: An all-consuming history of energy by Jean-Baptiste Fressoz.

5 mins

Employment by contract

Contractualisation is affecting employment quality

2 mins

Underwhelming economics Nobel

The three winners this year explain little that we didn't already know. What they don't reveal would fill an encyclopedia

5 mins

The 'disruptive' feminist

If, as a woman, you've tried to assert yourself in a situation, platformed your viewpoint, shared your unease at something, or taken offense at one thing or the other, chances are that you've heard the following statements or their variations: \"Be a sport, yaar!\" \"Why spoil the fun, man?!\" \"You're taking everything too literally.\"

2 mins

Sagility India IPO booked 22% on Day 1

The initial public offering (IPO) of Sagility India Ltd, a technology-enabled services provider in the health care space, received 22 per cent subscription on the first day of bidding on Tuesday.

1 min

Global mkt: Stocks, Treasury yields gain as US votes

World stocks rose and Treasury yields rebounded on Tuesday while an index of market volatility retreated, as markets awaited early indications of the outcome of a knife-edge US election, with only currency markets showing some jitters.

1 min

Govt may divest 2.5% in HZL through OFS

The Centre is planning to sell 2.5 per cent of the total share capital of Hindustan Zinc Ltd (HZL) through an offer for sale (OFS) on Wednesday and Thursday for ₹505 per share.

1 min

Upper-teens EPS growth likely for Gland Pharma in next two financial yrs

Gland Pharma's Q2FY25 results beat muted expectations, with upper-teens EPS growth projected over the next two financial years despite a slowdown in US sales and temporary issues at its Cenexi subsidiary.

2 mins

Record FPI exodus throws a shadow on stock markets

Foreign investors are souring on India's stock market, selling a record amount of shares amid signs the South Asian nation's post-pandemic economic boom is losing steam.

1 min

Markets rebound as investors cast wide net for value

In-demand financial stocks drive the rally

2 mins

MFs told to disclose expense of direct, regular plans separately

The Securities and Exchange Board of India (Sebi) has made it mandatory for mutual fund (MF) houses to give separate disclosures for direct and regular plan schemes in their half-yearly financial results.

1 min

Shares of Adani Ports anchor at 5-month low

Down 5% in two days after business update for October

2 mins

THE BIGGEST BFSI SUMMIT IS EVEN BIGGER NOW

The largest financial sector event in the country - the Business Standard BFSI Insight Summit - is back this year in a bigger form.

3 mins

Making sense of India's real estate boom

Growth drivers in real estate include urbanisation, disposable incomes, and demand for residential, commercial, and logistics spaces, according to a Business Standard-Knight Frank report

8 mins

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