Business Standard - June 21, 2024

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June 21, 2024

New income tax regime may offer a treat to salaried class

Rationalisation of tax slabs and rate adjustments under consideration

2 mins

Sebi orders Religare to process Burman family's open offer

The Securities and Exchange Board of India (Sebi) has directed Religare Enterprises (REL) to apply for approvals in order to proceed with the open offer made by the Burman family.

2 mins

25 startups drop out of list, 3 turn unicorn

The funding chill on India's startup ecosystem was reflected in the Hurun list of future unicorns released on Thursday.

2 mins

PLI reset: Quarterly incentive payments on the table

To burnish production-linked incentive (PLI) schemes, the government is considering an overhaul of some of them relating to sectors such as textiles and pharma, and making incentive payments quarterly, officials in the know said.

2 mins

Sebi tightens norms for IPO price discovery

The Securities and Exchange Board of India (Sebi) has imposed additional measures and surveillance to curb manipulation in the process involved to compute the opening price for a stock on the day of its listing following an initial public offering (IPO).

2 mins

Growth key, but not with undue risks: RBI guv

Banks and non-banking financial companies (NBFCs) should not take \"unacceptable risks\" in the pursuit of growth and they must have robust risk mitigation framework, Reserve Bank of India (RBI) Governor Shaktikanta Das said here on Thursday.

2 mins

Hinduja Group planning to raise ₹7,300 cr to partly fund RCap buy

Hinduja Group is planning to raise about ₹7,300 crore ($873 million) through two rupee bond offerings to partly fund its acquisition of Reliance Capital, according to people familiar with the matter.

1 min

Vedanta biggest wealth creator in FY25 so far

Vedanta Group comprising, Vedanta Ltd and Hindustan Zinc Ltd, have generated the maximum wealth for investors on the Dalal Street in the current financial year so far, with the combined market valuation of both firms surging by 2.2 trillion.

1 min

Meril to make knee replacement tech 66% cheaper

Meril, a Gujarat-based medical devices company, has launched an indigenously developed surgical robotic technology, MISSO, which will provide assistance to doctors during knee replacement surgeries in real-time.

1 min

WhatsApp, TikTok, X and content creators emerge as major news sources

Social media platforms like Facebook and YouTube were major sources of news among online users ten years ago.

3 mins

Bulk drug imports grew in April-May as prices cooled

Industry insiders say pharma players are taking advantage and stocking up on APIs

2 mins

Nikon India eyes 10% growth in FY25, expand healthcare biz

Nikon India expects double-digit growth in India in the current financial year and aims to strengthen its imaging business with more launches and market expansion, top company officials said on Thursday.

1 min

Accenture narrows full-year guidance; Q3 revenue declines

Information technology (IT) services and consulting major Accenture's third-quarter (Q3) 2023-24 (FY24) results continued to reflect pressure on discretionary spending, with growth driven by managed services deals.

1 min

Startups regain lost funding ground

After four consecutive half-year periods of decline in funding, H1CY24 has seen an upswing

2 mins

Fresh formal hirings at 7-mth high in April

The number of fresh formal jobs generated in a month increased to a seven-month high in April, signalling a recovery in the formal labour market in the country, according to the latest monthly payroll data released by the Employees' Provident Fund Organisation (EPFO) on Thursday.

1 min

India Inc for more PLIS, higher capex, tax tweaks

On the second day of pre-Budget consultations on Thursday, Union Finance Minister Nirmala Sitharaman met representatives of India Inc.and they suggested increasing the capital expenditure, simplifying the tax regime and introducing new productionlinked incentive (PLI) schemes.

2 mins

FDI inflows down 43% in 2023: Unctad

India dropped to 15th spot in 2023 from 8th in 2022

1 min

MSP increase alone may not boost pulses, oilseeds output, shows data

The government has recently increased the minimum support price (MSP) of kharif crops by 5-12.7 per cent, with larger hikes for oilseeds and pulses than for cereals such as paddy.

1 min

MFIs call for equity support, govt guarantee

The microfinance industry has requested the government for creating a ₹500 crore equity for growth capital as well as guarantee for loans to smaller lenders, in the upcoming Union budget, which is likely to be presented in the second half of July.

1 min

India Gate maker says basmati rice exports may remain flat in FY25

India's basmati rice exports in the 2025 financial year are expected to remain at 5.2 million tonnes (mt), the same level as the previous year, or show a slight increase, said Ashish Jain (pictured), chief financial officer, KRBL Ltd, one of India's largest exporters of premium rice, and the maker of India Gate.

1 min

'Empower NBFCS, open up AIFS'

A group of financial and capital markets players met Union Finance Minister Nirmala Sitharaman for pre-Budget consultation on Thursday and put forth a clutch of demands, including taking measures to bring down reliance of NBFCS on bank funding, and encouraging insurance and pension funds to participate in the alternate investment funds (AIF) industry to finance infrastructure. Consistency in the tax policies was also one of the key demands.

1 min

'Rising deposit cost to weigh on bank NIMS'

With the continued re-pricing of bank term deposits at elevated rates, the cost of funds for banks is expected to rise by 25-30 basis points (bps) in the current financial year (FY25), thus weighing on their profitability.

1 min

OMCs to submit joint green H2 blueprint

In a bid to accelerate their energy transition plans and ensure the adoption of green hydrogen in a comprehensive manner, state-owned oil marketing companies (OMCs) are expected to soon submit a joint road map for the sector, officials said.

3 mins

Distinguish between public, pvt projects, banks tell RBI

The commercial banks have urged the Reserve Bank of India (RBI) to distinguish between private and public sector projects as the latter have implicit sovereign support that addresses any cost overrun.

1 min

Australia looks to close India trade deal before 2025 polls

Australia is pushing to conclude the Comprehensive Economic Cooperation Agreement (CECA) negotiations with India in the next six-seven months, as the Australian election is scheduled for May 2025, a person aware of the matter said.

1 min

PM SVANidhi: Share of minority applicants and beneficiaries down

OBCs also saw big drop in applicant and beneficiary share in FY24

2 mins

Patna HC strikes down Bihar quota hike

June The Patna High Court on Thursday struck down the increase in reservations effected in Bihar last year when quotas were raised from 50 to 65 per cent for Dalits, backward classes and tribals in government jobs and educational institutions.

1 min

Preparations have begun for J&K Assembly polls: PM

₹1,500 cr development, ₹1,800 cr agri projects inaugurated in Srinagar

1 min

90 Indians among 1,000 dead in Mecca

The death toll at the Haj pilgrimage amid intense heat in Saudi Arabia has gone past 1,000, news agency AFP reported.

1 min

SoftBank's Masayoshi Son ready for next big bet

SoftBank Group Founder Masayoshi Son declared he's ready to swing for the fences when he makes his next big tech bet, suggesting the Japanese conglomerate is on the cusp of making a major investment in AI.

1 min

OpenAI cofounder bets on 'safe superintelligence' firm

At OpenAl, Sutskever led a team focused on safely developing better-than-human Al

1 min

Nasa to train Indian astronaut for ISS

National Aeronautics and Space Administration (Nasa) administrator Bill Nelson has said that the US space agency will expand collaboration with India and it will include a \"joint effort\" aboard the International Space Station (ISS) with an Indian astronaut.

1 min

Dell announces new AI factory with Nvidia GPUs

The Chief Executive Officer (CEO) and Chairman of Dell Technologies Michael Dell announced on X that the company is developing the Dell AI factory with Nvidia graphics processing units (GPUs) to power Grok- the AI model created by Elon Musk's company, XAI.

1 min

Xi's mystery PBOC plans surface with biggest shift in years

It started with a cryptic quote from President Xi Jinping buried in a 172-page book on the financial sector.

3 mins

Sunak set for crushing defeat: Poll forecasts

Rishi Sunak's Conservative Party is heading for an electoral wipeout in the UK general election on July 4, according to three major polls on Wednesday, including one that projected even the premier will lose his seat.

1 min

FIIs buy bank stocks, impetus may sustain

Total index futures bought by them hit 56,911 on June 19

2 mins

Rupee hits new low on importer demand, corporate outflows

The rupee plunged to a new low of 83.65 against the US dollar on Thursday, driven by corporate outflows and robust demand from local importers, dealers said.

2 mins

Ola, Emcure get Sebi nod for IPOS

Electric two-wheeler company Ola Electric and Bain Capital-backed Emcure Pharmaceuticals have received the Securities and Exchange Board of India's (Sebi's) approval to raise funds through initial public offerings (IPOs), an update with the markets regulator showed on Thursday.

1 min

Framework for holdco price discovery launched

Market regulator Sebi on Thursday announced a framework for special call auctions with no price bands for price discovery of investment holding companies.

1 min

Govt seeks exemption for sovereign funds from RBI's AIF rules

The Centre has asked the Reserve Bank of India to exempt sovereign funds from a recent set of tightened rules concerning investments in alternate investment funds (AIFS), according to two government sources and a fund official.

1 min

Benchmark indices scale fresh highs

Benchmark indices Sensex and Nifty hit new lifetime highs on Thursday, fuelled by intense buying in market heavyweights Reliance, ICICI Bank and HDFC Bank amid a recent surge in foreign capital inflows.

1 min

General Atlantic, Asia Opportunities sell 4.9% stake in PNB Housing Fin

Foreign investors General Atlantic and Asia Opportunities V (Mauritius) on Thursday sold a 4.9 per cent stake in PNB Housing Finance for ₹1,004 crore through open market transactions.

1 min

Ixigo IPO puts spotlight on rival travel platforms

Analysts caution against chasing momentum in the pack

2 mins

Fitness trackers, desk yoga: India Inc stretches forward

Come June 21, Srinagar will witness Prime Minister Narendra Modi lead the International Yoga Day event from the banks of Dal Lake.

3 mins

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