Business Standard - August 21, 2024

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August 21, 2024

Latest global audit norm adoption on regulators' table

NFRA, other financial watchdogs, MCA to meet next week

2 mins

Sebi seeks to reset clock on rights issue

The Securities and Exchange Board of India (Sebi) has proposed sweeping changes to the rights issue framework to enhance its attractiveness, aiming to make it the preferred route for additional fundraising by listed companies.

2 mins

Maruti'adjusting' production to reduce dealer stock: Suzuki

Maruti Suzuki India Ltd (MSIL), India's largest carmaker, is \"adjusting\" its production to ease dealer inventories, following \"slower than expected\" demand for passenger vehicles in the Indian market in the first quarter of 2024-25, said its majority shareholder Suzuki Motor Corporation (SMC).

2 mins

‘Payment ecosystem needs to be viable'

Google Pay has cornered 37 per cent of all UPI transactions processed in the country last month. While digital transactions like UPI are generally free for customers, they incur costs for fintech firms and banks. SHARATH BULUSU, director of product management, Google Pay, explains to Ajinkya Kawale in a video interview the rationale for implementing a Merchant Discount Rate (MDR) for UPI and outlines the company's credit strategy.

3 mins

Account aggregator ecosystem clocks 100mn user consents

The account aggregator (AA) ecosystem has surpassed 100 million consents on the AA framework with about 80-90 million Indians using the system in the country, said DigiSahamati Foundation (Sahamati) the industry alliance for AA.

1 min

Chevron lines up $1 bn for innovation center in India

Facility in Bengaluru will hire 600 skilled candidates by 2025-end

2 mins

CCI warns merger will hurt rivals

The Competition Commission of India (CCI) has reached an initial assessment that the $8.5 billion India merger of Reliance and Walt Disney media assets harms competition due to their power over cricket broadcast rights, four sources told Reuters on Tuesday.

1 min

BharatPe rolls out secured loans for merchants

Fintech firm BharatPe on Tuesday announced the launch of secured credit products such as two-wheeler loans and Loans Against Mutual Funds (LAMF) for its merchants in partnership with lenders such as OTO Capital and Volt Money.

1 min

Tata Steel decarbonisation: UK releases £13.5 million

The British government Tuesday said it had begun supporting those affected by Tata Steel UK's decarbonisation process with the release of an initial £13.5 million, also available to affected workers for them to retrain or acquire new skills for the employment market.

1 min

Expect 'positive news'on mpox vax in a yr: SII

Adar Poonawalla, the CEO of Serum Institute of India (SII), on Tuesday said he expects 'positive news' on the development of an indigenous mpox vaccine within a year amid a surge in cases globally.

1 min

JSW Cement plans 2x capacity, to acquire assets via IBC route

Sajjan Jindal-promoted JSW Cement has a road map to double its cement capacity and also look for acquisitions, according to the company's initial public offering (IPO) documents.

1 min

Building materials biz expected to log strong growth: Birla

Aditya Birla Group Chairman Kumar Mangalam Birla on Tuesday said the conglomerate's building materials business is expected to see significant growth over the next several years with cement and decorative paints poised to be a key segment on the back of housing and infrastructure boom in India.

1 min

India sets sights on 10% of global space economy in 10 yrs

India has outlined an ambitious 25-year vision plan for the space sector, which includes vaulting the size of the space economy from around 2 per cent globally to 10 per cent in the next decade, setting up a human space station, and sending an Indian to the moon by 2040.

2 mins

GST evasion of ₹1.2 trn detected since '20: Govt

The Directorate General of GST Intelligence (DGGI) has detected tax evasion of ₹1.2 trillion using fake input tax credit (ITC), since 2020 to date, with special emphasis being laid on identifying and apprehending the masterminds and disrupt syndicates, operating across the country, the finance ministry said in a release on Tuesday.

1 min

Cannot cut rates due to one-off inflation dip: Das

Says liquidity issues could arise if gap in credit and deposit growth not addressed

1 min

Landslide damages NHPC Teesta Dam power station

A severe landslide in Sikkim destroyed the Teesta-V hydro power station of state-owned hydro power company NHPC Limited.

1 min

EV subsidy coverage makes giant strides

EMPS meets 60% of revised target till Aug 15 from just 10% a month ago

2 mins

Phoenix ARC seeks bids for ₹3,550 cr NPAS

Phoenix ARC has invited expressions of interest (EoIs) from asset reconstruction companies (ARCS) for ₹3,550 crore worth of retail non-performing assets (NPAs).

1 min

Private ARCs may see AUM contract 7-10% in FY25 on lower acquisitions

Private asset reconstruction companies (ARCs) may see 7-10 per cent fall in assets under management (AUM), as measured by security receipts (SRS) outstanding, in financial year 2025 (FY25) due to lower acquisitions, rating agency CRISIL said in a report on Tuesday.

1 min

PMO steps in, UPSC withdraws ad

Following a directive from the Prime Minister's Office (PMO) on Tuesday afternoon, the Union Public Service Commission (UPSC) cancelled its advertisement for lateral entry recruitment to bureaucracy.

2 mins

Signs of improvement in retail sales in July: SMC

\"The Indian market is usually a bit slower in the first quarter than the rest of the year, but this year (demand) has been slower than expected, especially due to the (Lok Sabha) election and adverse weather, including heavy rain and heat waves,\" SMC told analysts.

1 min

India top origin and destination nation for Hindu migrants: Pew

India emerged as the leading country of origin and destination for Hindu migrants globally in 2020, with 7.6 million Hindus born in the country now living elsewhere and about 3 million Hindus born in other nations living in India, according to a new analysis by the Pew Research Center.

1 min

India, Malaysia elevate ties to comprehensive strategic alliance

Visit to Ukraine comes after PM met Putin in July amid ongoing war

3 mins

EU slashes planned tariff on Tesla's China-made EVs

The European Commission cut on Tuesday its proposed tariff on imports of Tesla cars built in China, and said some Chinese firms in joint ventures with EU automakers may receive lower planned punitive duties on Chinesemade electric vehicles.

1 min

Israel recovers 6 hostage bodies amid Blinken's ceasefire push

The Israeli military said Tuesday that it recovered the bodies of six hostages taken in Hamas' October 7 attack that started the war in Gaza, as US and Arab mediators tried to advance an agreement to halt the fighting and release scores of other militant-held captives.

1 min

Tearful Biden passes baton to Harris

Kamala Harris will be a \"historic president\", US President Joe Biden has said, as he passed the baton of the Democratic Party to her and made a strong pitch to American voters to vote for her to preserve democracy.

2 mins

AI boom triggers earnings growth for Europe's industrial giants

The artificial-intelligence (AI) boom is giving some of Europe's biggest industrial companies a welcome lift as they weather weaker manufacturing demand from Asia to North America.

2 mins

US election shifts and India

New Delhi must sustain its bipartisan support in the US through broad political and civil society engagement

4 mins

Strengthening statistics

As reported by this newspaper recently, the Union government has initiated preparations for the 8th Economic Census, which is expected to be officially launched next year.

2 mins

Eastern approaches

In just three years, escalating civil conflict in India's eastern neighbours Myanmar and Bangladesh has significantly weakened the dynamics for peace and stability in the Northeast.

2 mins

Beyond the Hindenburg haze

There is no smoke without fire.

4 mins

SC forms task force on doctors' safety

Slams West Bengal govt over delay in filing FIR in Kolkata doctor's rape-and-murder

2 mins

Markets gain on rate cut hopes

Financial and IT stocks lead the rally, mcap of BSE-listed firms hits ₹457 trillion

2 mins

Zomato deal adds heft to recent flurry of block trades

A unit of Chinese fintech giant Ant Group has sold $569 million of shares in Zomato on Tuesday, adding to a recent flurry of block trades.

1 min

IPO fee pool set to eclipse last yr's total

Ola and FirstCry spark windfall for i-bankers

2 mins

Volume rebound, moderate valuation positive for NMDC

THE COMPASS Iron ore mining major NMDC's results for the April-June quarter (Q1) of FY25 were better than estimates.

2 mins

Sebi denies relief to BSE on regulatory fee payment

In a setback to BSE, the market regulator has denied any relief to the stock exchange on the payment of differential regulatory fee based on annual turnover.

1 min

As steel stocks falter, a silver lining for investors

Brokerages expect steel prices to go up in H2FY25

3 mins

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