Business Standard - August 23, 2024

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August 23, 2024

'Complex and expensive': Further tranches of SGBs unlikely

The Union government is unlikely to issue further trances of sovereign gold bonds (SGBs), because they are now viewed as a \"complex and expensive instrument,\" according to a senior government official.

1 min

Digital antitrust law may cover 'killer acquisitions

The Ministry of Corporate Affairs may consider bringing \"killer acquisitions\" - deals where a dominant company acquires a smaller innovative firm to prevent competition within the ambit of the proposed digital competition Bill, a senior official said.

2 mins

Adani family to sell 3% in Ambuja Cements today

Plans to raise up to 4,197 cr via block deals

3 mins

GST rate panel for keeping 4-slab structure 'for now'

Asks fitment panel to submit findings on potential impact of rate changes to Council at Sep 9 meet

3 mins

Chennai design engine powers Ford's global hits

Ford Business Solutions in the city behind popular models, such as F-Series, Explorer, Transit, and Ranger

2 mins

Internship scheme rules may be out in two weeks

The detailed guidelines for the Centre's ambitious internship scheme are likely to be released by the Ministry of Corporate Affairs (MCA) in the next two weeks, a senior government official said.

1 min

Bajaj gets DVA certificate for all 15 EV models

Bajaj Auto has become the first automotive (auto) original equipment manufacturer (OEM) to receive a domestic value addition (DVA) certificate for all 15 electric vehicle models it submitted for clearance from the Ministry of Heavy Industries (MHI).

1 min

Hybrids not part of India plans: Audi

Audi will not launch plug-in hybrid electric cars in the country, India Head Balbir Singh Dhillon (pictured) said on Thursday, in sharp contrast to the German automaker's plans to expand its hybrid line-up globally amid the EV slowdown.

1 min

Ola shelves plan to make electric car

Newly-listed Ola Electric has laid out a road map to profitability banking on higher volume, vertical integration of supply chain and in-house produced cells, while it has shelved plans to make electric car, according to company founder and CMD Bhavish Aggarwal (pictured).

1 min

Hindalco expansion plan entails $10bn investment, says KM Birla

Hindalco Industries' ongoing expansion plans entail an investment of $10 billion, said Kumar Mangalam Birla, the company's chairman.

1 min

Govt not against e-com, but wants fair play: Goyal

Reiterates commitment to attracting FDI, technology

2 mins

BC Jindal Group plans $2.5 bn RE foray

Investment includes setting up of solar equipment manufacturing unit and building 5 Gw of green energy

1 min

Cricket may play spoilsport in Disney-Reliance merger

Disney-Star has the digital and TV rights to all men's and women's events played under the International Cricket Council (ICC) from 2024-2027.

2 mins

Zomato shuts intercity delivery service 'Legends'

Food delivery major Zomato has discontinued its intercity food delivery service \"Legends\" as it could not find product market fit, chief executive officer Deepinder Goyal said on Thursday.

1 min

FM seeks RBI help to clear RRB dues with states

Finance Nirmala Minister (FM) Sitharaman on Thursday sought the Reserve Bank of India's (RBI's) intervention for clearing the dues of Regional Rural Banks (RRBs) pending with state governments.

1 min

Softer rise in manufacturing output slows flash PMI to 60.5

A softer rise in output of the manufacturing sector along with weakening of the new order growth in the sector slowed the expansion of India's private sector economy in August, according to a survey by HSBC on Thursday.

1 min

Momentum intact for 6.5-7% growth in FY25: FinMin

The finance ministry, in the monthly economic report for July, has maintained a positive stance on the economy, keeping the growth forecast at 6.5-7 per cent for the current financial year (202425/FY25) ahead of the release of gross domestic product (GDP) figures for the April-June quarter (Q1).

2 mins

RBI adds auto pay of Fastag, NCMC to e-mandate framework

The Reserve Bank of India (RBI) has incorporated the auto replenishment of Fastags and national common mobility cards (NCMCs) into the e-mandate framework.

1 min

To ban or regulate? Govt's crypto paper likely by Oct

A much-anticipated consultation paper on cryptocurrency (crypto) is expected to be released by September or October this year, according to a senior finance ministry official.

1 min

Fema tweaks on the cards to allow FPIs to seamlessly access FDI route

The government is planning to introduce legislative changes to the Foreign Exchange Management Act (Fema) regulations, with a focus on easing the pathway for inflows from a foreign portfolio investor to transition seamlessly into foreign direct investments (FDI) once the FPI surpasses the 10 per cent ownership threshold in a company.

2 mins

CBDT forms committee for I-T Act review

An internal committee of the Income Tax Department will review the 1961 direct tax law to eliminate redundant clauses as well as adopt best global practices to simplify it for taxpayers for better compliance, Central Board of Direct Taxes (CBDT) chief Ravi Agrawal has said.

1 min

Principal scientific advisor bats for inclusion of e-trucks in FAME-III

A report by the office of the Principal Scientific Adviser (PSA) to the Government of India has batted for the inclusion of electric trucks in the third tranche of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-III) scheme.

1 min

Financial institutions should deploy measures to help MSMEs: RBI dy guv

Financial institutions should look at deploying supportive measures, including restructuring options, grace periods and tailored repayment plans, to help micro, small and medium enterprises (MSMEs) recover and get back on track while encountering difficult situations, Reserve Bank of India (RBI) deputy governor Swaminathan J said on Thursday.

1 min

MPC members differ on growth, inflation outlook

Opinion differences between the internal and external MPC'S LINE OF THOUGHT members of the Monetary Policy Committee (MPC) continued in the August meeting too, with two external members advocating a rate cut and a change in stance, citing below-potential growth and a high real interest rate.

2 mins

Cong, NC join hands on all seats; Rahul vows to fight for statehood

The Congress leadership on Thursday promised to fight for restoring Jammu and Kashmir's (J&K's) statehood, and asserted that it wanted opposition parties in the Union Territory to contest the forthcoming Assembly polls as part of a single alliance.

1 min

Diplomacy, not war: Modi's keynote on Ukraine crisis

India, Poland take relations to next level with strategic partnership upgrade

2 mins

Steel MSMEs may see softer growth this financial year

The growth of micro, small and medium enterprises (MSMEs) in the steel sector may moderate this financial year (FY25).

2 mins

Powell at economic crossroads as he prepares for Jackson Hole speech

Two years ago, Jerome H Powell took the podium at the Federal Reserve Bank of Kansas City's annual conference at Jackson Hole in Wyoming and warned America that lowering inflation would require some pain.

3 mins

Walz takes centre stage at DNC with Trump on target

Minnesota Governor Tim Walz said Kamala Harris is \"tough, experienced and is ready\" to be the next president of the United States, at the Democratic National Convention in Chicago late Wednesday.

1 min

Zelenskyy visits border, claims more Kursk gains

Putin reviews situation, accuses Ukraine of trying to strike nuclear plant

2 mins

China to ban PwC for six months over audit failure

Chinese regulators will likely order business suspension for a big part of PricewaterhouseCoopers' (PwC) auditing unit in mainland China for six months, as part of punishment for its work on troubled property developer Evergrande, five sources said.

1 min

Containing subsidies

State govts must rationalise expenditure

2 mins

Al's teachable moments

When I picked up this book to read, I fully expected the usual tirade against a artificial intelligence (AI) and the great damage that it would do to the educational system, and this was because the \"tutorial college\" that the author had founded and run since 2008 looked the kind of online academy that would be vulnerable to the AI wave.

3 mins

Inflation management

RBI cannot ignore food inflation

2 mins

Trusting our businesses

A key indicator of a developed society is the level of trust the government places in its citizens, businesses and institutions.

4 mins

Inflation's global rise and swift retreat

Why both Team Transitory and Team Permanent have a claim to victory in the inflation debate

3 mins

Kolkata rape-murder case: SC raps police for probe 'lapses'

Bench directs Union health secretary to launch a portal inviting suggestions on doctors' safety

3 mins

Byju's insolvency: Apex court refuses to stay CoC meetings

The Supreme Court Thursday refused to stay the operations of the Committee of Creditors (CoC) formed in the insolvency resolution process against edtech company Byju's.

1 min

ONE-UPMANSHIP IN CONSUMER SPACE

Reliance Industries and Aditya Birla Group fight tooth and nail for a larger share, though the former has the upper hand as of now

5 mins

Nutrition labelling: Are large fonts enough?

Last month, the Food Safety and L Standards Authority of India (Essai) approved an amendment to the Safety and Standards (Labelling and Display) Regulations, 2020 (Business Standard, July 9, 2024).

4 mins

Red-hot thematic investing receives 'passive' boost

Index funds add 1 million folios in July, 14% of total additions

2 mins

Sensex may surpass 117,000 by FY30-end on rapid growth

Stocks will rise at a compound annual growth rate of at least 7 per cent over the long-term to unprecedented levels as breakneck economic expansion boosts corporate earnings and margins.

1 min

'Markets have started to price in higher probability of US recession, rate cuts'

Global equity markets were rattled recently by the possibility of a recession in the United States (US) and Bank of Japan (BoJ) hiking rates to the highest level in 25 years. ANURAG MITTAL, head of fixed income at UTI Mutual Fund, told Puneet Wadhwa in an email interview that apart from liquid funds, high quality moderate duration products (one-four years) are better suited for investors in the long term. Edited excerpts:

2 mins

NSE tightens conditions for SME listings

The National Stock Exchange (NSE) on Thursday prescribed eligibility conditions for the listing of small and medium enterprises (SMEs) amid concerns about the quality of companies raising funds through this route.

1 min

Trent jumps 3% ahead of Nifty rejig

Shares of fashion retailer Trent rose 3.1 per cent to end at a new record high of ₹6,999.

1 min

With Paytm deal, Zomato spices up growth menu

Vision of creating strong brands could make it a formidable platform, say analysts

2 mins

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