Business Standard - September 03, 2024

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September 03, 2024

Even as Sebi WTM, Buch drew 'salary' from ICICI Bank: Cong

No paymentto her other than retiral benefits, Clarifies lender

3 mins

Wealth of richest 185 Indians surges past $1 trillion, one woman in top 10

Fortune India-Waterfield Advisors report says the wealth of India's dollar billionaires rose 50% in just under 3 yrs

1 min

Zero-brokerage model on last legs with new fee rules

Discount brokers may raise charges

1 min

'Sebi chairperson is corrupt, alleges Zee's Subhash Chandra

Regulatory official dubs charges 'malicious and opportunist'

3 mins

...cuts price of small cars to spur sales

Maruti Suzuki India Ltd (MSIL) on Monday reduced the prices of certain variants of two mini cars, Alto K10 and S-Presso, by up to 6,500 amid a significant drop in their sales during the last several months.

1 min

WazirX looks for white knight; users set to lose 43% funds

Crypto exchange WazirX has said customers affected by the recent cyber attack will not be able to recover their full funds even as the firm looks to restructure.

2 mins

Maruti plans to tap new markets, smaller towns...

To launch Arena Satellite showrooms for retailing non-premium models

1 min

'Looking to invest in 8 to 10 strong brands, build portfolio in 2-3 years'

Kolkata-based fast-moving consumer goods firm Emami on Saturday said it would buy the balance 49.6 per cent stake in Helios Lifestyle Pvt Ltd, the owner of men's grooming brand The Man Company, giving it complete ownership. In an interview in Kolkata, Emami Vice- chairman and Managing Director HARSHA V AGARWAL takes Ishita Ayan Dutt through the plans to make The Man Company a ₹1,000 crore brand, and the focus going ahead. Edited excerpts:

3 mins

Samir Modi for personal, not trustee block vote

Says AGM vote on Sep 6 should be according to share in the trust

2 mins

Adani Green to form ₹3.7K cr JV with Total

Adani Green Energy on Monday said its board had approved definitive agreements for a $444 million (about 3,700 crore) investment from TotalEnergies to form a new 50:50 joint venture (JV).

1 min

Govt lines up ₹14,000 cr to boost farmer income

Seven new schemes aim to leverage technology, crop science in agri sector

1 min

Kaynes' Sanand chip unit gets Cabinet nod

The Union Cabinet Monday approved India's fifth semiconductor facility, to be established by Kaynes Technology in Sanand, Gujarat.

1 min

100% of our chip capacity is tied up with global players'

The Cabinet on Monday approved the fifth semiconductor plant in the country, with Kaynes SemiCon receiving the go-ahead for its chip assembly and packaging unit.

2 mins

Sanjiv Bajaj bats for debt mkt funding in long-term projects

Banks are ill-suited to lend for long-term projects and their funding should ideally come from the debt market through insurance and pension money, said Sanjiv Bajaj, managing director, Bajaj Finserv on Monday.

1 min

Setty: SBI aims for cashflow-based lending to SMEs

Mumbai, 2 September State Bank of India (SBI), the country's largest lender, is aiming for a complete shift with regard to loans to the SME sector of up to 5 crore, from collateral-based assessment to cashflow-based loans backed by credit guarantees to improve access to funds, according to its chairman CS Setty.

1 min

CEA warns against growing sway of financial mkts

Chief Economic Advisor (CEA) V Anantha Nageswaran on Monday warned that as financial markets become bigger than the economy, it is natural, but not reasonable, that the priorities of the financial market dominate macroeconomic outcomes. But India, which looks ahead to 2047, should avoid this trend as its consequences in the developed world are there for all to see, he said.

2 mins

Gadkari wants states to pitch for GST cut on flex-fuel vehicles

‘Biofuel share will be 50% of fossil fuels in 5 yrs’

1 min

Can't rely on rich to drive growth: Viral Acharya

India can't rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.

1 min

Naidu leads rescue ops in flood-hit Andhra

Andhra Pradesh Chief Minister N Chandrababu Naidu led the rescue and relief efforts in flood-ravaged Vijayawada for the second consecutive day on Monday, visiting inundated areas in a boat, where unprecedented torrential downpour over the past three days has submerged several localities and left thousands of residents in need of succour.

1 min

Ethanol blending saved ₹99K cr since 2014: Puri

India's ethanol blending program has saved ₹99,014 crore in foreign exchange since 2014, Union petroleum minister Hardeep Singh Puri said on Monday.

1 min

'Ex-ICICI Bank CEO gave Buch heft sums of money'

\"I am convinced that the Sebi chairperson is corrupt since she and her husband whose combined income, which was around 1 crore per annum before she assumed the position at Sebi, has now gone up to 40-50 crore per annum.

1 min

RBI actions are to protect customers: Deputy guv

His comment comes amid recent curbs on some entities

2 mins

EOU's B-17 bond serves purpose of continuity bond under IGCR Rules

We refer to DGFT PN 14/2024 dated August 22, 2024 amending Para 4.49(g)(i) and (g)(ii) of the HBP.

2 mins

RSS backs caste census for 'welfare of communities'

Says it should not be used as political tool; maintains all is well with BJP

2 mins

Apex court talks tough on 'bulldozer action'

The Supreme Court (SC) on Monday indicated its intention to establish pan-Indian guidelines to address concerns that authorities in various states were using house demolitions (bulldozer action) as a punitive measure against individuals accused of crimes.

2 mins

Modi targets Oppn over internal democracy

Prime Minister Narendra Modi (pictured) on Monday took a swipe at Opposition parties, saying many of them are examples of what happens when political organisations do not follow internal democracy.

1 min

China warns Japan over new chip curbs

China has threatened severe economic retaliation against Japan if Tokyo further restricts sales and servicing of chipmaking equipment to Chinese firms, complicating US-led efforts to cut the world's secondlargest economy off from advanced technology.

1 min

Russian missile attack rocks Kyiv, other parts of Ukraine

Russia launched an overnight barrage of drones and cruise and ballistic missiles at Kyiv, Ukraine's air force said on Monday, as children prepared their return to school across the country after the summer vacation.

1 min

Blackstone 'closer' to $13 billion deal to acquire AirTrunk

Blackstone is nearing a deal to acquire Australian data centre operator AirTrunk for more than A$20 billion ($13.5 billion) including debt, people familiar with the matter said, in what could be one of the largest digital infrastructure deals this year.

1 min

Murdoch's REA mulls bid for $5.8bn housing site Rightmove

REA Group, part of Rupert Murdoch's sprawling empire, is considering a takeover offer for UK property portal Rightmove in a bid to create a global digital real estate company.

1 min

Israelis strike work for hostages' release

Critics accuse Netanyahu of prolonging the conflict instead of prioritising the return of nearly 100 remaining hostages

2 mins

German Far-Right blocked from power despite state win

Political parties in two eastern regions moved to block the Alternative fur Deutschland (AfD) from power after the Far-Right party won Sunday's election in Thuringia and came a close second in neighbouring Saxony.

1 min

Volkswagen weighs Germany plant closures to cut costs

Volkswagen (VW) is considering closing factories in Germany for the first time, in a move that shows the pressure Europe's top carmaker is facing from cheap Asian competition.

2 mins

Investing for the future

Incentivising domestic chip research makes strategic sense

2 mins

R&D: Why the private sector falls behind

Protected markets and strong growth expectations reduce the incentive for greater R&D

4 mins

GenAI lessons from China

Silicon Valley entrepreneurs and startups often hog the limelight when it comes to technology discussions in India.

3 mins

Import dependence

Crop diversification can improve edible oil production

2 mins

Sebi keeps JSW Cement's IPO in abeyance

The Securities and Exchange Board of India (Sebi) has put in abeyance the proposed ₹4,000 crore initial public offering (IPO) of JSW Cement.

1 min

Be more discerning on SME IPOs: Regulator to exchanges

Mumbai, 2 September Exchanges and market ecosystem should learn to say 'no' when it comes to listings of small and medium enterprises (SMEs), said Ashwani Bhatia (pictured), a whole-time member of the Securities and Exchange Board of India (Sebi), amid concerns of manipulation and fraudulent practices in the sector.

1 min

Nifty extends winning streak to 13 sessions

Benchmarks sprint to new closing records amid rate-cut speculation

2 mins

Single disclosure on one exchange to be enough soon: Buch

Capital markets regulator Sebi Chief Madhabi Puri Buch on Monday said a single disclosure by listed companies on one stock exchange will soon be automatically uploaded on the other bourse.

1 min

Majority of IPO shares are sold in 7 days, 70% within a year

Sebi study shows most of IPO applicants chase quick gains

2 mins

Street positive on cement stocks despite pricing pressures, demand woes

Cement manufacturers have hiked prices after a challenging Q1FY25, and Q2FY25 (so far) when general elections and seasonal factors cut down on construction activity.

2 mins

Gujarat Gas surges 14% on restructuring plan

Brokerages upbeat, say shares will witness value unlocking

2 mins

RG Kar hospital ex-principal arrested

The CBI on Monday arrested the former principal of RG Kar Medical College and Hospital Sandip Ghosh in connection with the alleged financial misconduct at the establishment, officials said.

1 min

Sales of smartphones over ₹1 lakh surge, buck mkt trend

Despite the hefty price tags, demand among consumers for smartphones priced at ₹1 lakh or above is on the rise, bolstered by rising average selling prices (ASPs), better financing options and a wider portfolio of products.

2 mins

TN all set to become India's Destination AI

With investments and projects coming from Google, PayPal, Applied Materials, Amazon Web Services, and many others, Tamil Nadu is fast becoming the favourite destination for artificial intelligence (AI) initiatives in India.

2 mins

EV sales saw 23% rise in August

Electric vehicle (EV) sales increased by 22.8 per cent year-on-year with 156,199 vehicles sold in August.

1 min

'If we want big change in sports, we must take big steps'

Back from Paris, where she shot her way to Olympic glory, MANU BHAKER heaps praise on coach Jaspal Rana. In a free-wheeling interview with Vishal Menon and Anushka Bhardwaj in New Delhi, Bhaker lays bare her insecurities, and explains why she created a fake social media profile to defend PV Sindhu from trolls. Edited excerpts:

4 mins

India@Paralympics: Shuttler Kumar Nitesh wins maiden gold

Kumar Nitesh clinched his maiden gold medal at the Paralympics, defeating Great Britain's Daniel Bethell in a gripping men's singles SL3 badminton final.

1 min

RELIANCE RISES ON ARTIFICIAL INTELLIGENCE

Can RIL do a Jio in Al services?

4 mins

Manufacturing PMI eases to 3-month low in August

Growth in the Indian manufacturing sector slowed to a threemonth low in August, as firms saw softer growth in new orders and output.

1 min

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