Business Standard - November 16, 2024

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November 16, 2024

Only govt can take final call on audit standards

The Solicitor General of India, in an opinion provided to the National Financial Reporting Authority (NFRA), said the Institute of Chartered Accountant of India (ICAI) does not have the power to issue any binding standards or guidelines for audit, according to people in the know.

1 min

₹28,677 cr so far: Selloff by FPIs unabated in Nov

No immediate relief expected amid shrinking US-India bond yield spread, subdued earnings

3 mins

RBI may draw up road map for ECL adoption

The Reserve Bank of India (RBI) is expected to drop broad hints for the adoption of the expected credit loss (ECL) framework at Monday's meeting with the boards of private banks in Mumbai.

2 mins

Will source chips from India for the world

Taiwan-based MediaTek, a global fabless semiconductor company, is in competition with its main rival, United States-based Qualcomm, across the world as well as in India. FINBARR MOYNIHAN, US-based vice-president (corporate marketing) of the company, tells Surajeet Das Gupta in New Delhi about MediaTek's India strategy, automotive play, and its alliance with Nvidia. Edited excerpts:

3 mins

Bangladesh crisis casts a shadow over India's medical tourism

The unrest in Bangladesh, which prompted India to recall its staff from Dhaka high commission and temporarily halt visa issuance there, has dealt a blow to medical tourism back home.

2 mins

2Ws drive retail sales this festival season but inventory woes persist

Rural demand behind the surge; Fada expects inventory to ease on the back of 4.8 mn weddings

2 mins

Reliance asks Trai to review reach of Starlink, Amazon

Retail-to-refining giant Reliance has asked the Telecom Regulatory Authority of India (Trai) to review the potential reach of Elon Musk's Starlink and Amazon's Kuiper before awarding satellite spectrum amid concerns local players could suffer, a letter showed on Friday.

1 min

Tyre prices may increase in Q3 to offset input cost rise

India's leading tyre manufacturers are likely to hike prices for a third consecutive quarter, aiming to offset the persistent rise in the cost of raw materials, particularly natural rubber.

2 mins

Mankind Pharma pledges 39.68% in Bharat Serums for ₹5K cr NCDs

Health care major Mankind Pharma has pledged 39.68 per cent of its equity in Bharat Serums and Vaccines (BSV), a wholly-owned subsidiary, to Catalyst Trusteeship to secure nonconvertible debentures (NCDs) totalling ₹5,000 crore.

1 min

India Inc capex slowed in FY24

The aggregate private capex in the last financial year 2024 (FY24) slowed down marginally to ₹9.4 trillion as compared to ₹9.5 trillion in FY23, a study conducted by Care Ratings on the annual statements of 1,074 listed non-financial companies showed.

1 min

HZL emerges preferred bidder for Raj gold block

Hindustan Zinc (HZL) on Friday said it has secured a composite licence for a gold mining block in Rajasthan through the state government auctions.

1 min

JioStar won't limit itself to premium subscription model, says Uday Shankar

Vice-chairperson of the combined entity of Reliance Industries (RIL) and The Walt Disney Company, Uday Shankar said JioStar (the combined entity) is very focused on \"taking its streaming products to the lowest echelons of the Indian society.\"

1 min

Galaxy Health rolls out 1st product

Firm backed by Venu Srinivasan and V Jagannathan received regulatory licence in March

2 mins

China slowdown leads to trade decline with India

India's bilateral trade with China stood at $10.7 billion during October, witnessing a 0.46 per cent contraction amid a slowdown in the neighboring country, commerce department data showed.

1 min

EU corners India, developing World over carbon tax at COP29

The tax, or CBAM, is to be imposed by EU in 2026 on products whose manufacturing processes do not follow certain emission standards

3 mins

Life insurers turn to policies with high value

Life insurers shifted their focus to selling high-value policies in October as the transition to new surrender value norms, effective October 1, limited their ability to roll out all products in their portfolio.

2 mins

Indian economy in a sweet spot: Moody's

The Indian economy is in a sweet spot, with a mix of solid growth and moderating inflation, Moody's Ratings said in its latest global macro outlook published on Friday.

1 min

Stronger oil trade tops PM's agenda

Nigeria among India's top crude suppliers; OVL eyes offshore Guyanese blocks

2 mins

Belstar Microfinance to focus on consolidation over growth

With asset quality pressure rising in micro loans, Muthoot Finance-controlled Belstar Microfinance is planning to focus on consolidation of portfolio over the next two three quarters rather than growth.

1 min

Forex kitty drops $29 bn in six weeks

India's foreign exchange reserves declined $6.48 billion in the week ended November 8 to touch $675.7 billion.

1 min

SBI seeks record $1.25 bn in 5-yr loan

State Bank of India (SBI) plans to borrow up to $1.25 billion, in what would be the largest dollar-denominated loan from the country's financial sector this year, according to people familiar with the matter.

1 min

Pinaka rocket launcher completes flight tests

One of the Army's most devastating fire support systems, the indigenous Guided Pinaka Weapon System, has successfully completed its flight tests, the Defence Research and Development Organisation (DRDO) announced on Thursday.

2 mins

Exports, domestic demand to drive pharma revenue growth

The pharmaceuticals sector is expected to get a shot in the arm this financial year from robust export demand from regulated and semi-regulated markets on the back of drug shortages in the US and European countries as well as new product launches.

1 min

Dharavi makeover plan caught in poll crossfire

Redevelopment of the slums has become a political flashpoint with promises of housing reforms dividing residents. A ground report by PRACHI PISAL

3 mins

Smaller parties look to make big dent in Jharkhand, Maharashtra

Smaller regional outfits have emerged a cause for concern for the two principal rival blocs in the Jharkhand and Maharashtra Assembly polls.

2 mins

Samsung plans $7 bn buyback

Samsung Electronics has decided to buy back shares worth 10 trillion won ($7.17 billion) over a one-year period to boost shareholder value, after shares plunged to more than four-year lows earlier in the week.

1 min

Berkshire picks a slice of Domino's Pizza

Warren Buffett's Berkshire Hathaway said on Thursday it made new investments in Domino's Pizza and Pool Corp in the third quarter, even as it retrenched from stocks such as Apple and Bank of America.

1 min

US Treasury finds no currency manipulation in final Biden-era foreign exchange report

No major US trading partner manipulated its currency in the year to June 30, the Treasury Department said on Thursday in the Biden administration's final semi-annual currency report before turning over policing of foreign exchange practices to President-elect Donald Trump.

1 min

Trump picks vaccine sceptic Kennedy to lead health dept

President-elect Donald Trump said on Thursday he has selected Robert F Kennedy Jr, an environmental activist who has spread misinformation on vaccines, to lead the Department of Health and Human Services, the United States' top health agency.

1 min

Powell: No need for Fed to rush rate cuts

Fed chair declines to say if he would continue after term ends

2 mins

Sri Lankan President's coalition wins historic majority in election

Sri Lankan President Anura Kumara Dissanayake's coalition won a historic parliamentary supermajority in the country's election, underscoring the depth of the support for the leftist leader who pledges to combat corruption and change the terms of a International Monetary Fund (IMF) bailout.

1 min

Captain Bumrah

Jasprit Bumrah, the once-in-a J generation fast bowler, who has captained India in a solitary Test match and a couple of T20 internationals so far, has no qualms about picking himself as the \"greatest Indian captain.\"

3 mins

Is business a °living machine?

For over 50 years, almost F every practitioner of business management has probably been a fan of Peter Drucker.

3 mins

Neighbourly insights

The US elections have thrown a spotlight on a controversial polling method called the \"Neighbour Effect.\" A French national who calls himself \"Theo\" made a significant fortune betting on Donald Trump.

3 mins

Here's how Trump could lose the coming trade war

The good news: I don't think Donald Trump will cause a global trade war.

3 mins

Two-front deterrence

India needs clear deterrence against both likely adversaries. With China, it lies in raising costs of aggression to levels it should find unaffordable. For Pakistan, it has to be punitive

5 mins

CIEL HR to file draft papers for ₹450 cr IPO

CIEL HR Services (CIEL), which uses technology to provide human resources solutions, will soon file draft papers for an initial public offering (IPO) estimated to be around ₹450 crore in size, according to sources.

1 min

CLSA does U-turn on China, ups India exposure after Trump win

Says India seen as more attractive investment destination due to its strong economic growth and relatively low exposure to trade risks

2 mins

Angel funds see red in Sebi's new accredited investors-only proposal

The Securities and Exchange Board of India's (Sebi's) proposal to allow only \"accredited investors\" to invest in angel funds has raised concerns in some quarters, even as most fund managers believe the overall ecosystem was set for a boost.

1 min

Volume growth for NMDC to remain robust in H2FY25

NMDC's revenue in Q2FY25 came in at ₹4,900 crore (a rise of 23 per cent year-on-year or Y-o-Y), while it was down 9 per cent quarter-on-quarter (Q-o-Q).

2 mins

Unfazed by mkt fall, largecap, flexicap MF schemes shine in Oct

Both categories saw all-time-high inflows during the month

2 mins

Auto majors in slow lane on weak demand

TaMo, Maruti, SMIL stocks down up to 23% in 4 weeks; analysts say downside risk limited, an opportunity for long-term investors

2 mins

Go for fund with large AUM, high credit quality and low cost

Liquid funds have offered an average return of 7.28 per cent over the past year.

2 mins

REDISCOVERY OF INDIA

Indian collectors are reclaiming Colonial-era art created by foreigners as an intrinsic part ofthe country's history

3 mins

Ratan Tata: Picture perfect

Politeness is to human nature What Warmth is to Wax.

4 mins

I chose DLF over Disneyland dream, says KP Singh

KP SPEAK: Gurugram remains a developing city; urban planning needs a long-term vision, the PM must set up a high-powered panel for it

3 mins

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