Business Standard - December 12, 2024

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December 12, 2024

New RBI guv signs in, says focus to be on economic growth, policy stability

Sanjay Malhotra, who assumed office as the twenty-sixth Reserve Bank of India (RBI) governor on Wednesday, said in his first media interaction that fostering economic growth, ensuring stability in policy making, and expanding financial inclusion would be among his key priorities moving forward.

3 mins

FM: Reducing debt burden a priority for next decade

Finance Minister (FM) Nirmala Sitharaman on Wednesday said the priority of the government for next decade should be to reduce the debt burden and borrow only to build assets.

2 mins

Coca-Cola to sell 40% in bottling unit to Jubilant

Reports peg the deal at around ₹12,500 crore

2 mins

Toyota bucks mkt slump, expects growth to continue

Amid slowing volume sales among India's major automakers, Toyota Kirloskar Motor (TKM) has defied the trend with strong growth, driven by demand for hybrid vehicles and a reliable product line up.

1 min

Car discounts in top gear on muted sales

Inventory buildup prompting aggressive promotions in December

2 mins

Tafe, AGCO turn advertising soil for Massey

Tractor rivals resort to media campaigns to stamp their claim on the iconic brand

3 mins

RInfra arm, Axis Bank get SC contempt notice

DMRC REFUND DISPUTE

1 min

Maruti plans to expand service touchpoint network by 53% in 6 yrs

Maruti Suzuki India (MSIL) will expand its service network by adding 2,760 touchpoints by 2030-31 (FY31), a jump of 53 per cent which will take the total number of such centres to 8,000 across the country, Managing Director and Chief Executive Officer (CEO) Hisashi Takeuchi announced on Wednesday.

1 min

Daewoo TV pricing strategy to focus on value

5% higher than Chinese, but 8-10% lower than Korean competitors

1 min

RPower arm bags biggest solar, battery storage project

Reliance NU Suntech, a subsidiary of Reliance Power, has secured India's largest solar energy and battery energy storage system (BESS) project at 930 MW (megawatts) from the Solar Energy Corporation of India (SECI), according to an exchange filing.

1 min

Inox GFL enters into solar manufacturing

First plant likely by early next year

2 mins

Swiggy rolls out invite-only membership programme

Swiggy on Wednesday announced the launch of 'One BLCK', an exclusive invite-only membership for consumers seeking the highest level of convenience and services.

1 min

Haber raises $44mn in Series-Cfunding round

Haber, an industrial AI startup, on Wednesday raised $44 million in a Series-C funding round, led by Creaegis, BEENEXT, and Accel, to fuel international expansion.

1 min

Shriram Finance completes sale of housing finance arm

Shriram Finance, the flagship company of the Shriram Group, on Wednesday announced the successful completion of the sale of its entire stake of 84.44 per cent in its housing finance subsidiary Shriram Housing Finance Limited (SHFL) to Warburg Pincus, a leading global growth investor firm for a sale consideration of ₹3,929 crore.

1 min

SolarSquare raises $40 mn in Series-B funding from Lightspeed

Rooftop solar startup SolarSquare has raised $40 million in a Series-B funding round, led by Lightspeed with participation from Lightrock. Existing investors Elevation Capital, Chris Sacca's Lowercarbon, Nithin Kamath's Rain-matter, and Gruhas Proptech also invested in the round. The company plans to use the funding to expand its operations, hire talent, and for brand building.

1 min

ReNew Energy to be taken private in $2.8 bn deal

Gurgaon-based ReNew Energy, which got listed on Nasdaq, will start the process of delisting as leading global financiers place a non-binding offer for buying out the company's shares.

1 min

BlackSoil targets ₹500 cr final close for 2nd credit fund

Alternative credit platform BlackSoil is targeting a final close of its second fund, BlackSoil India Credit Fund II, at ₹500 crore.

1 min

Bhartias, Jaipurias to slug it out in cola space

Firms are competing in the QSR space

2 mins

Regulators should be more accountable, transparent: CEA

Calling for more information-sharing by regulators, Chief Economic Advisor (CEA) V Anantha Nageswaran (pictured) said on Wednesday that the principles of transparency and social costs and benefits applied to regulated entities should also apply to the regulators themselves.

1 min

Centre ramps up enrolment of 70+ in Ayushman Bharat

BJP also stepping in to help as only 4% of beneficiaries have been onboarded in over a month after scheme was launched

2 mins

'Pressure' from India Inc to raise duties: Industry secy

Says it wants to remain protected from foreign competition

1 min

CCI chief: Ex-ante rules kept in mind startup ecosystem

At the time of framing ex-ante (preventative) regulations for digital markets, the government was very conscious of the fact that India is a hub of innovation and entrepreneurship with a large number of startups, unlike the EU, CCI Chairperson Ravneet Kaur (pictured) said on Wednesday.

1 min

ADB cuts India growth forecast for FY25 to 6.5%

Also revises downwards outlook for the next financial year to 7%

1 min

'Baseless': FM on Rahul's allegations on PSB employees

Union Finance Minister Nirmala Sitharaman on Wednesday dubbed Congress leader Rahul Gandhi's allegation that state-run banks have been turned into private financiers of the rich as \"baseless\", while asserting that public sector banks have seen a remarkable turnaround under the NDA regime, which has benefitted everyone.

1 min

No disruptions as 90% biz register

There has been \"minimal rejection\" of text messages, and no disruptions in users receiving important commercial communication on the first day of the new national traceability mandate, Telecom Regulatory Authority of India (Trai) officials said on Wednesday.

2 mins

Banks compliant with new norms

Large commercial banks in the country are compliant with new Telecom Regulatory Authority of India (Trai) norms on message traceability, which came into effect from December 11, bankers aware of the development said.

1 min

Credit card delinquencies rose in June: CRIF report

Delinquencies in the credit card segment rose across all days past due (DPD) bands in June 2024 from the year-ago period, even as the rate of growth of new card issuances and credit card balances dropped, credit bureau CRIF Highmark said in a report on Wednesday.

1 min

1-year extension for IT hardware import system

Govt to monitor local manufacturing under PLI before imposing any import restrictions

2 mins

Farm profitability may be higher this kharif season

Overall profitability in the agriculture sector is expected to be marginally higher at the pan-India level in the 2024-25 kharif season, driven largely by higher production and low input cost, but offset by the declining price of some produce, according to a report released by Motilal Oswal Financial Services Ltd on Wednesday.

1 min

Plans to save ₹1 trn with solar power

Bolstering the clean energy roadmap, Uttar Pradesh plans to save an estimated ₹1 trillion in conventional energy costs by integrating solar power in over 33,000 projects across the state through the flagship Jal Jeevan Mission.

2 mins

‘Indebted’: Mamata on backing for INDIA leadership

West Bengal Chief Minister Mamata Banerjee on Wednesday thanked several senior leaders of the INDIA bloc for backing her as the leader of the non-BJP coalition.

1 min

Policy targets ₹1.5 trn goods exports by 2029

vThe Rajasthan Export Promotion Policy aims to increase goods exports to ₹1.5 trillion by 2029, an official of the state industries department has said.

1 min

Vaishnaw: Open to idea of new law for AI regulation

Says the govt believes in 'democratising technology'

1 min

Google asks US trade commission to break up Microsoft-OpenAI

Google has asked the US government to break up Microsoft's exclusive agreement to host OpenAI's technology on its cloud servers, the Information reported on Tuesday.

1 min

Sustainability-linked bonds face 'slow demise'

Firms and govt bodies have raised $37.6 billion via SLBs in '24, about 46% lower than '23; US has had no deals so far

2 mins

GM calls it quits on Mary Barra's $50 billion Cruise robotaxi dream

General Motors Co Chief Executive Officer Mary Barra, clad in her signature leather jacket and masked up pandemic style, climbed into a Cruise robotaxi named Tostada for her first autonomous ride almost three years ago.

3 mins

Syria's interim PM pledges to rebuild amid cash crunch

New admin to punish those who tortured detainees

1 min

US inflation edges higher to 2.7% in November

Sequentially, it was up 0.3%, the largest gain in 7 months

1 min

Lingering debt danger

External debt levels are dangerously high globally

2 mins

Speed and scale

T+0 will help retail investors

2 mins

Unintended legacies of the Green Revolution

The Green Revolution is coming back to bite us in ways that policymakers then could not have bargained for.

4 mins

Indigestible truths about modern food

Chris van Tulleken's book is the outcome of an experiment in which the author is the lab rat—by choice. The London-based doctor and academic goes on an 80 per cent ultra-processed food diet for four weeks to study its effects on his state of being—on his body and mind.

3 mins

Growth vs inflation: Walking the razor's edge

Despite the growth slowdown, a rate cut-cycle is unlikely to start anytime soon

4 mins

Varun Beverages' growth strategy could help investors reap benefits

Varun Beverages (VBL) has increased its Africa presence with the acquisition of two major beverage companies, and completed the acquisition of a remaining stake in a third entity.

2 mins

George Heber to become Jio BlackRock's 1st CIO

Company insider George Heber Joseph will be the first chief investment officer (CIO) of the newly-incorporated joint venture firm Jio BlackRock Asset Management Company (AMC).

1 min

SIP net additions fell to six-month low in Nov

Experts cite festival holidays and wedding season as reason for dip

2 mins

Sensex, Nifty close with marginal gains

Benchmark equity indices Sensex and Nifty closed higher in restricted trade on Wednesday as investors awaited key US inflation data for further cues.

1 min

Day 1: MobiKwik booked 7x, Vishal Mega Mart gets 51% subscription

The initial public offering (IPO) of One MobiKwik Systems was subscribed 7.3 times on Wednesday, on the first day of offer.

1 min

Stable govt, GDP growth to help India attract foreign investors

India is drawing global attention from investors due to its stable government, robust legal system, and fast-paced economic growth, tells STEPHEN DAINTON, president of Barclays Bank PLC and head of Investment Bank Management, in an interview with Dev Chatterjee and Jaden Mathew Paul at Barclays' new office in Mumbai. With over 30 years of experience in global markets, including trading, sales, and capital markets, Dainton also talks about how the markets are responding to the geopolitical events globally. Edited excerpts:

3 mins

UNREGULATED BOND PLATFORM MENACE Go with regulated entity: Listed bonds subject to ratings, oversight

The Securities and Exchange Board of India (Sebi), through a circular dated December 5, 2024, warned investors against transacting on unregulated online bond platforms that promote unlisted securities.

2 mins

AI-first, low-cost leader: Bajaj Fin's path to FY29

Bajaj Finance (BFL) shares rose 3.3 per cent intraday to ₹7,165 apiece before closing 2.6 per cent higher (₹7,116) on the BSE on Wednesday.

2 mins

STAR TREK

As Mercedes completes three decades in India, its three-pointed star sits atop the luxury table. What drives it?

5 mins

First human gene therapy for Hemophilia A now in India

Offering hope to around 136,000 Hemophilia A patients in India, the Department of Biotechnology (DBT) along with the Centre of Stem Cell Research (CSCR) at Christian Medical College (CMC), Vellore announced that they have successfully executed a first-in-human gene therapy using lentiviral vectors for the disease.

1 min

Pollution levels drop across India as weather improves

Pollution levels across the country are declining due to changing weather conditions.

1 min

Willow sets the stage for AI's quantum leap

With Google announcing the milestone of Willow—a state-of-the-art quantum computing chip that can solve complex problems in under five minutes, a computation so complex it would have taken a supercomputer around 10 septillion years to complete—tech experts believe this breakthrough could impact artificial intelligence (AI), particularly by making it more accessible to the masses.

1 min

Gukesh draws against Liren in 13th game

Indian Grandmaster D Gukesh (pictured) tried his best but could not break past a resilient defending champion Ding Liren of China and had to settle for a draw after 68 moves in the 13th and penultimate game of the World Chess championship on Wednesday.

1 min

Content overload causing indigestion

PRASOON JOSHI (53) began as a writer in his teens, did an MBA and then got into advertising. From Daag Ache hain (Surf Excel) to Thanda Matlab Coca-Cola, his work shone with an Indianness that changed the way marketers spoke to consumers. His second foray into writing, as a lyricist (Taare Zameen Par, Delhi 6, etc), dialogue writer (Rang De Basanti) and then a scriptwriter (Bhaag Milkha Bhaag) has been successful. In 2017, he became the head of the Central Board for Film Certification (CBFC). In November this year, Joshi forayed into theatre, with Rajadhiraaj: Love. Life. Leela., a musical depicting the journey of Shri Krishna. In a video interview, Vanita Kohli-Khandekar spoke to Joshi about the play and other things. Edited excerpts:

3 mins

Indian tourist boom spurs revival in US hotel revenues

US hotels and travel companies are aiming to tap a surge in Indian tourists to boost revenue as domestic leisure spending falters and demand from East Asian countries remains below pre-pandemic levels.

1 min

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