Business Standard - July 29, 2024

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July 29, 2024

UltraTech to acquire 32.7% in India Cements to up South play

Open offer may raise total cost to ₹7,100 cr

2 mins

₹ may bounce back in Aug on weak $, US rate cut hopes

But some see it hitting 84/$ tracking Asian peers

2 mins

₹Andhra, Bihar package may cost 20-30K cr to Centre

The Centre's financial package for Andhra Pradesh and Bihar may cost the exchequer around ₹20,000-30,000 crore in 2024-25, according to government sources.

1 min

BSV portfolio can touch ₹5,000 cr in 3-4 yrs'

In one of the biggest pharmaceutical (pharma) deals in recent years, Delhi-based Mankind Pharma acquired Mumbai-headquartered specialty pharma company Bharat Serums and Vaccines (BSV) for ₹13,630 crore on Friday. RAJEEV JUNEJA, managing director (MD) and vice-chairman of Mankind Pharma, spoke to Sohini Das over the phone about the potential of the BSV portfolio to reach a ₹5,000 crore turnover in three to four years with Mankind's marketing prowess. Edited excerpts:

5 mins

TaMo-JLR project in Tamil Nadu to get going in 2 mths

Tata Motors' road map to establish Tamil Nadu as an export hub for electric vehicles (EVs) from Jaguar Land Rover (JLR) is set to be on track, with the company expected to lay the foundation stone for the ₹9,000 crore project by September.

1 min

Ola Electric IPO price band to be announced today

Bhavish Aggarwal's first ever initial public offering (IPO) in Ola Electric will open on August 2 and be worth ₹5,500 crore.

1 min

With angel tax gone, investors in high spirits

They, however, expect any increase in startup funding to be gradual rather than immediate

2 mins

Realty sector loses ₹6,480 cr in mkt value after Budget

The listed companies in the real estate sector lost ₹6,480 crore worth of market value till Friday after Finance Minister Nirmala Sitharaman in her Union Budget speech on Tuesday announced the removal of indexation benefits on the sale of property.

1 min

Bajaj-powered Yulu eyes global ride

Plans to pedal overseas with a Bajaj product; expand into India's e-comm space with high-speed two-wheeler

2 mins

'India now 20% of SAP's global biz network'

For global enterprise solutions provider SAP, India now represents 20 per cent of its global intelligent spend management and business network (ISBN) platform.

1 min

Indriya entry adds lustre to formalisation

The organised jewellery market is heating up as existing playT is heating up as existing players rapidly expand their presence, driven by a shift from unorganised to organised jewellers.

1 min

Shriram Group gets RBI nod to venture into ARC biz

Chennai-based conglomerate Shriram Group is set to enter the asset reconstruction (ARC) business during the current financial year and has received approval from the Reserve Bank of India (RBI), a top company executive told Business Standard.

1 min

Razorpay eyes $750 billion P2M payments by 2030, says CFO

Fintech giant Razorpay is eyeing 15-20 of India's digital P2M (person-to-merchant) payments by 2030 and expects its payment volumes to grow to about $750 billion by then, said Arpit Chug, chief financial officer.

1 min

'Auto industry wants CVs to be a part of FAME scheme'

DHEERAJ HINDUJA, chairman of Ashok Leyland, expects the Budget to have a positive impact on the commercial vehicles (CV) industry during the current financial year. The company is set to launch a light commercial vehicle every two months this year. In a telephonic interview with Shine Jacob, Hinduja talks about the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, hybrids and industry growth this financial year, among others. Edited excerpts:

2 mins

Meity gets lion's share of PLI, semicon outlay

The Ministry of Electronics & Information Technology (Meity) has received a lion's share of 62 per cent of the total allocation of ₹21,085 crore earmarked in the Union Budget 2024-25 (FY25) for two flagship projects focused on enhancing manufacturing and Make in India initiatives.

3 mins

7-10% growth rate needed to avoid middle-income trap: NITI

India needs to grow at a sustained pace of 7-10 per cent for 20-30 years to escape the middle-income trap and become a developed nation with per capita income of $18,000 per annum and with the size of a $30 trillion economy by 2047, the NITI Aayog said in an approach paper summarizing its vision for Viksit Bharat.

2 mins

Tax certificate not mandatory for all travelling abroad

Applicable to those involved in serious financial irregularities, tax dues over ₹10 lakh

1 min

Flow of Russian oil stays course in July

Low discounts fail to impact pecking order; continuing reliance on Russian supplies helps prop up GRMs of refiners

2 mins

'MSMEs' 180-day repay period demand genuine'

Punjab National Bank (PNB) has revised its guidance for gross non-performing assets (GNPA) for the ongoing financial year (FY25) to 4 per cent from the current 4.9 per cent, Managing Director and Chief Executive Officer ATUL KUMAR GOEL told Harsh Kumar in a video interview. Goel discussed the public sector lender's latest quarterly results and its expansion plans. Edited excerpts:

2 mins

Economic Survey pessimistic on export growth prospects

The Economic Survey, tabled in Parliament last Monday, is not too sanguine about exports growth driving the economy forward and so recommends measures to boost domestic consumption which in turn can bring in more private investment.

2 mins

Spandana's 'no' to clients without credit history

With rise in stress in the microcredit segment, microfinance institution (MFI) Spandana Spoorthy Financial (SSFL) has stopped onboarding customers who have had no prior credit history.

2 mins

Well begun is half done?

As elections to the 288-member Maharashtra Assembly come closer, political parties across the spectrum are struggling to reach a basic organising principle for seat sharing. ADITI PHADNIS writes

4 mins

"Target is to increase Chhattisgarh's GSDP to ₹10 trillion in five years'

Chhattisgarh Chief Minister VISHNU DEO SAI tells Archis Mohan in an interview in New Delhi that in the past seven months, his government has implemented many of \"Modi's guarantees\", is studying the Old Pension Scheme (OPS) reintroduced by the previous Congress government, and has taken steps to curb the liquor business. Edited excerpts:

3 mins

'Andhra needs a little bit of hand-holding for next few yrs'

NARA LOKESH, national general secretary of the Telugu Desam Party (TDP), is a minister in the Andhra Pradesh Cabinet headed by his father, Chief Minister N Chandrababu Naidu, and takes care of crucial portfolios of Human Resource Development, Information Technology, Electronics and Communication and Real Time Governance. In a video interview, Lokesh discusses with Archis Mohan and Indivjal Dhasmana the state government's plans to conduct a skill census, the target to create two million jobs in five years, and the importance of striking a balance between welfarism and economic growth. Edited excerpts

5 mins

Economics Of Olympics: Why Is It So Hard For Host Cities To Control Costs

Like every city that hosts the Olympics, Paris designed its opening ceremony to make a splash, with ethereal dance performances, athletes floating down the Seine and a blowout performance by Celine Dion.

2 mins

Bitcoin to be superpower, US crypto capital: Trump

Warns bitcoin investors will be crushed if Harris is elected President

2 mins

Iron lady versus autocrat: Venezuela faces existential vote for president

They arrived in the darkness, lining up across Venezuela long before dawn to participate in a presidential vote that represents an existential moment for the socialist movement that has governed the oil-rich nation for 25 years.

1 min

Fed close to cutting rates after good inflation data

Investors see officials lowering benchmark rate in September

1 min

Bringing on track

Railways must address structural inefficiencies

2 mins

Building social capital

India needs to spend more on education and health

2 mins

Bull market logic

On June 4, the Lok Sabha election results shocked the markets and jolted the ruling Bharatiya Janata Party.

3 mins

A change in course?

It is often hard for governments to reverse course. This involves admitting that something you earlier did might have been ill-advised.

4 mins

Overseas training or vacation? Sebi puts kibosh on MFDs' foreign 'perks'

Certain mutual fund distributors (MFDs) have been offering foreign trips to their subdistributors under the guise of 'training programmes' despite clear guidelines against it, the Association of Mutual Funds in India (Amfi) said in a letter to fund houses and MFDs.

1 min

DLF's growth potential anchors mkt confidence, brick by brick

CONSTRUCTING VALUE: With fortified finances, real estate major builds on sector consolidation

3 mins

'India's high growth will help soften LTCG blow'

With the two major events - general elections and the Budget - now over, the equity market trajectory from here on out will largely depend on the earnings growth momentum, final monsoon reading, interest rates, and upcoming US and state elections, says TAHER BADSHAH, chief investment officer, Invesco Mutual Fund. In conversation with Abhishek Kumar, Badshah says that the hike in capital gains taxation is an adverse development, but given the high growth trajectory of domestic equities, it shouldn't be a major worry. Edited excerpts:

2 mins

Don't let tax rate hikes disrupt wealth creation via equity funds

International, gold and silver funds and ETFs will be taxed more favourably from next year

4 mins

Exit with indexation should be offered

Two friends, Ram and Shyam, were travelling on a train when robbers started looting its passengers.

3 mins

Small and worrying: Loans under 50,000 are on RBI's radar

Regulator wants banks and fintechs to review exposure limits for consumer credit

3 mins

In the works

MSMEs get a helping hand in the Budget but their challenges in financing remain, report RAGHU MOHAN & ABHIJIT LELE

4 mins

P2P industry: When will RBI walk the talk?

The regulator issued show cause notices to a few P2P platforms for certain practices. Let's see how they defend themselves and how the regulator reacts

5 mins

Merger conundrum

High PSF provision in the Budget revives buzz about merger with PSS. But PM-AASHA allocation indicates otherwise

4 mins

WazirX unveils fund recovery plan, seeks user vote

WazirX, the crypto exchange platform that lost $230 million to a cyberattack, is rolling out a fund recovery plan based on a user poll the platform will conduct by August 3.

2 mins

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