Business Standard - September 20, 2024

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September 20, 2024

In export push, govt steps in to raise container capacity

Commerce Minister Piyush Goyal announces purchase of second-hand vessels

3 mins

Strong hybrid car sales take off in UP after tax waiver

Monthly sales of strong hybrid cars in Uttar Pradesh have more than doubled following the state government's decision to scrap the registration tax on such vehicles from July 5.

3 mins

Binance detaches self from liabilities after WazirX hack

Global cryptocurrency giant Binance has asserted that it never owned or controlled WazirX before or after the embattled Indian exchange was hacked in July that led to a security breach of more than $230 million.

1 min

GLOBAL INVESTOR CONSORTIUM LINES UP ₹2,100 CRORE INVESTMENT FOR SP GROUP

Engineering and construction major Shapoorji Pallonji group is gearing up to receive investments of over ₹2,100 crore from a consortium of global investors led by Deutsche Bank, according to sources.

1 min

Indian carriers soar on int'l routes but foreign rivals lead

Indian airlines are ramping up their international presence by adding more direct flights.

2 mins

SC dismisses curative pleas by telcos against AGR dues

The Supreme Court has rejected curative petitions seeking a review of its 2019 judgment on adjusted gross revenues (AGR) payable by telecom firms.

3 mins

CEOs of FMCG firms raise GST concerns

Chief executives from over 100 fast-moving consumer goods (FMCG), food and agriculture companies on Thursday raised concerns over taxation dynamics, ease of doing business, and subsidies to the industry during a closeddoor meeting with ministers.

1 min

Global PE firms turn to India for Asia leadership

This comes amid slowdown in deal-making in China

2 mins

'Australia seemed like a natural-growth area for us'

RPSG group-owned business process management (BPM) firm Firstsource has announced its expansion into Australia and New Zealand. SANJIV GOENKA, chairman, RPSG, in an interview tells Ashutosh Mishra in New Delhi that this will open up avenues for the company and create jobs locally. He gives insights into the plans to increase margins for Firstsource in the next 30 months through organic and inorganic growth. Edited excerpts:

2 mins

Samsung India sues union over disruption

Electronics' India unit has sued members of a labour union that has led a strike for 11 days at its only Indian home appliances plant in Tamil Nadu, escalating tensions with its workers, legal papers show.

1 min

Govt asks EY India to explain position on CA's death

The Union labour ministry has asked EY India's management to appear before it and explain its position regarding the death of its 26-year-old employee, Anna Sebastian Perayil, a senior labour ministry official said.

2 mins

Fed rate cut impact to be muted: CEA

The impact of the US Federal Reserve's rate cut might be muted in India as much of it was already priced in, Chief Economic Advisor V Anantha Nageswaran said on Thursday.

1 min

With 6.7% growth rate, India to be 3rd-largest economy by FY31:S&P

Riding on structural reforms and investment, India is poised to become the thirdlargest economy and transition to the upper-middleincome category by FY31 if it is able to clock a growth of 6.7 per cent per year till then, S&P Global said on Thursday.

1 min

Term deal for Russian crude likely in FY26

A joint front of Stateowned refiners is discussing crude oil purchase from Russia under a term deal that may be sealed in the next financial year (FY26), petroleum ministry sources said.

2 mins

'One State, One RRB' may debut by FY25-end

The plan to consolidate regional rural banks (RRBs) under the 'One State, One RRB' policy has gained momentum.

2 mins

India needs norms for domestic PEPs, says FATF

Global body says non-profit sector requires protection from terror

2 mins

'We are doing assessments to expand footprint'

ANUJ TYAGI, who took charge as the managing director (MD) and chief executive officer (CEO) of HDFC Ergo on July 1, discusses the insurer's plans on focus areas of the retail line of businesses in an interview with Aathira Varier in Mumbai. Edited excerpts:

2 mins

Govt okays sale of Ferro Scrap Nigam for ₹320 crore

The government on Thursday approved the privatisation of Ferro Scrap Nigam Ltd (FSNL), a 100 per cent subsidiary of MSTC, to Japanese firm Konoike Transport Co for approximately ₹320 crore.

1 min

How Israel built modern-day troian horse-exploding pagers.

19 September The pagers began beeping just after 3:30 in the afternoon in Lebanon on Tuesday, alerting Hezbollah operatives to a message from their leadership in a chorus of chimes, melodies, and buzzes.

3 mins

'Social media firms' data management inadequate'

US FTC report analysed how Meta platforms, ByteDance's TikTok, Amazon's Twitch, and others manage user data

1 min

Market hopes ride on US soft landing after Fed cut

One of the most consequential Federal Reserve meetings in recent history has put investors focus squarely on one question: whether the central bank has kicked off its rate cutting cycle in time to keep the economy from slowing too rapidly.

1 min

Open up to rivals, EU tells Apple

The European Union (EU) said Thursday it ☐ will outline steps to compel Apple to open up its iPhone and iPad operating systems to competing technologies under the bloc's tough new digital rulebook, which threatens hefty fines for breaches.

1 min

Lagging behind

Rapid economic growth in India has been marked by unbalanced development, rising inequality, and spatial concentration of growth in a few urban agglomerations.

2 mins

Fed's balancing act

This easing cycle will be different

2 mins

Achecks and balances challenge

Parliament's oversight of statutory regulatory authorities is weak. Strengthening it is both necessary and desirable

4 mins

Banks key to Viksit Bharat 2047 vision: FM

The banking sector in India will have to play a crucial role in driving the agenda for making India a developed country by 2047, Union Finance.

1 min

Sebi bars Axis Capital as merchant banker in debt segment

The Securities and Exchange Board of India (Sebi) on Thursday restrained Axis Capital (ACL) - a wholly owned subsidiary of Axis Bank - from taking any new assignment as a merchant banker, arranger or underwriter in the debt segment for alleged violation of the norms.

1 min

RBI lifts gold loan business curbs on IIFL Finance

Non-bank lender IIFL Finance on Thursday informed the exchanges that the Reserve Bank of India (RBI) has removed the restrictions imposed on its gold loan business.

1 min

Banks take securitisation route to boost liquidity

₹45,000-50,000 crore deals expected in Q2FY25

2 mins

RBI to infuse ₹25K cr via VRR auction today

Banking system liquidity fell into deficit mode on Tuesday after more than two months on the back of GST outflows and advanced tax payments, market participants said.

1 min

Jana SFB launches FD for short-term liquidity needs

Jana Small Finance Bank on Thursday announced a new deposit scheme offering 6.75 per cent for tenures ranging from seven to 180 days.

1 min

Private hospitals in Punjab refuse cashless treatment under PMJAY over pending dues

An association representing private hospitals in Punjab has announced suspension of all cashless treatment being provided under the government's health insurance scheme citing the state's pending dues of ₹600 crores.

1 min

Nykaa scales its same-day, next-day deliveries to 110 cities

Beauty and fashion platform Nykaa has ramped up its same and next-day deliveries to 110 cities, aiming to get closer to the consumer by growing its warehouse network.

1 min

Re-releases score a hit at Box Office

From Tumbbad to Laila Majnu, cinemas bet on re-releases to lure audiences

3 mins

Revenue-sharing model focus of new EV charging infra rules

September To boost adoption of electric vehicles (EVs) and expand the charging infrastructure across India, the government has released revised guidelines for installation and operation of EV charging stations through a new revenuesharing model between government and private players.

1 min

TCS India's most valuable brand for 3rd straight year

Tata Consultancy Services (TCS), with a valuation of $49.7 billion, retained its position as India's most valuable brand for the third straight year, according to the 2024 Kantar BrandZ Most Valuable Indian Brands report.

1 min

'Tactically cautious about Indian market'

The US Federal Reserve (US Fed) surprised the global financial markets with a higher-than-expected rate cut of 50 basis points (bps) on Wednesday. CHRISTOPHER WOOD, global head of equity strategy at Jefferies, spoke with Puneet Wadhwa in New Delhi to share his interpretation of the Fed's move, its implications for global markets, and his stand on Indian equities. Edited excerpts:

3 mins

Indices hit new highs on volatile day

BROADER MKTS END LOWER ON PROFIT BOOKING Mumbai, 19 September enchmark indices Sensex and Nifty posted tepid gains on Thursday, even as the US Federal Reserve's move to cut rates by an aggressive 50 basis points propped up equity markets worldwide.

2 mins

NTPC's prospects appear robust, barring seasonal impact in August

THE COMPASS Power generation decelerated 4.7 per cent year-on-year (Y-o-Y) to 155 billion units (BU) in August 2024.

2 mins

S&P 500 hits all-time high

US stock indices sailed higher in the wake of their global counterparts and the dollar wobbled on Thursday after the Federal Reserve started a long-awaited interest rate cutting cycle with a chunky half-point move.

1 min

Fed rate cut may spur tweaks in portfolios

US not near recession but showing slowdown signs: Analysts

3 mins

Govt drops pvt participation in grain buying for PM-AASHAA

Agriculture minister to meet farmers' groups every Tuesday

2 mins

Will restore J&K statehood, Article 370 now history: PM

Asking people to cast their votes wisely in the ongoing Assembly polls that are \"linked to the future of Jammu and Kashmir\", Prime Minister Narendra Modi on Thursday said the voters should ensure the sunset of the politics practised by the Congress, NC and PDP, which have \"inflicted wounds\" in the region for years together.

1 min

₹2.1K a month for women, govt job for Agniveers

Eyeing a third consecutive term in Haryana, the BJP on Thursday released its manifesto for the assembly polls, promising a 2,100 monthly assistance for women, two lakh government jobs, scooter for college-going female students in rural areas and a guaranteed government job for 'Agniveers'.

1 min

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