Business Standard - November 15, 2024

In this issue

November 15, 2024

15 mths after DPDP Act, rules to be out

The Ministry of Electronics and Information Technology (Meity) is learnt to be ready with the much-awaited rules of the Digital Personal Data Protection (DPDP) Act after multiple re-drafts over the past several months.

1 min

Concerns about new audit norms misplaced: NFRA

Worries about audit getting concentrated in the hands of a few big firms owing to revision in auditing standards with respect to group companies are not justified, National Financial Reporting Authority (NFRA) Chairperson Ajay Bhushan Pandey told Business Standard.

1 min

Exports surge 17% in Oct, fastest pace in 28 months

Trade deficit widens to $27 bn as imports hit a high

3 mins

India to step on to global fashion runway

Country's luxury retail market sales set to rise by 15-20% in 2025: McKinsey survey

2 mins

Three CEOs to lead Reliance-Disney media behemoth

Reliance Industries Limited (RIL), Viacom18 Media (Viacom18), and The Walt Disney Company announced on Thursday that they have completed the merger of Viacom18's media and JioCinema businesses into Star India (SIPL), creating a mega joint venture valued at ₹70,352 crore.

1 min

Hero Moto net up 5.6% on high rural demand

Country's biggest two-wheeler maker Hero MotoCorp on Thursday reported a 5.6 per cent year-on-year (Y-o-Y) jump in its net profit and an impressive 10 per cent growth in its consolidated revenues during the second quarter of financial year 2025 (Q2FY25), a telltale sign of rising demand in rural areas.

1 min

Ola Electric faces CCPA investigation

Probe into complaints of 'deficiencies' in services, e2Ws

1 min

Agro Tech Foods buys Bharti group's Del Monte Foods in ₹1,300 cr deal

Agro Tech Foods (ATFL), the maker of ACT II popcorn, on Thursday announced the 100 per cent acquisition of Del Monte Foods (DMFPL), a joint venture between the Bharti Group (59.29 per cent stake) and Del Monte Pacific Limited (DMPL), which owns 40.71 per cent.

1 min

In addition to services, We should become product nation

AJAI CHOWDHRY, co-founder, HCL (Hindustan Computers Ltd), set up the EPIC Foundation in 2021, a not-for-profit organisation, to make India a \"product nation\" in electronics. In a conversation in Kolkata, the chairman of the Mission Governing Board of the National Quantum Mission of India and member of the Advisory Board of India Semiconductor Mission, tells Ishita Ayan Dutt India's strength is in design but it is used by global companies to develop their products in India, which needs to change. Edited excerpts:

2 mins

Small savings mopup may not exceed BE

Shift to new tax regime, steady rates affect collections

1 min

°India-US trade not hit by regime changes,

India's economic integration with the US has been growing for more than two decades now, irrespective of the regime in America, Commerce Secretary Sunil Barthwal said on Thursday.

1 min

US crude production may rise and ease prices: Puri

Govt looks to get Oilfield Amendment Bill passed in Winter Session

2 mins

Food prices push WPI inflation to 4-mth high in Oct

Hits 2.36% due to surge in vegetable costs

1 min

India's pollution level soars as does fossil fuel use, climate fight gets tougher

Even as the talk of the undying smog in northern India finds reverberations in the vast, cold corridors of the Olympic stadium in Baku, a major fossil-fuel producer and host of the 29th edition of the annual United Nations climate-change summit, two critical reports, released on the sidelines of COP 29, reflect India's growth conundrum.

3 mins

Focus on 'unicornism' in India overhyped: Rishad

Wipro Executive Chairman Rishad Premji on Thursday said that the whole focus on \"unicornism\" in the country is \"overhyped\" and being celebrated too much.

1 min

Passenger on IndiGo flight held for hoax bomb info

An IndiGo flight from Nagpur to Kolkata with 187 passengers on board was forced to make an emergency landing at the Raipur airport on Thursday morning after one of the passengers told the crew there was a \"bomb\" on the aircraft, officials said.

1 min

Grap III curbs imposed in Delhi-NCR

With pollution reaching alarming levels, the central pollution watchdog imposed restrictions under the third stage of the Grap in Delhi-NCR on Thursday, including a ban on construction and demolition activities.

1 min

Deposit growth equals credit in Nov 1 fortnight

After edging past credit growth for the first time in 30 months in the fortnight ended October 18, deposit growth was almost on a par with credit growth in the fortnight ended November 1, with credit growing by 11.9 per cent and deposit growing by 11.83 per cent year-on-year (Y-o-Y), according to the latest data released by the Reserve Bank of India (RBI).

1 min

Qcom a challenge to retailers: Uday Kotak

Financial services industry veteran Uday Kotak (pictured) on Thursday said the successful quick commerce (qcom) trade posed a challenge to retailers and would become a political issue.

1 min

Use of food inflation in setting rate flawed; RBI should slash it: Goyal

Union Commerce Minister Piyush Goyal on Thursday said the Reserve Bank of India (RBI) should cut interest rates to give an impetus to growth.

2 mins

Exchange rate is market-driven: Das

Central bank is working on issuing guidelines related to expected credit loss, says RBI governor

3 mins

RPower gets SECI showcause over 'fake bank documents'

Agency may weigh criminal proceedings against Anil Ambani-owned firm

2 mins

The 'many firsts' in tribal-welfare initiatives in India

After centuries of systemic neglect and exclusion, the tribal population in India is gradually moving beyond the margins of society.

1 min

Maharashtra poll race hots up as BJP, Congress trade barbs

The Bharatiya Janata Party, led by Prime Minister Narendra Modi, and the Congress, led by leader of Opposition in the Lok Sabha Rahul Gandhi, traded barbs on Thursday while addressing rallies in the state ahead of the elections on November 20.

1 min

Local rural bodies should raise own funds: Panagariya

Local rural bodies must raise some resources of their own, not only for financing needs but also to strengthen the participation of citizens, Arvind Panagariya, Chairman of the 16th Finance Commission, said on Thursday.

1 min

Crypto industry lobbies Trump and allies to capitalize on election wins

A cryptocurrency enthusiast as chair of the Securities and Exchange Commission. A presidential committee stacked with industry loyalists. And legislation to let crypto companies operate freely in the United States.

2 mins

EU fines Meta $841 million over 'unfair' ad practices

Meta Platforms Inc was hit with a €798 million ($841 million) fine by European Union regulators by tying its Facebook Marketplace service to its sprawling social network, the US tech giant's first ever penalty for EU antitrust violations.

1 min

Poor nations need $1 trn a year to go green

Any deal is likely to be hard fought given reluctance among many western govts

1 min

Saudi Arabia prioritises sports for NEOM plans as costs balloon

Saudi Arabia has scaled back lofty ambitions for its NEOM gigaproject to prioritize completing elements essential to hosting global sporting events over the next decade as rising costs weigh, three sources told Reuters a day after the sudden departure of the project's longtime CEO.

2 mins

Modest means

Local bodies must be strengthened

2 mins

A growing Union-state power imbalance

The exercise of legislative power by statutory regulatory authorities undermines federalism and needs to be corrected

4 mins

Time to assess impact of procurement reforms

The first 15 years of this century witnessed rising decibels of protests from Indian industry about two specific issues in doing business with the government - hugely delayed payments and the infirmities embedded in the L-1 (lowest bidder) method of selection.

3 mins

Hyderabad's future in its past

It is a truth universally acknowledged that if one passes by the Cyber Towers in Hyderabad, one is bound to look back at it for another glance for its sheer beauty and design—more so after sundown when it glimmers with lights.

3 mins

Trump trade wars

Effects on global growth and trade dynamics will be substantial

2 mins

Jabil to invest ₹1K cr for setting up electronics unit in Gujarat

The Gujarat government on Thursday signed a memorandum of understanding (MoU) with leading electronics manufacturing services (EMS) company Jabil to set up its EMS unit with ₹1,000 crore investment in Dholera Special Investment Region (DSIR).

1 min

'India pipeline significant, we will double it in next three-five years'

InterContinental Hotels Group (IHG) plans to double its portfolio in India due to increased demand and government support. HAITHAM MATTAR, managing director of India, Middle East and Africa, and SUDEEP JAIN, managing director, South West Asia, IHG Hotels and Resorts, in an interview with Roshni Shekhar in Mumbai shed light on their growth plan in India and expansion of the group's revenue stream. Currently, IHG has 46 hotels in India and 58 are in the pipeline. Globally, it has over 6,300 open hotels in over 100 countries, and more than 2,000 are in the development pipeline. Edited excerpts:

2 mins

Samsung loses ground to Apple in premium smartphone mkt

Samsung is losing the race in India's premium smartphone market as rival Apple continues to increase its dominance in the segment, driven by robust iPhone sales and festival season discounts.

1 min

Expect subscriber losses to reverse soon, says Vi CEO

Vodafone Idea (Vi) expects the ongoing spate of subscriber loss due to the tariff hike to reverse soon, and it continues to upgrade key network infrastructure to ramp up 4G connectivity, CEO Akshaya Moondra said on Thursday.

1 min

Black Box eyes $2 bn revenue in four years

Digital infrastructure firm Black Box is setting its sights on attaining a $2 billion revenue target by financial year 2028 (FY28) as it capitalises on surging demand for data centres, AI-driven infrastructure, and digital connectivity solutions.

1 min

FTA SOP OPERA

After years, a standard operating procedure for FTA talks is back on the govt's agenda. How far can it help?

4 mins

Universal Studios looks to join Excel cast with stake buy

This comes hot on heels of Poonawalla-Dharma deal

2 mins

JP Morgan sets up unit in GIFT City for derivative products

JPMorgan Chase & Co, in a first for any global bank, has set up a unit to develop derivative products in India's newest international hub, according to people familiar with the matter.

1 min

Equity MFs keep powder dry amid volatile markets

Active equity schemes held nearly ₹1.7 trillion in cash at the end of October

2 mins

Near-term demand woes to keep Samvardhana's margins under pressure

The stock of the largest listed auto component company, Samvardhana Motherson International, has shed about 23 percent of its value over the past month.

2 mins

1 of 4x listed firms paid over 20% of profit to related party as royalty: Sebi study

A study conducted by the Securities and Exchange Board of India (Sebi) has uncovered some alarming trends in royalty payments made by listed companies, with some of them doling out more than 20 per cent of their net profits as royalty to related parties.

1 min

Musk's call for $2 trillion spending cut bad for markets: Chris Wood

Billionaire Tesla Chief Executive Officer (CEO) Elon Musk's ambitious plan of cutting at least $2 trillion of federal spending under incoming President Donald Trump's administration will boost the US dollar while hurting stock markets, Christopher Wood, global head of equity strategy at Jefferies, said on Thursday.

2 mins

New F&O entrants to reshuffle the deck for Nifty 50, Sensex

Newcomers primed to shine, driven by index inclusion hopes

2 mins

Brokerages upbeat on Vedanta despite 15% fall

Operational efficiencies, capacity expansion driving analysts' optimism

2 mins

Read all stories from Business Standard

Business Standard Newspaper Description:

Business Standard is India's leading business daily.
A preferred choice of serious business readers, Business Standard is acknowledged as a quality leader.

Business Standard stands for reporting that stresses accuracy and credibility, commentary that is informed, independent and fair, and journalism that is rooted in ethical conduct and defined by a sacrosanct bond with the reader. All Business Standard journalists sign on to a code of conduct that is available on the website.

Business Standard's editorial team is led by Shyamal Majumdar.

The English newspaper is published from 12 centers - New Delhi, Mumbai, Kolkata, Bengaluru, Chennai, Ahmedabad, Hyderabad, Chandigarh, Lucknow, Pune, Kochi and Bhubaneswar. It is also printed from Bhopal.

The Hindi Business Standard is published from eight centres - New Delhi, Mumbai, Kolkata, Patna, Lucknow, Bhopal, Chandigarh and Raipur.