Business Standard - November 19, 2024

In this issue

November 19, 2024

°Banks need to make loans more affordable,

Union Finance Minister Nirmala Sitharaman on Monday called on banks to make interest rates more affordable at a time when the government wants industries to build capacity.

2 mins

Banks urge RBI for boards' workload mgmt

Private sector bank board members have urged the Reserve Bank of India (RBI) top brass to consider workload management of the boards as they feel there are too many issues that go to the boards for approval and the situation becomes unmanageable at times.

2 mins

Two-thirds mid, smallcaps slide into bear territory

692 such stocks are down over20°/o from 52-week highs; analysts see no early relief

2 mins

Deadline to phase out fossil fuel appears elusive

India opposes curbs on hydrocarbon investments, calls for expanding decarbonisation efforts, renewables

2 mins

₹1trn airport capex plan for 5 yrs: Jeet Adani

JEET ADANI, director of Adani Airport Holdings Limited (AAHL), which runs seven major airports in the country and is building the Navi Mumbai airport, has ambitious plans. Industrialist Gautam Adani's younger son joined the Group CFO's office of Adani Enterprises (AEL) back in 2019 as part of the strategic finance, capital markets, risk and governance policy team and was then asked to lead the group's airport business in 2022. The engineering graduate from the University of Pennsylvania is also in charge of the group's digital and defence businesses. In an exclusive interview to Deepak Patel in Ahmedabad, Jeet, 27, outlined his vision for the airports business that's expected to attract investments of around ₹1 trillion over the next few years. Edited excerpts:

2 mins

CCI: WHATSAPP CAN'T SHARE DATA WITH META FIRMS FOR 5 YRS

Slaps ₹213 crore fine

1 min

India Inc's Q2 numbers show growing dependence on BFSI

Sector's share in profits hits 38.2% in the quarter, the highest since 2012

2 mins

MakeMyTrip to acquire Happay from Cred

Online travel aggregator MakeMyTrip on Monday said that it has signed a business transfer agreement to acquire Happay's expense management platform from Cred for an undisclosed amount.

1 min

HealthKart secures $153 mn in funding

Round led by ChrysCapital, Motilal Oswal Alternates

2 mins

The Good Glamm Group fully acquires The Moms Co

The Good Glamm Group, the direct-to-consumer beauty and personal care firm, on Monday announced the 100 per cent acquisition of The Moms Co.

1 min

Light vehicles brace for slow drive next year

According to S&P Global Mobility, growth for 2024 is projected to be even lower at 2.9%

2 mins

Punit Goenka asks ZEEL board to relieve him from MD position

Punit Goenka (pictured) has asked the board of ZEE Entertainment Enterprises Ltd (ZEEL) to relieve him from the position of managing director of the company as he wants to focus on the operational responsibilities as the chief executive officer (CEO), the media and entertainment firm said in a statement on November 18.

1 min

Now, Roy Kapur Films looks to sell stake

Mumbai-based Roy Kapur Films (RKF), founded by Siddharth Roy Kapur, the former managing director of Walt Disney India, is seeking equity investment to scale its operations, according to merchant bankers familiar with the matter.

1 min

IT, ITeS must adopt Cloud, boost security: Airtel Business

India's information technology (IT) & IT-enabled services (ITeS) sector must evolve from its current cost-arbitrage model to an innovation engine, Airtel Business said in a white paper.

2 mins

'We may be in a position to list AAHL in 2 to 3 years'

We are doing that.

5 mins

SBI secures $500 mn via 5-year bonds

State-owned lender also raises 10,000 crore through 15-year infra bonds at 7.23%

2 mins

India, developing World face E U resistance to climate finance

Talks on global climate finance Virtually ground to a halt last week at COP29, the annual United Nations (UN) Climate Change event in Baku, Azerbaijan, as the developed world, led by the European Union (EU), and developing countries including India, Brazil, South Africa, and a clutch of island nations and African countries faced awide chasm between their expectations.

3 mins

SBI plans to open 300-400 branches a yr in medium term

India's largest lender, State Bank of India (SBI), plans to add 300-400 branches annually to its existing network in the medium term to increase penetration of financial services in the country, Chairman C S Setty said on Monday.

1 min

RBI guv's term may be extended again

The government is likely to extend the term of Reserve Bank of India (RBI) Governor Shaktikanta Das for a second time, sources with knowledge of the matter told Reuters, an unprecedented move that would make him the longest-serving chief since the 1960s.

1 min

Be vigilant for concentrations in biz models: Das to bank boards

RBI guv says need to curb unethical practices such as mis-selling of products

2 mins

FinMin sets dividend norms for NBFC CPSEs

The Ministry of Finance on Monday brought in central public sector enterprises (CPSEs) classified as non-banking financial companies (NBFCs) under the minimum annual dividend payout norm of 30 per cent of profit after tax (PAT) or 4 per cent of the net worth, whichever is higher.

1 min

Power & Pawars: Behind coin-toss electoral showdown in sugarland

Pune's sugar mills shape local politics and elections; a number of prominent candidates in the region are tied to such factories. PRACHI PISAL reports from the ground

3 mins

Riddles in Dalit politics

In the wake of the Supreme Court's sub-classification verdict, SHREYAS UBGADE analyses how ideological divides and political alignments of Dalit groups make this a complex electoral battle in Maharashtra

4 mins

Taxpayers must disclose foreign income by Dec 31

Central Board of Direct Taxes (CBDT) chairman Ravi Agarwal on Monday said taxpayers who have not disclosed their foreign income or assets in their Income Tax Returns (ITRs) have time till December 31 to file their revised return for financial year 2023-24.

1 min

Urban unemployment rate at fresh low

Fell to 6.4% in Q2 on back of sharp decline in female joblessness

2 mins

Centre rushes 5k troops to ;volatile' Manipur

Internet suspension extended; Shah reviews situation; Oppn demands PM visit

2 mins

HOW Blues/cy, alternative to X cmd Facebook, is handling explosive growth

In February2023, a half-dozen techies introduced a social network prototype in an invitation-only launch. They deliberately debuted their creation, Bluesky, with little fanfare so that they could closely manage its growth.

2 mins

Country Garden submits debt rejig plan to creditors

China's Country Garden submitted the preliminary terms of an offshore debt restructuring proposal to some creditors late last month and lowered its cash flow projection, said sources, as the struggling property developer looks to avoid liquidation.

1 min

Xiaomi revenue soars in Sept qtr as EVs gain steam

Chinese electronics maker Xiaomi Corp posted a 30.5 per cent jump in third-quarter revenue as consumers clamoured for its first electric vehicle, the SU7 sedan.

1 min

China population set for 51 million dropas pro-birth moves fail

China's population is expected to shrink by 51 million—more than the size of California—over the next decade as policymakers struggle to reverse the country's falling birth rate, according to Bloomberg Intelligence.

1 min

Biden allows Ukraine to use US weapons to strike inside Russia

Decision comes after months of resistance from Washington; Zelenskyy says missiles would 'speak for themselves'

2 mins

The power to reform

Tariffs remain the key issue

2 mins

Reorient industrial policy

The New Industrial Policy should be a joint effort by the Union and state govts, one that is market-friendly rather than business-friendly

4 mins

Where on earth are we going?

In times like these, it can be hard to know which way is up. But it's always been a subject of debate: For the 16th-century cartographer Juan de la Cosa, the top of the map was west, in the direction of his first voyage with Christopher Columbus. Nearly 500 years later, Stuart McArthur of Melbourne, Australia, produced a map with a southward orientation; when his teacher reprimanded him, he held his ground, finally publishing his upside-down map in 1979. \"East is East, and West is West,\" as Kipling had it—but where does the one start and the other end?

3 mins

Rethinking suspension

Futures trading is not a source of inflation

2 mins

Global proxy advisory firms are feeling uneasy

One half of America is celebrating Donald Trump's election, while just about the other half bemoans his win.

3 mins

FPI norm violation case: Emerging India Focus Funds settles matter with Sebi

Emerging India Focus Funds, a foreign portfolio investor (FPI), has settled a matter related to alleged violations of FPI norms with the Securities and Exchange Board of India (Sebi) for ₹64.35 lakh.

2 mins

Aluminium stocks soar on China's tax rebate cut

The shares of aluminium manufacturers rallied on Monday on the back of a sharp rise in the price of the lightweight metal over the weekend, following China's announcement that it will withdraw export tax rebate for the commodity.

1 min

Sebi orders altGraaf, two other platforms to cease operations

The Securities and Exchange Board of India (Sebi) on Monday issued a \"cease and desist\" order against three online bond platforms operating without registration with the stock exchanges.

1 min

FPI under-owning gives India moat among EMs: CLSA MD

In a world less friendly for emerging markets (EMs), there is a case to up India's weight, CLSA's Managing Director and Chief Equity Strategist Alexander Redman said on Monday, asserting that the relative under-ownership of Indian equities by foreign investors gives the country an edge over its EM peers.

1 min

Mkts fall on selling in IT, oil shares

Benchmark Sensex declined by 241 points while broader Nifty fell for the seventh session in a row on Monday following a sell-off in IT and oil shares amid unabated foreign fund outflows and weak leads from the US markets.

1 min

Defence a key growth driver for Bharat Forge

Auto component major Bharat Forge's second quarter performance (Q2FY25) was lower than consensus estimates.

2 mins

Over 50% Nifty stocks face 200-DMA cliff

27 of Nifty 50 stocks trading below crucial technical threshold, signalling weakness ahead

2 mins

MGL, IGL sink up to 20% after cut in priority gas allocation

Shares of city gas distribution (CGD) companies Mahanagar Gas (MGL) and Indraprastha Gas (IGL) plunged up to 20 per cent on the BSE on Monday after the central government further reduced the administered price mechanism (APM) allocation of domestic gas to them.

1 min

NTPC Green Energy gets a thumbs up from analysts

Opportunityto invest in leading RE player a positive for longterm

2 mins

TAKING NOTE

Did demonetisation hitthe right notes? How cloes it sound eightyears on?

4 mins

Farm fires blaze to a 5-yr high in Delhi, Rajasthan

Farm fire incidents in Rajasthan and Delhi have reached their highest levels since 2020, with Rajasthan reporting 2,060 cases and Delhi witnessing 12, according to data from the Indian Agricultural Research Institute (IARI).

1 min

Over 370 flights delayed at Delhi Airport

More than 370 flights, including departures and arrivals, were delayed at the Delhi Airport on Monday until 2 pm due to dense fog and pollution.

1 min

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