Business Standard - November 22, 2024

In this issue

November 22, 2024

₹ falls 8 paise to hit 84.5 vs $ for first time

The rupee depreciated to a new low of 84.50 per dollar as foreign portfolio investors sold domestic equities amid escalating geopolitical tensions and a spike in crude oil prices.

2 mins

US bribery taint melts Adani stocks

ADANI, OTHERS IN $265 MN BRIBERY CASE: KENYA CAN CELS Al RPORT, EN ERGY DEALS

3 mins

Byju accused of firm buyback using loan from US lenders

The founder of bankrupt Indian tech firm Byju's, Byju Raveendran (pictured) tried to use loan proceeds that he allegedly hid from US lenders to secretly buy back a software company that was taken over by an American trustee, according to a new court filing.

1 min

DPIIT nod to IIHL for Rcap acquisition

The Department for Promotion of Industry and Internal Trade (DPIIT) has given the go-ahead to Hinduja Group firm IIHL for acquisition of debt-ridden Reliance Capital Ltd (Rcap), sources said.

1 min

Hyundai to set up 2 RE plants in TN

Hyundai Motor India Ltd (HMIL) on Thursday said it was planning to set up two renewable energy (RE) plants in Tamil Nadu as a step towards meeting the company's target of 100 per cent renewable electricity dependency across its manufacturing operations by 2025.

1 min

Nandini set for clash with dairy titans; enters Delhi-NCR

Karnataka Chief Minister Siddaramaiah on Thursday launched the Karnataka Milk Federation's (KMF) Nandini brand milk products in the Delhi-NCR market, pricing them marginally lower than competitors to gain a foothold in the region.

1 min

Bacardi distills new Irish whisky variant for India

As whisky consumption continues to soar in the country, Bacardi India will be launching a new variant of its Irish spirit - Teeling Whiskey - the Small Batch classic crafted specially for the Indian market.

1 min

Premium content production needs to be democratised

Over 13 years, UDAY SHANKAR took Star India from ₹1,600 crore to ₹18,000 crore in revenue when he quit in 2020. He was keen to focus on education and healthcare. But here he is back in media four years later as vice-chairperson of JioStar. The ₹26,000 crore (revenue FY24) firm is India's largest media company. It is the product of the merger between Viacom18 Media and Star India. Viacom18 is owned by Reliance Industries (RIL) and Bodhi Tree Systems, a platform owned equally by Shankar and James Murdoch's Lupa Systems. Star India is a part of The Walt Disney Company. Earlier this week, Vanita Kohli-Khandekar had a chat with Shankar in Mumbai. Edited excerpts:

4 mins

Tariff impact: Reliance Jio lost 7.96 mn users in Sep

BSNL continued to be the largest gainer, adding 0.8 million duringthe m-onth ::

2 mins

Ola Electric may lay off 500 staffers in major rejig

Ola Electric is conducting a restructuring exercise which is expected to affect over 500 employees across various roles within the organization, according to sources.

1 min

'Business and climate are no longer an either-or choice'

PHILIPPEVARIN, chair ofthe International Chamber of Commerce, which represents over Li S million companies in 170 countries' is on an India visitwhile COP29 is unden Nay. ln an inte Niew in New Delhi, he tells Veenu Sandhu that any investment today must factor in sustainability from the very beginning' and explains why green trade finance is critical. Edited excerpts:

5 mins

Group's US exposure spans solar, wind, and Google India operations

AEL says Adani Solar secured its largest single-yr order from a key American utility firm

1 min

Proxy advisory firms raise alarm on charges against Adani execs

'Allegations can have long-term impact on cost of borrowing'

2 mins

Lack of takers for RE Icey reason behind corruption case

SECI could notflnd buyers forsolar project, promptingflrms to resortto bribing states: Do J findings

2 mins

Adani family net worth falls 20%

At its peak, it was worth $136.3 bn at the end of July this year

1 min

Experts warn ofsevere legal fallout. for Adani group and associates

The charges against Gautam Adani and others, as announced by the US Securities and Exchange Commission (SEC), involve serious allegations of securities and wire fraud, as well as violations of the Foreign Corrupt Practices Act (FCPA) and the Foreign Extortion Prevention Act (FEPA). Experts and lawyers explained the details of these provisions as well as their implications.

3 mins

Kenya nixes airport, energy deals with group

Kenyan President William Ruto said on Thursday he had ordered the cancellation of a procurement process that had been expected to award control of the country's main airport to Adani Group after its founder was indicted in the US.

1 min

Parties in war of Words over Adani allegations

Rahul demands immediate arrest and interrogation of the industrialist

3 mins

CEA advises India Inc not to seek cover of weak currency

Chief Economic Adviser (CEA) V Anantha Nageswaran on Thursday urged India Inc to avoid relying on a weak currency as a shield, emphasising that it cannot substitute productivity and investment in research and development (R&D).

1 min

Goyal urges industry to raise quality standards

Commerce and Industry Minister Piyush Goyal on Thursday underscored the need to raise quality standards in the country, urging the industry to actively engage with technical committees and appoint representatives to uphold these standards.

1 min

Macroeconomic stability a joint effort, says Das

'Stable inflation is foundation of sustained growth'

2 mins

Govt looks to cut red tape and unmoor port infra delays

New plan aims to expand financial powers, and level the playing field with private operators

2 mins

Govt to table 5 new Bills in winter session

The government has listed five new Bills to be introduced in the Winter Session of Parliament, which begins on Monday.

1 min

New global climate finance draft poses challenges for developing World

On an early Thursday chilly morning in Baku, Azerbaijan, a daybefore the end of COP29, the annual UN-backed global climate summit, negotiators presented a revised draft ofthe new global climate finance plan, a key requirement to keep global warming below 2 degrees centigrade from preindustrial levels.

2 mins

Trump names US envoys to Nat0, Canada

US President-elect Donald Trump has announced his envoys for NATO and Canada, following his nominations for ambassador to Israel and Special Envoy to west Asia.

1 min

Russia fired ICBM in attack on Dnipro citv, savs Ukraine

Western ofncials contradict; if conflrmed, this will be flrst use ofsuch a missile in war

1 min

Nvidia's AI chip demand soars, but revenue forecast a worry

Firm projects revenue growth to slow to 69.5°/o in QLr from 9Lr°/o in QB

1 min

US seeks Google breakup, Chrome sale

ANTITRUST CASE: DOJ suggests measures to a federal judge to end tech giant's monopoly on online search

2 mins

100 indicators of growth: Heady to steady

After a period of heady stock market gains a duot alongside impressive gross domestic product (GDP) growth clips, things seem to have cooled off a bit.

4 mins

A practitioners view of Indian foreign policy

At a time when India's external image has acquired a degree of robustness and resonance, a book on India's foreign policy written by someone who plays a role in shaping it must be considered a valuable addition to the existing literature on the subject.

3 mins

Second-order effects

RBI cannot ignore price pressures

2 mins

Prisoners of process

Prison decongestion schemes have been suboptimal

2 mins

Financial investments by non-financial firms

Is this the future, or will market volatility reverse the trend?

4 mins

India, Australia sign air-to-air refuelling pact for defence

For several years, the Indian and Australian Navies have developed operational practices during joint training, such as Exercise Malabar, as well as in actual counter-submarine patrols. Their efforts aim to deter submarines from China's People's Liberation Army Navy from entering the waters of the Indian Ocean, which New Delhi considers its sphere of influence.

1 min

India may land in top 5 with 12.7% growth in airline seat capacity

India is projected to see a 12.7 per cent growth in overall airline seat capacity in 2024 compared to pre-pandemic levels in 2019, ranking fifth among the top 20 countries with the highest seat capacity globally.

2 mins

Indian carriers projected to add 600 planes in next 5 yrs: Aviation secy

Indian carriers, which currently have approximately 800 planes in their fleet, are projected to add about 600 planes in the next five years, Civil Aviation Secretary Vumlunmang Vualnam said here on Thursday.

2 mins

US charges: Legal experts see no knee-jerk response from Sebi

The Securities and Exchange Board of India (Sebi) may not be in haste to take any action on the charges levelled by the US prosecutors on Adani group executives, according to legal experts.

1 min

Quant MF's big Adani bet may have sense of deja vu

Quant mutual fund (MF) may have taken the biggest hit among fund houses from the slump in Adani group shares on Thursday.

1 min

Nifty 50 may hit 27K by 2025-end: Goldman Sachs

Conglomerate's combined market capitalisation falls by ₹2.2 trillion

1 min

Corporate irregularities can impact economy at large: Justice Kumar

Financial misconduct and corporate irregularities can impact the economy at large and come at the expense of shareholders and banks, cautioned Justice PS Dinesh Kumar, presiding officer of the Securities Appellate Tribunal (SAT), on Thursday.

1 min

Premium Valuations may cap upsidesforlndian Hotels

Indian Hotels (IH) has an ambitious strategy of doubling its hotel portfolio and is aiming for a 14 per cent annual revenue growth. The goals are achievable, given financial discipline and agility.

3 mins

Adani Green abandons $600 mn bond offering

Adani Green Energy on Thursday announced it has decided not to proceed with the proposed USD-denominated bond offering, hours after US prosecutors charged Gautam Adani, his nephew and six others over allegations of bribery.

1 min

Markets dip amid selloff in Adani group stocks

Conglomerate's combined market capitalisation falls by 2.2 trillion

2 mins

Vedanta Resources defers dollar bond issue due to mkt volatility

Billionaire Anil Aggarwal's Vedanta Resources has deferred the company's $1.2 billion bond issuance following volatility in the market after US justice department, in a report, charged Gautam Adani and others with $250 million bribery. The Vedanta dollar bond issue was to be priced on Thursday.

1 min

°GST on health insurance needs to be reduced,

IFFCO Tokio General Insurance Company Limited (IFFCO Tokio) has sent its suggestions to the government, seekingto reduce goods and se Nices tax (GST) rates on health insurance premiums to 5 per cent from the existing18 per cent, said the f Irm's Managing Director and Chief Executive 0ff\cer (MD and CEO) SUBRATA MONDAL in an inte Niew with Harsh Kumar in Gurugram. Mondal discussed the future plan of insurance companies alongwith emerging challenges forthe sector. Edited excerpts:

2 mins

Draft guidelines to upgrade 1,000 ITIs in the works

Talks with stakeholders for proposed scheme completed

1 min

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