Business Standard - November 29, 2024

In this issue

November 29, 2024

Centre charts course for broader ship ownership

Building on the Centre's Budget announcement this year to increase India's share in ship owning and shipbuilding, the Ministry of Ports, Shipping and Waterways is looking to overhaul the domestic maritime space by introducing four pieces of legislation.

3 mins

Land never an issue for Godrej family biz split

After the family settlement signed in April this year, Godrej Enterprises Group (GEG) unveiled its brand logo on Thursday. In an interview to Jaden Mathew Paul, Sharleen D'Souza, and Dev Chatterjee in Mumbai, GEG Chairman and Managing Director JAMSHYD GODREJ and Executive Director NYRIKA HOLKAR talk about the company's future investment plans.

1 min

PMJAY for 70+ group meets 3% of target in first month

In September, the Union government announced the fine print of the much-awaited Ayushman Bharat 2.0 scheme that aims to cover everyone over the age of 70 years irrespective of income level.

2 mins

SBI's business may hit ₹100 tn in FY26: Setty

Sets three-year horizon for achieving net profit of ₹1 tn per annum

2 mins

CCI orders probe into Google's Play Store policies

The Competition Commission of India (CCI) on Thursday ordered a detailed investigation into Google in connection to a complaint filed by Winzo Games for alleged unfair business practices with respect to listing of real money gaming apps on Play Store.

3 mins

India will have more than two major airlines: A-I CEO

Tata group's airlines to add 100 planes to fleet by 2027, says Campbell Wilson

2 mins

Nazara Tech raises ₹855 cr via preferential issue to fuel expansion

India's only listed gaming company Nazara Technologies has raised ₹855 crore ($101 million) via a preferential issue, which saw participation from SBI Innovative Opportunities Fund, Junomoneta Finsol, and Think India Opportunities Master Fund LP, among others.

1 min

Leverage for primary steel cos may reach five-year high

High debt to impact financial metrics in FY25, says CRISIL

1 min

Supply chain spoke in Audi India's 2024 growth wheel

Automaker struggles to meet customer expectations despite strong demand

2 mins

AI democratising discovery ecosystem: Meta

Artificial intelligence (AI) is making the discovery ecosystem on Meta platforms further democratised, according to Arun Srinivas, director and head (India), Ad Business, Meta.

2 mins

RIL subsidiary takes stake in Wavetech Helium for $12 mn

A US subsidiary of Reliance Industries (RIL) has picked up a 21 per cent stake in US-based Wavetech Helium, Inc. (WHI), marking the oil-to-telecom conglomerate's expansion in the helium segment which has a significantly lower carbon footprint.

1 min

Skill-based courses create job-ready grads: Coursera report

As many as 95 per cent of higher education leaders in India agree that micro-credentials strengthen students' career outcomes, indicating a shift towards skill-based education, said a recent report by edtech platform Coursera.

1 min

Telcos call for prompt notification of guidelines to curb spam calls

Telecom operators have urged the Department of Consumer Affairs (DoCA) to promptly notify the draft guidelines aimed at preventing spam calls and messages.

1 min

CarDekho net revenue jumped 54% in FY24

CarDekho Group, the auto-tech and fintech solution provider, recorded a net revenue of ₹2,074 crore in FY24, a 54 per cent growth year-over-year from ₹1,347 crores in FY23.

1 min

Abu Dhabi fund, Lanka port body back Adani

Abu Dhabi's International Holding Company (IHC), one of the largest sovereign funds that manages assets close to $100 billion, has reaffirmed its support to the Adani Group, saying its outlook on investments in the group remains unchanged despite the US indictment of the conglomerate's founder chairman Gautam Adani.

2 mins

No plans at the moment to list GEG companies

In an interview with Jaden Mathew, Sharleen D'Souza, and Dev Chatterjee in Mumbai, GEG Chairman and Managing Director JAMSHYD GODREJ, and Executive Director NYRIKA HOLKAR say there is a shift in terms of R&D towards the fit, feel, finish, and the aesthetic aspect of products

3 mins

'We open 65,000 savings accounts a day'

CHALLA SREENIVASULU SETTY, who took charge as chairman of State Bank of India (SBI) in August, says the conversion of net profit from operating profit is moving towards 70 per cent, which indicates culmination of efforts from all fronts. In an interview with Manojit Saha and Abhijit Lele in Mumbai, he says SBI is comfortable with liquidity with the overall credit-deposit (CD) ratio at a modest 68 per cent and the aim is to maintain the incremental CD ratio at 100 per cent. Edited excerpts:

4 mins

12% cap on contribution to EPS may be removed

In a bid to enable subscribers with basic pay up to ₹15,000 to earn a higher pension and build a bigger corpus, the Employees' Provident Fund Organisation (EPFO) is considering doing away with the 12 per cent ceiling that is currently applicable on members' contribution to the Employee Pension Scheme (EPS), while keeping the employer's share of 12 per cent unchanged, official sources familiar with the development said.

1 min

₹ hits fresh intraday low of 84.52 against $

RBI intervention in forex mkt helps rupee recoup losses

2 mins

Manufacturing underperformed due to rise in multi-plants

Former chief economic advisor (CEA) Arvind Subramanian in his latest paper on Thursday highlighted the underperformance of the Indian manufacturing sector due to the rise in multi-plants, where a firm sets up multiple production facilities within a state.

2 mins

Deposit growth edges credit with 11.21% rise

Deposits stand at ₹218.54 trn, credit at ₹173.62 trn

2 mins

13 offshore mineral blocks up for bidding

FIRST AUCTION OF ITS KIND

1 min

Sugar co-ops defend labour practices amid allegations

Sugar cooperatives, which accounted for almost 30 percent of India's annual sugar output as of 2023-24 season (Oct-Sept), are up in arms against repeated attempts to raise the issue of labour exploitation in their factories and farms, alleging that it is a ploy to divert customers from cooperatives to others.

1 min

GST fitment panel to review 18% tax on co-lending services

The Fitment Committee of the Goods and Services Tax (GST) Council is set to review the 18 per cent GST on co-lending services, following a report submitted by the SBI-led committee on co-lending.

1 min

Trump is India's friend, no issues ahead: Goyal

Union Commerce and Industry Minister Piyush Goyal on Thursday said India was looking forward to start talks with the new administration in the United States under Donald Trump, who the minister said was a \"friend of India\" and the country's ties with the US were only getting better with time.

1 min

Airlines got 999 hoax bomb threats till Nov 14 this yr: Govt

Airlines received 999 hoax bomb threats till November 14 this year, and as many as 256 FIRs were filed, the government said on Thursday.

1 min

FinMin may end windfall tax as oil prices stabilise

The Ministry of Finance is reconsidering the windfall tax on the export of petrol, diesel, and aviation turbine fuel (ATF) as global crude oil prices have stabilised, a senior government official said.

1 min

INDIA bloc leaders in attendance, Soren takes oath as J'khand CM

Jharkhand Mukti Morcha (JMM) leader Hemant Soren took oath as the 14th chief minister (CM) of Jharkhand in a grand ceremony in Ranchi on Thursday, amid the presence of a galaxy of INDIA bloc leaders.

1 min

My name not mentioned anywhere: Jagan on Adani bribe allegations

YSR Congress Party (YSRCP) top leader and former chief minister Y S Jagan Mohan Reddy on Thursday refuted allegations of payment of bribes to Andhra Pradesh officials by the Adani group for solar power purchases during his party-led government, and said his name was not mentioned anywhere in a US court's indictment on the matter.

1 min

Fadnavis, Ajit, Shinde in Delhi as BJP to pick Maha CM

The process of government formation in Maharashtra is expected to get a boost after a crucial meeting between caretaker CM Eknath Shinde, Devendra Fadnavis, Ajit Pawar, and Union minister Amit Shah in Delhi on Thursday night, sources said.

1 min

Adani row, Manipur issue wash out House biz again

Proceedings in Parliament were on Thursday washed out for the third day since the beginning of the Winter Session following disruptions by the Opposition over the Adani issue and violence in Manipur and Sambhal.

1 min

FTC investigates Uber over subscriptions

The US Federal Trade Commission (FTC) is looking into whether Uber Technologies Inc violated consumer protection laws with its flagship subscription service.

1 min

Malaysia's communication titan Ananda Krishnan dies at 86

Ananda Krishnan, the elusive billionaire who rose from oil trader to one of Malaysia's most prolific dealmakers and bankrolled the 1985 Live Aid concert, has died at the age of 86.

2 mins

Mark Zuckerberg dines with Trump at Mar-a-Lago

Donald Trump dined on Wednesday with Meta CEO Mark Zuckerberg (pictured) at the president-elect's Mar-a-Lago club in Florida, bringing together the Facebook founder and the former president who was once banned from that social network.

1 min

B'desh HC refuses to ban Iskcon; Hasina demands release of Hindu leader

Bangladesh High Court Thursday rejected a petition seeking a ban on Iskcon's activities in the country, days after a lawyer was killed in a clash between security personnel and supporters of a Hindu leader, previously linked to the religious group.

1 min

Microsoft faces broad antitrust probe in US

FTC investigation's future remains uncertain under Trump administration

1 min

Mexico will 'stop' migration: Trump

US President-elect Donald Trump on Thursday said Mexico has agreed to immediately stop illegal immigrants from going to its border with the United States.

1 min

Day after truce deal, 2 Lebanese 'suspects' injured in Israeli firing

At least two people were wounded by Israeli fire in southern Lebanon on Thursday, according to state media.

1 min

Doubling down on Maga

Trump-II Cabinet choices are less moderate

2 mins

Combating UPI frauds

Rising cases can affect confidence

2 mins

Golwalkar's controversial legacy

Except for slightly more than a decade, in almost a hundred years of its existence, the Rashtriya Swayamsevak Sangh (RSS) has been perceived as a shadowy organisation.

4 mins

Application for Deepi Goyal's chief of staff role

I know you are no longer accepting applications, but what the heck! Let me give it a shot. But I must level with you first.

4 mins

The right response to capital flight

RBI's recent intervention in the forex market was necessary, but it must now ensure the rupee doesn't appreciate further

4 mins

MFs seek relaxation in rules framed to prevent mkt abuse

Say new system disrupts their ability to execute large deals

2 mins

C2C Advanced sees large withdrawals

Nearly 80 per cent of individual investors withdrew bids from the initial public offering (IPO) of C2C Advanced Systems after the company's listing was postponed due to regulatory concerns.

1 min

NSE to be an alternative avenue to BSE: Sebi

The Securities and Exchange Board of India (Sebi) on Thursday announced the interoperability of stock exchanges to ensure business continuity in the face of a technical glitch or an outage.

1 min

Lack of pricing power, competition to hit city gas distribution firms

The city gas distribution (CGD) sector has enjoyed favourable policies, high arbitrage versus alternative fuels, and pricing freedom in the past. However, recent cuts in administered pricing mechanism (APM) allocation and rising competition from electric vehicles are among the factors that have led to big corrections.

2 mins

Bank-backed insurers' scrips tumble on banca limit reports

Shares of bank-backed private life insurance companies tumbled on Thursday after reports suggested that the Insurance Regulatory and Development Authority of India (Irdai) might limit the parent bank's share in insurance companies' total bancassurance business to 50 per cent.

1 min

Union MF forays into factor investing

Union Mutual Fund (MF) on Thursday announced its entry into factor-based investing with the launch of Union Active Momentum Fund.

1 min

Markets log biggest fall in two months as FPIs resume selloff

IT, auto stocks saw steepest drop while five Adani group firms settled higher

2 mins

Crompton plans new products to boost sales

Premium focus, margin rise to drive profits for appliance maker

2 mins

Ideal for long-term investors with higher risk appetite

Long-duration funds (LDFs) delivered an average return of 11.4 per cent in the year ending November 27, 2024.

2 mins

Silver prices crash to 3-week low, back to ₹90,000 mark

Silver prices tumbled to a three-week low by losing ₹4,900 to ₹90,900 per kg, while gold slipped ₹100 to ₹78,700 per 10 grams in the national capital on Thursday on frantic selling by stockists and retailers, according to the All India Sarafa Association.

1 min

PRICE WARRIOR

Bhavish Aggarwal of Ola Electric declares a price war in e-scooters. But he faces questions over sustainability and a new challenge from Honda

2 mins

India's gig economy may add 90 mn jobs, contribute 1.25% to GDP: White paper

Forum for Progressive Gig Workers' report says this market is expected to expand at 17% CAGR to reach a gross volume of $455 bn by year-end

2 mins

Australia bans social media for those under 16

The first-of-its-kind law is expected to take effect from November 2025

2 mins

NHAI takes measures to counter visibility issues due to fog

State-owned NHAI on Thursday said it has directed its field offices to take proactive mitigation measures to enhance visibility for the safety of National Highway users.

1 min

Co-ops may create 55-56 mn self-employment jobs by 2030

Maintaining growth rate at 5-6% must to achieve goal, says report

1 min

Amazon develops video AI model

E-commerce giant Amazon has developed new generative artificial intelligence (AI) that can process images and videos in addition to text, making it less reliant on AI startup Anthropic.

1 min

UP GETS WORKING TO BE INDIA'S 'GROWTH ENGINE'

A transformation is underway in the state, where investments, infrastructure, and innovation converge to redefine its economic future

8 mins

Making of 'Yoginomics': Micro industries to macroeconomy

FROM RUST BELT TO BOOMTOWN: How the Chief Minister's playbook is rewriting UP's growth story with bold reforms and visionary governance

5 mins

State's priority sectors need ₹5.73 trn lending in FY25

Signalling a major boost to the $1 trillion economy target of Uttar Pradesh, the priority sector credit flow is estimated to touch ₹5.73 trillion in the current financial year 2024-25 (FY25), marking an over 50 per cent growth year-on-year.

3 mins

'Investments in UP spread across regions'

Leaving behind the tag of being a Bimaru’ state, Uttar Pradesh UP) has marched forward to become one of the most favoured destinations for investors. The state government has introduced a new industrial policy providing more sops, incentives, and rebates to industries. Various sectoral policies have been implemented to support these industries. Minister for Industrial Development, Export Promotion, NRI Investment Promotion of UP, in an interview with Siddharth Kalhans of the Business Standard Samriddhi round table, shared details of the steps taken to boost the economy, exports, and industries in UP. Edited excerpts:

4 mins

'UP has extensive land bank for industries'

As several investments come to Uttar Pradesh (UP), the demand for industrial plots is rising. The Global Investors Summit, held in Lucknow last year, fetched investments worth more than ₹40 trillion. The state government is expanding existing industrial areas and creating new ones. Sector-specific industrial parks are also being set up. MAYUR MAHESHWARI, Chief Executive Officer (CEO) of UP State Industrial Development Authority (UPSIDA), in an interview with Siddharth Kalhans in Lucknow spoke about plans to help industries. Edited excerpts:

3 mins

Wheels of change turn electric as state expands its green fleet of buses

The Yogi Adityanath government in Uttar Pradesh (UP) will expand its electric bus fleet to improve public transportation.

2 mins

UP green plan: Use tech to help boost agriculture

Over the next few years, the state aims to increase value of farm exports from ₹20,000 crore to ₹50,000 crore by boosting productivity and food processing

3 mins

'Industry has to heed the environment'

In the era of rapid industrialisation, businesses are required to adopt processes and technologies that are environment-friendly and achieve the goal of sustainability. RAVINDRA PRATAP SINGH, chairman of Uttar Pradesh Pollution Control Board (UPPCB), in an interview with Siddharth Kalhans in Lucknow said the board had been nudging industries to adopt eco-friendly technologies. He also spoke about the steps being taken to make people environment-conscious. Edited excerpts:

2 mins

Chips to tourism: State marks out sectors for support and growth

Uttar Pradesh is on the track to become a $1 trillion economy by 2027-28 due to a host of factors, including increased spending on infrastructure, improved law and order, and better business environment.

4 mins

Highways: UP's path to become first $1 trn state

Uttar Pradesh (UP), one of India's top state economies, is aiming to become the nation's first $1 trillion economy.

2 mins

Maha Kumbh 2025 to give state a chance to wave tourism potential

To leverage its religious and spiritual tourism potential, the Uttar Pradesh government is pitching for global branding of Maha Kumbh Mela 2025, one of the world's largest congregations of pilgrims.

3 mins

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