In this issue

February 03, 2023

RBI asks for details of Adani loans from banks

SBI's exposure to the group is ₹21K cr

1 min

FMCG growth slows in Dec quarter

India's fast-moving consumer goods (FMCG) sector grew at a slower pace, at 7.6 per cent, in October-December 2022 compared to the previous quarter as well as the year-ago period, as price growth tapered and volumes remained weak, according to data by market research firm NielsenIQ.

1 min

Hindenburg report: Oppn seeks JPC or SC-monitored probe

Putting animus and rivalry aside, constituents of the erstwhile United Progressive Alliance (UPA), with the addition of the Aam Aadmi Party (AAP), came together to demand a probe by the Chief Justice of India or a Joint Parliamentary Committee (JPC) into the allegations made by short seller Hindenburg Research against the Adani Group and a debate in Parliament.

2 mins

NCLT: RCap's 2nd auction a breach of law

The National Company Law Tribunal (NCLT) on Thursday termed the second auction planned by the committee of creditors (CoC) of Reliance Capital to sell the bankrupt company's assets a \"violation of law\".

1 min

Britannia to opt for promotional offers instead of price cuts: Berry

Britannia Industries will not reduce the maximum retail price of its products but will opt for promotional offers instead, even as commodity costs are declining, Varun Berry, executive vice chairman and managing director of the biscuit major, told investors on a postearnings conference call.

1 min

Law Min allows CCI to clear mergers without quorum

16 applications pending; corporate affairs ministry studying proposal: Sources

1 min

HINDUJAS TO PAY ₹10K CR FOR INDUSIND BANK STAKE

The Hinduja group is planning to raise its stake in Indusind Bank from 15 per cent to 26 per cent with an investment of ₹10,000 crore.

1 min

Viacom18 picks up Jio's digital baton for IPL

Reliance-backed Viacom18 is pulling out all the stops for its upcoming broadcast of the Indian Premier League (IPL) as well as its inaugural edition for women cricketers.

2 mins

Q3 RESULTS ROUND-UP: Titan posts surprise net fall, shares sink

Titan Tata group-owned reported a surprise fall in third-quarter profit on Thursday as gross margins were impacted during the quarter, sending the company's shares down to an over six-month low intraday.

1 min

Dabur's 5.4% to ₹476 cr net falls

Dabur India on Thursday reported a decline of 5.4 per cent year-on-year (YoY) in its consolidated net profit for the quarter ended December.

1 min

Want to revise '17 Adani power deal: Bangladesh

Bangladesh has sought revision of a 2017 power purchase agreement with Adani Power as the price for the coal-generated electricity appeared too expensive, officials said in Dhaka on Thursday.

1 min

Capex proposals from states may come early in FY24: Sitharaman

States are expected to come up with plans to avail of the budgeted ₹1.3-trillion capital expenditure (capex) loans as early as April, Finance Minister (FM) Nirmala Sitharaman said on Thursday at a post-Budget interactive session by the Federation of Indian Chambers of Commerce & Industry (Ficci) on the Union Budget 202324 (FY24).

2 mins

Allocation to schemes for boosting exports increased

The Union Budget for 2023-24 has increased the allocation to some key export-boosting schemes, at a time when tepid external demand from developed economies is weighing on outbound shipments from India.

2 mins

113% INCREASE IN ALLOTMENT FOR NORTHEAST, HIGHEST EVER

In line with Prime Minister Narendra Modi's vision of developing the Northeast as a development gateway with Southeast Asian countries, the Ministry of Development of North Eastern saw the highest increase in the budgetary allocation this year.

1 min

Higher crude exploration drives non-tax revenue goal

The government's push to massively raise the area under exploration and improve ease of doing business in granting petroleum exploration licences has led to a 37.3 per cent higher estimate of non-tax revenue from petroleum, officials told Business Standard.

2 mins

Push for ELS cotton vield to reduce imports

Of the domestic consumption of 31 million bales, extra-long staple cotton accounts for just around1 million

1 min

Duty hike won't apply brakes on luxury car demand: Automakers

Automobile companies expect little impact on demand for high-end imported cars despite a Customs duty hike in the 2023-24 Budget.

3 mins

Clarity on taxation simplifies process for cos, users, say online gaming firms

Online gaming firms have welcomed the clarity Union Finance Minister Nirmala Sitharaman provided in Budget 2023-24 on taxation of money won by users. But what has really cheered the industry is the clear definition of what constitutes an online game.

2 mins

policy Tax on high-premium may hit life insurers' top line

The Budget proposal to tax income from traditional insurance policies other than unit-linked products (ULIPS) having premia above ₹5 lakh in a year is likely to impact growth of life insurance companies and their margins. There, on the other hand, could be demand for high-value policies now to avail of tax benefits, which only go away from April 1.

2 mins

Meta beats Street, announces $40-bn buyback: to sack some mid-level staff

Year of efficiency’, says Zuckerberg: shares surge over 20%. The stock has added $237 bn in market value since its November low

2 mins

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