Business Standard - June 06, 2024Add to Favorites

Business Standard - June 06, 2024Add to Favorites

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In this issue

June 06, 2024

Bulls stage ₹13 trn recovery as worries over Modi 3.0 ease

The benchmark indices on Wednesday recouped over half the losses they suffered on the Lok Sabha election results day, as the Bharatiya Janata Party (BJP)'s coalition partners reasserted their support for the next government under Prime Minister Narendra Modi.

Bulls stage ₹13 trn recovery as worries over Modi 3.0 ease

2 mins

No hiccups, NDA rallies behind Modi

MPs to meet tomorrow to formally elect Modi, oath likely over weekend | INDIA bloc says mandate against BJP govt, will take steps at appropriate time

No hiccups, NDA rallies behind Modi

4 mins

More bilateral rights to the Gulf? Airlines divided

Indian carriers are divided on whether the Centre should give more bilateral rights to West Asian countries.

More bilateral rights to the Gulf? Airlines divided

3 mins

Hindalco defers Novelis IPO in US, citing mkt conditions

Novelis, the US subsidiary of Hindalco Industries, has deferred its initial public offering (IPO) due to market conditions, announcing the decision on Wednesday after launching a roadshow for the offer last week.

Hindalco defers Novelis IPO in US, citing mkt conditions

1 min

Coalition govt may find it difficult to pass major reforms: Rating agencies

Passing major and contentious reforms like land and labour could prove more difficult for the next Bharatiya Janata Party (BJP)-led coalition government, rating agencies, such as Fitch and Moody's, said on Wednesday.

2 mins

SpiceJet plans to raise ₹2,085 cr by mid-Aug

SpiceJet is planning to raise $250 million (₹2,085 crore) by mid-August as it would assist the airline in clearing its balance sheet and put it on the path of growth, its chairman and managing director Ajay Singh (pictured) said on Wednesday.

SpiceJet plans to raise ₹2,085 cr by mid-Aug

1 min

IndiGo a 'unique' airline, not a 'low-cost carrier'

IndiGo is a \"unique\" airline and should not be branded as a low-cost carrier (LCC) as it has already taken several measures that a typical LCC would never take, said its Chief Executive Officer Pieter Elbers on Wednesday.

IndiGo a 'unique' airline, not a 'low-cost carrier'

1 min

Govt studying 300 airstrips to develop brownfield airports

This will give a boost to air connectivity, says aviation secretary

1 min

Have stopped hiring pilots: Akasa Air CEO

Akasa Air has stopped hiring pilots as it now has sufficient strength to operate its current fleet of 24 aircraft and accommodate its incoming growth, said its Founder and Chief Executive Officer Vinay Dube (pictured) on Wednesday.

Have stopped hiring pilots: Akasa Air CEO

1 min

Pilot, crew shortage more serious than visible: Capa

FDTL guidelines, poaching by carriers in West Asia to further accentuate crunch

Pilot, crew shortage more serious than visible: Capa

2 mins

Suraksha Group takes control of Jaypee Infratech

In a big relief for over 20,000 Wednesday, Suraksha Group Suraksha homebuyers, Group has taken control of the debt-ridden realty firm Jaypee Infratech by constituting a three-member board and will soon infuse ₹125 crore equity fund to start construction of stalled housing projects across Delhi-NCR.

1 min

Environmental and financial benefits drive EV adoption in India

Electric vehicles (EVs) are zooming on Indian roads, as nearly 77 per cent of EV owners are motivated by reduced emissions.

Environmental and financial benefits drive EV adoption in India

1 min

BoAt to scale down wearables biz, focus on high-end audio products

Consumer electronics company BoAt Lifestyle is scaling down its wearables business to focus more on audio.

BoAt to scale down wearables biz, focus on high-end audio products

1 min

Lenders seek to place Byju's US assets under bankruptcy

Allege the company is not paying its debts

Lenders seek to place Byju's US assets under bankruptcy

1 min

The X factors in Mamata's Bengal march

It was just before the fourth phase of the general election in West Bengal.

The X factors in Mamata's Bengal march

2 mins

Next NDA meeting may witness proposal for Bihar package

Finance ministry likely to keep elements of package within ₹1 trillion spread over more than one year

Next NDA meeting may witness proposal for Bihar package

2 mins

Streets to social media: Transformed Rahul behind Cong show

In mid-January, Congress leader Rahul Gandhi began his Bharat Jodo Nyay Yatra from violence-hit Manipur and visited Nagaland during the course of the yatra.

Streets to social media: Transformed Rahul behind Cong show

3 mins

Expectations of borrowing cut fade after verdict

Compulsions of running a coalition may put pressure on the exchequer, say bond dealers

Expectations of borrowing cut fade after verdict

2 mins

Govt moots new shipping firm to expand fleet

The government plans to set up a new shipping company to expand its fleet by at least 1,000 ships in the next decade, as Asia's third-largest economy seeks a bigger chunk of revenue from surging trade, two government officials said.

1 min

Services growth in May slows to 5-month low

Local demand weakens, exports up

1 min

Rail coal freight volume rises 9.3% on summer demand pull

With the summer heat reaching record highs in northern India in May, Indian Railways ferried 9.3 per cent more coal than last year, and freight volumes for all commodities on the railway network grew 3.9 per cent in the previous month, according to government data.

Rail coal freight volume rises 9.3% on summer demand pull

1 min

No exemption for SEZ units in draft Central Excise Bill

Officials may be allowed to audit businesses

No exemption for SEZ units in draft Central Excise Bill

2 mins

MF funding to NBFCs grew 30% in April

The money raised by nonbanking financial companies (NBFCs) from mutual funds (MFS) rose almost 30 per cent year-on-year (Y-o-Y) to 2.08 trillion in April 2024, shows data from rating agency CareEdge.

1 min

Irdai to meet insurers today on Bima Sugam, 'Cashless Everywhere'

The Insurance Regulatory and Development Authority of India (Irdai) Chairman Debasish Panda will meet chief executive officers (CEOs) of the Indian insurance industry in Mumbai on Thursday to review implementation of two ambitious projects, Bima Sugam and 'Cashless Everywhere'.

1 min

Meity will continue to take initiatives in new govt: Secretary

S Krishnan, secretary, Ministry of Electronics and Information Technology, said the policy roadmap for the ministry will continue going ahead and build on past legacies.

1 min

Kejriwal's interim bail plea dismissed by Delhi court

A city court on Wednesday dismissed Delhi Chief Minister Arvind Kejriwal's application for interim bail on medical grounds in the money laundering case linked to the alleged excise policy scam.

1 min

5 regional parties stare at an existential crisis

As the Bharatiya Janata Party (BJP) went into a huddle with the Telugu Desam arty (TDP) and the Janata Dal (United) to stitch an alliance on Wednesday, and Congress backed by the Samajwadi Party and the Trinamool Congress looked all set to mount a serious challenge to the coalition, the regional parties suddenly found themselves in the spotlight.

5 regional parties stare at an existential crisis

2 mins

Biden, Putin greet Modi on election win

Several world leaders, including the US President Joe Biden, Russian President Vladimir Putin, British Prime Minister (PM) Rishi Sunak and Italian PM Giorgia Meloni congratulated PM Narendra Modi on Wednesday on the victory of the Bharatiya Janata Party-led coalition in the general elections.

1 min

OpenAI insiders warn of a reckless race for dominance

'Company has not done enough to prevent its Al systems from becoming dangerous'

OpenAI insiders warn of a reckless race for dominance

2 mins

Tesla had no place to put Nvidia AI chips, says Musk

Elon Musk confirmed he diverted artificial intelligence chips away from Tesla to his X and XAI ventures, offering explanations both for the redirected shipment and internal Nvidia Corporation emails.

Tesla had no place to put Nvidia AI chips, says Musk

1 min

'Earth warming at record rate but no proof climate change accelerating

92% of last year's record heat was caused by humans, finds study by group of 57 scientists

'Earth warming at record rate but no proof climate change accelerating

2 mins

No more Big Macs: McDonald's trademark axed in EU

McDonald's Corporation's lost the European Union (EU) trademark rights to chicken versions of its iconic \"Big Mac\" burgers after judges ruled that the fast food giant failed to do enough to claim exclusive rights.

No more Big Macs: McDonald's trademark axed in EU

1 min

China chip firms degrade designs to avoid curbs

Some Chinese AI chip companies are now designing less powerful processors to retain access to Taiwan Semiconductor Manufacturing Co (TSMC) production in the face of US sanctions, sources said.

1 min

Third-time lucky? Boeing launches Starliner capsule

For the third time in roughly a month, Boeing will try to launch its long-delayed space taxi with the vehicle's first human crew for Nasa, following weeks of delays over technical issues and two called off launch attempts.

Third-time lucky? Boeing launches Starliner capsule

1 min

Apple made once-unlikely deal with Altman to catch up in AI

When a 23-year-old Sam Altman took the stage at Apple's annual developer conference in 2008, he gushed about being able to use Apple's new App Store to promote his software, a friend-locating service called Loopt.

Apple made once-unlikely deal with Altman to catch up in AI

2 mins

Congress' learning curve

Smarter alliances, social media tactics helped

2 mins

Unintended consequence

Shift in paddy sowing is not helping

2 mins

The elections signal course correction

Voters have made it clear they want inclusive growth and a break from polarising politics

The elections signal course correction

4 mins

Connecting the missing election dots

The journey is as important as the destination, as the saying goes.

3 mins

Sebi eases timelines for FPIs to disclose material changes

The Securities and Exchange Board of India (Sebi) has relaxed the timeline for foreign portfolio investors (FPIs) for reporting and disclosing material changes.

Sebi eases timelines for FPIs to disclose material changes

1 min

SBI MF hits ₹10 trn AUM milestone

Becomes the first fund house to reach the benchmark

SBI MF hits ₹10 trn AUM milestone

2 mins

Policy, valuations could keep rural stocks in play

Most brokerages are betting that the new government will shift to a policy focusing on boosting rural incomes and consumption since that has clearly been a pain point.

2 mins

Regulator mulls raising limit for basic-service demat account to ₹10 lakh

Markets regulator Securities and Exchange Board of India (Sebi) on Wednesday proposed to enhance the threshold for the basic service demat account (BSDA) to 10 lakh from the current ₹2 lakh in a bid to boost the participation of retail investors in the securities market.

1 min

Kronox Lab IPO subscribed 117.25x on last day

The initial public offering (IPO) of Kronox Lab Sciences garnered 117.25 times subscription on the closing day of bidding on Wednesday.

1 min

VOLATILE DURING POLL RESULTS, LUCRATIVE 6 MONTHS LATER

As is the case now, equity markets always tend to be highly volatile around the time of election results.

VOLATILE DURING POLL RESULTS, LUCRATIVE 6 MONTHS LATER

1 min

India's Goldilocks scenario intact

Brokerages bullish despite BJP falling short of decisive mandate in Lok Sabha elections

India's Goldilocks scenario intact

2 mins

United Spirits may lose fizz on near-term woes

Long-term prospects promising, but there are no immediate triggers

United Spirits may lose fizz on near-term woes

2 mins

QS Rankings: IIT Bombay, IIT Delhi in top 150

The Indian Institutes of Technology (IITs) Bombay and Delhi are among the top 150 universities in the world, while the Massachusetts Institute of Technology (MIT) retained the top rank globally for the 13th time, according to the QS World University Ranking, 2025 announced on Wednesday.

1 min

Delhi reports 3rd hospital fire incident in 2 weeks

A major fire incident took place in an eye hospital based in Southeast Delhi's Lajpat Nagar on Wednesday, marking the third instance of hospital fire in the national capital in two weeks.

Delhi reports 3rd hospital fire incident in 2 weeks

1 min

T20 WORLD CUP: NETHERLANDS BEAT NEPAL BY 6 WICKETS

The Netherlands beat Nepal by six wickets with eight balls to spare in a tight contest that was delayed by rain at the Grand Prairie Stadium, Dallas, Texas, on Tuesday night.

T20 WORLD CUP: NETHERLANDS BEAT NEPAL BY 6 WICKETS

1 min

Read all stories from Business Standard

Business Standard Newspaper Description:

PublisherBusiness Standard Private Ltd

CategoryNewspaper

LanguageEnglish

FrequencyDaily

Business Standard is India's leading business daily.
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Business Standard's editorial team is led by Shyamal Majumdar.

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