Business Standard - June 12, 2024Add to Favorites

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In this issue

June 12, 2024

Value-add target in new electronics PLI scheme may double

Meity in talks with FinMin, NITI to finalise components scheme

Value-add target in new electronics PLI scheme may double

2 mins

Back to business: Ministers checkin

The staid corridors of Shastri Bhawan, home to various Union ministries, were a riot of colour on Tuesday.

Back to business: Ministers checkin

6 mins

Sebi clears road to Ola Electric's ₹7,250 cr IPO

Ola Electric, the electric vehicle startup by Bhavish Aggarwal, has secured approval from the Securities and Exchange Board of India (Sebi) for its ₹7,250 crore initial public offering (IPO), said people aware of the development.

2 mins

At dawn of Naidu govt, Amaravati comes to life, again

As the tranquil River Krishna flows, its banks are abuzz with last-minute beautification works all set for the new government's swearing-in ceremony at Kesarapalli IT Park, near Gannavaram Airport.

At dawn of Naidu govt, Amaravati comes to life, again

3 mins

TaMo to charge up EV plans with ₹18K cr bet

Investment to span over 6 years, targets 20% share in PV market by FY30

2 mins

Siam pushes for GST reduction on low-carbon 2Ws

The Society of Indian Automobile Manufacturers (Siam) has written to the Ministry of Heavy Industries, seeking a reduction in the goods and services tax (GST) on low-carbon two-wheelers.

1 min

L&T looks to crack China hi-tech code

Deploys on-ground teams, taps MNCs

L&T looks to crack China hi-tech code

2 mins

iPhone exports from India hit $2 billion in April-May

Apple's vendors achieve 25% of FY25 target under PLI scheme

2 mins

Utility vehicles log 50% higher exports in May over low base

Exports of utility vehicles (UVs) were up 50.5 per cent in May 2024 owing to a low base in the same month of the previous year, while domestic wholesales and production went up 17.6 per cent and 26.9 per cent, respectively, shows the data released by the Society of Indian Automobile Manufacturers (Siam).

Utility vehicles log 50% higher exports in May over low base

1 min

'India has potential to become leader in age of software and AI'

Sharing a throwback photo of his 2008 visit, THOMAS DOHMKE announced his arrival in India recently. The chief executive officer of Microsoft-owned developer platform GitHub said the country has changed a lot since that visit. In an interview with Peerzada Abrar in Bengaluru, Dohmke said India is set to lead the world in the age of artificial intelligence (AI). By 2027, Dohmke said, India will overtake the United States as the largest software developer community.

'India has potential to become leader in age of software and AI'

3 mins

Persistent partners Google Cloud to drive GenAl growth

Information technology (IT) services firm Persistent Systems has entered into a long-term partnership with Google Cloud to drive the adoption of generative artificial intelligence (GenAI) in the United States, the United Kingdom, India, and Australia.

1 min

Swiss trial: Nanny was like 2nd mum, says Ajay Hinduja

The scion of the Hinduja family rejected allegations he overworked an Indian nanny at his Swiss villa, saying it would've been idiotic to do so when she was like a \"second mum\" to his kids.

1 min

DPIIT officials, Flipkart, toy makers to meet today

Senior officials from the Commerce and Industry Ministry, Walmart group firm Flipkart, and domestic toy makers will discuss on Thursday ways to increase sourcing and immediately taking manufacturers onboard the e-commerce platform, an industry official said.

1 min

Wadhwani Foundation ties up with IITS, AICTE

The increasing integration of artificial intelligence (AI) across sectors will cause a short-term churn, but lead to a substantial increase in productivity in the long term and fuel job creation, said Ajay Kela, president and chief executive officer, Wadhwani Foundation.

1 min

Tata Steel's Port Talbot unit caught in political crossfire

Firm reiterates closure of blast furnaces at plant; 2,800 jobs may be impacted

Tata Steel's Port Talbot unit caught in political crossfire

2 mins

Pharma sales hot up on weather changes

The Indian pharmaceutical market (IPM) grew 5.2 per cent in May 2024, aided by a double-digit value growth in antiinfectives (12 per cent) and respiratory therapy areas (10.2 per cent) due to a sudden change in weather across the country, according to market research firm Pharmarack.

Pharma sales hot up on weather changes

1 min

Zomato to invest ₹300 cr in Blinkit

Food delivery platform Zomato will invest 300 crore in its quick commerce business Blinkit, according to regulatory filings sourced from business intelligence platform Tofler.

Zomato to invest ₹300 cr in Blinkit

1 min

Luxury home fittings firm Hansgrohe bets big on India

Latching on to India's growing appetite for premium products, German luxury home fittings maker Hansgrohe is seeing the country among its top five markets globally in terms of sales over the next few years.

1 min

SBI to scale up global ops through GIFT City

June State Bank of India (SBI), the country's largest bank, with about $80 billion balance sheet size of global operations, will step up focus on doing business through International Financial Services Centre (IFSC), GIFT City, in Gujarat's Gandhinagar, SBI executives said.

SBI to scale up global ops through GIFT City

2 mins

Govt restricts import of gold jewellery amid unusual surge

The government on Tuesday imposed restrictions on the import of gold jewellery and parts from all countries, except from its free-trade agreement (FTA) partner United Arab Emirates amid an 'unusual surge' in the inbound shipments.

Govt restricts import of gold jewellery amid unusual surge

1 min

I-T dept set to complete 170K reassessments by next March

The income tax (I-T) department could complete by March 2025 reassessments of 170,000 notices issued between March 2021 and March 2024 for undisclosed income in past assessment years.

1 min

Rupee hits new low ahead of Fed meeting

The rupee settled at a new closing low of 83.57 against the US dollar on Tuesday, tracking the rise in the dollar index and increased demand for the greenback among oil importers, according to dealers.

1 min

HDFC Bank raises FD rates by 20 bps

HDFC Bank, the largest private sector lender, has raised retail fixed deposit rates by up to 20 basis points (bps) across various buckets with effect from June 10.

1 min

India to remain fastest-growing among largest economies, says World Bank

Retains FY25 growth forecast at 6.6%

1 min

BPCL sale completely off the table: Puri

BPCL is a high revenue-earning public-sector undertaking (PSU) and plans to privatise it are completely off the table, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Tuesday after assuming charge of the ministry for the second time.

BPCL sale completely off the table: Puri

2 mins

Tribal leader Mohan Majhi to be BJP's 1st CM in Odisha

Prominent tribal face and four-time Bharatiya Janata Party (BJP) legislator Mohan Charan Majhi will take oath as the chief minister (CM) of Odisha in the presence of Prime Minister Narendra Modi in Bhubaneswar on Wednesday.

2 mins

IBBI proposes to reduce compliance burden on RPS

The Insolvency and Bankruptcy Board of India (IBBI) has proposed to simplify the forms submitted for the corporate insolvency resolution process (CIRP) by resolution professionals (RPs).

1 min

'DGFT should review Para 2.12 of FTP'

The issue regarding whether the foreign banks provide services to the banks in India that put through the transactions on your instructions or whether the foreign banks provide services to you, with the Indian banks acting only as intermediaries is far from settled.

2 mins

Process to select next PNB chief to begin in July

With the tenure of Punjab National Bank (PNB) Managing Director (MD) and Chief Executive Officer (CEO) Atul Kumar Goel scheduled to end by December 31, the process to select his successor will begin next month, said a senior official.

1 min

Insurers can't reject claims for lack of documents: Irdai

The Insurance Regulatory and Development Authority of India ☐ (Irdai) said on Tuesday that no claim shall be rejected by general insurance companies for \"want of documents\".

1 min

US says Netanyahu backs ceasefire plan

US Secretary of State Antony Blinken said Israeli Prime Minister Benjamin Netanyahu reaffirmed his commitment to a ceasefire proposal during a meeting in Jerusalem, as the US tries to gain momentum for a plan announced by President Joe Biden.

US says Netanyahu backs ceasefire plan

1 min

Apple unveils 'AI for the rest of us

Ties up with OpenAI; shares jump nearly 6% on Tuesday

Apple unveils 'AI for the rest of us

2 mins

China issues draft rules to expand cross-border e-commerce

China on Tuesday issued draft rules to promote construction of overseas warehouses and expand cross-border e-commerce businesses, which have become a vital force in its foreign trade.

1 min

Ikea lost $5,000 when each worker quit, hence it began paying more

Ikea's workers were quitting in droves in the US.

Ikea lost $5,000 when each worker quit, hence it began paying more

3 mins

Opec keeps 2024 oil demand growth forecast unchanged

The Organization of the Petroleum Exporting Countries (Opec) on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024, despite lower than-expected use in the first quarter, saying travel and tourism would support consumption in the second half of the year.

1 min

Europe's destiny

Right's electoral gains point to deepening instability

2 mins

Improving conditions

Govt must present a revised fiscal glide path

2 mins

Make it more transparent

The Budget shouldn't ignore provisional figures for 2023-24 and use the extra RBI surplus to better effect

Make it more transparent

5 mins

Missing: 407 million news consumers

The results of the general elections last week have answered a question that has bothered me for some years now.

Missing: 407 million news consumers

3 mins

IndiGo sells stake to scale up hospitality business: IGE

Rahul Bhatia-owned InterGlobe Enterprises (IGE) on Tuesday said it sold a 2 per cent stake in InterGlobe Aviation via a block deal to raise funds for scaling up its hospitality business and other incubating ventures.

1 min

Retail investor confidence unshaken

Amid volatility, demat account openings remained elevated & MF inflows scaled new highs: Data

Retail investor confidence unshaken

2 mins

Gains for Bata hinge on recovery hopes, rising premium portfolio

The stock of footwear major Bata India has been the highest gainer among larger listed footwear companies since the start of the month on expectations of a recovery in the value segment, new launches and measures by the new government to boost consumption.

2 mins

Sensex, Nifty settle flat amid volatile trade

Benchmark equity indices Sensex and Nifty ended almost flat on Tuesday after a recordbreaking rally as investors preferred to remain on the sidelines awaiting further triggers.

1 min

INDIA INC'S PROFIT-TO-GDP RATIO AT 15-YEAR HIGH

India Inc's profit as a percentage of gross domestic product (GDP) has risen to a 15year high led by improvement in the bottom line of financials, energy and automobile companies.

INDIA INC'S PROFIT-TO-GDP RATIO AT 15-YEAR HIGH

1 min

Hopes of good rains, crop prices fuel rally

The stocks of agrochemical companies have seen a rally ☐ over the past week on expectations that favourable monsoon, higher crop prices and measures taken by the government to boost rural economy would aid the sector.

Hopes of good rains, crop prices fuel rally

2 mins

IT'S MINNOW OR NEVER

USA's win over Pakistan in the T20 World Cup comes as the icing on a surge of smaller cricket playing nations. Now, how about a dose of Karl Marx?

IT'S MINNOW OR NEVER

5 mins

Fire at UP substation trips power supply to parts of Delhi

Outage disrupted day-one ceremony of several ministers

Fire at UP substation trips power supply to parts of Delhi

1 min

Digital platforms now a crucial pillar for FMCGs to advertise

Digital platforms are a crucial pillar in driving brand imagery, equity, and higher return on investment across categories in the fast-moving consumer goods space, according to a report by Nielsen and Kantar.

1 min

SC seeks Centre, NTA reply on fresh NEET-UG exam plea

The Supreme Court on Tuesday sought the response of the Centre and the National Testing Agency on a plea seeking fresh conduct of medical entrance exam NEET-UG, 2024, on the grounds of alleged question paper leak and other malpractices.

1 min

Indian varsities can now offer admission twice a year: UGC

Indian universities and higher education institutions will now be allowed to offer admissions twice a year on lines of foreign universities with the University Grants Commission (UGC) giving a go ahead to the plan, UGC chief Jagadesh Kumar said.

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.
A preferred choice of serious business readers, Business Standard is acknowledged as a quality leader.

Business Standard stands for reporting that stresses accuracy and credibility, commentary that is informed, independent and fair, and journalism that is rooted in ethical conduct and defined by a sacrosanct bond with the reader. All Business Standard journalists sign on to a code of conduct that is available on the website.

Business Standard's editorial team is led by Shyamal Majumdar.

The English newspaper is published from 12 centers - New Delhi, Mumbai, Kolkata, Bengaluru, Chennai, Ahmedabad, Hyderabad, Chandigarh, Lucknow, Pune, Kochi and Bhubaneswar. It is also printed from Bhopal.

The Hindi Business Standard is published from eight centres - New Delhi, Mumbai, Kolkata, Patna, Lucknow, Bhopal, Chandigarh and Raipur.

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