Business Standard - January 29, 2025

In this issue

January 29, 2025

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1 min

Hyundai India profit slips 19%

India's second-largest carmaker, Hyundai Motor India (HMIL), posted a 19 per cent decline in consolidated net profit for the October-December quarter (Q3) of 2024-25 (FY25), at ₹1,161 crore, compared to ₹1,425 crore during the same period in 2023-24 (FY24).

2 mins

Trump Calls for 'Fair' Trade Ties With 'Tariff Maker' India

Says Modi Likely to Travel to US in February

1 min

India in watch mode for DeepSeek ripple effect.

While DeepSeek's achievement democratises AI with its open-source model, these are early days to gauge its impact on the enterprise IT ecosystem, say industry experts

1 min

Trump Calls for 'Fair' Trade Ties With 'Tariff Maker' India

Says Modi Likely to Travel to US in February

2 mins

India in watch mode for DeepSeek ripple effect

Some in the industry are referring to DeepSeek's artificial intelligence (AI) initiative as the \"Sputnik Moment\" while US President Donald Trump has called it a \"wake-up call\" for the American tech giants.

3 mins

January crash: Record 2,461 stocks flash red

Advance-decline ratio down at two-year low of 0.82

2 mins

Robust exports drive Bajaj Auto PAT up 8%

Outbound shipments hit 500K units after 9 qtrs; Chetak margins improve

2 mins

HZL net surges 32% amid higher prices

Zinc and silver producer Hindustan Zinc (HZL) – a part of Vedanta group – on Tuesday reported a 32 per cent year-on-year (Y-o-Y) jump in its consolidated net profit for the third quarter of the financial year 2025 (Q3FY25) on the back of lower costs and higher metal prices.

1 min

VW India Faced Customs Clearance Delays Over Alleged Tax Evasion

Some air shipments of car components by Volkswagen (VW) India were briefly held up by Custom authorities in Mumbai due to a $1.4 billion tax demand, leading to delays in spare part supplies at dealerships, people familiar with the matter told Reuters.

1 min

India could be among top 3 markets for Škoda this year

India, currently a top-10 market for Škoda Auto, is expected to become a top-three market by 2025, primarily fuelled by strong demand for the recently launched Kylaq sport utility vehicle (SUV) and the upcoming electric vehicle (EV) launch, its global board member for sales and marketing, Martin Jahn, said on Tuesday.

2 mins

EVs charge up TVS bottom line by 20%

The Chennai-based two-wheeler major TVS Motor Company has posted a 20 per cent rise in its net profit during the third quarter of the current financial year ended December (Q3FY25) to ₹609.35 crore, up from ₹509.61 crore in the corresponding quarter last year.

1 min

Robust exports drive Bajaj Auto PAT up 8%

Outbound shipments hit 500K units after 9 qtrs; Chetak margins improve

2 mins

Hyundai India profit slips 19%

India's second-largest carmaker, Hyundai Motor India (HMIL), posted a 19 per cent decline in consolidated net profit for the October-December quarter (Q3) of 2024-25 (FY25), at ₹1,161 crore, compared to ₹1,425 crore during the same period in 2023-24 (FY24).

2 mins

India biz shot in the arm for Cipla; profit swells 49%

India's third-largest pharma company Cipla posted a 48.7 per cent year-on-year (Y-o-Y) growth in its consolidated profit after tax (PAT) at ₹1,570.5 crore for Q3FY25, while revenue from operations during the period grew by 7.1 per cent to ₹7,073 crore.

1 min

SoftBank-backed Lenskart to tap banks for $1 bn IPO

Lenskart Solutions Pvt is poised to hire arrangers including Kotak Mahindra Bank Ltd. and Morgan Stanley for an initial public offering (IPO) in Mumbai this year, people familiar with the matter said.

1 min

Infosys cofounder, 17 others booked under SC/ST Atrocities Act

One of the cofounders of information technology (IT) services major Infosys, Kris Gopalakrishnan, and a former director of the Indian Institute of Science (IISc) Bengaluru, Padmanabhan Balaram, have been named besides 16 others in a complaint filed under the Prevention of SC/ST Atrocities Act, according to a report by PTI.

1 min

RBI's liquidity move boosts rate cut expectations

The Reserve Bank of India's steps to address liquidity conditions support the expectation of a rate cut and decreasing deposit rates, said K SATYANARAYANA RAJU, managing director and chief executive officer, Canara Bank, in a telephonic interview with Abhijit Lele. Edited excerpts:

2 mins

Industry for simpler tax regime, says Ficci

A pre-Budget industry survey by Ficci has found that a majority of industry members expect simplification to the tax regime and incentives for green tech and easing compliance through digitisation in the upcoming FY26 Budget.

1 min

RBI's $5 bn swap shakes up ₹, bond mkts

Forward premiums dip, rupee slides, and bond yields fluctuate

1 min

No GST on penal charges levied by banks, NBFCs

The Ministry of Finance on Tuesday notified that penal charges imposed by banks and non-banking financial companies (NBFCs) for non-compliance with loan terms will not attract an 18 percent goods and services tax (GST).

1 min

Govt, pvt school enrolments back to 2018 levels

ASER report says more boys know how to use smartphone

2 mins

Experts See Change of Tack in RBI's Liquidity Handling

They say central bank is focused on durable relief rather than ad hoc support

2 mins

**India, Oman agree to amend tax treaty

India and Oman on Tuesday signed an agreement to amend their taxation treaty - Double Taxation Avoidance Agreement (DTAA) in an attempt to align it with \"international standards on cross-border taxation, simplifying tax procedures, and promoting greater cooperation in tax matters\".

1 min

India, Oman agree to amend tax treaty

India and Oman Tuesday signed an agreement amend their taxation to treaty Double on Taxation Avoidance Agreement (DTAA) in an attempt to align it with \"international standards on cross-border taxation, simplifying tax procedures, and promoting greater cooperation in tax matters\".

1 min

Haryana may grant ₹230 cr to part pay PMJAY dues

The Haryana government is expected to sanction around ₹230 crore to partially pay pending reimbursement dues to hospitals empanelled under the Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY), according to people privy to the development.

1 min

India, Oman agree to amend tax treaty

India and Oman on Tuesday signed an agreement to amend their taxation treaty - Double Taxation Avoidance Agreement (DTAA) in an attempt to align it with \"international standards on cross-border taxation, simplifying tax procedures, and promoting greater cooperation in tax matters\".

1 min

Sri Lanka in talks with Adani group to lower cost of power

The Sri Lankan government has started talks with Adani group to lower the cost of power from two wind power projects the group will build in the island nation's northern province, the cabinet spokesman said on Tuesday.

1 min

RBI Must Come Out With Road Map for NBFCs to Become Banks

Shriram Finance, one of the largest retail non-banking financial companies in the country, has seen its net profit go up by 73 per cent in the October-December quarter, owing to a one-time gain from the sale of Shriram Housing Finance. The company's Executive Vice-Chairman, UMESH REVANKAR, talks to Shine Jacob about the road map after the deal, growth in the financial year 2025-2026 (FY26), and the third-quarter results in a telephonic interview. Edited excerpts:

2 mins

Not expecting higher slippages from unsecured book: Federal Bank ED

Kerala-based Federal Bank's additional provisioning of ₹292 crore in the third quarter of the financial year 2025 (Q3FY25) towards its unsecured portfolio weighed on the bank's profitability in the quarter, which dropped 5 per cent year-on-year (Y-o-Y) and 10 per cent sequentially to ₹955 crore.

1 min

Immigration Issue Will Feature in Discussions With Modi: Trump

He had frequently labelled India as a \"tariff king\" during his first tenure.

2 mins

RBI Must Come Out With Road Map for NBFCs to Become Banks

Shriram Finance, one of the largest retail non-banking financial companies in the country, has seen its net profit go up by 73 per cent in the October-December quarter, owing to a one-time gain from the sale of Shriram Housing Finance. The company's Executive Vice-Chairman, UMESH REVANKAR, talks to Shine Jacob about the road map after the deal, growth in the financial year 2025-2026 (FY26), and the third-quarter results in a telephonic interview. Edited excerpts:

2 mins

High level of uncertainty over Trump policies

Rising US bond yields and a stronger dollar have driven FPIs to pull out, while the sharp outperformance of US markets—fuelled by optimism around corporate tax cuts under the new Trump administration—has made investments in expensive markets like India less appealing.

1 min

PM for cutting reliance on import-based supply chain

Prime Minister Narendra Modi on Tuesday said it was unacceptable that the country exported raw materials and brought in finished products, stressing that value addition must happen here.

3 mins

Indian AI startups can aspire to build relevant models at much lower costs

Top executives indicated, on the condition of anonymity, that the use of the DeepSeek model in the enterprise ecosystem will be carefully calibrated. \"The results are phenomenal and it is clearly a wake-up call. How we use this for our large enterprises will take some time.\"

2 mins

Exploring opportunities in branded residences: ITC Hotels

Shares of the firm to be listed on bourses today

1 min

Exploring opportunities in branded residences: ITC Hotels

Shares of the firm to be listed on bourses today

1 min

Gaekwad's Religare open offer plea nixed

US-based entrepreneur had sought Sebi's nod

2 mins

Face behind the AI startup

Three years ago, Liang Wenfeng's quantitative hedge fund firm apologized profusely to investors for losing money during a tumultuous period for China's stock market.

1 min

Trump orders pause on all federal grants and loans

Donald Trump's White House ordered a pause in all federal grants and loans starting on Tuesday, a sweeping decision that could disrupt education and health care programs, housing assistance, disaster relief and a host of other initiatives that depend on billions of federal dollars.

1 min

Boeing logs largest annual loss since 2020 at $11.8 bn

Boeing reported on Tuesday an annual loss of $11.83 billion, its largest since 2020, as it grappled with problems at its commercial and defense units and the fallout from a crippling strike by US West Coast factory workers.

1 min

Musk's DOGE pledge puts spotlight on his firms' spending

Elon Musk's Department of Government Efficiency has vowed to stop wasteful spending in Washington and slash the federal workforce under President Donald Trump.

2 mins

Google rages over EU errors in $4.5bn fine

Google accused European Union antitrust watchdogs of blundering their way through a probe that culminated in a record €4.3 billion ($4.5 billion) fine for allegedly abusing the market power of its Android mobile-phone ecosystem.

1 min

Altman 'impressed' by new competitor

Need to be laser-focused on competing to win, says Trump

1 min

Trump Vows Tariffs 'Much Bigger' Than 2.5% and on Key Areas

President Donald Trump said he wants to enact across-the-board tariffs that are \"much bigger\" than 2.5 per cent, the latest in a string of signals Monday that he's preparing widespread levies to reshape US supply chains.

1 min

DeepSeek Shakes Up Silicon Valley

The 22-page paper released last week by DeepSeek didn't immediately set off alarm bells. It took a few days for researchers to digest the paper's claims

2 mins

Face behind the AI startup

Three years ago, Liang Wenfeng's quantitative hedge fund firm apologized profusely to investors for losing money during a tumultuous period for China's stock market.

1 min

Personal and political

Uttarakhand's UCC should have been more accommodating

2 mins

The Transformative Power of Disruption

Ganesh's book is a well-crafted manual, designed to provide both theoretical insights and practical advice on navigating the ever-changing business environment.

3 mins

Deep discount

DeepSeek can alter the rules of AI game

2 mins

The architect of India's financial markets

Of the many reforms that Dr Singh led as FM and PM, the transformation of India's securities markets stands out

4 mins

Budget FY26: Dare to be different?

It's that time of the year. India's 2025-26 (FY26) Budget will be presented on February 1, followed closely by the Reserve Bank of India's policy meeting on February 7.

4 mins

Bagasse-generated power from UP sugar mills dropped to six-year low in FY24

Once billed as a big source of alternative revenue for the sugar sector, the share of bagasse-generated electricity slumped to 41 per cent of the total power generated from renewable energy (RE) sources in Uttar Pradesh (UP) in FY24, the lowest in six years.

1 min

Businesses eye profitable pilgrimage at Maha Kumbh

Banks, insurers, FMCG majors set up booths; hotel rates, airfares hit the roof

4 mins

Bagasse-generated power from UP sugar mills dropped to six-year low in FY24

Once billed as a big source of alternative revenue for the sugar sector, the share of bagasse-generated electricity slumped to 41 per cent of the total power generated from renewable energy (RE) sources in Uttar Pradesh (UP) in FY24, the lowest in six years.

1 min

GRAINY PICTURE

Several questions arise from the recent trend of wheat prices

4 mins

DeepSeek most installed app on Apple iOS in India

It's a giant leap for the Chinese startup, which ranked 102 as of January 25

1 min

DeepSeek most installed app on Apple iOS in India

It's a giant leap for the Chinese startup, which ranked 102 as of January 25

1 min

'Index providers seeing healthy competition and innovation'

Underpinning the sharp growth in the passive fund industry are index providers. Asia Index, which recently parted ways with equal joint venture (JV) partner S&P Dow Jones Indices (DJI), is trying to leverage its parent BSE to boost its presence. ASHUTOSH SINGH, managing director (MD) and chief executive officer (CEO) at Asia Index, in an interview with Samie Modak in Mumbai, talks about the various industry trends and measures taken to arrest the market-share decline. Edited excerpts:

2 mins

Mkts rebound on RBI liquidity steps

Benchmarks break two-day losing streak

2 mins

Index Providers Seeing Healthy Competition and Innovation

Underpinning the sharp growth in the passive fund industry are index providers. Asia Index, which recently parted ways with equal joint venture (JV) partner S&P Dow Jones Indices (DJI), is trying to leverage its parent BSE to boost its presence. ASHUTOSH SINGH, managing director (MD) and chief executive officer (CEO) at Asia Index, in an interview with Samie Modak in Mumbai, talks about the various industry trends and measures taken to arrest the market-share decline. Edited excerpts:

3 mins

India valuation not stretched on equity risk premium metric

India's valuations are not \"materially expensive\" compared to peers but the returns over the next five years could be in low double digits, BlackRock Investment Institute believes.

1 min

AI growth may not be tied to high capex

DeepSeek, China's answer to US-made artificial intelligence (AI) tools and models such as ChatGPT, triggered a selloff across global stocks on Monday.

2 mins

Dahlias project lays strong growth foundation for DLF

DLF reported strong pre-sales of ₹12,100 crore in Q3FY25, up 34 per cent year-on-year (Y-o-Y) (up 17x quarter-on-quarter or Q-o-Q). This was backed by sales from its super-luxury project, 'The Dahlias,' which recorded pre-sales of ₹11,800 crore (98 per cent).

3 mins

Mkts rebound on RBI liquidity steps

Benchmarks break two-day losing streak

2 mins

RBI move set to benefit BFSI stocks: Brokerages

Nifty Bank and Nifty Financial Services gained 1.6 per cent and 1.9 per cent respectively on Tuesday after the Reserve Bank of India (RBI) announced a three-pronged strategy to address tight liquidity conditions in the banking system.

2 mins

Invest now to capitalise on credit growth pickup

Banking and financial sector funds, which lagged other equity fund categories in 2023 and 2024, are attractively positioned.

2 mins

RBI move set to benefit BFSI stocks: Brokerages

Nifty Bank and Nifty Financial Services gained 1.6 per cent and 1.9 per cent respectively on Tuesday after the Reserve Bank of India (RBI) announced a three-pronged strategy to address tight liquidity conditions in the banking system.

2 mins

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