Business Standard - April 19, 2025

In this issue

April 19, 2025

From 96% holding to a sliver: How Gensol promoters made swift exit

When Gensol Engineering made its public market debut through a small and medium enterprises (SME) initial public offering (IPO) in September 2019, its promoters held a commanding 96 per cent stake.

2 mins

Arvind Shrivastava named revenue secy in major FinMin rejig

In a major bureaucratic reshuffle that would mark a virtual reboot of the brass in the Ministry of Finance, the Appointments Committee of the Cabinet on Friday appointed Arvind Shrivastava India's next secretary in charge of revenue, Vumlunmang Vualnam secretary in the Department of Expenditure (DoE), and Anuradha Thakur secretary-designate at the Department of Economic Affairs (DEA).

3 mins

Andhra Pradesh's shrimp lines go slack DUOTO SHINE LACOR

Aquaculture farmers face vanishing margins amid global and local headwinds. The second report in a three-part series discusses their plight

4 mins

Starlink in focus after Modi-Musk tech talk

Prime Minister Narendra Modi on Friday had a telephonic conversation with US tech billionaire Elon Musk on a range of issues, including technology, fuelling expectations that Tesla and Starlink could possibly enter the Indian market soon.

2 mins

In transit: ₹2,250 crore mission to boost exports

Govt raises duty drawback rates for gold and silver jewellery

2 mins

Uber pauses ride with BluSmart

Action against Gensol promoters, who also operate the ride-hailing firm, to hurt Uber's EV push

3 mins

Exit may trigger scramble for market share

BluSmart's abrupt exit from the market has set the stage for a market grab by rivals Uber, Ola, Rapido, and inDrive.

3 mins

BluSmart drivers stare at dead end with payments in limbo

The daily ritual of Tirthankar, a 37-year-old driver, includes waking up at the crack of dawn to drop his child at school before travelling to the BluSmart hub in Nehru Place, a south Delhi locality.

3 mins

The rise and fall of serial entrepreneurs

This is not the first time that a company founded by brothers Anmol Jaggi and Puneet Jaggi has faced shutdown.

4 mins

Zoho's Vembu Warns of Fundamental Reckoning in India's Software Industry

Zoho's Sridhar Vembu has sounded an alarm about the future of India's software and IT services sector, arguing that the industry is facing a fundamental reckoning—not just a cyclical downturn or a challenge from artificial intelligence, but a structural shift that will reshape the next several decades.

1 min

ITC Announces Acquisition of 24 Mantra Organic Brand

Diversified conglomerate ITC has signed a share purchase agreement to acquire 100 per cent share capital of Sresta Natural Bioproducts Private Limited (SNBPL), the company behind the '24 Mantra Organic' brand, for ₹472.5 crore.

1 min

NCLAT Sets Aside BCCI, Riju Settlement Pleas

The National Company Law Appellate Tribunal (NCLAT) has set aside the appeals filed by BCCI and Riju Raveendran seeking withdrawal of insolvency proceedings against Byju's and considered the settlement between the debt-ridden edtech firm and the apex cricket body.

2 mins

AAI seeks 'phased demolition' of Mumbai airport Terminal 1

Government-run Airports Authority of India (AAI) has opposed Mumbai International Airport Limited's (MIAL's) plan to demolish the entire Terminal 1 (T1) in one go and wants the demolition to be carried out in a \"phased\" manner, Business Standard has learnt.

1 min

Forex reserves rise for sixth straight week to $677.84 bn

SWELLING KITTY (In $ billion)

1 min

Civil service for Viksit Bharat in the vision of Sardar Patel and Ambedkar

The Iron Man of India, Sardar Vallabhbhai Patel, termed civil service as the 'steel frame' of governance.

4 mins

Govt Steps Up E-NWR Push for Farm Loans

Banks Asked to Join Credit Platforms, Expand Warehousing Support

1 min

Govt plans nuclear law tweak to unlock US investments

The centre is planning to ease its nuclear liability laws to cap accident-related penalties on equipment suppliers, three government sources said, in a move to attract US firms that have been holding back due to the risk of unlimited exposure.

2 mins

Decade on, House panel seeks urgent ILC

The parliamentary standing committee on labour has asked the labour ministry to convene the Indian Labour Conference (ILC) at the \"earliest opportunity\" in the \"larger interest of the labour force\" as a number of decisions involving labour issues have been taken in recent times.

1 min

CBIC Issues Fresh Norms to Curb GST Registration Woes

New rules bar arbitrary document demands, set clear deadlines for processing

2 mins

The Tariff Trap Vannamei shrimp offers a fresh catch to Andhra's aqua sector

When his father started the business, black tiger shrimp (Penaeus monodon) and, to a lesser extent, Indian white shrimp (Penaeus indicus) dominated the market.

1 min

South Emerges the New Hero in India's Cinema Landscape

A public discussion between Javed Akhtar, the lyricist and scriptwriter, and actor Aamir Khan about Bollywood last month sparked a debate about the business of Hindi movies.

1 min

Additional US tariffs have raised costs for exporters

These additional tariffs have raised costs for Indian exporters, with American buyers now seeking discounts and attempting to renegotiate existing contracts.

1 min

THE TARIFF TRAP — II Vannamei shrimp offers a fresh catch to Andhra's aqua sector

When his father started the business, black tiger shrimp (Penaeus monodon) and, to a lesser extent, Indian white shrimp (Penaeus indicus) dominated the market.

2 mins

Eight of 10 lenders use both traditional and alternative data to underwrite borrowers

Eight of 10 lenders in the country use a combination of traditional and alternative data to underwrite their customers, using sources such as credit bureau reports, location and SMS data, payment transaction behaviour, and third-party app usage, among others.

1 min

Starlink's application for services licence under processing since Nov '22

Sources said the company could get an approval for India entry soon.

1 min

Jaggi brothers allegedly made false disclosures to exchanges, found Sebi

Despite the alleged involvement of brothers Anmol Singh Jaggi and Puneet Singh Jaggi—the company's promoters and well-regarded names in India's cleantech startup space—in a fraud, public shareholding surged to nearly 110,000, climbing to around 65 per cent, even as promoter ownership dropped to about 35 per cent.

3 mins

Our margins best in industry... will keep between 25 and 26%

Vibha Padalkar, managing director (MD) and chief executive officer (CEO) of HDFC Life Insurance, in a telephonic interview with Aathira Varier and Subrata Panda, spoke about how the company bucked the industry trend in terms of growth during Q4FY25 while outlining the strategy for FY26. Edited excerpts:

3 mins

ML Jat named ICAR director general

Mangi Lal Jat (pictured), currently director, global research programme on resilient farm and food systems, at the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT), has been appointed secretary in the Department of Agricultural Research and Education (DARE) and director general of the Indian Council of Agricultural Research (ICAR).

1 min

Industry Confident of Finding Rare-Earth Supply Alternatives

India's electronics industry is confident of being able to figure out alternative supply chains for rare heavy earth metals as their traditional supply chains are being placed under export licensing regimes, Union Electronics and Information Technology Minister Ashwini Vaishnaw said on Friday.

1 min

UNHCR India looks to cut spending

Move could impact over 47,000 refugees and asylum seekers in India

1 min

Indians Worst Hit by US Student Visa Cancellations

Trump administration has revoked visas of over 1,000 students since March

3 mins

Netflix posts record profit, sees no fallout from tariffs

Netflix reported record profit to start the year, allaying concerns of a slowdown or fears the streaming leader might be hurt by growing economic uncertainty.

1 min

Facebook is no longer the culture, says Zuckerberg on fading relevance

Meta Chief Executive Officer (CEO) Mark Zuckerberg has long harbored concerns about Facebook's waning cultural influence, according to internal emails exchanged with Facebook head Tom Alison in April 2022.

2 mins

In 'no rush' to end EU tariffs: Trump in talks with Meloni

US Prez signals potential end to tit-for-tat tariff hikes between US and China

1 min

US hints it may exit Ukraine peace talks

U.S. President Donald Trump will walk away from trying to broker a Russia-Ukraine peace deal within days unless there are clear signs that a deal can be done, US Secretary of State Marco Rubio said on Friday.

1 min

Xi's Asian charm offensive is all about the US

At first glance, Chinese President Xi Jinping's Southeast Asian tour focuses on trade deals, regional cooperation and friendship. In reality, he's capitalising on America's leadership vacuum in the Indo-Pacific. Beijing wants a less US-centric Asia. President Donald Trump's trade war is only accelerating that.

3 mins

Burnt by BluSmart

Ride-hailing commuters have suddenly discovered that BluSmart is in the process of shutting down.

3 mins

Battling the cricket bat's bulge

The stunned look of disbelief on Barry Richards' face said it all. In one hand, the extravagantly gifted former South African opener was holding the bat with which he scored 325 runs in a single day in a Sheffield Shield game in 1970.

3 mins

Ideas Famine vs Modi Machine

Are freebies the way forward for the Opposition? Anything they promise, Modi will improve on the offer. And since he has the power of the incumbent, his promise will be taken more seriously

5 mins

Steps towards being Deergha Ayush

All companies periodically undergo turbulent transformation, apart from their continuous adaptation to changing circumstances.

3 mins

Diversified portfolio, market share to drive asset growth for HDFC AMC

Volatile market conditions have impacted the mutual fund industry's returns in Q4FY25.

2 mins

FY26 Not Promising for Broking Industry, Degrowth Real Concern

Both cash and derivatives markets have seen significant volume drops from their peaks.

3 mins

Family Offices Opt For Cat-III AIFs In GIFT City After Policy Change

Family offices, particularly those abroad, are opting for Category-III alternative investment funds (AIFs) in GIFT City, instead of setting up family investment funds (FIFs) in the financial hub.

2 mins

Asian Stocks Edge Higher Amid Thin Holiday Trading With Most Markets Closed

Asian stocks notched up small gains as investors largely adopted a wait-and-watch approach on tariff negotiations before taking long-term bets.

2 mins

Driving with expired or improper licence can lead to claim rejection

The National Consumer Disputes Redressal Commission (NCDRC) recently ruled that an insurance claim could be lawfully denied if the driver of the insured vehicle did not hold a valid driving licence at the time of the accident.

2 mins

Eicher stock hits record high on healthy outlook

Firm's Royal Enfield registered 10.6% volume growth in FY25

2 mins

Smaller towns witness an expansion spree

Mutual fund (MF) growth in towns, beyond the top 30 cities (the B-30), continued in line with the overall growth trend, during 2024-25 (FY25).

1 min

Equity MF flows ride volatility on SIP wave

Active equity mutual fund (MF) schemes ended 2024-25 (FY25) with record inflows—more than double of last year—as fund houses made hay while the sun shined in the first half of the year.

1 min

Factor in uncertainty as a permanent feature

The financial year 2026 has begun against the backdrop of intensifying global uncertainties.

3 mins

MFs SHONE IN FY25 DESPITE LATE MKT DIP

A majority of equity fund managers were able to squeeze in some extra returns over their benchmarks in 2024-25 (FY25).

2 mins

Seize the Moment

Both the near-term pressures and medium-term opportunities from the global trade turmoil are likely to be larger than envisaged for India

6 mins

Due South: The Chola imperium

Despite the many contestations over Indian history, everyone agrees on one thing: Southern Indian history is an understudied subject.

5 mins

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