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Today Business News Live Updates 3 December 2024: Get all real-time and latest live news on business, economy, companies, financial news updates.
India’s top seven cities — Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR and Pune, hold nearly 526.3 million sq ft (msf) of REIT-worthy stock valued at nearly ₹4.50 lakh crore, as per a report by Chicago-based Vestian.
Full story here
There is no proposal under consideration for merger of Public Sector Banks, Finance Ministry informed the Rajya Sabha on Tuesday while acknowledging that mergers in recent past have given very good results.
Read full story here
The Lok Sabha on Tuesday passed the Banking Laws (Amendment) Bill, 2024, which allows bank account holders to have up to four nominees in their accounts.
Another proposed change relates to redefining ‘substantial interest’ for directorships, which could increase to ₹2 crore instead of the current limit of ₹5 lakh, which was fixed almost six decades ago.
Full story here
South Korean President Yoon Suk Yeol declared martial law on Tuesday in an unannounced late-night address broadcast live on YTN television.
Yoon said he had no choice but to resort to such a measure to safeguard the free and constitutional order. He said opposition parties had taken hostage the parliamentary process to throw the country into a crisis.
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A recent report has shed light on the widespread issue of recruitment fraud in India’s maritime sector. It uncovers how illegal recruitment practices are damaging the lives and careers of thousands of Indian seafarers and their families, trapping them in cycles of debt, exploitation, and dangerous working conditions.
Read full report
Early-stage VC firm Antler has expanded its investment footprint in India, announcing investments in 30 start-ups in 2024, bringing the total India portfolio to 80.
These investments were made through Antler’s maiden India fund of $75 million. The investments span sectors including AI, consumer tech, fintech, deep tech, health, and climate.
The Securities and Exchange Board of India (SEBI) has adequate internal mechanisms for addressing issues related to conflicts of interest, the Finance Ministry informed the Rajya Sabha on Tuesday. The Ministry also stated that movements in the stock market are subject to various factors, including geopolitical situations.
The Ministry’s clarification comes at a time when SEBI Chairperson Madhabi Puri Buch is facing allegations of impropriety and conflicts of interest following the Hindenburg Research report. Buch has denied the allegations, but this is the first time the Finance Ministry has made a public comment on the issue.
Days after the Gujarat government proposed a revision of “jantri” rates — benchmark land rates decided by the government — real-estate developers associated with Credai on Tuesday said the new rates would push the prices of new housing projects in Gujarat by 30-40 per cent. “Our preliminary analysis shows that the Gujarat government raised Jantri rates on an average between 200-2,000 per cent of what was in existence. This hike does not look scientific or rational and such a sudden hike will adversely affect ongoing projects and cause a 30-40 per cent price increase in new projects,” said Dhruv Patel, president of Credai-Ahmedabad, on Tuesday.
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South Korea’s Hyundai Motor Group has announced a strategic partnership with three premier Indian Institutes of Technology (IITs)—IIT Delhi, IIT Bombay, and IIT Madras—to establish a robust research framework in battery technology and electrification. The initiative aims to develop innovations tailored to the unique requirements of the Indian market.
Read full story here
The Indian stock markets continued their winning streak for the third consecutive session on Tuesday, with the Sensex and Nifty posting robust gains and breaking through critical resistance levels. The Sensex closed 597.67 points higher at 80,845.75, while the Nifty 50 rose 181.10 points to settle at 24,457.15, marking a 0.74 per cent and 0.75 per cent increase respectively.
Read full story here
The remnant, well-marked low-pressure area from erstwhile cyclone Fengal continued to bring heavy to extremely heavy rainfall across parts of north Tamil Nadu, south interior Karnataka and Kerala for the second/ third consecutive day from Monday into Tuesday, indicating a ravenous appetite for moisture from peninsular seas.
Read full story here
Pharmaceutical manufacturer Granules India Limited disclosed today that its Gagillapur facility in Hyderabad has been classified as “Official Action Indicated” (OAI) by the US Food and Drug Administration (FDA) following a September inspection. Read more
Food and grocery delivery firm Swiggy reported a narrower quarterly loss on Tuesday as the newly listed company saw robust order growth in both its food delivery and quick commerce segments.
Swiggy, which made its trading debut on November 13, reported a second-quarter consolidated loss of ₹626 crore ($74 million) compared to a loss of ₹657 crore.
The Union Government has planned to undertake a ‘Evidence-based research on arecanut and human health’ study.
Recently the Central Arecanut and Cocoa Marketing and Processing Cooperative (Campco) Ltd had written to the Centre seeking its intervention against the WHO’s classification of the arecanut as carcinogenic. The cooperative supported its demand with findings from various national and international agencies that had highlighted the benefits of arecanut on human health.
Fore more read
CoinDCX has announced Bharat Custody, a virtual digital asset (VDA) protection solution designed for the Indian crypto ecosystem. Bharat Custody will function as a third-party custody service for Indian exchanges and VDA companies, providing what the company claims to be an “Indianized” solution to safeguard crypto assets within the country.
Read full story here
Department of Financial Services (DFS) in the Finance Ministry has invited applications for the posts of Chairperson of Pension regulator PFRDA. It has also invited applications for the posts of Member (Finance) and Member (law) in PFRDA.
Read more here
In light of supply chain constraints, the US-based GE Aerospace plans to expand the network of sourcing partners in India to feed its global commercial aviation factories.
Speaking with businessline, Vikram Rai, CEO, South Asia, GE Aerospace, said that the aerospace major has its own aeroengine supply chain in India comprising of medium and small business suppliers (MSMEs).
Read full report here
Online travel platform EaseMyTrip has unveiled its Winter Carnival Sale 2024, offering substantial discounts across travel services from December 3-10. The sale provides customers with significant price reductions on flights, hotels, and holiday packages.
Read full report here
Yara India has come out with a customised crop nutrition programme to help cardamom farmers in Kerala to counter challenging climate conditions that negatively impact the output.
Kerala accounting for 78 per cent of India’s cardamom output has contributed significantly to India’s dominance in the global market supply. But the farmers of the State recently faced an unprecedented challenge of 122-day drought followed by torrential rains and damaging winds that stunted plant growth, increased flower drop and adversely impacted crop quality.
Read full report here
Nucleus Software has successfully implemented its FinnOne Neo Collections platform at Bank Muscat, revolutionizing the bank’s collections operations in Oman. The digital lending product aims to improve delinquency management and streamline collections processes.
Read full report here
Swiggy shares surge 10% ahead of Q2 results. Catch the LIVE updates here.
adesso India has opened a new, state-of-the-art office at Infopark, Kochi, as part of its global expansion strategy.
This move reinforces adesso’s commitment in delivering innovative IT and consulting services while tapping into India’s technological talent, said a press release.
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Tata Consultancy Services (TCS) has secured a strategic deal with Bank of Bhutan to modernize its digital banking infrastructure, the company announced on December 3, 2024. TCS will implement its proprietary TCS BaNCS Global Banking Platform to help the bank optimize operations and enhance customer experience.
Read full report here
Gland Pharma Limited announced today that it has received United States Food and Drug Administration (USFDA) approval for Latanoprost Ophthalmic Solution, 0.005 per cent (2.5 mL Fill).
The pharmaceutical company’s latest product is bioequivalent to Xalatan, the reference listed drug held by UPJOHN US 2 LLC.
Read full report here
The government has launched the PAN 2.0 Project to streamline and modernize the process of issuing and managing Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN). The government’s stated objective is to make issue and management of PAN more user-friendly and to consolidate multiple platforms/portals involved in PAN services. Currently, these services are hosted on three different portals (e-Filing portal, UTIITSL Portal and Protean e-Gov Portal) but with PAN 2.0, all services will be hosted on a single unified portal of the Income Tax department. The idea is to also use PAN as a common business identifier for companies so that they can maintain one single identity instead of multiple ones.
Read full report here
The United States congressional subcommittee’s final report on the Covid-19 pandemic has pointed to the “lab leak” theory, making it the latest US report pinning the origins of the SARS-CoV-2 virus to the Wuhan lab in China.
“Four years after the onset of the worst pandemic in 100 years, the weight of the evidence increasingly supports the lab leak hypothesis,” the 500-plus page report said, adding that since they began their work in February 2023, more senior intelligence officials, politicians, science editors, and scientists had “endorsed the hypothesis that COVID-19 emerged as the result of a laboratory or research related accident.”
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The shares of ITCONS E-Solutions Limited were trading at ₹667.50 up by ₹29.25 or 4.58 per cent on the NSE today at 11.10 am.
ITCONS E-Solutions Limited announced securing a significant work order from the Food Corporation of India (FCI) on December 2, 2024.
Read more here.
Tata Power Renewable Energy Limited (TPREL) has successfully commissioned a 431 MW DC solar project in Neemuch, Madhya Pradesh, marking a significant milestone in India’s renewable energy sector.
The project, which spans 1,635.63 acres, was secured through a competitive bidding process and is notable for its innovative technological approach.
The shares of Tata Power Company Limited were trading at ₹425.85 up by ₹9.35 or 2.24 per cent on the NSE today at 11.42 am.
Read more here.
The Reserve Bank on Monday said 98.08 per cent of the ₹Rs 2,000 banknotes have been returned to the banking system, and only ₹Rs 6,839 crore worth such notes are still with the public.
On May 19, 2023, the Reserve Bank of India (RBI) announced the withdrawal of ₹Rs 2,000 denomination banknotes from circulation.
The total value of ₹Rs 2,000 banknotes in circulation, which was ₹Rs 3.56 lakh crore at the close of business on May 19, 2023, has declined to ₹Rs 6,839 crore at the close of business on November 29, 2024, RBI said.
Read more here.
Markets opened with mixed sentiment on Monday, December 3rd, 2024, reflecting a delicate balance between economic challenges and potential policy interventions.
The Sensex opened higher at 80,529.20 from its previous close of 80,248.08 and is currently trading at 80,380.63 as of 9.45 a.mAM, up by 132.55 points or 0.17 per cent.
Similarly, the Nifty opened at 24,367.50 compared to its previous close of 24,276.05 and is now at 24,314.70, gaining 38.65 points or 0.16 per cent.
Read more here.
A Group of Ministers (GoM) for rationalising GST rates is expected to recommend to the GST Council rejig on 150 goods and services including textiles. It is also likely to suggest a new slab of 35 per cent for tobacco and tobacco-related products against the present rate of 28 per cent (excluding compensation cess).
Full story here
The Chennai/US-based SaaS company Freshworks has announced Srinivasan Raghavan as its new Chief Product Officer. His addition completes the company’s executive leadership team, which reports to CEO Dennis Woodside.
As CPO, Srinivasan will lead the product team and execute on the company’s three key priorities—investing in EX, building new AI capabilities that offer fast time to value, and accelerating CX growth—all of which power the mid-market segment, which has led to the company’s growth (revenue 22 per cent plus to $186.6M and profitability) since Dennis took over as CEO in May, says a release.
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Intel CEO Pat Gelsinger has retired, the company said on Monday, following a tumultuous period for the chip pioneer that has struggled to keep up in the AI era with players like Nvidia dominating the market.
The company named Chief Financial Officer David Zinsner and senior executive Michelle Johnston Holthaus as interim co-chief executive officers while its board conducted a search for a new CEO.
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The area under almost all rabi crops was up by 17 per cent in the week ended November 29, even as sowing across the country gathered pace.
According to data from the Ministry of Agriculture and Farmers’ Welfare, the acreage of key crops such as wheat, rice, pulses and nutri-cereals was higher, but that of oilseeds, particularly mustard and groundnut trailed.
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The Reserve Bank of India (RBI) on Monday said 98.08 per cent of the ₹2,000 banknotes in circulation as on May 19, 2023, had been returned by November 29, 2024, with the remaining notes continuing to be legal tender.
Full story here
The Reserve Bank of India (RBI) asks Banks to take necessary steps urgently reduce the number of inoperative/ frozen accounts and make the process of activating such accounts smoother and hassle-free. It said they may also organise special campaigns to facilitate the activation of such accounts.
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Global environmental damage has been caused by the developed countries who enjoyed the benefit of low cost energy and not the developing countries, hence, the responsibilities towards shared supply chains and sustainability will have to be met through common but differentiated responsibility, Piyush Goyal, Union Minister of Commerce and Industry has said.
“While all have to work together, everybody needs to be given responsibility based on their contribution to the environmental problem,” Goyal said in his address at the CII Partnership Summit on Monday.
Full story here
Goods and services in the 18 per cent slab are estimated to contribute nearly three-fourths of the total GST collection, the Finance Ministry informed the Lok Sabha on Monday. It also highlighted that the average GST rate had come down to 11.6 per cent by the end of the fiscal year 2023-24.
The Ministry said over ₹800 crore of GST evasion had been detected following investigations into 17 crypto exchanges.
Full story here
The rupee depreciated 13 paise to close at an all-time low of 84.73 (provisional) against the US dollar on Monday, on disappointing macroeconomic data and broad strength of the American currency in the overseas markets.
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Shares of Maruti Suzuki (India), Mahindra & Mahindra (M&M) and TVS Motor Company gained on Monday as the automakers disclosed their monthly sales data for November 2024.
Domestic brokerage Motilal Oswal said that the dispatches declined sharply month-on-month (m-o-m) in the month under-review across all segments in line with its expectations, following the festivities in October. Motilal’s top picks include Maruti Suzuki, M&M and Hyundai.
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The growth in assets under management (AUM) of non-banking financial companies (NBFCs) is set to moderate to 15-17 per cent in the current and next fiscals, a decline of 600-800 basis points (bps) from the 23 per cent growth seen in the last fiscal, as they navigate evolving operating and regulatory environments and recalibrate strategies, CRISIL Ratings said in a webinar today.
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Vodafone will now be using an AI and machine learning-powered spam detection solution to identify and flag potential spam messages to users. Since its initial testing phase, the solution has flagged over 24 million spam messages, said the company in a press release on Monday.
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The outstanding balance per deposit account in India has risen by ₹7,014 on year to Rs ₹91,472 in September 2024, primarily as customers invested more funds in higher yielding term deposits than savings deposit account, a research report released by SBI said.
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One Point One Solutions Ltd. has announced a strategic partnership with a global data analytics and consumer credit reporting firm to enhance customer experience solutions in India. The collaboration, revealed today, aims to strengthen the company’s omni-channel customer engagement capabilities.
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India’s oldest major port at Kandla in Gujarat has set highest-ever monthly records in handling rice, timber and salt, during the month of November.
During last month, 3.43 lakh tons of rice was loaded from the port setting a new monthly record. This exceeds the earlier record of 3.06 tons of rice loaded during March 2022, said official sources of the Deendayal Port Authority (DPA) which operates and manages the port.
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India’s alcoholic beverage industry is transforming as premiumization emerges as the key growth engine, points out the International Spirits and Wines Association of India (ISWAI). This is driven predominantly by India’s demography, rising disposable incomes, global exposures, and evolving consumer preferences.
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Remove license fee for DTH operators or impose authorisation fee for all, said Bharati Airtel Limited (BAL) in its recent submission to the Telecom Regulatory Authority of India (TRAI) regarding its consultation paper on service authorisations for broadcasting services under the Telecom Act, 2023.
Read full report here
Sterling and Wilson Renewable Energy Limited (SWREL) has secured a major domestic solar project worth approximately ₹504 crore from a private Independent Power Producer (IPP) in Rajasthan.
Read more here.
Swan Energy Limited (SEL), on Monday, announced the resumption of operations at Pipavav shipyard (formerly known as Reliance Naval and Engineering Limited or RNEL) in Gujarat after it finished a refit of a fast patrol vessel belonging to the Indian Coast Guard.
Read more here.
Real estate attracted the highest share of alternative investment funds (AIFs) in the first half of FY25.
According to SEBI data compiled by ANAROCK, real estate accounted for 17 percent of total AIF investments, amounting to nearly ₹75,468 crore, a 10 per cent increase from ₹68,540 crore at the end of FY24.
Read more here.
The price of Natural gas futures has been moderating for nearly two weeks. But looking from a broader level, the contract has been very volatile and there is no clear trend seen on either side.
Read more here.
India’s petrol and diesel consumption, which account for more than half of India’s refined petroleum products usage, rose to a six-month high in November 2024.
Read more here.
The rupee declined to a new all-time low after data showed a sharp slowdown in the economic growth. Bonds extended gains on bets the central bank may cut interest rates sooner than anticipated.
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The shares of Laurus Labs Limited were trading at ₹580.05 up by ₹12.90 or 2.27 per cent on the NSE today at 10.55 am. The shares hit the 52-week high today morning at ₹581.70.
Laurus Labs Limited has announced its participation in an upcoming investor conference with Jefferies India, scheduled for December 4, 2024, in Hyderabad. The company filed an official intimation with the National Stock Exchange of India and BSE Limited on November 27, 2024, detailing the upcoming in-person meeting.
Read full report here
President Joe Biden said that he signed a pardon for his son Hunter Biden, reversing his previous stance that he would not use his executive powers to aid his family member.
“The charges in his cases came about only after several of my political opponents in Congress instigated them to attack me and oppose my election,” Biden said in a written statement on Sunday.
“No reasonable person who looks at the facts of Hunter’s cases can reach any other conclusion than Hunter was singled out only because he is my son – and that is wrong.”
Read more here.
Singapore fined JPMorgan Chase & Co. S$2.4 million ($1.8 million) for failing to prevent and detect misconduct by its relationship managers over client bond trades.
The bankers had made inaccurate or incomplete disclosures to private banking clients in 24 over-the-counter bond transactions between November. 2018 and September. 2019, according to a statement by the Monetary Authority of Singapore on Monday.
This resulted in the customers being charged spreads that were above bilaterally agreed rates, the regulator said.
Read more here.
Nifty 50, the benchmark index, opened today’s session almost flat at 24,141 against Friday’s close of 24,131. After opening, it has advanced a little and is now trading at 24,160, up by a marginal 0.1 per cent.
The advance/decline ratio of Nifty 50 stands at 30/20, a positive indication. UltraTech Cement, up 2.8 per cent, is the top gainer whereas HDFC Life Insurance Company, down 1.6 per cent, is the top loser.
In line with the benchmark index, all mid and small cap indices are in the green.
Read more here.
Shares of Australian-listed GQG Partners tumbled 13 per cent% on Monday after UBS downgraded the stock and said the firm may have lost A$600 million ($390 million) in funds under management in the two days following the indictment of Adani Group executives.
GQG is a major backer of Adani Group companies, whose founder Gautam Adani and seven other company associates have been indicted by US authorities on bribery charges.
Adani Group says the allegations are baseless and has vowed to seek “all possible legal recourse”.
Read more here.
The Indian stock market opened on a subdued note on Monday, with the Sensex and Nifty experiencing marginal declines as investors digested mixed economic signals and awaited key policy developments.
The Sensex opened slightly lower at 79,743.87 from its previous close of 79,802.79 and has continued to decline, trading at 79,675.32 as of 9.40 amAM, down by 127.47 points or 0.16 per cent.
Similarly, the Nifty opened marginally higher at 24,140.85 compared to its previous close of 24,131.10 but is currently at 24,123.20, slipping by 7.90 points or 0.03 per cent.
Read more here.
With rising input prices and an increase in shipping costs, luxury cars and consumer durable goods could become expensive in the new year.
Read the report by businessline’s Aroosa Ahmed here.
For the second consecutive day on Monday, Delhi’s air quality showed a slight improvement although it remained in the ‘poor’ category with an Air Quality Index (AQI) of 273 in the morning.
According to the Central Pollution Control Board (CPCB), Delhi’s 24-hour average AQI on Sunday stood at 285, an improvement to the ‘poor’ category and a welcome relief following 32 consecutive days of ‘very poor’ and ‘severe’ air quality (AQI over 400).
The city’s air quality was last recorded in the ‘poor’ category on October 29 with an AQI of 268, according to the CPCB.
Read more here.
Recognising the growing enterprise interest in AI upskilling, Vinay Pradhan, Country Manager and Senior Director for Udemy in India & South Asia, and Caoimhe Carlos, Vice President of Global Customer Success at Udemy, discussed India’s approach to AI skilling, the technology’s role in bridging the country’s skill gap, and Udemy’s future plans for the Indian market in a conversation with businessline.
The government’s first weekly e-auction will be held on December 4 for 1 lakh tonnes (lt), which includes on offer a quantity of 5,000 tonne each for Karnataka, Bihar, Gujarat, Haryana, Rajasthan and Maharashtra.
However, But the Food Corporation of India (FCI) has introduced new norms with the objective of keeping the processors out of the tender process if they have “excess stock”, which have created resentments among some millers who termed the conditions as ‘reward’ for some private parties for not buying in the open market.
Among other Sstates, FCI is offering 14,000 tonne in Uttar Pradesh, 12,500 tonne in Punjab, 7,000 tonne in West Bengal, 6,500 tonne in Assam, 5,500 tonne in Delhi, 4,000 tonne in Madhya Pradesh and 3,000 tonne each in Jharkhand and Tamil Nadu.
Read more here.
Consumption across some core sector segments like cement and steel are up but production of items have not registered a corresponding rise, indicative of an inventory drawdown, latest data released by Statistics and Programme Implementation Ministry show.
Inventory drawdown refers to a scenario where companies or firms deliberately cut back production to below demand levels, thus causing inventories to be deliberately drawn down. This means the intended inventory investment is negative.
Domestic passenger vehicle (PV) retail sales is estimated to be around 3.30-lakh units in November this year, down around 15 per cent year-on-year (y-o-y) as compared with around 3.80-lakh units in the same month last year.
However, in the wholesales numbers (dispatches to dealers), the industry is estimated to have sold around 3.50-lakh units in November against 3,35,954 units in the same month last year, Partho Banerjee, Senior Executive Officer – Sales and Marketing, Maruti Suzuki India (MSIL), told businessline.
Maruti Suzuki India on Sunday reported a 10 per cent year-on-year increase in its total sales at 1,81,531 units in November.
The automaker had dispatched 1,64,439 units to its dealers last November last year.
Total domestic passenger vehicle wholesales were at 1,41,312 units as compared with 1,34,158 units in the year-ago month, a growth of 5 per cent, it added.
Air India Express on Sunday launched daily flights from Kolkata to Sri Vijaya Puram (Port Blair), as a part of network expansion in the region, the airline said in a statement.
The inaugural Kolkata-Sri Vijaya Puram flight took off at 5.40 am, offering travellers a well-timed direct flight to the scenic Andaman Islands.
“Starting December 15, the airline will introduce an additional daily flight on this route, offering twice-daily connectivity between the city of joy and the tropical paradise,” the statement said.
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Hinduja Tech Ltd, a subsidiary of heavy commercial vehicle maker Ashok Leyland, has completed the acquisition of Germany-based engineering services provider TECOSIM Group GmbH, marking a significant milestone in its vision to become one of the top 10 global mobility engineering companies.
Read more here.
After forging close partnership in the defence domain, India and France are now looking at significantly deepening economic and trade ties especially in sectors like clean energy, new technologies and aviation, French Foreign Trade Minister Sophie Primas has said.
At the end of her three-day visit to India, Primas said France is looking forward to further negotiations between New Delhi and the European Union for finalisation of a “mutually beneficial” free trade deal that could expand two-way economic engagement.
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Foreign Portfolio Investors (FPIs) continued their selling spree in Indian equities with net outflows at ₹21,612 crore in November, data with depositories showed. This is the second straight month of net outflows but much lower than their massive net withdrawal of ₹94,017 crore recorded in October 2024.
Read here.
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Mahindra & Mahindra will utilise its existing sales network to sell its electric vehicle range as the automaker looks to offer all the choices to customers under one roof, according to a top company executive.
The Mumbai-based automajor, which sells models like Thar and Scorpio, has now expanded its electric vehicle range with the launch of two all-new ground up models: BE 6e and XEV 9e.
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The combined market valuation of nine of the top-10 most valued firms surged ₹2,29,589.86 crore last week, with Life Insurance Corporation of India emerging as the biggest gainer, in tandem with a rally in benchmark indices.
The valuation of Life Insurance Corporation of India (LIC) jumped ₹60,656.72 crore to ₹6,23,202.02 crore, the most among the top-10 firms.
Read full report here.
Bloomberg report
Azim Hasham Premji-led Wipro Enterprises has said its consolidated revenue from operations increased 9.8 per cent to ₹16,902 crore in the financial year ended March 2024 while its profit jumped 35 per cent to ₹1,903.1 crore
According to an RoC (Registrar of Companies) filing, its total income, including other income, stood at ₹17,761.3 crore in FY24, up 11.2 per cent from FY23 figure.
Wipro Enterprises Pvt Ltd had reported a revenue from operations of ₹15,387.8 crore and a profit of ₹1,410.1 crore a year before in FY23, according to financial data accessed through business intelligence platform Tofler.
As of March 31, 2024, Azim H Premji held 77.65 per cent stake in the company and the rest 21.84 per cent was owned by the Azim Premji Trust.
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State-run ONGC Videsh (OVL) has completed the acquisition of 0.615 per cent Participating Interest (PI) in Offshore Azeri Chirag Gunashli (ACG) field in Azerbaijan from Equinor.
Read full story here
India and the Asian Development Bank (ADB) have signed a $98 million loan agreement to enhance horticulture crop productivity in the country.
The Ministry of Finance on Friday stated that the funding will support the establishment of disease-free planting material systems, boosting crop yields, quality, and resilience to climate change.
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Digital transformation solutions company UST has signed a memorandum of understanding with Western Sydney University (WSU) in Australia to collaborate on advancing agri-tech solutions. The partnership aims to leverage WSU’s research capabilities, domain expertise, and UST’s technology solutions to drive sustainable agriculture and enhance global food security.
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Leasing of retail space in shopping malls and prominent high streets rose nearly 5 per cent during January-September this year across eight major cities, according to Cushman & Wakefield.
Fore more read
Inputs were taken from the Tamil Nadu government before the auction of the Nayakkarpatti tungsten block and no communication from any quarter, including from the state government, regarding any opposition to the sale was received, the country’s Mines Ministry said in a statement.
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The overall microfinance portfolio of lenders who are part of Sa-Dhan (the Self-Regulatory Organization/ SRO for Microfinance Institutions ) has dropped from ₹4.43 lakh crore in March 2024 to ₹4.04 lakh crore in October 2024 due to a reduction in incremental disbursements and unwinding of borrower leverage.
This has come about after Sa-Dhan, in July 2024, issued ‘Seven Sankalps’, which gave some additional guidelines in the form of guardrails to its member institutions, the SRO said in a statement.
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Chief Economic Advisor V Anantha Nageswaran on Friday described the economic growth number of 5.4 per cent for July-September quarter as “disappointing” but reassured that the situation is “not alarming.”
He also listed key factors contributing to the slowdown while pointing to sectors showing resilience.
For more read
The finance ministry has proposed amending various provisions of the Insurance Act of 1938, including raising foreign direct investment (FDI) in the insurance sector to 100 per cent, reducing paid-up capital, and providing for composite licences.
The Department of Financial Services (DFS) has sought public comments on the proposed amendments by December 10.
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The economy seems to be witnessing a slowdown in credit demand, going by RBI’s data on Banks’ non-food credit growth in October 2024.
Banks’ non-food credit growth increased at a slower clip of 12.8 per cent year-on-year (y-o-y) in October 2024, compared to 15.5 per cent a year ago, due to moderation in demand from agriculture & allied services, services and personal loan sectors, according to the RBI’s statement on sectoral deployment of Bank credit.
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Electric motorcycle maker Ultraviolette Automotive (UV), backed by prominent brands and investors, plans to establish a pan-India presence by March 2025 and achieve monthly sales of 1,000 units within the next 6 to 8 months. The Bengaluru-based company is expanding its product line-up and focusing on the mid-weight (200-650cc) segment of the superbike market.
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Electric vehicle (EV) manufacturers have lauded the Delhi government’s decision to extend subsidies and road tax exemptions till March 31, next year saying it will not only bolster the sales but also help in reducing pollution.
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The Ministry of Statistics and Programme Implementation (MoSPI) plans to release a new series for both the Gross Domestic Product (GDP) and Consumer Price Inflation (CPI) index by February 2026.
The revised series will include an updated base year, with the GDP calculations expected to shift from the current 2011-12 base year to 2022-23. A similar base year revision from 2012 to 2024 is anticipated for the CPI index.
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Food delivery platform Zomato on Friday announced that it raised ₹8,500 crore through a qualified institutional placement(QIP).
The company issued 33,64,73,755 equity shares at an issue price of ₹252.62 per share to institutional investors.
According to its exchange filing , the raised funds will be utilised to bolster the company’s growth initiatives, including expanding its operations, investing in technology, and strategic acquisitions. The company aims to strengthen its market position and enhance its services for both consumers and restaurant partners.
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Best Agrolife Group has secured a process patent for manufacturing “Methyl 2-(2-methylphenoxymethyl) phenylglyoxylate.” This serves as a critical intermediate compound in the production of widely used fungicides such as Kresoxim-methyl and Trifloxystrobin.
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With over 70 percent of the company’s workforce of more than 13,000 based in the country, India is the centre of expertise in R&D and innovation, says Arun Shastri, Principal of the US-based management consulting and technology firm ZS. In 2025, the company intends to add close to 2,000 more employees in the country, he said.
Read full report here
Real estate major DLF on Friday said one of its subsidiaries has entered into a definitive agreement to sell its Kolkata Tech Park 1 business undertaking to RDB Primarc Techno Park (an affiliate of Primarc and RDB groups) on a slump sale basis for a consideration of around ₹637 crore.
Read full report here
Soyabean crushing for the oil year 2024-25 starting October will likely be lower at 117 lakh tonnes, down from previous year’s 122.50 lakh tonnes (lt) on lower availability.
Per Soyabean Processors Association of India’s (SOPA)‘s latest supply and demand estimates, the availability of soyabean during the year is seen lower at 137.76 lt over previous year’s 149.06 lt. This is despite a higher crop of 125.82 lt (118.74 lt). However, a dip in carryover stocks from the previous year — estimated at 8.94 lt over 24.07 lt registered in the same period last year — is seen reducing the total availability for the year. SOPA estimates soyabean imports to more than halve to 3 lt this year.
Read full report here
Collins Aerospace plans to make India a key sourcing hub for aeronautical equipment on the back of the country’s competitive manufacturing capabilities.
Presently, the aeronautical equipment maker produces nacelles, landing gear, flight deck avionics, sensors, and interiors.
Read full report here
ITC on Friday said it has acquired the entire share capital of Greenacre Holdings from Russell Credit, a wholly-owned subsidiary of the diversified conglomerate, at a cash consideration of ₹42.10 crore.
Fore more read here
Looking to expand its fleet of LNG carriers, GAIL (India) on Friday said it has signed a long-term time charter contract with Kawasaki Kisen Kaisha, Ltd. (K-LINE) through the ship-owning company established in Singapore for a new-built LNG ship.
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The Centre has issued guidelines to formalise operation of empty (sea) container yards in the country and establish an efficient operation of Empty Container Depots (ECDs). One of the major suggestions was that ECDs located in States/Union territories may be registered under the Shops and Establishment Act.
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NTPC India’s ambitious plan to expand its installed capacity from 76 GW to 130 GW by 2032 is set to unlock significant business opportunities for Micro, Small, and Medium Enterprises (MSMEs). With the company’s procurement value projected to grow from ₹19,075 crore in FY24 to ₹32,500 crore by 2032, MSMEs — already accounting for over half of NTPC’s procurement in FY24 — are well-positioned to benefit.
Full story here
The Ministry of External Affairs has said that the charges of bribery and fraud against Gautam Adani was a legal matter involving private firms and individuals and the US Department of Justice and no request on the case had been received by the Indian government from the US side.
Full story here
The Securities and Exchange Board of India on Thursday a set of measures to ensure seamless trading on stock exchanges during technical outages.
Under the new framework, which will take effect in April 2025, the BSE and NSE will act as alternative trading venues for each other during outages. If one exchange experiences technical issues, investors can continue trading in interoperable segments such as equities, derivatives, and currency markets on the other exchange. “This interoperability will cover cash, equity derivatives, currency derivatives, and interest rate derivatives,” SEBI said.
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India plans to expand electric vehicle incentives to automakers building models at existing factories in the country, instead of limiting the benefits to automakers willing to build new plants, a person with direct knowledge of the matter said.
India’s EV policy, which is still being finalised, was originally designed to encourage Tesla to enter the market and manufacture locally but the U.S. automaker backed off from those plans earlier this year.
Exide Industries Limited (EIL) has invested ₹99.99 crore in its wholly-owned subsidiary, Exide Energy Solutions Limited (EESL), through a rights issue on 26th November 2024.
The investment is earmarked to fund a greenfield lithium-ion battery manufacturing plant in Bengaluru, targeting electric vehicle and stationary battery markets. With this additional capital, EIL’s total investment in EESL now stands at ₹3,052.24 crore, maintaining its 100 per cent ownership.
The Indian Institute of Oilseeds Research (IIOR), an arm of the Indian Council of Agricultural Research Institute, has released a patented biopolymer technology to private companies. This technology has the potential to revolutionise seed protection and significantly enhance crop yields.
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Original Equipment Manufacturers (OEM) focus in India on expanding their electric vehicle footprint is reflected in 80 per cent of their capex over the next three years, mentioned credit rating agency India Ratings and Research.
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Sarveshwar Foods inches closer to acquiring remaining stake in Natural Global Foods DMCC, targeting full integration as Wholly Owned Subsidiary.
Stock trades at ₹9.65 on the NSE, up 1.05%
Reliance Finance and Investments USA LLC (RFIUL), a step-down wholly owned subsidiary Reliance Industries (RIL) has picked up a 21% stake in US-based Wavetech Helium, Inc., marking the oil-to-telecom conglomerate’s expansion in the helium segment which has a significantly lower carbon for $12 million.
Reliance Industries stock rises 1.70% on the NSE to ₹1,292.35
Now that Fengal will likely fail to deliver any more than the parent deep depression already has or will over the next few days, it would be instructive to watch weather outlook for South Peninsula for rest of December.
India Meteorological Department (IMD) says the prevailing deep depression this (Friday) morning will weaken a round as a depression before crossing the Puducherry coast by tomorrow (Saturday) morning
Read entire forecast
The deep depression over the south-west Bay of Bengal off the Sri Lanka-south Tamil Nadu coast may be set to lose traction as projected cyclone Fengal, but this does not diminish the fact that states located on the eastern coast of India are hotspots for compounding risks of hazards such as floods, cyclones, and droughts.
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Cash withdrawal by foreign representations will not attract tax Deducted at Source (TDS) from December 1, Income Tax Department has said.
“The Central Government after consultation with the Reserve Bank of India, hereby specifies that the provisions of section 194N of the said Act shall not apply to Foreign Representations duly approved by the Ministry of External Affairs of the Government of India including Diplomatic Missions, agencies of the United Nations, International Organisations, Consulates and Offices of Honorary Consuls which are exempt from paying taxes in India as per the Diplomatic Relations (Vienna Convention) Act 1972 and the United Nations (Privileges and Immunities) Act 1947,” a notification by the Income Tax Department said.
Full story here
The Competition Commission of India (CCI) is taking a giant leap in enhancing its investigative prowess by inviting bids for the empanelment of Digital Forensic Service Providers.
Full story here
Allowing payments banks to offer small-ticket loans and enabling them to accept deposits of more than ₹2 lakh could help the payments bank model become more commercially viable, Fino Payments Bank MD and CEO Rishi Gupta told businessline. Under the existing guidelines, payment banks cannot lend on their own books or accept deposits of more than ₹2 lakh from each customer.
Tamil Nadu Chief Minister MK Stalin on Friday urged Prime Minister Narendra Modi to instruct the Ministry of Mines to cancel the award of tungsten mining rights given to Hindustan Zinc Ltd in Madurai District.
Full report here
The company’s annual general meeting (AGM) saw the critical resolution defeated, marking a significant setback for Goenka, who continues to serve as the company’s CEO. This comes after Goenka earlier resigned from the post of managing director and withdrew his consent for reappointment.
Read more here.
India’s start-up landscape is witnessing a remarkable rebound, securing $9.2 billion in venture capital (VC) funding during the first ten months of 2024. This represents a significant 44.4 per cent year-on-year increase from $6.4 billion in the same period last year, signalling renewed investor confidence in start-ups.
According to a report by data analytics firm GlobalData, the number of VC funding deals in the country increased by 5.8 per cent during this period, reaching a total of 984 deals. This positive trend underscores India’s growing prominence as a global hub for innovation and start-ups.
Japan’s biggest banks plan to maintain ties to Gautam Adani despite US bribery charges, even as other global firms including Barclays Plc are reassessing their exposure to the Indian conglomerate.
Mizuho Financial Group Inc. expects the latest saga surrounding Adani won’t have a long-lasting impact and intends to continue supporting the group, according to people familiar with the matter. Sumitomo Mitsui Financial Group Inc. and Mitsubishi UFJ Financial Group Inc. also have no plans to pull back and will be open to fresh financing if needed later, people familiar with the matter said.
Bank of Baroda (BoB) on Thursday said it raised ₹3,500 crore through the issuance of Basel III Compliant Tier II capital bonds at a coupon rate of 7.41 per cent.
The public sector bank received a total of 120 bids amounting to ₹9,500 crore against the base issue size of ₹1,000 crore and a greenshoe option to retain oversubscription up to ₹2,500 crore (total issue size of ₹3,500 crore), per the Bank’s statement.
Read full report here
Foreign portfolio investor (FPI) selling in the Indian equity and debt market seems to have had a ripple effect on bank deposits, which came down by ₹1,73,581 crore in the reporting fortnight ended November 15, 2024.
Read full report here
The recent strike at Boeing’s manufacturing facilities in the US and supply chain constraints haveimpacted the deliveries of 737 Max aircraft and pushed the refurbishment of the legacy widebody aircraft until mid-2027, Campbell Wilson, Managing Director & CEO, Air India Group said, adding that delays have slowed down network expansion plans as well.
Read full report here
India’s buffalo meat (carabeef) exports during calendar year 2025 will likely rise by 4 per cent to 1.65 million tonnes (mt) on rising demand from countries in the Middle East, South-East Asia and Africa, according to the USDA Post New Delhi. In 2024, the carabeef exports were estimated at 1.58 mt.
Read full report here
India’s steelmakers are bracing for an increase in Chinese “dumping”. Steelmakers feel Donald Trump’s ascendancy to the White House could lead to a series of retaliatory tariffs on steel and finished steel products. This, in turn, could lead to China diverting exports to other large markets, including India.
Read full report here
The GST Council will recommend the date on which the goods and services tax be levied on petroleum crude, high speed diesel, petrol, natural gas and aviation turbine fuel
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The water level in India’s 155 major reservoirs dropped to 82 per cent of the capacity with the level in 18 declining to below 50 per cent, data from the Central Water Commission (CWC) showed.
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The Centre has decided to allow the Food Corporation of India (FCI) to offload 25 lakh tonnes (lt) of wheat in market under the Open Market Sales Scheme through e-auction to flour mills and other manufacturers of wheat products, processors and end users, the Food Ministry said in a statement on Thursday.
Read full report here
In a relief to car leasing companies, Madras High Court on Thursday stayed Directorate General of GST Intelligence‘s show-cause notices (SCNs) to these companies. The companies were denied input tax credit (ITC) to the tune of around ₹3,000 crore.
Read full report here
Fair trade regulator CCI on Thursday ordered a probe against Google and its affiliates for alleged unfair business practices with respect to listing of real money gaming apps on Play Store
Read full report here
Entry-level positions in the Software Development and Engineering domain are expected to see an average salary of ₹9.37 lakh per annum (LPA) in Global Capability Centers (GCC), followed by ₹6.23 LPA in IT products and services, and ₹6 LPA in non-tech sectors by the end of FY24-25, according to a TeamLease Digital analysis.
Read full report here
Do players get all the bid money, what if a player is unable to play for his team due to injury, how is the base price of a cricketer decided… Answers to these questions and more in this IPL auction Explainer.
With the Tamil Nadu government aggressively pursuing to develop a greenfield airport at Hosur, neighbouring Bengaluru, the Centre on Thursday again clarified that as per the present clause it was within 150 km of the Bengaluru airport and that till 2033 a new airport cannot be developed.
Read the full report here
HDFC Securities has dismissed rumours circulating on social media and WhatsApp suggesting the brokerage firm is shutting down its franchisee business due to compliance issues. In a statement issued on Wednesday, the company clarified that the decision to halt new partnerships was a strategic move aimed at streamlining operations and improving service quality, made earlier this year.
Life Insurance Corporation of India has issued clarification regarding news report that the company targets 50% in ManipalCigna to enter health insurance space. LIC has said it “evaluates and explores various strategic opportunities on an ongoing basis in various sectors including health insurance segment, for growth, diversification of its business and investment opportunities.” “At this stage, there is no material information / event that require disclosure under Regulation 30 of the Listing Regulations.”
Ajmera Realty & Infra India Ltd (ARIIL) has repaid ₹100 crore of its corporate debt, reducing outstanding borrowings from ₹793 crore to ₹693 crore, the company announced in a press release today. The debt reduction was funded through a recent equity offering of ₹225 crore.
The Centre has said that it is taking steps to boost the domestic supply of Di-ammonium Phosphate (DAP) fertilisers and address issues of availability at local levels amid 60 per cent import dependence. The government has also blamed the shortage of DAP on the Red Sea issue and cuts in exports by some global suppliers.
Servotech Power Systems Ltd has secured 5.6 MW On‐grid rooftop solar power plant order from Uttarakhand New and Renewable Energy Development Agency (UREDA).The order valued at ₹30.2 crore
Servotech stock rose 1.38% on the NSE to ₹179
Nectar Lifesciences informed that the GDRs have been delisted from LuxSE with effect from November 28, 2024.
Stock trades flat on the NSE at ₹33.10
US President-elect Donald Trump is a friend of India and Prime Minister Narendra Modi. Commerce and Industry Minister Piyush Goyal has said discussions can begin on strengthening the bilateral economic partnership once the office is assumed and new appointments are confirmed.
The ₹846.25 crore IPO of Suraksha Diagnostic Limited is set to open for subscription on November 29, 2024, and will close on December 3, 2024. With a price band of ₹420-₹441 per share, the IPO aims to raise funds through an offer for sale, with no proceeds from a fresh offer going to the company.
INOX Air Products (INOXAP) has announced the commencement of electronic and specialty gas supplies for ReNew’s manufacturing facility at Dholera, Gujarat.
As part of a long-term contract, INOXAP will provide key electronic gases such as Nitrous Oxide, Ammonia, and Silane through a supply chain using owned ISO containers to ReNew Photovoltaics for their first solar PV Cell manufacturing facility at Dholera.
INOXAP has deployed ISO containers, and Tube Trailers, for these critical gases, supporting the manufacturing of Solar PV Cells, for ensuring a seamless and reliable supply.
IndiGo will reintroduce wet-leased Boeing 777 aircraft on Istanbul routes from December 1, offering passengers higher capacity and shorter travel time.
The airline is replacing its A320 aircraft on Delhi-Istanbul and Mumbai-Istanbul routes with the larger Boeing 777 after securing yet another extension from the civil aviation ministry for the wet lease of Turkish Airlines aircraft. The A320 aircraft have been operating on Istanbul routes since mid-November.
Tilaknagar Industries Ltd (TI) has unveiled Monarch Legacy Edition, its first luxury brandy, marking a significant expansion into the premium spirits segment on November 28, 2024. The new product blends French and Indian grape spirits, targeting the growing demand for sophisticated alcoholic beverages.
Revolt Motors, India’s leading electric motorcycle manufacturer, has officially entered the Sri Lankan market, launching its flagship electric motorcycle models RV400 and RV400 BRZ on November 28, 2024. The company unveiled its first dealership in Colombo and plans to expand to 11 additional strategic locations across Sri Lanka.
KEC International Ltd has secured significant turnkey orders worth ₹1,704 crore from Power Grid Corporation of India Ltd (PGCIL) in the Transmission & Distribution (T&D) sector. The orders cover design, supply, and installation of 765 kV transmission lines and gas-insulated substations (GIS).
EaseMyTrip, a leading online travel tech platform, has unveiled EMT Desk, a new comprehensive corporate travel solution designed to streamline business travel management. Launched on November 28, 2024, the platform offers businesses an integrated approach to managing corporate travel needs.
The shares of Easy Trip Planners Limited were trading at ₹33.52 up by ₹1.37 or 4.26 per cent on the NSE today at 11.30 am.
Watch why Google’s hand may be forced on Chrome
RateGain Travel Technologies Limited announced today that Vietjet Thailand has partnered with AirGain, the company’s advanced pricing intelligence platform, to enhance its market positioning in the low-cost aviation sector.
The shares of RateGain Travel Technologies Limited were trading at ₹698.50, down by ₹1.85 or 0.26 per cent, on the NSE today at 11.20 am.
The strategic collaboration will provide Vietjet Thailand with real-time competitive pricing data from over 300 airlines and 50+ online travel agencies (OTAs). This partnership aims to help the airline refine its dynamic pricing strategies and maintain price leadership in a challenging market environment.
Borosil Renewables has appointed Melwyn Moses as Chief Executive Officer of the company w.e.f. December 02, 2024.
Analysts attribute this shift to younger buyers increasingly engaging with interactive and discovery-driven online platforms over traditional channels.
Dr. Reddy’s Laboratories has launched Toripalimab, a New Biological Entity (NBE) in the domestic market.
It is the `only immuno-oncology drug approved by various regulatory authorities around the world such as the United States Food and Drug Administration (USFDA), European Medicines Agency (EMA), Medicines and Healthcare products Regulatory Agency (MHRA), and others for the treatment of adults with recurrent or metastatic nasopharyngeal carcinoma (RM-NPC).
Due to a slowdown in industrial activity, the Indian economy is likely to have slowed down during the three-month period of July-September (Q2 of FY25), with growth estimated between 6.3 per cent and 6.6 per cent. The data will be formally released by the Statistics Ministry on Friday, November 29.
Centre’s fiscal deficit, the difference between the expenditure and the income, is likely to be 19 basis points (bps, 100 bps mean 1 percentage point) lower than the budget estimates during current fiscal, i.e., Fiscal Year 2024-25, India Ratings & Research (Ind-Ra) said on Wednesday.
Life Insurance Corporation of India (LIC) said it has filed an appeal before the GST Appellate Authority, Tamil Nadu, against an Order demanding GST of ₹104.90 crore for FY 2019-20. The Order was issued by Joint Commissioner, Chennai, North Anna Salai: Central -III, Chennai Central.
In addition to GST, LIC has been asked to pay an interest of ₹45.53 lakh and a penalty of ₹11.03 crore.
Bribery allegations against Adani group founder Gautam Adani have highlighted the growing problem India’s renewable energy developers face in finding buyers for the power they generate.
While the Central government wants to shift away from polluting coal-fired generation towards solar and wind, officials say State government-owned power distribution companies responsible for keeping the lights on have dragged their heels over striking renewable purchase deals. US authorities allege that Adani conspired to devise a $265 million scheme to bribe State government officials to secure solar power supply deals, after one of his companies was unable to secure buyers for a $6 billion project for several years.
Donald Trump’s return to the White House could lead to more protectionist trade policies, particularly targeting Chinese imports. This could compel China to rework its export strategy, especially in the steel sector. A potential fallout could be China redirecting surplus volumes to other regions, including India, says Naveen Jindal, President of the Indian Steel Association.
Jindal is also a BJP MP from Kurukshetra (Haryana) and Chairman of JSPL, one of the largest steelmakers in India . Read full interview
The Enforcement Directorate has taken into custody two Delhi-based businessmen, both brothers, for allegedly sending illegally foreign remittances worth more than ₹4,800 crore to Hong Kong and China.
Mirae Asset Financial Group has completed the acquisition of Sharekhan following the receipt of all required regulatory approvals.
The deal size for Mirae Asset’s acquisition of Sharekhan was ₹3,000 crore (487 billion won).
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