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Today Business News Live Updates 9 December 2024: Get all real-time and latest live news on business, economy, companies, financial news updates.
Kernex Microsystems (India) Limited has secured a major contract worth ₹2,041.04 crores from Chittaranjan Locomotive Works, a division of the Ministry of Railways, the company announced today.
The shares of Kernex Microsystems (India) Limited were trading at ₹1,194.75 up by ₹56.85 or 5 per cent on the NSE today at 2.44 pm.
The contract involves supplying, installing, testing, and commissioning 2,500 sets of On-board KAVACH equipment, meeting RDSO Specification No. RDSO/SPN/196/2020, Version 4.0. The project is scheduled for completion within 12 months.
Read full report here
The Competition Commission of India has asked the Supreme Court to hear legal challenges to an investigation of Amazon and Walmart’s Flipkart e-commerce platforms, saying those challenges, filed by Samsung, Vivo and others at Indian high courts, were aiming to scuttle the probe.
In a filing on Dec. 3, reviewed by Reuters and not released publicly, the Competition Commission of India asked the court to hear 23 challenges, filed by Samsung, Vivo, and several vendors on the Amazon and Flipkart platforms, to enable the case to be decided quickly. – Reuters
Hyundai Motor India Ltd (HMIL) announced plans to install nearly 600 public electric vehicle (EV) fast charging stations nationwide over the next seven years. By the end of 2024, the company will have 50 fast charging stations operational, targeting key highways and major cities.
Read more
Trident Group announced plans to invest ₹3,000 crore in Madhya Pradesh’s textile sector, expanding its current workforce from 12,000 to over 15,000 employees. Chairman Rajinder Gupta made the announcement at the “Invest Madhya Pradesh” Regional Industry Conclave in Narmadapuram on December 9, 2024.
Read more
LG Electronics India has plans to set up a new plant in Andhra Pradesh to boost its manufacturing capacity in the country, though it also fears competition from its South Korean parent entity.
Besides, it is increasing the sourcing of raw materials from the local market, which is helping it meet consumer demands and lower its inventory and related costs, allowing the company to competitively price the products, said LG in its DRHP filed with markets regulator SEBI.
The central government has allowed the Adani Group-owned port at Krishnapatnam in Andhra Pradesh to import petroleum into India by sea in the public interest. Considering the public interest in importing petroleum, the central government extended the notification for Krishnapatnam Port in Andhra Pradesh (M/S Adani Krishnapatnam Port Limited) to import petroleum into India by sea.
Read more
As the world’s fastest-growing emerging economy aims to transform into a manufacturing behemoth while adopting clean energy sources, natural gas plays a critical role as the best transition fuel, asserts the Petroleum and Natural Gas Regulatory Board (PNGRB).
Read full story here
Lloyds Metals: Co to enter into new line of business being mines development and operations
The Standing Committee on Finance, headed by BJP lawmaker Bhartruhari Mahtab, has recommended that fast-track Tribunals with strict timelines be set up for high-priority cases in the Insolvency and Bankruptcy Code (IBC).
Corporate Affairs Ministry (MCA) should also consider adopting an urgent list system for insolvency cases, similar to the UK, to prioritise time-sensitive matters, the Parliamentary Panel suggested in a report tabled in Lok Sabha last week.
Read full story here
Deutsche Bank AG, India, on Monday said it has provided a €91 million (about ₹814 crore) sustainability-linked-loan to SMFG India Credit (SMICC). The loan was facilitated via the Bank’s Gift City Branch.
SMICC is a wholly owned subsidiary of Sumitomo Mitsui Financial Group (SMFG). It has over 1,000 branches and had Assets Under Management (AUM) of ₹49,800 crore as on September-end 2024.
The senior secured loan, which carries a tenor of three years, is compliant with Deutsche Bank’s Sustainable Finance framework criteria.
Read full report here
Blackstone-backed diamond grading firm International Gemmological Institute (India) Ltd on Monday fixed a price band of ₹397-417 per share for its ₹4,225-crore Initial Public Offering (IPO), which will open for subscription on December 13.
Read more
The Adani Group is planning to invest ₹7.5 lakh crore across sectors in Rajasthan, a senior company official said on Monday. While speaking at the Rising Rajasthan Summit, Adani Ports and SEZ, Managing Director Karan Adani said 50 per cent of the total investment will be made within the next five years.
Read more here
Kore.ai, which provides advanced AI Agent platform and solutions, has launched ‘AI for Work’, an AI platform designed to break information silos, streamline business workflows, and improve employee experience.
“It transforms how enterprises harness AI to make work more efficient, intelligent, and valuable across all levels of the organisation,” a company statement said here on Monday.
AI for Work provides a secure enterprise search that delivers context-aware answers across authorised documents and applications.
Read full report here
Agri value chain financier, Samunnati has issued its first ever ₹50 crore Green Bond, a landmark achievement for climate financing in the Indian agriculture sector. Northern Arc Capital, a leading digital lending platform, has been the primary subscriber for this issuance.
The proceeds from this Green Bond will be used for financing climate smart agriculture solutions across different agriculture value chains in the country, Samunnati said in a statement.
Read full report here
Tamil Nadu Legislative Assembly on Monday moves a resolution urging the Center to immediately cancel the tungsten mining rights granted to Hindustan Zinc Ltd in Nayakkarpatti Village, Melur Taluk, Madurai District. The resolution also urged the Centre not to grant any mining license without the permission of the State Governments.
Read more
Servotech Power Systems Ltd has secured a strategic partnership with LESSzwei GmbH to develop 100 per cent solar-powered electric vehicle charging infrastructure for micromobility in Germany. The project, named “EnerMAAS,” has received grant financing from the Federal Ministry for Economic Affairs and Climate Action (BMWK) for a 2.7-year duration.
Check for full story here
Dabur management: Sales note – expecting mid to high single-digit sales growth with 20%+ EBITDA margin in H2 FY25, supported by mid to high single-digit volume growth
Bharat Agri Fert says upon completion of the expansion, its project is expected to achieve annual revenues of ₹111 crore by FY 2026-27. The company anticipates a capex of ₹85 crore, which is supportive for the stock price.
Bharti Airtel has revealed significant insights into spam communication patterns after launching its advanced AI-powered spam-fighting solution, the company disclosed in a press release on Monday.
Read full report here
The Reserve Bank of India is falling behind the curve, with growth sacrifices continuing to rise, according to Nomura.
Disagreeing with the RBI’s stance on growth, Nomura noted that while early data for October suggested a sequential rebound in activity due to festival demand, November data appeared tepid. October fiscal numbers indicated a continued contraction in public capex and slower growth in direct tax revenues, while nominal GST collections moderated to 8.5 per cent y-o-y in November.Read more
Heavy discounting and improved product availability are expected to help offset weak consumer sentiment and a general year-end lull for the passenger vehicle (PV) segment, while some customers are deferring purchases for new-year models, Federation of Automobile Dealers Associations (FADA), said on Monday.
Read more
India’s industrial production likely improved in October 2024, driven by festival demand, according to a report by Union Bank of India.
The report highlighted that the Index of Industrial Production (IIP) surged by 3.7 per cent year-on-year, up from 3.1 per cent in September. However, this is significantly lower than the 11.9 per cent growth recorded in October 2023, which was driven by a low base effect.
MIC Electronics Limited (MICEL), a provider of LED lighting and electronic display systems, has launched its Emergency Light Unit (ELU) to address safety challenges in railways during power outages and emergencies. The product will be piloted on Vande Bharat trains and coaches.
The company expects final approvals for the pilots in the next few weeks. Following the pilot phase, MICEL plans a phased rollout based on performance assessments and feedback from railway authorities.
Read full report here
VRL Logistics approves purchase of 27.30-acre transhipment hub in Bengaluru for ₹229.30 cr, aimed at operational efficiency and expansion.
Power Finance Corp: PFC Consulting Ltd incorporates NER Expansion Transmission Limited as SPV for North-Eastern region expansion scheme.
Tembo Global Industries declared as lowest bidder for a prestigious water treatment plant project in Northern India, the project, estimated at ₹1,500 crore
Grasim Industries has successfully commissioned project expansion of caustic soda lye at its Gujarat with an increased capacity of 400 TPD resulting into an additional annualized revenue of rupees 500 cr
The domestic market is expected to begin the new week on a flat note amid a lack of triggers. Gift Nifty at 24,725 indicates that the Nifty could open about 50 points lower. Analysts expect the market to remain lacklustre with low investor participation. However, continuous support from foreign portfolio investors would help the market sustain gains, they added.
Read more
Jaya Jagadish, Country Head and SVP of Silicon Design Engineering at AMD India, talks to businessline about the company’s 20-year journey in India, its growth into a key player in the global semiconductor ecosystem, and the evolution of local talent.
Read full interview here
Securities and Exchange Board of India’s (SEBI) proposal for a Specialised Digital Platform (SDP) to monitor content related to financial services could affect user activity and muzzle free speech, experts told businessline.
In November, the market regulator came out with a consultation paper that suggested online platforms register as SDPs and use Artificial Intelligence (AI) and Machine Learning (ML) technology to curb unregulated financial advice or claims.
Read more here.
LT Foods, known for brands such as Daawat and Royal, is betting big on the ready-to-cook and ready-to-eat segment.
Read more here.
A parliamentary panel has advocateds an automated compensation process for banking fraud victims.
It further lso reiterated recommendation of setting up of a Central Negative Registry for consolidated information on fraudsters’ accounts and the official documents various agencies have utiliszed.
Present system, as prescribed by through the Reserve Bank of India’s (RBI) circular dated July 6, 2017, there are two conditions when a customer has zero liability in case of unauthorised transaction.
Read more here.
The International Energy Agency (IEA) has called upon policy makers and industry to collaborate on a vision for meeting the fast-growing demand for electricity from data centres.
In a statement issued after the conclusion of a 2-day Global Conference on Energy and AI in the agency’s headquarters in Paris, which saw over 500 participants from governments and the industry, it was noted that while AI is helping energy transition by discovering new materials, data centres were also turning out to be big consumers of electricity.
Read more here.
The South Korean Prosecutor’s Office has opened a treason investigation into President Yoon Suk Yeol for his role in declaring martial law after receiving complaints, Yonhap News reported on Sunday.
Park Se-hyun, chief of the Seoul High Prosecutor’s Office, made the announcement during a briefing, according to Yonhap.
Yoon’s office had no immediate comment.
Read more here.
The Government of Andhra Pradesh in collaboration with state-owned Energy Efficiency Services Ltd (EESL) has launched three transformative programmes to drive energy efficiency, environmental sustainability, and economic empowerment across the state, according to a statement.
Read full report here.
The reference price to be used for calculating the extent of anti-dumping duty to be levied on imports of solar glass from China and Vietnam has the solar power developers worried.
The developers are worried that it will escalate the cost of the existing projects thus making them unviable and seeking deferment of imposition of dumping duty until India develops sufficient toughened glass production capacity to meet the demands of solar power capacity addition.
Read more here.
President-elect Donald Trump was welcomed back to the world stage on Saturday, sitting down with Ukraine’s Volodymyr Zelenskiy and French President Emmanuel Macron with a dramatic backdrop: the reopening of the Cathedral of Notre-Dame.
With Trump set to return to the White House in January, the three leaders met at the Elysee Palace in Paris with diplomacy on the war in Ukraine in flux.
Read more here.
Hettich India, the Indian subsidiary of the German luxury furniture fittings provider, plans to double its investment in the country within the next five years.
The company has invested nearly ₹2,000 crore in India over the past decade.
Read more here.
In the absence of any major triggers in the stock market, the participants will keenly have their eyes on the macroeconomic indicators like IIP and CPI inflation, starting Monday, as per market analysts.
According to the analysts, the investors and traders will also be watchful of the trend of Foreign Institutional Investor (FII) inflows, following their recent buying spree.
Read more
Kerala is not averse to discussing any new project with the Adani group and will do so only if there is a “win-win” situation which benefits the people of the state as well, P Rajeev, Minister of Law, Industries and Coir, has said.
However, the southern state is not keen to have any big industries which will cause pollution and ecological damage, he added.
Read more
Kinet Railway Solutions, the Indo-Russian joint venture, to manufacture 1,920 semi-high speed Vande Bharat coaches, has approached multiple banks, including Russia’s Sber Bank – amongst the largest there – for financing the first phase of its capex at the Latur facility in Maharashtra, officials aware told businessline.
The starting investment into Vande Bharat production has been lined up with mix of Equity and Debt. And loans sought could be in the range of $ 200 million, they said.
Initial capex plans will include procurements for the existing facilities at the Maharashtra unit.
Read full report here
Union Education Minister Dharmendra Pradhan has asserted that India will become a $30 trillion-economy by 2047.
Delivering a lecture at the concluding function of XLRI-School of Management’s year-long platinum jubilee celebration here on Saturday, Pradhan said that India, the fastest-growing global economy, is currently in the fifth position and will bag the third spot in the next three years.
Read full report here
The Confederation of Indian Industry (CII) has urged the Centre to strike a careful balance between fiscal deficit targets and growth support in the upcoming budget, cautioning that overly aggressive deficit reductions could hinder economic growth.
The apex industry chamber has in its submissions for the upcoming Union Budget suggested sticking to the fiscal deficit target of 4.9 per cent of GDP for FY25 and pegging a target of 4.5 per cent for FY26.
Read full report here
The Telangana government on Sunday announced securing investments worth about ₹7,000 crore. Celebrating the first anniversary of the Revanth Reddy-led Congress government, the State’s IT and Industries Minister, D Sridhar Babu, made major investment announcements and launched new initiatives of the regime here.
At a function here, the Minister said that this aligns with the government’s commitment to innovation, self-reliance, and citizen-centric governance. The capital investments span various sectors, from eyewear products to solar energy.
ITC Agri Business Division is encouraging the cultivation of medicinal and aromatic plants to expand the conglomerate’s presence in the fast-growing health and wellness products market in the food, personal care and other categories.
The agri-division of ITC is working with farmers and helping them to diversify their crops by encouraging them to cultivate high-demand crops like Ashwagandha, Tulsi, and Kalonji in Madhya Pradesh and turmeric in southern states.
India’s foreign exchange (forex) reserves started to rise again after having slumped for an eighth consecutive week, in the process hitting a multi-month low. In the week that ended November 29, the foreign exchange kitty rose $1.510 billion to $658.091 billion, data from the Reserve Bank of India (RBI) showed earlier this week.
The reserves had been falling ever since it touched all-time high of $704.89 billion in September. The reserves have been declining likely due to RBI intervention aimed at preventing a sharp depreciation of the Rupee. A substantial foreign exchange reserve buffer helps shield domestic economic activity from global shocks.
Read full report here
Adani Group’s solar power contract, which is at the centre of bribery allegations, has tariffs that are lower than competition and can find new buyers in case the pact is cancelled, according to analysts.
US authorities have charged Adani Group Founder-Chairman Gautam Adani and others for being part of a scheme to offer $265 million bribe to Indian officials to gain a contract to supply 8 gigawatts of electricity generated from solar energy by Adani Green Energy Ltd (AGEL). The group has denied all charges.
Read full report here
In a latest move towards effective communication, Reserve Bank of India has decided to launch podcasts for wider dissemination of information that is of interest to the public.
Over the years, the RBI has expanded its communication toolkit and techniques to enhance transparency and better connect with the people. In continuance of this endeavour, the RBI now proposes to add ‘podcasts’ to its communication toolkit.
To boost farmers’ income and move to cleaner fuel alternatives, the Assam cabinet has approved a production-linked incentive for production of grain-based ethanol. Assam is a key producer of rice.
The incentive is kept at ₹2 per litre, which will be effective for a period of three years, as per the State government decision taken at the Saturday cabinet meeting.
As part of the global roadshow for ‘Invest Karnataka 2025’ drive, a high-level delegation led by Minister M B Patil has visited Germany to promote the state as a premier investment destination, officials said on Saturday.
The visit was aimed at strengthening Karnataka’s international economic ties and attracting global investments across key sectors, they said.
Read more
The Committee of Creditors (CoC), which is a key decision making body under the Insolvency and Bankruptcy Code (IBC), should be subjected to an “enforceable” Code of Conduct, Rajeshwar Rao, Deputy Governor, Reserve Bank of India (RBI) said on Saturday.
Read more
Greenworksbio has launched innovative eco-friendly products — compostable and biodegradable alternatives to single-use plastics. Greenworksbio’s new product line includes compostable granules, eco-friendly tableware, sustainable hygiene solutions, and more, catering to diverse industry needs. Developed in partnership with CSIR-IICT, these products are made from renewable resources like starch and agricultural waste and meet stringent national composability standards.
Read more
The Real GDP growth for FY25 has been revised downward to 6.80% in the latest round of the RBI’s Survey of Professional Forecasters (SPF) on Macroeconomic Indicators, down from 6.90 per cent in the previous round.
Read more
Unacademy CEO and co-founder Gaurav Munjal said the edtech company is not looking for ‘any sale or M&A’ reaffirming its commitment to long-term growth.
“We are not doing any Sale or M&A. Ignore the rumors,” Munjal said in his LinkedIn post. This statement comes amid reports of Unacademy being in advanced discussions with Allen Career Institute for a potential $800 million deal.
Read more
The Centre has said that two initiatives from Project UNNATI have been dropped at New Mangalore Port.
In a written reply to Kota Srinivasa Poojary, Member of Parliament from Udupi-Chikkamagaluru, Sarbananda Sonowal, Union Minister for Ports, Shipping and Waterways, said in the Lok Sabha that the project UNNATI was envisaged only for the major ports under the administrative control of the Union Ministry for Ports, Shipping and Waterways.
Read more
Union shipping minister Sarbananda Sonowal on Saturday laid foundation stones for three projects worth ₹582 crore at the Kamarajar port at Ennore.
The foundation stones were laid for Capital Dredging Phase VI (₹520 crore) to dredge the port’s berth to 18 m draft from the present 16 m to attract such large size vessels; a 1 MLD Sea Water Reverse Osmosis Desalination Plant (₹37 crore) and an Integrated Command and Control Center (₹25 crore). He launched at a function as part of the port’s silver jubilee celebration.
Read more
SpiceJet is focused on finalising several key settlements and expanding its operations on the back of ₹3,000 crore fund infusion in September, airline’s chairman Ajay Singh has said.
“We defied sceptics in 2015 and once again we have proven them wrong. With renewed enthusiasm and fresh capital, we are fully committed to restructuring our balance sheet and clearing all outstanding dues,” Singh wrote in the company’s annual report.
Read more
Days after airline major IndiGo filed a trademark infringement suit against Mahindra Electric Automobile over the use of 6e in their electric car, Mahindra & Mahindra said it would contest the brand rights of BE 6e in court and meanwhile name its electric origin SUV ‘‘BE 6.”
Read more
Physically-backed goldexchange-traded funds (ETFs) reported a net loss globally for the first time in seven months during November, the World Gold Council (WGC) said.
Read full story here
Physically-backed goldexchange-traded funds (ETFs) reported a net loss globally for the first time in seven months during November, the World Gold Council (WGC) said.
However, Indian gold ETFs recorded inflows for the eighth consecutive month, attracting $175 million in November. This was likely driven by rising equity market volatility and general bullish sentiment towards gold, the WGC said.
Read more
Unacademy CEO and co-founder Gaurav Munjal said the edtech company is not looking for ‘any sale or M&A’ reaffirming its commitment to long-term growth.
“We are not doing any Sale or M&A. Ignore the rumors,” Munjal said in his LinkedIn post. This statement comes amid reports of Unacademy being in advanced discussions with Allen Career Institute for a potential $800 million deal.
Read more here
Agriculturists and farm economists on Saturday urged Finance Minister Nirmala Sitharaman to provide special package to boost the domestic output of pulses and oilseeds. Later the Minister and her team also heard suggestions from representatives of MSME (Micor, Small and Medium enterprises).
Read more
Vishal Mega Mart, whose ₹8000-crore IPO will be open for subscription next week, is betting on its differentiated, aspirational product strategy to ride out and sustain it in the current climate of soft consumer demand.
“Even in difficult situations, we typically would continue to enjoy growth because firstly, our brands, our private brands are very differentiated as compared to anything which is available in the market. And secondly, they provide great value with absolutely no compromise on quality. So they do become very attractive for the customers at large,” Managing Director and CEO, Gunender Kapoor told businessline.
Read more
Leading cement maker UltraTech Cement has received a notice from the fair trade regulator CCI over its proposed acquisition of the South-based India Cements Ltd.
“The Company has received a communication from the Competition Commission of India under Section 29 (1) of the Competition Act, 2002, regarding the proposed acquisition of The India Cements Ltd. The Company will be responding to the same,” said UltraTech.
Read more
Global geospatial and engineering solutions provider RMSI has announced the launch of SIRENNX, an AI-enabled natural hazard impact forecasting Software-as-a-Service (SaaS) platform.
RMSI solutions help clients manage risks associated with natural and man-made hazards by applying innovative methods and global best practices, a company spokesperson said.
Read more
Despite 1830 Megawatt (MW) of wind power capacity getting added in the first six months of current financial year 2025, leading wind power generating states like Rajasthan, Andhra Pradesh, Maharashtra and Gujarat have generated less compared to the green energy generated during the same period last year.
Read more here
Asian Development Bank (ADB) has approved a $350 million policy-based loan to support India strengthen and modernize logistics sector.
As per a statement from the regional development bank, dated December 6, the loan will finance the second subprogram, supporting Indian government’s efforts to create a comprehensive policy, planning, and institutional framework at the state and city levels.
For more read
State-owned fertiliser firm NFL on Saturday said there is sufficient stock of urea in Punjab to meet the demand of the current rabi sowing season and advised farmers not to hoard nutrients.
Read more
Days after airline major IndiGo filed a trademark infringement suit against Mahindra Electric Automobile over the use of 6e in their electric car, Mahindra & Mahindra said it would contest the brand rights of BE 6e in court and meanwhile name its electric origin SUV ‘‘BE 6.”
Read full story here
Notwithstanding the gyration in the secondary market, about ten companies are looking to raise ₹20,000 crore in December through the initial public offering this month.
The celebration in the primary market will start with eight IPOs opening for subscription in the coming week. The week will start with Vishal Mega Mart and Sai Life Sciences’ mega IPOs of ₹8,000 crore and ₹3,043 crore opening for subscription on Wednesday. The online payments platform One MobiKwik Systems provider plans to raise ₹700 crore through its IPO on Wednesday, while Rekha Jhunjhunwala-backed Inventurus Knowledge Solutions will open on Thursday. This apart, five companies will raise ₹145 crore next week through an IPO on the SME platform.
Read full story here
Indian Railways is working on an express parcel delivery service – tentatively named as Vande Bharat Parcel Service – targeting niche products, e-commerce and quick-commerce items that include apparels, mobile phones, other lighte-weight cargo and perishables, a senior official aware of the discussions told businessline.
Full story here
A Parliamentary panel has flagged the need for strategic disinvestment of Central Public Sector Undertakings (CPSUs) to lower the burden on the exchequer and improve the efficiency. The government needs to prioritise disinvestment, the panel recommended.
Full story here
The Reserve Bank of India (RBI) has given Banks a ₹1.16 lakh crore liquidity injection by announcing a 50 basis points cut in the cash reserve ratio from 4.5 per cent of their deposits to 4 per cent.
The two-tranche CRR cut of 25 basis points each, which is with effect from the fortnight beginning December 14, 2024, and December 28, 2024, is aimed at alleviating the liquidity tightness Banks may experience from mid-December onwards due to GST and advance tax outflows.
Read more
As the world tackles antimicrobial resistance (AMR), the development of antibiotic Nafithromycin marks a significant milestone, said the Government, hailing it as the country’s first indigenous antibiotic.
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The government is close to finalising, for the first time, a space security doctrine to defend the country’s space assets as well as scale up military capabilities.
Read full story here
The Reserve Bank of India (RBI) today proposed allowing small finance banks (SFBs) to offer pre-sanctioned credit lines through the unified payments interface (UPI) and will issue the necessary guidelines shortly.
Read more
The recent slide in benchmark equity indices in October—November 2024 has further pulled down the average annual returns on NPS monies parked in equity scheme to 26.6 per cent as of November 30, latest PFRDA data showed.
This is against an annual return of near 40 per cent recorded as of September 28. As of November 10, the return was down to 30 per cent.
Read full story here
The shares of Setco Automotive Limited were trading at ₹13.44 up by ₹1.22 or 9.98 per cent on the NSE today at 12.30 pm.
Setco Automotive Limited has successfully shipped flywheels and covers to the US market through its subsidiary Lava Cast, marking a significant milestone in the company’s export strategy. The December 5th, 2024 shipment targets leading auto and aftermarket distributors in the United States.
Full read here
JP Morgan Securities has said it is overweight on four Adani group bonds, of which three have been issued by Adani Ports and Special Economic Zone and one by Adani Electricity Mumbai. It also said it was neutral on other five Adani group bonds and was underweight on a bond issuance by Adani Green Energy.
For more read
Samvardhana Motherson International Limited (SAMIL) announced on December 6, 2024, its plan to acquire a 95 per cent stake in Atsumitec Co., Ltd., a Japanese manufacturer of high-precision automotive components. The acquisition, valued at approximately JPY 8.5 billion (USD 57 million), will be executed through SAMIL’s 100 per cent subsidiary, Samvardhana Motherson Automotive Systems Group B.V. (SMRP B.V.). Honda Motor will retain the remaining 5 per cent stake.
Read full story here
Rhetan TMT, a leading player in steel manufacturing, plans to shift its proposed solar plant to a new location from Aravalli due to certain challenges with the lessors and it could not execute the final lease agreement as planned.
Read full story here
Synergy Green Industries Limited announced today a significant supply agreement with Envision Energy India Pvt Ltd for manufacturing wind turbine castings, marking a strategic expansion in the renewable energy manufacturing sector.
Full story
Banking stocks were in focus on Friday after RBI slashed the cash reserve ratio (CRR) by 50bps or 4 per cent. The Central Bank has kept the repo rate unchanged at 6.5 per cent and maintained its neutral stance.
Full story here
The stock markets experienced a marginal decline on Friday, with the Sensex and Nifty closing lower after five consecutive days of gains, following the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting and its cautious economic outlook.
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Madurai-based Pioneer Jellice India Pvt Ltd (PJIP) and Ashok Matches and Timber Industries (acquirers) have issued an open offer to acquire 18.43 lakh equity shares (26 per cent) of ₹10 each for cash at ₹408.90 per share to the public shareholders of Mumbai-based India Gelatine & Chemicals Ltd (IGCL). The total consideration for this will be ₹75 crore.
Read more
Read the full report here.
Indian government bond yields are set to be little changed on Friday, with a downward bias in early deals, as traders continue to be optimistic about some form of monetary policy easing from the central bank, whose decision is due later in the day.
The benchmark 10-year yield is likely to move between 6.66 per cent and 6.68 per cent till the announcement of the decision, a trader with a private bank said, compared with its previous close of 6.6802 per cent.
Read full report here
The market regulator has proposed the introduction of a Close Auction Session (CAS) in India as a call-auction mechanism for determining closing price of each stock in equity cash segment, replacing the Volume Weighted Average Price (VWAP) mechanism used today. To begin with, CAS will be applicable to stocks on which derivatives are available.
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Just when you thought the subscription world had everything from rides to ramen, here comes the Uber of AI — delivering algorithms instead of appetizers, all in one sleek package.
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Average trade prices of cement have risen by ₹5 per bag month on month in December so far across the country to ₹342/bag, led by increases in the eastern and northern regions. Despite lacklustre demand, prices have increased, and dealers are uncertain whether the price hikes will sustain, a report said.
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The CAG will carry out audit across district mineral foundations (DMF) in the country, and the Mines Ministry will have the power to cancel, suspend or stop fund disbursals in case of a discrepancy.
More read
Zen Technologies is seeking to gain access to the US market as it signed a Memorandum of Understanding (MoU) with Applied Visual Technology Inc. D.B.A AVT Simulation in Florida on Thursday for providing next-generation simulation and training solutions for defence and security forces.
Read full story here
Gujarat-based HyFun Foods, has partnered with Australia’s largest retail chain, Woolworths allowing it to introduce its range of Hash Browns and Tots to Australian consumers.
Read full story here
BJP legislature party leader Devendra Fadnavis was sworn in as the new chief minister of Maharashtra, while allies Eknath Shinde and Ajit Pawar took oath as deputy CMs at a grand ceremony here on Thursday evening.
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Despite hitting several all-time highs during the year, the price of Bitcoin has crossed $100,000 mark, reaching yet another milestone. Alongside this, industry players project that Bitcoin could reach a peak of around $150,000 in 2025.
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Airbnb has witnessed a 25 per cent year-on-year increase in bookings by first-time customers in India signalling a preference for experiential travel, a senior company executive said on Thursday.
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Moody’s Ratings has changed its global outlook on banking system to stable from negative, reflecting its expectation that stabilisation of economic growth and monetary easing will support the operating environment for banks, alleviate pressure on their asset quality and help their deposit growth recover.
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With a volatile year marked by global geopolitical tensions almost coming to an end, market pundits are already focused on the year on the horizon. Amisha Vora, Chairperson and MD, PL Capital – Prabhudas Lilladher, told businessline that with “froth in small-caps, primary markets coming off, and larger mid-caps and large-caps are likely to outperform” in 2025.
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Mediterranean Shipping Company (MSC), One of the world’s largest container shipping companies based in Switzerland, is again under the spotlight for its substandard and hazardous dismantling of obsolete vessels on tidal beaches in South Asia. While the company has repeatedly faced criticism for breaching international environmental and labour rights standards, it has not shown any willingness to improve its practices.
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After nano-urea and nano-DAP, cooperative fertiliser major IFFCO has developed another product—nano-NPK. This product uses the same nanotechnology and hopes to commercially launch it in the next Kharif season once it gets the necessary government approval. The initial production will be from IFFCO’s Kandla plant, said the managing director and CEO of U S Awasthi.
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The aquarium business is set to get a major boost with ICAR-Central Marine Fisheries Research Institute developing captive breeding technologies of two high-value marine ornamental fishes — Azure damsel and Ornate goby.
Scientists of Vizhinjam Regional Centre of the institute developed and standardised seed production technologies for these highly sought-after marine ornamental fish species. This is expected to open up bright prospects for aquarium enterprises and marine ornamental fish aquaculture in the country, B.Santhosh, Head of Vizhinjam Regional Centre of CMFRI said.
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A Central Expert Committee to examine the faulty ASR hip-implants issue and determine the compensation and medical management for affected-patients, has been reconstituted by the Union Health Ministry.
The ASR hip-implants in this case were manufactured by DePuy lnternational Limited, UK and imported by DePuy Medical Private – now Johnson & Johnson Private Limited, the Ministry said.
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Finance Ministry on Thursday asserted that underlying growth story of Indian economy remains intact, noting that one should not “overinterpret” the growth slowdown in recent September 2024 quarter.
Noting that the seven quarter low of 5.4 percent GDP growth in Q2 was the first estimate and was impacted by monsoons and religious observance,Anantha Nageswaran, Chief Economic Advisor to Finance Ministry, said that a growth outcome of 6.5-7 percent as projected earlier by Finance Ministry for entire fiscal is still feasible.
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Nomura, which was one of the first to call out a slowdown in India’s GDP growth, has now said it expects a repo rate cut of 25bps on Friday, contrary to the consensus view of no change.
According economists at Nomura, the RBI will move for a rate cut due to weaker growth and the benign one-year forward inflation outlook.
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Real estate developers are optimistic of a continued growth in southern markets, particularly in Kerala despite tailwinds amid changing dynamics, a sentiment survey at real estate conclave by Crisil has said.
RERA statistics show that out of 1.35 lakh project registrations in India, Maharashtra leads with 35 per cent, followed by Tamil Nadu (16 per cent) and Gujarat (11 per cent). The southern states — Tamil Nadu, Andhra Pradesh, Kerala, Karnataka and Telangana — collectively hold 34 per cent share, underscoring their importance in the real estate ecosystem, the survey said.
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Amazon Web Services’ (AWS) latest offering—Security Incident Response—facilitates faster communication and collaboration among stakeholders in an enterprise to identify and respond swiftly as well as effectively to threats.
The service was launched at the company’s annual flagship cloud computing event, re:Invent 2024, on December 1 (Sunday), helps customers “prepare for, respond to, and recover from” various security events, including account takeovers, data breaches and ransomware attacks.
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Reserve Bank of India (RBI) should cut the key repo rate by 25 basis points in its forthcoming monetary policy meeting scheduled for December 6, apart from taking a host of liquidity enhancing measures, Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII) has said.
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“With 63 ships being built in India, the Navy’s single-minded focus to be an Atmanirbhar force by 2047 provides inspiration to all of us to pursue innovation in ‘Mission Mode,’” President Droupadi Murmu said in Puri on Wednesday.
Addressing a gathering on Navy Day, President Murmu stated the seamless integration of advanced technology, tactical acumen and sheer courage on display in the Operational Demonstration aptly showcased the evolution of Indian Navy into a combat-ready, future-ready and credible force.
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Bitcoin rose above $100,000 for the first time on Thursday as the election of Republican Donald Trump as president of the United States spurred expectations that his administration will create a friendly regulatory environment for cryptocurrencies.
Bitcoin has more than doubled in value this year and is up about 45 per cent in the four weeks since Trump’s sweeping election victory, which also saw a slew of pro-crypto lawmakers being elected to Congress.
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Berger Paints India is focussing on increasing sales to boost its profitability in the current market scenario where mass consumption products are not growing as fast as premium products, says MD & CEO Abhijit Roy. In an interview with businessline, Roy says the company will gain around 2 -2.5 per cent market share in the next three years from current levels in the country’s paints industry in spite of increased competition. And, the company’s installed capacity is much higher than that of Birla Opus Paints. Excerpts:
World’s largest alternative asset manager Blackstone Inc and real estate developer Sattva Group are close to filing the initial draft papers for the listing of an office real estate investment trust (REIT), comprising around 50 million square feet of commercial assets, to raise around $750-800 million, sources said.
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LTIMindtree USA, a wholly-owned subsidiary of LTIMindtree, has announced a partnership, including a strategic investment in the US-based Voicing.AI. The subsidiary, on Tuesday, signed a definitive agreement with Voicing.AI to invest up to $6 million in convertible instruments to be issued by the latter.
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Truck movements and rentals across the country saw a sharp fall in November, post-the-festival season rush, with a slowdown in the movement of goods, according to Shriram Finance. Fleet occupancy levels also crashed to 60 per cent and below, it said.
The ban on the entry of BS4 trucks in the National Capital Region and the poll activity in Maharashtra further added to the slowdown.
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The Ministry of Corporate Affairs (MCA) has clarified that the ongoing examination of the much-anticipated and awaited Digital Competition Bill will not strain the existing resources or case workflows of the Competition Commission of India (CCI).
In response to an unstarred question in the Lok Sabha, Minister of State for Corporate Affairs Harsh Malhotra categorically stated that no additional funding or support is required to ensure the efficient functioning of the CCI during the review process.
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The Karnataka Milk Federation (KMF), which sells its products under the Nandini brand, plans to expand its presence in Delhi by launching ice cream in the capital.
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Vodafone Group will sell its remaining 3% stake in India’s Indus Towers, the British telecom group said on Wednesday.
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Honda Cars India (HCIL) on Wednesday launched its all-new third-generation Amaze, with prices ranging from ₹7,99,900 – ₹10,89,900 (ex-showroom, Delhi), and valid till 45 days from launch.
Powered by an E20-compliant 1.2L 4-cylinder i-VTEC SOHC petrol engine, the all-new Amaze is available with both CVT and 5-speed MT options. The company added that the CVT option would have a mileage of 19.46 km/l, while the 5MT has 18.65 km/l (both under test conditions).
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US President-elect Donald Trump’s pledge to impose high tariffs on three of its trading partners, including China, will provide huge export opportunities for India, and the domestic industry should prepare to tap into that, Niti Aayog CEO BVR Subrahmanyam said on Wednesday.
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In a bid to expand its premium property portfolio overseas, SUNDAY, a luxury hotel brand owned by OYO’s parent firm and SoftBank Group, has opened its first properties abroad in the UK and UAE, OYO announced on Wednesday.
The initiative is a part of OYO’s ongoing efforts to strengthen its premium property portfolio across the globe, the company stated.
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Agrileaf, a manufacturer and exporter of biodegradable dinnerware, has secured ₹16 crore in growth funding led by Capital-A and Samarsh Capital.
Addressing media persons in Mangaluru on Wednesday, Avinash Rao, Co-Founder of Agrileaf, said this investment will enable Agrileaf to expand its operations in existing markets across the US and Europe, as well as build a consumer-facing brand in India. This marks Agrileaf’s first fundraise after being bootstrapped and profitable to date.
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Oberoi (4.06%)
Lodha (3.99%)
Prestige (2.39%)
Mahindra Lifespcae(1.57%)
The order involves the supply of Ductile Iron (DI) pipes and is scheduled for completion within the next 12 months,
Allcargo Group, Indian-born global logistics conglomerate, has released its Environmental, Social, and Governance (ESG) 2022-2023 report with the theme “Charting Sustainable Pathways with Ingenuity”.
The report highlights the Group’s commitment to achieve carbon neutrality by 2040 through its sustainable ways. It has also spelt out in detail the Group’s ESG goals which include energy and emissions, occupational health and safety, diversity, equity, and inclusion (DEI), community development, labour practices and human rights, cybersecurity, and corporate governance.
1. Zen Technologies: BULK DEAL
Promoter sold 20L shares at INR 1801/share, aggregating to INR 360 Cr. Motilal Oswal Mutual Fund bought 11.1 L shares at INR 1800/share, aggregating to INR 200 Cr.
2. TBO Tek: BULK DEAL
FIIs (Augusta TBO Singapore, TBO Korea Holdings) sold 63.8L shares at INR 1,465/share, aggregating to INR 935 Cr. Mutual Funds (SBI, Axis, ICICI) bought 27.9L shares at INR 1,465/share, aggregating to INR 409 Cr.
3. Home First: BULK DEAL
Orange Clove Investments, True North Fund V, Aether Mauritius sold 1.7 Cr shares at INR 990/share, aggregating to INR 1,728 Cr. HDFC Mutual Fund, American Funds Insurance Series Capital Income Builder, Norges Bank, Global Citigroup Global Markets Mauritius, Goldman Sachs Fund, Prudential Hong Kong & Bofa Securities Europe bought 1.1 Cr shares at INR 990/share, aggregating to INR 1,110 Cr.
4. Exhicon: BUSINESS UPDATE
Company has successfully attained Zero Net Debt Status on a standalone basis. This milestone was achieved by fully paying off the only secured property loan from Punjab National Bank on December 03, 2024 to maintain strong financial position and considerable savings in the Company’s annual interest and finance costs.
5. Vinyas Innovative: ORDER
Company has received purchase orders worth INR 48 Cr from Domestic & International customer to be completed within 12 months.
During the legislative party meeting held in Mumbai, MLA Chandrakant Patil and MLA Sudhir Munguntiwar proposed Fadnavis’ name for the leadership position, which was seconded by Pankaja Munde and other members.
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Club Mahindra, the flagship brand of Mahindra Holidays & Resorts India Limited, has announced a significant expansion of its Kandaghat resort, adding more than 100 room keys with plans to introduce an additional 40 rooms by Q1 FY26.
The shares of Mahindra Holidays & Resorts India Limited were trading at ₹390.20 up by ₹7.20 or 1.88 per cent on the NSE today at 12.52 pm.
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CyberProof Inc., a UST company, has acquired US-based Interpres Security, Gartner-recognised vendor in continuous threat exposure management and automated security control assessments. The acquisition will strengthen CyberProof’s ability to deliver measurable, risk-optimised managed security services, a UST spokesperson said.
CyberProof oversees security operations and drives superior experiences for enterprise customers through a threat-led, cloud-first and AI-powered approach to co-managed security. By integrating Interpres, it will offer customers a streamlined, risk-prioritised view of exposure and defenses against threat actors targeting industries, locations and technologies, among others.
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Suzlon Energy Limited has expanded its partnership with Jindal Renewables by securing an additional 302.4 MW wind power project in Karnataka’s Koppal region. The project aims to support green steel production and brings Suzlon’s total order from Jindal Renewables to 702.4 MW, marking the company’s largest commercial and industrial (C&I) order from a single customer.
The shares of Suzlon Energy Limited were trading at ₹68.24 up by ₹2.84 or 4.34 per cent on the NSE today at 11.50 am.
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South Korea’s opposition parties on Wednesday submitted a motion to impeach President Yoon Suk Yeol, who is facing pressure to leave office or be forced out hours after he ended a short-lived martial law that prompted troops to encircle parliament before lawmakers voted to lift it.
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L&T Technology Services Limited has signed a multi-year agreement, estimated at $50 million, with a global network solutions firm. As part of this agreement, it will provide Product Integration Services in North America, ensuring support for customers across the region.
LTTS said it will enable the company to support the client’s networking solutions. It will leverage its capabilities in AI and automation frameworks for the project deployment and execution.
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Senior BJP leader Devendra Fadnavis will be sworn in as the chief minister of Maharashtra on Thursday, sources said.
His name was finalised in the BJP’s core committee meeting held here on Wednesday before its Maharashtra legislature party meet, they said.
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Despite inflationary pressure, the services sector performed well in November, a private survey report released on Wednesday showed. The survey result, known as the Purchasing Managers’ Index (PMI), came in at 58.4 in the said month. Read more
PB Fintech, a parent entity that operates insurance aggregator Policybazaar and credit marketplace Paisabazaar, has received Board approval to incorporate a wholly owned subsidiary (WOS) to carry on the business of healthcare services.
The WOS is proposed to be named “PB Healthcare Private Limited” or “PB Healthcare Services Private Limited” or any other name as may be approved by the Corporate Affairs Ministry (MCA), PB Fintech said in a regulatory filing with stock exchanges.
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The shares of Cipla Limited were trading at ₹1.5 lakh ₹1,512.05 down by ₹21.85 or 1.42 per cent on the NSE today at 11 am.
Pharmaceutical major Cipla Limited disclosed a significant GST penalty order from the Principal Commissioner of Central GST Commissionerate, Jaipur on December 2nd, 2024.
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The US has given nod to possible Foreign Military Sale (FMS) of equipment, including of communication and sensor, for MH-60R Seahawk multi-role helicopters to India which is worth $1.17 billion.
India contracted 24 Sikorsky MH-60R helicopters for Indian Navy at a cost of $2.2 billion following a 2020 deal with Lockheed Martin. Of them, nine have been inducted by the Indian Navy forces and supply of remaining batches of 15 copters have been delayed.
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The shares of Reliance Power Limited were trading at ₹41.09 up by ₹1.95 or 4.98 per cent on the NSE today at 10.20 am.
Solar Energy Corporation of India (SECI) has withdrawn its debarment notice against Reliance Power Limited, enabling the company to participate in future solar tenders immediately, the company disclosed on Monday.
Reliance Power confirmed that SECI has rescinded its previous notice from November 6, 2024, which had prohibited the company and its subsidiaries (except Reliance NU BESS Limited) from bidding on SECI tenders for three years.
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The Indian Space Research Organisation (Isro) is set to launch the Polar Satellite Launch Vehicle (PSLV)-C59 /Proba-3 mission from the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh on Wednesday.
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The US Citizenship and Immigration Services (USCIS) announced it has received sufficient petitions to meet the congressionally mandated limits for H-1B visas for fiscal year (FY) 2025.
The agency confirmed meeting the 65,000-visa regular cap and the 20,000-visa US advanced degree exemption, known as the master’s cap.
In a post on X (formerly Twitter), USCIS stated, “We have received a sufficient number of petitions needed to reach the congressionally mandated 65,000 H-1B visa regular cap and the 20,000 H-1B visa master’s cap for FY 2025. We will be sending non-selection notices over the next few days.”
Andhra Pradesh Government is in talks with the Centre for setting up a mega shipyard in the state to harness maritime potential.
Chief Minister N Chandrababu Naidu is holding discussions with Prime Minister Narendra Modi on the proposal, according to the Minister for Information and Public Relations, Kolusu Parthasarathi.
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Standalone catering for in-patient not a part of health care service, West Bengal’s Authority for Advnace Rulings (AAR) has ruled. This means there will be no exemption for this service from Goods and Services Tax (GST).
The applicant, South 24 Pargana (West Bengal) based Bampada Jana moved to AAR to seek advance ruling on whether the supply of food to all the inpatients would be considered as exempted supply. The applicant is a service provider and engaged in providing catering services to the hospital canteen. The applicant supplies food for patient diet made to the Kolkata based South Eastern Railway’s Central Hospital.
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The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting to determine the policy rate in the country commenced today in Mumbai.
Chaired by RBI Governor Shaktikanta Das, the three-day meeting will run from December 4 to December 6, with the Governor announcing the policy decisions on Friday, December 6.
This meeting takes place amid significant economic challenges, including lower-than-expected GDP growth, high inflation, and declining production levels, all of which have raised public concerns.
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Indian Government bond yields are expected to be largely flat in early deals for the second straight session on Wednesday, as traders eye the central bank’s monetary policy decision due later this week, following a recent slide fuelled by disappointing domestic growth data.
The benchmark 10-year yield is likely to move between 6.70% and 6.73%, a trader with a private bank said, compared with its previous close of 6.7121%.
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About half of the Self-Help Groups (SHGs) are yet to be linked to formal credit, and a large proportion of small and marginal farmers (SMFs) still lack access to bank financing, said RBI Deputy Governor J Swaminathan.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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).
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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).
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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