The Reserve Bank of India (RBI) is said to be agreeable to a restructuring plan proposed by Tata Sons seeking a waiver for the mandatory listing of the group’s holding company. The Tata Group holding company has already implemented parts of the plan, including wiping off debt, said people with knowledge of matter.
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1Front Page
2Pure Politics
Rescue workers saved about 1,000 people in the landslide-hit areas of Wayanad in Kerala as the scarred western ghats region struggled to recover after the worst rain fury on record claimed about 296 lives. While the catastrophe left about 200 injured, another 240 people were missing on Thursday.
MoS (home) Nityanand Rai on Thursday introduced in Lok Sabha Disaster Management (Amendment) Bill, which seeks to strengthen the working of authorities at the national and state levels.
Supreme Court on Thursday held that sub-classification among the Scheduled Castes “for giving more beneficial treatment” is permissible in law. The majority (6-1) verdict was passed by a seven-member bench headed by Chief Justice of India DY Chandrachud.
In her dissenting judgment, Justice Bela Trivedi ruled that state legislatures have “neither executive nor legislative power to sub-classify or sub-divide or re-group the castes, races or tribes specified as the Scheduled Castes”.
The landslides in Wayanad have once again drawn attention to the long-pending final notification of the Ecologically Sensitive Area (ESA) in Western Ghats and the failure to find consensus and convergence with the six affected states since 2011.
The apex court judgement will help more backward communities to receive reservation benefits and allow political parties to address their constituencies.
JDU MP from Sitamarhi in Bihar, Devesh Chandra Thakur, is once again in spotlight, this time for his remarks against his own party and ally BJP. While addressing a meeting in Vaishali, Thakur said all parties worked against him during the Lok Sabha election.
BJP’s Aparajita Sarangi is the only women MP from the Lok Sabha in the committee. Senior Congress leader KC Venugopal is likely to chair the committee.
Railway Minister Ashwini Vaishnaw, facing Opposition criticism over the many recent railway accidents, claimed in Parliament on Thursday that there was a 68% reduction in train accidents during the last 10 years of the Mod government compared to the 171 train mishaps during the UPA government of 2004-14.
India and Vietnam on Thursday firmed up an action plan to expand their strategic ties, with Prime Minister Narendra Modi asserting that both sides will work towards a free and rules-based Indo-Pacific and that New Delhi supports development and not “expansionism”. Modi’s stance could be an indirect message to China which has laid claim to most of the South China Sea region.
The ministry of external affairs on Thursday summoned Sri Lanka’s acting high commissioner in New Delhi and lodged a “strong protest” over the death of an Indian fisherman following a collision between an Indian fishing boat and a Sri Lankan naval vessel 5 nautical miles north of Katchatheevu Island.
The CBI on Thursday filed its first charge sheet in the case pertaining to irregularities in the NEET examination. The charge sheet has been filed on charges of criminal conspiracy, cheating and other relevant provisions of the Indian Penal Code against 13 accused.
Union education minister Dharamendra Pradhan on Thursday asked the Opposition to not create fear among the Muslim community over alleged lack of equal opportunities for minorities, asserting that the government does not differentiate between citizens.
Urban flooding is a common phenomenon across India but several cities, including Chennai, Davengere, Vadodara and Agartala, have been able to curb it through technological interventions and proper planning. Massive water-logging in Delhi and Mumbai has brought the issue of urban flooding back into focus.
The Supreme Court on Thursday strongly disapproved of the conduct of Bibhav Kumar, the aide of Delhi CM Arvind Kejriwal, accused of assaulting AAP Rajya Sabha MP Swati Maliwal.
A day after rains caused waterlogging and traffic snarls across the capital, the Aam Aadmi Party (AAP) sought to shift the blame on the Centre for not providing ample funds to Delhi to refurbish the storm water drainage system, sanitation and road construction.
Delhi needs storm water drainage planning and a paradigm shift in storm water engineering, urban planning experts said as parts of the city faced yet another day of waterlogging and traffic snarls after a downpour.
3Brands & Companies
Financially beleaguered Jaypee Group has tapped global credit funds like Varde Partners, Ares, Cerberus and Hillhouse to raise ₹10,000 crore in high-cost financing to rescue its flagship company Jaiprakash Associates (JAL) from bankruptcy, said people in the know
Smartphone sales in India topped $10 billion in the second quarter of this year, the highest on record for the seasonally weak April-June period, driven by strong demand for high-priced devices even though shipments had fallen, market trackers said.
Mahindra & Mahindra (M&M) has sold a land parcel of more than 20.5 acres in Mumbai’s western suburb Kandivali for Rs 210 crore to Pune-based Rucha Group’s real estate development entity Blueprintify Properties.
Dubai-based Atmosphere Living has entered into a joint development agreement to develop villas and a hotel in Mussoorie with an investment of Rs 550 crore, a senior executive said.
Hyderabad-based Lansum Properties has acquired a 3.6-acre land parcel in the city for about Rs 200 crore, said people familiar with the development. The land, located in Kokapet, will be utilised for luxury residential development, they said.
The British government is open to additional funding for Tata Steel UK if the company can open additional product lines that can then help save some jobs, chief executive officer TV Narendran said.
Ishan Chatterjee has quit as MD of YouTube India and is set to join as chief revenue officer (CRO) of Viacom18-owned JioCinema, sources close to the development told ET. The decision brings Chatterjee's 13-year innings at Google, including six years at YouTube, to an end. During his stint at Google, Chatterjee served in multiple roles across Europe and Asia.
The expansion marks a significant milestone in the company's efforts to strengthen its global presence, it said. Terrafirma Motors Corporation (TMC), a part of the Columbian Group of Companies, one of the leading automotive groups in the Philippines, will serve as the exclusive assembler and distributor of the company's products and services, it added.
Courtroom dramas are nothing new in corporate dynasties when it comes to inheritance. But there seems to be more to the latest one currently playing out over control of businesses and trust deeds. Despite the allegations and counter allegations flying in public, family members privately admit this is not their desired path.
4Companies: Pursuit of Profit
Tech giant Infosys is considering contesting the Rs 32,403 crore notice for unpaid Integrated Goods and Services Tax under the reverse charge mechanism for services claimed to have been received from overseas branches, people familiar with the development said.
Tomato prices could see a sharp increase in the coming days after heavy rainfalls wreak havoc in Himachal Pradesh, which is the main supplier of the kitchen staple to several north Indian markets, said traders from Azadpur mandi.
Persistent flash flood threat in Haryana - Chandigarh & Delhi - Fatehabad, Jind, Palwal, Rohtak, Mewat, Gautam Buddh Nagar , and Sonipat districts.
Six companies including Vedanta, Jindal Power and an arm of JSW Energy are in the race to acquire Athena Demwe Power, which owns the 1,750-MW Lower Demwe hydroelectric project in Arunachal Pradesh, through the insolvency resolution process, people in the know said. Greenko Energies, THDC India, which is owned by state-owned NTPC, and Orissa Metaliks are the other bidders, they said.
Adani Power Ltd. (APL) is planning capacity expansion through the inorganic route, its chief executive officer, Shersingh B Khyalia, told analysts on an earnings call. The company is also evaluating brownfield expansion projects to add 4,800 MW of capacity, he said.
Leh, surrounded by towering Himalayan ranges, is typically known for its cold climate, but it’s now grappling with an unusual heatwave that has even disrupted air travel. IndiGo recently cancelled flights to and from Leh.
Akasa Air, which turns two next week, may have 1,000 weekly departures by the festive season this year, underlining its position as the country’s fastest growing carrier, a top official said.
Adani Enterprises’ board has approved the demerger of its food FMCG business to Adani Wilmar (AWL), along with its strategic investment in Adani Commodities LLP.
Tata Motors Ltd surpassed Street estimates with a 74% rise in consolidated net profit in the June quarter led by a strong performance of its UK subsidiary, Jaguar Land Rover Automotive.
Adani Ports and Special Economic Zones (APSEZ) reported a 47% increase in quarterly consolidated net profit on Thursday, boosted by a one-time income from divesting a stake in a container terminal subsidiary.
Packaged consumer goods maker Dabur India on Thursday reported 8.27% rise in consolidated net profit at₹494.35 crore for the quarter ended June 2024, meeting analyst estimates.
Homegrown consumer goods company Emami Ltd on Thursday reported a 36.4% jump in standalone net profit at ₹176 crore for the fiscal first quarter, compared with ₹129 crore a year earlier.
The Department of Telecommunications (DoT) has allocated spectrum to all the three private telecom operators who bought airwaves in the June auction.
MTNL has sought ₹1,151.65 crore for paying interest arising out of sovereign-guaranteed bonds in the current fiscal year, minister of state for communications Pemmasani Chandra Sekhar said in the Rajya Sabha Thursday.
5Sports World Play
During the high-pressure final, Kusale made a conscious effort to not pay attention to the scores and just wanted to worry about his breathing and shooting. “To be honest I did not see the scoreboard. It was my years of hardwork and that is what I kept in mind while shooting.”
Despite promises that France’s famed gastronomy would be showcased in the Paris Olympic village, many athletes have been left unimpressed by the catering and hungry for more meat on the eco-friendly menus.
A Turkish Olympic shooting silver medallist said Thursday he was unfazed by his newfound fame, after his casual style with no headwear and a hand in his pocket made him an overnight Internet sensation. Yusuf Dikec and Sevval Ilayda Tarhan won silver on Tuesday for Turkey in the mixed team 10m air pistol.
Nishant Dev entered the quarterfinals of the 71kg men’s boxing competition, defeating Jose Gabriel Rodriguez Tenorio of Ecuador 3-2 via a split decision.
Iga Swiatek will have to wait four more years to try and win an Olympic gold medal after the Polish top seed was shocked by China's Zheng Qinwen in the semi-finals at Roland Garros on Thursday -- her first loss there since 2021.
6Economy: Macro, Micro & More
With India lagging behind China, Brazil and other countries in foreign direct investment (FDI) inflows, the Global Trade Research Initiative (GTRI) has suggested reducing cost disadvantages for companies relocating to India, improving the Ease of Doing Business throughout the business lifecycle, and establishing a framework for evaluating investment proposals, to boost investments.
Goods and services tax (GST) collection in India increased 10.3% year-on-year to Rs 1.82 lakh crore in July, according to official data released on Thursday, indicating continued economic momentum.
India’s manufacturing activity slowed marginally in July amid favourable demand conditions and high employment levels even as inflation pushed up input costs, a private survey showed on Thursday.
A World Bank study released on Thursday warned that more than 100 countries—including India, China, Brazil, and South Africa—face serious obstacles that could hinder their efforts to become high-income countries in the next few decades.
The government will likely review its revised FY25 gold bond issuance target in September when it holds the meeting for its market borrowing during the second half of this fiscal, a senior official said.
State-run listed companies have been exempted from meeting the minimum public shareholding requirement for two more years through August 1, 2026, read an office memorandum of the department of economic affairs.
The first sleeper variant of the Vande Bharat train is ready and is currently undergoing tests, railways minister Ashwini Vaishnaw informed the Lok Sabha on Thursday.
The ministry of road transport and highways will award road contracts worth ₹3 lakh crore within three months and will close the current financial year by awarding contracts worth ₹5 lakh crore despite the slow start in the current financial year so far, road minister Nitin Gadkari said.
7The Edit Page
‘Rain violence’ sits awkwardly with a country aspiring to earn a ‘developed’ tag in 23 years’ time. Be that as it may, current reality has heavy rainfall and landslide-induced devastation in Kerala’s Wayanad as the latest example of what greed, biodiversity loss and climate change can lead to in 2024 India.
GoI will transition from fiscal deficit targeting to debt path surveillance, which offers a more stringent approach to tackling public debt. Fiscal deficit could decline while the debt position turns adverse.
One of the highlights of Budget 2024 was its emphasis on nuclear energy, constituting a significant part of the energy mix for Viksit Bharat and GoI’s pursuit to partner with the private sector for the development of small modular reactors (SMRs) in the form of Bharat Small Reactors.
On a scorching summer day, few things compare to the pure bliss of cold water. As temperatures soar and the sun blazes overhead, the body craves refreshment, and cold water provides an immediate reprieve. The utter thrill of taking that first sip is exhilarating.
Ask any baddie player, and they’ll tell you that the backhand is an incredibly difficult shot to play. But what about a no-look, behind-the-back backhand stroke? Lakshya Sen unveiled this incredible shot — a commentator named it a ‘matrix move’, while fans dubbed it a ‘god-level shot’ — on Wednesday at Paris during a scorching rally against world No. 3, Indonesia’s Jonatan Christie. Sen won in straight sets, securing a place in the pre-quarters. Huzzah!
8Et Markets
India’s equity benchmarks closed at record highs on Thursday with the Nifty surpassing the 25,000 mark for the first time in a roller-coaster trading session. The overnight strength on Wall Street following US Federal Reserve Chair Jerome Powell’s remarks on interest rate cuts helped the index cross the milestone but gains were limited amid concerns that the market was overbought.
9Smart Investing
The sector indices for banking and finance companies have underperformed the benchmark indices over the past three months, six months and 12 months reflecting broader concerns such as margin pressure, slowing deposit growth and regulatory changes.
The NPCI on Thursday restored the connectivity with C-Edge Technologies after a security review by an independent forensic auditing firm. The probe confirmed that the ransomware attack on C-Edge systems was isolated, and its potential spread contained.
The Securities and Exchange Board of India (Sebi) has imposed a total penalty of ₹2 crore on JM Financial Asset Management, its trustee company, its former chief executive Bhanu Katoch and four other individuals for violating mutual fund rules.
Over the past Five years, the returns on the Nifty have tracked earnings growth. The market capitalisation of the 50 companies on the benchmark index has surged by 152% while their aggregate profits have increased by 126%.
Hero FinCorp and Paras Healthcare filed their draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for their initial Public Offerings (IPOs) on Thursday.
Rubicon Research has filed its draft red herring prospectus (DRHP) with market regulator the Securities and Exchange Board of India (Sebi) for Rs 1,085 crore initial public offer (IPO).
Pune-based Brainbees Solutions (FirstCry) has set the price band for its Rs 4,194- crore initial public offering (IPO) at Rs 440- 465 per share. The issue will open for subscription on August 6 and close on August 8.
Delhi-based Unicommerce eSolutions has set the price band of its Rs 276.5-crore initial public offering (IPO) at Rs 102-108 apiece. The issue will open for subscription on August 6 and close on August 8.
10Around the World
The Israeli military said Thursday that it has confirmed that the head of Hamas’ military wing, Mohammed Deif, was killed in an airstrike in Gaza in July. The announcement came a day after an apparent Israeli strike in the Iranian capital killed Hamas’ top political leader.
The Bank of England (BoE) voted 5-4 to cut interest rates for the first time since early 2020 and signaled further reductions ahead, offering some relief to households after a year of the UK’s highest borrowing costs for a generation.
Donald Trump is used to defending himself. But this week, the Republican presidential nominee has been put in the rare position of having to defend someone else—his running mate, Ohio senator JD Vance.
China’s manufacturing activity unexpectedly shrank for the first time in nine months in July, a private survey showed, a sign the nation’s export machine might be cooling, darkening the economy’s outlook.
Kamala Harris’ effort to tackle the root causes of migration is now one of her biggest liabilities as she seeks the presidency.
The number of Americans filing new applications for unemployment benefits increased to an 11-month high last week, suggesting some softening in the labour market, though claims tend to be volatile around this time of the year.
A meeting of top OPEC+ ministers has kept oil output policy unchanged including a plan to start unwinding one layer of output cuts from October, and repeated that the hike could be paused or reversed if needed.
Saudi Arabia’s sovereign wealth fund Public Investment Fund has signed six memorandums of understanding (MoUs) worth a total of $50 billion with leading Chinese financial institutions, the fund said in a statement Thursday.
The European Union on Thursday unconditionally approved US firm Hewlett Packard Enterprise’s (HPE) $14-billion acquisition of telecoms equipment specialist Juniper Networks.
11Disruption: Startups & Tech
Riju Ravindran, the largest shareholder of edtech firm Byju’s and brother of its founder Byju Raveendran, is using his personal funds to settle the company’s payment arrears with the Indian cricket board, his counsel told the bankruptcy appellate tribunal on Thursday.
Food and grocery delivery company Zomato reported a ₹253 crore net profit for the April-June quarter, compared with ₹2 crore a year earlier, even as operating revenue rose 74% to ₹4,206 crore.
Le Travenues Technology, the parent company of online travel aggregator Ixigo, which went public in June, saw its net profit grow by 78.3% year-on-year (YoY) to ₹14.8 crore for the quarter ended June 2024.
US-headquartered IT major Cognizant grew 22.2% year-on-year (YoY) in its net profit at $566 million for the second quarter, led by growth in healthcare and improvement in the financial services segment.
Unicommerce Esolutions has set a price band of ₹102-108 for its upcoming initial public offering that will launch on August 6. The Gurgaon-based company will list on the exchanges August 13.
For the first time in the past 12 quarters, the cumulative headcount at five major pure-play ER&D (engineering, research and development) firms shrank to 77,560 at the end of June, spotlighting the industry's cyclicality differential with technology outsourcing that's finally beginning to add jobs— and a dash of much needed colour to pallid placements at engineering schools.
All eyes are on the Olympic Games underway in Paris since last Friday. The games will witness the first examples of implementation of the Olympic AI Agenda that the International Olympic Committee (IOC) set out in April.
Reddit is acquiring Memorable AI, a startup that uses GenAI tech to help marketers create better ads, in its first acquisition since going public. Memorable AI has built technology to help advertisers find the most effective text, images and videos to use in sponsored messages.
Elon Musk’s xAI has discussed acquiring artificial intelligence chatbot Character.AI, according to people familiar with the matter. xAI approached the firm about a deal, said one of the people.
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