Business News Today Live November 29, 2024: India’s economic snapshot: Slowing GDP, NTPC’s MSME push, core sector recovery, and more

The finance ministry has proposed amending various provisions of the Insurance Act of 1938, including raising foreign direct investment (FDI) in the insurance sector to 100 per cent, reducing paid-up capital, and providing for composite licences.

The Department of Financial Services (DFS) has sought public comments on the proposed amendments by December 10.

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The economy seems to be witnessing a slowdown in credit demand, going by RBI’s data on Banks’ non-food credit growth in October 2024.

Banks’ non-food credit growth increased at a slower clip of 12.8 per cent year-on-year (y-o-y) in October 2024, compared to 15.5 per cent a year ago, due to moderation in demand from agriculture & allied services, services and personal loan sectors, according to the RBI’s statement on sectoral deployment of Bank credit.

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Electric motorcycle maker Ultraviolette Automotive (UV), backed by prominent brands and investors, plans to establish a pan-India presence by March 2025 and achieve monthly sales of 1,000 units within the next 6 to 8 months. The Bengaluru-based company is expanding its product line-up and focusing on the mid-weight (200-650cc) segment of the superbike market.

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Electric vehicle (EV) manufacturers have lauded the Delhi government’s decision to extend subsidies and road tax exemptions till March 31, next year saying it will not only bolster the sales but also help in reducing pollution.

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The Ministry of Statistics and Programme Implementation (MoSPI) plans to release a new series for both the Gross Domestic Product (GDP) and Consumer Price Inflation (CPI) index by February 2026. 

The revised series will include an updated base year, with the GDP calculations expected to shift from the current 2011-12 base year to 2022-23. A similar base year revision from 2012 to 2024 is anticipated for the CPI index.

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Food delivery platform Zomato on Friday announced that it raised ₹8,500 crore through a qualified institutional placement(QIP). 

The company issued 33,64,73,755 equity shares at an issue price of ₹252.62 per share to institutional investors. 

According to its exchange filing , the raised funds will be utilised to bolster the company’s growth initiatives, including expanding its operations, investing in technology, and strategic acquisitions. The company aims to strengthen its market position and enhance its services for both consumers and restaurant partners.

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Best Agrolife Group has secured a process patent for manufacturing “Methyl 2-(2-methylphenoxymethyl) phenylglyoxylate.” This serves as a critical intermediate compound in the production of widely used fungicides such as Kresoxim-methyl and Trifloxystrobin.

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With over 70 percent of the company’s workforce of more than 13,000 based in the country, India is the centre of expertise in R&D and innovation, says Arun Shastri, Principal of the US-based management consulting and technology firm ZS. In 2025, the company intends to add close to 2,000 more employees in the country, he said.

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Real estate major DLF on Friday said one of its subsidiaries has entered into a definitive agreement to sell its Kolkata Tech Park 1 business undertaking to RDB Primarc Techno Park (an affiliate of Primarc and RDB groups) on a slump sale basis for a consideration of around ₹637 crore.

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Soyabean crushing for the oil year 2024-25 starting October will likely be lower at 117 lakh tonnes, down from previous year’s 122.50 lakh tonnes (lt) on lower availability.

Per Soyabean Processors Association of India’s (SOPA)‘s latest supply and demand estimates, the availability of soyabean during the year is seen lower at 137.76 lt over previous year’s 149.06 lt. This is despite a higher crop of 125.82 lt (118.74 lt). However, a dip in carryover stocks from the previous year — estimated at 8.94 lt over 24.07 lt registered in the same period last year — is seen reducing the total availability for the year. SOPA estimates soyabean imports to more than halve to 3 lt this year.

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Collins Aerospace plans to make India a key sourcing hub for aeronautical equipment on the back of the country’s competitive manufacturing capabilities.

Presently, the aeronautical equipment maker produces nacelles, landing gear, flight deck avionics, sensors, and interiors.

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ITC on Friday said it has acquired the entire share capital of Greenacre Holdings from Russell Credit, a wholly-owned subsidiary of the diversified conglomerate, at a cash consideration of ₹42.10 crore.

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Looking to expand its fleet of LNG carriers, GAIL (India) on Friday said it has signed a long-term time charter contract with Kawasaki Kisen Kaisha, Ltd. (K-LINE) through the ship-owning company established in Singapore for a new-built LNG ship. 

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The Centre has issued guidelines to formalise operation of empty (sea) container yards in the country and establish an efficient operation of Empty Container Depots (ECDs). One of the major suggestions was that ECDs located in States/Union territories may be registered under the Shops and Establishment Act.

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NTPC India’s ambitious plan to expand its installed capacity from 76 GW to 130 GW by 2032 is set to unlock significant business opportunities for Micro, Small, and Medium Enterprises (MSMEs). With the company’s procurement value projected to grow from ₹19,075 crore in FY24 to ₹32,500 crore by 2032, MSMEs — already accounting for over half of NTPC’s procurement in FY24 — are well-positioned to benefit.

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The Ministry of External Affairs has said that the charges of bribery and fraud against Gautam Adani was a legal matter involving private firms and individuals and the US Department of Justice and no request on the case had been received by the Indian government from the US side.

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The Securities and Exchange Board of India on Thursday a set of measures to ensure seamless trading on stock exchanges during technical outages.

Under the new framework, which will take effect in April 2025, the BSE and NSE will act as alternative trading venues for each other during outages. If one exchange experiences technical issues, investors can continue trading in interoperable segments such as equities, derivatives, and currency markets on the other exchange. “This interoperability will cover cash, equity derivatives, currency derivatives, and interest rate derivatives,” SEBI said. 

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India plans to expand electric vehicle incentives to automakers building models at existing factories in the country, instead of limiting the benefits to automakers willing to build new plants, a person with direct knowledge of the matter said.

India’s EV policy, which is still being finalised, was originally designed to encourage Tesla to enter the market and manufacture locally but the U.S. automaker backed off from those plans earlier this year.

Exide Industries Limited (EIL) has invested ₹99.99 crore in its wholly-owned subsidiary, Exide Energy Solutions Limited (EESL), through a rights issue on 26th November 2024.

The investment is earmarked to fund a greenfield lithium-ion battery manufacturing plant in Bengaluru, targeting electric vehicle and stationary battery markets. With this additional capital, EIL’s total investment in EESL now stands at ₹3,052.24 crore, maintaining its 100 per cent ownership.

The Indian Institute of Oilseeds Research (IIOR), an arm of the Indian Council of Agricultural Research Institute, has released a patented biopolymer technology to private companies. This technology has the potential to revolutionise seed protection and significantly enhance crop yields.

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Original Equipment Manufacturers (OEM) focus in India on expanding their electric vehicle footprint is reflected in 80 per cent of their capex over the next three years, mentioned credit rating agency India Ratings and Research. 

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Sarveshwar Foods inches closer to acquiring remaining stake in Natural Global Foods DMCC, targeting full integration as Wholly Owned Subsidiary.

Stock trades at ₹9.65 on the NSE, up 1.05%

Reliance Finance and Investments USA LLC (RFIUL), a step-down wholly owned subsidiary Reliance Industries (RIL) has picked up a 21% stake in US-based Wavetech Helium, Inc., marking the oil-to-telecom conglomerate’s expansion in the helium segment which has a significantly lower carbon for $12 million. 

Reliance Industries stock rises 1.70% on the NSE to ₹1,292.35

Now that Fengal will likely fail to deliver any more than the parent deep depression already has or will over the next few days, it would be instructive to watch weather outlook for South Peninsula for rest of December.

India Meteorological Department (IMD) says the prevailing deep depression this (Friday) morning will weaken a round as a depression before crossing the Puducherry coast by tomorrow (Saturday) morning 

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The deep depression over the south-west Bay of Bengal off the Sri Lanka-south Tamil Nadu coast may be set to lose traction as projected cyclone Fengal, but this does not diminish the fact that states located on the eastern coast of India are hotspots for compounding risks of hazards such as floods, cyclones, and droughts.

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Cash withdrawal by foreign representations will not attract tax Deducted at Source (TDS) from December 1, Income Tax Department has said.

“The Central Government after consultation with the Reserve Bank of India, hereby specifies that the provisions of section 194N of the said Act shall not apply to Foreign Representations duly approved by the Ministry of External Affairs of the Government of India including Diplomatic Missions, agencies of the United Nations, International Organisations, Consulates and Offices of Honorary Consuls which are exempt from paying taxes in India as per the Diplomatic Relations (Vienna Convention) Act 1972 and the United Nations (Privileges and Immunities) Act 1947,” a notification by the Income Tax Department said. 

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The Competition Commission of India (CCI) is taking a giant leap in enhancing its investigative prowess by inviting bids for the empanelment of Digital Forensic Service Providers. 

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Allowing payments banks to offer small-ticket loans and enabling them to accept deposits of more than ₹2 lakh could help the payments bank model become more commercially viable, Fino Payments Bank MD and CEO Rishi Gupta told businessline. Under the existing guidelines, payment banks cannot lend on their own books or accept deposits of more than ₹2 lakh from each customer.

Tamil Nadu Chief Minister MK Stalin on Friday urged Prime Minister Narendra Modi to instruct the Ministry of Mines to cancel the award of tungsten mining rights given to Hindustan Zinc Ltd in Madurai District.

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The company’s annual general meeting (AGM) saw the critical resolution defeated, marking a significant setback for Goenka, who continues to serve as the company’s CEO. This comes after Goenka earlier resigned from the post of managing director and withdrew his consent for reappointment. 

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India’s start-up landscape is witnessing a remarkable rebound, securing $9.2 billion in venture capital (VC) funding during the first ten months of 2024. This represents a significant 44.4 per cent year-on-year increase from $6.4 billion in the same period last year, signalling renewed investor confidence in start-ups.

According to a report by data analytics firm GlobalData, the number of VC funding deals in the country increased by 5.8 per cent during this period, reaching a total of 984 deals. This positive trend underscores India’s growing prominence as a global hub for innovation and start-ups.

Japan’s biggest banks plan to maintain ties to Gautam Adani despite US bribery charges, even as other global firms including Barclays Plc are reassessing their exposure to the Indian conglomerate.

Mizuho Financial Group Inc. expects the latest saga surrounding Adani won’t have a long-lasting impact and intends to continue supporting the group, according to people familiar with the matter. Sumitomo Mitsui Financial Group Inc. and Mitsubishi UFJ Financial Group Inc. also have no plans to pull back and will be open to fresh financing if needed later, people familiar with the matter said.

Bank of Baroda (BoB) on Thursday said it raised ₹3,500 crore through the issuance of Basel III Compliant Tier II capital bonds at a coupon rate of 7.41 per cent.

The public sector bank received a total of 120 bids amounting to ₹9,500 crore against the base issue size of ₹1,000 crore and a greenshoe option to retain oversubscription up to ₹2,500 crore (total issue size of ₹3,500 crore), per the Bank’s statement. 

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Foreign portfolio investor (FPI) selling in the Indian equity and debt market seems to have had a ripple effect on bank deposits, which came down by ₹1,73,581 crore in the reporting fortnight ended November 15, 2024.

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The recent strike at Boeing’s manufacturing facilities in the US and supply chain constraints haveimpacted the deliveries of 737 Max aircraft and pushed the refurbishment of the legacy widebody aircraft until mid-2027, Campbell Wilson, Managing Director & CEO, Air India Group said, adding that delays have slowed down network expansion plans as well.

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India’s buffalo meat (carabeef) exports during calendar year 2025 will likely rise by 4 per cent to 1.65 million tonnes (mt) on rising demand from countries in the Middle East, South-East Asia and Africa, according to the USDA Post New Delhi. In 2024, the carabeef exports were estimated at 1.58 mt.

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India’s steelmakers are bracing for an increase in Chinese “dumping”. Steelmakers feel Donald Trump’s ascendancy to the White House could lead to a series of retaliatory tariffs on steel and finished steel products. This, in turn, could lead to China diverting exports to other large markets, including India.

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The GST Council will recommend the date on which the goods and services tax be levied on petroleum crude, high speed diesel, petrol, natural gas and aviation turbine fuel

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The water level in India’s 155 major reservoirs dropped to 82 per cent of the capacity with the level in 18 declining to below 50 per cent, data from the Central Water Commission (CWC) showed.

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The Centre has decided to allow the Food Corporation of India (FCI) to offload 25 lakh tonnes (lt) of wheat in market under the Open Market Sales Scheme through e-auction to flour mills and other manufacturers of wheat products, processors and end users, the Food Ministry said in a statement on Thursday.

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In a relief to car leasing companies, Madras High Court on Thursday stayed Directorate General of GST Intelligence‘s show-cause notices (SCNs) to these companies. The companies were denied input tax credit (ITC) to the tune of around ₹3,000 crore.

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Fair trade regulator CCI on Thursday ordered a probe against Google and its affiliates for alleged unfair business practices with respect to listing of real money gaming apps on Play Store

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Entry-level positions in the Software Development and Engineering domain are expected to see an average salary of ₹9.37 lakh per annum (LPA) in Global Capability Centers (GCC), followed by ₹6.23 LPA in IT products and services, and ₹6 LPA in non-tech sectors by the end of FY24-25, according to a TeamLease Digital analysis.

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Do players get all the bid money, what if a player is unable to play for his team due to injury, how is the base price of a cricketer decided... Answers to these questions and more in this IPL auction Explainer.

With the Tamil Nadu government aggressively pursuing to develop a greenfield airport at Hosur, neighbouring Bengaluru, the Centre on Thursday again clarified that as per the present clause it was within 150 km of the Bengaluru airport and that till 2033 a new airport cannot be developed.

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HDFC Securities has dismissed rumours circulating on social media and WhatsApp suggesting the brokerage firm is shutting down its franchisee business due to compliance issues. In a statement issued on Wednesday, the company clarified that the decision to halt new partnerships was a strategic move aimed at streamlining operations and improving service quality, made earlier this year.

Life Insurance Corporation of India has issued clarification regarding news report that the company targets 50% in ManipalCigna to enter health insurance space. LIC has said it “evaluates and explores various strategic opportunities on an ongoing basis in various sectors including health insurance segment, for growth, diversification of its business and investment opportunities.” “At this stage, there is no material information / event that require disclosure under Regulation 30 of the Listing Regulations.”

Ajmera Realty & Infra India Ltd (ARIIL) has repaid ₹100 crore of its corporate debt, reducing outstanding borrowings from ₹793 crore to ₹693 crore, the company announced in a press release today. The debt reduction was funded through a recent equity offering of ₹225 crore.

The Centre has said that it is taking steps to boost the domestic supply of Di-ammonium Phosphate (DAP) fertilisers and address issues of availability at local levels amid 60 per cent import dependence. The government has also blamed the shortage of DAP on the Red Sea issue and cuts in exports by some global suppliers.

Servotech Power Systems Ltd has secured 5.6 MW On‐grid rooftop solar power plant order from Uttarakhand New and Renewable Energy Development Agency (UREDA).The order valued at ₹30.2 crore

Servotech stock rose 1.38% on the NSE to ₹179

Nectar Lifesciences informed that the GDRs have been delisted from LuxSE with effect from November 28, 2024.

Stock trades flat on the NSE at ₹33.10

US President-elect Donald Trump is a friend of India and Prime Minister Narendra Modi. Commerce and Industry Minister Piyush Goyal has said discussions can begin on strengthening the bilateral economic partnership once the office is assumed and new appointments are confirmed.

The ₹846.25 crore IPO of Suraksha Diagnostic Limited is ​set to open for subscription​ on November 29, 2024, and will close on December 3, 2024. With a price band of ₹420-₹441 per share, the IPO aims to raise funds through an offer for sale, with no proceeds from a fresh offer going to the company.

INOX Air Products (INOXAP) has announced the​ commencement of electronic and specialty gas​ supplies for ReNew’s manufacturing facility at Dholera, Gujarat.

As part of a long-term contract, INOXAP will provide key electronic gases such as Nitrous Oxide, Ammonia, and Silane through a supply chain using owned ISO containers to ReNew Photovoltaics for their first solar PV Cell manufacturing facility at Dholera. 

INOXAP has deployed ISO containers, and Tube Trailers, for these critical gases, supporting the manufacturing of Solar PV Cells, for ensuring a seamless and reliable supply.

IndiGo will reintroduce wet-leased Boeing 777 aircraft on Istanbul routes from December 1, offering passengers higher capacity and shorter travel time.

The airline is replacing its A320 aircraft on Delhi-Istanbul and Mumbai-Istanbul routes with the larger Boeing 777 after securing yet another extension from the civil aviation ministry for the wet lease of Turkish Airlines aircraft. The A320 aircraft have been operating on Istanbul routes since mid-November.

Tilaknagar Industries Ltd (TI) has unveiled Monarch Legacy Edition, its first luxury brandy, marking a significant expansion into the premium spirits segment on November 28, 2024. The new product blends French and Indian grape spirits, targeting the growing demand for sophisticated alcoholic beverages.

Revolt Motors, India’s leading electric motorcycle manufacturer, has officially entered the Sri Lankan market, launching its flagship electric motorcycle models RV400 and RV400 BRZ on November 28, 2024. The company unveiled its first dealership in Colombo and plans to expand to 11 additional strategic locations across Sri Lanka.

KEC International Ltd has secured significant turnkey orders worth ₹1,704 crore from Power Grid Corporation of India Ltd (PGCIL) in the Transmission & Distribution (T&D) sector. The orders cover design, supply, and installation of 765 kV transmission lines and gas-insulated substations (GIS).

EaseMyTrip, a leading online travel tech platform, has unveiled EMT Desk, a new comprehensive corporate travel solution designed to streamline business travel management. Launched on November 28, 2024, the platform offers businesses an integrated approach to managing corporate travel needs.

The shares of Easy Trip Planners Limited were trading at ₹33.52 up by ₹1.37 or 4.26 per cent on the NSE today at 11.30 am.

Watch why Google’s hand may be forced on Chrome

RateGain Travel Technologies Limited announced today that Vietjet Thailand has partnered with AirGain, the company’s advanced pricing intelligence platform, to enhance its market positioning in the low-cost aviation sector.

The shares of RateGain Travel Technologies Limited were trading at ₹698.50, down by ₹1.85 or 0.26 per cent, on the NSE today at 11.20 am. 

The strategic collaboration will provide Vietjet Thailand with real-time competitive pricing data from over 300 airlines and 50+ online travel agencies (OTAs). This partnership aims to help the airline refine its dynamic pricing strategies and maintain price leadership in a challenging market environment. 

Borosil Renewables has appointed Melwyn Moses as Chief Executive Officer of the company w.e.f. December 02, 2024.

Analysts attribute this shift to younger buyers increasingly engaging with interactive and discovery-driven online platforms over traditional channels. 

Dr. Reddy’s Laboratories has launched Toripalimab, a New Biological Entity (NBE) in the domestic market. 

It is the `only immuno-oncology drug approved by various regulatory authorities around the world such as the United States Food and Drug Administration (USFDA), European Medicines Agency (EMA), Medicines and Healthcare products Regulatory Agency (MHRA), and others for the treatment of adults with recurrent or metastatic nasopharyngeal carcinoma (RM-NPC).

Due to a slowdown in industrial activity, the Indian economy is likely to have slowed down during the three-month period of July-September (Q2 of FY25), with growth estimated between 6.3 per cent and 6.6 per cent. The data will be formally released by the Statistics Ministry on Friday, November 29.

Centre’s fiscal deficit, the difference between the expenditure and the income, is likely to be 19 basis points (bps, 100 bps mean 1 percentage point) lower than the budget estimates during current fiscal, i.e., Fiscal Year 2024-25, India Ratings & Research (Ind-Ra) said on Wednesday.

Life Insurance Corporation of India (LIC) said it has filed an appeal before the GST Appellate Authority, Tamil Nadu, against an Order demanding GST of ₹104.90 crore for FY 2019-20. The Order was issued by Joint Commissioner, Chennai, North Anna Salai: Central -III, Chennai Central.

In addition to GST, LIC has been asked to pay an interest of ₹45.53 lakh and a penalty of ₹11.03 crore.

Bribery allegations against Adani group founder Gautam Adani have highlighted the growing problem India’s renewable energy developers face in finding buyers for the power they generate.

While the Central government wants to shift away from polluting coal-fired generation towards solar and wind, officials say State government-owned power distribution companies responsible for keeping the lights on have dragged their heels over striking renewable purchase deals. US authorities allege that Adani conspired to devise a $265 million scheme to bribe State government officials to secure solar power supply deals, after one of his companies was unable to secure buyers for a $6 billion project for several years.

Donald Trump’s return to the White House could lead to more protectionist trade policies, particularly targeting Chinese imports. This could compel China to rework its export strategy, especially in the steel sector. A potential fallout could be China redirecting surplus volumes to other regions, including India, says Naveen Jindal, President of the Indian Steel Association.

Jindal is also a BJP MP from Kurukshetra (Haryana) and Chairman of JSPL, one of the largest steelmakers in India . Read full interview

The Enforcement Directorate has taken into custody two Delhi-based businessmen, both brothers, for allegedly sending illegally foreign remittances worth more than ₹4,800 crore to Hong Kong and China. 

Mirae Asset Financial Group has completed the acquisition of Sharekhan following the receipt of all required regulatory approvals.

The deal size for Mirae Asset’s acquisition of Sharekhan was ₹3,000 crore (487 billion won).