Top 10 business news in India on September 15, 2023
- NSE books more profits than 98 percent of firms listed on bourse:Just 37 of over 2,000 listed companies on the National Stock Exchange with comparable data for 2022-23 reported higher profits than the bourse, while the rest had lower profits. Despite rising corporate profitability, listed companies that outperform NSE in terms of profitability has been shrinking.
- India will never go back to license raj, says finance minister Nirmala Sitharaman: Creating jobs is priority for the government and there is no going back to the license raj, finance minister Nirmala Sitharaman has said in an interview amid rising concerns over unemployment and the Centre taking protectionist measures such as limiting imports of certain computer hardware.
- Government considering proposal to issue import licenses for broadband equipment: The central government may include a slew of tech products used in fiber-based home broadband networks under an import licensing regime to boost domestic manufacturing of telecom gear and reduce dependence on imports, mirroring recent moves on the import of IT hardware. The department of telecom is examining a proposal to usher in such a regime.
- Health ministry proposes sweeping changes to India’s drug licensing policy: The health ministry has proposed overarching changes to its drug licensing program for uniformity across India that would boost drug safety. The proposal follows a government expert panel emphasizing the need for uniform implementation of documentation and dossier-based approval processes for drugs manufactured in the country to ensure consistent quality and safety.
- Good September rains in key farming states could ease consumer inflation: Better monsoon rainfall in September in key agricultural regions has raised hopes that food inflation may ease, with higher precipitation helping the two major kharif crops, rice and soybean, that have seen an increase in the area sown. The paddy sowing area increased an annual 2.7 percent to 40.3 million hectares by September 8, official data show, while soybean acreage has risen 1.3 percent to 12.54 million hectares.
- EbixCash’s filing for public listing fails to disclose adverse court order: EbixCash, a payment services company that plans to go public, is yet to disclose in its draft share sale documents an adverse arbitration order passed by a Singapore court in June that could cost it Rs 1-200 crore. The firm, a unit of Nasdaq-listed Ebix, received the market regulator’s approval for a Rs 6,000 crore initial public offering in April.
- Government may introduce new law to regulate broadcasting and streaming services: The information and broadcasting ministry is considering introducing a new draft legislation to regulate broadcasting services, including over-the-top apps and direct-to-home services. The bill, currently in its initial stages, is likely to be taken up only after the general elections next year.
- Homegrown NavIC navigation services to be mandatory on all smartphones: The government will make it compulsory for smartphones to integrate with the made-in-India navigation system NavIC, IT minister Rajeev Chandrasekhar said. The devices can either provide support for NavIC-powered chips or use NavIC chipsets. While 5G phones will need to provide mandatory support for NavIC by January 1, 2025, all other phones that currently use GPS will need to provide mandatory NavIC support by December of that year.
- Action intensifies in political consulting as India readies for 2024 general elections: The political consulting industry in India is warming up as the world’s largest democracy prepares itself for the 2024 parliamentary polls, the biggest democratic exercise on the planet. the 2024 general elections will be preceded by state elections in Rajasthan, Madhya Pradesh, Chhattisgarh, and Telangana. There has been a surge in demand for young graduates across a raft of independent political consultants and party-affiliated agencies, according to spokespersons and recruitment experts.
- Hybrid working making permanent inroads in many business in India:More than a dozen large corporations across sectors have institutionalized hybrid work and made it permanent despite the return of work from office. Apple has made three days a week in office permanent, with one month of work-from-anywhere in a year. Hindustan Unilever, ITC, Maruti, Nestlé, PepsiCo, Tech Mahindra, McCain, Mondelez, Airtel, Mercedes Benz and Swiggy are among others following a hybrid working model for all or some employees.
- 22 Sep
OYO Records Strong Growth in Business Travel Segment
OYO, a hospitality tech platform, has recorded strong growth in the business travel segment in the first seven months of 2023. The company has added nearly 2,800 corporate clients and its revenue from business travel has grown by 20%. The growth is being driven by strong demand from startups, film production houses, travel management companies, small and medium scale enterprises, and traditional business houses & conglomerates. OYO's commitment to providing affordable and reliable accommodation options to businesses of all sizes has made it a preferred choice for businesses across India.
- 22 Sep
Pharma Major Lupin Acquires 5 Legacy Brands from Menarini for Indian Market
Pharma major Lupin Limited has acquired five legacy brands in strategic therapy areas from Menarini for the Indian market. The brands are Piclin, Menoctyl, Sucramal O, Pyridium, and Distaclor. This strategic acquisition is in line with Lupin's goal to broaden its presence in the Indian market and offer a comprehensive range of products. The five brands acquired by Lupin have a range of medicinal properties and are used to treat a variety of conditions, including constipation, irritable bowel syndrome, acidity, stomach ulcer, heartburn, pain, burning, increased urination, and increased urge to urinate.
- 22 Sep
JPMorgan to Add Indian Government Bonds to Benchmark Emerging-Market Index
JPMorgan is adding Indian government bonds to its list of emerging market bonds that it invests in. This is a good thing for India because it means that more foreign investors will be able to buy Indian government bonds. This could bring in billions of dollars of investment into India, which would help the Indian economy grow.
- 21 Sep
Liberty General Insurance Appoints Parag Ved as CEO
Liberty General Insurance, a leading general insurance company in India, has announced the appointment of Parag Ved as its new Chief Executive Officer (CEO). Ved has over two decades of experience in the insurance industry, having held senior leadership roles at prestigious organizations such as ICICI Lombard General Insurance and Tata AIG General Insurance. He takes on the role following the retirement of Roopam Asthana.
- 21 Sep
Schneider Electric India to invest Rs 3,200 crore by 2026
Schneider Electric India plans to invest Rs 3,200 crore by 2026 to expand its industrial footprint in the country and focus on sustainable solutions. The company aims to be net-zero in its operations by 2030, carbon neutral by 2040, and net-zero CO2 emissions across its entire value chain by 2050.