These include bringing back the 15% concessional corporate tax rate for new manufacturing investments, enlarging the production-linked incentive (PLI) programme, and raising the wage cap under the tax incentive provision for incremental job creation, people familiar with budget discussions said.
ePaper | THE ECONOMIC TIMES
- The Economic Times
- The Times of India
- Mirror
- Maharashtra Times
Sign In
1Front Page
Dr Reddy’s Laboratories (DRL) has entered into a definitive agreement to acquire UK-based Haleon Group’s consumer healthcare brands in the nicotine replacement therapy (NRT) category outside of the US in an all-cash deal worth about $632 million, or about ₹5,250 crore.
The government collected a modest ₹11,340.78 crore from its second 5G spectrum sale, with Bharti Airtel emerging the top buyer of airwaves at an expectedly muted auction that lasted for seven rounds over Tuesday and Wednesday.
Despite being overshadowed by their rapidly growing tech advisory businesses, the management consulting arms of Deloitte, EY, PwC and KPMG, aka the Big Four, are now registering strong growth, driven by increased demand for multifunctional expertise, strong client relationships, and a favourable price-value proposition compared with other high-end rivals in the space.
2Pure Politics
NDA nominee Om Birla was elected Speaker of the Lok Sabha for a second consecutive term by a voice vote even as the Opposition, in a rare move, fielded its own candidate. Prime Minister Narendra Modi moved the motion for Birla’s election as Speaker.
Union minister Chirag Paswan said decisions taken by Om Birla as the Speaker of the last Lok Sabha strengthened democracy. Taking a jibe at the Opposition for forcing an election for the post, Paswan said in many Opposition party-ruled states, the posts of both the Speaker and the Deputy Speaker are held by the ruling parties.
Immediately after he was elected Lok Sabha Speaker, Om Birla on Wednesday read out a resolution condemning imposition of Emergency as an ‘attack on the Constitution by prime minister Indira Gandhi’. The move led to vociferous protests by Congress MPs in the House. As soon as Birla started reading the resolution, Congress MPs started protesting. Members from DMK and AITC also joined the protest.
Opposition MPs congratulated Om Birla on his election as Lok Sabha Speaker and exhorted him to run the House fairly, without bias. Leading the Opposition benches was Rahul Gandhi, who was appointed Leader of Opposition on Tuesday, a post that remained vacant for a decade.
A Bengaluru court on Wednesday rejected the bail plea of former JDS MP Prajwal Revanna, who is facing charges of rape and sexual harassment in multiple cases.
Aga Syed Ruhullah Mehdi, newly MP from Srinagar, on Wednesday urged Lok Sabha Speaker Om Birla to ensure the sanctity of the House by restraining members from making disparaging remarks or rushing legislations like the abrogation of Article 370.
The differences within the Opposition camp came to the fore in the election to Speaker’s post as the INDIA bloc did not press for division of votes but Trinamool Congress said the division was not allowed despite its members pressing for it.
NIA has declared a cash reward of ₹10 lakh each for sharing information that can help in arresting Canada-based terrorist Goldy Brar and another accused wanted in an “extortion and firing” case in Chandigarh.
JMM MP Mahua Maji on Wednesday congratulated Om Birla for being elected as the Speaker of the 18th Lok Sabha and said that as per parliamentary traditions, the position of the Deputy Speaker must be given to someone from the Opposition.
The support extended to Om Birla for the post of Speaker by four YSRCP MPs raised hackles within TDP. Top TDP leadership was left wondering whether the support was sought by BJP or extended by its bête noire YSRCP on its own.
BJP organised events all over Karnataka on Wednesday and recalled the difficult times its leaders went through during the Emergency imposed 49 years ago.
Union minister Anupriya Patel and NCP-SP MP Supriya Sule are good friends despite being members of Parliament from the ruling and the opposition blocs.
A Delhi court on Wednesday sent chief minister Arvind Kejriwal to the CBI's custody for three days after the central agency arrested him for his alleged involvement in the Delhi excise policy case.
Three militants were killed and a police personnel injured on Wednesday in an encounter in Sinno area of Gandoh in Doda district of Jammu and Kashmir.
As the Ministry of Home Affairs (MHA) gears up to roll out the three new criminal laws from July 1, it has trained 40 lakh grassroots-level functionaries to ensure that people are aware about these legislations and the impact it will have on everyone, particularly women and children, said officials on Wednesday.
The Tamil Nadu assembly on Wednesday passed a unanimous resolution urging the Centre to take up a caste-based census soon, along with the population census which has been pending since 2021.
The Kerala Assembly on Wednesday unanimously passed a resolution condemning the irregularities in the NEET and NET entrance exams conducted by the National Testing Agency.
Andhra Pradesh Police arrested YSRCP leader P Ramakrishna Reddy after the HC dismissed his anticipatory bail plea in a case over his alleged attack on a police inspector on May 14. Police said Reddy was arrested in the case which also involved the burning of a vehicle and an attack on the local TDP office.
Prime Minister Narendra Modi is planning a trip to Austria in the second week of July, people familiar with the plan said, a visit that could see the two nations strengthen ties in the startup and high-tech sectors.
India's security establishment is advocating a cautious approach to any unhindered and blanket approval to the FDI proposals from China given the history of corporate behaviour of Chinese companies in the country.
Ahead of the assembly election in Bihar next year. the Kushwaha community, which accounts for 4.2% t of the state population, is being wooed by both the ruling coalition and the opposition.
Manipur chief minister N Biren Singh said on Wednesday that the area under poppy cultivation in the state has declined by around 50-60%.
US Deputy Secretary of State, Kurt Campbell on Wednesday said that the USA had frank discussions with India on New Delhi’s ties with Russia in technology sector (read defence) in the backdrop of America’s concerns on this issue but have trust and confidence in India.
Two newly-elected Trinamool MLAs waited in the assembly for more than four hours for Governor CV Ananda Bose to turn up to administer the oath of office to them.
3Brands & Companies
Coca-Cola is “still a challenger brand in India”, and it is also operating in this market with that mindset, the beverages maker’s global president and chief financial officer, John Murphy, said at a recent consumer conference in Paris.
The Aditya Birla Group’s chemical business is venturing into the US with a $50 million investment by setting up a manufacturing and research and development facility at Beaumont in Texas.
Bajaj Auto has opened a greenfield two-wheeler plant in Brazil, its first manufacturing facility overseas, as India’s largest two-wheeler exporter seeks to garner a bigger share of Latin America’s burgeoning market.
Electric scooter maker Ather Energy will set up a manufacturing plant in Maharashtra, co-founder Swapnil Jain confirmed in a post on microblogging platform X.
Vodafone Idea (Vi), India’s third largest telecom company, spent ₹3,510 crore to acquire 30 MHz of spectrum in 11 circles to strengthen its 4G portfolio as well as launch 5G services, making it the second largest spender after Bharti Airtel for airwaves in a sale that ended on Wednesday.
The Indian employment market is likely to see a significant 6.33% incremental workforce expansion or new jobs creation in H1 FY25 (April-September), up from about 4.2% in H2 of FY24 (October-March), employment outlook data of about 1,500 companies surveyed by TeamLease Services showed.
The Yamuna Expressway Industrial Development Authority (YEIDA) on Wednesday said it has cancelled the allotment of land parcels to Sunworld Infrastructure and Supertech Township near the upcoming Noida International Airport and proposed Film City over pending dues.
Radisson Hotel Group on Wednesday said it has signed ten new hotels in India across its various brands, including Radisson Blu, Radisson, Radisson Individuals, and its brand extension Radisson Individuals Retreats.
A leading portfolio management services firm is under Sebi lens for front-running – an illegal practice where fund managers misuse potentially market-moving information.
4The Edit Page
The economy is projected to moderate its growth in the current fiscal, raising the prospects of corporate earnings and profits peaking. This is a likely outcome, given inflation is trending towards target, and interest rates are yet to begin their descent.
How we manage our resources is affecting how India’s perceived as a place for doing business. Delhi and Bengaluru’s water crises, triggered by low rainfall, poor water management, weak conservation efforts and opportunistic politics, could impact India’s sovereign credit strength, warns a new Moody’s report.
The Taliban-ordered crash in opium production in Afghanistan, long the world’s dominant supplier, could drive up overdose deaths as heroin users switch to synthetic opioids already proving deadly in Europe, according to a report by the UN Offi ce on Drugs and Crime.
India’s natural resources sector — mining, metals, minerals and hydrocarbons — serves as the backbone for manufacturing and infrastructure sectors.
Plénitude lives up to its name. Its split-level dining room situated on the first floor of Cheval Blanc Paris, the LVMH-owned lux hotel in the heart of the city, offers stunning views of the Seine and Parisian landmarks from every table.
Don’t blame this column on our inner troll, but for us being super under-caffeinated. India, a great footballing spectator nation — let’s not talk about its footballing prowess — has got all ‘European’ as footie fans here follow the Euro with the enthu of a masked Mbappé.
5Companies: Pursuit of Profit
The Directorate General of GST Intelligence (DGGI) has sent fresh summons to online gaming companies, including Delta Corp, seeking details of the cashback given to the players from October onwards.
Their recommendations include holding computer-based tests, multiple shifts, multiple days, use of AI to ensure each question paper is unique, more involvement of medical colleges, higher discipline across the student community to adhere to fair testing.
The Bombay High Court on Wednesday disposed of a writ petition filed by Essel Group chairman Subhash Chandra that challenged the Securities and Exchange Board of India (Sebi) summons to appear before the capital markets regulator.
India’s large aviation firms are taking control of creating their next generation of employees, as they anticipate an exponential increase in the requirement of trained manpower in near future.
In a regulatory filing, IndiGo's parent InterGlobe Aviation said there is no material impact on financials, operations or other activities of the company due to the fine.
Throwing expired medicines with household trash is not an ideal way to get rid of them. The country’s drug controller is working on a guidance document detailing methods to be followed for safe disposal of unused and expired medicines.
Bosch has been talking to potential advisers about the possibility of making an offer for Whirlpool, which has a market capitalisation of about $4.8 billion, one of the sources said.
JSW Energy on Wednesday said that it has inked power purchase agreements through its subsidiaries for wind and solar projects with a cumulative capacity of 1,325 MW.
6ET Markets
JP Morgan will include 27 fully accessible Indian government bonds in its GBI-EM global index suite starting June 28, allowing global investors to deploy funds in these bonds.
The rupee depreciated 14 paise against the US dollar and settled at 83.57 on Wednesday, weighed down by the strength of the American currency in the overseas market and elevated crude oil prices.
Indian-born Canadian billionaire Prem Watsa's Fairfax Group is likely to sell a 9.72% stake in CSB Bank on Thursday through block deals to raise about ₹595 crore.
The yen dropped to its lowest against the US dollar since late 1986 on Wednesday, amid a wide interest rate differential between the two economies, keeping the market alert for any sign of intervention from Japanese authorities to boost its currency.
The Securities and Exchange Board of India (Sebi) has given flexibility to senior executives of listed companies relating to their trading plans under insider trading norms. The regulator has reduced the minimum cool-off period between disclosure and implementation of trading plan to four months from six months.
US stocks struggled in the final stretch of a strong quarter that’s seen a small group high-flying technology shares lead the way. A renewed bout of volatility hit Nvidia, which dropped during its annual shareholder meeting.
Promoter Mala Relan sold shares of Sharda Motor Industries worth Rs 499 crore in a block deal on NSE Wednesday. Relan sold 25 lakh shares at Rs 1,996 apiece. Relan held 8.76% stake as on March 31.
Sixth Sense India Opportunities II, Westbridge AIF I, Jwalamukhi Investment Holdings, Infinity Consumer Holdings along with Konark Trust sold shares of Hindustan Foods worth Rs638.4 crore in a block deal on NSE Wednesday.
Rashmi Chowdhary, part of the promoter group, sold shares in Titagarh Rail Systems worth Rs435.8 crore in a block deal on BSE Wednesday. Chowdhary sold 26.93 lakh shares at Rs1,618 apiece.
Promoter Affle Holdings PTE sold shares of Affle (India) Ltd worth Rs322.5 crore in a bulk deal on NSE Wednesday. The promoter sold 25 lakh shares at Rs1,290 each.
7Smart Investing
Bandhan Employees’ Welfare Trust (BEWT), which is amid a storm following agitations by a section of its members against Bandhan group founder Chandra Shekhar Ghosh for alleged irregularities in running the trust, has termed the clamour “baseless and motivated, with an ulterior motive” and is planning to seek legal intervention on the matter.
State Bank of India on Wednesday raised ₹10,000 crore through a sale of infrastructure bonds, with the lender’s first debt issuance of the current financial year witnessing firm demand from the investors.
Prithviraj Kothari has been appointed as the national president of India Bullion and Jewellers Association (IBJA), one of the oldest bullion bodies, for a second term, from 2024 to 2029.
India’s credit card base grew 18% year on year (YoY) to reach an outstanding base of 103 million as on end-May 2024. HDFC Bank added the highest number of new cards, while Kotak Mahindra Bank saw a sharp drop in its credit card growth amid RBI restrictions.
Since the release of the first trailer of the movie on June 11, the stock of PVR Inox has gained nearly 8% reflecting expectations of high collections in the coming weeks.
8Economy: Macro, Micro & More
The Union budget for 2024-25 is likely to announce a support scheme for setting up 800 MW coal-based power plants through the newest Advanced Ultra Supercritical (AUSC) technology.
India’s consumption growth is expected to average 6.1% in FY25 and 6% in FY26. improving from 4% in 2023-24, Morgan Stanley Research said Wednesday. It said that private consumption growth could recover further on moderation in inflation which improves purchasing power and an improvement in labour demand conditions after a slowdown in 2023.
The Centre is likely to extend a key support scheme for export credit to enhance competitiveness of India’s export sector, which was hit hard by slowdown in the developed countries, said people familiar with the matter.
Megha Engineering & Infrastructures Ltd on Wednesday said it has emerged as the lowest bidder for a ₹12,800 crore engineering, procurement and construction (EPC) contract from the state-owned Nuclear Power Corporation of India.
9Sports World Play
India skipper Rohit Sharma on Wednesday rejected former Pakistan captain Inzamam-Ulhaq’s accusation that his team had “worked on the ball” to generate reverse swing in the T20 World Cup Super 8s match against Australia.
England seamer Ollie Robinson on Wednesday had an unwanted record registered against his name for bowling the second costliest-over in First-Class cricket history during a County Championship match.
Argentina became the first side to book passage into the Copa America quarter-finals after a late strike from Lautaro Martinez earned them a 1-0 Group A victory over Chile on Tuesday.
10ET Panache
The biggest auction of Princess Diana’s memorabilia is underway in California, US, featuring a midnight blue tulle dress and a flamenco-style lace-up number.
The father of Tottenham Hotspur star, Son Heung-min, has denied allegations of physical and verbal abuse at his South Korea-based football academy, after a student’s family sued him.
11Disruption: Startups & Tech
Indian information technology (IT) services may be relying on acquisitions to fuel growth amid dire need for investments in newer capabilities, especially GenAI, as organic expansion opportunities are further pushed back in a circumspect global demand environment.
Greg Moran, cofounder and CEO of Zoomcar, has been terminated from his role, according to the Nasdaq-listed self-drive car rental startup’s filing with the SEC. Zoomcar, a pioneer in app-based shared mobility in India, was backed by Peak XV, Ford Motors and Mahindra & Mahindra.
Aris Infra, a technology-driven construction material procurement platform, is looking to raise ₹600-700 crore through an initial public offering (IPO).
Global hyperscalers Amazon Web Services (AWS) and Google Cloud are hosting digital public goods (DPGs) of Bengaluru-based non-profit EkStep Foundation on their Cloud and are also working with it to build an artificial intelligence (AI)-based virtual assistant.
Isro’s newest rocket, the Small Satellite Launch Vehicle (SSLV), has been contracted by Australia’s Space Machines Company to launch a 450-kilogram satellite into lower earth orbit — LEO.
The government plans to set up a centre of excellence to work on research and development in digital public infrastructure (DPI) and digital public goods (DPG), people in the know told ET.
Ecommerce major Flipkart’s fintech venture, Super.Money, has released a beta version of its mobile app on the app store. The platform will offer payments, credit, deposits and other digital financial services.
Electric bike maker Matter Motors has raised ₹82 cr crore in a round that saw investments from Japan Airlines & TransLink Innovation Fund and Helena Special Investments Fund, among others.
ET Print Edition: All you need to know
In today’s fast-paced world, reading a newspaper while having a cup of tea is a distant dream. Realising the hardship faced by newspaper lovers nowadays, Economic Times has come up with a unique initiative called ET Print Edition.
The ET Print Edition is a digital experience of the Economic Times newspaper, which is published daily. It helps you get the enormous amount of valuable information published in the newspaper daily in the digital form.
So, you get acquainted with all national and international affairs of the world while you are on the go. The best part is you can access the digital copies of our daily published stories in the print, anytime, anywhere.
What is ET Print Edition?
How can you access ET Print Edition?
What are the most significant features of ET Print Edition?
ET Print Edition is a digital avatar of the Economic Times newspaper. It has gained immense popularity amongst avid readers in no time. Here’s why it’s being loved by several readers.
In today’s fast-paced world, reading a newspaper while having a cup of tea is a distant dream. Realising the hardship faced by newspaper lovers nowadays, Economic Times has come up with a unique initiative called ET Print Edition.
The ET Print Edition is a digital experience of the Economic Times newspaper, which is published daily. It helps you get the enormous amount of valuable information published in the newspaper daily in the digital form.
So, you get acquainted with all national and international affairs of the world while you are on the go. The best part is you can access the digital copies of our daily published stories in the print, anytime, anywhere.
What is ET Print Edition?
- ET Print Edition is a replica of the Economic Times newspaper in the digital form. All the ET newspaper stories are presented in a format that is easy to read. The vital news from India and around the world is just a click away.
- It has a toolbar that helps you jump from one page to the other without scrolling. The site opens up with a 'Front Page' followed by 'Pure Politics', and so on. It gives you all the important news of the day.
How can you access ET Print Edition?
- All the Economic Times Prime members can access the ET Print Edition for free and enjoy its benefits
- Free users on the Economic Times website can access limited content of the ET Print Edition. To get complete access to ET Print Edition, the users need to become a ET Prime Member.
What are the most significant features of ET Print Edition?
ET Print Edition is a digital avatar of the Economic Times newspaper. It has gained immense popularity amongst avid readers in no time. Here’s why it’s being loved by several readers.
- Delivered to Your Email Inbox Every Morning: The Print Edition in digital form is sent to your email inbox at around 7 am in the morning when the subscribers of the print copy of the newspaper receive it. You can go through the daily news while having breakfast!
- Accessible on Different Devices: No matter what gadget you are more comfortable with, ET Print Edition will be available on it. Whether it is a laptop or your smartphone, you can access the ET Print Edition with ease.
- Archive Option Available: There is a specific feature, which can help you read the stories published in the past weeks. The 'Archive' option lets you read all the news published after April 25, 2022.
- Sharp, Interactive Design For Better User Experience: The news stories come in a properly formatted design, which is not only easy to browse but convenient to read on all devices.