Today’s Business News Live Updates November 29, 2024: India’s start-up ecosystem sees $9.2 billion in VC funding, up 44.4% in 2024

Business news live today: Zee Entertainment shares rise over 5% after shareholders reject Punit Goenka’s reappointment as director

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. 

Read more here.

Business news live today: India’s start-up ecosystem sees $9.2 billion in VC funding, up 44.4% in 2024

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.

Business news live today: Japanese banks stand firm with Adani despite US bribery charges

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.

Business News Live Updates: Bank of Baroda raises ₹3,500 cr via Tier II capital bonds at 7.41%

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. 

Read full report here

Business News Live Updates: FPI selling in domestic markets triggers ripple effect on bank deposits

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.

Read full report here

Business News Live Updates: Boeing strike delays Air India’s growth plans to mid-2027

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.

Read full report here

Business News Live Updates: India’s buffalo meat exports likely to rise 4% in 2025 on demand from S-E Asia, Middle East

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.

Read full report here

Business News Live Updates: Indian steel industry braces for impact of Chinese dumping amid US tariff threats

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.

Read full report here

Business News Live Updates: December meeting of GST Council likely to consider GST on natural gas

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

Read full report here

Business News Live Updates: Storage in key Indian reservoirs drops to 82% of capacity

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.

Read full report here

Business News Live Updates: India to release 25 lt wheat in open market to rein in prices

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.

Read full report here

Business News Live Updates: Madras HC grants interim relief in ₹3,000 crore car leasing tax row

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.

Read full report here

Business News Live Updates: CCI orders probe against Google, affiliates for unfair business practices in listing gaming apps on Play Store

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

Read full report here

Business News Live Updates: GCCs to offer premium entry-level packages across roles: TeamLease Digital forecasts

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.

Read full report here

Business news live updates: Does a player get all of the money promised at the IPL Auction? How is the base price of a cricketer decided? To know more, read here…

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.

Business News Update: Hosur airport development cannot happen till 2033, says Centre citing the 150-km clause

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.

Read the full report here

Business news live updates: HDFC Securities refutes closure rumours, clarifies strategic pause

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.

Business news live today: LIC clarifies reports on targeting 50% stake in ManipalCigna for health insurance

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.”

Business news live today: Ajmera Realty slashes debt by ₹100 crore, signals strategic restructuring

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.

business news live: Centre acts to boost DAP availability, blames global suppliers

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.

latest business news: Servotech Power secures ₹30.2 crore order for 5.6 MW rooftop solar plant from UREDA; stock up 1.38%

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

latest business news: Spright Agro expands Horizons with planned land acquistion for contract farming

latest business news: Nectar Lifesciences GDRs delisted from LuxSE; stock trades flat

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

Business News Live Today: Trump a friend of India, ready to strengthen economic ties: Piyush Goyal

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.

Business news live updates: Suraksha Diagnotic IPO price band at ₹420-₹441 per share; offer opens on Nov. 29

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.

Business news latest live updates: Inoxap AP starts supply of specialty gases to ReNew PV plant

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.

Latest business news: IndiGo to reintroduce Boeing 777 on Istanbul routes, secures govt nod for lease extension 

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.

Business news live updates: Tilaknagar Industries launches Monarch Legacy Edition, its first luxury brandy

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.

Business news live today: Revolt Motors expands to Sri Lankan market with electric motorcycle launch

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.

Business news live today: KEC International bags ₹1,704 crore power transmission orders

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).

Latest business news: EaseMyTrip launches comprehensive corporate travel platform EMT desk

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.

Business news live updates: Will Google be forced to hive off and sell its Chrome business?

Watch why Google’s hand may be forced on Chrome

Business News Live Updates: Vietjet join’s AirGain’s pricing platform

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. 

Latest business news: Borosil Renewables appoints Melwyn Moses as CEO

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

Business news live: Google and Facebook lead ad revenue boom; traditional media struggles

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

Business News Live Updates: Dr. Reddy’s launches Toripalimab in India for treatment of nasopharyngeal carcinoma

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).

Indian economy news today: Economy likely slowed in July-September quarter; govt to release data on Friday

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.

Live news today: Fiscal deficit likely to be lower by 19 bps than budget estimates, says India Ratings

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.

Business news live: LIC appeals GST demand of ₹104.90 crore for FY20

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.

Business news live today: Adani allegations shine spotlight on India’s clean energy conundrum

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.

BL Interview: Indian steel industry must conquer imports, boost exports, and seize global opportunities: Naveen Jindal

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

Business news today: ED arrests two Delhi businessmen over ₹4,800 crore illegal remittance scheme linked to China

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. 

Business news live today: Mirae Asset completes ₹3,000 cr acquisition of Sharekhan, expanding financial footprint in India

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).