Business News Highlights: Victim of cyberattack, investigation underway, Star Health responds to data leak

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Anonymous hackers have claimed a massive data leak affecting over 3 crore customers of Star Health, exposing sensitive information such as customer names, policy numbers, mobile numbers, PAN details, and addresses. In addition, claims details and medical reports of policyholders have also been leaked.

The hackers allege that Star Health's Chief Information Security Officer (CISO), Amarjeet Khanuja, sold the data.

In response, Star Health stated that they were victims of a targeted cyberattack that led to unauthorized access to certain data. The company is conducting a rigorous forensic investigation with the help of independent cybersecurity experts. So far, there have been no findings of wrongdoing against the CISO, who is cooperating fully with the investigation.

Star Health is collaborating closely with government and regulatory authorities throughout the process. The Madras High Court has directed all relevant parties, including certain third parties, to disable access to the compromised information. The company assures that its operations remain unaffected, and all services continue without disruption.

(From CNBC-TV18)

Adani Enterprises is likely to raise Rs 4,200 crore through a Qualified Institutional Placement (QIP), with an indicative price of Rs 2,962 per share. This pricing represents a 6.08% discount to the current market price and up to 5% below the SEBI floor price, according to sources reported by CNBC-TV18.

The Drugs Controller General of India (DCGI), Rajeev Singh Raghuvanshi, told CNBC-TV18 that the Central Drugs Standard Control Organization (CDSCO) will soon expand the list of drugs requiring mandatory QR coding. This initiative is part of the second phase of efforts to combat counterfeit medications by enhancing the tracking of batches, manufacturing processes, and supply chains. Additionally, there are plans to make QR coding mandatory for vaccines as well. In the first phase, CDSCO mandated that manufacturers of the top 300 brands must include QR codes on their products.

Vedanta cancels the board meeting scheduled on October 9, 2024, due to unforeseen circumstances

Adani Enterprises launched its Qualified Institutional Placement (QIP) on October 9, 2024, setting the floor price at Rs 3,117.475 per share, in accordance with SEBI's ICDR regulations. The QIP committee approved the issue's opening and adopted the preliminary placement document. The company may offer a discount of up to 5% on the floor price. The QIP follows board approval in May and a special resolution passed in June this year, aimed at raising capital to fuel its growth plans.

US stocks remained steady on October 9 as traders sought to build on the previous day’s gains. The S&P 500 and Nasdaq Composite traded near the flatline, while the Dow Jones Industrial Average dipped 75 points, or 0.2%.

Alphabet shares declined after the Department of Justice signalled it may consider breaking up Google. Meanwhile, US-listed Chinese stocks faced pressure as investors took profits following a recent rally driven by stimulus measures.

GR Infraprojects gets letter of acceptance (LoA) worth Rs 903.5 crore from Maharashtra Metro Rail Corp

IRB Infrastructure Developers announced on Wednesday that its board has approved raising up to $200 million through the issuance of foreign currency-denominated notes, including US dollar bonds or other debt securities.

In a regulatory filing, the company stated its plan to secure term loans from various sources, including financial institutions, to meet its financial needs. The board has also authorized the creation of security to back the debt securities and the option to enter into hedging contracts when necessary, in accordance with guidelines set by the Reserve Bank of India.

GTPL Highway reported a significant decline in its net profit for the second quarter, dropping by 62.9% to Rs 12.7 crore compared to Rs 34.2 crore year-on-year. Despite this downturn, the company's revenue increased by 9.8%, reaching Rs 855.6 crore, up from Rs 779.2 crore in the previous year. However, EBITDA also saw a decline of 13.7%, falling to Rs 107.3 crore from Rs 124.3 crore year-on-year.

The Rs 600 crore qualified institutional placement (QIP) offer of Hi-tech Pipes -- the third-largest pipe maker of the country with a capacity of nearly a million tonnes – has got bids worth more than Rs 800 crore with a number of global and domestic institutional investors participating in the offer, said persons aware of the development. More details, here

Fintech firm CRED has on October 9 announced appointment of Arvind Kathpalia, former group president at Kotak Mahindra Bank, as advisor on risk and compliance. Kathpalia will play a critical role in solidifying CRED’s commitment to enabling members’ financial progress.

In the new role, Kathpalia's leadership will enable CRED to expand its offerings while upholding its commitment to delivering a trusted experience to its members, the company said in a release.

Akasa Air and Rolls-Royce & Partners Finance Engine Leasing (India) IFSC Pvt Ltd have partnered to provide the airline with a long-term sale and leaseback solution for two LEAP-1B engines that are delivering in September and October 2024.

Cement manufacturers are expected to post lackluster financial results for the July-September 2024 quarter, primarily due to near-decade-low prices and persistent demand stagnation from various sectors, according to analysts and brokerages. The situation has been exacerbated by excessive rainfall and heatwaves across the country. Most brokerage firms are adopting a cautious stance on the cement sector, as price growth has nearly stalled, and demand has not yet rebounded from the effects of the General Elections, delays in funding for major infrastructure projects, and significant monsoon rains, particularly in August. Read in detail, here

The board of Easy Trip Planners is scheduled to meet on October 14 to discuss the issuance of free shares.

Britannia is strengthening its partnership with the BEL Group to enhance local cheese manufacturing in India.

Rashtriya Chemicals and Fertilizers (RCF) has awarded a contract worth Rs 1,000.3 crore to Larsen & Toubro (L&T) for the establishment of a 1,200 MTPD complex fertilizer plant.

Adani Enterprises Limited, the flagship firm of billionaire Gautam Adani, is in talks with a bunch of institutional investors, including Gulf-based sovereign wealth funds such as Abu Dhabi Investment Authority and Qatar Investment Authority, as well as investors such as Rajiv Jain’s GQG, for a $2-billion qualified institutional placement (QIP), people aware of the matter told Moneycontrol. (Read More)

The Competition Commission of India has approved Patanjali Foods' acquisition of Home and Personal Care Business of Patanjali Ayurved Limited, the company said in an exchange filing today.

Standard Chartered's India and South Asia CEO Zarin Daruwala will retire on April 1, 2025, the lender said on Wednesday. Standard Chartered will provide an update on Daruwala's successor "in due course," it said in a statement. Daruwala, who has had a banking career spanning more than 35 years, joined the lender in 2016 as CEO of Standard Chartered India following a long stint with ICICI Bank. Her leadership of the franchise has helped make India one of the largest markets for the group, with a strategic emphasis on cross-border solutions in corporate, investment banking and wealth and affluent in wealth and retail banking, Standard Chartered said. (Reuters)

India’s high street retail is experiencing a resurgence, with cities like Bengaluru, Mumbai, and Delhi-NCR poised to attract global luxury brands in the next two to three years experts said. After years of lagging behind malls due to infrastructure issues, improvements in parking and walkability are drawing renewed interest from both local and international brands. This shift comes as Indian high streets begin to offer a more competitive retail experience, challenging the dominance of malls, experts noted. (Read More)

A group of more than 1,000 striking workers at the Samsung Electronics factory in southern India has rejected a settlement offer made by the company on wage hikes, with the sit-in protest entering its second month on Wednesday. The strikers have disrupted production and protested in a makeshift tent close to the factory near the city of Chennai in Tamil Nadu since Sept. 9, demanding higher wages and union recognition. The plant is critical to Samsung's ambitions and accounted for roughly one-fifth of its $12 billion India sales in 2022-23. (Reuters)

• CCI approves tranche 1 acquisition of 42.99% shareholding in JMFCSL solutions by company
• CCI also approves acquisition of 71.79% shareholding of JMFARC by JMFCSL for Rs 856 cr

Cabinet approved construction of 2,280 km roads in border areas of Rajasthan, Punjab with an investment of Rs 4,406 crore, says Vaishnaw

• NITI Aayog is doing a study on fortified rice, says Ashwini Vaishnaw
• Fortified rice is blended with normal rice, is a part of the public distribution system, says Ashwini Vaishnaw

National maritime heritage complex has been given an open approval without a specific budget outlay, says Vaishnaw

Cabinet approves construction of 2,280 km roads in border areas of Rajasthan, Punjab with an investment of Rs 4,406 crore

Cabinet approves national maritime heritage complex in Gujarat’s Lothal, says Ashwini Vaishnaw

The complex will include lighthouse museum, ship building experience, docks, Lothal town, says Vaishnaw

The National Family Health Survey (NFHS-5), conducted between 2019 and 2021, reveals that anaemia continues to be a significant health concern in India, affecting individuals across all age groups and income levels, including children, women, and men. In addition to iron deficiency, deficiencies in other essential vitamins and minerals, such as Vitamin B12 and folic acid, also remain prevalent, negatively impacting the overall health and productivity of the population.

Cabinet approves continuation of supply of free Fortified Rice under Pradhan Mantri Garib Kalyan Yojana (PMGKAY) and other welfare schemes from July, 2024 to December, 2028. With an investment of Rs 11,000 crore, a supply chain has been developed for fortified rice. It aims at inclusive development

The financial implication of Rs 17,082 crore will be for July 2024 to Dec 2028. It will be 100% funded by central govt.

The Union Cabinet has approved Rs 17,082 crore for fortified rice supply under all schemes to benefit 80 crore citizens, announces Vaishnaw

Will Centre announce DA hike. The suspense will end soon as Union Minister Ashwini Vaishnaw is set to address media shortly

• For the central government staff: DA percent = (Average of AICPI (Base Year 2001=100) for the past 12 months -115.76)/115.76) *100 where AICPI stands for All India Consumer Price Index, the CNBC-TV18 report added.
•  On the other hand, for public sector government employees, the formula is:DA percent = ((Average of AICPI (Base Year 2016=100) for the past 3 months -126.33)/126.33) *100

The Centre determines the dearness allowance using CPI-IW data, which is released monthly by the Labour Bureau.

The 7th Pay Commission, formed nearly a decade ago, recommended automatic revisions in basic pay once DA exceeded 50%. However, this proposal was not implemented, prompting unions to plan to revisit the demand with the upcoming 8th Pay Commission.

The likely increase follows a 4% hike made in March 2024, which raised the DA from 46% to 50%. This milestone also prompted adjustments in other allowances, such as the house rent allowance, as per the 7th Pay Commission’s guidelines.

Amid global inflationary pressures and rising costs, the decision holds considerable importance for managing household budgets nationwide.

The DA is calculated based on the All India Consumer Price Index (AICPI), which monitors retail price trends over the past 12 months. Any increase in DA is reflected in a corresponding rise in DR, offering additional financial support to retired employees.

Last year, the DA hike was announced in early October. Following this trend, many are anticipating the announcement to be made today.

Employees are eagerly awaiting the announcement, which is expected to grant a 3% increase in their DA. The change will take effect in October, along with arrears for the previous three months, covering July to September.

The current DA stands at 50%, and the upcoming adjustment is expected to increase it to 53%, effective from July 1, 2024.

Now, we shift our focus on the Cabinet meeting. The most anticipated announcement is regarding the DA hike. Government employees and pensioners receive their adjusted salaries and pensions, along with arrears for the previous three months (July to September), in October. Last year, the DA hike was announced in the first week of October.

'We are investing Rs 6,000 crore in Pune unit. Have planned an investment of Rs 32,000 crore in India over next 10 years,' says Unsoo Kim of Hyundai Motor India to CNBC-TV18

“The IPO marks the beginning of the next phase in our growth story. Inquiries, bookings, and retail sales in October have been stronger compared to September,” said Unsoo Kim, Hyundai Motor India to CNBC-TV18

The Hyundai IPO will mark the company’s first stock market listing outside South Korea. It is also a significant milestone for India, as it will be the first carmaker to go public in 20 years, following Maruti Suzuki’s listing in 2003.

Creta EV is likely to be launched in Q4 of FY25, says Hyundai India ahead of mega public offer

In the IPO, Hyundai will not issue new shares. Instead, its South Korean parent company will divest up to 17.5% of its stake in the wholly-owned unit through an "offer for sale" to retail and other investors. Following the IPO, the South Korean automaker will retain 670 million shares in Hyundai Motor India, representing an 82.5% stake.

• Hyundai Motor Group is among top 3 OEMs globally, says Hyundai India
• Driving industry leading margins and growth at scale
• Presence of wide fuel options in portfolio helps us target sales across India
• Consistently among top players in India despite entry of other major global auto players

Hyundai Motor India has set the price band for its initial public offering (IPO) at Rs 1,865 to Rs 1,960 per share. The bidding period will be open from October 15 to October 17, with the company offering a 17.5% stake through this IPO.

• Gave India its first tall boy hatchback, says Hyundai India
• Hyundai Creta created the compact SUV segment in India, says Hyundai India

After the updates on RBI's MPC, we shift our focus on the press conference by Hyundai India's management ahead of the mega IPO. Check the latest updates here.

The change in policy stance is in line with our expectation and a welcome move given the easing inflation, evolving global uncertainty and rising downside risk to growth. Today's policy statement suggests that with inflation easing and expected to stay close to target level, the central bank is now focusing on growth supportive measures. - Kaustubh Gupta, Co-Head Fixed Income, Aditya Birla Sun Life AMC

‘We don’t have any evidence that higher interest rate is impinging on growth,’ says RBI Governor Shaktikanta Das. The presser has concluded.

RBI messaging aimed at high risk, high growth NBFC, says RBI dy governor Swaminathan

• First quarter growth was lower primarily because of lower spending by state, central governments, says Shaktikanta Das.
• The first quarter subsidy payout was high by state and central government, says Shaktikanta Das.

‘Earlier I used elephant for inflation, and now I am using horse because its a war against inflation. In war elephants and horse are use historically,’ says Shaktikanta Das

The outlook for crude oil prices is softer than its today because Opec+ is planning to restore production in phased manner through 2025, and international energy estimate that demand for crude oil is softer than it is now, and increasing renewables, so all these factors make out for softer outlook for crude oil price.

A set of players and certain sectors have seen elevated slippage and higher credit cost, says Rajeshwar Rao. Some are pursuing high risk high growth strategy, adds Rao. Underwriting standards have to be strengthened

The current holding of government bonds by foreigners is just about 3%, says Deputy Governor Michael Patra

• We have greater confidence that inflation is moderating, but acutely aware there are significant risk.
• We have changed the stance because growth and inflation are well poised, the balance is well poised. The timing is appropriate for a stance change.

'Can't say whether deposit rates or credit rates have peaked,' says Shaktikanta Das

“We have greater confidence that inflation is moderating, but acutely aware there are significant risk,” says Shaktikanta Das.

The post-MPC presser of Shaktikanta Das has begun. Addressing media, the RBI Governor said that 'India's growth story remains intact.' He also said that there's is a need for greater vigilance on inflation.

'Rates unchanged, says RBI. Strange - they quote weather (which has been decent), food is ok, fuel is fab etc etc. Strange, really. How long do we stay here? It's ludicrous to have less than 4% inflation with 6.5% repo (lowest risk free rate) for this long. BUt of course, RBI is probably itself fueling this inflation with massive buying of USD? We'll know soon,' tweets Deepak Shenoy

Dr Nagesh Kumar, Saugata Bhattacharya, Professor Ram Singh, Dr Rajiv Ranjan, Dr Michael Debabrata Patra and Shaktikanta Das voted for a change in stance from withdrawal of accommodation to ‘neutral’ and to remain unambiguously focused on a durable alignment of inflation with the target, while supporting growth.

Saugata Bhattacharya, Professor Ram Singh, Dr Rajiv Ranjan, Dr Michael Debabrata Patra and Shaktikanta Das voted to keep the policy repo rate

unchanged at 6.50 per cent. Dr Nagesh Kumar voted to reduce the policy repo rate by 25 basis points

The Reserve Bank of India (RBI) has kept the repo rate at 6.5 percent for the tenth consecutive time during its bi-monthly Monetary Policy Committee (MPC) review meeting on Wednesday. This decision means that home loan interest rates and equated monthly installments (EMIs) will remain stable for borrowers, offering consistency in financial planning. By maintaining the interest rate, the RBI aims to balance controlling inflation with fostering economic growth. (Read More)

“The global economy has remained resilient and is expected to maintain stable momentum over the rest of the year, amidst downside risks from intensifying geopolitical conflicts. In India, real gross domestic product (GDP) registered a growth of 6.7 per cent in Q1:2024-25, driven by private consumption and investment,” says RBI Governor Shaktikanta Das

RBI to create database called RBI Climate Risk System, says Das

• RBI is closely monitoring incoming data on credit cards, MFI loans and unsecured loans.
• Banks and NBFCs need to give continued attention to inoperative accounts, mule accounts, cybersecurity landscape and a few other factors.
• NBFCs have registered an impressive growth in the last few years
• Some NBFCs are aggressively growing without building strong underwriting practices.
• There are certain NBFCs where retail targets are driving growth rather than the actual demand.
• Self-correction by NBFCs would be the desired option, though the RBI is keeping a close watch and won't hesitate to take action if required.

“RBI closely monitoring situation and will not hesitate in taking appropriate action,” says RBI Governor Das

• Transmission to the credit market has been satisfactory.
• Exchange rate of INR remained range bound and remained stable relative to other EM currencies.
• During current financial year, Indian rupee exchange rate remained largely range bound. Indian rupee also continued to be least volatile currencies.

Indian bonds yields eases with 10-year benchmark bond yield easing 5 bps to 6.7434 percent after RBI changed stance to 'Neutral' from 'Withdrawal of Accomodation'

On inflation, the Reserve Bank of India governor said that "Inflation horse has been brought to the stable within the tolerance band. Have to be careful about opening the gate."

FY25 - 4.5%

Q3 - 4.8%

Q4 - 4.2%

Q1FY26 - 4.3%

The Reserve Bank of India has retained India’s real GDP growth forecast for FY25 at 7.2 percent, governor Shaktikanta Das has said

• FY25 - 7.2%
• Q2- 7.0%
• Q3 - 7.4%
• Q4 - 7.4%
• Q1FY26 - 7.3%

• 8 core industries output fell by 1.8% in Q1
• Government consumption is improving
• Excessive rainfall dampened some industries such as electricity, coal and cement

• RBI Governor Shaktikanta Das keeps repo rate unchanged at 6.5 precent, changes stance to neutral.
• 'Moderation in inflation to remain slow and uneven,' says RBI Governor Shaktikanta Das

Reserve Bank of India Governor Shaktikanta Das has begun his MPC speech.

This is the first policy announcement following the US Federal Reserve's 50 basis point cut to its benchmark rate. While there is speculation that India may not align with the US on rate cuts, particularly given recent geopolitical tensions and sluggish indicators like auto sales and overall consumption demand, today's commentary from the RBI Governor will be closely monitored to gauge the near-term trajectory of India's repo rate.

Sensex, Nifty opened higher on Wednesday ahead of the Reserve Bank of India's policy meeting, at which the central bank is expected to keep key policy rates unchanged for a tenth consecutive meeting.

The upcoming monetary policy may be one of the most important and interesting one to note for the country. Will it be a unanimous decision to hold rates at the current level with the new monetary policy committee? Will we track the US market on rate cuts like how some of the global markets have responded and more importantly, does India perceive fresh threats to inflation due to escalation in political tensions? (Read More)

RBI Governor Shaktikanta Das, Chairman of the MPC, is scheduled to announce the outcome of the three-day deliberations by 10 a.m. We at Moneycontrol will give you latest updates from the presser and what it means for each sector and Indian economy overall.

The Indian rupee opened at 83.9238 against the US dollar ahead of the RBI's monetary policy announcement, compared to its previous close of 83.9637 in the last trading session.

Adopting a neutral stance would provide the central bank with greater flexibility to adjust rates up or down, depending on future inflation and growth trends.

For those who are joining us just now, we are tracking the RBI's Monetary Policy Meeting's outcome. Will there be any impact of the state assembly election results? What's the status of core inflation. Stay with us to find out.

Some economists have already started to revise their India growth forecasts lower, in light of evolving economic conditions, and based on key high frequency indicators.

The Indian bond markets have attracted $16 billion in foreign inflows following the inclusion of Indian bonds in key global indices.

Some market participants are anticipating the Reserve Bank of India (RBI) to soften its policy stance amid evolving global and domestic economic conditions. Some bond traders are speculating that the RBI may shift its policy stance from hawkish to neutral, which will be a significant pivot.

Experts suggest that the Reserve Bank of India (RBI) may follow the US Federal Reserve's recent 50 basis points rate cut by implementing its reduction by year-end. This speculation coincides with the RBI's three-day Monetary Policy Committee (MPC) meeting concluding today.

In anticipation of potential rate cuts, insurance companies are strategically positioning their debt-oriented Unit-Linked Insurance Plans (ULIPs), with 24 life insurers offering 135 debt fund options tailored to individual policyholders' needs.

Central banks worldwide are easing interest rates, with notable reductions including a 50 basis point cut by the US Federal Reserve in September. The European Central Bank and central banks in Switzerland, Sweden, Canada, Brazil, Peru, and China have also adopted looser monetary policies. Since October 1, 2019, home loan interest rates have been directly tied to the repo rate, meaning home loan borrowers could benefit from these cuts as part of a declining interest rate cycle. Know more.

Home loan borrowers anticipating a reduction in EMIs from a potential RBI repo rate cut may need to wait until December. Economists indicate that while a 50-basis point cut could occur in two phases, the first is not expected on October 9. Instead, reductions are likely in December 2024 and February 2025. The repo rate has remained unchanged at 6.5 percent since February 2023.

Acoording to experts, the RBI is unlikely to cut interest rates soon, focusing instead on achieving a medium-term inflation target of 4 percent, with a tolerance band of 2 percentage points. The repo rate has remained unchanged at 6.5 percent for the last nine MPC meetings, following a cumulative increase of 250 basis points since May 2022. The priority remains to reduce inflation to the target or lower it. Know more.

The RBI's Monetary Policy Committee (MPC) began its meeting on October 7 and will announce its interest rate decision on October 9. According to a Moneycontrol poll of 12 bankers, economists, and fund managers, the MPC is expected to keep the policy repo rate steady due to stable growth-inflation risks. However, anticipation for a shift in stance and a potential rate cut in December is gaining traction. Find out more.

Currently, the banking system has a liquidity surplus of approximately Rs 1.57 lakh crore, according to RBI's money market data. After a prolonged deficit period, liquidity has remained in surplus for the past two to three months, prompting the RBI to use variable rate reverse repo (VRRR) auctions to manage the excess.

The RBI will not introduce new liquidity measures in the upcoming October monetary policy meeting, as per money market. Instead, the central bank is likely to continue withdrawing liquidity through variable rate reverse repo (VRRR) auctions. With anticipated outflows during the festive season and tax payments, the RBI is expected to keep the banking system's liquidity in surplus, estimated at around Rs 1.57 lakh crore.

Economists believe the Reserve Bank of India (RBI) will keep its inflation projections unchanged, as the central bank has anticipated oil prices to average $85 per barrel in FY25. Currently, crude oil prices are trading below this projected level, which supports the RBI's cautious stance on inflation forecasting. This outlook underscores the importance of monitoring global oil price movements for future policy decisions. Learn more.

In the past two months, India's CPI inflation has been relatively low due to a favourable base effect, with August's inflation rising slightly to 3.65 percent from 3.6 percent in July. The July rate was a 59-month low at 3.5 percent, falling below the RBI's target range. Despite this, RBI Governor Shaktikanta Das, in August, had expressed caution regarding food price pressures and their potential impact on core inflation, highlighting the need for vigilant monetary policy amid rising household inflation expectations.