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

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Business news live: Victim of cyberattack, investigation underway, Star Health responds to data leak

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)

Business news live: Adani Enterprises issue size of the QIP is at Rs 4,200 cr

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.

Business news live: DCGI to expand mandatory QR coding for drugs, enhancing safety, traceability

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.

Business news live: Vedanta cancels the board meeting

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

Business news live: Adani Ent launches QIP, sets floor price at Rs 3,117.475/sh

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.

Business news live: US stocks hold steady; Alphabet drops on DOJ breakup threat, China stocks slip

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.

Business news live: GR Infraprojects gets LoA worth Rs 903.5 crore

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

Business news live: IRB Infra to raise $200 million via foreign currency bonds

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.

Business news live: GTPL Highway Q2 profit plummets 62.9% despite 9.8% revenue growth

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.

Business news live: Hi-tech Pipes' QIP gets bids worth over Rs 800 crore

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

Business news live: Cred appoints former Kotak Mahindra Bank's group president Arvind Kathpalia as chief risk advisor

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.

Business news live: Akasa Air partners with Rolls-Royce for engine leasing deal

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.

Business news live: Is the cement sector stuck in a rut?

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

Business news live: Bonus alert!

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

Business news live: Britannia expands cheese production

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

Business news live: RCF awards contract worth Rs 1,000.3 crore to L&T

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 taps Gulf sovereign funds, GQG to raise $2 bn from QIP

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)

Business news live: Patanjali Foods gets CCI nod for acquiring Patanjali Auyurved's home & personal care business

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.

Business news live: Standard Chartered says India CEO Zarin Daruwala to retire on April 1

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)

Why high-street retail is making a big comeback in India?

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)

Samsung Strike Live: Samsung India workers reject settlement offer, protest enters 2nd month

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 Meeting Live Updates: Fresh allocation for border roads in Punjab and Rajasthan

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

Cabinet Meeting Live Updates: National maritime heritage complex has been given an open approval

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

Cabinet Meeting Live Updates: Cabinet approves construction of 2,280 km roads in border areas of Rajasthan, Punjab

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

Cabinet Meeting Live Updates: Cabinet approves national maritime heritage complex in Gujarat’s Lothal

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

Cabinet Meeting Live Updates: Focus on tackling widespread anaemia situation in India, 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 Meeting Live Updates: Rs 11,000 crore allocated for supply chain of fortified rice, says Vaishnaw

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

Cabinet Meeting Live Updates: Fortified rice supply will be 100% funded by Centre, says Union Minister Ashwini Vaishnaw

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

Cabinet Meeting Live Updates: Cabinet approves Rs 17,082 crore for fortified rice supply, says Union Minister Ashwini Vaishnaw

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

DA Hike News Live: Union Minister Ashwini Vaishnaw to address media shortly

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

DA Hike News Live: How is DA calculated

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

DA Hike News Live: What you should know about 7th Pay Commission

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.

DA Hike News Live: Know about March hike

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.

DA Hike News Live: Why raise in DA is important

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

DA Hike News Live: What's the basis of DA calculation

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.

DA Hike News Live: What happened last year

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

DA Hike News Live: What are govt employees expecting

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.

DA Hike News Live: What's the current DA

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

DA Hike News Live: Focus on Cabinet meeting

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.

Hyundai IPO Live: 'We are investing Rs 6,000 crore in Pune unit'

'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

Hyundai IPO Live: 'IPO marks beginning of next phase'

“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

Hyundai IPO Live: First carmaker to go public in 20 years

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.

Hyundai IPO Live: Creta EV coming soon, says Hyundai India ahead of mega public offer

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

Hyundai IPO Live: Hyundai will not issue new shares

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 IPO Live: Hyundai India gives details of IPO price band

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.