Latest Business News Highlights on 30 May 2024: BSNL Narrows Net Loss, Labour Market Underemployment, RBI Bars Edelweiss, Import Duty on Wheat, Infrastructure Project Delays, Market Opening Preview
BSNL Narrowed Net Loss, Labour Market Underemployment, RBI Bars Edelweiss: Business News Transcript at 10:00 AM on 30 May 2024
In today’s latest business news transcript at 10:00 AM on 30 May 2024, Bharat Sanchar Nigam (BSNL) has successfully narrowed its net loss to Rs 5,367 crore in FY24 from Rs 8,161 crore in FY23. This improvement was attributed to lower expenses, especially finance costs, and higher non-operating income. However, the revenue from operations only grew by 1% to Rs 19,343.6 crore, missing the government’s target of Rs 20,008 crore as part of the revival package.
Additionally, a paper by the statistics ministry highlighted the presence of low to moderate underemployment in the Indian labour market. The paper emphasized the need to quantify underemployment to make informed policy decisions and address the challenges faced by those who are employed but endure hardships due to working conditions.
Furthermore, the Reserve Bank of India (RBI) imposed restrictions on Edelweiss Asset Reconstruction Company and ECL Finance due to errant behavior by group entities. The RBI barred Edelweiss from acquiring financial assets and directed ECL Finance to refrain from structured transactions for its wholesale exposures, citing circumvention of regulations.
In response to the RBI’s draft proposal requiring lenders to set aside 5% provision for infrastructure projects, some public sector banks like Canara Bank and Union Bank of India are considering hedging the risk by introducing clauses in fresh loans to pass on any additional costs incurred.
Moreover, the government is contemplating reducing import duty on wheat after six years to boost domestic supplies without depleting government stocks. This decision is expected to be made after the current procurement season ends in June.
Lastly, GIFT Nifty indicated a lacklustre opening for Indian equity indices BSE Sensex and NSE Nifty 50 on Thursday, with the US Dollar Index trading up by 0.46% at 105.14 against a basket of foreign currencies.
The business landscape is evolving rapidly, with companies and policymakers navigating challenges and opportunities to drive growth and sustainability in the economy. Stay tuned for more updates on the dynamic business environment.
