Business News, Finance Updates, and Share Market News as of 10:00 am on May 30, 2024

In today’s latest business news, Bharat Sanchar Nigam (BSNL) has reported a significant improvement in its financial performance, narrowing its net loss to Rs 5,367 crore in FY24 from Rs 8,161 crore in FY23. This positive development was attributed to lower expenses, especially finance costs, and higher non-operating income. However, the company missed the revenue target set by the government as part of the Rs 3.2 trillion revival package.

Meanwhile, a paper by the statistics ministry highlighted the presence of underemployment in the Indian labor market, emphasizing the need for a multidimensional approach to measuring underemployment. The paper, authored by Sonakhya Samadda, suggested that quantifying underemployment could aid in making crucial policy decisions.

In a separate development, the Reserve Bank of India (RBI) imposed restrictions on Edelweiss Asset Reconstruction Company and ECL Finance, barring them from certain activities due to errant behavior. The RBI’s actions were aimed at preventing circumvention of regulations and ensuring compliance within the financial sector.

Furthermore, public sector banks in India are considering hedging the risk associated with the RBI’s draft proposal to require lenders to set aside 5% as provision for infrastructure projects. This move aims to mitigate potential financial challenges arising from infrastructure project delays and cost escalations.

Additionally, the government is contemplating reducing import duty on wheat to boost domestic supplies and avoid depleting government stocks. This decision is expected to be made after the current procurement season ends in June.

Overall, these developments in the business and financial sectors indicate a dynamic and evolving landscape that requires strategic measures to address challenges and capitalize on opportunities.