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moneycontrol.com | https://www.moneycontrol.com/technology/windows-11s-controversial-recall-feature-is-ready-for-users-what-microsoft-has-to-say-article-12832652.html | Windows 11’s controversial Recall feature is ready for users: What Microsoft has to say | Windows 11 Recall. | After benching Windows 11’s biggest AI feature – Recall – for months, Microsoft has finally dropped an update on its official website stating all the security and privacy improvements it comes with and how it makes it easier for users to opt in and out of the feature, in case they decide not to use it. In the blog post, David Weston, Vice President of Enterprise and OS Security at Microsoft has said “We truly believe that security is a team effort. By partnering with OEMs, app developers and others in the ecosystem, along with helping people to be better at protecting themselves, we are delivering a Windows experience that is more secure by design and secure by default. The Windows 11 Security Book is available to help you learn more about what makes it easy for users to stay secure with Windows”. If you are unaware, One of the biggest highlights of the Windows Copilot+ PCs was the AI-powered Recall feature. Microsoft, at the launch, created hype for the feature. However, soon it ran into problems and concerns over privacy and data safety. Microsoft responded and delayed the rollout of the Recall feature. Recall’s updated safety and security principles User control: Microsoft has mentioned in its blog post that Recall is an opt-in feature which means users are required to manually enable it during setup and even opt-out later in case they don’t want to use it through Windows settings. Apart from this the Snapshots, captured by Recall will not be taken or saved unless this option is selected. Data encryption: Sensitive data in Recall is encrypted, with encryption keys secured by the Trusted Platform Module (TPM) and Windows Hello Enhanced Sign-in Security. Service isolation: The services processing snapshots and data are isolated within a secure Virtualization-based Security (VBS) Enclave. Only data actively requested by the user leaves the enclave. Active user authorisation: Windows Hello credentials are required to access Recall data and adjust settings, ensuring user presence and control. Recall Security details Microsoft has also highlighted that Recall operates within a secure VBS Enclave, protecting snapshots and related data through Zero Trust principles. The enclave isolates sensitive operations, ensuring snapshots can only be accessed after Windows Hello authentication. Encryption keys are bound to the user's identity and hardware through TPM, adding an additional layer of protection. To maintain security, Recall times out access, requiring reauthorisation for each session to minimise the risks from malware and other types of attacks. Sensitive data remains encrypted during storage and processing, and encryption keys are never exposed outside the secure enclave. Rollout detailsRecall feature in Coplot+ PCs are expected to roll out by November according to the BBC's report. | 2024-09-30 17:36 | 2024-09-30 | 17:36 |
moneycontrol.com | https://www.moneycontrol.com/news/business/rbi-dg-urges-some-small-finance-banks-to-expeditiously-consider-appointing-more-whole-time-directors-12832651.html | RBI DG urges some small finance banks to expeditiously consider appointing more whole-time directors | Reserve Bank of India.Related stories. | The Reserve Bank of India (RBI) Deputy Governor Swaminathan J said some small finance banks are yet to ensure the presence of at least two Whole Time Directors (WTD) and he urged these banks to expeditiously consider appointing more WTDs. He further said that boards should prioritise proper succession planning for top management. Having just one Whole Time Director (WTD) can create potential vulnerabilities, especially in times of transition or unforeseen circumstances. Without a well-thought-out succession plan, the bank may face leadership gaps that could disrupt operations and affect strategic decision-making. “A broader pool of experienced leaders also contributes to better governance and more resilient management structures,” Swaminathan said during the keynote address at the Conference of Directors of Small Finance Banks in Bengaluru on September 27. Small Finance Banks have demonstrated strong growth since their inception, now accounting for 1.18 percent of total banking assets (as of March 2024). This is a substantial rise from 0.44 percent in March 2018. The deposit base has grown at a 32 per cent compounded annual growth rate (CAGR) over the last five years whereas net advances recorded a CAGR of 26 per cent, RBI deputy governor said. He also urged boards to consider the sustainability of their growth strategies and business models by conducting a thorough review of both the liability and asset sides of the balance sheet.“Specifically, they should assess whether there is an overdependence on high-cost term deposits or bulk deposits from a limited number of institutions. Additionally, they should evaluate any substantial asset exposures that could adversely impact the bank if they were to sour,” he added. Swaminathan also address the issue of cyber security and IT vulnerabilities. Being relatively new entities, SFBs have used technology to enhance their product offerings and customer service. However, with their increasing digital footprint, these banks face significant operational risks from growing cyber threats, digital frauds, and possible data breaches. | 2024-09-30 17:34 | 2024-09-30 | 17:34 |
moneycontrol.com | https://www.moneycontrol.com/banking/crisils-upgrades-iifl-finances-outlook-to-stable-reaffirms-long-term-rating-on-debt-instrument-and-bank-facilities-article-12832674.html | CRISILŌĆÖs upgrades IIFL FinanceŌĆÖs outlook to stable, reaffirms long-term rating on debt instrument and bank facilities | The shares of IIFL Finance closed for trading at Rs 463.70 on September 30, 2.95 percent down..Related stories. | Ratings agency CRISIL on September 30 upgraded IIFL FinanceŌĆÖs outlook to stable. ŌĆ£The rating action follows lifting of the regulatory embargo on the gold loan business of IIFL Finance, disclosed by the company vide the announcement dated September 19, 2024, thereby allowing the group to resume sanctions and disbursements in this segment as in the normal course of business, as well securitization/assignment/sale of loans,ŌĆØ the agency said in a press release. The agency also has reaffirmed its long term rating to ŌĆśRating Watch with Developing ImplicationsŌĆÖ on the non-bank lenderŌĆÖs debt instrument and bank facilities. ŌĆ£CRISIL Ratings has removed its long-term rating on the debt instrument and bank facilities of IIFL Finance from ŌĆśRating Watch with Developing ImplicationsŌĆÖ and has reaffirmed the rating at ŌĆśCRISIL AA/CRISIL PPMLD AAŌĆÖ while assigning a ŌĆśStableŌĆÖ outlook. The short-term rating has been reaffirmed at ŌĆśCRISIL A1+ŌĆÖ.ŌĆØ the agency said. It added that with theregulatory restriction being removed, the group is expected to focus on regaining its market share in the gold loan business. ŌĆ£The company having taken requisite corrective measures following the action by the Reserve Bank of India (RBI), the group is expected to focus on regaining its market share in the gold loan business which should support restoration of its market position and profitability, which had moderated during the embargo,ŌĆØ the agency said. Lifting of embargo The embargo imposed by RBI on March 04, 2024, had orderedIIFL Financeto cease and desist from sanctioning and disbursing gold loans or assigning/securitising/selling any of its gold loans. However, the RBI allowed the company to continue servicing its existing gold loan portfolio, through usual collection and recovery processes. Subsequently, an RBI instituted special audit was conducted wherein all the corrective measures and compliances implemented by IIFL Finance were reviewed. During the restriction period, the gold loan portfolio of the company reduced to around Rs 14,727 crore over June 2024 from Rs 23,354 crore in March 2024. The shares of IIFL Finance closed for trading at Rs 463.70 on September 30, 2.95 percent down. | 2024-09-30 17:34 | 2024-09-30 | 17:34 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/mankind-pharma-board-approves-up-to-rs-10000-crore-fundraising-plan-12832688.html | Mankind Pharma board approves up to Rs 10,000 crore fundraising plan | The company said its board has approved to raise up to Rs 5,000 crore via non-convertible debentures in 3-4 distinct series with maturities of up to 48 months. | Mankind Pharma on Monday said it will raise up to Rs 10,000 crore via issuance of non-convertible debentures and commercial papers. Thecompanysaid its board has approved to raise up to Rs 5,000 crore via non-convertible debentures in 3-4 distinct series with maturities of up to 48 months. The board’s fundraising committee also approved to raise up to Rs 5,000 crore via listed and rated commercial papers, having face value as may be decided in accordance with applicable law, in one or more tranches or series, the drug maker said in a regulatory filing. The company, however, did not disclose how it aims to utilise the raised capital. In July this year, Mankind had announced the acquisition of Bharat Serums and Vaccines from Advent International for around Rs 13,630 crore. The company is engaged in developing, manufacturing and marketing a diverse range of pharmaceutical formulations and consumer healthcare products. Shares of the company on Monday ended 2.68 per cent down at Rs 2,521.55 apiece on BSE. | 2024-09-30 17:29 | 2024-09-30 | 17:29 |
moneycontrol.com | https://www.moneycontrol.com/news/india/jammu-and-kashmir-elections-voting-in-40-seats-in-final-phase-on-tuesday-415-candidates-in-fray-12832649.html | Jammu and Kashmir Elections: Voting in 40 seats in final phase on Tuesday, 415 candidates in fray | Voting will be held in 40 constituencies of jammu and Kashmir in the third and final phase of polling on Tuesday. (PTI Photo).Related stories. | Jammu and Kashmir is all set to vote in the third and final phase of the Assembly elections on Tuesday, October 1. As many as 415 candidates spanning across political parties and Independents are in fray from 40 seats that are set to go to polls tomorrow. Around 39.18 lakh voters are eligible to vote in the third phase of polling. Voting is scheduled to begin at 7 AM across 5,060 polling stations across seven districts of Jammu and Kashmir. Of the 40 seats going to polls on Thuesday, 16 fall in the Kashmir region while 24 lie in the Jammu province. The 16 Assembly segments set to go to polls on Tuesday include Karnah, Trehgam, Kupwara, Lolab, Handwara, Langate, Sopore, Rafiabad, Uri, Baramulla, Gulmarg, Wagoora-Kreeri, Pattan, Sonawari, Bandipora and Gurez (ST). The 24 constituencies going to polls in Jammu include Udhampur West, Udhampur East, Chenani, Ramnagar (SC), Bani, Billawar, Basohli, Jasrota, Kathua (SC), Hiranagar, Ramgarh (SC), Samba, and Vijaypur, Bishnah (SC). Suchetgarh (SC), R S Pura, Jammu South, Bahu, Jammu East, Nagrota, Jammu West, Jammu North, Marh (SC), Akhnoor (SC), and Chhamb. Jammu and Kashmir Election Phase 3: Key candidates and contests The final phase is set to witness some interesting contests, particularly in the Kashmir region where the National Conference, the People’s Democratic party and the People’s Conference are locked in a battle. PC's president and former minister Sajad Lone is contesting against five-time legislator and minister Choudhary Ramzan in Handwara constituency. Langate will be another key constituency in focus where Lok Sabha MP Engineer Rashid's brother Sheikh Khursheed and PC's candidate Irfan Ahmad Ganaie are locked in an intense battle. Lolab, Kupwara and Tregham seats are set to witness direct contests between the NC and PDP while the Baramulla segment will see a close contest between the uncle Muzaffar Baig and his paternal nephew Javaid Baig. In Uri, former minister Taj Mohiuddin will contest against NC Dr Sajjad Shafi. Voting to be held under tight security cover Security has been heightened in Jammu and Kashmir ahead of elections in the third and final phase. The Jammu and Kashmir Police on Sunday monitored the security situation in the Baramulla assembly constituency where polling is scheduled to be held in the final phase on October 1. Voting in the final phase also comes amid protests over the killing of Hezbollah chief Hassan Nazrallah in the Kashmir Valley. The protests have also found the backing of political parties, including the National Conference and the people’s Democratic party. | 2024-09-30 17:28 | 2024-09-30 | 17:28 |
moneycontrol.com | https://www.moneycontrol.com/news/business/personal-finance/new-irdai-rules-life-insurance-policyholders-to-get-higher-early-exit-payouts-from-october-1-12832541.html | New IRDAI rules: Life insurance policyholders to get higher early-exit payouts fm October 1 | Policyholders stuck with IRDAI's product, special surrender value rules will get higher premium refund on early exit.Related stories. | Come October, and the new higher-payouts-on-early-exit regime will commence in the life insurance space. This is part of the larger, updated insurance product regulations issued by the Insurance Regulatory and Development Authority of India (IRDAI) in March, followed by the master circular with detailed norms in June. While the rules were already applicable to new products launched since then, the regulator had granted life insurance companies time till September 30 to re-file their existing plans to comply with the new norms. Lower penalty for premature exit In simple terms, compared to the present scenario, the special surrender value (SSV) — payout on premature exit — for endowment policyholders because ofmis-sellingor inability to pay premiums will go up. Unlike now, when policyholders lose the entire premium paid if they exit after year one, once the new policy kicks in, they will get a part of their premium back. For insurers, their margins in the non-participating, guaranteed-return category of endowment plans will be the most affected. There will be no change in the surrender value of unit-linked insurance policies and pure protection term covers. Majority of life insurance companies had, in May and June,vociferously opposed this moveciting an ALM (asset-liability management) mismatch as these are meant to be long-term plans and providing for liquidity in the interim is not the goal. They had argued that the new rules would not be in the interest of persisting (those who stay through the term) policyholders as their returns would be compromised. “Our alternative solution was to allow complete refund of premiums in case of mis-selling, rather than offering higher surrender values. The upfront charges are high and it is difficult to recoup the commissions paid in the initial years,” said the CEO of a large private life insurance company. The saga of surrender charges and values started way back inDecember 2022and several drafts and discussions later, finally culminated in new product rules in March 2024, followed by a master circular detailing the special surrender value computation, among other provisions, in June 2024. Also read:ÂHow to avoid falling prey to life insurance mis-selling traps Advantage policyholders However, some life insurers, besides experts, have supported the new regulations, asserting that policyholders would benefit, as many tend to let their policies lapse in the early years. “At heart, the higher surrender value regulations treat the policyholders fairly (both lapsed and persistent), and prevent the insurers from excessively rewarding distributors at the expense of lapsed policyholders. The surrender value clause (after paying one annual premium) will force insurers to link commissions with persistency by moving to trail-based commissions, or having a claw back provision for the first year's commission, in case of early surrender,” said Avinash Singh, Senior Research Analyst, Emkay Global, in a note issued after the master circular's release. This could, theoretically, curb cases of mis-selling to an extent. According to Emkay's calculations, a policyholder buying a non-par endowment policy with an annual premium of Rs 1.2 lakh, a five-year premium paying term, and a tenure of 10 years will now get Rs 1.06 lakh if she were to surrender after paying the first premium. At present, she has to forgo the entire amount. Also read:ÂLife insurance policyholders to get higher special surrender payouts on early exit from endowment plans Customer information sheet for easy decoding While revision in surrender value norms is the most important change that will take effect from October 1, several other rules, too, will come into force for existing policies. In the case of health and general insurance, the insurance regulator has made it mandatory for life insurers to issue a Customer Information Sheet (CIS) as part of the policy documents. The CIS is supposed to contain information on clauses, policy benefits, premiums, and terms and conditions in simple language and a concise manner, and will be of use to policyholders who find the complex language intimidating and difficult to comprehend. Insurers to pay more for ineffective grievance redressal To resolve complaints about insurers not complying with the insurance ombudsman's orders on time, the IRDAI has introduced additional penalties. Insurers will now have to pay policyholders Rs 5,000 a day if they do not honour the ombudsman's order within 30 days. | 2024-09-30 17:26 | 2024-09-30 | 17:26 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sebi-fines-nirmal-bang-for-violation-done-by-brokerages-authorised-person-12832635.html | Sebi fines Nirmal Bang for violation done by brokerage's authorised person | The regulator fined the stock brokerage Rs 2 lakh.Related stories. | The market regulator has fined stock brokerage Nirmal Bang Securities Rs 2 lakh for violations done by its authorised person (AP). In an order issued on September 30, the Securities and Exchange Board of India (Sebi) said that the AP did not keep evidence of placement of trade orders for its clients, among other violations. The order stated: "I find from the observations made in the inspection report, material available on record and the discussion above in the order that the AP of the Noticee (Nirmal Bang) has failed to maintain/keep evidence for placement of client order placement, display of mandatory information, Notices and maintenance of complaint register. Further as stock broker is responsible for all acts of omission and commission of his authorised person, the Noticee is found to be responsible for the above noncompliances and make the Noticee liable for monetary penalty under the provisions of section 15HB of the SEBI Act." Also read:ÂStock exchanges to hike transaction charges from October 1; BSE shares rise The order noted mitigating factors while deciding the penalty, such as corrective action taken by the brokerage post inspection and no complaints being recorded against the brokerage. When the regulator's officials conducted an inspection of the AP's premises, they found that the AP did not maintain a complaint register and did not display the mandatory disclosures and notice board at his office. Meanwhile the stock brokerage had submitted a report that the AP had adhered to the mandated requirements. The brokerage also submitted that when the inspection team (Sebi) visited the premises, maybedue to exigent reasons (ongoing repairs), the displayed disclosures were taken down. Therefore, the brokerage contended that it had not submitted wrong information to the regulator. But inspection team (from Sebi) observed that the AP started disclosing the mandatory disclosures and notices in front of the inspection team and they did not find any repair or anything that could be considered as an exigent reasons to not to display the mandatory disclosures and notices. | 2024-09-30 17:25 | 2024-09-30 | 17:25 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/piramal-pharma-sterile-injectables-expansion-12832661.html | Piramal Pharma to invest $80 million in expanding Kentucky's sterile injectables facility | ŌĆ£This expansion represents a strategic investment in the future,ŌĆØ said Nandini Piramal, Chairperson, Piramal Pharma. | Leading contract manufacturer Piramal Pharma has approved a $80 million expansion for its sterile injectables facility in Lexington, Kentucky, the company said on September 30. The investment has been financed through bank loans and internal accruals, and aims to enhance siteŌĆÖs capacity to meet rising demand, said the company. Nandini Piramal, Chairperson,Piramal Pharmasaid, ŌĆ£This expansion represents a strategic investment in the future of Piramal Pharma. Filling the commercial manufacturing gap enables the Lexington site to access the rapidly expanding injectables market and establish itself as a key player in the segment.ŌĆØ The┬ĀLexington facility offers a differentiated product through sterile injectables. Piramal Pharma - a Contract Development and Manufacturing Organization (CDMO) player -offers endŌĆÉtoŌĆÉend solutions across a drug's life cycle. According the the company, the addressable market of current pipeline of generic injectables is roughly $2.2┬Ābillion. On September 30, the company┬Āsaid it┬Āhad┬Āreceived anEstablishment Inspection Report (EIR) with Zero observationsfor its manufacturing facility located at Ahmedabad. | 2024-09-30 17:25 | 2024-09-30 | 17:25 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/indias-fiscal-deficit-for-april-august-at-rs-4-35-lakh-cr-27-of-full-year-target-12832430.html | India's fiscal deficit for April-August at Rs 4.35 lakh cr, 27% of full-year target | Fiscal deficit numbers for August.Related stories. | India’s fiscal deficit remained contained at 27 percent of the full year number between April-August as spending remained muted in the first five months of the year, according to data released by the government on September 30. "This shows that India will not deviate from the path of fiscal consolidation and will reach the fiscal deficit - GDP target of 4.5 percent next fiscal year. However, continued revenue buoyancy is crucial to pre-empt fiscal austerity measures by cutting down expenditure to reach the threshold ratio of fiscal deficit," said Lekha S Chakraborty, Professor, NIPFP. The deficit was a higher 36 percent during similar period in FY24. In the first five months of the fiscal, the government had spent 27.1 percent of theBudgeted estimate of Rs 11.11 lakh crore on capex compared with 37.4 percent spending during similar period last year In July, capex had risen over 100 percent to Rs 80,209 crore compared with the previous year. It was 30 percent lower at Rs 39,727 crore between April-August 2024 and nearly half of the amount spent in July. "Any cuts in public expenditure will results in negative growth consequences," said Chakraborty. This slowdown was also reflective in contraction in infrastructure industries in August. Data released September 30 showed core sector output contracted to aÂnear four year low of 1.8 percentcompared with 6.1 percent growth witnessed in the first quarter. Core sector growth in the first five months at 4.6 percent was much below the 8 percent growth witnessed during April-August 2023. Net tax revenue also helped keep fiscal deficit contained, as revenue collection was 38.6 percent of full year target in the first five months compared with 38.5 percent during April-August 2023. "The relatively contained fiscal deficit for Apr-Aug 2024 reflects the lower government spending due to the general elections in Q1 FY25 as well as higher net tax receipts on healthy tax collections. Net tax receipts so far this year are 34% of the annual target and are higher than the same time last year," said Sakshi Gupta, principal economist HDFC Bank. The government keeping to its market borrowing target is also likely to help contain fiscal deficit, besides the surprisingly higher dividend from the Reserve Bank of India. Not tax revenues were 61.3 percent of the Budgeted target of Rs 5.46 lakh crore compared with 69.5 percent during a similar period. Borrowing calendar for second year showed that the government is expecting to rake up Rs 6.61 lakh crore, in line with the Budget, in the second half of the year, of which a significant proportion is to come from longer-tenure securities. Overall government spending at 34.3 percent of the Rs 48.2 lakh crore Budgeted for the year, was lower than 37.1 percent spent during the similar period last fiscal. "Going forward, even as government spending momentum continues to pick up, higher than budgeted tax collections are expected to keep the fiscal deficit at bay with the possibility of the government over-achieving its fiscal deficit target of 4.9 percent of GDP for FY25,” Gupta noted. | 2024-09-30 17:23 | 2024-09-30 | 17:23 |
moneycontrol.com | https://www.moneycontrol.com/news/business/cement-prices-set-to-rise-in-h2-as-infrastructure-projects-gain-momentum-12832291.html | Cement prices set to rise in H2 as infrastructure projects gain momentum | File photo.Related stories. | Cement prices per 50 kg bag are expected to rise further in the second half of the year as infrastructure projects receive pending budget allocations, according to analysts. They add that political events are unlikely to influence pricing, and the recent rollback of prices in Chhattisgarh is viewed as an exception. Analysts also believe that the upcoming assembly elections will not pressure cement companies to reduce prices. After nearly a year of declining prices, cement companies began reversing the trend in the third week of August, with increases ranging from Rs 10 to Rs 20 per bag across regions. However, the sustainability of these hikes remained uncertain. Dealers had suggested that only a portion of the increase may hold, as intermittent rains, heightened competition, weak demand in the non-trade segment and the upcoming festive and wedding season are expected to disrupt demand, according to a research report from brokerage Motilal Oswal released earlier this month. Factors such as the general election, heatwaves during the summer and heavy rainfall received in the monsoon that followed have curbed the growth in cement demand. The all-India average cement price collapsed to a 51-month low between end-July and the first half of August, according to a report by Elara Securities dated September 26.  On the demand side, there was a slight improvement in September compared with August. As of now, factors such as the start of Pitru Paksha—the 16-day period in the Hindu calendar considered inauspicious—have led people to postpone starting new projects, according to the report.  However, analysts expect a steady recovery in the second half of the year, fuelled by a rebound in infrastructure projects, which is likely to drive a significant increase in demand. "We believe weak demand and cement prices coupled with negative operating leverage are likely to hit the profitability of the industry in Q2FY25. However, we expect a gradual recovery in cement demand in the upcoming quarters which should enable the industry to take some price hikes," Elara analyst Ravi Sodah wrote in his report. Among the states receiving approval for major infrastructure projects is Chhattisgarh, where the Union government has sanctioned the construction of over 8 lakh houses under the Pradhan Mantri Awas Yojana (PMAY) for rural areas. Following this, cement companies raised prices in the state by nearly 20 percent, according to reports. The hike prompted a political outcry in the state, causing the companies to roll it back. When asked about potential political influence on cement price hikes, Axis Research analyst Uttam Srimal explained, "Cement prices are driven by demand and supply dynamics, so the upcoming assembly elections are unlikely to have a significant impact. Prices are expected to rise from the third quarter, and the second half of the year will likely be stronger for cement companies compared to the first." Cement firms in various markets are expected to raise prices in the range of Rs 5-15 per bag in October, according to Elara. "Market intermediaries in most areas anticipate a demand uptick in the coming weeks, though the festival season could potentially limit growth," the brokerage added. Analysts expect the government's announcement of an additional 2 crore houses under PMAY (Rural) over the next five years to boost growth in the cement sector, as housing remains the largest consumer of this essential building material. During FY24, cement demand registered a 9 percent growth over the previous fiscal year. However, for FY25, demand growth is expected to moderate to around 6-7 percent due to the high base of the previous three fiscals. Despite this moderation, demand growth is projected at approximately 8 percent over the next couple of years, driven by strong demand prospects from the infrastructure and housing sectors, as well as increased consolidation within the industry, according to a note from Axis Securities. India's cement industry is witnessing increased consolidation, with major players like UltraTech Cement, Adani Cement and Dalmia Bharat acquiring smaller companies to strengthen their market position. These mergers and acquisitions are driven by the need for scale, cost efficiencies and expanded geographic reach, especially as infrastructure demand surges across the country. | 2024-09-30 17:19 | 2024-09-30 | 17:19 |
moneycontrol.com | https://www.moneycontrol.com/news/india/brap-2024-set-to-establish-business-regulatory-framework-in-india-12832667.html | BRAP 2024 set to establish business regulatory framework in India | BRAP 2024 set to establish business regulatory framework in India. | The Business Reforms Action Plan (BRAP) 2024 is set to establish a seamless business regulatory framework across the country, enhancing the ease of doing business, the commerce and industry ministry said on Monday. Building on the successes of previous editions, BRAP 2024 aligns with key government initiatives such as the Reducing Compliance Burden and decriminalisation, it said. It added that the upcoming BRAP framework introduces an innovative assessment methodology, blending evidence and feedback-based evaluations for a more comprehensive and dynamic approach. Launched in 2014-2015, BRAP has been a transformative force in reshaping India's business landscape, embodying the spirit of competitive federalism, with six successful editions already completed. *** IHCL opens 57-key Ginger in Delhi * Indian Hotels Company Ltd (IHCL) on Monday announced the opening of 57-key Ginger Delhi, Chanakyapuri, 70th operating hotel under the brand. "Situated in one of New Delhi's most prominent locations, Ginger Delhi, Chanakyapuri strengthens IHCL's presence in the capital, an ideal address for both corporate and leisure travellers," IHCL Managing Director and CEO Puneet Chhatwal said in a statement. With the addition of this hotel, IHCL will have 18 hotels in the National Capital Region with three under development. | 2024-09-30 17:17 | 2024-09-30 | 17:17 |
moneycontrol.com | https://www.moneycontrol.com/news/business/bull-steepening-to-return-in-g-sec-market-on-low-short-tenure-bond-supply-expectation-of-rate-cut-by-rbi-12832545.html | Bull-steepening to return in G-sec market on low short-tenure bond supply, expectation of rate cut by RBI | Bonds.Related stories. | The bull-steepening theme, where shorter tenure yields fall faster than longer tenure yields, is expected to return to the government securities market on the expectation of stance change or rate cut by the Reserve Bank of India (RBI) and lower supply of short tenure securities in the second half of the current fiscal. The latest borrowing calendar announced by the RBI (of central government dated securities) indicated that sub-7 year securities are just 25 percent of the overall borrowing in the second half. Whereas, the rest of the borrowing is through longer tenure securities. According to the September 27 report of Emkay Global Financial Services, there will be bull-steepening due to a possible stance change/rate cut by the RBI in October/December, the lower share of 3-year and overall sub-7 year tenor in second half borrowing, and continued active/passive FPI inflows (JPM-index inclusion focused on sub-7 years, etc). The report further said that the fourth quarter of the current financial year could again favour bull-flattening led by long-only market players, especially amid lower supply. The Centre’s borrowing for the second half of FY25 at Rs 6.61 lakh crore was in line with thebudgeted target for the second half of the financial year, according to the October-March borrowing plan released by the government on September 26. It is estimated to have borrowed over Rs 7 lakh crore in the year's first half, of which nearly 40 percent was via longer tenure bonds. The second half is expected to have 21 auctions, with the first starting from September 30, where the government would be auctioning Rs 39,000 crore worth of paper, of which Rs 22,000 crore is for 10-year bonds, while Rs 10,000 crore is for 50-year securities. Securities with tenure of over 10 years have had a 76.6 percent share in total borrowing in the second half, as per an MC analysis of the calendar. Of this Rs 6.61 lakh crore, Rs 20,000 crore is expected to be for sovereign green bonds. The government had budgeted Rs 14.01 lakh crore of gross borrowing for FY25 in the budget presented on July 23, lower than Rs 14.13 lakh crore in the interim budget. This was also a 9 percent reduction from Rs 15.43 lakh crore the government had borrowed in FY24. The announcement of the borrowing calendar came after the market hours, and yield on the government securities, especially 10-year benchmark bond opened almost flat and then surged as the government maintained the same borrowing plan. Currently, yield on 10-year benchmark 7.10 percent 2034, stood at 6.7524 percent at 3:40 pm. | 2024-09-30 17:16 | 2024-09-30 | 17:16 |
moneycontrol.com | https://www.moneycontrol.com/technology/zerodha-has-hired-only-5-employees-for-its-tech-team-in-4-years-says-cto-kailash-nadh-article-12832544.html | Zerodha has hired only 5 employees for its tech team in 4 years, says CTO Kailash Nadh | Kailash Nadh, CTO, Zerodha.Related stories. | The country's leading online stock trading firm ZerodhaŌĆÖs hiring strategy remains highly selective, with the company bringing in just five new employees for its tech team in the past four years, Chief Technology Officer Kailash Nadh has said. Speaking about ZerodhaŌĆÖs team-building approach, Nadh said the company's emphasis is on maintaining a close-knit, collaborative work environment over rapid expansion. "WeŌĆÖve hired about 5 people in the tech team in the last 4 years in total, with 3 in the last year. The total strength is now 35 members in┬Āthe┬Ātech┬Āteam," Nadh toldMoneycontrol. Only two of ZerodhaŌĆÖs 35-strong tech team have left in the past 10 years, Nadh had said earlier. When asked about the strategy that has worked, he said Zerodha does not even use the word talent. ŌĆ£It is a group of people who hang out with each other, who have the right philosophies, who gel well with each other,ŌĆØ the CTO said. The companyŌĆÖs culture focuses on human decency and building relationships. ŌĆ£There is really no real formula,ŌĆØ he said. Companies start hiring ŌĆ£like crazyŌĆØ because that becomes a de facto growth metric. ŌĆ£Software teams used to be lean 10-15 years ago. Startups did not have the tendency to hire hundreds of programmers,ŌĆØ Nadh said. A company can maintain its existing framework and grow while having a small team. "I think it is a misconception that the number of people in a tech or engineering team scales linearly with the organisation in terms of financial transactions or the number of users or revenue. It is absolutely possible for a really small team to build massive systems that scale to really massive numbers. For me, if an engineering team grows exponentially as the company and its business grows, that is a bit of an anomaly," he said. Also read:┬ĀMost tech jobs in IT services can be automated with generative AI: Zerodha CTO The comments assume significance as the online platform has faced tech glitches in the past, with traders venting their frustration on social media. On June 3, ZerodhaŌĆÖs platform malfunctioned on a day of market surged to new highs, coinciding with exit polls predicting a third term for Prime Minister Narendra Modi. ŌĆ£This (Zerodha's technical glitches) perception problem is mostly because of Twitter," Zerodha CEO┬ĀNithin Kamath recently said. | 2024-09-30 17:14 | 2024-09-30 | 17:14 |
moneycontrol.com | https://www.moneycontrol.com/news/india/youtuber-arrested-for-defamatory-content-about-ex-army-chief-vk-singh-12832668.html | YouTuber arrested for defamatory content about ex-Army chief VK Singh | VK Singh.Related stories. | The owner of a YouTube-based news portal has been arrested here for allegedly putting out defamatory content against former Army chief and former Union minister VK Singh, police said on September 30. The arrest was made by the officials of Kavinagar police station following the registration of a complaint made by Singh, the former Ghaziabad Lok Sabha MP, on Sunday evening, a senior officer said. Those booked in the case are the news portal's editor-in-chief Ran Singh and a city-based iron trader, Anand Prakash, who allegedly made the false claim about Singh, the officer said. The YouTube channel allegedly posted unverified claims, saying that Singh failed to pay rent for his residence during his occupancy. In his complaint, Singh described the post as "baseless" and lacking factual evidence. He asserted, "The post has tarnished my image both nationally and internationally, as well as in Uttar Pradesh and in the society as a whole. This act cannot be overlooked or excused; it has hurt my sentiments. Even the apex court and the high court did not pass any orders, so how can a businessman issue such false statements on social media?" Deputy Commissioner of Police (City) Rajesh Kumar Singh said the accused YouTuber has been arrested while further probe is underway. The FIR was registered under BNS sections 356 (defamation), 352 (Intentional insult with intent to provoke breach of peace), 61(2) (party to criminal conspiracy) and under provisions of the IT Act, he said. "Police are currently investigating the case to initiate action against those responsible," Singh added. | 2024-09-30 17:12 | 2024-09-30 | 17:12 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/core-sector-output-contracts-by-1-8-in-august-12832429.html | Core sector output contracts by 1.8% in August | Core sector growth for August. | India’s core sector output contracted 1.8 percent in August compared with 6.1 percent in the previous month, according to data released by the government on September 30. This represents a marked slowdown in growth to 4.6 percent for the first five months of the year at 4.6 percent, from eight percent during similar period in the previous year. This is likely to have significant bearing on industrial production, especially as manufacturing activity has slowed over the last month. India’s manufacturing PMI had slumped to a three-month low of 57.5 in August compared with 58.1 in the previous month, as demand had softened. The combined Index of Eight Core Sector Industries has a 40 percent weight in the Index of Industrial Production and measures the output of key sectors - cement, coal, crude oil, electricity, fertilisers, natural gas, refinery products and steel. | 2024-09-30 17:11 | 2024-09-30 | 17:11 |
moneycontrol.com | https://www.moneycontrol.com/news/business/online-bond-platform-association-likely-to-release-norms-in-3-weeks-12832566.html | Online bond platform association likely to release norms in 3 weeks | Regulations.Related stories. | The Online Bond Platform Providers (OBPP) Association is likely to release regulations for all its members in the next three weeks, sources have told Moneycontrol. “The association has received the approval for the by-laws from the executive committee and its set to release them in the next three weeks,” a source said. The regulations are in line with those of the Association of Mutual Funds in India (AMFI), the sources said. Online bond platforms are companies that sell bonds or non-convertible debentures (NCDs) to investors, especially retail investors, through their websites or mobile applications. The association, which will complete a year in November end, has collected Rs 5 lakh from some of its members in membership fee for its development and that of its website, another source said. "The website for the association is ready and currently in the beta testing phase. It will be rolled out in one week and after the release of regulations, it will be placed on the website," the source said. Around 16-18 bond portals, including IndiaBonds, GoldenPi, The Fixed Income, Wint Wealth, BondsKart, BondsIndia, Bondbazaar, Grip Invest and Aspero, are part of the association. These platforms generally offer instruments which include bank bonds, those issued by public sector undertakings, government guarantee bonds, state development loans, sovereign gold bonds, real estate bonds and public issue of bonds. These platforms have become important in recent years as they allow retail investors to invest in corporate bonds. The reduction of face value on corporate bonds, too, has boosted investor interest. Earlier this year, the OBPP Association of Indiaappointed Aditi Mittal of IndiaBonds as the chairperson. It named Suresh Darak from Bondbazaar as the vice-Chairperson, Tirth Shah of The Fixed Income the secretary and Ajay Manglunia of JM Finance the honorary member. On November 28, Moneycontrol was the first to report that theÂcorporate affairs ministry approved the application submitted by online bond platform providers for setting up the industry body. The body is registered under the name OBPP Association. | 2024-09-30 17:10 | 2024-09-30 | 17:10 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/technical-view-nifty-bank-nifty-likely-to-see-more-weakness-amid-bearish-reversal-pattern-formation-12832603.html | Technical View: Nifty, Bank Nifty likely to see more weakness amid bearish reversal pattern formation | Nifty Downtrend.Related stories. | The Nifty 50 opened with a gap down and remained under selling pressure throughout the session, negating the higher highs formation of the previous eight consecutive sessions, and ending decisively below the psychological mark of 26,000. Considering the bearish reversal pattern formation, accompanied by above-average volumes, the index may extend its losses in the upcoming sessions. The 25,500 level may act as a key support in the likely decline; however, in case of a rebound, 26,000 may be a significant hurdle, according to experts. The index started the week on a negative note at 26,061, extending its downtrend as the day progressed, hitting a day's low of 25,794. Finally, it finished near the day's low at 25,811, down 368 points or 1.41 percent, forming a long bearish candlestick pattern on the daily charts, with a lower high-lower low formation. Additionally, the momentum indicator RSI (Relative Strength Index) recorded a negative crossover. Technically, this chart pattern indicates a bearish reversal-type candle pattern (a type of bearish evening star, though not a classical one). This market action also signals a short-term top reversal for the Nifty, and further weakness is expected in the coming sessions, said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. He expects the Nifty to find support around the 25,500-25,400 area. "The market is likely to bounce back from the lows. Immediate resistance to watch is at the 26,000 level," he said. According to weekly options data, the maximum Call open interest was seen at the 26,000 strike, followed by the 27,000 and 26,200 strikes, with maximum Call writing at the 26,000 strike, followed by the 26,100 and 25,900 strikes. On the Put side, the 25,000 strike holds the maximum open interest, followed by the 26,000 and 25,800 strikes, with maximum writing at the 25,800, followed by the 25,600 and 25,700 strikes. This options data indicates that immediate support may be placed at 25,800-25,700 for the Nifty 50, while 26,000 may act as resistance. Bank Nifty The Bank Nifty also performed in line with the benchmark Nifty 50, forming a long bearish candlestick pattern with a gap-down opening and closing with an 856-point or 1.6 percent loss at 52,978, as banking heavyweights came under pressure. There was also a negative crossover in the momentum indicator RSI. The index has seen a decent correction of 1,400 points over the last two sessions and ended near its 20-day Exponential Moving Average (DEMA). According to Chandan Taparia, Senior Vice President | Analyst-Derivatives at Motilal Oswal Financial Services, as long as it holds below the 53,333 zone, some weakness could be seen towards the 52,750 and 52,500 levels, while on the upside, resistance is seen at 53,357 and 53,500 levels. Volatility rebounded sharply after declining over the previous four consecutive sessions, though it remains at lower levels. Bulls may need to be cautious if volatility climbs and sustains above the 14 mark. The India VIX, a fear indicator, was up 6.9 percent at 12.79 levels. | 2024-09-30 17:07 | 2024-09-30 | 17:07 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/tata-power-signs-mou-with-rajasthan-govt-to-invest-rs-1-2-lakh-cr-in-power-sector-12832632.html | Tata Power signs MoU with Rajasthan govt to invest Rs 1.2 lakh cr in power sector | Praveer Sinha, CEO & MD Tata Power during the MoU signing with Alok IAS, ACS Energy Govt of Rajasthan (in light blue shirt) along with Ajitabh Sharma, Principal Secretary of Industries, Government of Rajasthan at the Rising Rajasthan Investor summit in New Delhi. | Tata Power said on September 30 that it has signed a Memorandum of Understanding (MoU) with the Rajasthan state government for a 10-year plan totalling nearly Rs 1.2 lakh crore in power distribution, transmission, and renewables. “This ambitious 10-year plan aims to support Rajasthan's transformation into a power surplus state, providing 24/7 clean, affordable, and reliable power supply with investments in renewable energy projects and manufacturing, transmission, distribution, nuclear power, rooftop installations, and EV charging. The MoU will place Rajasthan at the heart of the nation's clean energy transition, contributing significantly to India's energy goals,”Tata Powersaid in a press release. The agreement involves comprehensive investment across the power value chain, from generation to transmission and distribution (T&D) reforms, as well as cutting-edge renewable energy projects across the state, including solar, wind, hybrid, and battery energy storage systems (BESS) including rooftop solar and EV Charging, Tata Power said. The highlights of this MoU include:Investment of nearly Rs 1.2 lakh crore, with nearly Rs 75,000 crore dedicated to renewable energy projects10,000 MW of renewable energy capacity (including 6,000 MW solar and 4,000 MW hybrid) to be developed across Bikaner, Jaisalmer, Barmer, and JodhpurAdvanced 2,000 MW solar module manufacturing facility with an investment of Rs 2,000 crore in JodhpurInvestment in state transmission and distribution area to modernize the grid infrastructure, reduce energy losses, and improve power quality across the state with investments of nearly Rs 20,000 crore for distribution infrastructure and Rs 10,000 crore for transmission systems Exploring opportunities to develop Nuclear power plantProposed Rs 1,000 crore investment in setting up 1 lakh EV Charging points across RajasthanRooftop solar power for 10 lakh households to support the PM Surya Ghar Yojana"The MoU will have a transformative socio-economic impact, creating over 28,000 directjobs in the State. Tata Power will strengthen the growth of local industries in areas suchas solar manufacturing, infrastructure development, and renewable energy innovations.In addition, the large-scale integration of renewables will lower energy costs forindustries and consumers, making Rajasthan an attractive destination for greeninvestments and sustainable industrial development," the statement added. Tata Power has already established a significant footprint in Rajasthan, and has successfully commissioned 1 GW of solar projects and 185 MW of wind projects in the state, along with 130 MW of rooftop solar installations. | 2024-09-30 17:03 | 2024-09-30 | 17:03 |
moneycontrol.com | https://www.moneycontrol.com/news/business/after-allcargo-blue-dart-to-implement-general-price-hike-effective-january-1-12832607.html | After Allcargo, Blue Dart announces general price hike effective January 1 | The average price increase will be in the range of nine percent to 12 percent.Related stories. | Logistics companyBlue Dart Express Limited, which is part of the DHL Group, announced on September 30 that it will implement a general price increase (GPI), effective from January 1, 2025. The average price increase will be in the range of nine percent to 12 percent, depending on product variabilities and the shipping profile, the company informed via an exchange filing. Customers signing up from October 1 to December 31 will not be impacted by the price increase, the company said in a stock exchange filing. On September 30, Blue Dart's shares on BSE closed nearly 1 percent higher at Rs 8,171.05 apiece. Notably, Blue Dart conducts a comprehensive review of its pricing structure every year. “This essential decision ensures the continued provision of quality service while fostering sustainable ecosystem collaboration,” according to the express air and integrated transportation and distribution company. The pricing adjustments for 2025, which include inflationary adjustments and cost rationalisation, are designed to partly cover spiraling long-term costs, such as rising input costs to operations, including but not limited to airline operating costs and infrastructure costs, while also supporting customers with customised and seamless deliveries, Blue Dart Express added. Commenting on the announcement, Balfour Manuel, Managing Director, Blue Dart, said, “As we step into 2025, we remain committed to delivering exceptional, reliable services. This price adjustment is essential for sustaining our operational excellence while continuing to offer solutions centered on the needs of our stakeholders. In conjunction with our annual price adjustment, we are also mobilising investments to expand our network, adopt the latest technologies, and enhance our service offerings. We are primed to capitalise on new opportunities and deliver even greater value to our customers and stakeholders.” Blue Dart’s announcement comes days after Allcargo Gati announced a 10.2 percent average general price increase starting from January 1, 2025. | 2024-09-30 17:00 | 2024-09-30 | 17:00 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/vipul-organics-announces-rights-issue-12832637.html | Vipul Organics announces rights issue at 1:3, issue price of Rs 54 per share | Related stories. | Vipul Organics, a specialty chemicals company, has announced a rights issue offering one share for every three held as on record date at Rs 54 per share, according to a stock exchange filing on September 30. The size of the issue is up to Rs 25 crore, and the funds realised through the issue of shares the development of a new facility in Sayakha, Gujarat. The company reported Rs 151 crore in revenue for FY 2023-24. Vipul P Shah, Managing Director,Vipul Organicssaid, "The company has undertaken substantial capacity expansion and has decided to do a rights issue to mobilise funds. With a view to reward our shareholders and to include them in the growth of the company, the issue price is at a substantial discount to the current market price." Shares of Vipul Organics were higher by 12% in the session on September 30, and are higher by 50% on YTD basis. The market capitalisation of the company is around Rs 340 crore. Vipul Organics just concluded its capacity expansion at its Ambernath facility, and construction is underway at its greenfield facility at Sayakha, Gujarat. The record date for the rights issue is expected to be announced later, said the company. The dyes and pigment sector is crucial in enhancing packaging materials’ aesthetics and With rising paperboard packaging, there is an increasing demand for dyes as well. The Indian dyes and pigments sector accounts for almost a quarter of the world market, and is projected to grow at a CAGR of 11% between 2024 and 2032, according to a report by Claight. | 2024-09-30 16:57 | 2024-09-30 | 16:57 |
moneycontrol.com | https://www.moneycontrol.com/technology/fau-g-domination-made-in-india-shooter-game-garners-1-million-pre-registrations-in-3-weeks-article-12832602.html | FAU-G: Domination, made-in-India shooter game, garners 1 million pre-registrations in 3 weeks | FAU-G: Domination is a 5v5 multiplayer shooter game, which means two teams of five players compete against each other.Related stories. | Nazara Publishing, a division of the gaming and sports media firm Nazara Technologies, has garnered one million pre-registrations for the made-in-India multiplayer shooter game,FAU-G: Domination, in under three weeks on the Google Play Store. This makes it the fastest game to hit the one million milestone for Nazara's fledgling publishing unit, the company said. Nazara PublishingÂstarted pre-registrations forFAU-G: Dominationon September 5 in an event in Mumbai. The game is part of the FAU-G franchise from nCore, a mobile games and interactive entertainment firm of gaming veteran Vishal Gondal. Bollywood superstar Akshay Kumar is the mentor for the franchise. Those interested can pre-register for the game on the Google Play Store for Android, while App Store for iOS and iPadOS is expected to follow soon. Nazarapartnered with nCore in June to publishFAU-G: Domination, marking a high-profile addition to the portfolio of its publishing unit launchedstarted in October 2023. Nazara Publishing said it has undertaken a marketing campaign to drive pre-registrations for the title. This includes partnering with some of India’s top content creators and influencers and offering pre-registration bonuses to consumers. “Hitting this milestone so quickly is a powerful testament to the growing demand for high-quality, Made-in-India content," Gondal said. Indian gamers are a discerning audience, and their overwhelming support shows that they're hungry for experiences that reflect their culture and identity. “This early validation reinforces our belief that India is not just a consumer of global gaming content but a creator of world-class games that resonate both at home and internationally,” he said. Read:ÂFAU-G returns: Vishal Gondal’s nCore eyes gaming revival with 'Domination' Marching on FAU-G: Dominationis a 5v5 multiplayer shooter game, which means two teams of five players each compete against each other. It features modern-day military aesthetics with Indian characters each with unique backstories. The title will launch with multiple team and one-man army modes. Each mode will have a unique winning scenario with defined rules, the company said. The title has been developed by Dot9 Games, a Mumbai-based gaming studio backed by nCore. Dot9 Games was set up in 2021 by Deepak Ail, Srinivasan Veeraraghavan, Kaiwan Yezdani and Prasad Ramdas, all of whom worked with Gondal in his earlier venture Indiagames, which was acquired by Disney in 2011. “The game is at the stage where we’re fine-tuning and deciding what features players need at launch — with some playtests before that,” Dot9 Games CEO Ail said. "While the Dot9 Games team is working tirelessly to makeFAU-G: Dominationthe best it can be, a million pre-registrations is just the incentive we need to make it even better." The company saidFAU-G: Domination did its second playtest in the previous week, enabling players to access the latest build of the game and play with fellow community members. Playtests help the company gather detailed feedback to improve key areas ranging from gameplay mechanics to design elements before its launch. This includes improving weapon balance to enhancing the map layouts and user interface. Worth a billion bucks India is the fastest-growing games market in Asia, both in terms of revenue and gamers, according to Niko Partners, a market research and consulting firm that covers video games, e-sports and streaming in the continent. The combined mobile, PC and console gaming revenue is projected to reach $943 million in 2024, up 13.6 percent from the previous year. The market is expected to surpass $1 billion in revenue in 2025 and reach $1.4 billion in 2028, growing at a five-year compound annual growth rate of 11.1 percent, it said. These figures do not include revenues from real-money games or exports. | 2024-09-30 16:51 | 2024-09-30 | 16:51 |
moneycontrol.com | https://www.moneycontrol.com/news/india/government-will-decide-on-indias-travel-to-pak-for-champions-trophy-bcci-12832627.html | Government will decide on India's travel to Pak for Champions Trophy: BCCI | Pakistan are scheduled to host the prestigious ODI tournament from February 19 to March 9. | Reiterating a long-held position, BCCI Vice President Rajeev Shukla on Monday said a decision on whether the national cricket team will travel to Pakistan for next year’s ICC Champions Trophy will depend on government approval. Pakistan are scheduled to host the prestigious ODI tournament from February 19 to March 9. ”No decision has been taken (yet). But our policy is that for international tours, we always seek the permission of the government. It’s up to the government to decide whether our team should go to any country or our team should not go to any country,” Shukla told reporters here. ”In this case (also), whatever the government will decide, we will abide by that,” he added. Shukla was talking to the media on the sidelines of the ongoing second Test between India and Bangladesh here. India and Pakistan only play each other in ICC events. India have not travelled to Pakistan for bilateral cricket since 2008 following the Mumbai terror attacks in which over 150 people were killed. Pakistan were in India for the ODI World Cup last year after a gap of seven years. It is being speculated that India will not travel to Pakistan for the Champions Trophy. The BCCI may request the ICC to pull the tournament out of Pakistan and organise it either in Sri Lanka or Dubai. The latest edition of the Asia Cup was played as per a hybrid model allowing India to play all their matches in Sri Lanka. As a result, the island nation hosted nine games while Pakistan hosted the remaining four matches. The Pakistan Cricket Board (PCB) is averse to the idea of taking the tournament out of their country. Recently, Pakistan all-rounder Hasal Ali had also said that if India do not travel to Pakistan, the tournament should go ahead without their Asian neighbours. The ICC, on its part, has maintained that it would not force a member board to go against government policy. | 2024-09-30 16:42 | 2024-09-30 | 16:42 |
moneycontrol.com | https://www.moneycontrol.com/elections/assembly-election/jammu-and-kashmir/bjp-will-ensure-that-pakistan-doesnt-celebrate-jk-election-results-on-october-8-tahir-choudhary-article-12832579.html | BJP will ensure that Pakistan doesn't 'celebrate' J&K election results on October 8: Tahir Choudhary | Dr Tahir Choudhary, BJP J&K Spokesperson. | As Jammu and Kashmir gears up for the final and the largest phase of the ongoing assembly polls, BJP J&K Kashmir spokesperson Dr. Tahir Choudhary exuded confidence in BJP emerging as the single-largest party on October 8. Speaking to Moneycontrol on a host of issues from BJP's expectations from the election, unparalleled development in the region to the return of normalcy, Dr Choudhary, in no uncertain terms said that the mood in the Union Territory is extremely positive and the saffron party will emerge victorious in the ongoing polls. Having witnessed an impressive voter turnout in the first two phases, the remaining 40 seats of the 90-member legislature will go to the polls on October 1. This will be the most critical for the parties in the fray. In this phase, 24 seats of the predominantly Hindu districts of Udhampur, Kathua, Samba and Jammu will go to polls. The BJP has high stakes in these areas. Excerpts from the interview: - Why is BJP so confident of emerging victorious and what are its expectations from the polls? BJP is completely relying on its organisational work in the region. Even in the kashmir valley, where the saffron party has fielded 19 candidates, it was done after taking ground-level inputs into consideration. People are really looking for an alternative 'governance model'. For far too long, the region was devoid of governments that work for the people. The traditional parties (PDP and NC) had taken the masses for granted. People of Jammu and Kashmir want India to celebrate on October 8 not Pakistan. BJP will ensure the wish is fulfilled. - In terms of number of seats, how many seats can BJP expect to win? I am not in a position to reveal the exact number of seats. However, I can say with certainty that the saffron party will emerge as the single largest party. The mandate will be historic as people will give their final stamp of approval on BJP's 'governance model'. People have understood how reading down of Article 370 has benefited them. - How do you view the Centre's move to expand the ST list and the protests from the Gujjar-Bakerwal community? It's a very good question. In order to understand the issue, one needs to understand the backstory and the context in which the move was made. In spite of shared ethnic qualities, socioeconomic disadvantage, ethnic affiliation, recurring migrations, and other factors, the Pahari ethnic group was disregarded and was not granted Schedule Tribe status in the 1990s, unlike other categories with similar traits. The move in no way dilutes the character of Scheduled Tribes in Jammu and Kashmir who were predominantly Muslim. - Traders and businessmen say they suffered huge losses after the Centre ended the 'Durbar Move'? I don't disagree that businesses in Jammu have taken a hit. The Durbar Move had a strong financial value, especially for the people of Jammu city. The people possibly didn’t realise this when they were all gung-ho about the move to stop this practice. The rationale used to end the move was that the Durbar Move was a way for the Kashmiri-dominated state parties like the National Conference to maintain their hegemony and deprive Jammu of its rightful share in the power. - Realistic assessment of BJP's campaign in 2014 versus 2019? The work done by the BJP in the past ten years has put us at an advantageous position. The people have realised that BJP does not make empty promises. The developmental work and the abrogation of Article 370 is an example of this. In 2014, BJP's campaign had mentioned about reading down Article 370, and in 2024, we are going to the polls with many such deliverables. -How do you respond to charges that BJP has propped up Engineer Rashid to split the votes of regional outfits? I am not surprised that NC and PDP make these allegations. The decision to release him on an 'interim basis' was taken by the judiciary. NC and PDP rake up the issue when they don't have any substantial to offer to the people. But, I am confident that people will reject their politics. - What is behind govt’s land right move for Pakistani refugees in J-K? This is a historic decision which should have been taken by previous governments. The decision, has granted proprietary rights to the West Pakistan Refugees (WPRs) as well as the 1965 India-Pakistan war displaced on “state land” in the Union Territory on which their ancestors were settled by the then state government several decades ago. One should not believe in narratives that the move was aimed at wooing an estimated 30,000 families of West Pakistan Refugees and 1965 Indo-Pak war displaced in Jammu region, who belong to Hindu community. | 2024-09-30 16:42 | 2024-09-30 | 16:42 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/premier-explosives-cfo-srihari-pakalapati-resigns-12832601.html | Premier Explosives CFO Srihari Pakalapati resigns, September 30 last working day | Shares of the have risen nearly 70% so far this year, and are higher by 160% in the last one year..Related stories. | Premier Explosives, the maker of industrial explosives and detonators, has informed stock exchanges that Chief Financial Officer (CFO) Srihari Pakalapati has stepped down from his position citing 'personal reasons'. September 30 will be his last day at the company, said a notification byPremier Explosivesto stock exchange. Pakalapati had tendered his resignation in July, and was accepted this month. Shares of the have risen nearly 70% so far this year, and are higher by 160% in the last one year. The company is sitting on a orderbook of Rs 8,99.4 crore, which is over three-fold of the FY24 revenue. Going forward, the company is working on projects that involve capacity for missile integration, as well as enter the export market for defence products. The company has been riding on the Make in India push in India's defence ecosystem, with contracts worth almost Rs 4 lakh crore from Defence Ministry expected to come to the domestic industry over next 5-7 years. Future expansion of the import embargo list is also expected to benefit company's business prospects. Premier has already entered into manufacturing of mines and ammunitions under the Atmanirbhar initiative. The company claims to be the only Indian company that specializes in the exports of fully-assembled rocket motors. Premier Explosives' revenue for Q1FY25 stands at Rs 83 crore versus Rs 62 crore in the same quarter a year ago, a growth of 34% YoY. Company's Q1FY25 operating profit stands at Rs 16 crore, almost flat on YoY basis. | 2024-09-30 16:35 | 2024-09-30 | 16:35 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/all-time-plastics-files-ipo-papers-with-rs-350-crore-fresh-issue-and-ofs-of-52-5-lakh-shares-12832552.html | All Time Plastics files IPO papers with Rs 350 crore fresh issue and OFS of 52.5 lakh shares | All Time Plastics IPO.Related stories. | Consumerware products maker All Time Plastics plans to enter capital markets for fund raising via an initial public offering, as it has filed preliminary papers with the regulator SEBI on September 30. The IPO is a combination of fresh issuance of equity shares worth up to Rs 350 crore by the company, and an offer-for-sale of 52.5 lakh equity shares by the existing shareholders. Promoters - Kailesh Punamchand Shah, Bhupesh Punamchand Shah, and Nilesh Punamchand Shah will be selling 17.5 lakh shares each in the offer-for-sale. The company may also raise Rs 70 crore via pre-IPO placement before the filing of red herring prospectus with the Registrar of Companies. The said amount will get reduced from the fresh issue component if it manages fund raising in pre-IPO placement (private placement). Also read:ÂPower electronics solutions firm Prostarm Info Systems files IPO papers All Time Plastics is primarily a white-label manufacturing, wherein it manufactures consumerware for customers to market under their own brand names including global retailers like IKEA, Asda Stores, Michaels Stores Inc, and Tesco Plc. Further, it also sells products to Indian retailers, including Spencer’s Retail. In fact, it was the second largest manufacturer of plastic consumerware products in the business-to-business (B2B) segment in India in terms of revenue for FY23. The Maharashtra-based company that competes with only listed peer Shaily Engineering Plastics also sells its consumerware products under its 'alltime' brand. It had 1,608 stock-keeping units (SKUs) across eight categories in FY24 including kitchen tools, food storage containers, hangers, kitchenware, cleaning equipment, and bathroom products. With manufacturing facilities in Daman and Silvassa, All Time Plastics generated 70 percent business from its top two categories - kitchen tools and food storage containers. Revenue from operations during the fiscal year 2024 increased by 15.6 percent to Rs 512.85 crore compared to previous year. Also read:ÂSEBI objects to use of IPO proceeds for paying back promoter loans Net profit for the year ended March 2024 grew by 58.4 percent to Rs 44.8 crore YoY, driven by strong operating margin performance. EBITDA (earnings before interest, tax, depreciation and amortisation) surged 32.3 percent to Rs 97.1 crore and margin soared 240 bps to 18.9 percent compared to previous fiscal. The Shah family-owned company is going to utilise Rs 120 crore out of the net fresh issue proceeds (fresh issue less IPO expenses) for repaying debt, and Rs 133.73 crore for purchase of equipment and machinery for its Manekpur facility. The remaining IPO funds will be used for general corporate purposes. Intensive Fiscal Services, DAM Capital Advisors are appointed as the book running lead manager to the issue. | 2024-09-30 16:34 | 2024-09-30 | 16:34 |
moneycontrol.com | https://www.moneycontrol.com/banking/tamilnad-mercantile-bank-confident-of-maintaining-nim-at-4-plans-to-open-40-branches-in-fy25-says-ceo-article-12832557.html | Tamilnad Mercantile Bank confident of maintaining NIM at 4%, plans to open 40 branches in FY25, says CEO | The lender, for FY25 plans to open 40 new branches across various regions beyond Tamil Nadu, with a special focus on the micro, small and medium enterprises (MSME) sector, retail growth and digital banking services..Related stories. | Tamilnad Mercantile Bank is confident of maintaining its net interest margin (NIM) at 4 percent for this fiscal year, managing director and chief executive officer Salee S Nair said during the bank’s 102nd annual general meeting (AGM). “The bank will continue to protect its NIM at 4 percent, with initiatives in place to optimise capital allocation and enhanced operational efficiency,” Nair said. In Q1FY25, the bank’s NIM increased to 4.12 percent from 4 percent last year. The lender plans to open 40 branches in FY24 across various regions beyond Tamil Nadu, with a focus on the micro, small and medium enterprises (MSME) sector, retail growth and digital banking services. “In the coming year, TMB will focus on expanding retail and MSME portfolios. Alongside, the bank’s digital transformation strategy is a key growth driver, with a strong emphasis on enhancing cybersecurity and improving customer experience through online banking platforms,” Nair said at the AGM. The bank has also hired a global consultant to strengthen its MSME portfolio, Nair said. “The bank has hired a global consultant, reinforcing its commitment to boosting the sector with innovative solutions and improved lending capabilities,” he said. Deposit growth The bank is targeting doubling its current deposit growth rate. “The bank is targeting a significant increase in deposit growth, aiming to double its current growth levels,” Nair said. The bank's deposits increased to Rs 49,188 crore in Q1FY25 against Rs 47,008 crore in Q1FY24, a 4.6 percent jump. In Q1FY25, the bank posted a 10 percent rise in net profit to Rs 287.3 crore, compared to Rs 261.23 crore. During the quarter, the bank posted its highest-ever net profit, operating profit, total income, and interest income. The bank has appointed Vincent Menachery Devassy as executive director. Devassy began his career at the State Bank of India and has over 39 years of experience in commercial banking. | 2024-09-30 16:31 | 2024-09-30 | 16:31 |
moneycontrol.com | https://www.moneycontrol.com/news/india/boon-for-our-farmers-maharashtra-accords-rajya-maata-status-to-cows-ahead-of-polls-12832568.html | 'Boon for our farmers': Maharashtra accords 'Rajya Maata' status to cows ahead of polls | The Maharashtra government led by Chief Minister Eknath Shinde announced the decision on Monday, September 30. (File photo: PTI).Related stories. | In a move apparently aimed at shoring up Hindu votes in the upcoming high-stakes electoral battle, the ruling 'Mahayuti' government of the BJP, Shiv Sena and the NCP on Monday said it has given 'rajya maata' status to cows in the state. Announcing the decision, the government, led by Chief Minister Eknath Shinde, cited the cultural significance of the cow and the revered status of the bovine among Hindus across India. "Indigenous cows are a boon for our farmers. So, we have decided to grant this (‘Rajya Mata’) status to them. We have also decided to extend help for the rearing of indigenous cows at goshalas (cow shelters)," said Deputy Chief Minister Devendra Fadnavis. The decision was taken during a Cabinet meeting chaired by CM Shinde on Monday and a government resolution and an administrative order in this regard was issued eventually. As per the GR, the recognition comes with a financial support scheme for farmers through a subsidy programme to assist in the care and feeding of indigenous cows. The scheme will help ease the economic burden on farmers and motivate them to invest in the health and maintenance of their livestock, the government said, adding that the initiative is expected to significantly contribute to the revival of indigenous cattle and promote organic farming practices across the state. As per the GR, Maharashtra is home to several indigenous breeds: ‘Deoni’ and ‘Lal Kandhari’ in the Marathwada region, ‘Khillar’ in western Maharashtra, ‘Dangi’ in northern Maharashtra, and ‘Gawli’ in Vidarbha. However, their population has seen a sharp decline due to the growing preference for crossbred cows, which offer higher milk yields. This, the resolution read, has raised concerns about the future of indigenous cattle, whose population is vital for maintaining traditional farming methods and ayurvedic practices. The decision comes just months ahead of elections in Maharashtra which are expected to be held in October-November this year. The term of the Maharashtra Assembly ends on November 26. The ruling NDA faces a litmus test as it heads into polls in the state. This will be the first real test for the ruling Mahayuti as well as the Maha Vikas Aghadi (MVA) after the split in the NCP and the Shiv Sena that led to the fall of the erstwhile government led by then Chief Minister Uddhav Thackeray. | 2024-09-30 16:30 | 2024-09-30 | 16:30 |
moneycontrol.com | https://www.moneycontrol.com/news/india/fire-erupts-in-moving-best-bus-in-mumbai-passengers-safe-12832592.html | Fire erupts in moving BEST bus in Mumbai; passengers safe | The incident occurred at Gandhi Nagar junction in eastern Mumbai at 1.50 pm,. | A fire broke out on a moving BEST bus in Ghatkopar area of Mumbai on Monday afternoon, civic officials said. ”There is no report of any injury to passengers,” an official said. The incident occurred at Gandhi Nagar junction in eastern Mumbai at 1.50 pm, following which city traffic police alerted emergency services. The blaze was extinguished within 20 minutes by Fire Brigade personnel, he said.The exact cause of the fire is yet to be determined, he said, adding that the incident disrupted traffic on LBS Road. The Brihanmumbai Electric Supply and Transport (BEST) Undertaking operates around 3,700 buses on 483 routes, transporting over 30 lakh passengers daily in Mumbai, Navi Mumbai and extended suburbs. | 2024-09-30 16:27 | 2024-09-30 | 16:27 |
moneycontrol.com | https://www.moneycontrol.com/news/companies-2/govt-assigns-additional-charge-of-rashtriya-ispat-nigam-cmd-to-ajit-kumar-saxena-12832587.html | Govt gives additional charge of Rashtriya Ispat Nigam CMD to Ajit Kumar Saxena | According to a steel ministry document, The overall dues of RINL have gone above Rs 35,000 crore and it is at the risk of being classified as a non-performing asset by banks (representative image).Related stories. | The Union government has assigned the additional charge of CMD of Rashtriya Ispat Nigam Limited (RINL) to Ajit Kumar Saxena, a regulatory filing said on Monday. Saxena is currently the Chairman and Managing Director (CMD) of MOIL, a PSU under the Ministry of Steel. "We have received an order…dated 29.09.2024 from Ministry of Steel assigning the additional charge of the post of CMD,RINLto Ajit Kumar Saxena, CMD,MOILLtd with immediate effect…," MOIL said in the filing. As per sources, Atul Bhatt the CMD of RINL is on personal leave from September 9 till November 30, which is also the date of his superannuation. RINL, under the Ministry of Steel, is a steel manufacturing company. It owns and operates a 7.5 million tonne plant at Visakhapatnam in Andhra Pradesh. The company has been facing severe financial and operational issues. According to a steel ministry document, RINL is in serious financial trouble. It has been running at minimal capacity and facing continuous losses. The overall dues of RINL have gone above Rs 35,000 crore and it is at the risk of being classified as a non-performing asset by banks. The document said that the ministry is taking steps to keep RINL as a 'going concern' in consultation with the finance ministry. RINL has three blast furnaces (BF) of 2.5 MT each, of which only BF no. 2 is in operation. | 2024-09-30 16:27 | 2024-09-30 | 16:27 |
moneycontrol.com | https://www.moneycontrol.com/technology/camera-control-on-the-iphone-16-series-what-you-can-do-how-it-works-and-more-article-12832501.html | Camera Control on the iPhone 16 series: What you can do, how it works and more | Camera control. | It is a button for all its purposes. Yet, Apple refuses to call it a button. To be fair, a case can be made for Apple’s steadfast refusal to call it a button. The Camera Control does a lot more than any button would actually do. So what does it do? Having used it for more than a week now, we explain all you need to know about the Camera Control on iPhone 16 series What is Camera Control? The Camera Control button is a physical and touch-sensitive button that allows you to quickly open the camera app and access various camera settings. It combines the tactile feedback of a physical button with the versatility of touch controls, similar to the Action Button but dedicated solely to the camera. It is Apple’s way of putting DSLR-like functionality at your fingertips What can you do with Camera Control Open the Camera app A single press of the Camera Control button instantly opens the camera app, allowing you to capture moments without delay Click photos and shoot videos Once the camera app is open, pressing the button again takes a photo. If you press and hold the button, it starts recording a video. Releasing the button stops the recording unless you tap the on-screen record button. Tinker with the camera settings It offers a range of settings that you can adjust with light presses and swipes. These settings include:Exposure: Adjust the brightness of your scene.Depth: Modify the background depth-of-field effect, enabling Portrait mode if not already selected.Zoom: Zoom in or out to frame your shot perfectly.Cameras: Switch between different camera lenses to change the field of view.Tone: Adjust the tone to lighten or deepen the mood of your photo. Customisation options iOS 18 is all about customisation and Camera Control also gets a few. You can customise the number of clicks required to open the camera app and adjust the pressure sensitivity for light presses. This makes the Camera Control button adaptable to your preferences and needs. Other apps Apple has opened up the Camera Control button to third-party developers, allowing apps like Halide, ProCamera, to utilise this feature. This means you can launch and control these apps directly using the Camera Control button How to use Camera Control Here are some ways you can use Camera Control:Single Click: Opens the camera app.Double Click: Takes a photo or starts/stops video recording.Light Press: Opens an overlay with adjustable settings.Swipe: Scroll through and adjust settings like zoom and exposure.For casual photographers or a professionals, Camera Control is a rather nifty feature to have. That is, once you get used to it as it does take time to master all the controls. | 2024-09-30 16:24 | 2024-09-30 | 16:24 |
moneycontrol.com | https://www.moneycontrol.com/technology/12830820-article-12830820.html | Apple AirPods drops to lowest-ever price: Discount details, bank offers and more | apple airpods. | Apple AirPods 2nd-generation are now available at a significantly reduced price of Rs 7,649 during Flipkart's ongoing Big Billion Days sale. Originally priced at Rs 12,900, these earbuds have received a flat discount of Rs 5,401, bringing the cost down to Rs 7,499. Buyers can also take advantage of an additional 10% bank discount, which further reduces the price by Rs 749 and reduces the cost to Rs 6,750. AvailabilityThe deal is part of Flipkart's Big Billion Days sale and is available for a limited time only. No additional steps or codes are required to access the discounts. However, to bring the price to Rs 6,750, the HDFC Bank discount is required. Apple AirPods 2nd-Generation Specifications table {width: 100%;border-collapse: collapse;}th, td {border: 1px solid #ddd;padding: 8px;}th {background-color: #f2f2f2;text-align: left;}tr:nth-child(even) {background-color: #f9f9f9;}tr:hover {background-color: #ddd;}Apple AirPods 2nd-Generation SpecificationsAspectDetailsSensors- Dual beam-forming microphones - Dual optical sensors - Motion-detecting accelerometer - Speech-detecting accelerometerChipH1 headphone chipControls- Double-tap to play, skip forward or answer a phone call - Say “Hey Siri” for various actionsSize and Weight (Each)AirPods: Height: 40.5 mm (1.59 inches), Width: 16.5 mm (0.65 inches), Depth: 18.0 mm (0.71 inches), Weight: 4 grams (0.14 ounces) Charging Case: Height: 53.5 mm (2.11 inches), Width: 44.3 mm (1.74 inches), Depth: 21.3 mm (0.84 inches), Weight: 38.2 grams (1.35 ounces)Charging CaseWorks with the Lightning connectorBatteryAirPods: - Up to 5 hours of listening time with a single charge - Up to 3 hours of talk time with a single charge AirPods with Lightning Charging Case: - More than 24 hours of listening time - Up to 18 hours of talk time - 15 minutes in the case provides up to 3 hours of listening time or up to 2 hours of talk timeConnectivityBluetooth 5.0 wireless technologyIn the Box- AirPods - Lightning Charging Case - Lightning to USB-A Cable - DocumentationAccessibility- Live Listen audio - Headphone levels - Headphone AccommodationsSystem Requirements- iPhone and iPod touch models with the latest version of iOS - iPad models with the latest version of iPadOS - Apple Watch models with the latest version of watchOS - Mac models with the latest version of macOS - Apple TV models with the latest version of tvOS | 2024-09-30 16:20 | 2024-09-30 | 16:20 |
moneycontrol.com | https://www.moneycontrol.com/news/business/satat-scheme-completes-six-years-on-oct-1-all-about-the-initiative-for-indias-biogas-push-12832526.html | SATAT scheme completes six years on Oct 1: All about the initiative for India’s biogas push | SATAT scheme offers an efficient solution for treatment and disposal of municipal solid waste management and help in tackling urban air pollution problem due to farm stubble-burning..Related stories. | The SATAT (Sustainable Alternative Towards Affordable Transportation) scheme will complete six years on October 1. This initiative was launched by the Ministry of Petroleum and Natural Gas in collaboration with several oil public sector units like Bharat Petroleum Corporation, Hindustan Petroleum Corporation, Indian Oil Corporation and more in 2018. Under this, Oil and Gas Marketing Companies (OGMCs) invite Expression of Interest (EOI) to procure compressed biogas (CBG) from potential entrepreneurs to set up CBG plants under SATAT scheme, and supply CBG to OMCs for sale as automotive & industrial fuel. What are its objectives? The initiative aims to produce CBG from waste and bio-mass sources like agricultural residue, cattle dung, sugarcane press mud, Municipal Solid Waste (MSW) and sewage treatment plant waste. The initiative helps in reducing dependence on imported fuel, creating jobs in the alternative fuels industry and reduces of carbon emissions and pollutants from burning of agriculture waste. Benefits SATAT scheme offers an efficient solution for treatment and disposal of municipal solid waste management and help in tackling urban air pollution problem due to farm stubble-burning. It will boost entrepreneurship, rural economy and employment opportunities and provide additional source of revenue to farmers. It will also help to bring down nation's dependency on natural gas and crude oil imports and act as a buffer against crude oil and gas price fluctuations. Also Read |ÂIndian Oil JV firm to raise up to Rs 1,200 crore to finance CBG plant projects Investment Bonanza Indian Biogas Association (IBA) is expecting around Rs 1,600 crore investment in the sector during Renewable Energy India Expo (REI) 2024. India holds significant promise for biogas development, with its potential to generate around 62 million tonnes of compressed biogas annually, equivalent to replacing nearly 7 percent of the country's current fuel consumption. Several energy companies in Indiaincluding Reliance Industries Limited (RIL), Indian Oil Corporation Limited and Bharat Petroleum Corporation Limited have pledged to set up CBG plants. Finance Minister Nirmala Sitharaman said that the government would provide financial assistance for the procurement of machinery to help in biomass collection. While presenting the Interim Budget in February, Sitharaman said the mandatory blending of compressed biogas in compressed natural gas (CNG) and piped natural gas (PNG) would be mandated. | 2024-09-30 16:18 | 2024-09-30 | 16:18 |
moneycontrol.com | https://www.moneycontrol.com/news/business/earnings/chinese-market-rally-unlikely-to-trigger-major-shift-in-fpi-from-india-kotak-equities-12832549.html | China's market rally unlikely to trigger major FPI shift from India: Kotak Equities | Chinese stocks continued their historic rebound, surging for a ninth consecutive day as government stimulus draws investors back.Related stories. | Kotak Institutional Equities anticipates that despite the recent rally inChinese marketsactive foreign investors are unlikely to significantly reduce their holdings in India in favor of shifting capital to China. The brokerage also expects that domestic inflows and non-institutional investor sentiment will remain largely unaffected by developments in the Chinese market. "The strong rebound in the Chinese market over the past few days may not have a material impact on the Indian market—(1) FPI flow rebalancing across the two markets will likely be small and (2) domestic bullish sentiment will hardly change with China’s revival. The impact on earnings will depend on the magnitude of recovery in the Chinese economy but seems fairly modest," the Kotak report said. Chinese stocks continued their historic rebound, surging for a ninth consecutive day as government stimulus draws investors back. The CSI 300 Index soared up to 6.5% on Monday, its biggest jump since 2015, after losing over 45% from its 2021 peak but now rallying more than 20%. The boost follows key stimulus measures, including easing homebuyer rules in major cities, interest rate cuts, and increased liquidity support for banks and the stock market. So far in September, domestic investors bought shares worth around Rs 17,421 crore while foreign investors bought Rs 55,855 crore worth of shares. Both the Sensex and Nifty have gained 3.9 percent and 3.7 percent, respectively, while the broader markets, BSE MidCap and SmallCap, have risen by 0.9 percent and 1.91 percent. Kotak expects foreign portfolio inflows (FPI) to India, both active and passive, to moderate depending on the strength of the ongoing rally in Chinese markets. While FPI inflows to India have been strong, they are primarily passive. Active FPIs may redirect some emerging market (GEM) inflows to China, given its attractive valuations. However, Kotak doubts active FPIs will significantly sell Indian stocks for China. Any moderation in passive or ETF inflows will likely be driven by changes in benchmark index weightings for the two countries. Kotak believes domestic inflows and non-institutional sentiment in India are unlikely to be impacted by the rally in Chinese markets. Domestic non-institutional investors are expected to maintain their buying strategy, driven by strong return expectations or favorable past performance. Meanwhile, institutional investors, particularly mutual funds, must continue deploying funds, regardless of valuations or conviction levels. Valuations, therefore, play a limited role in this environment. | 2024-09-30 16:07 | 2024-09-30 | 16:07 |
moneycontrol.com | https://www.moneycontrol.com/news/opinion/rethinking-education-vishal-vasanthakumars-book-unveils-the-truth-of-indias-education-system-12832553.html | Rethinking Education: Vishal Vasanthakumar‚Äôs book unveils the truth of India‚Äôs education system | The state of education in India remains far from satisfactory. (Representational image).Related stories. | The transformative power of education is often pitched to make a strong case for formal education. Education is projected as the most important catalyst for the empowerment of individuals and the progress of society. However, beyond this utilitarian prism education is seen as more than a means to a specific end. Philosophically, it is seen as an end in itself. Its importance lies not merely as a ‚Äòutility vehicle‚Äô but as an innate imperative for the progress of mankind in the right direction. In the iconic American film ‚ÄòDead Poets Society‚Äô Robin Williams portrayal of a nonconformist English teacher tells his students something that can be taken as a profound commentary on pedagogy and the formal education system. He says, ‚ÄúWe don't read and write poetry because it's cute. We read and write poetry because we are members of the human race. And the human race is filled with passion. And, medicine, law, business, engineering‚Ķthese are noble pursuits and necessary to sustain life. But poetry, beauty, romance, love, these are what we stay alive for‚Äù. Multifariouss Role of Education The role of education is also multifarious. While, on the one hand, it is meant to prepare young minds for ‚Äònoble pursuits‚Äô at the same time it has to cater to the needs of individuals‚Äîas members of the human race. But, in times when the ‚Äòknowledge economy‚Äô dictates the terms of education and pedagogy, can education play a role that goes beyond the requirements of the job market? Apart from the dictates of the knowledge economy, the Indian education system suffers from the barriers of caste, class and economic status, manifesting in unequal access to education. Adding to the problem is the quality of education which results from the complacency of the state and the relentless expansion of the ‚Äòknowledge economy‚Äô. A thorough assessment of India‚Äôs education system requires an understanding of the country‚Äôs socioeconomic milieu, a good amount of data crunching and an empathetic and neutral lens to understand the problems. And, a very serious attempt in this direction has been made by Vishal Vasanthakumar in his new book titled ‚ÄòSmart and The Dumb: The Politics of Education in India'. Insightful Analysis on Education System Vasanthakumar is a doctoral candidate in Sociology at the University of Cambridge as a Gates Cambridge Scholar and has done a Master in International Education Policy from the Harvard Graduate School of Education. He has previously worked with the Department of School Education, Government of Tamil Nadu. His academic and professional experience in the field of education becomes more evident when the reader navigates through the labyrinthine narrative of caste, class, gender and economic status that determines the education opportunities in India. Over the years, through various policy measures like Sarva Shiksha Abhiyan, the Right to Education Act (RTE), reservation of seats in educational institutions for marginalised sections of society, and the establishment of schools like Jawahar Navodaya Vidyalaya (JNV), the Indian state has tried to ensure equality in educational opportunities. However, even after seven decades of independence, the state of education in India remains far from satisfactory. How does one react when one learns‚Äîas highlighted by Vasanthakumar in his book‚Äîthat only 42.8 percent of all children in Class 5 in government and private schools in India could read a Class 2-level text? The author also highlights the disturbing fact that there has been a steady decline in these reading levels over the years. Real Stories, Real Challenges Apart from these disturbing facts, the author, through field reporting, put forward a nuanced explanation of the socioeconomic barriers that young boys and girls face‚Äîespecially those coming from underprivileged families, in accessing educational opportunities. Reading the story of Nisha, a young girl from rural Rajasthan who had to choose between ‚Äúfamily honour‚Äù and education and getting to know about children of Manipur where ‚Äúa site of education had become a site of violence‚Äù it becomes evident that the playing field is far from level. The author dives deep into the lives of Palmyra tree climbers in Tamil Nadu. He shows how their aspirational quest for making their children ‚Äúengineers‚Äù so that they can escape the indignity of their caste and work identities, came crashing down when they failed to fetch a good job to attain social mobility. Further, touching upon the obsession with Indian Institutes of Technology¬Ý(IITs), the author raises an important question. Is it right to categorise young minds into the smart and the dumb based on a few marks? Highlighting how a difference of just a few marks can determine entry into IIT, he writes, ‚ÄúThrough such microscopic ranking, the JEE claims to measure merit as if saying that the person who got 288 marks and the person who got 275 were vastly different and deserved wholly different fates.‚Äù But then in places like Kota, famous for creating ‚Äúrankers‚Äù the stratification begins at home, quite literally. When the students are classified into ‚ÄúStar‚Äù and ‚ÄúNormal‚Äù batches and the living quarter for high-ranking students is named ‚ÄúAchievers Abode‚Äô can anyone escape this classification? The Business of Education The author successfully unravels the many strands of the Indian education system. Despite himself being from a ‚Äúprivileged‚Äù background, he does not shy away from critiquing the ‚Äúnarrative of meritocracy‚Äù which discounts the role of ‚Äúprivileges‚Äù that contribute to the success of a lot of people. He performs this task unapologetically. Also, the book makes valuable observations regarding pedagogy and teaching that focus primarily on ‚Äúcompleting syllabus‚Äù rather than educating young minds. From critiquing the ‚Äúbusiness model‚Äù to the politics of textbooks, Vasanthkumar touches upon all the important issues related to education in India. He does that in an extremely empathetic tone, with prose that reads like a literary novel. He concludes the book with a quote from American philosopher Thomas Nagel: ‚ÄúWhen racial and sexual injustice have been reduced, we shall still be left with the grave injustice of the smart and the dumb.‚Äù This quote lingers, much like the stories of Nisha and M from Manipur narrated in the book. | 2024-09-30 16:06 | 2024-09-30 | 16:06 |
moneycontrol.com | https://www.moneycontrol.com/news/business/commodities/rupee-settles-11-paise-lower-at-83-80-against-us-dollar-amid-steep-fall-in-equity-markets-12832558.html | Rupee settles 11 paise lower at 83.80 against US dollar amid steep fall in equity markets | At the same time, they said, monetary and fiscal stimulus announced by China triggered withdrawal of foreign funds as investors preferred better-performing Chinese markets.Related stories. | Rupee depreciated 11 paise to settle at 83.80 (provisional) against the US dollar on Monday, taking cues from equity markets that saw a steep fall of over 1 per cent amid volatile crude oil prices and outflow of foreign funds. However, a weak greenback against major currencies supported the local unit, forex traders said, while investors showed muted participation awaiting cues from domestic macroeconomic data to be released this week. At the same time, they said, monetary and fiscal stimulus announced by China triggered withdrawal of foreign funds as investors preferred better-performing Chinese markets. At the interbank foreign exchange, the local unit opened at 83.72 and hit the intra-day low of 83.81 against the greenback during the session. The unit finally settled at 83.80 (provisional) against dollar, registering a loss of 11 paise from its previous closing level. On Friday, the rupee fell 3 paise to settle at 83.69 against the American currency. Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the rupee declined on weak domestic markets. ”Weaker than expected core personal consumption expenditures (PCE) price index and personal income data from the US also weighed on the dollar and raised optimism on rate cuts by the Fed,” he said, adding that rupee is expected to trade with a slight negative bias amid volatile crude oil prices on the back of the escalation of geopolitical tensions in the Middle East. ”Traders may take cues from India’s fiscal deficit and current account deficit data. Investors may watch out for ISM manufacturing PMI and non-farm payrolls report from the US this week. USD-INR spot price is expected to trade in a range of Rs 83.60 to Rs 84,” Choudhary said. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.12 per cent to 99.99. According to analysts, the US core PCE price index for August showed a lower-than-expected rise, firming hopes of further interest rate cut by the Federal Reserve. Brent crude, the international benchmark, declined 0.24 per cent to 71.81 in futures trade. On the domestic equity market front, the Sensex tumbled 1,272.07 points or 1.49 per cent to settle at 84,299.78, while the Nifty tanked 368.10 points or 1.41 per cent to close the session at 25,810.85. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday, offloading shares worth Rs 1,209.10 crore, according to exchange data. Meanwhile, India’s forex reserves jumped by USD 2.838 billion to a new all-time high of USD 692.296 billion for the week ended September 20, the RBI said on Friday. The overall kitty had increased by USD 223 million to a new high of USD 689.458 billion for the previous reporting week. | 2024-09-30 15:57 | 2024-09-30 | 15:57 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/taking-stock-profit-booking-drags-nifty-below-25850-sensex-slips-1272-pts-media-metals-shine-12832519.html | Taking Stock: Profit booking drags Nifty below 25,850, Sensex slips 1,272 pts; media, metals shine | Market Today.Related stories. | Bears took the charge of Dalal Street on September 30 and dragged the BSE Sensex more than 1,300 points and Nifty below 25,800, intraday, amid rising geopolitical tensions and ahead of Federal Reserve Chair Jerome Powell's speech later tonight. At close, the Sensex was down 1,272.07 points or 1.49 percent at 84,299.78, and the Nifty was down 368.20 points or 1.41 percent at 25,810.80. On the back of weak global cues, the market opened lower and extended the losses as the day progressed to end near a day’s low amid selling across sectors barring metal and media stocks. Also Read -FPIs put in nearly $7 bn in Indian equities in September; highest since December 2023 Hero MotoCorp, Trent, Axis Bank, Reliance Industries, Bharat Electronics were among the top losers on the Nifty, while gainers were JSW Steel, Hindalco Industries, NTPC, Tata Steel, and Britannia Industries. Except metal and media (up 1 percent each), all other sectoral indices ended in the red with auto, bank, IT, telecom, pharma, and realty down 1-2 percent. The BSE midcap index ended with marginal losses, while the smallcap index ended flat. 300 stocks touched their 52-high on the BSE, including, Apollo Hospitals, AstraZeneca Pharma, Bombay Burmah, BPCL, Britannia Industries, Colgate Palmolive, Hindalco Industries, Hitachi Energy, Jindal Saw, JM Financial, JSW Steel, KEC International, NALCO, NTPC, Pidilite Industries, Praj Industries, Sun Pharma, Vedanta, V-Mart Retail, Welspun Corp, Whirlpool, among others.Click to view full list Outlook for October 1 Aditya Gaggar Director of Progressive Shares The much-needed correction was witnessed in today's trade. After a gap-down opening, the Index first broke the psychological support of 26,000 and later kept on violating its small support points as well to end the session at 25,810.85 with a loss of 368.10 points. Among the sectors, Metal and Media managed to end the day in green; while on the flip side, Auto and Realty shed over 1.60%. Mid and Smallcaps also corrected but comparatively outperformed the Benchmark Index. A strong bearish candle is formed on the daily chart which depicts the strength of bears. Considering the higher top higher bottom formation, the next support for the Index comes at 25,500 coupled with 21DMA support and due to the change in polarity, once again 26,000 will be considered as an immediate hurdle. Rupak De, Senior Technical Analyst, LKP Securities The Nifty slipped sharply following a brief pause in the previous trading session, breaking below its recent consolidation. This decline was accompanied by a significant negative divergence in the RSI (14), indicating potential further weakness. Sentiment may remain weak in the near term, with support placed at 25,750. A break below 25,750 could lead to further correction. On the higher side, resistance is seen at 26,000. | 2024-09-30 15:53 | 2024-09-30 | 15:53 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/power-electronics-solutions-firm-prostarm-info-systems-files-ipo-papers-12832533.html | Power electronics solutions firm Prostarm Info Systems files IPO papers | Prostarm Info Systems IPO.Related stories. | Maharashtra-based power solutions products manufacturing company Prostarm Info Systems has filed draft red herring prospectus (DRHP) with the capital markets regulator SEBI as it plans to mobilise funds from an initial public offering. The IPO comprises an entirely fresh issue of 1.6 crore equity shares by the company. The company may also consider issuance of 10 lakh equity shares in a pre-IPO placement, before the launching the public issue. If the company manages to raise funds via the pre-IPO placement, the said amount will be reduced from the fresh issue. It manufactures several power solution products such as UPS system, inverter system, lift inverter system, solar hybrid inverter systems, lithium-ion battery packs, servo-controlled voltage stabilisers, and isolation transformers under the PROSTARM brand. It also undertakes rooftop solar photovoltaic power plant projects on EPC basis. Also read:ÂSEBI objects to use of IPO proceeds for paying back promoter loans With three manufacturing units, the energy storage and power conditioning equipments maker is an empanelled vendor for Airports Authority of India, Central Public Works Department, Patna Bihar; Public Works Department, New Delhi; West Bengal Public Health Engineering Department; West Bengal Electronic Industry Development Corporation; Telangana State Technology Services; Railtel Corporation of India; and NTPC Vidyut Vyapar and Nigam. Prostarm Info Systems will utilise Rs 72.5 crore out of the net fresh issue proceeds for its working capital requirements, and Rs 18 crore for repaying debt. Further, Rs 9 crore will be used for acquisition of further stake of subsidiary to make it a wholly owned subsidiary, and the remaining funds for inorganic growth, and general corporate purposes. The Agarwal family-owned power electronics solutions competes with listed peers like Servotech Power System, and Sungarner Energies. The financial performance so far has been good in the reported past years in the draft papers. Also read:KRN Heat Exchanger IPO allotment status: Check latest GMP, subscription and other key details The net profit in the fiscal 2024 grew by 18 percent to Rs 22.8 crore compared to Rs 19.3 crore in the previous year. Revenue from operations increased by 12 percent to Rs 257.9 crore during the same period, while EBITDA (earnings before interest, tax, depreciation, and amortisation) for the year ended March 2024 jumped 29.8 percent to Rs 35.3 crore and margin expanded by 190 bps to 13.7 percent compared to previous fiscal 2023. Choice Capital Advisors is the sole merchant banker to the issue. | 2024-09-30 15:52 | 2024-09-30 | 15:52 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/moneycontrol-pro-panorama-low-oil-prices-are-here-to-stay-12832348.html | Moneycontrol Pro Panorama | Low oil prices are here to stay | Oil prices experienced a sell-off..Related stories. | Dear Reader, The Panorama newsletter is sent to Moneycontrol Pro subscribers on market days. It offers easy access to stories published on Moneycontrol Pro and gives a little extra by setting out a context or an event or trend that investors should keep track of. If not for Israel's intensified strikes on Lebanon and later Yemen, oil prices would likely have dropped below the $70 per barrel mark. The potential risk of disrupting Middle Eastern oil supplies has pushed prices higher. Recently, oil prices experienced a sell-off due to reports suggesting that Saudi Arabia might ramp up oil production earlier than anticipated. West Texas Intermediate (WTI) crude dropped by around 5 percent last week while Brent crude fell by 4 percent, largely due to increased supply from OPEC. The ongoing conflict in the Middle East has lasted almost a year without significantly impacting oil supply or prices. While recent price spikes are linked to concerns about escalating attacks, these fears may be overblown unless Iran becomes involved. However, experts believe the increased presence of the US Navy in the region might prevent such an escalation. Moreover, with over five million barrels per day of idle capacity in the Middle East, there's little immediate pressure for oil prices to rise sharply. Reports of increased production from Libya, where opposing factions have reached an agreement, have also contributed to the downward pressure on oil prices. As a result, any rally in crude oil is likely to be short-lived. Hedge funds currently hold record short positions in crude oil, indicating a highly pessimistic outlook on future prices. The oil market is undergoing structural changes, with nearly 50 percent of incremental demand for oil and petroleum products coming from China. This demand has now weakened, and the recent stimulus announced by China is unlikely to significantly alter the demand landscape. If housing demand picks up following the stimulus, the impact of China's measures is likely to be more significant for metals than for oil. This shift is due to rapid changes in China's transportation sector. China's fuel consumption remains low, with analysts suggesting that the country's fuel demand may peak within the next year, if it hasn't already. This pessimistic outlook stems from the surge in electric vehicle sales and the transition of trucking fuel from diesel to LNG. Reflecting these concerns, OPEC lowered its oil demand growth forecast 2024. In its SeptemberÂMonthly Oil Market Report, OPEC predicts global demand growth of 2.03 million barrels per day (bpd) in 2024, down from the earlier estimate of 2.11 million bpd. The report also revised China's demand estimate, reducing it from 700,000 bpd to 653,000 bpd. The International Energy Agency (IEA), which often holds a different view from OPEC on oil demand, stated in its September report that global oil demand growthÂhas slowed down, projecting an increase of just 900,000 bpd in 2024 due to the rapid deceleration of Chinese consumption. In the first half of 2024, global oil demand growth was only 800,000 bpd year-on-year, marking the slowest pace since 2020, according to the IEA. This decline was driven by China's demand, which contracted annually for the fourth consecutive month in July by 280,000 bpd. Daan Struyven, head of oil research at Goldman Sachs, noted that China's oil demand growth has slowed significantly, currently at around 200,000 bpd each year, in contrast to the 500,000-600,000 bpd annual growth seen in the five years before the COVID-19 pandemic. The shift in China's transportation fuel mix is expected to be permanent, having a long-lasting impact on oil demand and prices. Russell Hardy, CEO of the world's largest independent oil trader, Vitol Group, mentioned in a Bloomberg interview that “Gasoline is likely to peak this year or next year in China — not because nobody's moving, but simply because the fleet is slowly changing towards electric vehicles”. Similarly, a forecast by China's National Petroleum Corporation (CNPC)Âindicated that demand for petroleum products in China might peak before next year, driven by the acceleration of the energy transition, which is expected to curb oil product demand growth. Given this scenario, we could be moving towards a period where oil prices remain subdued, regardless of whether there is war or peace in the Middle East. Investing insights from our research team Craftsman Automation: Significant headroom to grow, valuation at fair level RITES: Subdued business outlook, high valuation can limit returns Cantabil Retail India: Demand to pick up from H2; valuations attractive Tracker Monsoon Watch: This time, rains may extend to early October What else are we reading? Moneycontrol Pro Market Outlook | Caution advised as negative divergence looms Chart of the Day | How markets responded to the Fed's interest rate cuts Personal Finance: Don’t forget the failures in the investing journey Colour of Money: Average salary highest in Ladakh, lowest in Punjab The PRC’s 75th anniversary — Great Disorder Under Heaven Coromandel’s backward integration to yield tangible earnings benefits The Eastern Window: At 75, China is anxious to match US power in the next 25 years Local manufacturing — Can India beat China at its own game? New titans of Wall Street: How trading firms stole a march on big banks (republished from the FT) The Federal Reserve’s insurance policy (republished from the FT) Assassinations by Israel give it a short-term high but no durable peace West Bengal’s political pecking order remains unchanged after a successful mass agitation for justice Food adulteration must be addressed as a public health issue, not a political tool Secularism with Indian characteristics Technical Picks: Reliance Infrastructure, ACC, Praj Industries We have a crack team of reporters writing on everything startups and tech. We are fans of their newsletter Tech3 that lands in our inboxes every weekday evening. You can catch up on the day's happening tech and startup stories, including news, scoops, and analyses. If you have not already subscribed to it,Âclick on this link to sign up.A new offer for you and your friends--The MC Pro Elite Club referral programme. Invite friends toÂsubscribe to Pro, and you could earn up to Rs 1000/- on eligible subscriptions. Plus, your friends get Rs 200 when they subscribe for the first time.ÂClick here to know more.ÂThank you for subscribing to Moneycontrol Pro. Check out our offers pageÂhere for exclusive discounts on select brands and giveaways. We would love to hear from you. For any feedback on the product and suggestions please clickÂhere. We promise to read your responses although we might not be able to reply to each one individually. Shishir AsthanaMoneycontrol Pro | 2024-09-30 15:49 | 2024-09-30 | 15:49 |
moneycontrol.com | https://www.moneycontrol.com/news/india/bengaluru-traffic-police-to-share-real-time-data-with-apartment-federation-for-smoother-commute-12832536.html | Bengaluru traffic police to share real-time data with apartment federation for smoother commute | Bengaluru Traffic Police and BAF (Bangalore Apartments' Federation) signed an MoU on September 30 to promote road safety and reduce traffic congestion in Bengaluru..Related stories. | Bengaluru Traffic Police (BTP) and the Bangalore Apartments' Federation on September 30 signed a memorandum of understanding (MoU) to enhance road safety, reduce congestion, and share real-time traffic alerts. “Under this MoU, BTP will share real-time traffic updates and alerts with BAF, allowing apartment residents to plan their commutes more efficiently,” said MN Anucheth, Joint Commissioner of Police (Bengaluru traffic), said. Traffic police will share data analysis and insights with the federation to help optimise traffic management, he said. Both sides will work together to identify traffic bottlenecks and ensure smoother traffic flow. Workshops, awareness campaigns and events will be organised to educate residents on road safety and responsible driving. Also, read: Bengaluru Traffic Police to use AI for 13 different violations, up from seven “Our teams will also attend BAF cluster meetings to offer training and awareness on road safety and traffic rules. We will provide hyper-local updates and traffic alerts within a 5-Km radius,” the police officer said. BAF has more than 1,300 apartment complexes as members. “We are planning two levels of integration: real-time traffic alerts and location-based information mapping members to their local traffic police inspectors,” BAF president Vikram Rai said. Also read:ÂBengaluru traffic police signs MoU with IISc to reduce congestion The MoU also includes plans to integrate accident and traffic violation alerts into a single platform, enabling residents to upload accident photos. The agreement focuses on three main areas — technology integration for real-time alerts, local engagement through meetings with traffic police, and education and awareness programmes, he said. Also read:ÂNow, Bengaluru traffic cops to accompany office goers to understand mobility woes Bengaluru has a road network of 14,000 km, a population of 14 million, 12 million registered vehicles and 40,000 intersections. Also, read: Bengaluru traffic police launches AI-powered ASTraM; to provide congestion alerts Traffic police is crowdsourcing traffic data from platforms such as Google Maps, MapMyIndia, OSM, and TomTom, and travel data aggregators such as Ola, Rapido, and Namma Yatri. This data supports real-time congestion monitoring, route suggestions, and future congestion predictions, along with mitigation strategies. | 2024-09-30 15:45 | 2024-09-30 | 15:45 |
moneycontrol.com | https://www.moneycontrol.com/news/india/4-2-magnitude-earthquake-hits-maharashtras-amravati-no-casualty-12832528.html | 4.2 magnitude earthquake hits Maharashtra's Amravati; no casualty | There was no report of any casualty or loss of property. | An earthquake of 4.2 magnitude was recorded in Maharashtra's Amravati district on Monday afternoon, the National Centre for Seismology (NCS) said. There was no report of any casualty or loss of property, Amravati's Resident Deputy Collector Anil Bhatkar said. The quake struck the district at 1.37 pm, the NCS said. Mild tremors were felt at places in Chikaldhara, Katkumbh, Churni, Pachdongri talukas and Melghat area, Bhatkar said. The tremors were also experienced in parts of Paratwada city and Dharni in Akot areas of the district, he added. | 2024-09-30 15:38 | 2024-09-30 | 15:38 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/indian-oil-withdraws-proposed-rights-issue-of-equity-shares-worth-rs-22000-crore-12832414.html | Indian Oil withdraws proposed rights issue of equity shares worth Rs 22,000 crore | Indian Oil withdraws proposed rights issue of equity shares worth Rs 22,000 crore.Related stories. | Indian Oil CorporationLtd. (IOC) has withdrawn the proposed rights issue of up to Rs 22,000 crore. The board of the company had approved raising of capital by way of issue of equity shares on right basis on July 7, 2023, subject to statutory approvals. The company in an exchange filing on September 30 informed, " in view of the Govt. of India’s (Promoters) non-participation in the Right Issue, the Board at its meeting held on 30.09.2024 has decided to withdraw the proposed Right Issue of equity shares." Ministry of Petroleum and Natural Gas said that in the unionbudget 2024-25 no funds were allocated for capital support to Oil Marketing Companies (OMCs) as against the proposed allocation of Rs 30,000 crore. As of the June quarter, the government owned 51.5 percent of Indian Oil Corporation. Earlier, state-owned Bharat Petroleum Corporation Ltd (BPCL) board also approvedraising Rs 18,000 crore through the rights issuein June 2023. In Monday's trade, shares of Indian Oil Corporation share price settled at Rs 179.69 per share on the NSE, down 0.18 percent. The stock went up by nearly 40 percent in 2024 so far. | 2024-09-30 15:37 | 2024-09-30 | 15:37 |
moneycontrol.com | https://www.moneycontrol.com/news/business/startup/cred-revenue-rises-66-to-rs-2473-crore-in-fy24-losses-down-by-41-to-rs-609-crore-12832446.html | Cred revenue rises 66% to Rs 2,473 crore in FY24, losses down by 41% to Rs 609 crore | Kunal Shah, founder and CEO, CRED.Related stories. | Fintech firm Cred has reported a 66 per cent rise in revenue during financial year (FY)24 to Rs 2,473 crore. The company has also reduced its operational losses by 41 per cent to Rs 609 crore. The Bengaluru-based firm had reported Rs 1,400 crore in revenue during FY23 and its losses stood at Rs 1,024 crore. Cred, founded by Kunal Shah, started as an invite-only app to pay credit card bills. The app credited cred coins for bills paid on the platform, which could be redeemed by customers for discounted products and services offline as well as online. “This is only our third year into monetisation and we have seen multiple fintechs reporting profitability. We are confident that Cred, too, will soon move in that direction,” said Shah, founder of Cred, who previously founded Freecharge. The company managed to reduce losses, as its marketing expenses went down by 36 per cent even asmonthly transacting users (MTU) grew by 34 percent. It also managed to grow the number of monetised users by 58 per cent. Cred has over 1.1 crore monthly transacting users. Its total payment volume rose by 55 per cent to Rs 6.87 lakh crore. The company said that its growth came from focussing on quality users and building user-friendly experiences for affluent customers. “This commitment to putting members first and rewarding trustworthy behaviour has driven growth, engagement, and trust across our ecosystem — benefiting members, merchants, and financial institutions alike,” Shah said. Cred makes more than 90 per cent of its revenue from three verticals such as lending, payments and insurance. Payments through Cred Pay, a payment plugin on third-party merchant apps, have grown by more than 250 per cent. Shah wants deeper monetisation, but to tread cautiously Around 35 per cent of customers use more than three Cred products, while around two-thirds of the customers use at least two products. “We have been able to demonstrate our ability to cross-sell different products. We only monetise a third of the MTUs, which indicates the potential to grow revenue. Customer monetisation in financial services is easier,” Shah said. He added that as the company launches several new products, it will accelerate Cred’s monetisation journey. Shah said that affluent customers dislike receiving cold calls for products or being mis-sold. According to Shah, the company has been slow to launch products as it is against fast experiments. “We will never launch a product that is speculative or promises quick returns. We will never sell high-interest rate loans or products that could be detrimental to our customers' financial health,” Shah said. Cred has seen more financial services institutions coming to its platform for unsecured lending over the last year as they chase premium customers. The Reserve Bank of India (RBI) has expressed concern multiple times about huge growth in low-ticket unsecured loans. Cred mostly disburses high-ticket loans to prime customers, which banks, too, covet. Cred’s user growth has plateaued at 13 million users over the last 18 months, even as it focusses on affluent customers. The company has been expanding beyond credit card payments to offer wealth management, insurance, e-commerce, travel and automotive products and services in the last few quarters. Cred has raised over Rs 8,000 crore (around a billion dollars) to date and was valued at more than $6 billion in late 2022. Among its investors are Tiger Global Management, Sofina, Alpha Wave Global, Dragoneer Investment Group, DST Global, Ribbit Capital, General Catalyst and Peak XV Partners (formerly Sequoia Capital). | 2024-09-30 15:34 | 2024-09-30 | 15:34 |
moneycontrol.com | https://www.moneycontrol.com/news/india/rising-muslim-population-to-end-bjp-rule-in-up-claims-sps-mehboob-ali-booked-12832518.html | ŌĆśRising Muslim populationŌĆÖ to end BJP rule in UP, claims SP's Mehboob Ali; booked | Mehboob Ali is a Samajwadi Party MLA from Amroha, Uttar Pradesh. (Screengrab).Related stories. | Samajwadi Party MLA Mehboob Ali was booked on Monday over his remarks that the Bharatiya Janata Party (BJP)ŌĆÖs rule in Uttar Pradesh was heading for its end as the ŌĆ£Muslim population is increasing in the countryŌĆØ. ŌĆ£Your (BJPŌĆÖs) rule will come to an end. The population of Muslims is increasing. We will come to power,ŌĆØ Ali said addressing a public gathering in Bijnor. ŌĆ£The Mughals ruled for 850 years, and those who are burning the country must note that the people have woken up. They gave a reply in Parliament (polls), and in the coming days, in 2027, you will surely go and we will come,ŌĆØ Ali, the SP MLA from UPŌĆÖs Amroha, said.Samajwadi Party MLA Mehboob Ali's statement, ''The Muslim population has increased, now your rule will end,'' reflects the anti-Hindu stance within the party.Despite India being 80% Hindu, SP leaders allow such divisive remarks, showing their true intentions.pic.twitter.com/z1F7QiOJI5Vishnu Vardhan Reddy (@SVishnuReddy)September 30, 2024 According to news agency ANI, an FIR has been registered against the SP MLA and Bijnor SP chief Shaikh Zakir Hussain at the Kotwali City PS in connection with the alleged statement made by Mehboob Ali. The FIR states that the MLA made a statement "promoting enmity and hatred between Hindus and Muslims on the basis of religion". The remarks by the Samajwadi Party MLA were shared widely on social media leading to immense backlash from the Bharatiya Janata Party. ŌĆ£Samajwadi Party MLA Mehboob AliŌĆÖs statementŌĆ” (that) ŌĆśMuslim population has increased, now your rule will end,ŌĆÖ reflects the anti-Hindu stance within the party. Despite India being 80% Hindu, SP leaders allow such divisive remarks, showing their true intentions,ŌĆØ BJP spokesperson Shehzad Pooawallah posted on social media platform X. ŌĆ£They often complained about 80:20 statement ŌĆō who does 80 vs 20 is before you. Is this Muhabbat ki Dukaan? Is it pro constitution or secular? Plan is clear - Divide Hindus & Unite Muslim votebank?ŌĆØ he wrote further. Notably,┬Āa working paper published by the Economic Advisory Council to the Prime Minister (EAC-PM) members in May this year showed that Hindu population in India┬Āreduced by 7.81 percent from 1950-2015 while the share of the Muslim population rose 43.15 percent during the same period. As per the report, the share of Muslim population in 1950 was 9.84 percent and increased to 14.09 percent in 2015, a 43.15 percent increase in their share. On the other hand, India witnessed a reduction in the share of the majority religious denomination by 7.81 percent from 1950-2015 (from 84.68 percent to 78.06 percent), the paper said. | 2024-09-30 15:31 | 2024-09-30 | 15:31 |
moneycontrol.com | https://www.moneycontrol.com/news/world/stellantis-worlds-4th-largest-carmaker-slashes-forecasts-amid-industry-slump-and-chinese-competition-12832532.html | Stellantis, world’s 4th largest carmaker, slashes forecasts amid industry slump and Chinese competition | The action is in the back of a decrease in shipments of 200,000 vehicles in the second half of this year compared with a year earlier, twice as many as Stellantis had forecast..Related stories. | Italy's Stellantis, the world’s fourth largest carmaker, slashed its earnings forecast on September, citing investments to turn around its US operations amid a wider industry slump and increased Chinese competition. Stellantis said it was accelerating efforts to turn around North America, including bringing dealer inventory levels to no more than 300,000 vehicles by the end of the year, instead of the first quarter of 2025 as previously planned. The action is in the back of a decrease in shipments of 200,000 vehicles in the second half of this year compared with a year earlier, twice as many as the company had forecast. The company will offer higher incentives on 2024 and older models. In its profit warning, Stellantis said it expected to finish the year with a negative cash flow of 5 billion euros to 10 billion euros, ($5.6 billion to 11.2 billion) instead of positive. The carmaker, which was created in 2021 from the merger of PSA Peugeot with Fiat Chrysler Automobiles, also dropped its operating profit margin guidance to 5.5% to 7.0%, instead of double digits. The struggling maker of Jeep and Ram is looking for a new CEO to succeed Carlos Taveres, who is under fire from U.S. dealers and the United Auto Workers union after a dismal first-half financial performance. The company has portrayed the search as a normal leadership succession plan. Stellantis is also under pressure in Italy, home to one of the main shareholders, due to production cuts. Autoworkers announced a one-day strike on Oct. 18. The company reported that first-half net profits were down 48% compared with the same period last year. First-half sales in the United States were down nearly 16%, even though overall new vehicle sales rose 2.4%. | 2024-09-30 15:31 | 2024-09-30 | 15:31 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/tata-iphone-component-plant-halts-production-indefinitely-after-fire-12832535.html | Tata iPhone component plant halts production indefinitely after fire | Vehicles pass through the security check at the entrance of Tata Electronics Plant in southern India.Related stories. | Production will remain suspended indefinitely at a Tata Electronics plant in southern India that makes Apple iPhone components after a fire at the weekend, officials said on Monday as they acted to prevent further damage from the blaze. "We have stationed fire engines at the plant as there are chances of a follow-up fire incident or smoke coming off when the sheds that had fallen during the accident are removed," M. Velu, a district fire officer, told Reuters by telephone. "We have not yet ascertained the cause of the fire." The fire broke out at the plant in Tamil Nadu state early on Saturday, leaving 10 people with minor injuries and halting production. It is the latest incident to affect Apple's iPhone supply chain in India just as the tech giant is looking to diversify beyond China and sees India as a key growth market. Apple has not commented on the incident, while Tata has said the cause of the fire is under investigation and emergency protocols at its plant ensured its employees were safe. Rescue teams were still clearing debris on Monday and officials have struggled with inspections due to the extensive damage. The plant makes critical back panels and some other components for iPhones. In the same complex, another building is due to start up iPhone assembly before the end of the year, but it's not clear how it has been impacted. District Collector K. M. Sarayu posted photos on X after visiting the Tata plant on Sunday which showed the building and some machines, as well as ceilings burnt and covered in soot. A senior Indian health official, Shilpa Prabhakar Satish, who visited the plant on Sunday told Reuters it was "very badly burnt and (there was) absolutely no visibility inside". "The structure was falling, the roof was falling. No one could even go inside," she said. Tata Electronics, part of the $165 billion Indian salt-to-software Tata Group, is one of the major suppliers for Apple in India, along with Taiwan's Foxconn. | 2024-09-30 15:28 | 2024-09-30 | 15:28 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/bitcoin-higher-in-september-12832521.html | Bitcoin set for a green September with nearly 10% rise, defying historical trend | For the month, Bitcoin is higher by 10%, which is in contrast to the average 5.9% fall it has seen in September for the past decade.Related stories. | Cryptocurrency Bitcoin is all set to post one of its best September, powered by a spate of rate cuts by central banks fuelling money into the asset class, helping it reverse the monthly downtrend it has been witnessing for the decade. The US Fed, European Central Bank as well as the People’s Bank of China all have cut borrowing costs in September to support growth, pushing asset classes across-the-board higher. “Bitcoin’s correlation with monetary policy continues to be highest with respect to the Fed,”Bloomberg Newsquoted Sean McNulty of Arbelos Markets. For the month, Bitcoin is higher by 10%, which is in contrast to the average 5.9% fall it has seen in September for the past decade, shows Bloomberg data. Traditionally, September has been a month that has seen bitcoin clock negative returns, during the past decade. According toCoindesk, this has helped Bitcoin enter October on a stronger note. The period from October-December has traditionally been a bullish phase, it said, with some expert projecting a level $70,000 in coming weeks. A higher monthly close in September has always yielded in a stronger October-December period during the past decade. The September upmove comes on the back of a relatively quiet period between June to August, with only July seeing a higher monthly close. Aside from central bank action, the US presidential election too has played a role in the rally in digital assets, as both Presidential candidates pitched to make the digital asset more mainstream. Several crypto watchers are suggesting further sentimental boost if American crypto regulations get clearer in the months after the US election. AnotherBloomberg Newsreport said on September 30 Japan's Financial Services Agency may review its cryptocurrency rules, increasing the possibility of lower taxes on the digital assets. Japan's Mitsubishi UFJ is also looking at issuing stablecoins, or digital token with constant value. Changpeng Zhao, the founder of Binance - world’s largest crypto exchange - also made his first comment after release from US custody over the weekend, pledging to invest more in the blockchain space, further helping the sentiment. Zhao's net worth is over $30 billion. | 2024-09-30 15:23 | 2024-09-30 | 15:23 |
moneycontrol.com | https://www.moneycontrol.com/news/business/real-estate/shriram-properties-to-invest-over-rs-400-crore-this-fiscal-shifts-focus-from-affordable-housing-12832204.html | Shriram Properties to invest over Rs 400 crore this fiscal, shifts focus from affordable housing | Representative image..Related stories. | Bengaluru-based listed real estate developer Shriram Properties Ltd (SPL) is planning to invest Rs 350-400 crore in the current fiscal, Group CEO Gopalakrishnan J toldMoneycontrolin an interaction. This aligns with thecompany'splan to clock Rs 250 crore profit by FY27, up from Rs 75 crore in FY24. The company also plans to triple its income to Rs 3,000 crore by FY27. "We plan to grow at least 20 percent CAGR over the next few years. We are looking at 20 million sq ft (msf) of sales over the next three years in Bengaluru, Chennai, Pune, and Kolkata," Gopalakrishnan said. Among that, about 7-8 msf of sales will come from Bengaluru, about 5-6 msf from Chennai and the rest from Pune and Kolkata. Gopalakrishnan added that, post-RERA, cities like Bengaluru have seen a growth of 7-8 percent year on year (YoY) while neighbouring Chennai is growing at a steady 5 percent annually. Cumulatively, the selling price for the group hasgone upÂby at least 35 percent over the last three years, due to an increase in raw material costs and overall inflation. Currently, SPL has a project pipeline of 42 projects with 42 msf development potential. Of this, 24 msf is ongoing and the remaining 18 msf of development potential vests in future projects. SPL is targeting to double this future project inventory in 18-24 months. Kolkata is still the affordable market Gopalakrishnan added that among all cities, Kolkata remains one of the most affordable markets with residential prices of Rs 4,000 per sq ft or a ticket size of Rs 45-50 lakh. Currently, the company has about 30 msf approved for development in the city. Out of this, the company plans to develop about 10 msf on its own without any joint development. SPL hopes to sell out the developments within the next 3-4 years. Plotted development demand skyrocketing Gopalakrishnan said that plotted development is seeing a massive surge in demand in cities like Bengaluru and Chennai. In places like Doddaballapur, in the outskirts of Bengaluru, plotted development is selling at about Rs 4,000 per sq ft, up from Rs 2,500 per sq ft just a few years back. "Previously, people did not invest in plotteddevelopmentsdue to the complications in land titles. However, after RERA, the segment has skyrocketed and needs to slow down in terms of demand," Gopalakrishnan said. Shifting focus from affordable housing In November 2023,Moneycontrolreported that for all the deliveries in H2FY24, the company is looking at 40 percent to be in the affordable segment (of less than Rs 50 lakh ticket size). However, out of 3.5 million sq ft to be delivered in FY25, about 1 million sq ft will be in the affordable segment. "Though there is booming demand for affordable houses in India, a lack of policies and government incentives continue to be a challenge for the developers," according to Murali Malayappan, Chairman & Managing Director, SPL. This hints at a changing focus of the company's affordable housing segment with a renewed approach to mid-segment housing. SPL said it aims to achieve leadership in this segment over the next decade. | 2024-09-30 15:22 | 2024-09-30 | 15:22 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/buy-tata-power-company-target-of-rs-540-sharekhan-2-12832485.html | Buy Tata Power Company; target of Rs 540: Sharekhan | buy.Related stories. | Sharekhan's research report onTata Power Company The company’s renewable energy capacity stands at 10.5GW with 5.7GW of projects in various stages of implementation. Its operational capacity has reached 4.8GW, comprising 3.8GW of solar and 1GW of wind energy projects. Company intends to add 5.7GW of renewable energy capacities in the next three years. Management sees large opportunity from rooftop solar supported by the government with rooftop installations for 1 crore homes in next 3-4 years. The 4.3GW solar cell & module plant would be fully operational by Q2FY25. This plant would also get benefit from the large rooftop solar market. Outlook Tata Power has a well-planned strategy to shift towards clean energy and targets for 2x rise in its PAT by FY2027E over FY2023. We maintain a Buy on Tata Power with a revised PT of Rs. 540. At CMP, the stock trades at 4.1x/3.6x FY25E/FY26E P/BV. For all recommendations report,Âclick here Tata Power Company - 30092024 - khan | 2024-09-30 15:14 | 2024-09-30 | 15:14 |
moneycontrol.com | https://www.moneycontrol.com/news/business/fidelity-again-marks-down-valuation-of-elon-musks-x-79-down-since-his-purchase-12832478.html | Fidelity again cuts valuation of Elon Musk's X, 79% down since his purchase | Fidelity had previously invested $19.66 million in X through this fund, but this isn't the first valuation cut.. | Elon Musk's social media platform X, formerly Twitter, is now valued at approximately $9.4 billion, less than a quarter of its original $44 billion purchase price, TechCrunch has reported. The markdown comes from Fidelity, the asset manager which helped Musk acquire the social network. Fidelity has reduced the value of its stake in X by 78.7 percent as of the end of August, bringing its valuation down to around $4.19 million, the report said, citing disclosures from the Fidelity Blue Chip Growth Fund. Fidelity previously invested $19.66 million in X through this fund. This isn't the first valuation cut. At the end of July, Fidelity estimated its shares in X at about $5.5 million. The latest markdown follows a history of substantial reductions, including a 71.5 percent cut in January and a 65 percent  reduction earlier this year. Fidelity took a stake in X Corp for $300 million in October 2022, shortly after Musk's acquisition. The firm did not immediately respond to TechCrunch's requests for comment. Moneycontrol could not independently verify the report. Musk's AI company, xAI, recently raised $6 billion to enhance its research and development efforts. The tech billionaire indicated that the pre-money valuation for xAI was $18 billion, and the company has attracted key investors, including Fidelity Management and Research. | 2024-09-30 15:10 | 2024-09-30 | 15:10 |
moneycontrol.com | https://www.moneycontrol.com/technology/apple-removes-multiple-vpn-apps-from-the-app-store-in-russia-heres-why-article-12832490.html | Apple removes multiple VPN apps from the App Store in Russia, here’s why | App Store. | Since Russia’s ongoing full-scale assault on Ukraine, Apple has significantly scaled back its operations in the country. The Cupertino-based tech giant has suspended all product sales and limited many of its native services. However, Apple’s App Store is still functional in Russia, amid criticism from several countries for complying with the Russian government. Now, in an interesting development, the App Censorship Project found that more than 60 apps, including some of the best VPN (Virtual Private Network) services on the market, were silently removed by Apple between early July and September 18, 2024. Another investigation from anti-censorship advocacy group GreatFire reveals, that Apple has barred over 20% of known VPN apps from being available in Russia. Surprisingly, these removals far exceed the 25 VPN apps that Russia’s communications regulator, Roskomnadzor, reported in July this year. While a total VPN ban is not being currently enforced in Russia, the loss of so many VPN apps concerns those in Russia trying to gain access to social media platforms or non-Russian news sources. It is also possible that Apple likely removed these VPN apps to comply with Russia’s stringent internet laws, which require many tech companies to cooperate with local censorship efforts. However, the tech giant faces a dilemma to comply with Russian authorities in the future or pull the plug on its services, like Google did with YouTube last year. Currently, Apple has complied with China’s VPN ban and has deleted multiple communication apps such as Threads, WhatsApp, and Signal in the country. In total, Apple has banned 5,600 App Store apps in China. | 2024-09-30 15:09 | 2024-09-30 | 15:09 |
moneycontrol.com | https://www.moneycontrol.com/news/business/startup/going-global-karnatakas-innovation-alliance-helps-40-startups-to-enter-international-markets-12832461.html | Going Global: Karnataka's innovation alliance helps 40 startups to enter international markets | The programme, aligned with the Start-up Policy 2022-2027, is designed to benefit Karnataka startups seeking international markets.Related stories. | Karnataka-based startups are going global, thanks to the state government's Global Innovation Alliance ŌĆō Market Access Programme (GIA-MAP). Since September 2023, around 40 startups have benefited from the state Department of Electronics, IT-BT (Information Technology -Biotechnology)┬ĀŌĆÖs GIA-MAP.┬Ā┬ĀOfficials said┬Ā10 startups each have entered the UAE, Singapore, and Australian markets, while seven have expanded into Belgium. The majority operate in sectors such as deep tech, aerospace and defence, ed-tech, life sciences, med tech, cybersecurity, and others.┬ĀThey include two startups (DocketRun Tech Private Limited, VividSparks IT Solutions Pvt Ltd) based in Hubballi, one each from Mysuru (Toutche Electric), Kalaburagi (Rootskart), Mangaluru (RDLTechnologies Pvt. Ltd), and Chitradurga (Cosmos Bio Private Limited), with the remaining from Bengaluru. Also, read:┬ĀKarnatakaŌĆÖs ŌĆśquit job to become entrepreneurŌĆÖ scheme: 192 apply for Rs 25K monthly aid for 1 year The programme, aligned with the Start-up Policy 2022-2027, is designed to benefit Karnataka startups seeking international markets. In the 2023-2024 statebudget, Rs 3 crore was allocated for the programme.┬Ā ŌĆ£This is curated to help matured and growth-stage startups in Karnataka to get insights and venture into leading startup ecosystems around the globe,ŌĆØ said IT-BT minister Priyank Kharge.┬Ā┬ĀŌĆ£GIA-MAP provides startups with direct opportunities to explore the tech ecosystem in partner countries and collaborate with MNCs to expand their businesses,ŌĆØ said Kharge. The programme will help startups build partnerships and gain insights into regulations and processes necessary for establishing operations in these countries. Key considerations for selecting countries include market accessibility, alignment with KarnatakaŌĆÖs tech focus, government incentives, funding opportunities, and political and economic stability. Also, read:Karnataka govt turns to startups for sustainable water solutions, urban challenges ŌĆ£The programme will determine whether the selected startups will be sector-specific or sector-agnostic and prioritise countries offering welcome packages. Startups could receive 80 percent reimbursement of actual costs for flights, accommodation, and visa fees, or estimated costs from the annual plan, whichever is lower,ŌĆØ said an official. Half of the reimbursement will be disbursed after the delegation visit, with the remaining half contingent on achieving milestones like meetings with stakeholders and market access progress.ŌĆ£The intended outcomes include facilitating global expansion for Karnataka startups, connecting them with businesses in GIA partner countries, and providing mentorship supportŌĆØ, the official adds. Also, read:┬ĀKarnataka to empanel 100 startups for 'preferential market access' in govt tenders | 2024-09-30 15:08 | 2024-09-30 | 15:08 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sensex-crashes-over-1200-points-nifty-sinks-below-26000-banks-energy-worst-hit-12832452.html | Sensex crashes over 1,200 points, Nifty sinks below 26,000; bank, energy stocks worst hit | The broader markets weren't spared either. While the BSE Smallcap index remained flat, the Midcap index lost half a percent..Related stories. | Indian benchmarks, Sensex and Nifty 50, started the week in the red as a cocktail of global and domestic factors soured investor sentiment. A combination of profit-taking after record highs and mixed global cues put selling pressure on financial services, energy, and auto stocks. After opening on a weak note, the selloff intensified in the last hour of trade, with the Sensex plunging over 1,200 points and the Nifty slipping below the critical 26,000 mark, reflecting growing caution among investors. At 2.55 PM, the Sensex was down 1,200 points or 1.4 percent at 84,363, and the Nifty was down 357 points at 25,821. About 1,456 shares advanced, 2,066 shares declined, and 116 shares were unchanged. Follow our live blog for all the market action Market experts pointed to several triggers for today's downturn, including escalating Middle East tensions, investor jitters ahead of Federal Reserve Chair Jerome Powell's speech, and the natural profit booking that followed a recent record-breaking rally. Additionally, a surge in China's equity market, driven by favourable valuations and stimulus hopes, drew foreign investors away from Indian markets. The broader markets weren't spared either. While the BSE Smallcap index remained flat, the Midcap index lost half a percent. India VIX, a measure of market volatility, jumped 9 percent, indicating rising investor anxiety. Sectorally, the pain was widespread, with 12 out of 13 sectoral indices in the red. Nifty Auto slumped over 2 percent ahead of monthly auto sales data due on October 1. According to a Motilal Oswal research report, demand trends for automobiles remained weak across segments in September, despite the festive seasons of Ganesh and Onam. The inauspicious Shraddh period further impacted sales, resulting in a year-on-year decline in retail sales across categories, as per brokerages. Also Read |ÂMark Mobius sees Sensex at 1 Lakh by end of year, bets 50% fresh investments on India Meanwhile, Nifty Metal defied the trend and rose for the eighth consecutive session, buoyed by a spike in iron ore prices and China's efforts to revitalize its struggling property market. Ajit Banerjee, President and Chief Investment Officer (CIO) at Shriram Life Insurance Company said that all eyes are now on the RBI's MPC meeting next week. "We feel that the MPC would continue to maintain status quo on the policy rates, since it would like to start the rate cut cycle once it gets convinced that CPI inflation has been controlled in a relatively durable way and it will not be vulnerable to the food inflation fluctuations intermittently. Further, India, as of now, doesn't face the challenge of GDP growth falling consistently." Among individual stocks, M&M, Bharat Electronics, and Hero MotoCorp were among the biggest losers, dropping 3-4 percent. On the flip side, Tata Steel, Hindalco, and NTPC gained, riding the metal index's strength. New Nifty 50 entrants, BEL and Trent, stumbled on their first day as index constituents, falling 3 percent and 4 percent, respectively. | 2024-09-30 15:03 | 2024-09-30 | 15:03 |
moneycontrol.com | https://www.moneycontrol.com/news/business/startup/pb-fintech-healthcare-foray-via-separate-entity-company-will-act-as-minority-investor-group-ceo-yashish-dahiya-12832467.html | PB Fintech healthcare foray via separate entity, company will act as minority investor: Group CEO Yashish Dahiya | Yashish Dahiya, Chairman & CEO, PB Fintech.Related stories. | In the last week, shares of online insurance aggregator PB Fintech nosedived, on news that it plans to foray into the hospital business. After the company’s clarification on Monday, shares have been steady, indicating that some concerns still remain. In fact, brokerages across the board have voiced concerns over PB Fintech, the parent company of Policybazaar, diving into the healthcare sector. Yashish Dahiya, CEO of PB Fintech, addressed these market reactions in an exclusive interview withMoneycontrol, stating that while he cannot control how the market responds, he can clarify that the firm does not plan to build hospitals out of its balance sheet. “We don’t control reactions, whether positive or negative. We only engage with the media when we believe someone might be misled by a misunderstanding of the facts,” he explained. Dahiya said that this is not a new move in the industry as hospital chains such as Apollo and Narayan Hrudayalaya have also ventured into insurance business. He quipped that he is not sure whether the board will approve this initiative and the project will happen at all. If it does not get a majority investment partner, PB Fintech might not go through with it. PB Fintech Limited operates an online platform for insurance and lending products in India and in some international markets. In this in-depth conversation withMoneycontrol, Dahiya shared insights into the firm's vision for entering this new segment, how it aims to enhance the claims experience, and its potential impact on the company’s financials. He also noted that this new initiative could mark a significant shift in the industry toward a health maintenance organisation (HMO) model of insurance management. Edited Excerpts: Tell us about your plan to get into healthcare business and give us more details on the investment. PB Fintech is looking to take a minority investment in this company, which may be somewhere between 20-30 percent or up to 45 percent of the company, for anywhere between $0 to $100 million. This entity will, of course, raise the remaining capital from other sources, which could include healthcare providers, insurance companies, private equity, venture capital, or other interested parties. What is this new entity can you shed more light on what the new entity will be doing? This company is trying to make the HMO (Health Maintenance Organisation) model work and prove that it can be successful. To demonstrate this, it plans to start in the national capital region (NCR). The approach involves acquiring 6-8 hospitals across NCR and working with the insurance industry to create more closed-loop systems, similar to what Narayana Hrudayalaya is doing or basically products of that kind. How does this HMO Model work and will it benefit PB Fintech in the long run? The way an HMO works is that there are 4 crore customers who are already paying the insurance companies a certain amount of money, about Rs 10,000 each on average. So, about Rs 40,000 crore is collected at the beginning of the year by the health insurance industry. Then, over the year, claims have to be paid out. What an HMO does is work as an outsourced partner for the insurance industry to serve insurance customers, ensuring a high level of trust so that claims aren't a difficult process. Claims get settled almost without needing approval. That’s how integrated care, value-based care, or HMO models work. You don’t actually need approval at the point of claim. Additionally, it can reduce out-of-pocket costs for the customer. For example, if there is a Rs 5 lakh claim, the insurance company may settle Rs 3 or 4 lakhs, but the customer experiences anxiety over how much they’ll need to cover. All that pain associated with the claims process, due to a lack of trust, goes away once an HMO model is established. …But will it be profitable for PB Fintech? In terms of profitability, if dengue happens in Delhi, the insurance industry or the customers typically have to shell out money, and the hospital infrastructure receives it. In the case of the HMO, however, the hospital also loses money. Think about it this way: suppose out of the Rs 40,000 crore collected by the insurance industry, Rs 28,000 crore goes to the hospital industry. The hospital essentially gets that upfront, and from that point on, all care has to be provided within that amount. So, if there’s less use of hospital facilities, fewer illnesses, or fewer surgeries needed, the hospital actually makes more money. It’s the reverse of the typical model. You make money by taking better care of people so they don’t fall sick in the first place. And if they do fall sick, there’s at-home care and various other methods of handling the situation. Eventually, if an operation or hospitalisation is required, it’s provided when necessary. For example, if a person needs to stay in the hospital for three days, they don’t need to stay for five. Three days is enough, and that’s how it works. I believe that’s what an HMO does—it aligns with the payer. Why do you think this will work in India now? In the last four or five years in India, healthcare costs have significantly risen, by about 40-50 percent. That’s no longer affordable for the middle class. So, to some extent, this is the need of the hour—to try something out and see if it works. It’s up to the company to decide, if it works, whether they go for an IPO or raise capital. That’s not PB Fintech’s problem. PB Fintech is simply a participant in making the experiment succeed. Will it be a step-down subsidiary of PB Fintech or is it a new entity?ÂSo, it would be an entirely separate company, not a subsidiary of PB Fintech. PB Fintech is just an investor in it.Think of it like when InfoEdge invested in Policy Bazaar—what happened to Policy Bazaar after that was not InfoEdge’s responsibility. They invested the initial Rs 20 crore, the next round was led by Inventus, and the following round by Tiger (Tiger Global). InfoEdge was under no obligation whatsoever to continue investing in every round. That is exactly PB Fintech's role here. Now, there is a significant advantage for both PB Fintech and this entity for a simple reason. PB Fintech is a large company with many customers and can easily explain this model and product to consumers, thus creating volume for this entity. That is a major benefit to this entity from PB Fintech and why it would want PB Fintech to be involved. For PB Fintech, if customers have a great claims experience, it expands the insurance industry, and since PB Fintech is a large player in the insurance industry, that automatically benefits the company. So, this is a symbiotic relationship. If claims experience improves, it benefits PB Fintech. At the same time, if PB Fintech can help explain this product—they deal with hundreds of thousands of customers every day—and communicate this idea to them, it enables this idea to grow as well. Has this entity already been created, can you give us more clarity on who will be leading this? Yes, it is in the process of being set up and it will have its own independent management team. Talks are on and some part of the management has been identified. There won't be common management besides one or two people at most. They are not going to have common offices, they are not having common management. How long have you been planning this venture? When the news came out from Dr. Devi Shetty (Founder of Narayana Health) about them setting up a model like this, we were just two to three months into thinking about it. So this idea has been with us for the past six to seven months. The ultimate focus is improving the claims experience, and that’s when we thought this model would work great for enhancing the claims experience among patients.From this, I believe both patients and PB Fintech will benefit greatly.The insurance industry will also benefit significantly. In the last two analyst calls, I have been hinting at this; we are a transparent organisation and have been open about all these matters. The only thing is that we are a public company, and we cannot comment on things before they happen. We initially had an informal chat with our board members, and everyone thought this was a great idea. However, getting approval for that great idea from PB Fintech is a different matter. Can you tell us about the shift that is happening in the industry presently? We are seeing healthcare providers get into insurance, insurance providers get into healthcare. I mean, are we going to see more of this? See, if you look at the past, Apollo Hospitals used to own Apollo Munich; Fortis and Care were connected and if you really think about it, Manipal Signa is partly owned by the Manipal Group. This is not a new thing. This has been going on for some time and in my opinion, both have certain conflicts but there is a huge advantage in working together. So, I do suspect more and more of this would happen. Will you be on the board of this new entity? I would like to take permission from our shareholders to do that. Of course, we would like to have a board seat. Is this an one-time investment plan or will you be setting up a new fund sort of with a separate fund to make be multiple investments? I want to be very clear that this is a one-time investment. When you say it is a one-time thing, can you give more clarity on how much is the exact quantum of investment? This new company is collecting its consortium of investors, which may include hospital companies, insurance companies, and development finance institutions, they need to come to us and tell us how much they require from us. I cannot simply decide on my own how much is available from PB Fintech. We have been quite clear that PB Fintech would consider investing anywhere between $0 to $100 million. …So the total investment will be higher than $100 million? The total investment this project would require is around $200-300 million. And yes, PB Fintech does want to be a minority shareholder in it. That entity is still gathering interest from other investors. So, I cannot say how much I want to invest or how much our company wants to invest without board approval and without anyone informing us of the required amount. I don't know how much we are supposed to invest; it also depends on how much the other partners want to invest. When is the board meeting to deliberate on this? Not for the next month at least. This news just spread on it’s own. All we are doing is clarifying. So, there is no proposal, there is nothing out there. It's more of a vision debate at this stage. Why has there been a negative reaction on the stock from the markets? We don't control reactions or negative reactions. The only time we ever go to the media is when we believe someone could be hurt by not understanding the reality. We can't comment on, nor do we have any control over, how people react to various news or whether they take the stock up or down. That is not management's responsibility. The last time I spoke was just after our IPO, when some people concluded that we were a loss-making company forever. So, I clarified that, no, we would eventually be profitable, and that was just after the IPO. Please appreciate that at the time, our total revenue was Rs 890 crore, and what I clarified was that by 2027, we would have almost Rs 1,000 crore in profit. At the time, some people thought we were being overly optimistic when we said that. Our job is to clarify when there is mass misunderstanding. The misunderstanding that came from recent news articles is that Policy Bazaar is going out and setting up hospitals on its own balance sheet, which is not the truth. Policy Bazaar has no objective of taking hospitals onto its own balance sheet. Do you have a timeline as to when things will solidify? I think it will be a few quarters not a few years. But I don't think it will be less than a few quarters either. What kind of impact will this investment have on your balance sheet? For us, there is no particular negative impact. If anything, there could be a positive impact. Today, the health insurance industry is worth Rs 40,000 crore, or about $10 billion, including corporate and government sectors. That's far too small. The US health insurance industry is almost $800 billion—80 times bigger. The US economy is not 80 times bigger than ours; it's about 6 to 7 times bigger.Our health insurance sector is massively underpenetrated, and the primary reason for this is that customers aren't confident they will have a great experience.If anything can improve that experience, and we can help in any way, it would obviously be hugely beneficial to us as a significant participant in the health insurance industry. It would help all insurance companies and the industry overall. Our objective is for the health insurance industry to grow faster, and within that, for PB Fintech to grow faster. Over a 10-year period, I hope it helps both the industry and PB Fintech grow more quickly if a model like this can emerge. We are evangelists of this model and would love for it to succeed. If the world continues as it is, and in 5 years, health inflation rises so high that the middle-class person simply can't afford to buy insurance, and insurance companies can't afford to settle claims conveniently, it would not be good for Policy Bazaar or the insurance industry. I believe that future is 5 to 10 years ahead, but anyone who wants to preempt that and ensure it doesn't go wrong will help avoid a major pain point for customers. This $100 million investment that you mentioned, will it be coming from your IPO Proceeds? Investments and acquisitions were mentioned in the IPO and that is perhaps where this money will come from. This will not be treated as an acquisition but as an investment. The focus will be on India market or will you be looking to take this model to other markets like UAE? No, the focus is entirely on India. We've been in this one market for the last six years. We haven't entered a second market outside the UAE, so international expansion is not something we are considering. In the last 17 years, how many random acquisitions have you seen from Policy Bazaar or the PB Fintech Group? Even on the day of the IPO, we had 2,000 crore rupees with us. That’s not our usual approach, and all I'm saying is that a person doesn’t change their DNA overnight. So, I don't think this is anything out of the ordinary. So Yashish will this be like brownfield hospitals and not greenfield hospitals that this entity will absorb? Are they like smaller hospitals that will get acquired? I don't think they're talking about very small hospitals. They're referring to fairly large, reasonably sized hospitals. So, there may be a combination of brownfield and greenfield developments. This is all in NCR, but I don't think we have all the answers at this stage regarding what Company XYZ wants to do and how it plans to acquire them, etc. Of course, that is for the company to decide. What kind of reactions have you received from hospitals on this? Do they see it as a conflict? I don't think hospitals have any dearth of demand. There are queues outside hospitals all the time. So, I think there is enough demand for everyone. One venture may be more aligned with the insurance industry specifically, and of course, interests differ. I don't think interests are the same; they are somewhat different. One model focuses on maximizing revenue while providing great care. Actually, both provide great care, but one works on maximizing revenue from operations while the other minimizes costs from operations. They just operate in different ways. If you had two cities, each with 10 million people, in City A, all 10 million people pay upfront every year, and then they appoint a hospital and 100 doctors to take care of them. In City B, nobody pays upfront; everybody pays when they fall sick. The chances are that there are different interests for the infrastructure in both City A and City B. City A will ideally try to invest in public healthcare and ensure that people don't fall sick because that is when they make the most money. When all 10 million people remain healthy, that's when they profit. In contrast, in City B, profits come from people falling sick and being admitted to hospitals. Over time, City A will likely require fewer hospital beds for the same population, and its population will probably be a little healthier because everyone's interests are aligned. In City B, however, interests are misaligned, so I believe City A represents a better model. You could argue that City A will never happen—that it's utopian—but it has happened in some countries. It did occur in South Africa, Brazil, and somewhat in Spain, and in certain areas of the US. Wherever City A has been implemented, healthcare costs have come down. We can either do nothing and say it will happen when it happens, or we can choose to be investors and encouragers of this model. Policy Bazaar is a huge communication medium that can explain this to customers. Otherwise, we can develop this model and remain isolated, with no one discussing it regularly. It’s not just a matter of once a year in the media or on social media; we need to engage with the masses on a regular basis. That is the role Policy Bazaar can play in ensuring the model becomes successful. And of course, we stand to benefit significantly if this succeeds because health insurance will grow. But whether those are greenfield or brownfield ventures is a question for a later date. Have you received any investor feedback on this? We got a lot of investor feedback and we got a lot of investor feedback that people are misunderstanding it. And people are saying that PolicyBazaar is going to set up a nationwide network on its own balance sheet of hospitals. And also people had not understood the HMO model. So we decided that look let's clarify it. Once it's clarified it's up to people what they want to make out of it. Our initial reaction was let's not react to it let's just let it be. But the feedback we received from most of our investors was listen I think there is confusion out there you need to clarify. Yashish are you confident of getting the board's approval? I have no clue. See so far out of hundred people I've spoken to whether they are normal customers or whether they are people who have nothing to do with this business, 99 percent of the people have said this is a phenomenal idea. What are your institutional investors saying? See I'm not going to comment on what people are saying. Everybody individually thinks it's a great idea. What they are worried about is what is the risk for PBFintech. And PBFintech is not doing it, it's an investor. And I think that part clarifying it is our job. It's because somewhere people can start believing that PBFintech is going about setting up hospitals on it's own balance sheet. And I think that is the part that caused confusion. And that is just not true. Will any of your cap table investors look at this entity, have those conversations happened like will this be an interesting bet for Infoedge or a softbank which has exited PB Fintech? I cannot comment on that. Are there any other adjacencies that you will be actively looking at like this HMO investment? No, we are not people who invest in unrelated pieces. We invest when there is a significant strategic benefit. For example, PolicyBazaar and InfoEdge have no operational synergy whatsoever, and neither do Zomato and InfoEdge. So that is not what PolicyBazaar does, at least not now. Never say never. Maybe 10 years from now we will become like that, but today it’s definitely not on the agenda. Where we invest is when we find some strong synergy. So, if you were to set up a car garage network across the country, yes, we could consider investing in that. | 2024-09-30 15:02 | 2024-09-30 | 15:02 |
moneycontrol.com | https://www.moneycontrol.com/news/world/countries-that-pledged-aid-to-lebanon-as-conflict-with-israel-escalated-12832482.html | Countries that pledged aid to Lebanon as conflict with Israel escalated | Smoke billows over southern Lebanon.Related stories. | Israeli attacks on the Hezbollah group in Lebanon have killed more than 1,000 people and wounded 6,000 in the past two weeks, according to the Lebanese Health Ministry. Around a million people have fled their homes seeking safety in other parts of Lebanon or in neighbouring Syria, sheltering mostly in schools with few supplies. Below are some of the countries that have pledged or provided humanitarian aid to Lebanon as the Israel-Hezbollah conflict worsened in the last few days. EUROPEAN UNION The European Union announced 10 million euros ($11.2 million) in humanitarian aid on Sunday to help people in Lebanon affected by the escalating hostilities. The funding is intended to help provide protection, food assistance, shelter and healthcare, the European Commission said in a statement. SAUDI ARABIA Saudi Arabia has announced aid for the Lebanese population including medical assistance, state news agency SPA reported. "The Kingdom has reiterated its commitment to standing by the Lebanese people as they face the challenges arising from the current circumstances, stressing the importance of addressing the humanitarian repercussions," SPA added. EGYPT Egyptian President Abdel Fattah al-Sisi said on Sunday he had ordered the immediate dispatch of emergency medical and humanitarian aid to Lebanon. During a phone call with Lebanese Prime Minister Najib Mikati, Sisi reiterated Egypt's continued support for Lebanon on all levels. JORDAN The Jordanian armed forces sent a cargo plane on Sunday carrying humanitarian aid for the Lebanese army to assist in addressing the difficult conditions the country is experiencing. CANADA Canada is contributing $10 million in humanitarian assistance for civilians in Lebanon, International Development Minister Ahmed Hussen said in a statement on Saturday. FRANCE Visiting Lebanon on Sunday to oversee a delivery of humanitarian aid, French Foreign Minister Jean-Noel Barrot said it contained 12 tons of medical equipment to be used to treat 1,000 seriously injured people. "We will always stand by the civilians", Barrot added. TURKEY A Turkish aircraft arrived in Lebanon last Wednesday carrying medical aid and supplies to support the Lebanese health sector, state-owned Anadolu news agency reported. UNITED ARAB EMIRATES UAE President Sheikh Mohamed bin Zayed Al Nahyan pledged to provide Lebanon with an urgent relief aid package worth $100 million on Monday, the state news agency reported. The initiative was part of the country's continuing efforts to support Lebanon through its current challenges, "underscoring the nation's unwavering commitment to assisting the Lebanese people," it said. | 2024-09-30 14:58 | 2024-09-30 | 14:58 |
moneycontrol.com | https://www.moneycontrol.com/news/india/delhi-government-sets-up-24x7-green-war-room-to-tackle-winter-pollution-12832493.html | Delhi government sets up 24x7 'Green War Room' to tackle winter pollution | Delhi government sets up 24x7 'Green War Room' to tackle winter pollution.Related stories. | The Delhi government has set up a 24×7 'Green War Room' to enhance the execution of its 21-point winter action plan aimed at curbing pollution in the national capital, Environment Minister Gopal Rai said on Monday. Addressing a press conference, Rai said that a team of eight environmental experts will manage the war room, which has been assigned seven key responsibilities. A new task assigned to the war room this year includes analysing drone mapping and conducting real-time source apportionment studies, Rai said. "The war room will also analyse satellite data of stubble burning, along with information from 13 pollution hotspots," said the minister. Additionally, it will monitor AQI (Air Quality Index) data and assess information from 24 pollution monitoring stations managed by the Delhi government, he said. Regarding the use of artificial rain to reduce pollution, Rai said that he would again seek approval from the central government, as his previous request had not received a responded to. On September 1, Rai requested the Centre to permit artificial rain during the winter, when the city's air quality deteriorates significantly. Rai also urged to Delhi residents to join the fight against pollution by using the Green Delhi App, encouraging them to upload photos of any activities contributing to pollution. “I request the people of Delhi to report incidents that could cause pollution through the app by uploading images of the incident,” he added. Earlier on September 25, Rai unveiled the city's Winter Action Plan, featuring 21 focus points including drone monitoring, an intensified anti-dust campaign, formation of task forces, road-sweeping machines and deployment of 200 mobile anti-smog guns to combat air pollution under the theme "Mil Kar Chale, Pradushan Se Lade". | 2024-09-30 14:58 | 2024-09-30 | 14:58 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/shakti-pumps-shares-locked-in-upper-circuit-as-board-to-consider-bonus-issue-12832443.html | Shakti Pumps shares locked in upper circuit as board to consider bonus issue | Shakti Pumps' Board will meet on Monday, October 7, to consider the proposal for the issue of bonus shares in the ratio of 5:1.Related stories. | Shakti Pumps (India)Ltd share price was locked in an upper circuit in September 30 trade, after the company announced to consider proposal for bonus shares to public in its upcoming board meeting. The share price hit Rs 4,270.65 a piece on the NSE, rising to its highest permissible tradeable limit of five percent for the day. The sharp uptrend was witnessed as the company's Board will meet on Monday, October 7, to consider the proposal for the issue of bonus shares in the ratio of 5:1. This means five new shares will be distributed to the shareholders each for every 1 (One) existing fully paidup equity share of Rs 10 each. Additionally, the company also said it will "consider the proposal for an increase in the authorized share capital of the Company and alter/amend in the Memorandum of association (“MOA”) of the Company to such amount as may be determined by the Board of Directors." Shakti Pumps share price has delivered 221.87 percent returns in the last 180 days, as per BSE data. In the last three years, the stock is up 512.94 percent, outperforming benchmark Sensex that rose only by 42.59 percent during the same period. Shakti Pumps India manufactures submersible pumps for domestic, industrial, horticultural, and agricultural use. It operates internationally, exporting products to over 100 countries and has branches in the USA, Australia, and UAE. | 2024-09-30 14:56 | 2024-09-30 | 14:56 |
moneycontrol.com | https://www.moneycontrol.com/news/india/jammu-and-kashmir-elections-why-has-hezbollah-chief-nazrallahs-death-sparked-protests-in-valley-12832470.html | Jammu and Kashmir Elections: Why has Hezbollah chief Nazrallah's death sparked protests in Valley? | Kashmiri Shia Muslim protesters in Budgam district of Central Kashmir, Saturday, Sept. 28, 2024. (PTI Photo).Related stories. | The killing of Hezbollah supremo Hassan Nasrallah in an Israeli air strike in Lebanon has set off a massive stir in Jammu and Kashmir, where elections are underway after a decade-long gap. Hundreds of protesters took to the streets in Kashmir Valley districts over the killing holding up pictures of the Lebanese leader. As slogans and banners denouncing Israel and the United States reverberated in the streets of Muslim-dominated Kashmir, top politicians in the state, including former chief minister Mehbooba Mufti and National Conference called off their poll campaign which drew to a close on Sunday evening. Mufti, Abdullah denounce Hezbollah chiefŌĆÖs killing On Saturday evening, Mufti took to her social media handle on X to announce that she was calling off her campaign for the elections in solidarity with the ŌĆ£martyrs of Lebanon and Gaza especially Hassan NasrallahŌĆØ. ŌĆ£We stand with the people of Palestine and Lebanon in this hour of immense grief and exemplary resistance,ŌĆØ she wrote on X. Her daughter, Iltija Mufti, who is making her debut in electoral politics from the Bijbehara constituency, defended the protests that have rocked Kashmir for two days now. Nasrallah ŌĆśsahabŌĆØ, she said, had fought hard for the rights of Palestinians, she said. Jammu and Kashmir National Conference vice-president Omar Abdullah also ended IsraelŌĆÖs actions. ŌĆ£JKNC VP Omar Abdullah condemns the actions of Israel and calls for world support to end the ongoing massacre of innocent people in Gaza and Lebanon,ŌĆØ the National Conference posted on its official account on X. Aga Ruhullah Mehdi, Member of Parliament from Kashmir, who was canvassing for National Conference party candidates, also suspended his campaign. ŌĆ£The Muslim ummah is in grief now so thatŌĆÖs why I ended the election campaign,ŌĆØ he wrote on X. Why are NC, PDP protesting against Hassan NazrallahŌĆÖs killing? Nasrallah, who led the Hezbollah for over three decades, was killed in an air attack by Israeli forces in Lebanon, Hezbollah confirmed late Saturday afternoon. A revered figure among the Shia community across the world, Kashmiri Muslims, particularly the Shias, see him as a ŌĆ£symbol of resistanceŌĆØ. Muslims in Kashmir have traditionally sided with Palestine in its decades-long conflict with Israel. While India remained largely neutral in articulating its stand on the matter, the ascent of the BJP and the Narendra Modi government in power changed these equations as the world and Indians began viewing the nation as close to Israel. This also had an impact on the voters in Kashmir who are believed to have mixed feelings about the governmentŌĆÖs 2019 decision to abrogate Article 370 of the Constitution, stripping Jammu and Kashmir of its special status and turning it into a union territory following its bifurcation. It is this sentiment against the BJP, a key stakeholder in the electoral process in the erstwhile state, that the PDP and NC would like to capitalise on in the fifth and final phase of the elections due to be held on October 1. ŌĆ£This protest is not just for our dear leader Hassan Nasrallah but also for the oppressed people of Palestine, for Lebanon and for everyone suffering at the hands of oppressors, particularly Israel. Kashmir has always stood for justice for the Palestinian people and will continue to do so, despite the fear and injustice we face ourselves. We cannot be silenced forever,ŌĆØ a protester in Kashmir was quoted as saying by Al Jazeera. BJP hits back at┬ĀMehbooba Mufti? The Bharatiya Janata Party, meanwhile, has accused Mufti and others of shedding crocodile tears for the slain Hezbollah leader. ŌĆ£By cancelling her campaigning, she has shown she is shedding tears over the death of terrorists. It is her habit to call terrorists martyrs. She had similarly wept for Burhan Wani some time back," said BJP spokesperson RP Singh, terming the former CMŌĆÖs decision as vote-bank politics. Former Deputy CM and senior BJP leader Kavinder Gupta also condemned Mehbooba's stance, asking, "What problem does Mehbooba Mufti have with the death of terrorist Nasrallah? When Hindus are killed in Bangladesh and Pakistan, they maintain grave silence." "Those who attacked Israel were killed, including their commander, and yet she cancels her campaign in solidarity with the terrorists. These are crocodile tears. People understand her motives. Her actions will not garner sympathy from voters," he said. | 2024-09-30 14:50 | 2024-09-30 | 14:50 |
moneycontrol.com | https://www.moneycontrol.com/news/business/centre-to-formally-launch-rs-10900-crore-pm-e-drive-scheme-on-october-1-12832479.html | Centre to formally launch Rs 10,900 crore PM E-DRIVE scheme on October 1 | The new scheme for EV incentives will be valid from October 1, 2024 till March 31, 2026.. | The Heavy Industries Ministry will formally launch the Rs 10,900 crore PM E-DRIVE scheme in New Delhi on October 1, approved by the Cabinet earlier in September. EV manufacturers from the two and three-wheelers space, as well as e-trucks and e-buses makers will be attending the event at a venue in Delhi on October 1, said a social media post on the details of theunveiling of the scheme. HD Kumaraswamy, Minister of Heavy Industries and Steel, along with MoS BRS Varma will be present at the event. The new scheme for EV incentives will be valid from October 1, 2024 till March 31, 2026. The PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme will offer incentives worth Rs 3,679 crore to incentivize electric 2 and 3Ws, e-ambulances, e-trucks and other emerging EVs. The Heavy Industries Ministry is also introducing a mechanism of e-vouchers for EV buyers to avail incentives under the scheme. At the time of purchase of the EV, the scheme portal will generate an Aadhaar authenticated Voucher, sent to the registered mobile number of the buyer. This e-voucher will have to be signed by the buyer and submitted to the dealer in order to avail incentives under the PM E-DRIVE scheme. The voucher will be key for OEMs to claim reimbursement of incentives under the scheme. A dedicated portal for vehicle registration will also be launched by the Minister on October 1. The scheme also allocates funds for the deployment of e-ambulances, e-buses and e-trucks. The new scheme to offer incentives for electric vehicles follows the culmination of the current EMPS scheme on September 30. The scheme aims to address range anxiety of EV buyers by promoting public EV charging stations, installed in cities with high EV penetration and also on selected highways. The new scheme proposes installation of 22,100 fast chargers for e-4 Ws, 1800 fast chargers for e-buses and 48,400 fast chargers for e-2W/3Ws. The outlay for EV charging infrastructure will be Rs 2,000 crore. | 2024-09-30 14:44 | 2024-09-30 | 14:44 |
moneycontrol.com | https://www.moneycontrol.com/news/world/what-are-bunker-busters-us-made-bomb-used-by-israel-to-kill-hezbollah-leader-hassan-nasrallah-12832406.html | What are bunker busters? US-made bomb used by Israel to kill Hezbollah leader Hassan┬ĀNasrallah | Demonstrators hold Nasrallah's pictures during a protest vigil in the southern Lebanese city of Sidon on September 28, a day after he was killed in an Israeli attack..Related stories. | Israel announced the death of Hezbollah leader Hassan Nasrallah on September 27 following an airstrike in Beirut, a claim later confirmed by Hezbollah. The Israeli military executed a precision strike on a heavily fortified bunker situated nearly 60 feet underground, where Nasrallah and other senior members of the Iran-backed group were meeting to strategise against Israel, under pressure from Tehran to avoid immediate retaliation. This operation, among the most significant strikes on an urban center in recent history,┬Āused nearly 80 tons of explosives, including about 85 specialised bunker buster bombs, to penetrate the bunker. What are Bunker Buster Bombs? Bunker buster bombs, also known as ground penetration munitions, are specialised munitions┬Ādesigned┬Āto penetrate hardened targets or deep underground facilities, such as military bunkers. These bombs can anything weigh between 2,000 and 4,000 pounds and are capable of penetrating up to 30 meters of earth or six meters of reinforced concrete. These bombs are loaded with explosives and equipped with delayed fuses, enabling┬Āthem to detonate only after penetrating their target. This design┬Āmaximised damage to fortified structures. The kinetic energy generated upon impact enables these bombs to drill deep into targets, effectively collapsing fortified structures. The concept of bunker busters dates back to World War II. The R├Čchling shells, developed by German engineer August Coenders, were among the first advanced bunker-busting artillery, tested in 1942 and 1943. This US Air Force file image (March 12, 2003) shows pilots checking the GBU-28 bunker buster, a 4000-pound bomb designed to penetrate hardened targets before exploding. (Photo courtesy: AFP) Types of Bunker Busters Used:Guided Bomb Unit 28 (GBU-28):┬ĀDeveloped during the Gulf War, this bomb weighs approximately 5,000 pounds and banks on a laser guidance system for precise targeting. Made from surplus artillery barrels, it can penetrate significant depths before detonation.Guided Bomb Unit 37 (GBU-37):┬ĀThis GPS-guided munition is effective in poor weather, ensuring accuracy against deeply buried targets.Massive Ordnance Penetrator (GBU-57):The largest bunker buster in the U.S. arsenal, weighing 30,000 pounds, designed to penetrate up to 200 feet of reinforced concrete.Bunker buster bombs are designed to penetrate soil, rock, or reinforced concrete, thanks to their ultra-strong casings that withstand significant impact before detonating deep inside targets. They┬Āalso feature advanced laser or GPS guidance for precise targeting, minimising collateral damage and increasing the likelihood of hitting key underground sites. Furthermore, these bombs, integrated with┬Ādelayed fuses, explode only after penetrating the target, maximising damage to facilities like command centers and weapons storage depots. Legal Concerns While international law does not specifically ban bunker buster bombs, their use in densely populated areas raises substantial ethical and legal concerns. The Geneva Conventions prohibit actions that could result in mass civilian casualties, particularly relevant given the recent attacks in Beirut. Following the airstrike, Iranian Foreign Minister Abbas Araqchi accused Israel of deploying US-made 5,000-pound bunker buster bombs in the attack, pounding civilian areas. The Israeli army claimed that Nasrallah was targeted in a strike on Hezbollah's central command located beneath a residential building. The attack reportedly resulted in civilian casualties and the destruction of six residential apartment complexes. US Involvement The US has a history of supplying bunker buster bombs to Israel over the years: >> 2005: 100 GBU-28 bombs.>> 2014: Additional bombs amid escalating tensions.>> 2023: Over 1,000 bunker buster bombs as part of a $6.5 billion military aid package. A 900 kg Mark 84 series bomb was employed in Israel's September 27 attack on Hezbollah's underground headquarters beneath a residential building in southern Beirut, as disclosed by Mark Kelly, chair of the Senate Armed Services Airland Subcommittee. The Israeli military reported using nearly 80 tons of explosives, including 85 bunker-buster bombs capable of penetrating up to 30 meters of earth or six meters of concrete. As per┬Āthe┬ĀTimes┬Āof Israel, the commander of the Israeli Air Force's 69th Squadron described the operation as "flawlessly executed, with no errors in intelligence, planning, or execution". | 2024-09-30 14:41 | 2024-09-30 | 14:41 |
moneycontrol.com | https://www.moneycontrol.com/news/india/benjamin-netanyahu-biggest-terrorist-after-adolf-hitler-mehbooba-mufti-12832474.html | Benjamin Netanyahu biggest terrorist after Adolf Hitler: Mehbooba Mufti | Mehbooba Mufti.Related stories. | PDP president Mehbooba Mufti on Monday said Israeli Prime Minister Benjamin Netanyahu is the ”biggest terrorist after Adolf Hitler” as the Jewish leader has turned Palestine and Lebanon into ”gas chambers”. Mehbooba had earlier condemned the killing of Hezbollah leader Hassan Nasrallah in Israeli airstrikes and cancelled her election campaign for a day to extend support to the people of Lebanon and Palestine. ”The International Criminal Court has given a verdict against Netanyahu. This (attacks in Lebanon) incident has proved that he is really a criminal who has killed thousands of persons in Palestine and is now doing the same in Lebanon. No condemnation is enough,” Mehbooba told PTI Videos. Terming Netanyahu as ”the biggest terrorist after Hitler”, the former chief minister said, ”Hitler set up gas chambers to kill people but Netanyahu has turned Palestine and Lebanon into gas chambers where they are killing people in thousands,” she said. Mehbooba said the government’s decision to have ties with the Netanyahu regime is wrong. ”We have stood by Palestine since the times of Mahatma Gandhi. Having ties with a regime and supplying weapons and drones that are being used to kill people, I think, is a wrong decision,” she added. Asked about BJP criticism of her tweet terming slain Hezbollah chief Hassan Nasrallah a martyr, Mufti said the saffron party should look at the ”outpouring” in the country against the killing. ”What will the BJP tell me? They are the ones who stood by the rapists of an eight-year-old girl in Kathua. Those convicts are today serving their sentences. I had to remove two of their ministers for supporting the rapists,” the PDP chief said. ”What do they (BJP) know about the long struggle of Nasrallah for the people of Palestine? They should see how many people are coming out in Kashmir, in Lucknow and other parts of the country and raising slogans for the martyr. They should realise how wrong their thinking is,” she said. | 2024-09-30 14:40 | 2024-09-30 | 14:40 |
moneycontrol.com | https://www.moneycontrol.com/news/world/alexei-navalny-was-likely-poisoned-in-prison-report-12832457.html | Alexei Navalny was likely poisoned in prison: Report | Navalny, a prominent critic of Russian President Vladimir Putin, passed away on February 16 while incarcerated on charges widely regarded as politically motivated..Related stories. | Russian opposition leader Alexei NavalnyŌĆÖs death in an Arctic penal colony in February is suspected to have been caused by poisoning, an investigation by the independent media outlet┬ĀThe Insider has revealed. The Insider said in a September 30 report that it reviewed "hundreds of official documents" related to the case, revealing two contradictory accounts of his death. One version said after leaving his prison cell for a walk, Navalny lay on the ground, complaining of stomach pain and began vomiting and convulsing before losing consciousness. This account was altered in a version provided to his widow, Yulia Navalnaya, in August, which only mentioned a "sharp decline in health"┬Āand described the cause of death as "arrhythmia"┬Ādue to a "combination of illnesses", the report said. Dr Alexander Polupan, who treated Navalny in a Siberian hospital after he was poisoned with the nerve agent Novichok in 2020, said arrhythmia would not explain the abdominal pain, vomiting and convulsions. These symptoms could "hardly be explained by anything other than poisoning", the report quoted him as saying. Also read:┬ĀNavalny Death: The poisonerŌĆÖs recipe for making history The Insider also cited "vomit samples" listed in a document that mentioned items collected by investigators which were sent for examination. There was no mention of vomit in the final documents. The publication said authorities "deliberately removed any mention of symptoms that did not fit the official narrative" and highlighted other factors such as the initial refusal of the penal colony to hand over NavalnyŌĆÖs body for burial, as evidence of attempts to conceal the true cause of his death. Must Read |┬ĀWhat is RussiaŌĆÖs ŌĆśPolar WolfŌĆÖ prison? The prison holding PutinŌĆÖs critic Navalny Navalnaya has accused authorities of withholding details about her husbandŌĆÖs death, saying he complained of stomach pain before collapsing in prison. She said the arrhythmia diagnosis was as an ŌĆ£act of mockeryŌĆØ and a ŌĆ£pathetic attemptŌĆØ to cover up his murder. Months before his death, Navalny had feared being poisoned. His former lawyer, Olga Mikhailova, recounted a visit in April 2023 in which Navalny said, "Listen, I don't want to come across as paranoid, but I think they're trying to poison me." Mikhailova posted her concerns on X and filed several complaints. A prominent critic of Russian President Vladimir Putin, Navalny died on February 16. | 2024-09-30 14:38 | 2024-09-30 | 14:38 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/aurobindo-pharma-stock-drops-4-5-after-usfda-flags-10-observation-for-arm-apitorias-api-unit-12832305.html | Aurobindo Pharma stock drops 4.5% after USFDA flags 10 observations for arm Apitoria's API unit | With today's losses, Aurobindo Pharma stock is already down over 6 percent for the month..Related stories. | Shares of Aurobindo Pharma dropped 4.5 percent on September 30 after the Telangana manufacturing unit of the drugmaker's arm Apitoria Pharma was issued 10 observations by the US Food and Drug Administration. The US drug regulator conducted its inspection of the Telangana API (Active Pharmaceutical Ingredient) manufacturing unit on September 23-27. The company further stated that these observations are procedural in nature and will be responded to within the stipulated time. At 2.18 pm, shares ofAurobindo Pharmawere trading at Rs 1,472.75 on the NSE. With today's losses, the stock is already down over 6 percent for the month. Follow our market blog to catch all the live action Last week, brokerage firm UBS Securities also initiated a 'sell' call on the stock, assigning it a price target of Rs 1,333, forecasting a 12 percent downside from current levels due to high valuations in the face of low growth. "High exposure to the US and EU generics markets (85 percent of net profit) have resulted in a low earnings growth trajectory for Aurobindo at a mid-single digit CAGR," UBS wrote in a note. The firm also expects to see a growth moderation for pharma companies in the US generics market, a space where Aurobindo has the highest exposure, making it a major downside risk for the stock. Meanwhile, UBS Securities expects 12 percent EBITDA CAGR for Aurobindo Pharma over FY25-27. According to UBS, business diversification would be needed to boost the growth trajectory for Aurobindo, and that may require more investment. "Aurobindo has made a start by diversifying into biosimilars, large API/intermediate projects like Penicillin G, and its entry into new markets like India and Indonesia. However, given the high base (FY25 expected revenue of $3.7 billion), it would take time to boost overall growth," the brokerage stated. | 2024-09-30 14:37 | 2024-09-30 | 14:37 |
moneycontrol.com | https://www.moneycontrol.com/news/india/icai-sets-up-group-on-stress-management-to-introduce-counselling-help-desk-12832416.html | ICAI sets up group on stress management; to introduce counselling help desk | Chartered accountant Anna Sebastian Perayil recently died allegedly due to extreme work pressure. She worked with S R Batliboi, a member firm of EY Global..Related stories. | Chartered accountants' apex body ICAI on Monday announced the setting up of a dedicated group to suggest more stress management measures and will also introduce a counselling help desk against the backdrop of the death of a chartered accountant due to alleged work pressure. The institute will also develop peer support networks where members can share experiences, seek advice, and collaborate to address challenges related to stress management. Chartered accountant Anna Sebastian Perayil recently died allegedly due to work pressure. She worked with S R Batliboi, a member firm of EY Global. The dedicated group will work on introducing measures to improve work-life balance and for managing stress within the profession, ICAI said in a release. Also, a special counselling help desk will be introduced within ICAI's national call centre (9997599975) that will be dedicated to assisting members with stress management and work-life balance concerns. The Institute of Chartered Accountants of India (ICAI) has more than 4 lakh members and over 8 lakh students. Among other measures, ICAI in collaboration with health institutions, will introduce stress management programmes. In addition, it will work with industry partners to promote flexible work models. ICAI President Ranjeet Kumar Agarwal said the institute strongly urges oganisations to implement balanced work policies that promote employee health and reduce stress. "The increasing demands placed on professionals across industries have raised widespread concerns regarding the detrimental effects of high pressure environments on personal health and professional efficiency," the release said. According to the institute, it has proactively implemented various measures to support the well-being of its members and students, including health and wellness programmes, and webinars on stress management. The institute already has a grievance redressal cell to address concerns from members, students, and employees, with efforts underway to enhance the system for more structured and empathetic resolutions, the release said. | 2024-09-30 14:35 | 2024-09-30 | 14:35 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/mc-inside-edge-sme-bankers-under-multiple-radar-debt-pms-schemes-gain-traction-bullish-analysts-add-caveat-to-power-sector-12832328.html | MC Inside Edge: SME bankers under multiple radar, debt PMS schemes gain traction, bullish analysts add caveat to power sector | Know what stocks veteran bulls are eyeing and what the bears are ganging up against..Related stories. | Rough road ahead for SME bankers SME bankers are a worried lot. If the capital market regulator and exchanges were not enough, the recent buzz is that two more investigative agencies have brought such bankers under their radar. The ED and IT department are believed to be looking into the operations of some merchant banking firms that have been managing the bulk of SME IPOs that have hit the markets in the recent past. While it is too early to ascertain the exact scope of investigations, the buzz is that the two agencies are following the money trail to understand the modus operandi of certain entities that have been boasting of record successes in the SME IPO segment. A date with debt PMS Portfolio management services (PMS), which, simply put, is wealth management for rich individuals, was always known as an active equity fund management product. But, of late, there is a growing interest in debt PMS as an increasing number of investors are booking profits in equities and deploying the corpus in debt, at least a large part of it. Fund managers are saying that many HNIs are wary of the current valuations of equities and hence looking at debt. Over the past one year, assets under management (AUM) of debt PMS have increased by 15.06% till August, while equity PMS has seen a larger growth of 46% though the bulk of the AUM surge is on account of rising stock prices rather than just inflows, which skew the numbers. A power struggle The power segment continues to be having its day under the sun especially on the renewable side and the recent spate of IPO announcements is also giving the sector a boost. Analysts, however, have been raising concerns on valuations and execution risks with the upcoming earnings season being watched out closely. Although most have a positive outlook, the segment could be set for a series of re-ratings as some analysts are maintaining a wait-and-watch mode despite the continued optimism. | 2024-09-30 14:33 | 2024-09-30 | 14:33 |
moneycontrol.com | https://www.moneycontrol.com/news/world/britains-last-coal-fired-electricity-plant-is-closing-it-ends-142-years-of-coal-power-in-the-uk-12832439.html | Britain's last coal-fired electricity plant is closing. It ends 142 years of coal power in the UK | The world’s first coal-fired electricity plant, Thomas Edison’s Edison Electric Light Station, opened in London in 1882..Related stories. | Britain’s last coal-fired power plant will close on Monday, ending 142 years of coal-generated electricity in the nation that sparked the Industrial Revolution. The Ratcliffe-on-Soar station in central England is to finish its final shift at midnight, after more than half a century of turning coal into power. Owner Uniper says many of the 170 remaining employees will stay on during a two-year decommissioning process. The U.K. government hailed the closure as a milestone in efforts to generate all of Britain’s energy from renewable sources by 2030. The shutdown makes Britain the first country from the Group of Seven major economies to phase out coal — though some other European nations, including Sweden and Belgium, got there sooner. Energy Minister Michael Shanks said the plant’s closure “marks the end of an era and coal workers can be rightly proud of their work powering our country for over 140 years. We owe generations a debt of gratitude as a country.” “The era of coal might be ending, but a new age of good energy jobs for our country is just beginning,” he said. The world’s first coal-fired electricity plant, Thomas Edison’s Edison Electric Light Station, opened in London in 1882. Ratcliffe-on-Soar, which opened in 1968, is a landmark whose eight concrete cooling towers and 199-meter (650-foot) chimney are seen by millions of people a year as they drive past on the M1 highway or speed by on trains. In 1990 coal provided about 80% of Britain’s electricity. By 2012 it had fallen to 39%, and by 2023 it stood at just 1%, according to figures from the National Grid. More than half of Britain’s electricity now comes from renewable sources such as wind and solar power, and the rest from natural gas and nuclear energy. “Ten years ago, coal was the leading source of this country’s power — generating a third of our electricity,” said Dhara Vyas, deputy chief executive of trade body Energy U.K. “So, to get to this point just a decade later, with coal’s contribution replaced by clean and low carbon sources, is an incredible achievement,” Vyas said. ”As we aim for further ambitious targets in the energy transition, it’s worth remembering that few back then thought such a change at such a pace was possible.” | 2024-09-30 14:23 | 2024-09-30 | 14:23 |
moneycontrol.com | https://www.moneycontrol.com/news/world/iran-will-not-leave-israels-criminal-acts-unanswered-says-foreign-ministry-12832436.html | Iran will not leave Israel's 'criminal acts' unanswered, says foreign ministry | Kanaani said that Iran is closely following up on matters with the Lebanese authorities, referring to the strikes that killed Nasrallah and Nilforoushan.. | Iran will not leave any of "the criminal acts” of Israel unanswered, Iranian Foreign Ministry spokesperson Nasser Kanaani said on Monday, referring to the killing of Hezbollah’s chief and an Iranian Guard deputy commander in Lebanon. Brigadier General Abbas Nilforoushan was killed in Israeli strikes on Beirut on Friday, in which Hezbollah’s leader Sayyed Hassan Nasrallah also died. Israel’s intensified attacks against the Hezbollah militia in Lebanon and the Houthi militia in Yemen have prompted fears that Middle East fighting could spin out of control and draw in Iran and the United States, Israel’s main ally. ”We stand strongly and we will act in a way that is regretful [for the enemy]” Kanaani told a weekly news conference, adding that Iran does not seek war but is not afraid of it. Kanaani said that Iran is closely following up on matters with the Lebanese authorities, referring to the strikes that killed Nasrallah and Nilforoushan. | 2024-09-30 14:21 | 2024-09-30 | 14:21 |
moneycontrol.com | https://www.moneycontrol.com/news/world/hezbollah-leader-hassan-nasrallah-killed-fearing-attack-from-iran-in-retaliation-us-working-with-israel-on-defenses-12832320.html | Hezbollah Leader Hassan Nasrallah Killed: US working with Israel on defenses amid fear of attack from Iran | Biden administration is working with Israeli forces on defenses.Related stories. | The Biden administration is working with Israeli forces on defenses fearing an Iranian attack following the elimination of one of the biggest faces of Hezbollah--Hassan Nasrallah by Israel, CNN reported citing US official. According to the report, joint defenses are being prepared to ward off a possible attack with changes in US military posture. Notably, the Biden administration spearheaded a multi-national defense of Israel in mid-April when Iran launched over 300 drones and missiles at Israel in response to the Israeli bombing of senior Iranian Revolutionary Guard officers in Syria. However, the US official refused to reveal any more details pertaining to the possible attack. He also declined to specify the kind of moves US is making say what kind of attack is expected from Iran or specify the moves the US military is making, it added. Fears of a broader regional war in the Middle East have spiked in recent weeks as Israel intensifies its attacks on Hezbollah in Lebanon and the Iran-backed group vows to continue its fight, even as a growing number of its top commander have been killed. The Pentagon said in a statement Sunday night that “should Iran, its partners, or its proxies use this moment to target American personnel or interests in the region, the United States will take every necessary measure to defend our people.” Defense Department Spokesman Gen. Patrick Ryder noted “a significant amount of capability in the region,” including the USS Abrahm Lincoln Carrier Strike Group. Nasrallah was killed in a massive Israeli bombing in southern Beirut on Friday. He led the most powerful of Iran’s Middle East proxies for decades and his death is a potentially crippling setback for Hezbollah as well as a major blow to Iran’s control in the region. (With agency inputs) | 2024-09-30 14:18 | 2024-09-30 | 14:18 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/fo-traders-need-better-expertise-technological-edge-as-93-face-losses-capitalmind-12832335.html | F&O traders need better expertise, technological edge as 93% face losses: Capitalmind | The top 3.5 percent of loss-makers, roughly 4 lakh traders, saw average losses of Rs 28 lakh per person, including transaction costs..Related stories. | F&O traders need better expertise, institutional knowledge, experienced team and technological edge to make profits, said Capitalmind Financial Services, following a recent study by the securities regulator SEBI showed a whopping 93 percent of individuals F&O traders lost money in three years. Trading in derivatives is complex business due to the unpredictable, erratic and random behaviour of the market forces, added the financial services firm. A SEBI study revealed that from FY22 to FY24, 93 percent of individual F&O traders experienced losses. During this period, 1.13 crore unique traders collectively lost Rs 1.81 lakh crore. Over three years, 92.8 percent of traders, about 1 crore individuals, lost an average of Rs 2 lakh each. Also Read|ÂSEBI study finds 93% of individual F&O traders made losses between FY22 and FY24 The top 3.5 percent of loss-makers, roughly 4 lakh traders, saw average losses of Rs 28 lakh per person, including transaction costs. Only 7.2 percent of traders made a profit, with just 1 percent earning over Rs 1 lakh after expenses. "According to the study, most traders, regardless of capital size, incur losses. The percentage of traders losing money doesn’t change with the amount of trading capital," added Capitalmind. A study reveals that nearly all F&O traders (99.3 percent) traded options at least once during FY24. Of these, 94.2 percent focused solely on options, with only 5.1 percent trading both futures and options. A mere 0.7 percent traded only futures. Interestingly, the small 5 percent of futures traders saw average profits during the period. According to Capitalmind, this shows that trading a simpler instrument like futures, which typically depends only on the price of the underlying asset, gives you an advantage in a one-sided trending market while options are complex. "Their movement depends on several factors: the price of the underlying asset, time to expiry, market volatility, and the invisible hand of the market," said the note. The study further reveals that in FY24, all the profits were made by proprietary firms and Foreign Portfolio Investors (FPI) through algorithmic trading. This trading mainly involves High-Frequency Trading, arbitrage, trend following, or other quantitative strategies. Though, the data shows that some individual traders who used algorithmic strategies also incurred losses overall. According to Capitalmind Financial Services, this means that simply investing through an algorithm isn’t enough. The algorithm must be able to capitalize on market anomalies and inconsistencies to be profitable. | 2024-09-30 14:14 | 2024-09-30 | 14:14 |
moneycontrol.com | https://www.moneycontrol.com/technology/samsung-galaxy-s25-ultra-surfaces-on-geekbench-listing-with-unannounced-snapdragon-8-gen-4-chipset-article-12832358.html | Samsung Galaxy S25 Ultra surfaces on Geekbench listing with unannounced Snapdragon 8 Gen 4 chipset | S24 Ultra. | Samsung will launch its next-generation flagship smartphone – Galaxy S25 – early next year. However, ahead of that several leaks and rumours have already surfaced online revealing key details about the upcoming phone. In recent news, the Galaxy S25 Ultra has been spotted in Geekbench benchmark listing by Android Headlines and Onleaks. The Geekbench listing for the Galaxy S25 Ultra reveals that a Snapdragon 8 Gen 4 chip will power the phone, which Qualcomm is expected to announce next month at its Snapdragon Summit. Coming back to the benchmark listing, the phone has scored 3069 points in the single-core test and 9080 in the multi-core test. It is also important to note that the phone that has been used to run the benchmark has 12GB RAM and runs the Android 15 operating system. However, several leaks and rumours have suggested that the phone could come with a 16GB RAM option. Samsung Galaxy S25 Ultra: What we know so farTalking about the Galaxy S25 Ultra, the phone is expected to feature an even flatter design language compared to the Galaxy S24 Ultra. Moreover, the phone might see an updated camera setup. The phone is expected to come with One UI 7 paired with Android 15 operating system out-of-the-box. | 2024-09-30 14:13 | 2024-09-30 | 14:13 |
moneycontrol.com | https://www.moneycontrol.com/news/india/majot-accident-averted-as-fire-extinguisher-discovered-on-jhansi-kanpur-route-12832249.html | Major accident averted as fire extinguisher discovered on Jhansi-Kanpur route | Upon further examination, it was confirmed that the cylinder was railway property. Bhasin transported the extinguisher to Kanpur Central and handed it over to the RPF..Related stories. | On the morning of September 29, train services on the Jhansi-Kanpur route were disrupted after a fire extinguisher was found near the Holding Line between Bhimsen and Govindpuri, as reported by theTimes of India (TOI). A.K. Bhasin, the loco pilot of the Pushpak Express, spotted the cylinder on the tracks and immediately applied the emergency brake before exiting the train to investigate the situation. The cylinder bore the initials "GKP," indicating it likely originated from Gorakhpur. Bhasin quickly informed the control room, prompting the arrival of personnel from the Government Railway Police (GRP) and Railway Protection Force (RPF) at the scene. The Pushpak Express was en route from Chhatrapati Shivaji Terminus to Lucknow Junction, making its way towards Central Station via the Holding Line when the incident occurred. The train's reduced speed allowed Bhasin to notice the cylinder approximately five kilometers before reaching Bhimsen, enabling him to stop the train safely a short distance away. Upon further examination, it was confirmed that the cylinder was railway property. Bhasin transported the extinguisher to Kanpur Central and handed it over to the RPF. Subsequent investigations revealed that the fire safety cylinder had been issued by the Senior Section Engineer of Gorakhpur and belonged to the Kushinagar Express, which had passed through the area shortly before the discovery. It is believed that the cylinder accidentally fell from the train, which was on its way from Gorakhpur to Lokmanya Tilak Terminus at the time of the incident. Deputy Chief Ticketing Manager Ashutosh Kumar Singh stated that the Railway's Carriage and Wagon Department is currently investigating the matter, and further actions will be taken based on the department's report. | 2024-09-30 14:06 | 2024-09-30 | 14:06 |
moneycontrol.com | https://www.moneycontrol.com/technology/sony-india-eyes-rs10000-crore-revenue-milestone-driven-by-tv-digital-imaging-businesses-says-md-sunil-nayyar-article-12832273.html | Sony India eyes Rs10,000-crore revenue milestone driven by TV, digital imaging businesses, says MD Sunil Nayyar | Sunil Nayyar, Managing Director, Sony India.Related stories. | Sony India is targeting revenue of Rs 8,500 crore for the current financial year, up from Rs 6,353 crore last year, driven by significant growth in its smart TV, audio and digital imaging segments, fuelled by the market's premiumisation trend. If this growth trajectory continues, the company could surpass Rs 10,000 crore in revenue within the next couple of years, Managing Director Sunil Nayyar told Moneycontrol. The company is bullish during the festive season, aiming to drive sales by significantly investing in marketing, especially for its Bravia TV portfolio. “In 2015, we were over Rs 10,000 crore in revenue. It was when we had a Vaio laptop and Xperia smartphone business. It was with the full power of Sony that we could reach it. For this year, we expect to be around Rs 8500 crore. That's the target. And then, in a couple of years, we should hit over Rs 10,000 crore. We are set for 10-15 percent value growth this year,” Nayyar said. In 2019, Sony exited the mobile phone market in India, citing dwindling sales. Japan’s Vaio previously joined hands with Nexstgo to launch new ultraportable laptops in India. Sony India isn’t involving in selling Vaio laptops in India. At its peak, Sony India's revenue exceeded Rs 11,000 crore in FY15. India is Sony's fourth largest market globally, after the US, China and Japan. “If the same growth momentum continues, then we hope India climbs up the ladder in ranking. India is big and is emerging. It has growth potential. So if we club everything together the way we are moving now, with all the categories, there is no reason why we shouldn’t become even bigger,” he added. The company is focusing on increasing the average selling price (ASP) across categories to increase revenue. “India’s macro environment is very strong. While I am worried about global volatility, India will be in a sweet spot once that is addressed. India’s income pyramid is getting better by the day. As long as this continues, growth will happen,” he said. The executive said the ongoing premiumisation trend is helping Sony drive its smart TV sales in the country. The company is targeting 20 percent value growth this fiscal year. “Our overall share is rising. For (TV sets of) 55 inches and above, there isgrowth. We are the dominant brand in this category. Even the 43-inch segment is growing. The only degrowth segment is maybe 32-inch and 40-inch (TV sets). So that's how the market is shaping up. And as far as the total market is concerned, we will continue to grow nicely in 75-inch and above at a pace of maybe more than 50 percent,” he said. The company is spending up to Rs 300 crore on marketing its TV business this year. “Fifty to sixty percent of it will be spent during the festive season," Nayyar said. Even in the soundbar segment, Sony claims to be the largest brand in the Rs 15,000 and above price segment with a 53 percent share. “We have doubled our soundbar business in a year and wish to do that again this year,” he said. Sony India's digital imaging business grew 25 percent in the last fiscal year. "We are the dominant brand in the wedding segment, which is the largest camera segment in the country. The overall digital imaging business has doubled in the last two years,” he claimed. Gaming is also growing for Sony India, up 125 percent last year, with Gen Z opting for its Playstation gaming consoles. For Sony India, the offline channel contributes the most to its sales. Still, the contribution of the online channel is also growing at a high double-digit growth, Nayyar said, adding that the company expects to ride on the quick commerce bandwagon by making its products available for 10-minute delivery in metros. “We are making a synergetic approach to online and offline channels, which has rewarded us so far. We are already present in quick commerce with Playstation and headphones. We don't mind making other devices available through this channel. It’s a customer revolution,” Nayyar said. | 2024-09-30 14:02 | 2024-09-30 | 14:02 |
moneycontrol.com | https://www.moneycontrol.com/news/india/keep-gods-out-of-politics-sc-on-controversy-over-tirupati-laddus-12832246.html | 'Keep Gods out of politics': SC on controversy over Tirupati laddus | File photo.Related stories. | The Supreme Court on Monday told the Andhra Pradesh government to "keep Gods out of politics" and questioned it for going to press with the findings of the lab report on Tirupati laddus. The apex court was hearing a public interest litigation (PIL) seeking a probe by a Special Investigation Team (SIT) into the alleged use of animal fat in Tirupati laddus. During the hearing, the apex court asked why Andhra Pradesh chief minister Chandrababu Naidu revealed the findings of the lab report to the media when the matter was already under investigation. Naidu had claimed that animal fat was used in the laddus distributed as "prasad" at the Sri Venkateswara Temple during the previous YSR Congress government led by Jagan Mohan Reddy. Justice KV Viswanathan said the lab report prima facie indicates that it was rejected ghee which was subjected to test. The bench further said that the lab report on the laddus is "unclear". "If you [Andhra government] had already ordered investigation, what was the need to go to press? The report came in July and the statement came in September," the court said. The bench further said that the issue "is a matter of faith", adding that "Gods should be kept out of politics". "If this ghee was used, it's unacceptable. It has to be seen who was responsible. Ultimately, this needs to be examined," it said. AÂ petition, filed by Surjit Singh Yadav, a farmer and the president of the Hindu Sena, has contended that the Tirumala Tirupati Devasthanams (TTD), by serving "laddu prasadam" prepared using animal fat instead of ghee to devotees at the Sri Venkatswara Swamy temple, has ridiculed the Hindu religion and outraged the sentiments of Hindus. The plea has said the allegation of using animal fat in preparing the "laddu prasadam" at the Sri Venkatswara Swamy temple has shaken the conscience of the Hindu community and outraged the religious feelings and sentiments of its members. (With inputs from agencies) | 2024-09-30 13:57 | 2024-09-30 | 13:57 |
moneycontrol.com | https://www.moneycontrol.com/news/business/personal-finance/nps-debt-funds-shine-over-long-run-beating-mf-counterparts-comfortably-12832345.html | NPS debt funds shine over long run beating MF counterparts comfortably | Related stories. | The fund options offered by the National Pension Scheme (NPS) under the Tier – I account of the ‘all citizen model’ have a proven track record for more than 15 years. Scheme–G and Scheme–C, the debt funds that invest mainly in government securities and corporate bonds respectively have delivered higher returns since inception and outperformed not only their benchmarks but also their mutual fund counterparts. NPS is a defined contribution pension scheme, which was first introduced for Central and State Government employees on January 1, 2004. Thereafter, it was extended to all Indian citizens from May 1, 2009. It allows investors to accumulate a corpus during their working life for their retirement. Comprehensive investment solutions Under the Tier – I account of the ‘all citizen model’, the NPS provides four asset classes --Scheme–E for equity, Scheme–C for corporate bonds, Scheme–G for government securities and Scheme–A for alternative investments. Investors are required to invest in these schemes in the prescribed proportion as suggested by the pension fund regulator. Scheme-C and Scheme-G, two debt-oriented asset classes have delivered comparatively better returns while taking less risk. This has made them attractive choices for investors with a low risk profile. Both the asset classes have generated better returns over the long run - say 5, 7, 10 and 15 years and beat their benchmarks and mutual funds counter parts comfortably. Currently, 11 pension managers manage the corpus of the NPS. Of these, four pension funds have a track record of more than 15 years. For instance, over the last 15 years, Scheme-C managed by four pension managers have delivered an average return (compounded annually) of 9.4 percent, which is greater than the 7.4 percent average return of corporate bond funds managed by mutual funds. Similarly, the average return of Scheme-G is 8.8 percent for the past 15 years, higher than the average return of gilt funds managed by mutual funds, which is 7.5 percent. Corporate debt schemes (Scheme–C)All the four corporate debt schemes managed by these pension funds outperformed the category average of corporate bond funds managed by the mutual funds for the 15-year timeframe. SBI pension and ICICI Prudential pension topped the chart. These funds invest primarily in the top rated debentures issued by public and private sector enterprises. Allocation to bonds rated below AA- is almost nil. Many of these funds are aggressive on taking duration calls while a few of them are less aggressive. For instance, the portfolio Modified Duration of SBI pension as of August 2024 was 5.2 years (4.6 years same period last year) while the UTI pension was 6.9 years (4.3 years last year). Government bond schemes (Scheme–G)Government bond schemes (Scheme–G) offered by pension managers delivered better returns and comfortably outperformed the gilt category of the mutual funds. SBI pension and Kotak pension were the top performers. These schemes mainly invest in government securities and state development loans. As per the latest data, the portfolios of a few of them are aggressive on taking duration calls. For instance, the portfolio Modified Duration of these schemes managed by SBI pension as of August 2024 was 9.9 years (7.6 years last year) and UTI pension was 9.1 years (7.3 years last year). | 2024-09-30 13:53 | 2024-09-30 | 13:53 |
moneycontrol.com | https://www.moneycontrol.com/news/business/as-a-responsible-nda-ally-jdu-intensifies-demand-for-caste-census-as-bihar-polls-approach-12832408.html | 'As a responsible NDA ally...': JD(U) intensifies demand for caste census as Bihar polls approach | File photo of Prime Minister Narendra Modi with Bihar Chief Minister Nitish Kumar (Photo- PTI). | Nitish Kumar’s Janata Dal (United) is intensifying its push for a long-awaited caste-based survey as Bihar's assembly elections approach. JD(U) seems to be leveraging this issue to strengthen its appeal to its core voter base, with a message that it will not compromise on this key agenda as the elections draw near. Senior JD(U) leaders have said that while the party has not yet set a timeframe for the BJP, it is actively engaging with the Union government to initiate the census process, according to News18. The topic of a caste census has resurfaced in recent discussions, with the Congress party including it in its electoral promises in Haryana, and Karnataka Chief Minister Siddaramaiah reiterating his commitment to releasing caste data. In this context, the NDA government faces increasing pressure from its Bihar allies, particularly JD(U) and the LJP, to commence the process. During the RSS's recent Samanvaya Baithak held in Kerala in early September, the organization indicated that it would not oppose the government collecting caste data for the upliftment of backward communities. However, it raised concerns about the potential for this data to be manipulated for political gain and electioneering purposes. | 2024-09-30 13:39 | 2024-09-30 | 13:39 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/buy-amber-enterprises-india-target-of-rs-5500-sharekhan-2-12832411.html | Buy Amber Enterprises India; target of Rs 5500: Sharekhan | Buy.Related stories. | Sharekhan's research report onAmber Enterprises India Amber is capitalising on strong growth in the AC industry backed by a strong summer and soaring temperature. AC penetration is expected to improve significantly, and volumes are likely to clock a 30% CAGR going forward. Second leg of growth will be fuelled by Electronics vertical expansion wherein government has levied anti-dumping duty on PCBs. Company’s transition from ACs to electronics to mobility has driven up margins and is further expected to improve asset turn leading to better return ratios. Company has guided to reach 19% RoCE in the long run. Outlook We maintain a Buy rating, rolling forward valuation on FY27E with a revised PT of Rs. 5500 (based on 38x of FY2027E EPS), on hopes of better profitability, backed by a better RAC product profile, traction in the motors, electronics and mobility division as well as growth in exports. At CMP, the stock trades at a valuation of 67x/43x/33x its FY2025E/FY2026E/FY2027E EPS. For all recommendations report,Âclick here Amber Enterprises India - 30092024 - khan | 2024-09-30 13:37 | 2024-09-30 | 13:37 |
moneycontrol.com | https://www.moneycontrol.com/news/india/bulldozer-action-supreme-court-issues-contempt-notice-to-assam-government-12832401.html | 'Bulldozer action': Supreme Court issues contempt notice to Assam government | Supreme Court. | The Supreme Court on Monday issued a contempt notice to the Assam government after 47 residents filed a petition alleging violations of the court’s order prohibiting demolitions without prior approval. A bench consisting of Justices BR Gavai and KV Viswanathan ordered the state to respond within three weeks and directed that the current situation be maintained until the next hearing. The petitioners claimed their homes were demolished by the authorities despite the Supreme Court's previous order, as well as an assurance from the Assam Advocate General to the Gauhati High Court on September 20 that no action would be taken against them until their petitions were resolved. The case revolves around the bulldozer action on 47 households in Kachutoli Pathar village and surrounding areas in Assam's Kamrup district. The petitioners argue that they have lived there for decades under agreements with the original landholders. They contest the state's classification of them as "illegal occupants" of tribal land, contending that they have not violated any legal provisions and that their occupation was legitimate under existing agreements. The apex court's September 17 order prohibited demolitions across the country without prior judicial approval, except in cases involving encroachments on public roads, footpaths, railway lines, or water bodies. Despite this, Assam authorities allegedly marked the petitioners' homes for demolition without notice, leading to the present contempt petition. | 2024-09-30 13:29 | 2024-09-30 | 13:29 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/mark-mobius-sees-sensex-at-one-lakh-china-rally-to-help-india-12832248.html | Mark Mobius sees Sensex at 1 Lakh by end of year, bets 50% fresh investments on India | With Indian equities, Mobius is finding real estate and commodity plays as bullish bets. For real estate, India's housing demand remains robust as expected to soar, from middle as well as lower income pockets..Related stories. | Renowned emerging market investor Mark Mobius sees the ongoing rally in Chinese equities as a positive for Indian stocks, and forecasts Sensex to touch the one lakh mark by the end of the year. Speaking to CNBC-TV18 on September 30, the founder of Mobius Capital Partners LLP said if capital market regulator Sebi comes out with regulations to limit derivatives activity, that would have a big impact on a rally which has been 'unprecedented'. That said, Mobius added that he will advice funds coming to emerging markets to deploy half of their allocations to India. The China Stimulus Mobius believes that there may be a 'new bull market' emerging in China, as Xi Jinping, President of the People's Republic of China seems to have shown willingness to help small businesses with recent stimulus initiatives. "Xi has been saying that he wants to help small businesses, and it is a good sign that he is changing his stance," said Mobius. China has launched a slew of fiscal as well as monetary measures to boost growth and demand in Chinese economy, triggering a sharp upmove in China's benchmark indices last week. "We may see a new bull market for China," Mobius added, which will be 'positive' for India as well as other Asian economies. After the sharp, recent upmove in China, Mobius said a pullback is possible, as the Chinese market's relative outperformance may be 'temporary'. India's rising weightage in key EM indices like the MSCI is positive for Indian stocks, Mobius said, adding that the China rally should help India as nearly half of all the money coming into EMs goes into index funds. He adviced that foreign funds should deploy at least 50% of the fresh money for EMs in India, 25% in China and Taiwan, and another 25% in Vietnam, Turkey, Brazil, South Korea and Thailand. Sensex at 1 Lakh? The ongoing momentum in Indian stocks is likely to take Sensex past 1,00,000 mark 'probably by end of the year', provided measures by capital market regulator do not become a dampener, Mobius said. "If Sebi comes out with regulations to curb derivatives activity, that would have a big impact," Mobius said. However, the measures will not be able to hold back the bull run in Indian stocks, which Mobius said has been 'unprecedented'. Sectors of Choice With Indian equities, Mobius is finding real estate and commodity plays as bullish bets. For real estate, India's housing demand remains robust as expected to soar, from middle as well as lower income pockets. Mark Mobius also sounded upbeat on the Metals space and related plays, such as automotive and infrastructure. Aside of these, Pharma and Financials are sectors to look at, for the billionaire investor. The China rise will be positive for Indian stocks, according to Mobius, as he bets more FII money will come into India. Mark Mobius also said he is very much interested in India's semiconductor story, given recent inaugurations of a number of projects as well as future investments lined up, along with serious global players entering the Indian ecosystem. "Those will be interesting to keep an eye." Valuations in India Mobius remained upbeat on India Inc's earnings potential. "In P/E, the Earnings moving up means valuations do not look steep," said Mobius, implying India Inc's future P/Es may come down. That said, Mobius concurred with the view that right now may be a time to watch out for risk. "I have always said, there will be corrections along the way in India that can be 5-10-15%, so expect that, but be ready to buy when imt happens," said Mark Mobius. Mobius made a case for diversification too, "It is a good idea to hold gold, may be 10% of portfolio. One of the reasons of gold's price rise is the Indian buying." India's IPO Rush Mobius was slightly cautious on the primary market frenzy in India, as the bullish momentum invited a number of players to list their businesses seeking higher valuations. "It is not a good idea to pile in to the IPOs unless you are certain about the business," said Mobius. | 2024-09-30 13:25 | 2024-09-30 | 13:25 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/phase-ii-of-income-tax-act-review-in-fy26-focus-on-enhancing-compliance-12832185.html | IT Act review to focus on simplification, substantive changes likely in phase II in FY26 | The government is committed to simplifying the Income Tax Act with both substantive and textual changes.Related stories. | The Indian government is likely to make theIncome Tax Actsimpler in the first phase review and is likely to continue the comprehensive review into the next fiscal year, with a second phase in FY26. While the current review, expected to be completed by early 2025, focuses primarily on simplifying the legal text and removing outdated provisions, the second phase will target more substantive reforms, a senior government official said. “The second part of the Income Tax Act review will aim at simplifying compliance for taxpayers through substantive changes in dispute resolutions and other mechanisms,” the official toldMoneycontrol. “It is not just about removing archaic provisions but making the entire structure more user-friendly. Compliance should be easier and smoother." In its ongoing first phase, the government is concentrating on making the legal language of the Income Tax Act simpler, without altering the existing provisions. This part of the review is intended to make the Act shorter and easier to understand. "The Income Tax Act is being redrafted to simplify its language. The goal is to thin out the Act and make it simpler to convey the same meaning,” the official noted, adding that the revised Act is likely to be presented in theUnion Budgetfor FY26. The government is committed to simplifying the Act in a phased manner, with the first phase focusing on textual changes. "The first part of the review, which will culminate in early 2025, is primarily about rewriting the present formulation of the Act to make it less cumbersome without changing substantive provisions. The law is not being made less complex in terms of compliance yet, but it’s being made clearer," the official clarified. "The second part of the review will remove substantive provisions and change them to ensure compliance is easier. Dispute resolution mechanisms will also be overhauled to make the law more taxpayer-friendly," the official explained. “The government is committed to simplifying the Income Tax Act with both substantive and textual changes," the official emphasised, indicating that the two-part review is expected to bring long-term benefits to taxpayers and improve India’s overall direct tax administration system. | 2024-09-30 13:23 | 2024-09-30 | 13:23 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/nbcc-stock-gains-on-bagging-order-worth-rs-101-crore-from-nhai-12832256.html | NBCC stock gains on winning Rs 101-crore order from NHAI | NBCC share price gains on bagging order worth Rs 101 crore from NHAI.Related stories. | NBCC (India) Ltd share price gained 1.11 percent in trade today after the public sector enterprise bagged order worth Rs 101 crore from National Highways Authority of India (NHAI). The company said in a statement on Monday it has received work order by NBCC amounting to Rs 101 crore. In an exchange filing, it said "Construction of Permanent office Authority of India building in respect of Regional Offices (ROs) cum Project Implementation Units (PIUs) of National Highways Authority of India." Last week, the company bagged another contract worth Rs 75 crore to build additional infrastructure at Indian Institute of Information Technology, Nagpur. Prior to that, the state-owned NBCC's arm HSCC bagged a Rs 1,261 crore contract to establish AIIMS hospital in Darbhanga, Bihar. In a regulatory filing, NBCC informed that HSCC (India) Ltd, its wholly- owned subsidiary, has recently been awarded establishment work of AIIMS, Darbhanga from the union health ministry. The value of the contract is Rs 1,261 crore, it added. NBCC share price has been gaining for the last two days and has risen 4.96 percent in the period. NBCC share price has delivered 118.67 percent returns in 2024 so far, as per BSE data. The stock moved higher by 481.63 percent in the last two years as compared to 47.27 percent for the benchmark Sensex. | 2024-09-30 13:22 | 2024-09-30 | 13:22 |
moneycontrol.com | https://www.moneycontrol.com/news/world/cross-border-ma-recovers-in-asia-as-dealmakers-look-abroad-for-growth-12832332.html | Cross-border M&A recovers in Asia as dealmakers look abroad for growth | Overall, Asia M&A totalled $622 billion in the first nine months of the year, down 0.2% from the same period in 2023, LSEG data showed..Related stories. | Cross-border mergers and acquisitions involving companies in the Asia-Pacific region have recovered this year and are booming in Japan as businesses seek new growth after adjusting to cope with higher interest rates. The total announced value of such deals rose 25% year-on-year to $286 billion as of September 30, LSEG data showed, with around 80% of them transacted with an entity outside the region. "There has been a notable pick-up in cross-border transactions as political stability returned to some markets just as pent up demand for investments and dealmaking and adjustments to higher interest rates began to drive M&A activity again," said Andre Gan, a M&A partner at Wong & Partners, a member law firm of Baker McKenzie in Kuala Lumpur. Overall, Asia M&A totalled $622 billion in the first nine months of the year, down 0.2% from the same period in 2023, LSEG data showed. The cross-border recovery was partly boosted by a number of mega-deals, including Canadian firm Alimentation Couche-Tard 's $38.5 billion all-cash takeover bid for Japanese convenience store owner Seven & i Holdings, the largest announced M&A deal globally this year. Rupert Murdoch-controlled Australian firm REA Group has also been bidding aggressively for British real estate portal Rightmove , having sweetened its offer to $8.3 billion after three previous proposals were rejected. Japan is going to drive the region's multibillion-dollar deals, bankers said, as relaxed corporate governance rules have made its public companies more open to takeovers, while some of the local champions are seeking to expand overseas. Japan inbound M&A surged more than 16-fold so far this year to a record $74 billion, while outbound deals were up 49% to $50 billion, LSEG data showed. Texas-headquartered real estate investor Hines, which owned and operated $93 billion worth of assets as of June 30, is actively looking for opportunities globally including Asia, its Asia chief investment officer Ng Chiang Ling told Reuters this month. Having acquired some assets in Japan and Singapore this year, Hines also sees opportunities in Australia, Ng said. In Southeast Asia, cross-border transactions are picking up. German insurer Allianz (ALVG.DE), opens new tab announced in July that it was planning to buy a majority stake in Singapore's Income Insurance for about $1.6 billion to strengthen its foothold in Asia. "Looking forward, 50% of the APAC pipeline is made up of global cross-border transactions," said Rohit Satsangi, Deutsche Bank's co-head of M&A, Asia Pacific. Satsangi said he expected a resurgence of outbound activity by state-owned companies in China that are searching for renewable and natural resources assets globally. A bounce in China would be welcomed by dealmakers. China outbound deals totalled $14 billion so far this year, down 8% year-on-year and were at the second-lowest level in the last decade, LSEG data showed. Wong & Partners' Gan said the overall outlook for M&A in the region was expected to improve, including for deals that did not cross borders. "Heading into 2025 and 2026, considering the recent easing of interest rates by the U.S. Fed and conclusion of the U.S. elections in late 2024, we expect continuing stability to lead to a resurgence of M&A activity," he said. | 2024-09-30 13:18 | 2024-09-30 | 13:18 |
moneycontrol.com | https://www.moneycontrol.com/news/business/sebi-objects-to-use-of-ipo-proceeds-for-paying-back-promoter-loans-12832303.html | SEBI objects to use of IPO proceeds for paying back promoter loans | The IPO clearance of these companies is facing delay as SEBI is expecting these companies to change their use of proceeds or repay promoter loans using other financing routes, sources said..Related stories. | Markets regulator the Securities and Exchange Board of India (SEBI) has objected to companies using the proceeds of share sales to pay back loans availed by them from promoters or promoter entities, sources have told Moneycontrol. Consequently, some initial public offerings are facing delay as SEBI has asked the companies to change the use of proceeds or repay promoter loans using other financing routes, the sources said. “Under the capital market regulations, there are no norms that restrict a company from using the IPO proceeds to repay loans taken from the promoter or promoter group entities. But SEBI, as of now, is not willing to clear these documents, although there are only a few cases which are stuck because of this issue,” said one of the persons cited above. In documents in support of their IPOs, companies have to spell out what they plan to do with the funds raised. In some cases, SEBI has asked the companies to refinance the promoter loans from financial institutions and then use the IPO proceeds to repay those financial institutions instead of directly repaying the promoter loan from the IPO money, the source said. SEBI is yet to respond to Moneycontrol’s emails seeking its response. It is a common practice for promoters to fund businesses not just through equity investments but also through loans such as inter-corporate deposits or loans or in the case of an Indian subsidiary of a foreign company, the parent firm using external commercial borrowing route to fund the India operations. Merchant banks have approached SEBI to reconsider its stand and a meeting is likely this week to find ways to resolve the matter, another source said. The source added that in the past, the regulator cleared such uses of IPO funds, though there are few precedents. Afcons Infrastructure IPO As reported by Moneycontrol, Shapoorji Pallonji group’s flagship construction firm Afcons Infrastructure dropped its plans to use part of IPO proceeds to repay a loan taken from a related party, Shapoorji Pallonji Finance Pvt Ltd, which is categorised as part of the firm’s promoter group. Also Read:ÂAfcons drops loan repayment plan to Shapoorji firm after Sebi questions use of IPO proceeds The change was made after the company received observations on its draft red herring prospectus from the market regulator and the stock exchanges. The Rs 100 crore earmarked for the Shapoorji Pallonji Finance loan will now be used to pay State Bank of India loans. | 2024-09-30 13:17 | 2024-09-30 | 13:17 |
moneycontrol.com | https://www.moneycontrol.com/news/world/a-great-martyrdom-has-taken-place-nc-mp-aga-ruhullah-mehdi-on-hassan-nasrallahs-death-12832284.html | 'A great martyrdom has taken place': NC MP Aga Ruhullah Mehdi on Hassan Nasrallah's death | Aga Ruhullah Mehdi. | National Conference MP, Aga Ruhullah Mehdi, has sparked a controversy with his comments on the death of Hezbollah chief Hassan Nasrallah. While speaking to the media, Ruhullah stated, ŌĆ£A great martyrdom has taken place. He was the strength of the Muslim ummah. He was fighting against Israeli oppression. He was one of the great leaders.ŌĆØ ŌĆ£Just like Ismail Haniyeh, Hassan Nasrallah was a great leader and a spirit of resistance. He has been martyred today. We have suffered a huge loss. The Muslim ummah is grieving his death,ŌĆØ the sitting NC Parliamentarian endorsed two terrorists at the same time. ŌĆ£This is why I ended my election campaign. I pray to Allah for the martyrs of Karbala and Badr, to bless the ummah and provide strength to the people of Palestine,ŌĆØ he further added. A protest march was organised in Jammu and Kashmir following the killing of Hezbollah chief Hassan Nasrallah by Israeli Defence Forces on Friday. Hundreds of protesters took to the streets in Kashmir holding portraits of Nasrallah and raising slogans against Israel. Not just men, but a large number of women also participated in the protests, chanting slogans in support of Hezbollah. Meanwhile, PDP chief Mehbooba Mufti also called off her political campaign scheduled for Sunday in ŌĆ£solidarityŌĆØ with ŌĆśmartyrsŌĆÖ of Lebanon and Gaza. ŌĆ£Cancelling my campaign tomorrow in solidarity with the martyrs of Lebanon & Gaza, especially Hassan Nasarullah. We stand with the people of Palestine & Lebanon in this hour of immense grief & exemplary resistance,ŌĆØ she tweeted. | 2024-09-30 13:15 | 2024-09-30 | 13:15 |
moneycontrol.com | https://www.moneycontrol.com/technology/garena-free-fire-max-redeem-codes-for-september-30-2024-win-free-weapons-diamonds-and-more-rewards-today-article-12832304.html | Garena Free Fire MAX redeem codes for September 30, 2024: Win free weapons, diamonds, and more rewards today | Garena Free Fire. | Garena Free Fire Max, the successor to the well-known Garena Free Fire game, has rapidly gained traction among Indian gamers following the ban on the original title by the Indian government in 2022. Since its release, the game has captured the interest of players with its immersive graphics and expansive gameplay. Additionally, the introduction of daily free redeem codes by its developers, 111 Dot Studios, has further enhanced the game's attractiveness, enabling players to obtain various in-game items such as exclusive skins, diamonds, weapons, and more at no cost. Garena Free Fire MAX Redeem Codes for today, September 30 GYXK-SV8C-W3MKC4UL-8ZMB-5GJFHBGD-NKU7-WG4XRHTG-9VOL-TDWPQK82-S2LX-5Q27MHG8-42VD-KYJEFKOL-D8UB-V2G5JHGS-6BW7-LA8XZV7R-4GQU-0P4KTX4S-C2VU-NPKFP6QJ-G292-5L3CMRZT-D8K9-4Y9XFVTG-B9EU-F8XYJZ5S-6FW7-X8V2EQ9D-2BF2-GFUEH4KG-2G6Y-C4LUN8UJ-KF2B-S4WQ What are Garena Free Fire Max redeem codes? The redeem codes for Garena Free Fire Max are 12-digit alphanumeric combinations containing capital letters and numbers. Using these codes allows players to unlock various in-game rewards, such as skins, weapons, and character upgrades. The availability of these codes serves as a strategic marketing approach, fostering a sense of urgency and reward within the battle royale gaming community. It's important to be aware that these free redeem codes have a limited lifespan, usually valid for up to 12 hours, and are restricted to the first 500 claimants. Therefore, it's crucial to act promptly to claim your in-game rewards before the codes expire. Garena Free Fire Max September 30: How to redeem codes Step 1: Go to the redemption website by clicking on this link: https://reward.ff.garena.com/ Step 2: Sign in using your credentials from one of the supported platforms such as Google, Facebook, Huawei ID, Apple ID, or VK. Step 3: After logging in, you will be directed to a page where you can enter the 12-digit redemption codes. Step 4: Once the codes are successfully redeemed, claim your rewards from the in-game mail section. | 2024-09-30 13:05 | 2024-09-30 | 13:05 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/five-factors-that-triggered-the-1000-point-market-fall-12832234.html | Five factors that triggered the 1,000 point fall in Sensex | Investors are cautious ahead of several crucial events this week, starting with Federal Reserve Chair Jerome Powell's speech today..Related stories. | Indian benchmarks, Sensex and Nifty, both dropped over 1 percent on September 30 as investors continued to book in profits at record-high levels, deepening the losses from the previous session. Sensex fell over 1000 points while Nifty fell below its crucial level of 26,000. At 12:30 PM, the Sensex had tumbled 971 points pr 1.1 percent to 84,600, while the Nifty fell 280 points to 25,898. 1,424 stocks advanced, 2,028 declined, and 122 shares remained unchanged. The selloff wasn't limited to large caps, with mid and small-cap stocks also under pressure. The India VIX, a measure of market volatility, surged 7 percent, signalling growing unease among investors. Experts point to five key factors driving this downfall in Sensex and Nifty.1. Rising Tensions in the Middle East:ÂIsrael's intensified strikes on Iranian-backed forces have heightened fears of escalating conflict in the Middle East. Tensions spiked after Israel killed Hezbollah leader Sayyed Hassan Nasrallah in Beirut, triggering further attacks on Hezbollah in Lebanon and Houthi forces in Yemen. While Middle East tensions are not new to markets, the recent escalation have raised concerns amongst investors, prompting a shift away from riskier equities toward safe-haven assets like gold. "This downturn (in Nifty and Sensex) is largely attributed to rising geopolitical tensions, particularly the intensification of Israeli strikes in Lebanon, which have introduced significant uncertainty into global markets," said Shrey Jain Founder and CEO of SAS Online. Follow our live blog for all the market action 2. China Stimulus:According to V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, a significant factor influencing foreign portfolios is the outperformance of the Chinese stocks which is reflected in the massive surge in the Hang Seng index by around 18 percent in September. "This surge has been triggered by hopes of revival in the Chinese economy in response to the monetary and fiscal stimulus announced by the Chinese authorities. The cheap valuations of Chinese stocks are keeping the momentum intact. This can prove to be a tactical trade which can sustain for some more time. This means FIIs may continue to sell in India and move some more money to better performing markets," Vijayakumar said. However, Vijayakumar does not expect FII selling to impact the Indian market significantly since the massive domestic money can easily absorb whatever the FIIs are selling. 3. Profit Booking:Before the decline that began in the previous session, Nifty and Sensex witnessed a robust six-session rally that saw gains of over 3 percent due to the outsized US interest rate cut which bolstered expectations of more foreign inflows. A lack of major triggers prompted investors to cash in on recent gains. "After a series of upticks, Nifty seems to have taken a breather," said Deepak Jasani, Head of Retail Research at HDFC Securities. "Nifty could now face resistance from the 26,250-26,475 band on the upside, while 25,849 could offer support in the near term." Also Read |ÂSeptember sees largest retail sell-off since March with net sales at Rs 7,500 crore 4. Mixed Cues from Global Markets:ÂMainland China stocks surged 4 percent today after September's PMI came in at 49.8, beating the expected 49.5 polled by Reuters. However, this marked a fifth straight month of contraction for the manufacturing sector in China. Separately, Japan's Nikkei 225 plunged over 5 percent as investors reacted to Shigeru Ishiba's win in the Liberal Democratic Party elections, set to make him Japan's next prime minister. Meanwhile, the Dow Jones Industrial Average closed at a record high on September 27, as a subdued inflation report raised hopes for more Fed rate cuts. The Nasdaq dipped slightly, and the S&P 500 edged lower but remained near record levels. 5. Nervousness Ahead of US data, Powell's Speech: Investors are cautious ahead of several crucial events this week, starting with Federal Reserve Chair Jerome Powell's speech today. Key data releases, including job openings, private hiring figures, and ISM manufacturing data, are also expected. The week will conclude with the US nonfarm payroll report and US unemployment rate report, which could impact future rate decisions. | 2024-09-30 13:01 | 2024-09-30 | 13:01 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/biocon-shares-slip-2-after-us-fda-slaps-four-observations-12832274.html | Biocon shares slip 2% after US FDA slaps four observations | Biocon shares have gained over 46 percent since the start of the year..Related stories. | Shares ofBiocontook a hit on September 30, slipping 2 percent to Rs 361 in the afternoon, following news that the U.S. Food and Drug Administration (US FDA) had completed an inspection of the company's API facility in Bengaluru, resulting in four observations. The inspection was conducted from September 23 to 27, and while Biocon did not disclose the nature of the observations, the company stated it would address them within the required timeframe. Follow our LIVE blog for all the latest market updates Despite Biocon's assurances that the findings would not impact its business, investor sentiment appeared cautious. The inspection was part of the FDA's routine checks to ensure compliance with pharmaceutical manufacturing standards. Additionally, on September 26, Biocon entered into a licensing agreement with Tabuk Pharmaceutical Manufacturing Company, a subsidiary of Astra Industrial Group, to market its GLP-1 products in the Middle East. However, the regulatory news overshadowed this development, leading to a decline in the stock price. Last month, the company's arm received multiple approvals from the US Food and Drug Administration (USFDA). Biocon Pharma, a wholly owned subsidiary of the company, has received approval of its ANDA for Sacubitril/Valsartan Tablets, in 24 mg/26 mg, 49 mg/51 mg and 97 mg/103 mg strengths, from the USFDA. This combination medication is used to treat chronic heart failure in adults and to reduce the risk of death and hospitalization, as well as to treat pediatric patients over the age of one year. Biocon shares have gained over 46 percent since the start of the year. | 2024-09-30 13:01 | 2024-09-30 | 13:01 |
moneycontrol.com | https://www.moneycontrol.com/news/opinion/secularism-with-indian-characteristics-12832261.html | Secularism with Indian characteristics | What does secularism mean in the Indian context?.Related stories. | Tamil Nadu governor RN Ravi recently made a statement in the context of secularism which attracted sharp reactions. Speaking at a public event in Kanniyakumari he said, ŌĆ£A lot of frauds have been committed on people of this country, and one of them is that they have tried to give a wrong interpretation of secularism. What does secularism mean? Secularism is a European concept, and it is not an Indian concept. In Europe, secularism came because there was a fight between the church and the kingŌĆØ. He was right that secularism in Europe was the result of a fight between the church and the king. However, his remark that ŌĆ£In India, there is no need for secularismŌĆØ is something that calls for a debate. But to do so, understanding what secularism in the Indian context means is the first prerequisite. Amartya Sen calls secularism ŌĆ£the ideological mainstay of multi-religious IndiaŌĆØ. Sen writes in his essay titled ŌĆśSecularism and its DiscontentsŌĆÖ that When India became independent ŌĆ£much emphasis was placed on its secularism, and there were few voices dissenting from that priorityŌĆØ. Constituent Assembly descriptions of secularism Secularism as a desired political and social credo was a matter of intense debate in the Constituent Assembly and many of its members wanted it to be part of the Preamble. They intended to make it a constitutional imperative. However, they departed from the Western notion of secularism. HV Kamath on December 6 1948 said: ŌĆ£When I say that a State should not identify itself with any particular religion, I do not mean to say that a State should be anti-religious or irreligious. We have certainly declared that India would be a secular State. But to my mind, a secular state is neither a God-less State nor an irreligious nor an anti-religious state.ŌĆØ KM Munshi was of the view that,┬ĀŌĆ£a secular State is not a Godless State. Any State that seeks to outlaw God will very soon come to an endŌĆØ. According to Munshi secularism in India would imply that ŌĆ£citizenship is irrespective of religious belief, that every citizen, to whatever religion he may belong, is equal before the law, that he has equal civil rights, and equal opportunities to derive benefit from the state and to lead his own life; and nothing moreŌĆØ. Jawaharlal Nehru and Dr BR Ambedkar's approach to secularism emanated more from the idea of justice and equality than from an anti-religious position. Constitution and courts SR Bommai's case declared secularism as the basic structure of the Constitution. It listed Articles and Articles 14, 15 and 16 and more specifically Articles 25, 26, 29, and 30┬Ā to show that the Constitution guarantees to all persons equally the freedom of conscience and the right to freely profess, practise and propagate religion and manage their religious affairs without having to face any disability or discrimination on the ground of religion. Further Article 44 enjoins upon the State to endeavour to secure to its citizens a uniform civil code and Article 325 abolishes the separate electorate. The SB Bommai judgment concluded that these provisions by implication prohibit the establishment of a theocratic State and prevent the State from either identifying itself with or favouring any particular religion or religious sect or denomination. The State is enjoined to accord equal treatment to all religions and religious sects and denominations. While on one hand the Constitution through its various provisions tried to establish a secular State, the Supreme Court through its landmark judgments established secularism as a basic feature of the Indian Constitution and polity. In Aruna Roy vs Union of India, the apex court held that, ŌĆ£All religions have to be treated with equal respect (Sarva Dharma Sambhav) and that there has to be no discrimination on the ground of any religion (Panthnirapekshata). In Gopalakrishnan Nair vs State of Kerala, it was held: 1. The Constitution prohibits the establishment of a theocratic State 2. The State is not only prohibited to establish any religion of its own but is also prohibited to identify itself with or favour any particular religion. 3. The secularism under the Indian Constitution does not mean the constitution of an atheist society but it merely means equal status of all religions without any preference in favour of or discrimination against any one of them. In SR Bommai's case, while quoting eminent jurist MC Setalvad, the apex court tried to explain what Indian secularism really means for India. Setalvad in a lecture delivered in 1965 pointed out that the Indian Constitution undoubtedly lacks a complete separation between the church and the State as in the United States and at the same time India has no established church as in Great Britain or some other countries. In India, all religions are placed on the basis of equality and it would, therefore, seem that it is erroneous to describe our country as a secular State. Setalvad highlighted the fact that in the Constituent Assembly, two attempts to introduce the word 'secular' in the Constitution failed. Nevertheless, he asserted, that it could not be said that the Indian State did not possess some important characteristics of a secular state and pointed out some of the provisions of the Constitution to buttress his claim.┬Ā He┬Āconcluded that the ideal of a secular state in the sense of a State which treats all religions alike and displays benevolence towards them is in a way more suited to the Indian environment than that of a truly secular state by which he meant a State which creates complete separation between religion and the State. RN Ravi might be well within his rights to reject the Western notion of secularism. However, does that mean the idea of secularism, which in India has a very different meaning, also stands discarded? Certainly not. Secularism as defined in the Bommai case is a ŌĆ£mainstayŌĆØ of IndiaŌĆÖs multi-religious society. And, at no cost, it can be done away with. | 2024-09-30 12:51 | 2024-09-30 | 12:51 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/buy-larsen-and-toubro-target-of-rs-4550-sharekhan-12832297.html | Buy Larsen and Toubro; target of Rs 4550: Sharekhan | BUY.Related stories. | Sharekhan's research report onLarsen and Toubro Healthy order inflows of Rs. 28,000-47,500 crore during Q2FY2025 led by two mega orders from the Middle East, which comprise over 60% of the order intake. L&T targets order inflow growth of 10% y-o-y, revenue growth of 15% y-o-y and an 8-8.25% OPM for core P&M business for FY2025. Order book at an all-time high of ~Rs 4.91 lakh crore (2.1x TTM revenues). We expect it to benefit from healthy order intake from international segment led by Middle East and pick up in domestic order inflows in H2FY2025. However, current weakness in crude oil pose possible risk for Saudi order inflows. Outlook We maintain a Buy with a revised PT of Rs. Rs. 4,550, rolling forward our valuation to H1FY2027E and considering its strong order prospects. For all recommendations report,Âclick here Larsen & Toubro - 30092024 - khan | 2024-09-30 12:48 | 2024-09-30 | 12:48 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/ola-electric-stock-falls-4-slips-below-rs-100-mark-for-the-first-time-since-listing-12832240.html | Ola Electric stock falls 4%; slips below Rs 100-mark for the first time since listing | Ola Electric share price has dropped over 16 percent in the past month.Related stories. | Shares of Ola Electric Mobility fell more than 4 percent in trade on September 30, which also took the stock below the Rs 100-mark for the first time since its market listing. Moreover, the stock has also been in the red for 12 out of the last 14 sessions. Accordingly, it has dropped over 16 percent in the past month. At 12.22 pm, shares ofOla Electric Mobilitywere trading at Rs 98.80 on the NSE. Follow our market blog to catch all the live action In a bid to boost EV penetration in tier-2 and tier-3 cities, the company recently launched its 'network partner program'. Ola Electric has already onboarded 625 partners to expand its sales presence across India, with plans to reach 1,000 partners before the upcoming festive season. In a recent note, brokerage firm HSBC reported that it visited several Ola service stations and observed that many were overwhelmed with service requests. HSBC stated that improving service capacity is a critical area that Ola Electric must address ahead of the launch of its motorcycles, which were unveiled on August 15. Ola Electric's sales dropped by 34 percent in August. With the monthly auto data for September slated to be out tomorrow, investors are keen to see if weakness in sales for Ola Electric persisted in the month gone by. | 2024-09-30 12:44 | 2024-09-30 | 12:44 |
moneycontrol.com | https://www.moneycontrol.com/news/opinion/food-adulteration-must-be-addressed-as-a-public-health-issue-not-a-political-tool-12832023.html | Food adulteration must be addressed as a public health issue, not a political tool | Tirupati Laddu row sparked accusations and counter accusations between the current Andhra Pradesh state government and its predecessor..Related stories. | (Sanghnomics is a weekly column that tracks down and demystifies the economic world view of Rashtriya Swayamsevak Sangh (RSS) and organisations inspired by its ideology.) Three important incidents have happened over the last few days that should have brought the issue of food adulteration at the centrestage of our public discourse. However, due to a segment of political parties, the real issue has been overshadowed by political positions taken for optics. First, there was theTirupati Laddu controversy, where samples of Prasadam were found to be adulterated. Then, Uttar Pradesh Chief MinisterYogi Adityanathissued directives requiring all food vendors in his state to display their names, install CCTV cameras, and ensure that their staff use masks and gloves. The Himachal Pradesh government also announced a similar decision but retreated within 48 hours. Communalising of public health issue  Certain political parties in India have been trying to communalise this important public health issue of food adulteration by trying to create a bogey of fear psychosis as if theUP government’s new orderis directed to target people of only one specific religion. That seems to have triggered the retraction of this step by the Himachal Pradesh government. When the names of food vendors would be displayed, according to the Uttar Pradesh government’s new directives, that would cover people from all religions. In the past also the UP government tried to bring a similar rule but there was a political furore over it. An impression was given by the Opposition that the step was aimed to target Muslims. Interestingly, we haven’t seen any adverse response to such steps by Jains, Buddhists, Sikhs and Christians. Only leaders and certain members of the Muslim community and politicians who profess to be their ‘protectors’ have been raising objections. The Tirupati Laddu row sparked accusations and counter accusations between the current Andhra Pradesh state government and its predecessor thus turning this sensitive issue, which deeply hurt the Hindus, into a political slugfest. The problem is that this kind of ‘politicisation’ and ‘communalising’ has pushed the real issue—tackling food adulteration in India—onto the back burner, which affects almost every household. Food Adulteration: A ticking bomb  According to data sourced from FSSAI annual reports, the food adulteration rate in India almost doubled between 2011-12 to 2016-17. Food adulteration rate in India stood at 13% in 2011-12 which increased to 23% in 2016-17,Âsays a research paper titled ‘Food Adulteration in Contemporary India: Emerging Trends and Remedies’ published in 2020.  In aÂreply to a parliamentary question in 2021, the Central government informed that in 2019-20,  the government labs analysed 1,18,775 samples, out of which 29,192 samples were found ‘non-conforming’ resulting in the launch of 27412 cases. The number of food samples which failed constitute almost 25 per cent of the total samples collected which is alarming. Street Food: Public Health Risk It is important to note that the immediate trigger for the UP-government’s decision was the shocking images which were shared across social media about street vendors or food shop owners spitting in Chapatis or adding urine to fruit juice etc. Inquiries have been made and cases have been registered against the culprits. The directive of the UP government would go a long way in regulating the street food vendors also which constitute a major chunk of the food industry in India. According to a Confederation of Indian Industry report (CII)Âreport,  Street foods play an important socio-economic role in meeting food and nutritional requirements of city consumers in the lower and middle-income groups at affordable prices. They are also appreciated for their unique flavours, tastes, and convenience. Street foods also assure food security for the low-income urban population and livelihood for a significant proportion of the people. They are also important in contributing to the nutritional status of the population. In contrast to these potential benefits, it is also recognised that street food vendors are often poor, less educated, and lack knowledge in safe food handling, environment, sanitation and hygiene, mode of food display, foodservice, and handwashing, sources of raw materials, and use of potable water,Âsays this report. Consequently, street foods are perceived to be a major public health risk. According to India's Ministry of Urban Poverty Alleviation, there are over 100 lakh street vendors in the country, roughly 20 lakh of them food sellers. The CII reportÂhighlights that the traditional processing methods used in the preparation of street foods, inappropriate holding temperature, and poor personal hygiene of food handlers are some of the main causes of contamination of street foods. Also, the foods are not effectively protected from flies and dust. For the sake of public health, it is important to understand the epidemiology of foodborne illnesses. This will help in prevention and control efforts, appropriate allocation of resources to control foodborne illness, monitoring and evaluating food safety measures, development of new food safety standards, and assessment of the cost-effectiveness of interventions. Conclusion In a nutshell, the issue of food adulteration is one of the most significant issues in public health that has been neglected so far. The recent directive by the UP government is a step in the right direction. The opposition or certain community leaders should not trivialise it by politicising and communalising such steps by any government. The next step should be to have a national policy to tackle food adulteration with all political parties and state governments as stakeholders. Given the divide across the political spectrum, it seems a challenging task but it isn’t impossible. Earlier Sanghnomics columns can beread here. | 2024-09-30 12:33 | 2024-09-30 | 12:33 |
moneycontrol.com | https://www.moneycontrol.com/news/world/japans-incoming-pm-shigeru-ishiba-sets-oct-27-date-for-snap-election-what-to-expect-12832268.html | Japan's incoming PM Shigeru Ishiba sets Oct 27 date for snap election: What to expect | Shigeru Ishiba. | Japan's incoming prime minister Shigeru Ishiba said on Monday he plans to hold a general election on Oct. 27. Here is what to expect in the following weeks as Ishiba seeks to hold on to his party's lower house majority and solidify his position atop a scandal-plagued party. WHAT HAPPENS NOW? Ishiba's victory in the Liberal Democratic Party (LDP) leadership race last week virtually assures that he be officially voted in as Japan's next prime minister during a special parliamentary session on Tuesday. The 67-year-old is hoping to capitalise on his current wave of popularity to revive a party that has seen its public ratings drop in recent months over a series of scandals that partly forced his predecessor, Fumio Kishida, to resign. WHEN WILL THE ELECTION BE? Ishiba said the snap election would be held on Oct. 27, with a ruling party executive saying earlier on Monday that the new leader would dissolve parliament on Oct. 9. Official campaigning must run for a minimum of 12 days before the election. The upper house will continue its term as it cannot be dissolved, with the next term finishing in July 2025. WHICH PARTIES ARE THE MAIN CONTENDERS? The LDP, which has ruled Japan for almost all of the post-war era, currently holds 258 of 465 seats in the lower house. Although the LDP saw its popularity hit a low of 25.5% in June – the lowest since it regained power in 2012 – it remains the most popular party in a fragmented political landscape. Some 31.3% of respondents said they support the party, according to a poll by public broadcaster NHK conducted early September. The main opposition is the Constitutional Democratic Party of Japan, which currently hold 99 seats. Its current approval rating stands at 6.6%. The conservative Japan Innovation Party, which has a stronghold in the Western city of Osaka, currently holds 45 seats, while the LDP's junior coalition partner Komeito has 32. WHAT CAN WE EXPECT FROM THE ELECTION? The focus is whether the LDP will win the 233 seats needed to keep a lower-house majority by itself. Winning an additional 28 seats would help put the coalition past the 261 seats of an "absolute stable majority", a level that would ensure control over parliamentary committees, making it easier to push through bills. | 2024-09-30 12:32 | 2024-09-30 | 12:32 |
moneycontrol.com | https://www.moneycontrol.com/news/india/anupam-kher-replaces-mahatma-gandhi-on-currency-notes-as-conmen-dupe-trader-of-rs-1-6-crore-in-gujarat-12832259.html | Anupam Kher 'replaces' Mahatma Gandhi on currency notes as conmen dupe trader of Rs 1.6 crore in Gujarat | Representational Image. (Photo Credit: PTI).Related stories. | A bullion trader in Gujarat was duped to the tune of Rs 1.6 crore in Ahmedabad, the city police said on Sunday, adding that the matter came to light when the victim, a bullion trade firm owner, realised that the currency notes carried the image of actor Anupam Kher instead of Mahatma Gandhi. A case of cheating has been registered against unidentified persons for allegedly duping the bullion firm owner of Rs 1.60 crore by handing over fake currency notes with pictures of actor Anupam Kher, police added. Officials said the case has been registered on the basis of a complaint lodged by Mehul Thakkar, who runs a bullion firm in Manek Chowk area of Ahmedabad. According to the police, the accused set up an elaborate trap to fleece the victim. They first approached the bullion firm trader saying they wanted to buy 2,100 grams of gold and wanted it delivered at a courier firm on CG Road in Navrangpura area on September 24. As per the police, Thakkar sent his employees with the gold at the office where the two accused were present. Thakkar’s employees delivered the gold and the accused gave them a plastic cover which they claimed had Rs 1.3 crore in cash. After handing over the said fake currency notes, the accused provided them with a counting machine to count the cash. In the meantime, the two accused fled the office with the gold on the pretext of collecting the remaining amount of Rs 30 lakh from an adjoining shop. Once Thakkar’s employees opened the plastic cover, they found fake notes in it. A case has been registered at the Navrangpura police station. Inspector AA Desai told The Indian Express that even the courier firm where the delivery of gold happened was fake without any registered rent agreement. “They had taken the shop on rent and put a fake board of the courier firm there while promising the land lord to sign the rent agreement in a day or two. The currency notes they delivered were fake with pictures of Anupam Kher on it,” the official said. Police said that an investigation into the matter is underway and a hunt is on for the accused. No arrests have been made in the matter so far. | 2024-09-30 12:32 | 2024-09-30 | 12:32 |
moneycontrol.com | https://www.moneycontrol.com/technology/amazon-great-indian-festival-laptops-from-apple-hp-asus-dell-lenovo-and-other-laptops-at-minimum-35-discount-article-12832257.html | Amazon Great Indian Festival: Laptops from Apple, HP, Asus, Dell, Lenovo and other laptops at minimum 35% discount | Amazon.Related stories. | Amazon Great India Festival sale is live for all users. During the sale, the e-commerce platform is offering deals and discounts on all products including laptops from popular brands like HP, Dell, Asus, Lenovo, Acer and Apple. If you are planning to buy a new laptop, we’ve put together a list with maximum discounts with powerful specifications. Apple MacBook Air M1Apple MacBook Air M1 is available at Rs 54,999 with Rs 4000 ban discount. It has 8GB RAM, 256GB storage, a backlit keyboard and is powered by M1 chip. Dell Core i3 laptopThis laptop frmo dell has received a discount of 30% and is available at around Rs 30,000 including the bank discount. It is powered by a 12th-generation Intel Core i3 processor, 8GB RAM and 512GB storage. Asus Vivobook 15The laptop is listed at Rs 47,999 after 38% discount. In addition to this, there’s a Rs 2000 coupon available along with 10% bank discount. All things combined the laptop is available for purchase at Rs 41,990. Honor MagicBook X16 Pro 2024Honor MagicBook X16 Pro is powered by Core i5 processor, 16GB RAM and 512GB storage. It is available at Rs 50,990 without the bank discount. HP 15sThe laptop is available at flat 30% discount excluding bank discount. It can be purchased at Rs 34900 and bank discount of Rs 34900 will also be applicable. The laptop comes with Intel Core i3 12th Gen processor, 8GB RAM and 512GB SSD storage. | 2024-09-30 12:31 | 2024-09-30 | 12:31 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/reduce-navin-fluorine-target-of-rs-3500-emkay-global-financial-12832253.html | Reduce Navin Fluorine; target of Rs 3500: Emkay Global Financial | reduce.Related stories. | Emkay Global Financial's research report onNavin Fluorine We visited Navin Fluorine’s plant based in Dewas, Madhya Pradesh which caters to its CDMO business vertical. The company manufacture pharma intermediates for commercialized (50-60%) and last-stage molecules. The management revisited its CDMO guidance of USD100mn by FY27 on the back of execution of cGMP-4 phase-1 (dedicated for Fermion) and conviction to start phase-2 expansion in the next 6-12 months, subject to addition of new molecules/clients. Outlook The overall tone of new CEO Nitin Kulkarni remains positive wrt all its business verticals, with focus on adding new customers, product lifecycle management, building R&D capabilities, cost rationalization and local sourcing, capacity utilization, and governance. We maintain our REDUCE rating, slightly upping our TP to Rs3,500/sh (rolling over to Sep-26E EPS). For all recommendations report,Âclick here Navin Fluorine - 30092024 - emkay | 2024-09-30 12:27 | 2024-09-30 | 12:27 |
moneycontrol.com | https://www.moneycontrol.com/news/world/uk-economy-grew-by-slower-than-thought-0-5-in-second-quarter-12832263.html | UK economy grew by slower-than-thought 0.5% in second quarter | Economists polled by Reuters did not expect the quarterly growth pace to be revised in Monday's updated data.. | British economic output grew by 0.5% in the second quarter, slightly slower than previously thought, figures from the Office for National Statistics showed on Monday. A preliminary ONS estimate for the second quarter had shown domestic product growth at 0.6%.Economists polled by Reuters did not expect the quarterly growth pace to be revised in Monday's updated data. Compared with the second quarter of 2023, the economy grew by 0.7%, the ONS said, slower than economists' forecasts of a 0.9% rise. Sterling was little changed against the U.S. dollar after the figures were released. Prime Minister Keir Starmer, whose Labour Party won power in July, is seeking to speed up economic growth. | 2024-09-30 12:27 | 2024-09-30 | 12:27 |
moneycontrol.com | https://www.moneycontrol.com/news/world/japans-incoming-pm-ishiba-calls-general-election-for-oct-27-seeks-to-unify-party-12832251.html | Japan's incoming PM Ishiba calls general election for Oct 27, seeks to unify party | Japanese shares fell more than 4% in early trading on Monday as the yen strengthened and Japanese government bonds jumped in reaction to the leadership win by Ishiba, who is seen as a monetary policy hawk..Related stories. | Japan's incoming prime minister, Shigeru Ishiba, said on Monday he will call a general election for October 27 following his victory in one of the closest ever leadership races for the ruling Liberal Democratic Party. The poll, which will come a year early and ahead of the US presidential election in November, will decide which party controls parliament's lower house. Lawmakers there will meet tomorrow to confirm him as the country's next prime minister. "It is important for the new administration to be judged by the people as soon as possible," Ishiba said at a press conference at LDP headquarters in Tokyo. Japanese shares fell more than 4% in early trading on Monday as the yen strengthened and Japanese government bonds jumped in reaction to the leadership win by Ishiba, who is seen as a monetary policy hawk. Ishiba on Monday began picking government and party officials who will contest the upcoming general election with him. So far those include two rival candidates in the leadership race, Katsunobu Kato as finance minister and Yoshimasa Hayashi to stay on as chief cabinet secretary, a pivotal post that includes the role of top government spokesman, two sources familiar with the appointments earlier told Reuters. A close Ishiba ally, Takeshi Iwaya, a former defence chief, will take over as foreign minister, while Gen Nakatani will return to the defence ministry, a position he held in 2016, said the sources, who asked not to be identified because they are not authorized to speak to the media, confirming earlier media reports. Yoji Muto, a former junior minister, will take charge at the economy, trade and industry ministry, a separate source said. Not included in his picks, however, is Sanae Takaichi, the hardline conservative he beat by 215 votes to 194 on Friday in the closest leadership election in almost seven decades. Takaichi's absence could make it difficult for Ishiba to manage a fractious ruling group roiled by scandals that have sapped its public support. Media reports that Takaichi has declined a post "could point to a weakness in Ishiba's support base, which could cause him problems going forward," said Hiroshi Shiratori, a political science professor at Hosei University in Tokyo. Ishiba picked another rival, Shinjiro Koizumi, as his election campaign chief, along with former Prime Minister Yoshihide Suga, a Koizumi backer, who is the party's new vice president. Both joined him at his press conference on Monday. Ishiba, 67, won the LDP leadership race on his fifth attempt with strong backing from rank-and-file members. He is however, considered something of troublemaker by many of his parliamentary colleagues for often defying party policy. On Friday before his run off election against Takaichi he apologised to LDP lawmakers for his "shortcomings". | 2024-09-30 12:22 | 2024-09-30 | 12:22 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/jm-financial-hits-52-week-high-as-subsidiary-approves-rs-1000-crore-msme-loan-assignment-12832238.html | JM Financial hits 52-week high as subsidiary approves Rs 1,000 crore MSME loan assignment | Over the past year, JM Financial shares have jumped almost 80 percent in trade, outperforming the Nifty 50 index..Related stories. | JM Financial shares hit a fresh 52-week high in trade on September after its subsidiary, JM Financial Products approved the direct assignment, or sale, of its MSME loan portfolio. In a meeting on September 27, JM Financial Products' board of directors approved the direct assignment of its MSME loan portfolio for Rs 1,000 crore to one or more parties. At 12.05 pm,JM Financialshares were trading at Rs 149.97 per share, higher by five percent compared to the previous session's close. Follow our live blog to catch all the updates Additionally, JM Financial Products' Vishal Kampani resigned from his position as Managing Director to comply with the RBI's provisions which state any key managerial personnel of NBFCs middle layers(ML) and upper layers (UL) shall not hold any other position. Vishal Kampani is already the Managing Director of JM Financial Credit Solutions Limited, an NBFC-ML. JM Financial is engaged in holding company activities, advisors in equity and debt capital markets, management of capital markets transactions, mergers & acquisitions, and advisory. The company is also engaged in private equity syndication, corporate finance advisory business, administration & management of private equity funds, private wealth management business, and PMS. For the quarter ended June 30, 2024, JM Financial Ltd reported a 6.2 percent on-year (YoY) dip in net profit at Rs 60.4 crore. The company's revenue from operations, however, fell 5.4 percent YoY to Rs 219 crore. Over the past year, JM Financial shares have jumped almost 80 percent in trade, outperforming the Nifty 50 index which has gained 32 percent during the same time. | 2024-09-30 12:17 | 2024-09-30 | 12:17 |
moneycontrol.com | https://www.moneycontrol.com/news/world/fresh-terror-cases-against-pakistan-ex-pm-imran-khan-what-are-the-charges-12832247.html | Fresh terror cases against Pakistan ex-PM Imran Khan: What are the charges | Imran Khan. | Three new cases have been registered against Pakistan's former prime minister Imran Khan, following a protest led by his party at Rawalpindi’s Liaquat Bagh area on Saturday. The 71-year-old leader is accused of inciting supporters to protest against national institutions while issuing directives from Adiala Jail, where he has been held for over a year. The Pakistan Tehreek-e-Insaf (PTI) founder was charged under the Anti-Terrorism Act, along with Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur and party chairman Barrister Gohar Khan, as reported by The Express Tribune. Complaints filed by the New Town and Civil Lines police stations in Rawalpindi include charges of attempted murder, violation of Section 144, and other terrorism-related offences. The Punjab government has also raised allegations against Khan and his supporters, accusing them of criticising national institutions, engaging in vandalism, and inciting violence, including stone-pelting, news agency PTI reported. Khan’s supporters on Saturday allegedly clashed with police during the protest. Hundreds of party supporters tried to reach the historic Liaquat Bagh park in the city for the protest called by Khan, but police erected barricades and blocked all major roads. Khan was arrested on August 5 last year after his conviction in the first Toshakhana corruption case filed by the Election Commission of Pakistan. Since then, he has been in jail in different cases. | 2024-09-30 12:15 | 2024-09-30 | 12:15 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/nifty-realty-slips-for-second-day-as-q3-2024-housing-sales-fall-11-yoy-12832231.html | Nifty Realty slips for second day as Q3 2024 housing sales fall 11% YoY | New supply dipped below the 1 lakh mark for the first time since Q1 2023.Related stories. | Realty stocks faced significant pressure on September 30, with the Nifty Realty index falling by up to 2 percent in intra-day trading. The decline was led by Phoenix Mills, followed by Prestige Estates, Lodha, Godrej Properties, Brigade Enterprises, Sobha, and DLF, which saw drops ranging from 1-4 percent. This downturn came in response to an ANAROCK Research report revealing an 11 percent year-on-year drop in housing sales during the July-September quarter of 2024. The report showed that around 1.07 lakh units were sold in Q3 2024 across the top seven cities, compared to 1.2 lakh units in the same period last year. Among these cities, MMR registered the highest sales with 36,190 units, followed by Pune with 19,050 units. Together, these two western cities accounted for 52 percent of total sales in the top seven cities during Q3 2024. Catch all the market action on our LIVE blog The available inventory in these seven cities declined by 2 percent quarter-on-quarter, totaling around 5,64,415 units by the end of Q3 2024, with an annual drop of 8 percent, the report noted. Additionally, the report highlighted that new supply dipped below the 1 lakh mark for the first time since Q1 2023. While most cities saw a decline in new supply during the June-September period, NCR and Chennai witnessed increases of 53┬Āpercent and 51 percent, respectively. ŌĆ£Housing sales in the third quarter tapered down amid high prices and the monsoon season. As always in this period, the ŌĆśshraadŌĆÖ period also suppressed demand to an extent as many Indians defer home buying in this period. Overall, the housing market is stabilizing after creating a new peak in Q1 2024,ŌĆØ said Anuj Puri, Chairman, ANAROCK Group. The report also pointed out that rising input costs and strong sales growth contributed to a 23┬Āpercent annual increase in average residential property prices across the top seven cities, from Rs 6,800 per sq ft in Q3 2023 to Rs 8,390 per sq ft in Q3 2024. On a quarterly basis, prices rose by 4 percent. Looking ahead, developers are expected to launch several projects in the festive quarter (October-December), which could boost demand, according to the report. | 2024-09-30 12:13 | 2024-09-30 | 12:13 |
moneycontrol.com | https://www.moneycontrol.com/news/india/no-infighting-in-bjp-confident-of-forming-govt-for-third-time-haryana-cm-nayab-saini-12832241.html | No infighting in BJP; confident of forming govt for third time: Haryana CM Nayab Saini | Saini also attacked Rahul Gandhi ahead of the second leg of the Congress leader's "Haryana Sankalp Yatra", terming it as "political tourism".. | Haryana Chief Minister Nayab Singh Saini has asserted that there is no infighting in the BJP and his party will form government for the third time as there are no takers for the Congress' "jhooth ki dukan". He also attacked Leader of Opposition Rahul Gandhi ahead of the second leg of the Congress leader's "Haryana Sankalp Yatra", terming it as "political tourism". "No senior leader from the Congress was campaigning in Haryana till now and now Gandhi is venturing on political tourism. He is welcome to see the development we have done in the state in the last ten years. However, he will be faced with questions from voters about the 'kharchi' and 'parchi' that was rampant during the tenure of Bhupinder Hooda," Saini told PTI. The former Congress president will launch the second leg of his Haryana poll campaign from Naraingarh in Ambala district on Monday by addressing a public meeting. On reports of infighting in the BJP with two senior leaders---Rao Inderjit Singh and Anil Vij---staking claim for the top post, Saini, who has been fielded as the CM face by the BJP, said the party is united. "There is no infighting, no factionalism, we are all united. They (Singh and Vij) are our senior leaders and are at forefront of our election campaign. The BJP is a democratic party, anybody can raise their claim. The Parliamentary board will decide and whatever will be the decision will be acceptable to all of us...there is no fight, there won't be any fight," Saini here. "There is no confusion among the voters, they are going to vote for 'double engine' government of the BJP and we will secure a hat-trick in the state. I am confident about it," he added. Saini, who took over as CM in March and is now contesting the polls from Ladwa constituency, said, "There is no division in BJP but Congress is definitely a divided house. They are not even able to value their own senior leaders, how will they value their promises to their public.The voters in Haryana are now smart enough to not let Congress' "jhooth ki dukan" (shop of lies) be set up again in the state". Rejecting reports of anti-incumbency, Saini said, "There is no anti-incumbency. Whenever a party remains in power for two terms, the opposition just assumes that forming government will be difficult for third time. But that is not the case". Asked about the BJP losing five seats as compared to the 2019 Lok Sabha polls, Saini said, "Three of the five seats were lost by a very thin margin. The Opposition set a false narrative about the Constitution being changed by the BJP government, which did hurt us in Haryana. However, we are ensuring that we take the right message to the voters to counter any disinformation being spread by Congress. As I said, their shop of lies will not have takers". In run up to the Assembly polls, the BJP has promised two lakh government jobs, 10 industrial towns, a guarantee of government jobs for Agniveers, and a full scholarship for Scheduled Caste and Other Backward Class students at government medical and engineering colleges. Targeting the Congress, he said the governments led by it "from 2004 to 2014 saw 'parchi-kharchi'. The BJP government abolished this system of kharchi-parchi and gave 1.5 lakh government jobs with transparency". The BJP has been attacking the Congress over the kharchi-parchi system (corruption-favouritism) allegedly prevalent in earlier regimes of the grand old party. The BJP, the chief minister said, is also doing more for farmers as it is giving MSP for 24 crops. "The Congress has governments in so many states, but not even one state gives MSP on 24 crops like we are giving," Saini said. Asked about BJP rebels who are contesting as independents after being denied ticket, Saini said, "We tried to convince all of them, some agreed, while some are still in fray. It is an individual call. I do not feel it is going to impact our tally". Saini was at Narnaual in support of incumbent MLA and former minister Om Prakash Yadav. The 90-member Haryana Assembly is scheduled to go to polls on October 5 and the counting of votes will be taken up on October 8. While the BJP is aiming for a hat-trick this time, the Congress is aiming to come back to power in Haryana after a 10-year hiatus. | 2024-09-30 12:10 | 2024-09-30 | 12:10 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/mid-day-mood-sensex-nifty-sink-as-profit-taking-hits-indian-stocks-india-vix-up-8-12832181.html | Mid-day Mood | Sensex, Nifty sink as profit-taking hits Indian stocks; India VIX up 8% | The India VIX, a gauge of market volatility, increased by nearly 8 percent, signaling heightened uncertainty among investors..Related stories. | Sensex and Nifty extended their losses around noon on September 30 as the Indian shares stumbled as profit-taking swept through the market, particularly hitting the banking and energy sectors. Nifty 50 slipped below the 26,000 mark today. Before the decline that began in the previous session, Nifty and Sensex witnessed a robust six-session rally that saw gains of over 3 percent due to the outsized US interest rate cut which bolstered expectations of more foreign inflows. A lack of major triggers prompted investors to cash in on recent gains. At 11.20 AM, the Sensex was down 830 points or 1 percent at 84,741 and the Nifty was down 243 points at 25,935. About 1,357 shares advanced, 2,018 shares declined, and 147 shares remained unchanged. The broader market faced selling pressure, though not as severe as the benchmarks. The BSE Midcap index declined by 0.4 percent, while the Smallcap index fell by 0.2 percent. The India VIX, a gauge of market volatility, increased by nearly 8 percent, signalling heightened uncertainty among investors. Follow our live blog for all the market action Investors are now looking ahead to the monthly auto sales data set for October 1, as well as the upcoming Q2 FY25 earnings season, which will begin next month. Sectoral Trend Excluding Nifty Metal, all 12 sectoral indices were in the red, with Nifty Bank, Pharma, Energy, Auto, and Realty each down by 1-2%. According to a Motilal Oswal research report, demand trends for automobiles remained weak across segments in September, despite the festive seasons of Ganesh and Onam. The inauspicious Shraddh period further impacted sales, resulting in a year-on-year decline in retail sales across categories. In contrast, the metal index rose for the eighth consecutive session, driven by a spike in iron ore prices and China's efforts to revive its struggling property sector. Fundamental View "Market is likely to move into a consolidation phase in the near-term," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. He said that the outperformance of the Chinese stocks has been triggered by hopes of a revival in the Chinese economy in response to the monetary and fiscal stimulus announced by the Chinese authorities. "This means FIIs may continue to sell in India and move some more money to better-performing markets." However, Vijayakumar does not expect FII selling to impact the Indian market significantly since the massive domestic money can easily absorb whatever the FIIs are selling. Also Read |ÂFPIs express concerns over Sebi’s derivative curbs; seek a more calibrated approach Technical View "After a series of upticks, Nifty seems to have taken a breather," said Deepak Jasani, Head of Retail Research at HDFC Securities. "Nifty could now face resistance from the 26,250-26,475 band on the upside, while 25,849 could offer support in the near term." Key Nifty gainers JSW Steel, Tata Steel, Hindalco, Asian Paints, Britannia Key Nifty losers Hero MotoCorp, M&M, Bharat Electronics, Bajaj Auto Key Sensex gainers JSW Steel, Tata Steel, Asian Paints, HCLTech, NTPC Key Sensex losers M&M, ICICI Bank, Tech Mahindra, Axis Bank Stock moves Bajaj Steel Industries: Share price hit a fresh 52-week high as the board of the company is likely to meet this week to consider bonus issues to the shareholders. Two-wheelers:Shares of major two-wheeler manufacturers, including Bajaj Auto and Hero MotoCorp, declined 2-4 percent following UBS's projection of a subdued impact from the early festive season, compounded by the inauspicious 'Shradh Paksha' period from September 17 to October 2. | 2024-09-30 12:10 | 2024-09-30 | 12:10 |