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moneycontrol.com | https://www.moneycontrol.com/news/business/markets/paras-defence-stock-surges-5-on-rs-293-crore-order-win-12832209.html | Paras Defence stock surges 5% on Rs 293 crore order win | Paras Defence and Space Technologies order win.. | Shares of Paras Defence and Space Technologies surged 5 percent on September 30 after the company bagged an order worth Rs 293 crore from its arm Controp-Paras Technologies. The order pertains to the execution of the Indian content associated with a contract previously awarded to the company's arm by L&T. L&T had granted a Rs 305 crore order to Controp Paras Technologies for the production of 244 units of the Sight – 25HD EO System, which includes extended warranty charges and an integrated logistics support (ILS) package for their Close-In Weapon System (CIWS) Program. The order is anticipated to be completed within the next 47 months. At 11.45 am, shares ofParas Defencewere trading at Rs 1,115 on the NSE. Aside from gains in today's session, the stock has largely recorded a weak performance, down close to 13 percent in the past month. Follow our market blog to catch all the live action The correction in the stock has been on account of profit booking in the overall defence pack amid concerns of inflated valuations and lagging growth multiples. The company's net profit surged close to threefold to Rs 14.85 crore in Q1, compared to Rs 6 crore in the same quarter last year. Revenue also recorded a 73 percent on year spike to Rs 83.57 crore in the June quarter, up from Rs 48.32 crore in the same period of the previous fiscal. | 2024-09-30 12:02 | 2024-09-30 | 12:02 |
moneycontrol.com | https://www.moneycontrol.com/news/world/israel-hamas-conflict-hamas-says-its-leader-in-lebanon-killed-in-air-strike-12832224.html | Israel-Hamas conflict: Hamas says its leader in Lebanon killed in air strike | The statement came hours after the Popular Front for the Liberation of Palestine (PFLP), a secular left-wing group, said three of its members were killed in a strike in Beirut's Kola district early Monday.. | Palestinian militant group Hamas said its leader in Lebanon was killed Monday in a strike on the country's south, as official media reported a strike on a Palestinian refugee camp. "Fatah Sharif Abu al-Amine, the leader of Hamas... in Lebanon and member of the movement's leadership abroad" was killed in an air strike on his "home in the Al-Bass camp in south Lebanon", a Hamas statement said. It said he was killed with his wife, son and daughter in a "terrorist and criminal assassination". The official National News Agency reported an air strike on Al-Bass near the city of Tyre, saying it was the "first time" the camp had been targeted. The statement came hours after the Popular Front for the Liberation of Palestine (PFLP), a secular left-wing group, said three of its members were killed in a strike in Beirut's Kola district early Monday. Israel has repeatedly targeted Hamas officials in Lebanon since the Gaza war erupted almost a year ago. A strike in January, which a US defence official said was carried out by Israel, killed Hamas deputy leader Saleh al-Aruri and six other militants in Hezbollah's south Beirut stronghold. In August, an Israeli strike on a vehicle in the south Lebanon city of Sidon killed Hamas commander Samer al-Hajj. Lebanon's official Palestinian refugee camps were created for Palestinians who were driven out or fled during the 1948 war at the time of Israel's creation. By longstanding convention, the Lebanese army stays out of the camps and leaves the Palestinian factions to handle security. | 2024-09-30 12:02 | 2024-09-30 | 12:02 |
moneycontrol.com | https://www.moneycontrol.com/news/business/india-likely-to-tighten-localisation-rules-for-ev-makers-by-2025-report-12832216.html | India likely to tighten localisation rules for EV makers by 2025: Report | Furthermore, the new regulations aim to strengthen measures against false claims by EV makers seeking subsidies, an issue that has affected previous incentive programs..Related stories. | India is likely to implement stricter localisation norms for electric vehicle (EV) manufacturers and public charging stations from April 2025, theÂMinthas said, cites the draft of the proposed regulations. These guidelines outline a framework for domestic manufacturing and assembly processes that will be necessary to qualify for government subsidies. Under the new phased manufacturing programme (PMP) tied to the PM e-DRIVE EV subsidy initiative, OEMs will be required to locally source and assemble a significant number of sub-components, the report said. This includes eight essential components for electric two and three-wheelers as well as 11 components for buses. The draft indicates a shift from the Fame-II subsidy scheme, which allowed some flexibility in imports for 18 EV components. Moneycontrolcouldn't verify the report independently. Also Read |ÂElectric vehicle makers cheer PM's e-drive scheme "We definitely want to promote faster adoption of EVs with the PM e-DRIVE, but the condition is that it must be localised to the maximum extent possible," the report quoted heavy industries ministry secretary Hanif Qureshi as saying. Qureshi stressed on the need for a balanced approach in the new PMP. "We don't want to make PMP too difficult that it cannot be followed but we also don't want to make it too easy, which will lead to an increase in imports," he added. The final regulations are expected to be released in the coming weeks following consultations with various inter-ministerial bodies and industry stakeholders. Also read:ÂAttract global investment, capture EV opportunity, Piyush Goyal tells auto part markers In addition to tightening local sourcing rules for key components like electronic throttle systems, traction motors, and motor controllers, the new norms may also require local assembly of non-PMP components, including tyres, suspension, and braking systems. The draft prohibits the import of components not listed in the PMP even as its seeks to strengthen measures against false claims by EV makers, an issue that plagued the earlier subsidy regimes. | 2024-09-30 12:02 | 2024-09-30 | 12:02 |
moneycontrol.com | https://www.moneycontrol.com/news/world/former-pak-pm-imran-khan-booked-in-new-terrorism-cases-over-rawalpindi-protest-12832232.html | Former Pak PM Imran Khan booked in new terrorism cases over Rawalpindi protest | Khan was arrested on August 5 last year after his conviction in the first Toshakhana corruption case filed by the Election Commission of Pakistan..Related stories. | Punjab police has registered three new cases against Pakistan’s jailed former prime minister Imran Khan following a protest by his party on his call at Rawalpindi’s Liaquat Bagh area on Saturday. The Pakistan Tehreek-e-Insaf (PTI) founder was booked on Sunday under the Anti-Terrorism Act along with Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur and party chairman Barrister Gohar Khan, The Express Tribune newspaper reported. The complaints filed by the New Town and Civil Lines police stations of Rawalpindi also included charges of attempted murder, violations of Section 144 and other terrorism-related offences. According to the charges, the 71-year-old leader incited his supporters to protest against national institutions while issuing directives from Adiala Jail where he has been incarcerated for more than a year. 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. Khan’s supporters on Saturday allegedly clashed with police during the protest. Hundreds of PTI 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. In videos shared by the PTI, protesters were seen attacking the police with stones and bricks and the law-enforcing personnel were seen retreating in haste while being chased by the protesters. Earlier, Khan had given a call for "peaceful protest", ahead of which, the provincial government banned public gatherings and closed all major roads leading to the city. Following the clashes, the party called off the protest to avoid any losses. The General Headquarters of the army is located in Rawalpindi and the venue of the protest was hardly a few kilometers away from the GHQ. 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 11:59 | 2024-09-30 | 11:59 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/avantel-stock-price-jumps-12-on-bagging-order-win-worth-rs-45-crore-from-lt-12832210.html | Avantel stock price jumps 12% on bagging order win worth Rs 45 crore from L&T | Over the past year, Avantel shares have skyrocketed 105 percent, outperforming the benchmark Nifty 50 index..Related stories. | Small-cap defense electronics manufacturer Avantel's stock price surged over 12 percent on bagging an order from infrastructure major Larsen & Toubro. The order, worth Rs 44.49 crore, is for the supply of satcom systems and is expected to be executed by March 2025. The company's satcom radios provide voice and data communications between ships, aircrafts, and the base. At 11.45 am,Avantelshares were quoting Rs 183.8 per share on the NSE, up 7.13 percent compared to the previous session's closing price. Over 34 lakh shares of the company exchanged hands on the BSE and NSE combined so far today, as compared to the one-month average traded volume of 8.2 lakhs. Follow our market blog to catch all the updates On September 26, Avantel bagged an order win from Bharat Electronics for the supply of satcom for Rs 3.45 crore, with an execution timeline of July 2025. Avantel designs, develops and maintains wireless and satellite communication products, defence electronics, radar systems and development of network management software applications for its customers majorly from the aerospace and defence sectors. Over the past year, Avantel shares have skyrocketed 105 percent, outperforming the benchmark Nifty 50 index and doubling investors' wealth. | 2024-09-30 11:58 | 2024-09-30 | 11:58 |
moneycontrol.com | https://www.moneycontrol.com/news/india/what-is-this-yeah-yeah-this-is-not-a-coffee-shop-cji-chandrachud-schools-lawyer-in-sc-12832206.html | 'What is this yeah yeah, this is not a coffee shop': CJI Chandrachud schools lawyer in SC | Chief Justice of India DY Chandrachud on Monday pulled up a lawyer over his casual response to a query while addressing the bench and said that the courtroom is "not a coffee shop". The Supreme Court was hearing a petition filed in 2018 which sought an in-house inquiry against former CJI Ranjan Gogoi. "But is it an Article 32 plea? How can you file a PIL with a judge as a respondent," Chief Justice DY Chandrachud asked. Article 32 of the Constitution guarantees citizens the right to seek constitutional remedies when their fundamental rights are violated. The petitioner responded to the CJI saying: "Yeah, yeah the then CJI Ranjan Gogoi... I was asked to file a curative...". CJI Chandrachud cut him off mid-sentence and asked him not to use the word "yeah" in court. "This is not a coffee shop! What is this yeah yeah. I am very allergic to this yeah yeah. This cannot be allowed," he said. Justice Chandrachud also told the petitioner that Justice Gogoi is a former judge of the Supreme Court, adding that he cannot file a plea like this against a judge. "Justice Gogoi was a former judge of this court and you cannot file a plea like this against a judge and seek an in-house enquiry because you did not succeed before the bench," he said. Later, the CJI said the registry would look into the petition and told the petitioner to remove the name of Justice Gogoi from his plea. | 2024-09-30 11:55 | 2024-09-30 | 11:55 |
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moneycontrol.com | https://www.moneycontrol.com/news/world/nepal-surveys-flood-wreckage-as-death-toll-reaches-192-12832208.html | Nepal surveys flood wreckage as death toll reaches 192 | A damaged vehicle is seen amid mud and debris at a vegetable market in a flood-affected area following heavy monsoon rains in Kathmandu on September 29.. | Search and rescue teams in Nepal's capital picked through wrecked homes on Monday after waters receded from monsoon floods that killed at least 192 people around the Himalayan republic. Deadly floods and landslides are common across South Asia during the monsoon season from June to September, but experts say climate change is making them worse. Entire neighbourhoods in Kathmandu were inundated after the heaviest rains in more than two decades, with the capital temporarily cut off from the rest of Nepal after landslides blocked highways. "Our focus is on search and rescue, including people who have been stranded on highways," home ministry spokesman Rishi Ram Tiwari told AFP. "192 people have been reported dead, and another 31 are missing," he added. At least 35 of those killed were buried alive when earth from a landslide careened into vehicles on a highway south of Kathmandu, Nepal Police spokesman Dan Bahadur Karki told AFP. Rescuers in knee-high rubber boots, meanwhile, were using shovels to clear mud from the worst-hit riverside neighbourhoods around Kathmandu, many of them unauthorised slum settlements. The International Centre for Integrated Mountain Development, a Nepal-based think tank, said the disaster had been made worse by unplanned urban encroachment around the Bagmati River, which courses through the capital. Nepal's army said that more than 4,000 people had been rescued, with helicopters, motorboats and rafts used to bring stranded households to safety. Bulldozers were being used to clear nearly two dozen sections of major highways leading into Kathmandu that had been blocked by debris. 'All of it is stuck' Merchants in Kathmandu said that damage to intercity roads had drastically cut the supply of fresh fruit and vegetables into the capital. "The farmers have their produce ready but with the highways blocked, all of it is stuck," Binay Shrestha, who works at one of the city's main produce markets, told AFP. Nepal's weather bureau said preliminary data from stations in 14 districts measured record-breaking rain in the 24 hours to Saturday morning. A monitoring station at the Kathmandu airport recorded about 240 millimetres (9.4 inches) of rain, the highest figure since 2002. The summer monsoon from July to September brings South Asia 70-80 percent of its annual rainfall and is vital for agriculture and food production in a region home to around two billion people. But monsoon rains also bring widespread death and destruction in the form of floods and landslides. Experts say climate change has worsened their frequency and intensity. More than 300 people have died in Nepal in rain-related disasters this year. | 2024-09-30 11:45 | 2024-09-30 | 11:45 |
moneycontrol.com | https://www.moneycontrol.com/news/telecom/vodafone-idea-bets-big-on-gaming-content-to-widen-4g-subscriber-base-12832202.html | Vodafone Idea bets big on gaming, content to widen 4G subscriber base | Vodafone Idea is also looking to drive monetisation through gaming and content with the help of strategic partnerships..Related stories. | Vodafone Idea (Vi) is intensifying efforts to develop gaming and entertainment as service categories to boost data consumption, which will attract new customers, as the telco expands its 4G network, chief marketing officer Avneesh Khosla has told Moneycontrol. Vi, the third-largest telecom operator in the country by subscriber base, is also looking to drive monetisation through these digital categories with the help of strategic partnerships, Khosla said. “Our continuous efforts towards network enhancement have resulted in significantly enhanced data speeds and the availability of affordable data plays a pivotal role in democratising mobile gaming,” Khosla said, adding the telco is also doubling down on its entertainment offering. The telco expects these initiatives to boost data capacity by 15 percent, attract new 4G customers, and increase the average revenue per user (ARPU), he said. Game on Gaming is one of the critical pillars in Vi’s broader digital content and entertainment strategy, Khosla said. “With encouraging trends in cloud gaming and esports, we are continuously exploring new possibilities in this segment," he said. On the gaming front, the telco has created a comprehensive mobile gaming platform — Vi Games — which offers a host of premium and free online games across cloud gaming, casual gaming, eSports, AAA games, multiplayer games, etc, that can be played on the Vi App. In the gaming industry AAA games, or Triple A games, refers to high-budgetvideo games produced and distributed by large. well-known publishers. Khosla saidVodafone Ideais seeing an upward trend in the “pay-to-play” model for its gaming service. To cater to this growing consumption pattern, it launched a subscription-based, ad-free cloud gaming service, Cloud Play, in partnership with Paris-headquartered CareGame. “Further, the growth in the pay-to-play model opens up a monetisation opportunity. Industry reports suggest that around 20 percent of gamers in India are paid users, and in-app purchases are projected to grow at the highest rate at around 35 percent CAGR,” he said. For hardcore gamers, the telco has an esports tournament platform that allows them to engage in competitive gaming with opportunities to build professional esports profiles. It has partnered with Paris-based Team Vitality to boost the eSports ecosystem in India. “These strategies, combined with our focus on enhancing user experience, are helping us drive our engagement and user growth,” Khosla said. In just one year, the platform has attracted millions of unique gamers to the hyper-casual games’ portal alone, generating millions of gameplays. The rise of digital payment methods has simplified in-app purchases, enabling a seamless gaming experience, he said. OTT push With OTT consumption in India surging and popular platforms seeing increased active users, the telecom operator has expanded its entertainment bouquet to offer a variety of offerings for all its customers across price ranges. It recently relaunched its OTT content aggregator app Vi Movies & TV and has also launched its integrated proposition, Vi One, which offers customers a “three-in-one” package — fibre broadband connection with unlimited data, prepaid mobile connection and more than 13 OTTs via Vi Movies and TV app, all under one plan. In August, chief executive officer Akshaya Moondra told analysts that Vodafone Idea will continue to focus disproportionately on building a digital ecosystem with its partners. | 2024-09-30 11:36 | 2024-09-30 | 11:36 |
moneycontrol.com | https://www.moneycontrol.com/news/business/how-to-simplify-your-pension-claim-with-the-new-form-6-a-a-guide-for-retiring-employees-12832207.html | How to simplify your pension claim with the new Form 6-A: A guide for retiring employees | The Employees' Provident Fund Organization (EPFO) has introduced Pension Application Form 6-A.Related stories. | The Employees' Provident Fund Organization (EPFO) has introduced Pension Application Form 6-A to simplify the process for retirees claiming their pension under the Employee Pension Scheme (EPS). Designed to reduce the paperwork and complexity of earlier processes, the new form can be submitted online via the EPFO portal or offline through the employer, making the transition to retirement smoother and quicker. If you're approaching retirement, navigating the paperwork can feel a bit overwhelming. But good news—the Employees’ Provident Fund Organization (EPFO) has introduced a simplified form, Pension Application Form 6-A, designed to make the process of claiming your pension easier and quicker. Form 6-A allows you to provide essential details like your personal information, EPF account, and bank details, all in one place. Whether you're submitting it online through the EPFO portal or handing it over to your employer, the goal is to make the transition into retirement smoother. What is Pension Application Form 6-A? Form 6-A is a standardized application form that retiring employees need to submit to claim their pension under the Employee Pension Scheme (EPS), a part of the broader EPF (Employees’ Provident Fund) framework. This form is used to simplify the pension application process by reducing the documentation required and making the procedure more straightforward for retiring employees. Why the New Form 6-A? The previous pension application process was known for being cumbersome, requiring multiple documents and visits to the EPFO office. With the new simplified version, the form aims to reduce the complexities involved in pension claims. It allows employees to complete the pension application process with minimal paperwork, speeding up approvals and ensuring retirees receive their pension without delays. Key Features of Pension Form 6-A:Personal and Employment Details: The form captures essential personal information of the employee, including name, date of birth, and address, along with the details of their employment.EPF Account Details: Retiring employees will need to provide their EPF account details, which are critical for verifying the amount of pension they are eligible for.Bank Account Information: The form requires the pensioner’s bank account details where the pension amount will be credited. This helps in the smooth transfer of pension payments post-approval.Simplified Submission Process: The new Form 6-A reduces the amount of paperwork involved and integrates the application process with the EPFO portal, allowing retirees to submit their applications digitally or through their employers.How to Fill and Submit Form 6-A? Filling the form is simple and can be completed either online or offline:Online Submission: Employees can log into the EPFO member portal and submit the form digitally.Offline Submission: Retiring employees can obtain Form 6-A from their employer or download it from the EPFO website. After filling out the form, they can submit it to their employer, who will forward it to the EPFO office for processing.Retirement should be a time to relax and enjoy the fruits of your labour, not get bogged down with paperwork. With the new Pension Application Form 6-A, you’re just a few steps away from securing your pension without unnecessary stress. Make sure you fill out the form correctly and submit it through the proper channels to ensure your pension starts on time. | 2024-09-30 11:34 | 2024-09-30 | 11:34 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/saregama-india-stock-skyrockets-10-amid-heavy-trading-volumes-up-20-in-one-week-12832190.html | Saregama India stock skyrockets 10% amid heavy trading volumes; up 20% in one week | The rebound in the stock today was also supported by heavy trading volumes as 43 lakh shares already changed hands so far..Related stories. | Shares of Saregama India were buzzing in trade yet again, as it bounced back from a two-day fall and surged 10 percent on September 30. With the sharp gains in today's session, backed by heavy trading volumes, the stock has delivered a 20 percent surge in the last one week. At 11.18 am, shares ofSaregama Indiawere trading at Rs 616.55 on the NSE. It had shed around 8 percent in its previous two-day fall. The rebound in the stock today was also supported by heavy trading volumes as 43 lakh shares already changed hands so far, higher than the one month daily traded average of 11 lakh shares. Meanwhile, the company also rejected a Rs 600 crore offer from Karan Johar owned Dharma Productions for a 51 percent stake in the music label. Founded in 1901, Saregama is the country's oldest music label and its decision to reject the massive stake sale offer was taken in positive light by investors. Follow our market blog to catch all the live action Analysts expect profitability margins for Saregama India to remain strong, driven by a robust contribution from high-margin licensing income and increasing digital penetration through partnerships with over-the-top (OTT) applications. "The trend in high-margin licensing income has been rising steadily, with a growth of around 16 percent in FY24. As physical music content gradually phases out, the company's evolving business model is effectively tapping into new and lucrative avenues to monetise its existing music content, particularly retro tracks on digital platforms like OTT services (including YouTube) and through publishing avenues like movies, TV shows, and brand partnerships," CARE Ratings said. | 2024-09-30 11:33 | 2024-09-30 | 11:33 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/bhel-slides-4-on-nifty-next-50-debut-analysts-maintain-buy-on-long-term-prospects-12832187.html | BHEL slides 4% on Nifty Next 50 debut; analysts maintain 'buy' on long-term prospects | BHEL's stock price catapulted 111 percent over the past 12 months, more than doubling investors' wealth..Related stories. | Bharat Heavy Electricals (BHEL) shares sulked in the red during the morning trade on September 30, falling over four percent. BHEL is one of seven counters that have begin to trade in the Nifty Next 50 index today onwards. The state-owned capital goods player's stock price is likely to see inflows of $47 million following its inclusion into the Nifty Next 50 index. At 11.20 am,BHELshares were lower by 3.5 percent on the NSE, quoting Rs 277.45 per share. Follow our live blog to catch all the updates Domestic brokerage expects BHEL to swing into the black from the third quarter of the current fiscal year. "With a growing order book, limited competitive environment and a pick-up in execution, we anticipate BHEL to regain its profitable growth trajectory from Q3FY25," said the brokerage. According to the brokerage, BHEL is likely to deliver revenue CAGR of 24 percent over FY24-26E. JM Financial maintains a 'buy' call on the counter, with a target price of Rs 361 per share. "The need to add reliability to the grid has led policymakers to push the pedal on the addition of new thermal power plants. As a result, developers are swiftly finalising and awarding equipment orders," noted ICICI Securities. As a result, BHEL continues to benefit from an improving outlook for coal-based capacity addition. The brokerage maintained its 'buy' call with an unchanged target price of Rs 370 per share. As PSUs firms rallied sharply over the past year, BHEL was no expectation. BHEL's stock price catapulted 111 percent over the past 12 months, more than doubling investors' wealth. In comparison, the Nifty 50 has risen around 34 percent during the same time. However, from its 52-week high of Rs 335.35 per share, BHEL shares have corrected 14 percent. | 2024-09-30 11:32 | 2024-09-30 | 11:32 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/bajaj-steel-shares-hit-52-week-high-as-firms-board-to-consider-bonus-share-proposal-on-oct-3-12832131.html | Bajaj Steel shares hit 52-week high as firm's board to consider bonus share proposal on Oct 3 | Bajaj Steel Industries share price hit the fresh 52-week high in September 30 trade.. | Bajaj Steel Industries share price hit a fresh 52-week high in September 30 trade as the board of the company is likely to meet this week to consider bonus issue to the shareholders. The stock opened with a gain of 11.02 percent in Monday's trading session and touched a fresh peak of Rs 2,978 on the BSE, zooming 18.08 percent. The stock has been gaining for the last two days and has risen 11.94 percent in the period. The company has a market cap of Rs 1,472.12 crore, as per BSE website. The company, in an exchange filing, said, "it is being informed that the meeting of Board of Directors of the Company is scheduled to be held on Thursday, October 03, 2024, to inter-alia consider the proposal for issuance of Bonus Shares to the shareholders of the Company." Bajaj Steel shares have delivered 147.47 percent returns in the last 180 days, as per BSE data. The stock moved higher by 206 percent in the last three years. | 2024-09-30 11:31 | 2024-09-30 | 11:31 |
moneycontrol.com | https://www.moneycontrol.com/news/business/startup/wakefit-fy24-revenue-rises-25-to-rs-1017-crore-losses-down-90-12832178.html | Wakefit FY24 revenue rises 25% to Rs 1,017 crore, losses down 90% | Chaitanya Ramalingegowda, co-founder, Wakefit.Related stories. | Direct to consumer (D2C) home and sleep solutions company Wakefit's revenue rose 24 percent from the previous year to Rs 1,017 crore in FY24, co-founder Chaitanya Ramalingegowda told Moneycontrol. The Bengaluru-based startup also cut its losses by 90 percent during the year. Wakefit’s net loss was down to Rs 15 crore in FY24, helped by a better control over costs. During the year, the company also improved factory utilisation, which helped in improving margins, Ramalingegowda said. The improvement in financial health comes at a time when investors are nudging companies to rely less on external capital and instead turn in profits or at least establish a path to profitability. “Our investors are extremely satisfied with our year-on-year (YoY) performance but we founders always feel we can grow more than 25 percent. A 25 percent increase YoY is also healthy. It essentially means that on a top line of over Rs 1,000 crore – we’re adding business of Rs 250 crore per year,” Ramalingegowda told Moneycontrol. “FY25, the current fiscal, will be a better year for us, versus FY24, growth wise because we’re seeing discretionary spending go up. During COVID, people were more inclined towards saving their money but now their spending capacity has gone up,” he added. ALSO READ:ÂThe story of Wakefit: From near bankruptcy and successive failures to building one of India’s hottest new consumer brands The company’s revenue will increase another 30 percent this year going from Rs 1,017 crore in FY24 to Rs 1,320-Rs 1,400 crore in FY25. Even as it aims for that growth, it will be a frugal business, as per Ramalingegowda. Started in 2015, Wakefit was EBITDA profitable until 2019. However, the firm then prioritised growth over profitability in the following years after that. In FY24, it however “marked its return to profitability, with an EBITDA of Rs 65 crore.” Wakefit which sells on e-commerce platforms like Flipkart, Amazon and others said 30-35 percent of its sales comes from these e-commerce marketplaces and a majority, around 65-70 percent, comes from its physical stores and its own website. Going forward, the company will expand product categories, strengthen its omnichannel presence and improve brand visibility. The company currently has over 80 stores and will improve the count over the coming months. “Most of the $40 million we raised in 2023sits in our bank accounts so capital is not a challenge for us,” Ramalingegowda said. A few months ago, Wakefit also sawElevation Capital participate in a $10-12 million roundwhere the investor bought shares from the ESOP pool and made its way to the company’s cap table. The company has raised around $150 million in funding from marquee investors including PeakXV (previously Sequoia Capital India), Verlinvest, SIG, Investcorp and Elevation Capital. | 2024-09-30 11:29 | 2024-09-30 | 11:29 |
moneycontrol.com | https://www.moneycontrol.com/news/business/personal-finance/how-to-manage-multiple-aadhaar-profiles-using-the-maadhaar-app-an-easy-secure-guide-12832198.html | How to manage multiple aadhaar profiles using the mAadhaar app: An easy & secure guide | Managing your Aadhaar details and those of your family members has become simple,.Related stories. | If you have been struggling to managing the Aadhaar details for all your family members, the mAadhaar app offers a simple solution. Instead of juggling multiple apps or logins, the app allows you to conveniently handle multiple profiles from just one app. Plus, it's secure—the app uses two-factor authentication to protect your data, making it a safe choice for managing sensitive Aadhaar information. Best of all, you can access all your Aadhaar details anytime, even when you're offline. Here’s a step-by-step guide on how to create multiple profiles for family members using the mAadhaar app. What is the mAadhaar App? The mAadhaar app is a mobile application developed by the Unique Identification Authority of India (UIDAI). It allows users to carry their Aadhaar information digitally and offers services such as downloading eAadhaar, updating profile information, and locking/unlocking biometric data. Additionally, it supports creating and managing multiple Aadhaar profiles within the same app. Benefits of Using the mAadhaar App The mAadhaar App is easy to manage, allowing you to handle multiple Aadhaar profiles, such as those of your family members, all within a single app, eliminating the need for multiple accounts or logins. It ensures your data is secure by using a two-factor authentication system. It also provides convenient access to your and your family’s Aadhaar details at any time, even offline. Step-by-Step Guide to Creating Multiple Aadhaar Profiles 1. Download and Install the mAadhaar App If you haven’t already installed the app, you can download the mAadhaar app from the Google Play Store for Android devices or the Apple App Store for iOS devices. Ensure the app is updated to the latest version for optimal performance. 2. Register Your Own Aadhaar Profile Open the app and sign in using your Aadhaar number or Virtual ID (VID). Once logged in, enter the OTP (One-Time Password) sent to your registered mobile number to verify your profile. After verification, your Aadhaar details will be displayed on the app's dashboard. 3. Add a Family Member’s ProfileYou can now add up to 5 Aadhaar profiles (including your own) for your family members.Tap on the “Profile Section”: On the dashboard, click on the "Add Profile" option to start adding a new profile.Enter Family Member’s Aadhaar Number: Input the Aadhaar number or scan the QR code on the Aadhaar card of your family member.Authenticate with OTP: An OTP will be sent to the registered mobile number linked to the Aadhaar card you’re adding. Make sure the family member has access to their registered mobile number to receive the OTP.Enter the OTP: Once received, enter the OTP in the app to verify the family member's Aadhaar details.4. Access Multiple Profiles Once the family member’s Aadhaar is verified, their profile will appear in the mAadhaar app. To switch between profiles, go to the profile section and select the desired family member’s profile to view or manage their Aadhaar details. 5. Features Available for Family Members’ ProfilesYou can access a variety of features for each profile:Download eAadhaar: Download a digital version of the Aadhaar card.Update Aadhaar Profile: Update address and other demographic details for each member.Lock/Unlock Biometrics: Secure Aadhaar data by locking or unlocking biometrics.Share QR Code: Share the Aadhaar QR code directly for verification purposes.Important Points to Keep in Mind: Each family member must have their Aadhaar linked to a mobile number to receive the OTP during verification. You can manage a maximum of 5 profiles in a single app instance, which is ideal for small families. Ensure you log out after each session to maintain the security of the Aadhaar details. Managing Aadhaar profiles for family members is now easier thanks to the mAadhaar app. By following this simple guide, you can add up to five Aadhaar profiles and keep track of your family's Aadhaar-related services effortlessly. | 2024-09-30 11:26 | 2024-09-30 | 11:26 |
moneycontrol.com | https://www.moneycontrol.com/news/world/kamala-harris-cuts-campaign-trip-short-for-hurricane-helene-briefings-12832192.html | Kamala Harris cuts campaign trip short for Hurricane Helene briefings | Harris had initially planned campaign stops in the Las Vegas area but changed those plans to return earlier to Washington..Related stories. | Vice President Kamala Harris will take part on Monday in briefings on the federal response to Hurricane Helene, cutting short a campaign trip as she plans a visit to the storm-ravaged southeastern United States. Harris is flying back to Washington earlier than planned from Las Vegas, Nevada, where she was on a presidential campaign trip, to take part in briefings at the headquarters of the Federal Emergency Management Agency (FEMA). The change in plans comes after Republican presidential candidate Donald Trump was critical of the Democrat for not being more involved in the disaster response and is making his own visit to the region. Winds, rain and storm surge from the storm killed at least 90 people in North Carolina, South Carolina, Georgia, Florida, Tennessee and Virginia, while millions more faced power outages and destroyed roads. Harris was briefed on Sunday on the federal storm response as she traveled aboard Air Force Two to campaign stops in the Western United States, where she was raising money in California and rallying voters in the competitive Nov. 5 election state of Nevada. She also spoke with North Carolina Governor Roy Cooper and reached out to Florida Governor Ron DeSantis and Georgia Governor Brian Kemp to discuss their needs, according to the official who declined to be identified. Harris had initially planned campaign stops in the Las Vegas area but changed those plans to return earlier to Washington. The Democratic presidential candidate also plans to travel to the storm-hit region ”as soon as it is possible without disrupting emergency response operations,” the official said. It was not immediately planned when or where she would go. North Carolina and Georgia are both among the more hotly contested states in the 2024 race between Harris and Trump. Trump is visiting Valdosta, Georgia, on Monday to receive a briefing on storm damage and ”facilitate the distribution of relief supplies,” his campaign said. Harris’ campaign has announced campaign stops in Pennsylvania and Michigan on Wednesday and Friday, respectively. Vice presidential candidates Tim Walz and JD Vance will debate on Tuesday. More than 3,300 federal personnel are deployed as part of the hurricane response, including search and rescue efforts and restoring power, Biden administration officials have said. | 2024-09-30 11:25 | 2024-09-30 | 11:25 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/hero-motocorp-bajaj-auto-shares-slip-3-as-ubs-says-sell-over-likely-high-discounting-during-festive-season-12832110.html | Hero MotoCorp, Bajaj Auto shares slip 3% as UBS says 'sell' over likely high discounting during festive season | Nuvama notes that the tractor industry is likely to see positive volume growth, driven by improved farmer sentiment.Related stories. | Shares of major two-wheeler manufacturers fell up to 3 percent in morning trade on September 30 led by global brokerage UBS' expectation of impact of the early festive period this time coupled with the inauspicious period – ‘Shradh Paksha’ from September 17–October 2. As forHero MotoCorp, the company was the worst performer on the Nifty Auto index after UBS retained its 'sell' call on the counter suggesting that the company is conceding market share to rivals. This decline pushed Hero to the second position in the domestic two-wheeler market, with a 23.2 percent share. However, UBS has retained its 'buy rating on TVS Motor and Eicher Motors, while maintaining a sell' on Hero MotoCorp and Bajaj Auto. The brokerage highlighted significant discounting in the two-wheeler segment on e-commerce platforms, a trend expected to persist through the festive season. The entry price of electric two-wheelers is notably lower than that of the best-selling ICE motorcycles and scooters. In terms of market dynamics, TVS continues to gain market share, while Hero is losing ground, the brokerage said. Hero Moto stock is currently trading at 26 times FY26 projected earnings, which is more than three standard deviations above its five-year historical average, says UBS. Follow our LIVE blog for all the latest market updates Bajaj Autoshares also traded in the red after trading at Rs 12,419, lower by 2 percent from the last close on the NSE. UBS also has a 'sell' call on the Bajaj Auto counter. Meanwhile, shares of TVS Motor Co, on which UBS has a 'buy' call, slipped over 3 percent to trade at Rs 2,860. International brokerage Jefferies expects a 10-13 percent growth from Bajaj Auto and TVS, while pencilling in a 3-6 percent growth for Hero MotoCorp,M&MandMaruti Suzuki. Jefferies forecast a decline of 3-8 percent forEicher Motors,Tata Motors, andAshok Leyland. In the auto sector, TVS and Mahindra & Mahindra remain Jefferies' top picks. Barring Eicher Motors, both -- Tata Motors and Ashok Leyland edged lower by over a percent. The commercial vehicle (CV) industry is expected to see negative volume growth, primarily due to a high base for cargo vehicles. On a positive note, e-way bill generation has surpassed last year's levels, signalling improved freight availability for transporters. Meanwhile, Nuvama notes that the tractor industry is likely to see positive volume growth, driven by improved farmer sentiment, thanks to surplus or normal rainfall in most regions of the country. | 2024-09-30 11:25 | 2024-09-30 | 11:25 |
moneycontrol.com | https://www.moneycontrol.com/news/world/israel-has-killed-these-7-high-ranking-hezbollah-leaders-in-a-week-12832180.html | Israel has killed these 7 high-ranking Hezbollah leaders in a week | File: Hezbollah leader Hassan Nasrallah, flanked by two bodyguards, speaks to thousands of supporters in Beirut's southern suburbs. | In just over a week, intensified Israeli strikes in Lebanon killed seven high-ranking commanders and officials from the powerful Hezbollah militant group, including the group's leader, Hassan Nasrallah. The move left Lebanon and much of the Mideast in shock as Israeli officials celebrated major military and intelligence breakthroughs. Hezbollah had opened a front to support its ally Hamas in the Gaza Strip a day after the Palestinian group's surprise attack into southern Israel. The recent strikes in Lebanon and the assassination of Nasrallah are a significant escalation in the war in the Middle East, this time between Israel and Hezbollah. Lebanon's most powerful military and political force now finds itself trying to recuperate from severe blows, having lost key members who have been part of Hezbollah since its establishment in the early 1980s. Chief among them was Nasrallah, who was killed in a series of airstrikes that leveled several buildings in southern Beirut. Others were lesser-known in the outside world, but still key to Hezbollah's operations. Hassan Nasrallah Since 1992, Nasrallah had led the group through several wars with Israel, and oversaw the party's transformation into a powerful player in Lebanon. Hezbollah entered Lebanon's political arena while also taking part in regional conflicts that made it the most powerful paramilitary force. After Syria's uprising in 2011 spiralled into civil war, Hezbollah played a pivotal role in keeping Syrian President Bashar Assad in power. Under Nasrallah, Hezbollah also helped develop the capabilities of fellow Iran-backed armed groups in Iraq and Yemen. Nasrallah is a divisive figure in Lebanon, with his supporters hailing him for ending Israel's occupation of southern Lebanon in 2000, and his opponents decrying him for the group's weapons stockpile and making unilateral decisions that they say serves an agenda for Tehran and allies. Nabil Kaouk Kaouk, who was killed in an airstrike Saturday, was the deputy head of Hezbollah's Central Council. He joined the militant group in its early days in the 1980s. Kaouk also served as Hezbollah's military commander in south Lebanon from 1995 until 2010. He made several media appearances and gave speeches to supporters, including in funerals for killed Hezbollah militants. He had been seen as a potential successor to Nasrallah. Ibrahim Akil Akil was a top commander and led Hezbollah's elite Radwan Forces, which Israel has been trying to push further away from its border with Lebanon. He was also a member of its highest military body, the Jihad Council, and for years had been on the United States' wanted list. The US State Department says Akil was part of the group that carried out the 1983 bombing of the US Embassy in Beirut and orchestrated the taking of German and American hostages. Ahmad Wehbe Wehbe was a commander of the Radwan Forces and played a crucial role in developing the group since its formation almost two decades ago. He was killed alongside Akil in an airstrike in Beirut's southern suburbs that struck and levelled a building. Ali Karaki Karaki led Hezbollah's southern front, playing a key role in the ongoing conflict. The US described him as a significant figure in the militant group's leadership. Little is known about Karaki, who was killed alongside Nasrallah. Mohammad Surour Surour was the head of Hezbollah's drone unit, which was used for the first time in this current conflict with Israel. Under his leadership, Hezbollah launched exploding and reconnaissance drones deep into Israel, penetrating its defence systems which had mostly focused on the group's rockets and missiles. Ibrahim Kobeissi Kobeissi led Hezbollah's missile unit. The Israeli military says Kobeissi planned the kidnapping and murder of three Israeli soldiers at the northern border in 2000, whose bodies were returned in a prisoner swap with Hezbollah four years later. Other senior commanders killed in action Even in the months before the recent escalation of the war with Hezbollah, Israel's military had targeted top commanders, most notably Fuad Shukur in late July, hours before an explosion in Iran widely blamed on Israel killed the leader of the Palestinian Hamas militant group Ismail Haniyeh. The US accuses Fuad Shukur of orchestrating the 1983 bombing in Beirut that killed 241 American servicemen. Leaders of key units in the south, Jawad Tawil, Taleb Abdullah, and Mohammad Nasser, who over several decades became instrumental members of Hezbollah's military activity were all assassinated. Who is left? Nasrallah's second-in-command Naim Kassem is the most senior member of the organisation. Kassem has been Hezbollah's deputy leader since 1991, and is among its founding members. On several occasions, local news networks were quick to assume that an Israeli strike in southern Beirut may have targeted Kassem. Kassem is the only top official of the militant group who has conducted interviews with local and international media in the ongoing conflict. The deputy leader appears to be involved in various aspects of the militant group, both in top political and security matters, but also in matters related to Hezbollah's theocratic and charity initiatives to the Shia Muslim community in Lebanon. Meanwhile, Hashim Safieddine who heads Hezbollah's central council, is tipped to be Nasrallah's successor. Safieddine is a cousin of the late Hezbollah leader, and his son is married to the daughter of Iranian Gen. Qassem Soleimani, who was slain in a US drone strike in 2020. Like Nasrallah, Safieddine joined Hezbollah early on and similarly wears a black turban. Talal Hamieh and Abu Ali Reda are the two remaining top commanders from Hezbollah who are alive and apparently on the Israeli military's crosshairs. | 2024-09-30 11:25 | 2024-09-30 | 11:25 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/buy-bank-of-baroda-target-of-rs-290-motilal-oswal-2-12832189.html | Buy Bank of Baroda; target of Rs 290: Motilal Oswal | Buy.Related stories. | Motilal Oswal's research report onBank of Baroda Bank of Baroda (BOB) posted ~17% CAGR in loan growth over FY22-FY24 as it deployed excess liquidity on the balance sheet. Its CD ratio, thus, increased ~600bp over the past two years to 80.3%. With intense competition for deposits, we estimate BoB’s deposit growth to remain broadly in line with the system at ~11%. We, thus, estimate advances growth to moderate to 11.5% CAGR over FY24-FY27 led by RAM segments, thereby resulting in a slight rise in CD ratio to 81.6%. NIM is expected to remain range-bound in the near term, while potential turn in the rate-cycle will likely drive slight contraction in margins. However, opex growth is expected to moderate after a surge in FY24, allowing for sustained improvement in the cost ratios. We estimate C/I ratio to improve to ~45% by FY27. Asset quality remains robust and we estimate continued improvement in GNPA ratios with credit cost staying well within the guided range (<0.75%). Outlook BoB reported strong RoA expansion from 0.57% in FY22 to 1.17% in FY24. We estimate earnings to clock ~10% CAGR over FY24-FY27, while RoA remains steady at 1.1%. We reiterate BUY with a TP of INR 290 (premised on 1.1x FY26E ABV). For all recommendations report,Âclick here Bank of Baroda - 30092024 - moti | 2024-09-30 11:23 | 2024-09-30 | 11:23 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/gift-city-based-iibx-struggles-with-gold-derivatives-as-volumes-fail-to-pick-up-12832174.html | GIFT City-based IIBX struggles with gold derivatives as volumes fail to pick up | Recently, YLG Bullion Singapore Pte Limited, one of the largest bullion trading entities also started trading as a qualified supplier on the IIBX..Related stories. | GIFT City-based India International Bullion Exchange (IIBX), which has a strong presence in the spot gold trading arena, is struggling in the gold derivatives segment with volumes not picking up since its launch in June this year. While the jeweller community had shown some interest in the product and were ready to use it for hedging purposes, the gold futures contracts launched by IIBX currently has nil volumes. “Indian jewellers are excited to use the product for hedging, but awaiting the market makers to provide the liquidity. Market makers provide two-way quotes, and thus, someone on the other side should be present to offer or quote prices,” said an official wishing not to be named. Also read:ÂGIFT City’s India International Bullion Exchange plans to launch silver derivatives soon He further added that volumes will pick up if foreign banks along with brokers who have the capability to provide two-way quotes come to the exchange. Currently, authorised dealer (AD) banks have been permitted to participate on the exchange. The AD banks can quote prices for the gold derivatives. Meanwhile, experts said that in the spot market, the adoption of the product by banks has been slow due to the need for internal system adjustments, the development of risk management frameworks, and obtaining board approvals, all of which are time-consuming processes. Ashok Kumar Gautam, Managing Director of IIBX, said that the launch of the futures contract doesn’t immediately translate into increased trading volumes. “The trading members and clearing members have advised us that they have reached out to their IT vendors, who are expected to complete work related to mid-office (risk management) and back office (settlement) at their end. It has been advised by the trading members that as soon as they are ready, the members will be able to offer trading in the derivatives product to their clients in a more streamlined manner. Further, clients have also reached out to their AD Banks for setting up the limits for allowing them to hedge their gold price risk on IIBX and send margin money,” he said. He further mentioned that trading members are also developing APIs for futures contracts to provide clients with real-time pricing. Another reason for the low volumes is that there is limited awareness about derivatives in India. “It is more to do with limited knowledge about hedging in India and not with the product. In US and other markets around 70 percent of the derivatives business is only hedging. In India, however people don’t look at derivatives as a way to safeguard their risks,” said Naveen Mathur, Director-commodities and currencies Anand Rathi. The spot gold volumes, however, have fared well since the time of launch in 2022. The total traded value for spot gold increased to $505 million in FY23 from $22 million in FY22. The total traded volume has increased from 0.4 metric ton in FY22 to 7.9 metric ton in FY23. Recently, YLG Bullion Singapore Pte Limited, one of the largest bullion trading entities also started trading as a qualified supplier on the IIBX. | 2024-09-30 11:23 | 2024-09-30 | 11:23 |
moneycontrol.com | https://www.moneycontrol.com/news/india/2014-vs-2024-whats-behind-higher-voter-turnout-in-jks-terror-hotbeds-12832132.html | 2014 vs 2024: What's behind higher voter turnout in J&K districts on the terror hit list | Jammu and Kashmir elections. | Terror-related incidents in Jammu and Kashmir (J&K) have seen a sharp decline, dropping from 222 in 2014 to just 23 so far this year, with 15 reported in the Jammu region and eight in Kashmir. Fatalities among security forces have also reduced significantly, with 25 deaths this year, compared to 47 in 2014. This reduction in violence has contributed to higher voter turnouts in many parts of Kashmir, according to TOI citing sources in J&K administration. Reasi, which was the site of the year’s deadliest terror attack in July, when terrorists opened fire on a bus, killing eight passengers and the driver, saw a spike in voter turnout. Meanwhile, encounters in Poonch and Rajouri have resulted in multiple casualties among security forces in recent months. However, voter turnout in Jammu division, where voting has already taken place, has seen a dip in most districts compared to the 2014 assembly polls. One possible reason is the recent increase in terror activities in the region. As of September 27, there have been 15 terror-related incidents and encounters in Jammu, resulting in the deaths of 11 civilians and 17 security personnel. Notably, separatists, who in the past would call for poll boycotts, have instead joined the democratic process this time as candidates. Unlike previous elections, there were no major law-and-order disruptions, such as stone-pelting, that typically kept Kashmiri voters indoors. So far this year, security forces have neutralized 45 terrorists, compared to 110 in 2014. Out of these, 35 were killed in Kashmir, including 18 foreign and 17 local terrorists, while 10 were eliminated in Jammu. This year's assembly elections hold particular significance as they are the first since the abrogation of Article 370 and J&K's reorganization as a Union Territory in 2019. Among the 13 J&K districts that went to the polls in the first two phases on September 18 and 25, eight saw lower voter turnout compared to 2014. Five of these districts are in Jammu, while three are in the Kashmir Valley, the TOI report mentioned. In the six Jammu districts where polling has been completed, only one recorded an increase in voter turnout compared to the 2014 elections. In contrast, four out of the seven districts in Kashmir that have voted so far showed an upward trend. When compared to the 2024 Lok Sabha polls, all but one district — Reasi in Jammu — recorded lower voter participation in the current elections. | 2024-09-30 11:22 | 2024-09-30 | 11:22 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/september-sees-largest-retail-sell-off-since-march-with-net-sales-at-rs-7500-crore-12832082.html | September sees largest retail sell-off since March; net selling at Rs 7,500 crore | Year-to-date, the Sensex and Nifty have surged by 18.5 percent and 20 percent, respectively, with mid- and small-cap indices both posting gains of 34 percent..Related stories. | Retail investors turned net sellers in September, ending a five-month buying streak, by offloading shares worth Rs 7,500 crore in the month. The selling contrasts with foreign and domestic institutional investors, who continued to invest funds, sending Indian markets to record highs. Catch all the market updates on our live blog So far in September, retail investors have sold shares over Rs7,500 crore, marking the largest sell-off since March 2024. Meanwhile, domestic investors bought shares worth around Rs 17,421 crore, while foreign investors bought Rs 55,855 crore worth of shares in September. Analysts, meanwhile, attribute the secondary market retail activity to profit booking and also the rush of public issues that is leading to many small investors booking profits to invest in initial public offers (IPOs). While the Sensex and Nifty, along with MidCap and SmallCap indices, have rallied since the start of the year, retail investors have been booking profits at higher levels, they say, adding that retail investors have also sold newly listed IPO stocks, even those that debuted with significant listing gains. Deepak Jasani, Head of Retail Research at HDFC Securities, noted that retail investors' actions reflect concerns about current market conditions. "Many are likely shifting from secondary markets to IPOs, given the strong IPO market, to increase their chances of allotment," he said. "Investors may also be reallocated to other asset classes such as real estate, gold, or other investments. This reflects both the current market levels and the need to deploy funds elsewhere, or to raise cash for future opportunities," he added. In September, 13 companies launched their IPOs with the cumulative size pegged at Rs 11,890 crore. Of these, only one IPO listed in negative territory, while three saw marginal gains over their issue price. The remaining nine IPOs listed with gains ranging between 18% and 135%. Year-to-date, 63 firms have raised Rs 65,345 crore through IPOs. Another reason retail investors may be pulling out of Indian equities is the market's elevated levels, which are causing hesitation among investors who are waiting for a correction, say experts. Although analysts expect the markets to continue performing well, they also caution that the current risk-reward ratio is not favourable while highlighting that no immediate correction is anticipated. So far in September, 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. Year-to-date, the Sensex and Nifty have surged by 18.5 percent and 20 percent, respectively, with mid- and small-cap indices both posting gains of 34 percent. | 2024-09-30 11:19 | 2024-09-30 | 11:19 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/fpis-put-in-nearly-7-bn-in-indian-equities-in-september-highest-since-december-2023-12831630.html | FPIs put in nearly $7 bn in Indian equities in September; highest since December 2023 | Foreign portfolio investment (FPI) flows to emerging markets in 2024 have shown mixed trends, according to Shrikant Chouhan, Head of Equity Research at Kotak Securities..Related stories. | September has turned out to be the best month in the current calendar year in terms of foreign flows as foreign portfolio investors (FPIs) have bought shares worth nearly $7 billion – the highest quantum of net buying since December 2023. Data from NSDL shows that the net buying by FPIs in September is pegged at nearly $6.85 billion, a significant jump from last month’s $873 million. This is also the highest monthly buying since December last year when FPIs were net buyers at $7.9 billion. Meanwhile, the current calendar year has seen FPIs being net buyers of Indian equities at a little over $12 billion. Also read:ÂNearly $10 bn invested by FPIs in debt in FY25 so far, shows data Analysts attribute this trend primarily to the dovish commentary by the US Federal Reserve with the rate cut finally announced on September 18. “The September 18th rate cut and the dovish commentary by the Fed can be seen as a major pivot in interest rates, facilitating sustained flows to emerging markets like India,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. However, he also pointed out a significant trend of large inflows into the Hong Kong market, which outperformed with a 14 percent gain in September. "The monetary and fiscal stimulus being implemented by China is expected to stimulate the Chinese economy and the stocks listed in the Hong Kong market. If the outperformance of the Hang Seng continues, it is possible that more funds will flow to Hong Kong, given that its market’s current valuation is very attractive," he said. Incidentally, FPIs have been betting big on Indian debt as well with the total investments in September pegged at $3.75 billion, bringing the overall debt investment for 2024 to $17.09 billion. Total investments across all categories -- debt, equity, alternative investment funds (AIF), mutual funds (MF), and hybrid funds -- have reached approximately $30.66 billion in the current calendar year till September – higher than last year’s $28.70 billion. Krishna Appala, Senior Research Analyst at Capitalmind Research believes that FPIs have shown a growing interest in Indian debt, with inflows being driven by the inclusion of Indian bonds in JPMorgan’s index. “With large-cap valuations remaining attractive and FIIs returning in force, the outlook for the market remains positive," he said. Foreign portfolio investment (FPI) flows to emerging markets in 2024 have shown mixed trends, according to Shrikant Chouhan, Head of Equity Research at Kotak Securities. Brazil experienced marginal outflows of $0.02 billion, while South Korea saw significant outflows of $5.09 billion, followed by Taiwan with $2.15 billion and Vietnam with $0.08 billion in outflows. In contrast, India attracted inflows of $5.72 billion, Indonesia received $1.81 billion, Malaysia saw $0.20 billion, the Philippines recorded $0.34 billion, and Thailand attracted $0.95 billion in inflows. | 2024-09-30 11:12 | 2024-09-30 | 11:12 |
moneycontrol.com | https://www.moneycontrol.com/news/world/donald-trump-at-it-again-says-harris-was-born-mentally-impaired-12832129.html | Donald Trump says Kamala Harris was born 'mentally impaired' | Despite some Republicans urging him to shift his focus from personal attacks on Harris to policy differences, Trump remains resolute..Related stories. | Republican presidential nominee Donald Trump has said his Democrat rival and US vice president Kamala Harris was born ŌĆ£mentally impairedŌĆØ, repeating his words at a weekend rally in Wisconsin, ignoring criticism from some party colleagues over similar remarks earlier. ŌĆ£Joe Biden became mentally impaired; Kamala was born that way,ŌĆØ the former president said at a rally in Prairie du Chien on September 29, drawing a mix of gasps and applause, reports said. ŌĆ£And if you think about it, only a mentally disabled person could have allowed this to happen to our country,ŌĆØ he went to add, repeating the accusation of Democrats, especially Harris,┬Āallowing in undocumented foreigners to swing elections. The comments came as Trump once again questioned HarrisŌĆÖ record on immigration in the state which he won in 2016 only to concede to Biden in 2020. He also dismissed Harris's remarks on border security as ŌĆ£bullshitŌĆØ. ŌĆ£She is a disaster,ŌĆØ Trump said. ŌĆ£She is not ever going to do anything for the border, and she didnŌĆÖt even want to get tough now except her poll numbers were tanking,ŌĆØ he said, referring to his rivalŌĆÖs visit to the countryŌĆÖ southern border. His comments drew immediate backlash from disability advocates. According to a Business Insider report, Maria Town, CEO of the American Association of People with Disabilities, said TrumpŌĆÖs remarks "say far more about him and his inaccurate, hateful biases against disabled people than it does about Vice President Harris, or any person with a disability". Trump later acknowledged he made a ŌĆ£dark speechŌĆØ. ŌĆ£I got people sitting in the front row ŌĆö they're going, 'Oh, my god.' They thought they'd be out there jumping up and down ŌĆö 'make America great again.' IŌĆÖm just saying, this is a dark ŌĆö this a dark speech,ŌĆØ Trump said. Immigration remains a hot-button issue and Trump looked to rally support by describing undocumented immigrants as "stone-cold killers" who "make our criminals look like babies", Business Insider reported. After the rally, Trump took to his Truth Social to drive home the point. "Left Wisconsin, where illegal migrants are causing havoc. I'll take care of that situation, and fast!" | 2024-09-30 11:12 | 2024-09-30 | 11:12 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/metal-stocks-surge-upto-3-amid-surge-in-iron-ore-prices-china-stimulus-12832079.html | Metal stocks soar, NMDC leads gains amid surge in iron ore prices, China stimulus | The Nifty Metal index rose over 1 percent..Related stories. | Shares of metal companies were on a roll on September 30, buoyed by a spike in iron ore prices along with China's efforts to revive its battered property sector. WhileÂNMDC led the gains with its over 4 percent jump, others likeÂMOIL,HindalcoandÂJSW Steel also surged around 2 percent each. Meanwhile, several metal stocks, including Welspun Corp, Hindalco, JSW Steel, and Vedanta also scaled their 52-week highs. Iron ore prices skyrocketed nearly 11 percent following the easing of home-buying restrictions in three of China's largest cities—Shanghai, Guangzhou, and Shenzhen. This move is expected to enhance the demand outlook for iron ore in the world’s biggest consumer of the steel-making ingredient, as sits in-line with Beijing's recent efforts to support the struggling property sector. Iron ore futures on the Singapore Exchange surged, testing their highest levels since July, while prices for copper and zinc also rose on the London Metal Exchange, hinting towards broader optimism in the metals market. Follow our market blog to catch all the live action China has been grappling with a prolonged property sector debt crisis, high youth unemployment, and weakening demand. In response, the People's Bank of China (PBOC) unveiled a series of key initiatives last week, aimed at reviving growth. This includes plans to lower the reserve requirement ratio, reduce the policy interest rate, and drive down the market benchmark interest rate. The central bank also intends to lower interest rates on existing mortgages and standardise down payment ratios to further boost demand in the property sector, which has historically contributed over a quarter of China's GDP. Accordingly, shares of metal companies have been on a roll, banked on hopes of a revival in demand from China--the world's largest importer of metals. Along with the frontrunners like NMDC and Hindalco, gains in other metal names like SAIL, Tata Steel, and Welspun Corp lifted theNifty Metalindex over 1 percent higher. | 2024-09-30 11:09 | 2024-09-30 | 11:09 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/bharat-electronics-sinks-in-red-on-first-trading-day-after-nifty-50-inclusion-down-3-12832101.html | Bharat Electronics sinks in red on first trading day after Nifty 50 inclusion, down 3% | Shares of Bharat Electronics have seen a stellar rally over the past 12 months, surging 105 percent..Related stories. | Shares of state-owned Bharat Electronics, the newest entrant to the Nifty 50, slipped into the red on its debut trading day after joining the benchmark index. Bharat Electronics, along with retail major Trent, replaced Divis Laboratories and LTIMindtree in the benchmark Nifty 50 on September 27.  The counters will have a weight of 1.4 percent and 0.9 percent respectively, according to Nuvama Institutional Equities. The inclusion into the benchmark of Bharat Electronics is likely to bring in combined flows of $336 million, according to estimates by Nuvama Alternative & Quantitative Research. At 10:55 am, shares of the company were trading at Rs 285.3, lower by 2.8 percent from the last close on the NSE. Follow our live blog to catch all the updates The defense PSU also received approval from the Ministry of Corporate Affairs for the incorporation of "BEL IAI AeroSystems Private Limited". This is a JV between Bharat Electronics and Israel Aerospace Industries. The purpose of the JV is to provide product support including repair and maintenance and related activities for Medium Range Surface to Air Missile (MRSAM) System which is deployed and used in India, said the firm in an exchange filing on September 27. On September 25, international brokerage Macquarie dished out an 'outperform' rating on Bharat Electronics and raised the target price citing robust growth prospects. The company remains on track to meet its FY25 guidance, with attention now shifting to order inflows in the second half of the fiscal year, Macquarie said in a recent note. Analysts also added that BEL’s current order backlog is expected to support growth trends, though supply chain challenges must be closely monitored. Key updates to watch in the post-Q2 management commentary will include the status of pipeline orders and supply chain developments. Shares of Bharat Electronics have seen a stellar rally over the past 12 months, surging 105 percent and more than doubling investors' capital. In comparison, the Nifty 50 has risen around 34 percent during the same time. | 2024-09-30 11:08 | 2024-09-30 | 11:08 |
moneycontrol.com | https://www.moneycontrol.com/news/india/bitter-display-of-spite-shah-on-kharges-wont-die-till-pm-removed-from-power-remark-12832097.html | 'Bitter display of spite': Shah on Kharge's 'won't die till PM removed from power' remark | Union home minister Amit Shah says Kharge he unnecessarily dragged PM Modi into his personal health matters..Related stories. | Union home minister Amit Shah on Monday criticised Congress chief Mallikarjun Kharge for his statement that he will not die before ousting Prime Minister Narendra Modi from power. Kharge made this remark when he fell ill during a campaign rally in Jammu and Kashmir on Sunday. Shah said the remark showed how much hate and fear "these Congress people have of PM Modi". ŌĆ£In a bitter display of spite, he unnecessarily dragged PM Modi into his personal health matters by saying that he would die only after removing PM Modi from power. It just shows how much hate and fear these Congress people have of PM Modi, that they are thinking of him constantly,ŌĆØ Shah wrote on X.Yesterday, the Congress President Shri Mallikarjun Kharge Ji has outperformed himself, his leaders and his party in being absolutely distasteful and disgraceful in his speech.In a bitter display of spite, he unnecessarily dragged PM Modi into his personal health matters byAmit Shah (@AmitShah)September 30, 2024 Shortly after he fell ill, Kharge said that he would not die anytime soon, at least not before defeating Prime Minister Narendra Modi. "We will definitely grant statehood and fight for it, no matter what. I am not going to leave it like this. I am 83 years old, and IŌĆÖm not going to die so soon. I will stay alive until we remove Modi. I will listen to you and fight for you," said the Congress chief in the rally. Jammu and Kashmir Congress vice president Ravindra Sharma said Kharge felt dizzy and was taken to a room, where doctors were called for a check-up. "He suffered syncopal attack (fainting). He was brought here for evaluation. He was facing increased sweating," a doctor told PTI. PM Modi also spoke to Kharge to enquire about his health hours after the Rajya Sabha MP fell ill. | 2024-09-30 11:07 | 2024-09-30 | 11:07 |
moneycontrol.com | https://www.moneycontrol.com/news/business/fpis-express-concerns-over-sebis-derivative-curbs-seek-a-more-calibrated-approach-12832162.html | FPIs express concerns over SebiŌĆÖs derivative curbs; seek a more calibrated approach | Sebi reaches out to FPIs; discusses derivative market curbs.Related stories. | Some┬Āforeign portfolio investors┬Ā(FPI) have expressed concerns over the market regulator the Securities and Exchange Board of IndiaŌĆÖs(SebiŌĆÖs) plans to impose curbs on derivative markets, said people with direct knowledge of the matter. The development comes┬Āeven┬Āas SebiŌĆÖs board meeting slated┬Āfor┬ĀMonday is expected to┬Āconsider a proposal ┬Ā┬Āwhich seeks to┬Ātighten derivative market rules. In meetings between leading foreign funds and Sebi officials held on the sidelines of JP Morgan India Investor Summit last week, Sebi officials are learnt to have assured FPIs that their concern was largely around the soaring volumes in index options around expiry. These interactions assume significance as Sebi has been trying to open a dialog with foreign funds which will keep them┬Āaware of┬Āthe┬ĀregulatorŌĆÖs thought process and actions. Last week, Sebi also launched an FPI outreach program. An email sent to Sebi remained unanswered. During these interactions, FPIs have also suggested Sebi┬Āshould┬Āfollow a more calibrated approach and gradually tighten the rules instead of bringing major changes in a single go. ŌĆ£In the past we have seen SebiŌĆÖs approach of rolling┬Āout┬Āhuge changes in a short span of time, overwhelming the market participants. Then Sebi eases the norms again and this whole cycle creates a sense of uncertainty,ŌĆØ said a senior official of a leading foreign trading firm. ŌĆ£We have told Sebi in principle we have no objections to F&O tightening but measures to protect retail investors shouldnŌĆÖt come at the cost of killing liquidity in the marketŌĆØ. In response, Sebi officials told these foreign funds that┬Āthe regulator┬Āhas no plans to curb volumes in the derivatives market and the measures envisaged only discourage excessive speculation by retail traders who are often losing money in the market. ŌĆ£We have been told that SebiŌĆÖs concerns are largely around exponential volumes in the index options segment and measures being undertaken would not have much impact on market liquidity or volumes in F&O segment.ŌĆØ The foreign funds who spoke with Moneycontrol also raised objections about the data published by Sebi regarding retail investors making losses in derivatives market. In the most recent paper published on September 23, Sebi said 93% of retail traders have made losses in the last three years and the total accumulated losses of these investors stood at Rs 1.8 lakh crore. ŌĆ£These studies seem to point foreign traders are culprits. Reality is the success the rate of even foreign traders is around 50% meaning we lose money in half of the trades,ŌĆØ┬Āsaid another person cited above. ŌĆ£And even in cases where we make money, the spread is very low especially post taxes. Hence, we try to make higher number of transactions.ŌĆØ FPIs pitch the Hong Kong model for retail traders Foreign funds have told Sebi to┬Āconsider┬Āa framework akin to Hong Kong where only certain eligible retail traders are allowed to make F&O trades. In Hong Kong, the stock brokers are bestowed with the responsibility of verifying if their retail clients understand derivatives market. ŌĆ£In India too such a system could be developed wherein only traders proficient with the F&O segment will be allowed to trade. By increasing the lot sizes or imposing higher margins/taxes would discourage even the genuine traders who are much needed for liquidity purposes.ŌĆØ To be sure, Sebi had explored the concept of ŌĆśAccredited investorsŌĆÖ in 2018 ŌĆō a framework wherein people with certain financial qualifications would be allowed to trade in sophisticated high risk segments of the market. However, the proposal was not implemented due to concerns expressed by retail investors. | 2024-09-30 11:05 | 2024-09-30 | 11:05 |
moneycontrol.com | https://www.moneycontrol.com/news/india/prashant-kishor-prediction-nitish-kumar-bihar-cm-jan-suraaj-assembly-election-12832148.html | What is ŌĆśTriple SŌĆÖ ŌĆō key factor Prashant Kishor claims will end CM Nitish KumarŌĆÖs reign in Bihar? | Jan Suraaj chief Prashant Kishor addresses a press conference in Patna on Sunday, September 29. (PTI Photo).Related stories. | Political strategist-turned-activist Prashant Kishor on Sunday said that Chief Minister Nitish KumarŌĆÖs government was bound to fall in the next Assembly elections slated to be held in November 2025 and listed three reasons to back his ŌĆśpredictionŌĆÖ. Addressing a press conference in Patna three days ahead of the launch of his Jan Suraaj party, Kishor said failure of the liquor ban policy, the corruption-ridden and hurriedly carried out land survey in the state and the forced installation of prepaid smart electricity metres across Bihar would result in Nitish being ousted from his post as the Chief Minister. ŌĆ£Triple S ŌĆösharab-bandi, (land) survey and smart meter installation across the state ŌĆö will prove to be the last three nails in the coffin of the present Bihar government,ŌĆØ Kishor told reporters on Sunday.After more than two-years of Padyatra through thousands of villages and small towns of Bihar, we formally started the process of party formation to give a better alternative that would end decades of misery and ensure a better future for the children of#BiharYesterday, thepic.twitter.com/UREEPLyBtHPrashant Kishor (@PrashantKishor)July 29, 2024 The statewide ban on sale and consumption of liquor in Bihar imposed by Nitish Kumar in his second term in power has come in for much criticism over the years. While the initial criticism was limited to the harsh punitive measures for offenders that the law provided for, it has lately been focussed on what Opposition parties have termed as its ŌĆ£selective enforcementŌĆØ. Kishor, who began his ŌĆśPaidal YatraŌĆÖ on October 2, 2022, and claims to have covered 60 percent of the state on foot, said that he agrees with CM NitishŌĆÖs argument that liquor ban has its benefits. ŌĆ£But only if it is really enforced. This is why I say point-blank that we will lift the liquor ban in Bihar in 15 minutes of coming to power. Some people say if we do so, women would not vote for us. If that is the case, so be it. But I will keep telling the truth,ŌĆØ he said. Kishor has promised to end the liquor ban in the state if it comes to power in the Assembly elections. Taking on the Nitish administration on the issue of land surveys, Kishor alleged large-scale corruption in the process and dared the NDA government in the state to resume the process that was recently stalled. ŌĆ£ŌĆ£Why did this government discontinue the land survey? It is because even they do not know in many cases about the real ownership of land. Land survey is not land reformsŌĆ” We have learnt that huge money is being collected in the name of giving land documents to people,ŌĆØ he said. The Jan Suraaj party founder further said that the installation of prepaid smart meters, already done in Patna and some other towns, will lead to utter chaos if people were forced to implement it across the state. Residents are complaining of inflated and incorrect bills after installation of prepaid smart meters, he claimed. October 2 will see the official launch of the Jan Suraaj party along with the announcement of the party president, Kishor said, adding that his party will contest the 243 seats in the 2025 Assembly elections. Kishor, who says he has not sought any party post for himself and will instead continue with his people-centric approach on the ground, says his party shall remain equidistant from the RJD as well as the BJP. ŌĆ£We have made it clear several times that we will contest all 243 Assembly seats in Bihar. Even if we get 130 seats, I will take it as a personal defeat. Forming a government alone is not enough, we need the support of two-thirds majority to implement key policiesŌĆ”Ya to arsh par ya farsh par(Either we reach the top or we will fail). If we do not get peopleŌĆÖs full support in the 2025 polls, we will work hard for another five years,ŌĆØ said Kishor. | 2024-09-30 11:04 | 2024-09-30 | 11:04 |
moneycontrol.com | https://www.moneycontrol.com/news/business/bank-holidays-in-october-2024-check-city-wise-list-12827443.html | Bank holidays in October 2024: Check city-wise list | Bank holidays in October 2024: Check city-wise list.Related stories. | Banks in India will remain closed for multiple holidays in October 2024, in observance of various regional festivals, as outlined in the Reserve Bank of India's (RBI) holiday calendar. These closures will impact multiple cities across the country. Customers planning to visit bank branches are advised to check the holiday list carefully, as the schedule varies from state to state due to regional festivals. Planning financial transactions in advance is recommended to avoid any inconvenience. In October, banks will be closed on key occasions such as Gandhi Jayanti, Dussehra, Durga Puja, Valmiki Jayanti, and Diwali, among others, as listed by the RBI. While branches will be closed, it is important to note that all online and digital banking services, including fund transfers and mobile banking applications, will remain fully operational, allowing customers to manage their banking needs without disruption during the holidays. Bank Holidays October 2024 City-wise List October 1 (Tuesday): General Elections to the State Legislative Assembly 2024; Banks are shut in Jammu October 2 (Wednesday): Mahatma Gandhi Jayanti/Mahalaya Amavasye; Banks are shut across India. October 3 (Thursday): Navratra Sthapna; Banks are shut in Rajasthan October 10 (Thursday): Durga Puja/Dussehra (Maha Saptami); Banks are shut in Tripura, Assam, Nagaland and West Bengal. October 11 (Friday): Dusshera (Mahashtami/Mahanavami)/Ayudha Pooja/Durga Puja (Dasain)/Durga Ashtami; Banks are shut in Tripura, Karnataka, Odisha, Tamil Nadu, Sikkim, Assam, Manipur, Arunachal Pradesh, Nagaland, West Bengal, Bihar, Jharkhand and Meghalaya. October 12 Second Saturday: (Dasara/Dussehra (Mahanavami/Vijayadashmi)/Durga Puja (Dasain); Banks are shut in Tripura, Maharashtra, Madhya Pradesh, Odisha, Chandigarh, Tamil Nadu, Uttarakhand, Sikkim, Assam, Manipur, Hyderabad - Andhra Pradesh, Hyderabad - Telangana, Arunachal Pradesh, Rajasthan, Jammu, Uttar Pradesh, Kerala, Nagaland, West Bengal, New Delhi, Goa, Bihar, Jharkhand, Himachal Pradesh and Meghalaya. October 14 (Monday): Durga Puja (Dasain); Banks are shut in Sikkim, October 16 (Wednesday): Lakshmi Puja: Banks are shut in Tripura and West Bengal. October 17 (Thursday): Maharshi Valmiki Jayanti/Kati Bihu; Banks are shut in Karnataka, Assam, and Himachal Pradesh. October 26 (Fourth Saturday):Accession Day;Banks are shut in Jammu & Kashmir. October 31 (Thursday): Diwali (Deepavali)/Kali Puja/Sardar Vallabhbhai Patel's Birthday/Naraka Chaturdashi; Banks are shut in Gujarat, Mizoram, Karnataka, Madhya Pradesh, Odisha, Chandigarh, Tamil Nadu, Assam, Hyderabad - Andhra Pradesh and Telangana, Arunachal Pradesh, Rajasthan, Uttar Pradesh, Kerala, Nagaland, Uttar Pradesh, West Bengal, New Delhi, Goa, Bihar, Chhattisgarh, Himachal Pradesh and Kerala. | 2024-09-30 11:03 | 2024-09-30 | 11:03 |
moneycontrol.com | https://www.moneycontrol.com/news/india/vardhman-group-ceo-sp-oswal-duped-of-rs-7-crore-by-cyber-criminals-two-held-12832160.html | Vardhman Group CEO SP Oswal duped of Rs 7 crore by cyber criminals; two held | Vardhman Group CEO S P Oswal. (Photo credit: vardhman.com). | Punjab Police on Sunday busted a gang of inter-state cyber fraudsters who duped noted industrialist Shri Paul Oswal of Rs 7 crore. Ludhiana Police Commissioner Kuldeep Singh Chahal said two cyber criminals have been arrested and Rs 5.25 crore have been recovered from them. Seven other members of this gang have been identified and efforts were on to nab them, he said, adding that all the nine members of the gang belonged to Assam and West Bengal. The fraudsters cheated the owner of Vardhman Group S P Oswal by getting Rs 7 crore withdrawn from various bank accounts belonging to the industrialist. One of them introduced himself as a CBI officer and showed the industrialist a fake arrest warrant and threatened him with digital arrest, police said. The cyber cell of the police registered the case on the complaint of Oswal and said it solved the case within 48 hours. The accused have been identified as Atanoo Choudhary and Anand Kumar Choudhary (both residents of Guwahati in Assam), the police said. It was the second such incident which came to light within a week. Earlier, a local industrialist was duped of Rs 1.01 crore by some fraudsters. Rajnish Ahuja was also duped after the fraudsters threatened him with an arrest warrant after claiming that extortion amount was transferred to his bank account. | 2024-09-30 10:56 | 2024-09-30 | 10:56 |
moneycontrol.com | https://www.moneycontrol.com/news/business/central-govt-staff-likely-to-receive-3-4-raise-in-da-ahead-of-diwali-report-12832149.html | Central govt staff likely to receive 3-4 % raise in DA ahead of Diwali: Report | The DA percentage adjustment is based on the All India Consumer Price Index (AICPI)..Related stories. | The Centre is expected to announce a 3-4 percent increase in the Dearness Allowance (DA) for Central government employees ahead of Diwali. While the official announcement is anticipated in October, no formal details have been shared yet. Last year, the DA hike was revealed in the first week of October. According to a report byDNA, this DA hike is likely to increase the salaries of Central government employees. For entry-level employees with a basic salary of Rs 18,000, this could translate to an additional Rs 540-720 in their monthly pay. For employees with a monthly salary of Rs 30,000 and a basic pay of Rs 18,000, the current DA is Rs 9,000, which constitutes 50 percent of their basic salary. A 3 percent hike would raise the DA to Rs 9,540, while a 4 percent increase would boost it to Rs 9,720 per month. While DA is granted to government employees, pensioners receive Dearness Relief (DR). Both allowances are adjusted twice a year, in January and July. Currently, more than one crore central government employees and pensioners receive a DA of 50 percent. In March 2024, the government had already implemented a 4 percent increase in both DA and DR, bringing them to 50 percent of the basic pay. The DA percentage adjustment is based on the All India Consumer Price Index (AICPI). The Centre usually announces changes to DA and DR for employees and pensioners twice a year, with announcements usually occurring in early March and October. | 2024-09-30 10:53 | 2024-09-30 | 10:53 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/persistent-systems-share-price-in-green-amid-broader-it-sector-fall-following-small-acquisition-in-ai-space-12832155.html | Persistent Systems share price in green amid broader IT sector fall following small acquisition in AI space | Persistent Systems said that Arrka complements its offerings that address data privacy and compliance in the age of AI..Related stories. | Persistent Systems saw its share price increase by as much as 1 percent on September 30 amid a muted market, bucking the trend of declines in other major IT stocks. The gain follows Persistent Systems’ announcement of a small acquisition in the AI space -- the acquisition of Pune-based firm Arrka, which specialises in data privacy and AI governance. Persistent Systemsstock was trading at Rs 5,465, up 0.5 percent from the previous close, after climbing to the day’s high of Rs 5,494. The acquisition, announced on September 30, 2024, positions Persistent Systems to enhance its capabilities in digital governance, including data privacy and responsible AI. It is a strategic move aimed at integrating Arrka's Data Privacy Management platform into Persistent Systems’ existing AI-led services. Also read |ÂPB Fintech stock jumps 3% after co clarifies healthcare plan, proposes one-time minority investment The acquisition is priced at Rs 14.4 crore, including an upfront payment of Rs 10.3 crore and an earnout of Rs 4.1 crore contingent on performance. This amount is comparatively small relative to Persistent Systems’ market capitalisation of Rs 85,000 crore. Arrka reported a revenue of Rs 2.9 crore for FY 2024. Persistent Systems said that Arrka is known for its decade-long expertise in the data privacy domain. The acquisition complements Persistent Systems’ offerings that address data privacy and compliance in the age of AI, it said. Persistent Systems’ share price has nearly doubled in the past year, gaining 90 percent, significantly outperforming the benchmark NSE Nifty 50, which has increased by 34 percent during the same period. | 2024-09-30 10:51 | 2024-09-30 | 10:51 |
moneycontrol.com | https://www.moneycontrol.com/news/world/china-factory-surveys-show-economy-weakening-as-beijing-steps-up-support-12832154.html | China factory surveys show economy weakening, as Beijing steps up support | Chinese stock markets surged Monday, reflecting enthusiasm over a barrage of policy measures announced last week, including lower interest rates and smaller down payment requirements for mortgages and a cut in required bank reserves.Related stories. | China's economy weakened further in recent weeks, surveys released Monday showed, signaling the need for support as the government ratchets up stimulus. The Caixin purchasing managers survey showed new manufacturing orders fell at the fastest pace in two years in September. An official measure released by the National Bureau of Statistics showed a less drastic decline but it marked a fifth straight month of contraction. The purchasing managers index was at 49.8 in September, up from a six month low of 49.1 in August. The index is on a scale where figures above 50 indicate expansion. The survey showed that factory output rose while new orders fell. Chinese stock markets surged Monday, reflecting enthusiasm over a barrage of policy measures announced last week, including lower interest rates and smaller down payment requirements for mortgages and a cut in required bank reserves. The main index smaller market in Shenzhen soared 8.2% while the Shanghai Composite index jumped 5.7% “The stimulus package announced last week should help shore activity over the coming months,” Gabriel Ng of Capital Economics said in a report. But he noted that imbalances between excess supply of many products versus weak demand persist. And trade measures against China, such as higher tariffs on electric vehicles and other goods, also will weigh on the economy. “In this environment, a meaningful cyclical recovery would require sizeable fiscal stimulus,” he said. “There has yet to be any official announcement on fiscal support, though some media reports suggest that one could come soon.” Over the weekend, Beijing moved forward with the measures announced last week to support the property industry and revive languishing financial markets. The central bank announced on Sunday that it would direct banks to cut mortgage rates for existing home loans by Oct. 31. Meanwhile, the major southern city of Guangzhou lifted all home purchase restrictions over the weekend, while both Shanghai and Shenzhen revealed plans to ease key buying curbs. Property developers have struggled after the government cracked down on excessive borrowing for projects several years ago. Housing prices have continued to fall and the government has moved to ensure that developers deliver apartments that were paid for but not yet built. The downturn in the property sector has rippled throughout the world's second-largest economy, hitting many other industries that depended on booming housing construction, such as appliance makers and manufacturers of building materials. The economy expanded at a 4.7% pace in the last quarter, slightly below the government's target for about 5%. | 2024-09-30 10:42 | 2024-09-30 | 10:42 |
moneycontrol.com | https://www.moneycontrol.com/news/business/88-year-old-japanese-ex-pet-shop-owner-built-a-14-million-fortune-buying-stocks-12832135.html | 88-year-old Japanese ex-pet-shop owner built a $14 million fortune buying stocks | Shigeru Fujimoto Photographer: Yasutaka Tamura/Bloomberg. | When a regulatory filing revealed a stake of more than 5% had been built up in Japanese property management firm Storage-OH Co. last October its shares spiked 17%. The investor that provoked the fevered market response was Shigeru Fujimoto, an 88-year-old former pet-shop owner from the city of Kobe. In a nation where the norm has been for people to park their assets in cash and deposits that offer almost no interest, he’s built a small fortune. After almost seven decades of stock trading, the octogenarian has accumulated about ¥2 billion ($14 million) of wealth. He’s also built a following of loyal retail investors who hang off his actions. He’s even written a popular book about his investment strategy. Fujimoto stands out in Japan not just because of his financial risk taking in a culture that has favoured playing it safe, but also because he has proactively accumulated money to pay for his old age while many older people are struggling to live on small public pensions as inflation picks up. Not even last month’s stock rout, when the country’s shares saw the worst decline since 1987, has put him off. “When the stock price gets low, then it’s time for me to buy stocks,” Fujimoto told Bloomberg News. “But the question is whether you have the money or the courage to do that.” Fujimoto trades companies with rising revenue, profit and dividends, as well as those that are implementing share buybacks and shareholder benefits. He also looks at technical indicators like the relative strength index and moving average convergence-divergence. Fujimoto tracks every trade, writing down date, stock and price after the order settles. Calling his investment in Storage-OH shares “the most successful trade,” he currently sees stocks including automobile parts maker G-TEKT Corp. and construction machinery maker Takeuchi Manufacturing Co. as attractive. Lost YearsMany Japanese, particularly older citizens, have been reluctant to invest in the stock market for decades since the nation’s asset bubble burst in the early 1990s, leaving scars on the national psyche. Cash savings make up more than half of household assets in Japan — far higher than in the US or Europe, according to a Bank of Japan report released earlier this month. The Japanese government is trying to tap into that pool of liquidity, encouraging people to shift some of the roughly 1 quadrillion yen held in bank accounts to the stock market by expanding the tax-exempt retirement savings accounts known as NISA. The drive seems to have had some success. Japanese households poured more than ¥10 trillion of funds into new NISA during the first six months of this year, almost four times more than the same period last year, according to the Japan Securities Dealers Association. But there’s a way to go — for example, two of the three main contenders for Japan’s leadership election that was won Friday by Shigeru Ishiba have avoided investing in stocks. Fujimoto, who doesn’t have a smartphone, car or even a credit card, says it’s a good thing younger Japanese people are getting into stock investing, which he describes as “fun.” “It’s fun when you think hard, study hard and good results come out and you make a profit, isn’t it?” he said. “It’s fun to study. It’s also fun to see the results.” He sometimes gets asked if he takes on apprentices, gets name-dropped on social media and is called “Japan’s Warren Buffett” in local media. Fujimoto, who uses a mobility walker for support after hurting his back earlier in the year, told Bloomberg Originals that he’s humbled to be compared to Buffett, but says the only things they have in common are age and a love of stocks. “He is just as passionate about stock investing as institutional investors,” Hiroshi Namioka, chief strategist at T&D Asset Management Co., said about Fujimoto. “He has an influence on public and retail investors and Fujimoto’s fans are following him in terms of investment angles.” Still, Fujimoto is an extreme example of investing in Japan. For the past 10 years he has concentrated on day trading, putting him among only 3% of investors in the country who hold stocks for less than a month, according to a survey in 2022 by the Japan Securities Dealers Association. This type of risky investing, though, is not something he would recommend to young investors. “It’s important to hold good stocks for the long term,” he said. “Don’t buy or sell immediately like a day trader. If you hold such stocks for a while, they will surely bear fruit.” Parakeets and MahjongHis stock investing began almost 70 years ago at the age of 19 when he got talking to an executive from a local brokerage who frequented the pet shop Fujimoto worked at. The first shares he bought were in companies that became Sharp Corp. and oil refiner Eneos Holdings Inc. At the beginning, he wasn’t fully committed. The parakeet lover opened his own pet store, later selling the shop to start a Japanese-style mahjong parlour as he believed that was where the money-making opportunity laid at the time. In 1986, he raised ¥65 million after selling his parlours, and started investing full-time in financial markets. He became a day-trader in 2015. Fujimoto, who often works with his pet parakeet Pi-Chan sitting on his head, wakes up at 2 a.m. to check the US markets and watch CNBC. He also looks at American Depository Receipts of Japanese companies to get ready for his trading in the local market. Fujimoto says trading in his late 80s helps him enjoy life and “prevents me from getting senile.” But he’s not without regrets, saying he is “full of dissatisfaction” with his ¥2 billion pot of wealth. “I’m not putting enough effort into it,” he said. “I need to be careful not to be too greedy but also pursue a return from trading. It’s never good to be greedy.” | 2024-09-30 10:32 | 2024-09-30 | 10:32 |
moneycontrol.com | https://www.moneycontrol.com/news/world/arab-world-split-in-reactions-to-killing-of-hezbollah-chief-nasrallah-12832081.html | Arab world split in reactions to killing of Hezbollah chief Nasrallah | Other states like Syria and Iraq have declared a three-day mourning period..Related stories. | Israel’s killing of Hezbollah chief Sayyed Hassan Nasrallah was met with silence by many Sunni-led states across the region, showcasing the split between populations outraged at Israel and authorities who normalised ties with Israel or are opposed to Hezbollah’s patron Iran. Nasrallah, who led the powerful Shi’ite armed group for 32 years, made regional enemies beyond Israel and the West. Gulf countries and the broader Arab League designated his group a ”terrorist organization” in 2016, although the League retracted the designation earlier this year. Sunni-ruled Saudi Arabia said in a statement late on Sunday that it is following the developments in Lebanon with ”grave concern”, and urged the preservation of the sovereignty and regional security of Lebanon. But it made no mention of Nasrallah. And Sunni-ruled states Qatar, the United Arab Emirates and Bahrain have stayed completely quiet on Nasrallah’s killing. The UAE and Bahrain normalised ties with Israel in 2020, and Bahrain quashed a sizeable pro-democracy uprising by its Shi’ite community in 2011. The Bahraini pro-Iran LuaLua TV, however, broadcast videos showing modestly sized marches which it said were in mourning for Nasrallah. The channel said the Bahraini regime ”attacked” demonstrators and detained some of them. The Bahraini opposition website Bahrain Mirror reported the kingdom detained a Shi’ite cleric for expressing his condolences on Nasrallah. Reuters was unable to verify the Bahraini media reports. According to a statement by the Egyptian presidency, President Abdel Fattah al-Sisi spoke to Lebanese Prime Minister Najib Mikati by phone and said Cairo rejected any violation of Lebanon’s sovereignty – without mentioning Nasrallah. Egypt has been critical of Iran and its proxies in the past, though it has maintained informal contacts with Iran and Egypt’s foreign minister has held official meetings with Iranian officials over the past year. In the first televised speech since the killing of Nasrallah on Sunday, Sisi said the region is going through difficult circumstances, and said that Egypt ”manages its issues in a way that preserves it and the region as possible, without being dragged in issues that can impact its stability and security.” He also made no mention of Nasrallah in the speech. Other states like Syria and Iraq have declared a three-day mourning period. GRIEF AND CRITICISM Hassan Nasrallah’s name has been trending online in many Arab states since Saturday, with many grieving his loss. Sheikh Ahmed Bin Hamad al-Khalili, the grand mufti of the Gulf state of Oman, said in a post on X that his country was ”saddened by the passing of the secretary general of Hezbollah, after he had been a thorn in the throat of the Zionist project for more than three decades.” But other users criticised Nasrallah, particularly over Hezbollah’s intervention in the Syrian civil war. Along with support from Iran and Russia, that intervention ultimately helped President Bashar al-Assad regain control over much of the country from anti-government rebels. ”The victims of Nasrallah in Syria are hundreds of thousands, does he deserve mercy from Muslims?” Iraqi-based journalist Omar AlJmmal said on X. UAE-based journalist Saif alDareei shared in a post on X a video he said depicted the ”joy” of residents in Syria’s Idlib province after news of Nasrallah’s killing. ”Hezbollah did what the Jews did not do against our brothers in Syria,” he said. Saudi Arabian poet Abdul Latif Al-Sheikh said on X: ”Gloating [over Nasrallah’s killing] is not just random hostility, but a natural reaction to a series of dirty policies and actions that have aroused widespread resentment.” Others tried to balance criticism of Nasrallah and Israel, whose military operations in Gaza and recent escalation in Lebanon have triggered widespread outrage. ”Joy and gloating now is achieving victory for the enemy, fragmenting the (Arab) nation and betraying the people of Lebanon and Gaza,” said Egyptian TV host Lamis Elhadidi on X. ”Put your differences aside and forget about Iran, as there is an Arab country that is being bombed every hour.” | 2024-09-30 10:31 | 2024-09-30 | 10:31 |
moneycontrol.com | https://www.moneycontrol.com/news/world/biden-approves-567-million-in-defense-support-for-taiwan-says-white-house-12832137.html | Biden approves $567 million in defense support for Taiwan, says White House | China has repeatedly demanded Washington stop selling weapons to Taipei, which it claims as its territory. | US President Joe Biden on Sunday approved $567 million in defense support for Taiwan, the White House said, the latest move by the United States to boost the island's military in the face of rising tensions with China. The United States is Taiwan's most important international backer and arms supplier even in the absence of formal diplomatic ties. China has repeatedly demanded Washington stop selling weapons to Taipei, which it claims as its territory. In a statement, the White House said Biden had delegated the Secretary of State the authority "to direct the drawdown of up to $567 million in defense articles and services of the Department of Defense, and military education and training, to provide assistance to Taiwan". It provided no further details. In April, Biden signed a hard-fought bill into law that provides billions of dollars of new U.S. aid to Ukraine for its war with Russia, as well as for Israel and Taiwan. Taipei has complained of delayed U.S. arms deliveries, including for upgraded F-14 fighter jets. China, which views democratically-governed Taiwan as its own territory, has ramped up military and political pressure over the past five years to assert its claims, which Taipei strongly rejects. | 2024-09-30 10:28 | 2024-09-30 | 10:28 |
moneycontrol.com | https://www.moneycontrol.com/news/world/kris-kristofferson-influential-singer-songwriter-dies-at-88-12832080.html | Kris Kristofferson, influential singer-songwriter, dies at 88 | After his initial stardom, Kristofferson took on causes such as the United Farm Workers and spoke out against U.S. government involvement in Nicaragua and El Salvador in the 1980s.. | Kris Kristofferson, who became one of the most influential American singer-songwriters of his time with works such as ”Me and Bobby McGee,” as well as becoming a successful actor, died Saturday at the age of 88, according to a family statement. Kristofferson had been suffering from memory loss since he was in his 70s. A family spokesperson said in a statement that Kristofferson died peacefully at his home in Maui, Hawaii, surrounded by family, but a cause of death was not listed. Kristofferson was a Renaissance man – an athlete with a poet’s sensibilities, a former Army officer and helicopter pilot, a Rhodes scholar who took a job as a janitor in what turned out to be a brilliant career move. Kristofferson first established himself in the music world as a songwriter in the country music capital of Nashville – writing hits such as the Grammy-winning ”Help Me Make It Through the Night,” ”For the Good Times,” and one-time girlfriend Janis Joplin’s plaintive No. 1 hit, ”Me and Bobby McGee.” In the early 1970s he became well-known as a performer with a rumbling, unpolished baritone, as well as an in-demand actor, notably opposite Barbra Streisand in ”A Star Is Born,” one of the most popular films of 1976. Kristofferson was born in Brownsville, Texas, on June 22, 1936, and moved frequently because his father was a general in the Air Force. After graduating from Pomona College in California, where he played football and rugby, Kristofferson attended Oxford University on a Rhodes scholarship and then fulfilled the family tradition by joining the Army. He went through the Army’s elite Ranger School, learned to pilot helicopters and reached the rank of captain. In 1965 Kristofferson was offered a position teaching English – he was enthralled by the works of poet William Blake – at the U.S. Military Academy in West Point, New York, but he turned it down in order to head to Nashville. Kristofferson became a janitor at the Columbia Records studio because it would give him a chance to offer his songs to the big-name stars recording there. He also worked as a helicopter pilot ferrying workers between Louisiana oilfields and offshore drilling rigs. During that time Kristofferson wrote some of his most memorable songs, including ”Help Me Make It Through the Night,” which he said he penned atop an oil platform. His most audacious song pitch came when he landed his helicopter on Johnny Cash’s lawn – although he denied Cash’s version of him climbing out of the cockpit with an audio tape in one hand and a beer in the other. Cash would later have a No. 1 hit with Kristofferson’s ”Sunday Morning Comin’ Down” lament. ”NOTHING LEFT TO LOSE” Kristofferson’s best songs were filled with seekers, wastrels and broken souls trying to find love, redemption or relief from the hangover that life had given them. The broken-hearted narrator of ”Bobby McGee,” a song Kristofferson said was inspired by the Federico Fellini film ”La Strada,” summed it up with the line, ”Freedom’s just another word for nothing left to lose.” ”Kris brought (country music) kind of from the dark ages up to the present-day time, made it acceptable and brought great lyrics – I mean, the best possible lyrics,” Willie Nelson, an early role model for Kristofferson, told CBS’s ”60 Minutes” in a 1999 interview. ”Simple but profound.” Kristofferson recorded four albums with Rita Coolidge, the second of his three wives, in the 1970s and joined Nelson, Cash and Waylon Jennings in the country music super group the Highwaymen in the 1980s and ’90s. Kristofferson’s rugged good looks led to roles in movies such as ”Cisco Pike,” ”Pat Garrett & Billy the Kid,” ”The Sailor Who Fell from Grace with the Sea,” ”Convoy,” ”Heaven’s Gate,” ”Lone Star” and ”Blade.” Kristofferson lived hard during his heyday. There was a long line of girlfriends and performances he could not remember because he was drunk. He gave up drinking – but not marijuana – when a doctor told him he was killing himself. ”It was fun,” Kristofferson told ”60 Minutes.” ”It was the way that I thought an artist was supposed to live. I always agreed with Blake when he said that the road of excess leads to the palace of wisdom. … I think God protects fools and songwriters.” After his initial stardom, Kristofferson took on causes such as the United Farm Workers and spoke out against U.S. government involvement in Nicaragua and El Salvador in the 1980s. Kristofferson began experiencing debilitating memory loss in his mid-70s and his performances suffered for it. Doctors told him it appeared to be the onset of Alzheimer’s disease or dementia, possibly brought on by blows to the head while boxing and playing football and rugby in his younger days. But in 2016, his wife, Lisa, told Rolling Stone magazine that Kristofferson had been diagnosed with Lyme disease, which can cause memory problems, and that after treatment and stopping Alzheimer’s medication, his memory began to return partially. Kristofferson kept active with a 2016 tour that included performances with Nelson and stops in Europe. That year he also marked his 80th birthday by releasing ”The Cedar Creek Sessions,” an album featuring live versions of his best-known songs. Kristofferson and his third wife, Lisa, whom he married in 1983, lived on the Hawaiian island of Maui for more than 30 years. He had eight children. | 2024-09-30 10:27 | 2024-09-30 | 10:27 |
moneycontrol.com | https://www.moneycontrol.com/news/india/getting-uk-visa-might-get-tough-for-indians-as-conservatives-aim-to-cut-immigration-12832112.html | Getting UK visa might get tough for Indians as Conservatives aim to cut immigration | The election follows the resignation of Sunak as Tory leader in the wake of the partyŌĆÖs bruising general election defeat in July under his leadership.Related stories. | The two frontrunners in the race to replace Rishi Sunak as Conservative Party leader and take his place in the House of Commons as Leader of the Opposition have thrown the spotlight on cutting immigration into the UK, with visas for Indians being singled out in heated debates. Against the backdrop of the launch of the Conservative Party conference in Birmingham on Sunday, former immigration minister Robert Jenrick singled out India as one of the countries that should be subjected to tough visa restrictions across all categories unless it takes back its nationals who enter Britain illegally. His closest contender, shadow housing secretary Kemi Badenoch, has also zeroed in on the same issue and condemned new migrants bringing their disputes from India to cause unrest on the streets of the country. "It is quite clear that there are many people who have recently come to this country who have brought views from their countries of origin that have no place here,ŌĆØ Badenoch told the BBC. "I saw as equalities minister people bringing cultural disputes from India to the streets of LeicesterŌĆ” we need to make sure that when people come to this country, they leave their previous differences behind. This is not a controversial thing to say,ŌĆØ she said. Nigerian-heritage Badenoch, considered among the favourites to win the ongoing Tory leadership election, was apparently referencing the clashes that broke out in Leicester in September 2022 in the wake of an India-Pakistan Asia Cup cricket match. Meanwhile, her former ministerial colleague Robert Jenrick who has notched up an early lead in the contest told ŌĆśThe Daily TelegraphŌĆÖ earlier this week that while India benefited from 250,000 visas in the past year, there were as many as 100,000 Indian nationals estimated to be illegally residing in the UK. He lamented that deportations or removals to India remain stuck in the hundreds despite an India-UK Migration and Mobility Partnership which is designed to cover such returns of illegal migrants. "The government must stop other countries exploiting our generosity by imposing severe visa restrictions and restricting foreign aid to countries that do not take back their nationals here illegally,ŌĆØ said Jenrick. Over the four-day Tory conference starting on Sunday, Jenrick and Badenoch will go head-to-head with two other party colleagues ŌĆō former Cabinet ministers James Cleverly and Tom Tugendhat ŌĆō as they make their leadership pitches before MPs vote in the next round. This time the field will be whittled down to the final two candidates who will then fight it out for the online ballot of the wider Conservative Party membership, many of whom will be making up their minds during the party conference. The new Conservative Party chief and Opposition Leader is then scheduled to be declared on November 2 after the voting closes. The election follows the resignation of Sunak as Tory leader in the wake of the partyŌĆÖs bruising general election defeat in July under his leadership. The British Indian politician, who was re-elected member of Parliament from Richmond and Northallerton in northern England, has meanwhile been serving as interim leader until his successor is elected. | 2024-09-30 10:23 | 2024-09-30 | 10:23 |
moneycontrol.com | https://www.moneycontrol.com/news/business/zuckerbergs-metaverse-gamble-pays-off-with-201-billion-fortune-12832130.html | Zuckerberg’s Metaverse gamble pays off with $201 billion fortune | Mark Zuckerberg models Orion augmented reality glasses during an event Wednesday in Menlo Park, California..Related stories. | Mark Zuckerberg’s bet on the metaverse initially looked like a colossal mistake, wiping more than $100 billion from his net worth. But now it’s paying off big-time. Buoyed by a record-high Meta Platforms Inc. share price, Zuckerberg’s net worth has climbed almost six-fold in less than two years to $201 billion, the first time he’s exceeded the $200 billion mark, according to the Bloomberg Billionaires Index. He’s moved to fourth place on the list of the world’s 500 richest people behind Elon Musk, Jeff Bezos, and Bernard Arnault. While other tech titans made big jumps in net worth this year — Nvidia Corp. Chief Executive Officer Jensen Huang, for example, has more than doubled his wealth to $106.2 billion — none has grown as much as Zuckerberg’s. He’s added $73.4 billion to his fortune since Jan. 1, thanks to his 13% stake in Meta. The stock closed at an all-time high on Wednesday and is up 60% this year. It’s a far cry from 2022, when the stock, and Zuckerberg’s net worth, took a nosedive after his company had undergone massive changes, including a name change and big investments in the metaverse. At the time, Meta struggled to find its footing with short-form video while competitor TikTok rose in popularity. Now, analysts think that the pivot from Facebook to Meta is finally coming to fruition as the company heavily leans into its Orion augmented reality glasses. “With the confluence of Meta’s hardware improvements over the last five years and progress with AI, Orion represents Meta’s evolution from a social media company to a Metaverse company,” JMP Securities analysts wrote in a note to investors this week. Since 2022, Meta has cut tens of thousands of employees, shrinking its global workforce by 25%. The Menlo Park, California-based company has made moves to improve its stock performance, including a $50 billion share buyback program and Meta’s first-ever quarterly dividend. It has also hopped onto the artificial-intelligence bandwagon, spending heavily on data centers and computing power as Zuckerberg works to build a leading position in the industry-wide AI race. The company recently announced further investments into AI-generated creators, which interact one-on-one with online fans. Zuckerberg’s public image has also changed dramatically from two years ago. Previously portrayed as a nerdy techie, the 40-year-old CEO has taken up wakesurfing and mixed martial arts. A photo of a 7-foot statue of his wife, Priscilla Chan, recently went viral on Instagram, with Zuckerberg claiming that he was “bringing back the Roman tradition of making sculptures of your wife.” He’s also said he plans to stay out of politics. After earlier offering up his views on social justice, inequality and immigration issues, he has since publicly expressed regret about some of his political activity. “The political environment, I think I didn’t have much sophistication around, and I think I just fundamentally misdiagnosed the problem,” he said during a live podcast event in San Francisco. | 2024-09-30 10:22 | 2024-09-30 | 10:22 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/kaynes-tech-acquires-smart-meter-company-iskraemeco-for-rs-43-crore-12832047.html | Kaynes Tech acquires smart meter company Iskraemeco for Rs 43 crore | Kaynes Tech acquires smart meter company. | Kaynes Technology has acquired 100% of smart meter company Iskraemeco India, previously held by Iskraemeco Switzerland A.G. and Iskraemeco Merjenje. This strategic acquisition, at a cost of Rs 43 crore, is expected to boost Kaynes Tech's products and services in energy management solutions. Iskraemeco India is into the business of supply, installation, operations and maintenance of smart meters. Last financial year, the company's turnover was Rs 65.42 crore. "100% of the target company's shares will be acquired by the Company by acquiring 4.29 crore Equity Shares of Rs 10/- each at Face Value for an aggregate consideration amounting to Rs 42.98 crore,"Kaynes Technologysaid in a statement. | 2024-09-30 10:11 | 2024-09-30 | 10:11 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/krn-heat-exchanger-ipo-allotment-status-check-latest-gmp-subscription-and-other-key-details-12832087.html | KRN Heat Exchanger IPO allotment status: Check latest GMP, subscription and other key details | KRN Heat Exchanger and Refrigeration Ltd IPO garnered 213.26 times subscription on the closing day of bidding on Friday, helped by overwhelming participation from institutional investors..Related stories. | KRN Heat Exchanger and Refrigeration Ltd shares will be allotted to successful bidders on September 30 after the Rs 342-crore initial public offer (IPO) garnered 213.26 times subscription in the price range of Rs 209-220 per share. Earlier, it raised Rs 100 crore from anchor investors. The initial shares sale got bids for 234 crore shares as against 1.09 crore shares on offer. KRN Heat Exchanger's IPOinvolved a fresh issue of 1,55,43,000 equity shares valued at Rs 342 crore at the upper end of the price band. Those who bid to the issue can check their allotment status on the official website of the registrar, Bigshare Services. KRN Heat Exchanger IPO allotment date today: Direct link to check status on Bigshare Services Step 1:Open the direct link to the registrar. (Click on this URL - https://ipo1.bigshareonline.com/IPO_Status.html). Step 2:Select the company from the dropdown menu. Step 3:Investors can check the allotment status by filling in details like PAN, Application number or DP client ID. Step 4:Press the Submit button Step 5:The allotment status will be shown in the window. KRN Heat Exchanger IPO allotment status check on direct link of BSE Step 1:Open the website of Bombay Stock Exchange (BSE). Step 2:Click on 'Investors' option. Step 3:On the 'Investor Services' dropdown, click on 'Status of Issue Application'. Step 4:Click on 'Application Status Check'. Step 5:Select Equity in the issue type. Step 6:Fill in the required details including the 'Issue Name'. Step 7:Enter PAN number and click on Search to view the status KRN Heat Exchanger IPO GMP Today Price According to multiple platforms that track the grey market premium activities, the KRN Heat Exchanger shares are commanding a GMP in the price range of Rs 270, which translates to a premium of nearly 123 percent over the issue price. Funds amounting to Rs 242.5 crore will be allocated for investment in the wholly-owned subsidiary KRN HVAC Products, aimed at establishing a new manufacturing facility in Neemrana, Alwar, Rajasthan. The remaining funds will be utilised for general corporate purposes. The Rajasthan-based company specialises in producing fin and tube-type heat exchangers for the heating, ventilation, air conditioning, and refrigeration industry. All of the company's manufacturing operations are conducted at its consolidated facility, which spans two industrial plots located in the RIICO Industrial Area, Neemrana, Rajasthan. | 2024-09-30 10:10 | 2024-09-30 | 10:10 |
moneycontrol.com | https://www.moneycontrol.com/news/india/kolkata-rape-murder-case-junior-doctors-hold-torch-rally-a-day-ahead-of-supreme-court-hearing-12832095.html | Kolkata rape-murder case: Junior doctors hold torch rally a day ahead of Supreme Court hearing | Junior doctors during a torch rally in Kolkata, demanding justice for the RG Kar rape-murder victim, on September 29.. | A day before the Supreme Court's hearing in the brutal rape and murder case of the postgraduate trainee doctor at Kolkata's RG Kar Medical College and Hospital, junior doctors across West Bengal held torch rallies on Sunday, organised by the West Bengal Junior Doctors' Front. The protesting doctors stressed the urgent need for improved security measures in hospitals and denounced the prevailing "threat culture" faced by medical students. The renewed protests were spurred by a recent assault on medical staff at the state-run Sagore Dutta Hospital, where three doctors and three nurses were attacked, reinforcing claims that the government has failed to ensure adequate safety for healthcare workers. In light of this, junior doctors have threatened to resume a complete cease-work strike if the state government does not take decisive action to enhance security and infrastructure in hospitals. Meanwhile, Kolkata Police Commissioner Manoj Verma visited RG Kar Hospital on Sunday to evaluate security protocols ahead of the Supreme Court hearing scheduled for Monday. This visit comes after the mob attack on the hospital on the night of August 15, shortly after the case was handed over to the CBI by the Calcutta High Court. Junior doctors are monitoring the government's response and the Supreme Court proceedings, prepared to step up their protests if their demands are not addressed. | 2024-09-30 10:10 | 2024-09-30 | 10:10 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/rappid-valves-india-shares-debut-at-40-premium-over-ipo-price-on-nse-sme-12832025.html | Rappid Valves India shares debut at 40% premium over IPO price on NSE SME | SME IPO's have been attracting massive investor interest.Related stories. | Shares ofÂRappid Valves India Limitedwere off to a strong start on its stock market debut on September 20 after listing at Rs 312, a massive premium of over 40 percent over the issue price of Rs 222 per share on the NSE SME platform. The listing gains are marginally lower than the grey market estimates where shares were trading at a premium of about 45 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Follow our LIVE blog for all the latest market updates SME IPO's have been attracting massive investor interest and the Rappid Valves offer isn't an exception after it was subscribed to a staggering 176 times over three days. Non-institutional investors purchased 491 times the quota reserved for them while retail investors mopped up 109 times the allotted quota. Qualified institutional buyers bought 56 times their reserved portion. Incorporated in 2002, it specializes in manufacturing a wide range of valve solutions, including ball, gate, globe, butterfly, check, double block, filter, and marine valves. These products are crafted using ferrous and non-ferrous materials, varying sizes from 15mm to 600mm to cater to diverse needs. Read more:ÂMorgan Stanley bumps FY25 earnings estimate for Asian Paints, Berger Paints on low oil prices; retains 'underweight' call The company plans to utilize the net proceeds from its issue for multiple purposes, including capital expenditure for acquiring a new plant, machinery, and software, as well as renovating its registered office and existing manufacturing unit. Additionally, funds will be used for the repayment or prepayment of certain borrowings, pursuing inorganic growth through acquisitions, and meeting general corporate expenses. | 2024-09-30 10:05 | 2024-09-30 | 10:05 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/pb-fintech-stock-jumps-3-after-co-clarifies-healthcare-plan-proposes-one-time-minority-investment-12832098.html | PB Fintech stock jumps 3% after co clarifies healthcare plan, proposes one-time minority investment | PB Fintech's clarification regarding its healthcare investment plans comes in the wake of a recent correction in the share price..Related stories. | PB Fintech share price jumped as much as 3 percent on September 30, partially recovering recent losses, after the company management clarified that it will be a minority investor in the proposed healthcare venture, with a one-time non-recurring investment. Chairman and Group CEO Yashish Dahiya said in an interview with CNBC TV18 that PB Fintech intends to acquire a 20-30 percent stake in the venture, with a potential investment amounting to up to $100 million, subject to board approval. PB Fintechshare price rose to Rs 1,700 in the morning trade, up 3.5 percent from the previous close. The clarification comes in the wake of a recent correction in PB Fintech's share price, which saw a decline of 15 percent over the last five trading sessions. ŌĆśThis will be a one-time investment. We donŌĆÖt intend to make a recurring investment in the healthcare company,ŌĆÖ Dahiya said in the interview. Further, the new healthcare company aims to generate its own resources for growth and may attract private equity investors and other financial institutions, he added. Also read |┬ĀSeptember sees largest retail sell-off since March with net sales at Rs 7,500 crore As for the reason behind the companyŌĆÖs decision to tap into the healthcare sector, Dahiya said, ŌĆ£A middle-class person canŌĆÖt afford a bed for Rs 78,000 per night. We are looking to bridge the trust gap between hospitals and insurance companies.ŌĆØ Earlier, last week, Alok Bansal, Co-Founder and Executive Vice Chairman of PB Fintech, reinforced the companyŌĆÖs commitment to entering the healthcare space, indicating that there would be no reconsideration of this strategic move. Bansal had cited the need for the healthcare venture for the middle class, stressing that it aligns with the companyŌĆÖs broader vision of financial inclusion. The investment strategy has garnered mixed reactions from analysts. Brokerage firm Bernstein maintained its ŌĆ£outperformŌĆØ rating on PB Fintech, setting a price target of Rs 1,760. They noted that while investors are attracted to PB FintechŌĆÖs high growth and strong business model, some may view this backward integration into healthcare as a significant shift from its capital-light business model, which appears to be weighing on the stock currently. On Friday, shares of PB Fintech had closed 3 percent lower, marking a fifth consecutive day of decline at Rs 1,632, although the stock has still doubled in value so far in 2024. | 2024-09-30 10:05 | 2024-09-30 | 10:05 |
moneycontrol.com | https://www.moneycontrol.com/news/india/rahul-spread-lies-to-oust-himanta-slams-congress-leaders-remark-during-lok-sabha-poll-campaign-12832074.html | 'Rahul spread lies to oust..': Himanta slams Congress leader's remark during Lok Sabha poll campaign | The Assam CM also expressed confidence about the Bharatiya Janata Party's (BJP) chances in the upcoming Haryana Assembly elections. | Assam Chief Minister Himanta Biswa Sarma accused Rahul Gandhi of “spreading lies” during the Lok Sabha elections as part of a broader "international conspiracy" to unseeat Prime Minister Narendra Modi. According to Assam CM, the Leader of Opposition keeps asking questions but does not have answers when asked about the same. “He spread lies in the whole country during the Lok Sabha elections as part of the international conspiracy to oust Narendra Modi as the Prime Minister. I want to ask Rahul Gandhi, why wasn't the post of the Leader of the Opposition in the Lok Sabha given to an OBC if the Prime Minister is an OBC?” ANI quoted Sarma as saying.#WATCH| Haryana: Assam CM Himanta Biswa Sarma says, "I held meetings in Sonipat, Julana, and Kalka. The response is very positive and the BJP will definitely form the government... During the Lok Sabha elections, Rahul Gandhi roamed around with a copy of the constitution in allpic.twitter.com/fre9kUCKXYANI (@ANI)September 29, 2024 Sarma accused Gandhi of spreading “lies” on the central schemes during general elections and alleged that the latter now wants to “abolish” reservations of people from OBC and SC/ST communities. “During the Lok Sabha elections, Rahul Gandhi roamed around with a copy of the Constitution in all the rallies. Where has the Constitution gone now? Now he doesn't say that the Constitution is in danger. During the Lok Sabha elections, he talked about pension and the Agniveer scheme, but now he doesn't talk about them. Now he says he is in favour of abolishing reservation,” Sarma told the media in Haryana. The Assam CM also expressed confidence about the Bharatiya Janata Party's (BJP) chances in the upcoming Haryana Assembly elections, citing positive feedback from his recent meetings in Sonipat, Julana, and Kalka. "The response has been very encouraging, and I am confident the BJP will form the government in Haryana," Sarma said. Haryana will hold its elections on October 5 to elect 90 members of the state legislative assembly to form its next government. The counting is set to take place on October 8. In 2019, the BJP emerged as the single largest party with 40 seats. The Congress won 30 seats. | 2024-09-30 10:01 | 2024-09-30 | 10:01 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/manba-finance-shares-list-at-25-premium-over-ipo-price-12831972.html | Manba Finance shares list at 25% premium over IPO price | Manba Finance raised Rs 45.25 crore from eight institutional investors via its anchor book..Related stories. | Shares ofManba Finance Limitedwere off to a positive start on its stock market debut on September 30 after listing at Rs 150, commanding a premium of 25 percent over the issue price of Rs 120 on the BSE. The listing gains are slightly lower than the grey market estimates where shares were trading at a premium of about 28 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Follow our LIVE blog for all the latest market updates The Rs 151-crore IPO, comprising a fresh issue of 1.26 crore shares, saw a strong response with a 224.10 times oversubscription. Investors bid for 197.18 crore shares during September 23-25, compared to the offer size of 87.99 lakh shares, according to exchange data. Non-institutional investors led the charge, subscribing 511.65 times their allocated portion, while qualified institutional buyers and retail investors bid 148.55 times and 144.03 times their respective quotas. Also read:ÂKey Sebi board meet today: Big decisions likely on derivatives, FPI Founded in 1998, it provides financial solutions for new two-wheelers, three-wheelers, electric two- and three-wheelers, used cars, small business loans, and personal loans. The company primarily serves employees and self-employed individuals, offering customized financing programs. It typically finances up to 85 percent of a vehicle's on-road price, with customers contributing the remainder. On September 20, Manba Finance raised Rs 45.25 crore from eight institutional investors via its anchor book. Chartered Finance & Leasing was the largest investor in the anchor book, acquiring 8.33 lakh shares worth Rs 10 crore. The other seven investors, including Finavenue Capital Trust and Antara India Evergreen Fund, purchased 4.2 lakh shares each. Read more:ÂCan the defence sector continue firing after 100% gains? The company plans to use the net proceeds to strengthen its capital base for future growth. | 2024-09-30 09:58 | 2024-09-30 | 09:58 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/wol-3d-india-shares-list-at-20-premium-over-ipo-price-on-nse-sme-12832032.html | WOL 3D India shares list at 20 % premium over IPO price on NSE SME | WOL 3D India offers 3D printing solutions, enabling easier prototyping and finding applications across various sectors.Related stories. | Shares ofÂWOL 3D Indiamade a decent stock market debut on the bourses on September 30 after listing at Rs 180, a premium of 20 percent over the issue price of Rs 150 on the National Stock Exchange's SME platform. The listing gains miss grey market estimates where shares were trading at a premium of about 45 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Follow our LIVE blog for all the latest market updates The Rs 22.5 crore public offer, a combination of a fresh issue and an offer for sale, received an overwhelming response from investors after it was subscribed a massive 374 times. Non-institutional investors were at the forefront, buying 749 times the portion reserved for them while retail investors purchased 368 times their allotted quota. QIBs or qualified institutional buyers lapped up 101 of the reserved quota. Read more:ÂBharatPe settles with Ashneer Grover, former co-founder will not be associated with BharatPe in any capacity Incorporated in 1988, WOL 3D India offers 3D printing solutions, enabling easier prototyping and finding applications across various sectors such as manufacturing, education, engineering, architecture, interior design, fashion design, product design, and medical and dental fields. The company’s product portfolio includes hardware such as 3D printers, scanners, laser engravers, and 3D pens, as well as consumables like 3D filaments and resins. Additionally, it provides 3D prototyping and other related services. Also read:ÂOur deposit growth will always be higher than loan growth: Prashant Kumar, MD and CEO, Yes Bank The company plans to utilize the funds raised through the fresh issue for several purposes, including repaying certain outstanding borrowings, meeting working capital requirements, and covering general corporate expenses. | 2024-09-30 09:54 | 2024-09-30 | 09:54 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/lt-foods-krbl-surge-4-after-govt-slashes-export-duty-on-parboiled-rice-12832102.html | LT Foods, KRBL surge 4% after govt slashes export duty on parboiled rice | The government reduced export duty on parboiled rice to 10 percent from 20 percent earlier..Related stories. | Shares of rice exporting companies--KRBL and LT Foods, surged 4 percent each on September 30 after the government reduced export duty on parboiled rice to 10 percent from 20 percent earlier. The move comes as grain inventories in India, the world's top exporter, have swelled, with farmers preparing to harvest a new crop in the coming weeks. At 09.49 am, shares ofLT FoodsandKRBLwere trading at Rs 403.15 and Rs 303.75 on the NSE, respectively. By cutting export duties, India's export prices are expected to drop, boosting shipments and thereby revenues for rice exporters like LT Foods and KRBL. Follow our market blog to catch all the live action Previously, India imposed a 20 percent duty on parboiled rice exports in 2023 after subpar rainfall impacted the crop. Now, the government has dialed back the export duty on brown and husked rice to 10 percent. The export duty on white rice has been slashed to zero. Earlier this month, the government also scrapped the minimum export price for basmati rice to aid farmers who faced limited access to profitable markets such as Europe, the Middle East, and the United States. | 2024-09-30 09:54 | 2024-09-30 | 09:54 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sensex-nifty-slip-at-open-amid-mixed-global-cues-it-banking-stocks-weigh-12832041.html | Sensex, Nifty slip at open amid mixed global cues; banking, auto stocks weigh | India VIX, also known as the fear gauge, rose nearly 6 percent to 12.6..Related stories. | Domestic equity markets kicked off September 30 on a weak note, with the Sensex and Nifty 50 sliding amid mixed global cues. Banking, energy, and auto stocks led the decline, dragging the Nifty 50 lower in early trade. At 9.17 AM, the Sensex was down 369.68 points or 0.4 percent at 85,202 and the Nifty was down 94 points at 26,084.50. About 1,574 shares advanced, 1,086 shares declined, and 174 shares remained unchanged. "We are on the expensive side, but there are very few markets growing like India," Sandip Agarwal, Fund Manager and Co-Founder at Sowilo Investment Managers LLP toldMoneycontrol. "We have a stable government, fiscal deficit under control, a stable currency, and controlled inflation. I believe a lot of FII money will start flowing in, leading to further market re-rating. The market may look expensive, but fundamentally, we're in a strong position. Agarwal expects only minor corrections, possibly triggered by geopolitical events like the escalating tensions in the Middle East. Follow our live blog for all the market action Of the 13 major sector indices, 11 were in the red today. Nifty Auto dropped over 1 percent, driven by declines in M&M, Hero MotoCorp, and Tata Motors. Motilal Oswal said in a research report that demand trends in September remained weak across segments, despite festivals like Ganesh and Onam. The inauspicious Shraddh period further impacted sales, leading to a year-on-year decline in retail sales across categories. Nifty FMCG and Nifty Metal were the only gainers, rising 0.3 percent and 1 percent, respectively. Shares of metal companies were on a roll buoyed by a spike in iron ore prices along with China's efforts to revive its battered property sector. Stocks like NMDC, MOIL, Hindalco and Welspun Corp were the top sectoral gainers, surging 2-4 percent. Top Nifty 50 gainers included Titan, Tata Steel, NTPC, JSW Steel, and Hindalco, up 1-1.5 percent, while Tech Mahindra, M&M, Bharat Electronics, Coal India, and Hero MotoCorp fell 1-3 percent. Also Read |September sees largest retail sell-off since march with net sales at Rs 7,500 crore Rupak De, Senior Technical Analyst at LKP Securities said that the market sentiment will remain strong as long as Nifty 50 remains above 25,900. "On the higher end, a fresh round of rally may begin above 26,300. If the Nifty moves above 26,300, it could potentially rise towards 26,600," he said. Mainland China stocks surged 4 percent today after September's PMI came in at 49.8, beating the expected 49.5 polled by Reuters. 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. Looking ahead to Q2 earnings, Agarwal expects a positive surprise, as pent-up demand and election-related disruptions fade. | 2024-09-30 09:52 | 2024-09-30 | 09:52 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/max-estates-shares-rise-3-on-rs-4100-crore-pre-sales-of-estate-360-project-12832084.html | Max Estates shares rise 3% on Rs 4,100-crore pre sales of Estate 360 project | Max Estates share price has gained a massive 98 percent since the start of the year..Related stories. | Shares ofMax Estates Limitedsurged over 3 percent to Rs 627 in early trade on September 30 following the announcement of strong pre-sales for its Gurugram project, Estate 360. The real estate developer recorded a pre-sales booking value of approximately Rs 4,100 crore, surpassing its FY25 guidance of Rs 4,000 crore. The company also collected Rs 400 crore from the project, leading Max Estates to revise its gross development value target for Estate 360 to Rs 4,800 crore for FY25, it said in a regulatory filing earlier today. Follow our LIVE blog for all the latest market updates The robust response comes shortly after Max Estates launched the residential project in August 2024, marking its first foray into the Gurugram market. The success strengthens Max Estates' position in the NCR real estate space, following the earlier successful launch of Estate 128 in Noida. Read more:ÂStock exchanges hike transaction charges, effective from October 1; BSE shares in focus Estate 360 is Delhi NCR’s first intergenerational residential community at scale designed by Gensler, a leading global design and architecture firm. It is designed with a deep understanding of generational needs and endeavours to bring people together through intentional design, natural landscape and shared spaces covering more than 60 amenities catering to different age groups, cultures and lifestyles. Also read:ÂMarket Outlook: Caution advised as negative divergence looms The launch has further strengthened Max Estates’ decision to expand its presence in the area by acquiring an additional 18.23 acres of land adjacent to the current development earlier this year through a Joint Development Agreement (JDA). The project is currently in the design phase and will be launched in phases starting next financial year, with an overall development potential of around 4 million square feet and a Gross Development Value of approximately Rs 9,000 crore. At about 9:25 am, shares were trading at Rs 617, higher by 2 percent from the last close on the NSE. Max Estates share price has gained a massive 98 percent since the start of the year. | 2024-09-30 09:43 | 2024-09-30 | 09:43 |
moneycontrol.com | https://www.moneycontrol.com/news/india/madhya-pradesh-horror-5-yr-old-girl-tells-mother-about-bad-touch-school-watchmans-minor-son-held-12832075.html | Madhya Pradesh Horror: 5-yr-old girl tells mother about 'bad touch'; school watchman's minor son held | The incident allegedly occurred in the watchman's room on the third floor of the school building and was reported by the girl to her mother on the night of September 27..Related stories. | Police have detained a teenage boy for allegedly sexually assaulting a five-year-old girl on the premises of a school in Madhya Pradesh's Ratlam city, an official said. The incident came to light after the girl told her mother about "bad touch" by the boy, the official said on Sunday. The accused is the son of a watchman at the private school, where the victim is a UKG (upper kindergarten) student. The incident allegedly occurred in the watchman's room on the third floor of the school building and was reported by the girl to her mother on the night of September 27, Additional Superintendent of Police Rakesh Khakha said. The school has CCTV cameras covering only the ground floor and not the upper floors, the official said. "The accused is a student of class 10 with another branch of the same school. An investigation was conducted after the girl's mother lodged a complaint that her daughter was sexually assaulted in the school where she is a UKG student. The accused boy has been taken into custody," he said. The boy has been booked under sections 65-ii (Whoever commits rape on a woman under twelve years of age) and 75 (physical contact and advances involving unwelcome and explicit sexual overtures) of the Bharatiya Nyaya Sanhita (BNS) and provisions of the Protection of Children from Sexual Offences (POCSO) Act, the police said. Madhya Pradesh Congress chief Jitu Patwari expressed anguish and accused the BJP government of failing to protect daughters. "The news of a tragic incident with a 5-year-old girl in Ratlam has deeply disturbed me. Such incidents happen with our daughters every day in MP. I am deeply pained," he stated on X on Sunday. "Daughters will not get justice by just asking for help from the government on social media. Now the Congress party will fight this battle on the streets," he said. | 2024-09-30 09:32 | 2024-09-30 | 09:32 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/stock-exchanges-hike-transaction-charges-effective-from-october-1-bse-shares-in-focus-12832026.html | Stock exchanges to hike transaction charges from October 1; BSE shares rise | The NSE and BSE also announced new transaction charges for trading members..Related stories. | BSE shares swung from the red to the green in the early session on September 30, after the Asia's oldest stock exchange announced that transaction charges for Sensex Options and Bankex Options contracts of the equity derivatives segment will be revised from October 1, 2024. Theexchange, in the circular released on September 27, said that the transaction fee for Sensex Options and Bankex Options for all expiries will be Rs 3,250 per crore of premium turnover value. The circular added that there will be no changes in the transaction charges in other contracts of the equity derivatives segment. The charges in the other segments will continue as given: Nil for index futures and stock futures; and Rs 500 per crore of premium turnover value for Sensex 50 Options and Stock Options. At 9.20 am, BSE shares were quoting Rs 3,700 per share, up 1.5 percent on the NSE. However, BSE shares had opened almost two percent lower and quickly pared its losses. Follow our live blog to catch all the updates The National Stock Exchange (NSE) has also announced new transaction charges for trading members. The fees are set at Rs 2.97 each side per lakh of traded value for the cash market, Rs 1.73 per lakh for equity futures, and Rs 35.03 per lakh of premium value for equity options. In the currency segment, the charges will be Rs 0.35 per lakh of traded value for currency futures and Rs. 31.10 per lakh of premium value for currency options and interest rate options. On July 1, 2024, the securities regulator SEBI had directed all market infrastructure institutions (MIIs) to adopt a uniform fee structure for all members, instead of the current slab-wise structure which is based on trading volumes. Additionally, all charges which are to be recovered by the trading members from the end client should be "True to Label". This means that any charge or fee that is levied by stock brokers on trading clients, should be the same that is received by the MIIs. Through the directive, the regulator had put an end to a significant stream of income for discount brokerages, who were earning from the spread between what they were paying to exchanges and what they were charging from investor clients. The brokerages were being offered heavy discounts based on the volume of trades they were generating for the exchanges. In a recent blog post that marked Zerodha's 14th anniversary, the brokerage's founder Nithin Kamath wrote that the true-to-label directive would cause a 10 percent drop in their revenue. | 2024-09-30 09:22 | 2024-09-30 | 09:22 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/reliance-infra-shares-in-focus-as-calcutta-high-court-upholds-rs-780-crore-arbitration-win-stock-up-60-in-one-month-12832050.html | Reliance Infra shares gain as Calcutta High Court upholds Rs 780 crore arbitration win; stock up 60% in one month | Shares of Reliance Infrastructure have skyrocketed a whopping 60.5 percent over the past month..Related stories. | Anil Ambani-led Reliance Infrastructure shares gained in the early session on September 30, ahead of its board meeting to raise funds and its successful win as the Calcutta High Court has upheld a Rs 780-crore arbitration award in favour of Reliance Infrastructure. Reliance Infrastructure was in a dispute with West Bengal-based Damodar Valley Corporation. Over a decade ago, Reliance Infrastructure had won a contract to set up a 1,200 MW thermal power plant in Purulia in West Bengal for Rs 3,750 crore. The project was delayed due to disputes and other reasons, leading to DVC seeking damages fromReliance Infrastructure. However, the firm challenged this, and an arbitration tribunal in 2019 ruled in favour of the company and directed DVC to pay Rs 896 crore to the company. Additionally, the company's board of directors will meet tomorrow, on October 1, to raise funds through a preferential issue, qualified institutional placement, rights issue, or foreign currency convertible bonds. At 9.18 am, Reliance Infrastructure shares were quoting Rs 329.84, up 2.13 percent on the NSE compared to the previous close. Follow our live blog to catch all the updates This comes after Reliance Infrastructure's board gave its approval to raise Rs 3,014.4 crore through a preferential issue of up to 12.56 crore equity shares at an issue price of Rs 240 apiece, on September 19. The preferential issue will be made to promoter group entity Risee Infinity Private Limited and other non-promoter entities Florintree Innovation LLP, Fortune Financial & Equities Services Private Limited, the company said in a regulatory filing, adding that the issue will result in enhancing the promoter’s equity stake. The issue will involve investments from former Blackstone executive Mathew Cyriac, participating through Florintree Innovation, and equity investor Nimish Shah, investing via Fortune Financial & Equities Services. Together, they will contribute Rs 1,200 crore for a minority stake in Reliance Infrastructure. Shares of Reliance Infrastructure have skyrocketed a whopping 60.5 percent over the past month. In comparison, the benchmark Nifty 50 gained 3.6 percent during the same time. | 2024-09-30 09:19 | 2024-09-30 | 09:19 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/zydus-life-shares-gain-1-today-after-us-fda-approves-cancer-drug-worth-870-million-12832055.html | Zydus Life shares gain 1% today after US FDA approves cancer drug worth $870 million | Zydus Life share price has jumped 76 percent over the past year, taking the company’s market capitalisation to over Rs 1.1 lakh crore..Related stories. | Zydus Lifesciences Ltd's shares gained as much as 1 percent in the opening trade amid a muted market on September 30, after the company received final approval from the United States Food and Drug Administration (USFDA) for its prostate cancer medicine -- Enzalutamide Capsules, 40 mg. The stock rose to Rs 1088.85 soon after opening, adding to the previous session's 0.74 percent gain.ÂZydus Lifeshare price has jumped 76 percent over the past year, taking the company’s market capitalisation to over Rs 1.1 lakh crore. The stock has outperformed benchmark NSE Nifty 50, which gained 34 percent in the same period. However, it has languished of late, falling about 17 percent since August mainly due to profit booking and competitive pressure. The US FDA approval is significant as Enzalutamide capsules are used in treatment of metastatic castration-resistant prostate cancer. The drug will be manufactured at the company's facility in Moraiya, Ahmedabad. Also read |ÂPiramal Pharma gets EIR from USFDA for Ahmedabad facility The Enzalutamide capsules reportedly generated annual sales of $869.4 million in the United States in one year. A research report projected that enzalutamide is one of the two agents that will have a combined total sales of $14.2 billion by 2029. Earlier this month, Zydus Life shares were in focus due to aruling from the US Court of Appeals for the Federal Circuit concerning a patent covering Mirabegron. The court stated that the district court, which previously invalidated the patent, erred in its decision-making process. Zydus Life and Lupin are currently the only two players that have launched generic Mirabegron at risk. Astellas Pharma Inc., the original maker of Mirabegron, had sued to block the generic versions from Zydus andLupin, claiming patent infringement. However, a federal judge rejected Astellas' request in April 2024. Mirabegron is used to treat overactive bladder (OAB) and its associated symptoms, including urge urinary incontinence, urgency, and urinary frequency. Both Zydus Life and Lupin are among the first to launch the generic version of Mirabegron in 25 mg dosages in the US market and are preparing to introduce 50 mg dosages imminently. | 2024-09-30 09:18 | 2024-09-30 | 09:18 |
moneycontrol.com | https://www.moneycontrol.com/news/india/moons-temperature-dipped-during-covid-19-lockdown-on-earth-report-12832062.html | Moon's temperature dipped during Covid-19 lockdown on Earth: Report | The study observed an "anomalous" dip of 8-10 Kelvin in night-time surface temperatures on the Moon during the lockdown period from April to May 2020.. | The COVID-19 lockdowns of 2020 likely had a significant impact on lunar surface temperatures, revealed a recent study by Indian researchers. The study, published in theMonthly Notices of the Royal Astronomical Society: Letters, used data from NASA's Lunar Reconnaissance Orbiter, stated that an "anomalous" decrease of 8-10 Kelvin was observed in night-time surface temperatures on the Moon during the lockdown period from April to May 2020. The team, led by researchers K Durga Prasad and G Ambily from the Physical Research Laboratory (PRL), analysed temperature data from six lunar sites over a period from 2017 to 2023, as per aTimes of Indiareport. They found that the significant temperature drop coincided with reduced greenhouse gas emissions and aerosols resulting from the decrease in human activities during the lockdowns, leading to less heat being trapped in Earth's atmosphere, thus, in turn, affecting the lunar surface. PRL director Anil Bharadwaj, cited in theToIreport, highlighted the uniqueness of this research, as it provides an opportunity to observe the effects of reduced human activity on nearby celestial bodies. According to the study, 2020 recorded the coldest temperatures across most sites analysed, with a warming trend observed in the following years as human activity picked up. The researchers, however, acknowledged the need for further data to confirm the relationship between changes in Earth's radiation and lunar temperature fluctuations, further added the report. They have proposed that future lunar observatories could facilitate deeper investigations into how Earth's climate changes influence the Moon's environment. | 2024-09-30 09:10 | 2024-09-30 | 09:10 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/hsbc-initiates-coverage-on-varun-beverages-with-buy-tag-sees-28-upside-potential-12832022.html | HSBC initiates coverage on Varun Beverages with 'buy' tag; sees 28% upside potential | Shares of Varun Beverages went through a one for five stock split on September 12..Related stories. | Brokerage firm HSBC initiated coverage on Varun Beverages, assigning the stock a 'buy' tag with a price target of Rs 780 as it sees scope for an over 28 percent upside potential in the scrip. The brokerage's bullish outlook hinges on its expectations that Varun Beverages has the potential to become the largest and most disruptive PepsiCo bottler in the company's history. The company enjoys a 90 percent share of PepsiCo's total bottling volumes in India, a market still considered underpenetrated for soft drinks. In addition to that, it is also the exclusive bottler for PepsiCo in Nepal, Sri Lanka, Morocco, Zambia, and Zimbabwe. With its strong connection with PepsiCo, Varun Beverages is also the second largest franchisee of the soft drink company outside the US. Meanwhile, HSBC also pointed to the arrival of disruptive digital market development models, driven by new AI tools and strategies, which could accelerate the company's growth. IfVarun Beveragesadopts these tools faster than competitors, it can pick up speed and expand its market share, HSBC noted. HSBC also forecasts an intensified race in India's bottling industry as AI tools reshape the landscape. Follow our market blog to catch all the live action Shares of Varun Beverages went through a one-for-five stock split on September 12. Since then, the stock has remained volatile, dropping close to 3 percent in the period. Regardless of that, the stock is still up 23 percent year-to-date. In addition to HSBC, brokerage firm Axis Securities also holds a bullish outlook for Varun Beverages. The brokerages predicts that Varun Beverages will maintain its robust growth momentum following its strategic acquisition of a beverage company, strengthening its presence in South Africa and the Democratic Republic of Congo. Axis Securities highlights the company's ongoing focus on expanding its distribution reach, particularly in rural areas, and the commissioning of multiple greenfield and brownfield facilities across various regions, which will help reduce significant transportation costs. "We believe these investments are poised to support the company’s long-term growth objectives and profitability," Axis Securities stated. | 2024-09-30 09:06 | 2024-09-30 | 09:06 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/agri-picks-report-september-30-2024-geojit-financial-services-12832065.html | Agri Picks Report September 30, 2024: Geojit Financial Services | commodities. | Geojit Financial Services's report on Daily Agri Picks The water level in 155 key reservoirs of the country as of Thursday was 156.639 bcm, 87% of the total live storage capacity of 180.852 bcm, according to data from the Central Water Commission. The current water storage is up 21% from a year ago and 13% from the average for the past 10 years. In the northern region, the water level in the reservoirs was 13.516 bcm, 68% of the live storage capacity, compared with 86% a year ago. In the eastern region, the water level was 17.591 bcm, 85% of the live storage capacity against 65% a year ago. In the western region, the water level was 35.435 bcm, 95% of the live storage capacity, against 85% a year ago. In the central region, the water level was 43.691 bcm, 91% of the live storage capacity, against 83% a year ago. In the southern region, the water level was 46.406 bcm, 85% of the live storage capacity compared with 48% a year ago. Of the 155 reservoirs, 144 reported more than 80% of normal storage, while 11 reported storage levels at 80% of normal or below that. Of the 11 reservoirs, one had storage up to only 50% of the normal level. Since Jun 1, India has received 905.6 mm of rainfall, 6% above the normal of 853.4 mm for the period, according to the India Meteorological Department. For all commodities report,Âclick here 30092024 - co | 2024-09-30 09:04 | 2024-09-30 | 09:04 |
moneycontrol.com | https://www.moneycontrol.com/news/india/haryana-polls-days-away-sirsa-dera-chief-seeks-parole-ec-asks-state-to-explain-reasons-12832057.html | Haryana polls days away, Sirsa dera chief seeks parole; EC asks state to 'explain reasons' | Gurmeet Ram Rahim Singh. | Haryana Chief Electoral Officer (CEO) Pankaj Aggarwal has asked the state government to provide justification for the “compelling” circumstances surrounding the proposed temporary release of Dera Sacha Sauda chief Gurmeet Ram Rahim Singh, who is seeking a 20-day parole. The release request is being viewed in the context of the upcoming assembly elections, given the Ram Rahim's significant influence in the state and its history of supporting the BJP since 2014. Ram Rahim, who is currently serving a sentence for rape and murder, has asked for parole to attend to activities at his ashram in Barnawa. Imprisoned in Rohtak’s Sunaria jail since August 2017, Ram Rahim was convicted by a special CBI court for the rape of his female followers and sentenced to 20 years. He recently completed a 21-day temporary release, returning to jail on September 2. Since his 20-year sentencing in 2017, the Dera chief has been out of prison either on parole or furlough 10 times, spending 255 days, or more than eight months, outside jail. Aggarwal has requested the state's jails department to clarify the circumstances that would justify this parole request, especially given the imposition of the model code of conduct in light of the assembly elections scheduled for October 5, according to a report in The Times of India. BJP leaders have remained silent on the matter, while Congress said that though Ram Rahim is entitled to parole, the timing raises concerns about its potential impact on the elections, the TOI report said. The jail manual allows for parole applications, but due to the election code of conduct, the government must consult the Election Commission before making a decision on the matter. | 2024-09-30 08:58 | 2024-09-30 | 08:58 |
moneycontrol.com | https://www.moneycontrol.com/news/india/mc-daily-monsoon-tracker-heavy-rains-spell-trouble-on-price-front-12831922.html | MC Daily Monsoon Tracker: Heavy rains spell trouble on price front | Heavy rainfall in central India threatens supply chains and food prices.Related stories. | India's rainfall surplus widened again to 7.77 percent as of September 29, as heavy rains battered parts of central India and north even as monsoon has begun to retreat, data released by the India Meteorological Department (IMD) shows. Heavy rainfall will likely keep food prices elevated, experts have said. "Heavy rainfall in key states such as Maharashtra, Andhra Pradesh and Himachal Pradesh have led to supply disruptions for vegetables, causing prices to spike sharply," said Madhavi Arora, chief economist, Emkay Global. Rain surplus also widened in Gujarat, Rajasthan and Madhya Pradesh following heightened rainfall activity, a Moneycontrol analysis of data shows. Gujarat’s surplus increased to 48 percent from 41 percent in the previous Rajasthan’s to 56 percent from 55 percent. Water levels of the main reservoirs are 13 percent above normal, compared with 18 percent in the previous week. Reservoirs in Bihar, Himachal Pradesh, Nagaland and Punjab continue to have below-normal water capacity. There is a shortfall of 65 percent in Punjab, as the farm state got below-average rainfall. Kharif acreage, on September 20, was 0.8 percent more than the last five-year average of 110.5 million hectares. Paddy acreage remained 3 percent above average, while coarse cereals was 6.4 percent higher. Sowing of jute, cotton and pulses was lower compared with the normal area. | 2024-09-30 08:58 | 2024-09-30 | 08:58 |
moneycontrol.com | https://www.moneycontrol.com/news/india/we-would-have-offered-more-than-the-imf-if-rajnath-singh-takes-a-jab-at-pakistan-12832046.html | 'We would have offered more than the IMF if...' Rajnath Singh takes a jab at Pakistan | Singh didn't shy away from criticising Islamabad, asserting, "Pakistan seeks money from other countries to run a terrorist factory on its soil.".Related stories. | In a passionate address at an election rally in Gurez, Bandipore, on September 29, Defence Minister Rajnath Singh shared his thoughts on India-Pakistan relations, stating that India could have offered Pakistan more financial support than what they sought from the International Monetary Fund (IMF) if ties had been better. Currently facing one of itsworst economic crises, Pakistan recently secured a new $7 billion loan from the IMF as part of a bailout program. The country, now the IMF's fifth-largest debtor, has received 22 bailout packages since 1958 and owes $6.28 billion to the Fund. "Modi Ji had announced a special PM package for development here [in Jammu and Kashmir] in 2014-15. That PM package has now increased and it is so much money, that Pakistan was requesting from the IMF for a fund lesser than this," Singh remarked, emphasizing the significant financial commitment made by the Indian government. Highlighting the Prime Minister's Development Package (PMDP) initiated by PM Modi in 2015, Singh also referenced former Prime Minister Atal Bihari Vajpayee’s wisdom: "You can change friends but not neighbours." He reiterated, "If there had been a better relationship, we would have given more money to Pakistan than what they asked from the International Monetary Fund (IMF)." Singh didn't shy away from criticising Islamabad, asserting, "Pakistan seeks money from other countries to run a terrorist factory on its soil." He pointed out that investigations into terrorist activities in Kashmir have consistently revealed Pakistan's involvement. "Whenever we have investigated terrorism, we have found Pakistani involvement. Our successive governments have tried to make Pakistan understand that they should stop terror camps but to no avail," he noted. Expressing India's resolve, Singh declared, "This is a new India; we are ready to fight against terrorism, not just on this side of the borders but if needed, we will do that by going to the other side of the borders as well." He also highlighted Pakistan’s isolation on the global stage, mentioning that even Turkey, a former supporter, has refrained from discussing Kashmir at the UN General Assembly. Addressing those who may threaten India, Singh warned, "I want to make it clear to those sitting on the other side of the border, planning to harm India, that if there's any terrorist attack in India,we will strike them wherever they are." He added that Pakistan is "frustrated" following the revocation of Article 370 and is attempting to revive terrorism in Jammu and Kashmir, which has seen a rise in attacks recently. Turning his attention to the opposition, Singh criticized the National Conference (NC) and Congress for their claims to restore Article 370. "Only the Central Government has the authority to bring it back. After the removal of Article 370, people enthusiastically participated in the elections. This is the message of change in Jammu and Kashmir. Today, the national flag is being hoisted at Srinagar's Lal Chowk. Today, record numbers of tourists are visiting Kashmir. Today, the youth here are holding computers, not stones. IIM, IIT, and National Colleges will be established here. NC-Congress and PDP have only looted here. They did nothing for the people, only secured their families," Rajnath Singh concluded passionately. | 2024-09-30 08:58 | 2024-09-30 | 08:58 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/moneycontrol-pro-market-outlook-caution-advised-as-negative-divergence-looms-12831772.html | Moneycontrol Pro Market Outlook | Caution advised as negative divergence looms | If the trend continues, a negative market reaction could occur in the near future..Related stories. | Dear Reader, The People's Bank of China (PBOC) sparked a rally in global equity markets by unveiling an extensive set of measures as part of its stimulus package. The PBOC lowered its reserve requirement ratio by 50 basis points, marking this year's second cut. Additionally, the central bank reduced the seven-day reverse repo rate by 20 basis points to 1.5 percent and slashed the medium-term lending facility rate by 30 basis points to two percent, marking the most significant cut since 2016. To rejuvenate the real estate sector and boost the economy, the PBOC also announced a rate cut for existing home mortgages and reduced the down payment ratio for second-home purchases from 25 percent to 15 percent. As a result of the stimulus measures, Chinese stocks surged by 12.8 percent, while the Hang Seng Index posted a 13 percent gain, marking its biggest weekly rise since 2008. India's benchmark indices rose by 1.22 percent, driven mainly by the metal index, which jumped 7 percent, and the oil and gas index, which climbed 5 percent. However, the broader market did not show the same level of enthusiasm. In the US, market indices gained an average of 0.6 percent, led by chemicals and materials stocks. Tech stocks also saw gains following news of a potential takeover involving Intel. Also, NVIDIA's CEO announced he would stop selling shares of his company in the market. European markets also saw strong gains, with the Stoxx 600 closing 2.69 percent higher, buoyed by a robust performance from Germany's market, which rose by 4.03 percent, and France's market, which ended 3.89 percent higher. Following the lead of the US and China, the Swiss National Bank also lowered its interest rate by a quarter-point to one percent. The surge in the Chinese market positively influenced Japan, which closed 5.6 percent higher. The Bank of Japan's recent dovish commentary weighed on the yen, boosting the country's equity market. Chinese stimulus measures also drove metal prices sharply higher during the week. Overbought market The Nifty closed higher for the third consecutive week but has reached the upper end of its range on the weekly charts based on the average standard deviation. This level often acts as a significant resistance, and we should be vigilant for any signs of a trend reversal that could signal a potential correction. With the monthly charts closing on Monday, the RSI (Relative Strength Index) readings for some indices are approaching, or even exceeding, levels seen during the peak of the 2008 bull market. This is crucial for assessing the market's current position and potential future direction. The charts below highlight that market internals have shown signs of weakness, as the broader market, represented by mid-cap and small-cap stocks, has not participated in the recent rally. Despite Nifty reaching new highs, the broader market indicators have lagged, with the Mid-cap and Small-cap indices continuing to decline even as Nifty advanced. The persistent negative divergence over the weeks is evident in the chart (see chart Stocks above 50 DMA) tracking the number of stocks within the Nifty 500 trading above their 50-day Moving Average (DMA). This divergence is a potential red flag, as similar patterns in the past (indicated by the arrows) have preceded market corrections. This suggests that if the trend continues, a negative market reaction could occur in the near future. Stocks above 50 DMA Source:Âweb.strike.money Foreign Institutional Investors (FIIs) appear to be maintaining their long positions into the new series, as indicated by the rollover of their positions (refer to the FII Index positioning chart). Currently, we are hovering near the upper grey line, which may now represent the new extreme. Historically, market bottoms have occurred around the lower boundary at -30,000. Given these excessive long positions, there is a need for caution, even as the market continues to rise. However, a confirmed trend reversal through price action is essential before this concern can be validated. FII Index positioning Source:Âweb.strike.money The Put/Call Ratio (PCR) for the market, encompassing both index and stock options, has reached 0.96, a level that has historically coincided with market highs over the past year (refer to the Put/Call Ratio chart). The Open Interest (OI)-based PCR compares the open interest in put options against call options, providing a more comprehensive view of market sentiment. A nine-day moving average of this data is plotted to smooth out fluctuations, offering a clearer picture of overall trends. Put Call ratio Source:Âweb.strike.money Sector Rotation The Weekly Relative Rotation Graph (RRG) from India Charts shows that relative momentum has declined in IT and FMCG, while the Metal index shows a pickup. Weekly RRG Source:Âweb.strike.money Daily RRG A positive week for the markets saw all sectors closing in positive territory. Nifty IT, Pharma, and FMCG are now in the lagging quadrant due to loss of momentum and relative strength. Nifty Consumer Durables also lost relative momentum and is now in the weakening quadrant. Nifty Realty, Auto, and Metal have joined Financials and Realty in the leading quadrant. Nifty CPSE, PSE, PSU Banks, and Energy show increases in relative momentum and are now in the improving quadrant. Daily RRG Source:Âweb.strike.money Stocks to watch Among the stocks expected to perform better during the week are Cipla, ICICI Prudential Life, Muthoot Finance, Naukri, Trent, Maruti, Indian Hotels and KEC. Among the stocks that can witness further weakness is RBL Bank. Cheers, Shishir Asthana | 2024-09-30 08:50 | 2024-09-30 | 08:50 |
moneycontrol.com | https://www.moneycontrol.com/news/world/hurricane-helene-kills-at-least-90-in-us-homes-and-memories-washed-away-12832044.html | Hurricane Helene kills at least 90 in US; homes and memories washed away | Motorists pass under downed trees hanging on utility cables in the aftermath of Hurricane Helene on September 29..Related stories. | The Southeastern U.S. began a huge cleanup and recovery effort on Sunday and the death toll climbed towards 100 after Hurricane Helene knocked out power for millions, destroyed roads and bridges and caused dramatic flooding from Florida to Virginia. The stormŌĆÖs winds, rain and storm surge killed at least 90 people in North Carolina, South Carolina, Georgia, Florida, Tennessee and Virginia, according to a Reuters tally of state and local officials. Officials feared still more bodies would be discovered. With cellphone towers down across the region, hundreds of people had yet to make contact with loved ones and were listed as unaccounted for. Damage estimates ranged from $15 billion to more than $100 billion, insurers and forecasters said over the weekend, as water systems, communications and critical transportation routes were affected. Property damage and lost economic output will become clearer as officials assess the destruction. In North Carolina, nearly all the deaths were in Buncombe County, where 30 people died, Sheriff Quentin Miller told a video conference call with reporters. County Manager Avril Pinder said she was asking the state for emergency food and drinking water. Streets in the picturesque city of Asheville were submerged in floodwater. "This is a devastating catastrophe of historic proportions," Governor Roy Cooper told CNN. "People that I talk to in western North Carolina say they have never seen anything like this". Search and rescue teams from 19 states and the U.S. government have converged on the state, Cooper said, adding that some roads could take months to repair. In Flat Rock, North Carolina, there were widespread blackouts, and people waited hours in line for gas. "Grocery stores are closed, cellphone service is out," Chip Frank, 62, said as he entered his third hour waiting in line. "It all depends on these gas stations. YouŌĆÖre not going to be able to go nowhere, and itŌĆÖs just a scary feeling". Roughly 2.7 million customers throughout the South were without power on Sunday, a US Energy Department official said, down 40 percent from Friday after unprecedented storm surges, ferocious winds and perilous conditions extended hundreds of miles inland. South Carolina reported 25 dead, Georgia 17, and Florida 11, according to the governors of those states. CNN reported a total of 93 dead across the South, citing state and local officials. President Joe Biden plans to visit affected areas this week, once he can do so without disrupting emergency services, the White House said. "ItŌĆÖs tragic," Biden told reporters on Sunday, pledging recovery assistance after declaring major disasters in Florida and North Carolina and emergencies for Florida, North Carolina Tennessee, South Carolina, Georgia, Virginia, and Alabama. "You saw the photographs. ItŌĆÖs stunning". Republican presidential candidate Donald Trump will visit Valdosta, Georgia, on Monday to receive a briefing on storm damage and ŌĆØfacilitate the distribution of relief supplies,ŌĆØ his campaign said. Helene slammed into FloridaŌĆÖs Gulf Coast on Thursday night, triggering days of driving rain and destroying homes that had stood for decades. In Horseshoe Beach, on FloridaŌĆÖs Gulf Coast about 70 miles (120 km) west of Gainesville, Charlene Huggins surveyed the debris of her blown-out house, pulling a jacket out of the rubble on Saturday. "Five generations lived in this house, from my grandmother, my father, myself, my daughter, son, and my granddaughter," Huggins said, holding a chipped glass cake stand. ŌĆØSo thereŌĆÖs a lot of memories here. It just breaks your heart.ŌĆØ Not far away, James Ellenburg stood on the property where his own family has lived for four generations. "I took my first step right here in this yard". The roof of one home sat flat in the dirt, its walls blown away. In coastal Steinhatchee, a storm surge ŌĆō a wall of seawater pushed ashore by winds ŌĆō of eight to 10 feet (2.4 to 3 meters) moved mobile homes, the weather service said. Other areas saw a storm surge of 15 feet (4.5 meters). In the nearby tiny community of Spring Warrior Fish Camp, people were surveying the damage on Saturday and still waiting for emergency or first responder aid. "No one thinks of us back here," said David Hall, as he and his wife dug through seagrass and dead fish in the office of the hotel they owned. Many of the communityŌĆÖs homes are built on stilts because of a local ordinance and survived heavy damage. Kristin Macqueen was helping friends clean up after their house was destroyed in nearby Keaton Beach. "ItŌĆÖs complete devastation," she said. "Houses have just been ripped off their slabs". | 2024-09-30 08:41 | 2024-09-30 | 08:41 |
moneycontrol.com | https://www.moneycontrol.com/news/business/trade/smartphones-become-indias-largest-product-export-to-the-us-overtaking-diamonds-report-12832036.html | Smartphones become India’s largest product export to the US, overtaking diamonds: Report | This trend began in the December quarter of FY24 when smartphone exports to the US hit $1.42 billion, overtaking diamond exports at $1.3 billion..Related stories. | Smartphones, primarily driven by Apple Inc’s iPhones, have emerged as India’s largest product export to the United States, surpassing non-industrial diamonds in value over the past three quarters, theBusiness Standardhas reported. Smartphone exports reached $2 billion in the June quarter, compared to $1.44 billion for non-industrial diamonds, the report, citing the latest data from the department of commerce, said. The trend began in the December quarter of FY24 when smartphone exports to the US hit $1.42 billion, overtaking diamond exports at $1.3 billion. By the final quarter of FY24, smartphone exports surged by 43 percent quarter-on-quarter to $2.02 billion, while diamond exports declined 4.6 percent to $1.24 billion, the report said. Moneycontrolcouldn’t verify the report independently. Also Read |ÂIndia beats US to emerge as the second largest 5G smartphone market In the September quarter of FY24, smartphones ranked the fourth-largest export from India to the US. The rise in smartphone exports, particularly iPhones, reflects the success of India’s production-linked incentive (PLI) scheme for mobile devices. Before the introduction of PLI, smartphone exports totalled $1.6 billion in global shipments in FY19, with only $5 million designated for the US market. By FY23, Apple exported over $5 billion worth of iPhones from India, contributing significantly to the country’s total smartphone exports of $11.1 billion, with more than $2.15 billion of that destined for the US. Also Read |ÂUS pips UAE as largest buyer of Indian-made smartphones, but Russia pays more per piece In FY24, iPhone exports soared to $10 billion, accounting for 66 percent of smartphone exports, which amounted to $15.6 billion. During the period, smartphone exports to the US surged by 158 percent to $5.56 billion, making it India’s second-largest export to the US after diamonds. US shipments now account for nearly 50 percent of Apple’s iPhone exports from India. Despite the impressive growth, India’s smartphone exports account for only a small share of the US smartphone import market. In 2022 and 2023, the US imported $66 billion and $59.6 billion worth of smartphones, respectively, alongside $55 billion and $46.3 billion worth of laptops and tablets, primarily from China and Vietnam. India’s exports comprise about 10 percent of the US smartphone import market, indicating potential for further growth if the country can lower costs and enhance competitiveness against China and Vietnam. | 2024-09-30 08:37 | 2024-09-30 | 08:37 |
moneycontrol.com | https://www.moneycontrol.com/news/india/morning-scan-all-the-big-stories-to-get-you-started-for-the-day-791-12832042.html | Morning Scan: All the big stories to get you started for the day | A round-up of top newspaper stories to keep you ahead of others..Related stories. | #1. Adani New Industries to set up solar components facilities in Gujarat’s MundraAdani New Industries, the renewable energy parts making unit of Adani Enterprises in which France’s TotalEnergies holds 25 percent stake, is setting up facilities to produce solar glass, aluminum frames and back sheets in Mundra in Gujarat, the Business Standard reported. The plan revolves around building its own supply chain to support the solar cell and module manufacturing line. Why it’s important:This is part of the Adani Group’s long-term strategy to build a resilient supply chain for its renewable energy business. The lack of indigenous components has been a deterrent to local solar component manufacturers. Adani is seeking to correct that. #2. Capital market regulator to hold crucial board meeting amid conflict-of-interest accusations The Securities and Exchange Board of India is set to hold a crucial board meeting on Monday, its first meeting after allegations of conflict of interest against chairperson Madhabi Puri Buch by US-based Hindenburg Research and the opposition Congress party, the Economic Times reported. Why it’s important:Board members are likely to discuss the conflict-of-interest accusations and the problems arising from the withdrawn press statement on disgruntled employee matters, though these topics are not on the official agenda. #3. Stockbrokers caution investors about WhatsApp groups masquerading as registered advisors Domestic stockbrokers have started warning investors against the growing menace of fake WhatsApp groups offering investment advice while impersonating registered entities, the Mint reported. The modus operandi of these groups is to entice investors by promising high returns while pretending to be legitimate brokers having access to insider information. Why it’s important:These social media groups are feeding into the frenzy and fear of missing out among retail investors. This trend has already alarmed India’s regulators. Investors must exercise caution. #4. Electricity suppliers to Bangladesh may invoke sovereign guarantee to recover dues India’s power exporters to Bangladesh are exploring options to leverage the sovereign guarantee provided by the Bangladesh Power Development Board in power purchase and sale agreements, the Hindu Businessline reported. Among the five entities selling power to the neighbor, Adani Power recently received some payment, but suppliers like SEIL Energy India and PTC are still in a fix. Why it’s important:Mounting payment dues from Bangladesh is strain on the financials of the Indian power suppliers and they might have no option but to invoke the sovereign guarantees. #5. Smartphones overtake diamonds in Indian exports to the US, latest official data show Smartphones, led by Apple’s iPhones, have surged to become India’s largest product export to the US by value over the past three quarters, overtaking non-industrial diamonds, the Business Standard reported. In the June quarter, smartphone exports were $2 billion, ahead of non-industrial diamond exports, which stood at $1.44 billion, according to the data from the commerce ministry. Why it’s important:This is a fairly dramatic change since smartphones were only the fourth-largest export from India to the US just a year ago. Government incentives in the sector seems to be working rather well. #6. Business incentives for electric vehicles to carry stronger localization flavor from April The central government is looking to implement stricter localization norms from April for makers of electric vehicles and public charging stations, the Mint reported, citing a draft of the proposed criteria. A new program for the PM e-DRIVE will require original equipment manufacturers to locally source and assemble many of even the smallest sub-components for eight critical EV components and assemblies across electric three-wheeler and two-wheeler categories, and 11 components for electric buses. Why it’s important:The government wants to promote faster adoption of electric vehicles but with a rider that it must be localized to the maximum extent possible. The new norms will also tighten rules to prevent false claims for subsidies, which has plagued earlier incentive programs. #7. Burman family wants Rashmi Saluja removed from board of Care Health Insurance The Burman family, largest shareholder of Religare Enterprises, has written to the company, its Care Health Insurance unit and investor Kedaara Capital to seek the removal of Rashmi Saluja from the insurer’s board ahead of its annual general meeting, the Economic Times reported. The Burmans alleged in a September 27 letter that Saluja was unsuitable for reappointment as non-executive chair of Care Health, citing recent actions against her by investigative and regulatory agencies. Why it’s important:This marks the latest salvo in the war between the Burmans and Religare. Care Health’s 17th AGM is scheduled for Monday, and the reappointment is one of the key items on the agenda. #8. Credit-driven consumption helps companies drive up sales in rural India ahead of festive season Spurred by deeper penetration of consumer financing and new bank account openings under the government's Pradhan Mantri Jan Dhan Yojana, consumer demand in the hinterland is being increased powered by credit, the Economic Times reported. For instance, credit-led purchase of two-wheelers in rural India at 62 percent has outpaced urban this financial year. In electronics and smartphones, too, financing now accounts for 30-40 percent of all purchases in rural markets, sharply higher from about 20 percent two years ago. Why it’s important:India’s traditionally cash-dominated smaller towns and rural areas are seeing an increase in credit-driven consumption as financial inclusion has helped raise penetration of finance companies, large retail chains and e-commerce marketplaces. #9. Indian software majors yet to jump on high revenue yielding consulting business While IBM’s book of business related to GenAI stood at more than $2 billion in July, Accenture last week reported $3 billion in GenAI bookings in 2023-24, the Mint reported. A common trait of both the firms is the strong growth in their consulting business, a pace software services companies are unable to match yet. Why it’s important:India’s infotech companies have been grappling with lower client spending on software services over the past few years, while clients globally are spending more on AI-related consulting. #10. Luxury carmakers upshift to festive gear, offering attractive EMI options and buyback guarantees From attractive EMIs to assured buyback guarantees, luxury carmakers have lined up a clutch of offers to woo customers this festival season, the Business Standard reported. Audi India, for instance, is offering discounts on service plans, accessories and a raft of benefits. Mercedes Benz India has said its Dream Days Campaign is receiving enthusiastic response. Why it’s important:The latest lures come amid dwindling sales and rising inventories. The luxury car market in India accounts for less than 2 percent of the passenger vehicle market but the margins are high. | 2024-09-30 08:35 | 2024-09-30 | 08:35 |
moneycontrol.com | https://www.moneycontrol.com/news/opinion/west-bengals-political-pecking-order-remains-unchanged-after-a-successful-mass-agitation-for-justice-12831936.html | West Bengal’s political pecking order remains unchanged after a successful mass agitation for justice | The Kolkata rape and murder case unleashed a statewide revolt against CM Mamata Banerjee..Related stories. | The Bharatiya Janata Party’s frustration over its abject failure to cash in on the 41-day long agitation by junior doctors which shook West Bengal, including its feisty Chief Minister Mamata Banerjee, is evident from state BJP leaders like Dilip Ghosh and Ashok Dinda dismissing the unbelievably successful movement as a “drama” enacted by “instigating people’s emotions” which yielded “nothing”. The fact of the matter is that the BJP left no stones unturned to harness the civil society-led medicos’ long running protests against the heinous rape-murder of a young woman doctor in Kolkata’s R. G. Kar Medical College and Hospital for political and electoral benefits. It usedevery strategy in its playbookbut made no headway whatsoever, making the BJP’s central leadership realise yet again that West Bengal is a very difficult nut to crack – and that the BJP somehow lacks the knowhow to bowl Bengalis over. Ghosh, Dinda and other BJP leaders, in fact, got a mouthful from the junior doctors after the “drama” jibe. The doctors’ front slammed the BJP unequivocally, saying: “We made it clear from the beginning that we will not allow those who have garlanded rapists in Hathras-Kathua-Unnao to use our movement to grab power. The people of this state will not allow it. Our movement has rejected divisive politics from day one, and we won’t tolerate it in the future as well.” The BJP has simply gone off the air after the backlash. Did Mamata lose to win? On the one hand, the BJP did not gain anything from the junior doctors’ agitation; and on the other, it didn’t cost the ruling Trinamool Congress anything.Mamata appeared weak, shaky and vulnerableat times in the war of nerves with a bunch of protestors who refused to budge and ultimately compelled the CM to give in to virtually all their demands, including the removal of the Police Commissioner. The young men and women forced Mamata to wait for them for hours holding an umbrella in the rain. Her entreaties to the protestors assembled outside the CM’s residence to come inside and have a cup of tea -- which was turned down -- was telecast live casting a shadow on her authority and state power. The protestors – the 25-30 junior doctors who ultimately held talks withMamata and her high-ranking aidesand the tens of thousands who formed human chains on successive days or sat on aÂdharna and raised slogans, not to speak of an army of sympathisers who sent food, toilet rolls and hand sanitisers to ground zero – were essentially Trinamool Congress voters who wanted Mamata to take drastic action. And in the end, she did. Her countless supporters were visibly angry and she placated their fury by capitulating instead of being haughty and coercive. The Trinamool Congress may not have exactly come out of the impasse smelling of roses, but what’s certain is that the movement won’t cost it politically or electorally. So that’s undoubtedly a huge plus in the high-stakes state where the BJP keeps snapping at the Trinamool Congress’ heels, making it imperative for the latter to maintain a lead over its rival. Bengal’s civil society finally asserts itself It seems that the woman doctor’s rape-murder inside a flagship government hospital jolted Bengalis into rediscovering and regaining their spine after being mute spectators for far too long during Trinamool Congress rule. There was no explosion of outrage when the Central Bureau of Investigation seized tens of crores of rupees from Education Minister Partha Chatterjee’s home and had no option but to press trucks into service to ferry the ill-begotten wealth to a government treasury for safe-keeping. Chatterjee is currently in jail over the teacher recruitment scam. So is another cabinet minister, Jyotipriya Mullick, imprisoned in the multi-crore ration distribution racket. Moreover, many of Mamata’s men have been caught on camera accepting wads of cash from middlemen in a sting operation. But the woman doctor’s brutal rape-murder, which blew the lid off corruption and law of the jungle in the health sector, clearly tipped the scales, unleashing a statewide revolt which Mamata managed pretty well after fumbling initially. All over the state, ordinary Bengalis are patting themselves on the back for being so assertive, successfully holding Mamata to account and the ultimate victory of their mass movement. The outpouring in Bengali newspapers, including the Anand Bazar Patrika, magazines and portals reflect the euphoria. There is a genuine feeling that Bengalis have grown a spine at long last by standing up to power and looking it in the eye. The human vertebral column is therefore being lauded and celebrated. There are even reports of Durga Puja organisers placing orders for replicas of a human spine with the artisans of Kumartuli famed for sculpting images ofÂMa Durga.ÂThese models will be prominently displayed inside Durga Puja pandals to underline the importance of growing a spine and demanding justice in these trying times. | 2024-09-30 08:35 | 2024-09-30 | 08:35 |
moneycontrol.com | https://www.moneycontrol.com/news/world/spacex-capsule-for-stuck-astronauts-docks-at-space-station-12832030.html | SpaceX capsule for stuck astronauts docks at space station | Wilmore and Williams, who were the first crew to fly on the troubled Starliner, are now due to return home with Hague and Gorbunov on Crew Dragon in February next year. | A SpaceX Crew Dragon space capsule, which is due to bring home stuck astronauts Butch Wilmore and Sunita Williams next year, arrived at the International Space Station (ISS) on Sunday, according to NASA and SpaceX. NASA astronaut Nick Hague and Roscosmos cosmonaut Aleksandr Gorbunov boarded the ISS shortly after the Dragon capsule docked at the station at 2130 GMT, NASA said in a post on X. The SpaceX Crew-9 mission was supposed to transport four astronauts to the ISS until two empty seats had to be opened up for Wilmore and Williams after the Boeing Starliner capsule they arrived on in June was deemed unfit to return them to Earth. The two former military test pilots have been stuck on the ISS since then after the Starliner capsule suffered thruster failures and helium leaks. NASA decided it wasn’t safe for the astronauts to return on Starliner, which was sent back to Earth empty earlier this month. Wilmore and Williams, who were the first crew to fly on the troubled Starliner, are now due to return home with Hague and Gorbunov on Crew Dragon in February next year, as what was supposed to be an 8-day mission has turned into an 8-month ordeal. | 2024-09-30 08:33 | 2024-09-30 | 08:33 |
moneycontrol.com | https://www.moneycontrol.com/news/india/jaishankar-reaches-washington-dc-to-meet-us-counterpart-antony-blinken-12831968.html | Jaishankar reaches Washington DC, to meet US counterpart Antony Blinken | This is Jaishankar's first visit to the US capital since the third Modi government took office..Related stories. | External Affairs Minister S Jaishankar will meet his US counterpart Antony Blinken on Tuesday, during which they are expected to discuss a wide range of bilateral and global issues, including the Ukraine war and the Middle East crisis. Jaishankar, who arrived in the US capital on Sunday, will also meet other Cabinet-rank and senior Biden administration officials. Apart from meeting US Secretary of State Blinken, the external affairs minister is also scheduled to interact with the think-tank community. The Carnegie Endowment for International Peace will host a conversation between Jaishankar and its president Mariano-Florentino (Tino) Cuellar on the future of US-India relations. The think-tank said India's strategic importance was rising both globally and in the making of US foreign policy, and cited Prime Minister Narendra Modi's 2023 State Visit and his recent bilateral meeting with President Joe Biden to showcase this relationship. Biden hosted Modi at his Delaware residence for a bilateral meeting on September 21. They were later joined by leaders from Australia and Japan for the QUAD Leaders' Summit in Wilmington, Delaware. The think-tank said amid fast-paced global developments, India's bilateral ties with the US had grown more extensive. The two countries have deepened partnerships in the Indo-Pacific, as well as on defence innovation, and critical and emerging technologies, it added. "What is India's vision for global leadership? How can the US and India bolster cooperation on issues ranging from artificial intelligence and biotechnology to democracy, security, and trade? And how can the two countries work together to bridge critical geopolitical divides?" the think tank further said. This is Jaishankar's first visit to the US capital since the third Modi government took office. | 2024-09-30 08:25 | 2024-09-30 | 08:25 |
moneycontrol.com | https://www.moneycontrol.com/news/india/jaishankar-reaches-washington-dc-to-meet-us-counterpart-tony-blinken-12831968.html | Jaishankar reaches Washington DC, to meet US counterpart Antony Blinken | This is Jaishankar's first visit to the US capital since the third Modi government took office..Related stories. | External Affairs Minister S Jaishankar will meet his US counterpart Antony Blinken on Tuesday, during which they are expected to discuss a wide range of bilateral and global issues, including the Ukraine war and the Middle East crisis. Jaishankar, who arrived in the US capital on Sunday, will also meet other Cabinet-rank and senior Biden administration officials. Apart from meeting US Secretary of State Blinken, the external affairs minister is also scheduled to interact with the think-tank community. The Carnegie Endowment for International Peace will host a conversation between Jaishankar and its president Mariano-Florentino (Tino) Cuellar on the future of US-India relations. The think-tank said India's strategic importance was rising both globally and in the making of US foreign policy, and cited Prime Minister Narendra Modi's 2023 State Visit and his recent bilateral meeting with President Joe Biden to showcase this relationship. Biden hosted Modi at his Delaware residence for a bilateral meeting on September 21. They were later joined by leaders from Australia and Japan for the QUAD Leaders' Summit in Wilmington, Delaware. The think-tank said amid fast-paced global developments, India's bilateral ties with the US had grown more extensive. The two countries have deepened partnerships in the Indo-Pacific, as well as on defence innovation, and critical and emerging technologies, it added. "What is India's vision for global leadership? How can the US and India bolster cooperation on issues ranging from artificial intelligence and biotechnology to democracy, security, and trade? And how can the two countries work together to bridge critical geopolitical divides?" the think tank further said. This is Jaishankar's first visit to the US capital since the third Modi government took office. | 2024-09-30 08:20 | 2024-09-30 | 08:20 |
moneycontrol.com | https://www.moneycontrol.com/banking/yes-banks-return-on-assets-to-rise-by-10-bps-in-fy25-ceo-prashant-kumar-article-12831901.html | Yes Bank‚Äôs return on assets to rise by 10 bps in FY25: CEO Prashant Kumar | Prashant Kumar, MD and CEO, YES BANK.Related stories. | Yes Bank‚Äôs Managing Director Prashant Kumar is confident of a 10 basis-point boost in return on assets (RoA) for FY25, led by gains from a priority sector loan product, as the bank addresses issues around profitability. ‚ÄúAt Rs 44,000 crore (which was the peak outstanding in¬ÝRural Infrastructure Development Fund), the impact on our RoA is something around 35 basis points. Now, if 25 percent is coming down, there will be an upside of 10 basis points on the RoA,‚Äù Kumar said in an interview. In the June quarter, the bank‚Äôs RoA stood at 0.5 percent, and its net interest margin (NIM), a measure of a bank‚Äôs profitability, was at 2.4 percent. WhileYes Bankranks sixth among private lenders by assets, with Rs 2.29 lakh crore net advances, its net interest margin (NIM) remains the lowest among the top 10 private banks. Kumar cited the shortfall in the bank‚Äôs priority sector lending (PSL) shortfall as one of the major reasons for low profitability. ‚ÄúThat‚Äôs a huge drag because 11 percent of our assets are in the way of RIDFs where there is a negative carry on interest which is about 2-3 percent of an impact,‚Äù he said. Priority sector lending (PSL) has been a persistent weak spot for Yes Bank.¬ÝThe Reserve Bank of India guidelines require banks to allocate at least 40 percent of advances to priority sectors, such as agriculture, small businesses, education and low-cost housing. Yes Bank has fallen short of the priority sector lending targets, prompting it to bridge the gap by investing in RIDFs. These instruments carry a relatively low yield compared to other loan products and hence impact banks‚Äô profitability. Just like a loan book getting repaid over a period, RIDFs also have a maturity tenure where the amounts invested are returned to the bank. To address PSL shortfalls in previous years, Yes Bank expanded its RIDF book until FY24. ‚ÄúFY24 was the first full year where we have met all the requirements for PSL. That resulted in no demand this (fiscal) year,‚Äù he explained. ‚ÄúLast year, we had to place around Rs 18,000 crore into the RIDF fund. Today, we have reached a situation where there is no shortfall. There would not be any additional requirement this year (FY25) and going forward‚Äù. In FY25, Yes Bank is expected to receive 25 percent of the outstanding RIDF book on maturity.¬Ý‚ÄúOut of Rs 44,000¬Ýcrore,¬Ýwhich happened in FY24, Rs 11,000 crore would come back to us in the current financial year. The remaining 75 percent would come back to us in the next and so on,‚Äù Kumar said. This inflow from PSL bonds is expected to boost Yes Bank‚Äôs RoA by 10 basis points in FY25. Going forward, Kumar said, Yes Bank will ‚Äúensure that there is no additional demand‚Äù. Kumar also pointed out that the profitability is low as Yes Bank isn‚Äôt operating in high-yielding assets. ‚ÄúIf you compare Yes Bank with the competition banks of similar cost of funding, they would either have a large MFI (microfinance institution) group, which may be 10 percent of their total assets or some other businesses. Building those kinds¬Ýof portfolios takes time, and we also need to develop capabilities such as distribution networks, risk analytics, credit underwriting and collections. If you enter those areas without building those capabilities, it will come back to (hit) you. Our intent is to enter better-yielding, not very high-yielding ones. MFI is one business, and credit cards could be another. Currently, we are building those capabilities, and from next years, we will be handling those kinds of products,‚Äù he said. Yes Bank has been scouting for acquisitions in the MFI space since FY24. ‚ÄúValuation expectation was very high,‚Äù he explained when asked why a deal is taking time. ‚ÄúWhenever we find a right match and mix, we will definitely be there as we are very much interested,‚Äù Kumar assured adding that the bank isn‚Äôt targeting a particular size of MFI for an acquisition. ‚ÄúThe consideration is more in terms of quality of management‚Äù. | 2024-09-30 08:14 | 2024-09-30 | 08:14 |
moneycontrol.com | https://www.moneycontrol.com/news/business/banking-central-what-does-data-shows-about-the-health-of-our-cooperative-banks-12832018.html | Banking Central | What does data shows about the health of our cooperative banks? | PMC Bank episode was a wake up call for cooperative banking industry.Related stories. | How strong are our cooperative banks? Assessing this on a real-time basis is a bit tough as the financial data of state and district cooperative banks come with a lag of a year or so. However, the latest available industry data of cooperative bank financials show a mixed trend in asset quality but an overall improvement in financials. As per the Nabard annual report 2023-2024, as of March 31, 2023, state cooperative banks had gross non-performing assets (GNPAs) of 5.4 percent compared with 6 percent in the previous fiscal year. Similarly, for district cooperative banks, the GNPAs stood at 9.6 percent in March 2023 compared with 10.8 percent in the previous year. Despite the improvement, the gross NPAs of district cooperative banks continue to be at highly elevated levels. When it comes to capital adequacy, another key financial parameter, the CRAR of state cooperative banks improved slightly to 13.3 percent in March 2023 from 13 percent in the previous year. For district cooperative banks, the CRAR however, deteriorated to 12.1 percent from 12.2 percent in the previous year. The provision coverage ratio of both state and district cooperative banks has improved between FY22 and FY23 to 67.2% from 65. 1 percent in the case of state cooperative banks and 78.4 percent from 70.7 percent in the case of district cooperative banks. What about profitability? The number of state cooperative banks in profit improved to 32 from 31 between FY22 and FY23 and 302 to 305 in the case of district cooperative banks. There is a subsequent decline in the number of banks with losses. What do these numbers mean? Largely, these numbers suggest that the cooperative banking sector has been improving overall health, albeit slowly. This is a good sign considering the deterioration in the health of the cooperative banking industry in recent years. Co-operative banks are in the news for the wrong reasons. In the first seven months of 2024, the RBI has cancelled licenses of at least six cooperative banks citing various rule violations For perspective, last year, the central bank cancelled a record 15 cooperative bank permits. In the last four years, the total number of permit cancellations stood at 43. Banking Central What happened to the depositors in these banks? Well, in most cases, the deposit insurance guarantee came to the rescue of a majority number of depositors. But that cover is only up to Rs 5 lakhs per depositor. The remaining 2 or 3 percent of depositors in these banks, with high-value deposits (deposits over Rs5 lakhs per borrower), may have an eternal wait ahead to -get their hard-earned money back. The short point is that depositor distress is quite evident at these levels. Cooperative banks, as their name suggests, are conceptualised as member-driven cooperative institutions that cater to a relatively smaller geography, say a few villages or a city. These institutions have played a crucial role in extending the last mile of financial services connectivity to places where big banks don’t have reach. The latest financial data suggests things are on the mend, albeit slowly. Still, that’s a good sign. (Banking Central is a weekly column that keeps a close watch on and connects the dots regarding the sector's most important events for readers.) | 2024-09-30 08:13 | 2024-09-30 | 08:13 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/welspun-enterprises-shares-in-focus-on-contract-win-worth-rs-1989-9-cr-from-bmc-12831297.html | Welspun Enterprises stock in focus on contract win worth Rs 1,990 crore from BMC | Welspun Enterprises.Related stories. | Welspun Enterprisesshare price will be in focus on September 30 after the company receives an order worth Rs 1,989.9 crore from the Brihanmumbai Municipal Corporation (BMC). ".... has been declared as L1 bidder by the Brihanmumbai Municipal Corporation for a design and build contract for design and construction of Tertiary Treated Water Conveyance Tunnel from Dharavi WWTF to Ghatkopar WWTF. The key scope of the contract includes the design and construction of an 8.48 km tunnel with a 3,500 mm bored diameter, to be executed within a period of 93 months using a tunnel boring machine. Catch all the market action on our live blog The share touched a 52-week high of Rs 619.00 and a 52-week low of Rs 241.00 on 26 August 2024 and 26 October 2023, respectively. Currently, the stock is trading 10.07 percent below its 52-week high and 130.98 percent above its 52-week low. The share price gained nearly 100 percent in the last one year. | 2024-09-30 08:13 | 2024-09-30 | 08:13 |
moneycontrol.com | https://www.moneycontrol.com/banking/mc-exclusive-our-deposit-growth-will-always-be-higher-than-loan-growth-prashant-kumar-md-and-ceo-yes-bank-article-12831897.html | MC Exclusive: Our deposit growth will always be higher than loan growth: Prashant Kumar, MD and CEO, Yes Bank | Prashant Kumar, MD & CEO, Yes Bank.Related stories. | Speaking exclusively to Moneycontrol, Prashant Kumar, MD and CEO, Yes Bank, said as a strategy the bank will continue to grow its deposits faster than loans. He doesn’t expect this to reflect adversely on the bank’s profitability as the incremental deposits are not high cost. When asked why its largest shareholder State Bank of India is taking much time to close the ongoing Yes Bank stake sale, Kumar didn’t offer a reason but said that whenever SBI comes out to find a solution, they don’t leave in between. Edited excerpts: From March 2020 to now, with how much of certainty and confidence would you say that a lot of the things that the bank had encountered is well behind it? Earnings growth is not a smooth curve yet and a lot of the valuation run up in the stock price seems driven by news about SBI stake. As a bank, we don't work for market valuation. Our core job is to produce a consistent performance. If you see our (earnings) trajectory, every quarter has been better than the previous quarter. The core matrix of the performance, quarter on quarter is improving, whether this is in terms of the NPAs, capital, deposit growth, and even in terms of overall profitability. We work on the fundamentals and bring about those changes. I am not worried where we were four years back, and if you ask me whether those problems have been taken care of, I will say with lot of confidence that they have. The only thing where I would be see a lot of scope and requirement to improve is profitability. What’s taking SBI so much time to close in on the Yes Bank stake sale considering that you're a healthier bank today versus what was in FY19 or FY20? I don’t know what is stopping SBI. You have to ask them to find out this. Can Yes Bank be run as professionally-managed bank like ICICI without an identifiable promoter? Even today we don't have any promoter. SBI is not playing (the promoter role) and they never intended even from the reconstruction period. SBI has been a financial investor, which came to support the bank. We forget what could have been the impact on the entire economy, if SBI has not rescued (Yes Bank). As per regulations, ultimately one bank cannot remain invested in another bank for a very long time. The only thing I can say is that it is in the DNA of SBI’s thought process that then when they come out for finding out a solution, they don't leave in between. The solution has to be in a sustainable way. On deposits, you've been surprising the market positively as your deposit growth has always outperformed loan growth. Will this remain your strategy? If yes, what about the carrying cost of excess deposits? Our incremental deposits are not happening at a higher rate and hence there is there is no carrying cost. The one thing as a culture and as a strategy, which we were very clear about from day one, is that deposit growth has to be higher than the loan growth. We would also try to see that the CASA growth rate exceeds the overall deposit growth. Today, all banks have digital apps and every bank offers online banking. There is nothing unique on these fronts. But, the one piece where I see opportunity, despite many alternatives which are available, is on service. If your service standards are better, your engagement with the customer will be better. When we did our rebranding last year, it helped. It sent a message that the bank has come back to take care of your requirements. Yes Bank is also one of the storied rescues in Indian corporate history. Did you face a challenge in getting your deposits are grow because there will be some natural fear and apprehension around it? The customers saw the rescue as being initiated by the government, Reserve Bank of India, State Bank of India and banks. That gave them a lot of confidence. Our deposit base at the time of reconstruction of the bank came down to as low as Rs 99,000 crore. Our CD ratio was 165 percent, and the RBI gave us a funding line of Rs 50,000 crore for a period of six months. Not only we were able to correct the CD ratio from 165 percent to less than 100 percent, we were able to repay the Rs 50,000 crore of funding line to RBI within six months. Those were very positive triggers for the customer to have that confidence. The third factor was in the height of Covid we were able to raise $2 billion from the market in July 2020, whereas in FY19 – 20 the bank was struggling to raise equity. During the height of Covid, sitting in our offices we rolled out the largest FPI in the country very successfully. These events gave lot of confidence. Lastly, in terms of customer engagement, right from day one, we reached out to the customer and were constantly communicating. We are proud to say thatYes Bankwas the only bank where employees didn’t miss a single day in office entire. We didn’t work from home because our philosophy was if our branches are open, you can't sit at home and work. A rate cut seems imminent in the next 3 – 6 months. Is the banking system ready to absorb and at Yes Bank, how do you see yourself absorb a rate cut? Earlier, the larger portion of banking assets were on MCLR which is a derivative of the deposit. In last 3 – 4 years most loans are linked to the external benchmark, which is mostly the repo rate. Whenever there is a liquidity variance in the system, it means a large part of your asset side will be negatively impacted. If banks have a large proportion of deposit from the retail side, there would be bigger impact on the profitability. Banks where a large portion is by way of corporate deposit may see an immediate upside. However, overall for the system, a rate cut would have an immediate negative impact on the profitability. How do you see the overall economic situation at this point? We are seeing that corporate demand is coming back. The excess capacity is getting utilized. There is a need for corporates to install new capacities. There is also more availment on the working capital side. We are seeing this with large to mid-sized corporates. Demand also improving on the MSME side also because they are part of the value chain. The retail segment for the system is seeing a downward trend due to increasing delinquencies because we are seeing a behavioral change. People seem to be either spending money or investing by taking leverage, instead of taking from savings. Recently Sebi came up with research that retail investors have lost Rs 75,000 crore (in F&O trading). This does not seem to be coming from savings. There is a huge possibility that whatever stress we are seeing on the unsecured retail and the credit card segments may be attributed to people investing and losing money on F&O segment. For a country like ours, losing Rs 75,000 crore is not a small money. When we're talking about a resurgence in corporate demand, and the bank now being much healthy today, would you consider changing your cautious approach on corporate loans? Our strategy in terms of risk management continues to be the same, which is to keep it granular. I am seeing a bigger opportunity coming from the large sectors. So it’s a wider base of customer. Earlier when we sanctioned a working capital limit the utilization was 30 – 35 percent versus 50 – 60 percent utilization that we are seeing today. | 2024-09-30 08:09 | 2024-09-30 | 08:09 |
moneycontrol.com | https://www.moneycontrol.com/news/business/bharatpe-settles-with-ashneer-grover-former-co-founder-will-not-be-associated-with-bharatpe-in-any-capacity-12832027.html | BharatPe settles with Ashneer Grover, former co-founder will not be associated with company in any capacity | Both parties have decided not to pursue the cases filed.. | Fintech BharatPe has arrived at a definitive agreement with its former co-founder Ashneer Grover, bringing an end to years of bitter dispute between the parties. As part of the settlement, Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company, a BharatPe spokesperson said in a statement. Further, certain shares of Grover will be transferred to the Resilient Growth Trust for the benefit of the Company and his remaining shares will be managed by his family trust. Both parties have decided not to pursue the cases filed. “We wish Mr. Grover well. BharatPe continues to focus on delivering industry-leading solutions to its merchants and customers driving growth with profitability”, the statement added. | 2024-09-30 08:07 | 2024-09-30 | 08:07 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/syngene-eyes-recovery-in-h2fy25-plans-to-triple-bio-manufacturing-capacity-by-fy26-12832016.html | Syngene eyes recovery in H2FY25, plans to triple bio-manufacturing capacity by FY26 | Syngene has major infrastructure projects slated for completion by FY26..Related stories. | In a recent management meeting, Syngene said it expects a recovery in H2FY25, Macquarie said in a note. Syngene said it aspires to rebalance its research-to-manufacturing ratio from 60:40 to 50:50, aiming for stronger manufacturing growth. Syngene International'sshares ended almost one percent higher in the previous session at Rs 888. In the past six months, the stocks have gained 25 percent, outperforming the Nifty 50 index which gained 16 percent during the same period. Shares of Syngene International have been giving positive monthly returns since June. Requests for proposals (RPF) have seen a notable uptick year-to-date, indicating solid demand. A request for proposal is a document that is used to gather information from potential vendors or suppliers about products or services. The RFP process can help companies make better decisions by providing a clear outline of what is required and what the vendor needs to deliver. Follow our live blog for all the market action Syngene has major infrastructure projects slated for completion by FY26. The company aims to triple its bio-manufacturing capacity within the same timeline as well. As global outsourcing trends increasingly favour India over China, Syngene is poised to capitalise on this shift. Syngene is a contract research, development and manufacturing organization (CRDMO) that provides integrated discovery, development, and manufacturing services to pharmaceutical, biotechnology, animal healthcare, consumer goods and agrochemical companies. Syngene International's Q1 results showed a 2 percent YoY decline in revenue to Rs 790 crore. Profit after tax fell 19 percent to Rs 76 crore, while EBITDA dropped to Rs 188 crore from Rs 235 crore, with margins shrinking from 28 percent to 23 percent. | 2024-09-30 08:04 | 2024-09-30 | 08:04 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/ipo-action-today-manba-finance-lists-on-nse-bse-on-sept-30-diffusion-engineers-public-issue-closes-12832020.html | IPO action today: Manba Finance lists on NSE, BSE on Sept 30, Diffusion Engineers' public issue closes | Manba Finance shares will list on BSE and NSE today. The IPO raised Rs 151 crore through a fresh issue of shares..Related stories. | The primary market is set to see significant activity on September 30, with multiple IPO actions unfolding. The mainboard segment will see shares of Manba Finance getting listed on BSE and NSE, while Diffusion Engineers Ltd’s Rs 158-crore public issue will close for subscription today. In the SME segment, Paramount Dye Tec, Subam Papers, and NeoPolitan Pizza and Foods open their IPOs for subscription. Mainboard segment Manba Finance, a non-banking finance company focused on two-and-three-wheeler loans, will debut on the BSE and NSE today. The IPO, which closed on September 25, raised Rs 151 crore through a fresh issue of shares, with a price band of Rs 114-120 per share. The stock is expected to list at a strong premium, as indicated by the grey market trends where the shares were trading at a 50 percent premium prior to listing. Diffusion Engineers Ltd, a manufacturer of welding consumables and heavy machinery, will close its IPO today. The issue, which opened for bidding on September 26, has a price band of Rs 159-168 per share, and the company aims to raise Rs 158 crore. The IPO was subscribed 27.19 times as of September 27. The company's shares are scheduled to list on the exchanges on October 4. KRN Heat Exchanger and Refrigeration Ltdwill announce the allotment status for its IPO today. The IPO, which closed for subscription on September 27, aimed to raise Rs 341.95 crore and attracted significant interest from investors, being subscribed 11.5 times as of the final day. The issue was priced in the range of Rs 209-220 per share, with a lot size of 65 shares, making the minimum investment approximately Rs 14,300. The company is set to list on the BSE and NSE on October 3, as it looks to bolster its operations in the engineering sector. SME segment The SME segment is equally active, with three IPOs opening today.Paramount Dye Tec, a yarns producer for the textile industry, launches its Rs 28.4-crore public issue at a price band of Rs 111-117 per share. The IPO will close on October 3. Simultaneously,Subam Papers, a Tamil Nadu-based company, opens its Rs 94-crore IPO today with a price band of Rs 144-152 per share. This issue will also close on October 3. NeoPolitan Pizza and Foods, a quick-service restaurant chain, opens its Rs 12-crore SME IPO today, priced at Rs 20 per share. This IPO will remain open for subscription until October 4. Other listings and closures SME IPOs of Nexxus Petro Industries, Forge Auto International, Sahasra Electronics Solutions, and Divyadhan Recycling Industries will close for subscription by the end of today. The market is seeing significant interest, with subscription numbers rising for these offerings. | 2024-09-30 08:01 | 2024-09-30 | 08:01 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/morgan-stanley-bumps-fy25-earnings-estimate-for-asian-paints-berger-paints-on-low-oil-prices-retains-underweight-call-12831979.html | Morgan Stanley bumps FY25 earnings estimate for Asian Paints, Berger Paints on low oil prices; retains 'underweight' call | Over the past year, Asian Paints shares have traded flat, gaining around 4.5 percent..Related stories. | Despite oil prices slipping to yearly lows, international brokerage Morgan Stanley retained its 'underweight' call for the paint players under its coverage, Asian Paints and Berger Paints. The brokerage raised its FY25 EBITDA margin assumption for Asian Paints to 19 percent, up from 18.4 percent earlier. As a result of lower commodity and oil prices, FY25 earnings are likely to be up around four percent. Morgan Stanley has a target price of Rs 2,522 per share forAsian Paints, implying a downside of 24 percent from the previous session's closing price. ForBerger Paints, Morgan Stanley reiterated its price target of Rs 497, indicating an 20 percent downside. However, the brokerage still raised its EBITDA margin assumption to 16.2 percent from 15.5 percent earlier. Overall, earnings for the current fiscal year are likely to be seven percent higher on benign commodity prices. Follow our market blog to catch all the updates Crude oil prices affect the decorative paint business more than any other because it is a raw material-intensive industry. The manufacture of paint requires more than 300 items, most being petroleum-based. Raw material accounts for 55-60 percent of input costs and directly impacts gross margins. Falling crude oil rates also decrease the cost of producing items such as titanium dioxide, a key ingredient for white paint. A decline in crude prices benefits paint manufacturers as that reduces their input costs and gives them more leeway to generate higher margins. Falling oil prices would mean that these companies can also restock at cheaper rates, boosting profit margins. Last week, Brent fell around 3 percent, while WTI fell by around 5 percent as demand worries increased after fiscal stimulus from China, the world’s second-biggest economy and the top oil importer, failed to reassure market confidence. Over the past year, Asian Paints shares have traded flat, gaining around 4.5 percent. Berger Paints have performed slightly better, rising 10 percent during the same time. However, both the counters underperformed the frontline index Nifty 50, which has surged 34 percent during the same time. | 2024-09-30 07:56 | 2024-09-30 | 07:56 |
moneycontrol.com | https://www.moneycontrol.com/news/world/four-killled-in-israels-first-strike-on-beirut-since-hamas-october-7-attack-12831965.html | Four killed as Israel strikes Beirut in first attack within city limits | People gather outside an apartment building hit by an Israeli air strike in Beirut's Cola district, September 30..Related stories. | Four people were killed on Monday in an Israeli airstrike targeting an apartment in Beirut, marking the first Israeli attack in the city limits since the escalation of violence sparked by Hamas' October 7 attack on Israel last year, according to a Lebanese security source. The strike, carried out by an Israeli drone, hit a flat in the predominantly Sunni neighborhood of Kola, close to Beirut airport, belonging to members of the Lebanese Islamist group Jamaa Islamiya, which has historical ties to the Muslim Brotherhood. The attack left four dead though the extent of their involvement in the ongoing conflict remains unclear. Three individuals affiliated with a Palestinian organisation were killed in the Israeli strike in the heart of Beirut. The Popular Front for the Liberation of Palestine (PFLP), a secular left-wing group that has allied with Hezbollah in its support of Hamas against Israel, confirmed the deaths of its military security chief, Mohammad Abdel-Aal, military commander Imad Odeh, and Abdelrahman Abdel-Aal in the strike, which targeted the Kola district. Television footage showed significant destruction, with part of the building flattened, as ambulances and emergency responders flocked to the scene. Drones had been observed flying over the Lebanese capital throughout Sunday, with tensions rising after multiple Israeli strikes targeting Hezbollah strongholds in southern Beirut. This attack comes as part of an intensifying conflict between Israel and Hezbollah, a Lebanese militant group backed by Iran. Israeli airstrikes in recent days have targeted Hezbollah leadership and infrastructure, with over 100 people killed in Lebanon on Sunday alone. One notable strike two days earlier killed Hassan Nasrallah, Hezbollah's longtime leader, shaking the group's command structure. Among other key Hezbollah figures targeted, Nabil Kaouk, a high-ranking official within the group's Central Council, was confirmed dead in Israeli strikes. In total, seven senior Hezbollah leaders have been killed within the last week. Hezbollah has retaliated with cross-border rocket and missile attacks, aligning with its Palestinian ally, Hamas. Although the scale of Hezbollah's attacks has increased, Israeli defense systems have intercepted most projectiles, preventing large-scale damage. The escalation has taken a significant toll on Lebanon, with strikes extending across various regions, including Sidon and Baalbek. The Lebanese Health Ministry reported 105 people killed on Sunday alone, with civilians among the casualties. Rescue efforts are ongoing in southern Lebanon, where medics and aid workers have also been caught in the strikes. Amid growing regional tensions, the Biden administration has urged for a temporary ceasefire. U.S. President Joe Biden emphasized the need to avoid further escalation into a full-scale war in the Middle East. However, Hezbollah has shown no signs of halting its operations unless a broader ceasefire in Gaza is negotiated. As the conflict continues to unfold, Lebanon faces a humanitarian crisis with hundreds of thousands displaced from their homes, taking shelter with family members or in temporary accommodations. The Israeli government has remained firm in its position to degrade Hezbollah’s military capabilities. While Israel's military confirms the success of its strikes, it also acknowledges the likelihood of continued resistance from Hezbollah and its allies. Hezbollah's leadership has vowed to press on with its operations, leveraging its long-standing alliances with Iran and Hamas. Despite the heavy losses inflicted on Hezbollah, analysts warn that the situation remains volatile, with the potential for the conflict to spill over into a wider regional war. As Hezbollah continues to regroup after significant leadership losses, the next steps remain critical in determining the trajectory of the conflict. (With inputs from agencies) | 2024-09-30 07:51 | 2024-09-30 | 07:51 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/first-tick-top-10-global-cues-for-todays-trade-47-12830904.html | First Tick: Top 10 global cues for today’s trade | Market Today.Related stories. | Indian benchmark indices Sensex and Nifty 50 are likely to see a negative start on September 30, tracking cues from GIFT Nifty trading around 26,315.50 , a short while ago this morning. Track the latest updates onÂGIFT Nifty right here on Moneycontrol. The market failed to hold on record high and ended lower in the volatile session on September 27 amid selling seen in the media, bank and realty sectors. At close, the Sensex was down 264.27 points or 0.31 percent at 85,571.85, and the Nifty was down 37 points or 0.14 percent at 26,179. Here is how financial markets across the globe fared overnight: GIFT Nifty (Down) The GIFT Nifty is trading lower , indicating a negative start for the day. Nifty futures were trading at 26,315.50 at 07:00 am IST. Asian Equities (Down) Asian indices were trading weak in the early trade on Monday with Japan's Nikkei shed more than 4% ahead of key economic data from China.Change From Previous Close (%)MTD (%)YTD (%)Topix -3.30 0.03 11.49Nikkei-4.281.0513.48Hang Seng 1.8116.99 24.63Taiwan -0.732.82 23.13Kospi-0.760.51-1.57US Equities (Mixed) Treasury yields and the dollar fell while the Dow registered a record closing high on Friday as a subdued U.S. inflation report lifted expectations of an outsized interest rate cut at the Federal Reserve's November policy meeting. The Dow Jones Industrial Average rose 137.89 points, or 0.33%, to 42,313.00, the S&P 500 fell 7.20 points, or 0.13%, to 5,738.17 and the Nasdaq Composite fell 70.70 points, or 0.39%, to 18,119.59.Change From Previous Close (%)MTD (%)MTD (%)Dow Jones0.331.5912.93S&P500-0.131.3821.01Nasdaq-0.392.0821.42US Bond Yield (Up) The US 10-year Treasury yield was flat at 3.75 percent and the US 2-year bond yield was up 34 bps to 3.57 percent, in the early trade on Friday.Current PriceMTDYTDUS 10-Year Treasury 3.75 3.904.57US 2-Year Treasury 3.57 3.915.04Dollar Index (Flat) The dollar index was flat at 100.41 after easing 0.3% last week. The euro stood at $1.1169 , having bounced on Friday in the wake of the benign U.S. inflation report.Current PriceMTDYTDDollar Index 100.41 101.69106.17Asian currencies (Mixed) Asian currencies were trading mostly higher in the early trade on Monday with the Malaysian Ringgit won leading as the top gainers, up by 0.67%, followed by the Indonesian Rupiah and South Korean Won, which gained by 0.26% and 0.13%, respectively.Change From Previous Close (%)MTD (%)YTD (%) Indonesian Rupiah 0.264 2.44 1.81 South Korean Won0.1312.33-1.25 Japanese Yen-0.3432.97-1.12 Philippines Peso0.0450.637-1.16 Thai Baht0.0745.715.91  Taiwan Dollar-0.0351.38-3.24  China Renminbi-0.001 1.601.26  Malaysian Ringgit0.6786.3212.09 Singapore Dollar0.0312.053.10Gold (Up) Gold edged up - nearing a record high -as traders waited for a crucial US labor-market report and remarks from Federal Reserve Chair Jerome Powell that may give clues on the scale of the central bank’s next interest-rate cut.Change From Previous Close (%)MTD (%)YTD (%)Gold 0.11 6.24 29Silver0.379.5033.10Crude (Gains) Oil prices edged higher on Monday on increasing concerns of potential supply disruptions from the Middle East producing region after Israel stepped up attacks on Iranian-backed forces.Change From Previous Close (%)MTD (%)YTD (%)US West Texas-0.67- 6.68 -4.23Brent Crude0.92-7.80-5.70LME Commodities (Mixed) The commodities prices were trading mixed higher in the early trade on Monday with Coper and Lead down nearly 1 percent, while Nickel and Aluminium were up more than 1 percent each.Change From Previous Close (%)MTD (%)MTD (%)Aluminium 1.34 8.12 11.01Copper-0.978.0816.63Nickel 1.501.372.37Lead -0.82 3.24 2.47Zinc-0.316.6416.23Fund Flow Action The foreign institutional investors (FIIs) turned net sellers as they sold equities worth Rs 1,209 crore on September 27, while domestic institutional investors extended their buying as they bought equities worth Rs 6,886 crore on the same day.27th SeptMTDYTDFII Net Flows-1,209.1025,215.25-1,17,320.95DII Net Flows6,886.6525,214.433,30,818.14Hope you're all set for today's trade, we wish you a profitable day ahead. | 2024-09-30 07:50 | 2024-09-30 | 07:50 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/short-call-can-q2-results-justify-markets-record-breaking-rally-pb-fintech-amara-raja-in-focus-12831978.html | Short call | Can Q2 results justify markets' record-breaking rally? PB Fintech, Amara Raja in focus | All eyes are on India Inc’s Q2 scorecard.Related stories. | Last week, Indian frontline indices hit record highs every day, fueled by the US Fed's outsized rate cut, which redirected foreign investor flows towards Asian markets—especially India. While some profit-booking crept in on the week's final day, Nifty still managed its third straight weekly gain. With this streak of record runs, markets are now overheated, and to keep foreign inflows coming, valuations will need solid justification—either through growth or earnings. As we head into October, India Inc is set to report its second-quarter results. Analysts are anticipating a sequential rebound after a dismal Q1, where profit performance hit its weakest since the pandemic. Earnings downgrades were the highest in four years, but market watchers see Q1 as a temporary blip. The worst, they say, is behind us. With favorable monsoon progress, recovering rural demand, easing raw material costs, and cooling inflation, corporate profits are expected to see a lift. Accenture’s upgraded revenue guidance for FY25 (3-6 percent in constant currency) offered a glimmer of hope for India’s struggling IT sector. After several sluggish quarters plagued by macro uncertainties and weak discretionary spending, Accenture’s modest Q4 results and improved outlook have set a more optimistic tone for Indian IT companies. Brokerages are seeing the rebound in consulting revenues as a signal that discretionary spending may be turning a corner, and a revival could be on the horizon. "While a full recovery in discretionary demand might take a few quarters, it’s unlikely to get worse," noted analysts at Nomura. Nuvama echoed this sentiment, viewing it as a vote of confidence in the earnings potential of IT services. Now, all eyes are on India Inc’s Q2 scorecard. With Indian markets surfacing as the most expensive globally, future performance depends heavily on how corporate profits shape up. PB Fintech (Rs 1,638, -3.3%) Down for the fifth session since announcing plans of healthcare foray Bull case: Strong business momentum for its core business banked on the company's dominance in the online insurance space, notes BoFA. CLSA also estimates the company achieving its target of Rs 1,000 crore in net profit by FY26, earlier than its guidance of doing so by FY27. Bear case: Lack of clarity over plans to venture into healthcare space may act as an overhang on the stock. Stock performance to be highly dependent on details of the new venture - quantum of capex outlay, solo entry or with partners, among other concerns, Morgan Stanley remarked. Amara Raja Energy & Mobility (Rs 1,392, +4.6%) In an analyst meet, the management emphasised need for focused cell manufacturing to achieve 10-11 percent margins at 85-90 percent capacity utilisation, with a committed Rs 9,500 crore capex over 10 years. Bull Case: Is focusing on building in-house R&D capabilities for lithium-ion batteries, reducing reliance on external partners. Commissioned a 1.5 GWh battery pack plant in 2024, with plans for further expansion. Partnered with Gotion Hi-tech to access advanced Lithium Iron Phosphate (LFP) battery technology, improving its technology portfolio. Bear Case: The lead-acid business, while steady, is at risk as the market transitions to lithium-ion technology. Dependence on external technology partners poses additional risks. Valuations are seen as expensive, trading at a 46 percent premium compared to larger global players like CATL and LG Chem, as per Kotak. (with inputs from Vaibhavi and Neeshita) | 2024-09-30 07:48 | 2024-09-30 | 07:48 |
moneycontrol.com | https://www.moneycontrol.com/news/business/burman-family-seeks-removal-of-rashmi-saluja-from-care-health-board-amid-ed-probe-report-12831974.html | Burman family seeks removal of Rashmi Saluja from Care Health board amid ED probe: Report | The Burmans urged Care Health to uphold shareholder governance by removing Saluja as non-executive chairperson..Related stories. | The Burman family, the largest shareholder in Religare Enterprises Ltd (REL), has called for the removal of Rashmi Saluja from the board of Care Health Insurance Ltd ahead of the insurer's annual shareholders' meeting on September 30, according to a report byMint. In a letter dated September 27, the Burmans cited Care Health's Articles of Association, arguing that an ongoing Enforcement Directorate (ED) investigation against Saluja renders her unfit to serve as director. The articles define an unsuitable person as someone facing government investigation or charges that could lead to over six months in prison. The ED had filed a case against Saluja on September 6, accusing her of filing false cases against the Burmans under Sections 420 (cheating) and 120B (criminal conspiracy) of the Bharatiya Danda Samhita. Do Not Miss |ÂExplained: Why Religare Enterprises' largest shareholder is in a battle with its Chairperson and Board The Burmans urged Care Health to uphold shareholder governance by removing Saluja as non-executive chairperson. However, Pratap Venugopal, an additional non-executive independent director on the Care board, dismissed the letter’s significance, stating that the investigation does not automatically disqualify her. He emphasized that Saluja's reappointment as director would be decided at the insurer’s annual general meeting (AGM), not by the board. Religare owns nearly 64% of Care Health, with private equity firm Kedaara Capital holding around 16%, employees about 10%, and Union Bank of India 5%. Although the Burmans hold more than 25% of REL’s shares, they are not represented on its board. It remains uncertain how their request to remove Saluja will be received. Separately,Mintreported that Religare postponed its own AGM until December, a move that has upset some shareholders. Meanwhile, Saluja has reached out to the Ministry of Finance and the Prime Minister’s Office,claiming the dispute could impact the broader corporate landscape in India. In an exclusive interview with Moneycontrol on September 24,Saluja defended her leadership, stressing the company's revival over the last six years and calling for supportive partners to continue this progress. | 2024-09-30 07:47 | 2024-09-30 | 07:47 |
moneycontrol.com | https://www.moneycontrol.com/news/opinion/assassinations-by-israel-give-it-a-short-term-high-but-no-durable-peace-12831931.html | Assassinations by Israel give it a short-term high but no durable peace | The resolution of the Israel-Palestine problem hinges on a two-state solution..Related stories. | The killing of Hezbollah chief in an Israeli airstrike in Beirut on Friday is a definite marker in the recent history of volatile Middle East. This is a prized moment for Israeli forces. But it raises questions about the long-term efficacy of a strategy that has been employed repeatedly. How effective is the strategy of decapitating top leaders in defanging anddeflating militant organisationsacross different contexts and ecosystems? In its long-standing conflict with both Hezbollah and Hamas,Israel has resorted to this strategyin the hope that eliminating their leaders would throw these groups into disarray, leaving them unable to recover to their previous strength. Though their avowed enmity with Israel is a common factor, both these outfits operate differently. Unlike Hamas which operates in Gaza strip under the constricting gaze of Israel in many ways, Hezbollah is a state within state with sophisticated weaponry and social capital in Lebanon. Assassinations that didn’t work Israel, however, uniformly employed the strategy of targeting the top leadership of these two groups. For example, Israel killed Hezbollah’s military chief, Imad Mughniyeh, in Damascus in 2008, in one of the defining moments in the four-decade long furtive war between Israeli-intelligence and Hezbollah. But the outfit grew stronger in the following years. Israel consistently employed the same tactics against Hamas. In 2004, Israel killed Hamas founder Sheikh Ahmed Yassin, when the outfit was taking a different turn from its origins. Yassin’s killing was viewed as a strategy to strangle the outfit into a slow death. Almost two decades, on the October 7, 2023, the same Hamas launched one the most daring attacks on the territory of Israel, resulting in the deaths of around 1,200 Israelis and a massive hostage-crisis. The attack pricked the notions of impregnable nature of Israel’s security-apparatus and plunged the Middle East into another bout of war. More recently, Israel claimed to have killed Mohammed Deif, a key Hamas military commander, and one of the master-minds of the October attack in July this year. Despite this and all the sophistry of Israeli armed forces the war still rages on in Gaza. Hamas and Hezbollah are different and can be differentiated in many ways, but their conjoined past against Israel makes their present and future interlinked. In 1982, Israel sent its army to Lebanon in response to Palestinian militant attacks, leading to the formation of a coalition of Islamist groups with Iran’s help with the justkilled Hezbollah chief Nasrallahas an eager early recruit. Known as "Islamic Jihad," this coalition launched major suicide bombings against the “invaders” and later targeted U.S. and French peacekeepers. By 1985 these groups came under the banner of Hezbollah, or "Party of God." That year, Hezbollah issued its manifesto, condemning the U.S. and the USSR while calling for Israel's destruction. The US experience in targeted killings This hot-pursuit has never been an exclusive preserve of Israel. The US too went after the leaders of militant and terrorist groups in hopes of finishing off their organisations. Each killing of a leader was hailed as a breakthrough, but it could never serve as an end in itself. For instance, the U.S. killed Abu Musab al-Zarqawi, the leader of al-Qaeda in Iraq, in 2006. Yet, within a decade, the group transformed into ISIS, which controlled vast territories and orchestrated major terrorist attacks, including the 2015 Paris attacks. More than anything else, a sustained, localised military campaign supported by excellent intelligence led to the decline of ISIS's once-threatening expansionist agenda. The Iraqi and Syrian forces played their part in it. But that never deterred the strategy of killing the leaders of these outfits. The US eliminated Mullah Akhtar Mohammad Mansour in 2016 but failed to foresee or forestall the Taliban regaining control of Afghanistan. The U.S. has similarly pursued leaders of militant groups in hopes of crippling their organisations. The 2006 killing of Abu Musab al-Zarqawi, the leader of al Qaeda in Iraq, was seen as a breakthrough, but eight years later, the group evolved into ISIS, which controlled vast territories and orchestrated major attacks, such as the 2015 Paris attacks. Cookie-cutter solutions are a myth More than anything else, a sustained, localised military campaign supported by excellent intelligence led to the decline of ISIS's once-threatening expansionist agenda. The Iraqi and Syrian military played their part as much as the American military power. Each situation and each organisation needs a different approach and treatment and there is never a one-size fits all solution to fixing any problem. Most of these outfits operate on many moorings, derive sympathy and anger for the same deeds from different quarters. Factors of history, compulsions of geography and imperatives of geopolitics come into play in countries shaping their response even to mounting humanitarian crises. While there is no condoning of the terrorist tactics and taking of hostages, the resolution of the Israel-Palestine problem hinges on a two-state solution. And the path to that destination is paved with discussions to find a political solution. | 2024-09-30 07:46 | 2024-09-30 | 07:46 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/world-street-japans-nikkei-225-plunges-4-openai-stares-at-losses-china-to-cut-mortgage-rates-and-more-12831969.html | World Street | Japan's Nikkei 225 plunges 4%, OpenAI stares at losses, China to cut mortgage rates and more | World Street offers a sneak peek into the world of business and economy..Related stories. | Japan's benchmark Nikkei 225 index dived as much as 4 percent on September 30 as investors reacted to the results of the Liberal Democratic Party elections last Friday. China's central bank said it would ask banks to lower mortgage rates before October 31. OpenAI, the company behind ChatGPT, is reportedly staring at losses of about $5 billion on its $3.7 billion revenue this year. All this and more in the September 30 edition of World Street. Sending shockwaves Japan's Nikkei 225 took a 4 percent nosedive today as investors digested Shigeru Ishiba’s win in last Friday's Liberal Democratic Party elections, setting him up to succeed Fumio Kishida as Japan’s prime minister. Ishiba's victory has heightened investor concerns due to his past criticism of the Bank of Japan’s easy monetary policies. However, over the weekend, he adopted a more conciliatory tone, emphasising that monetary policy "must remain accommodative" in light of Japan’s economic conditions, attempting to ease market fears. Sigh of relief China’s central bank announced on Sunday that it would instruct banks to lower mortgage rates for existing home loans by October 31, as part of broader efforts to stabilise the struggling property market amid a slowing economy, Reuters reported. Commercial banks are expected to reduce interest rates in phases, bringing them to at least 30 basis points below the Loan Prime Rate (LPR), the central bank’s benchmark rate for mortgages. On average, the reduction is expected to trim mortgage rates by around 50 basis points. Distress call OpenAI, the creator of ChatGPT, is projected to face around $5 billion in losses this year despite generating $3.7 billion in revenue, The New York Times reported. Last month alone, OpenAI raked in $300 million in revenue, a staggering 1,700 percent spike since early last year. The company anticipates $11.6 billion in sales next year, according to the report. According to The New York Times, an analysis by a financial expert who reviewed OpenAI's documents reveals that the anticipated $5 billion in losses this year are primarily due to the high costs of running its services, along with expenses for employee salaries and office rent. These operational costs are significant factors contributing to the company's financial deficit, despite its impressive revenue growth. Struggles continue China's factory activity contracted for the fifth month in a row in September, putting into focus the ongoing challenges in reviving growth in the world’s second-largest economy. The official manufacturing Purchasing Managers' Index (PMI) came at 49.8 for the month, an improvement from August’s 49.1, July’s 49.4, and June’s 49.5, according to the National Bureau of Statistics. While the reading came in slightly above the 49.5 forecasted by economists polled by Reuters, it remains below the 50 mark, which signals continued contraction in manufacturing activity. Money matters Apple has exited negotiations to participate in an OpenAI funding round expected to raise approximately $6.5 billion, according to a report by the Wall Street Journal on Friday. Citing sources, the report also suggests that Apple recently withdrew from the talks, with the round expected to close next week. However, other tech giants like Microsoft and Nvidia have been in discussions to participate, with Microsoft reportedly planning to invest around $1 billion, building on its previous $13 billion investment in OpenAI. Sitting on cash Australia has achieved its second consecutive budget surplus at  $10.91 billion (A$15.8 billion) for the year ending June 2024, the government announced on Sunday. This surplus comes ahead of the A$9.3 billion forecast in May and follows Australia's firstbudgetsurplus in 15 years, which was A$22.1 billion for the previous fiscal. The surplus, attributed to lower government spending, comes as Australians, squeezed by inflation and high mortgage rates, have focused their spending on essential services like healthcare. Finance Minister Katy Gallagher highlighted that the surplus is a "key part of our plan to take pressure off inflation while providing relief to families under financial strain." | 2024-09-30 07:45 | 2024-09-30 | 07:45 |
moneycontrol.com | https://www.moneycontrol.com/news/business/startup/festive-day-sales-cross-rs-26500-crore-in-three-days-12831943.html | Festive day sales cross Rs 26,500 crore in three days | Nearly 60 percent buyers will spend more than â‚ą15,000 during this
festive season, Datum Intelligence said.Related stories. | From Flipkart to Amazon and Myntra to Meesho, e-commerce firms and retailers at large, have all seen the festive season kick off on a high as per Datum Intelligence, a market research firm focused on consumer technology, which collected sales data for three days beginning September 26, the first day of the flagship sale this year. Online or offline, festive season sales are when customers choose to make their big purchases, in the expectation of getting the steepest discounts. The annual event kicks off around the end of September, before Diwali, and goes on for several weeks. It is a key period for companies as a majority of their yearly gross merchandise value (GMV) comes during these few weeks. Further, 60 percent of the total festive season sale GMV comes during the first week. E-commerce firms and retailers are expected to clock a GMV of Rs 1,00,00 crore during the festive season sales this year. Of that, Rs 26,500 crore came in just the first three days, Datum Intelligence said. “That was powered by mobile phones and durables…mobiles, electronics and consumer durables, home and general merchandise accounted for 79 percent of the sales during this period,” the market research firm added in its report. Easier credit options fuelled demand. E-commerce giants like Flipkart said they saw 33 crore or 330 million user visits during the initial sale days this year. “Early trends suggest a promising festive season ahead…categories such as Mobiles, Electronics, Large Appliances, Fashion, Beauty and Home products (have) witnessed the highest demand among customers,” Flipkart said in a press release on September 28. Premiumisation has been an underlying theme this year again. “Some of the early trends indicate an increase in demand for categories that enable a lifestyle upgrade,” Flipkart said. Even Meesho, the e-commerce platform that focuses on low-priced items, said Mall, its unit for a slightly more premium set of items, saw a 2.5X growth in orders compared to last year. Of that, nearly 45 percent of the purchases came from first-time shoppers. Overall, the company said it achieved an increase of 100 percent in Day 1 orders compared to last year and surpassed daily orders by more than 3X. Like in the past, Fashion was a predominant category even this year. Myntra said it witnessed 15X new users over BAU joining the platform, and a near 2X spike in OPM (orders per minute) at peak over last year, in the opening hour of the event with more legs to run. "We have been witnessing an amazing response across the core fashion and emerging categories right from the pre-buzz period and that momentum sustains,” Neha Wali, Head of Revenue, Myntra, said. For most platforms, while metro cities were the primary markets as they accounted for 55-60 percent of total sales, Tier 2 and beyond regions such as Medinipur, Hisar, Berhampore, Bankura, Agartala and more were responsible for 40-45 percent of all sales this year. Changing trends At a time when the quick commerce industry is booming and giving incumbents a run for their money, companies like Flipkart, which are known for their e-commerce prowess, have enjoyed a dual advantage. “In cities like Mumbai, 25 percent of all electronics sales in hyperlocal pin codes are from Flipkart Minutes deliveries. In Delhi, this goes up to almost 40 percent in pin codes currently covered by Flipkart Minutes,” the company said in a press release. The rapid delivery industry is eating into the share of mom-and-pop shops and e-commerce companies,as reported by Moneycontrol earlier. In the past, large purchases like laptops and more were largely restricted to e-commerce websites or offline stores but Flipkart Minutes is changing that. “In the first 12 hours of The Big Billion Days (TBBD) this year, the top-selling electronics on Flipkart Minutes were laptops, computers, tablets, and desktop accessories,” Flipkart added while highlighting the changing trend. Several quick commerce companies, like Blinkit, Swiggy Instamart, Zepto, and Tata Big Basket, are all nudging customers to purchase large ticket items like electronics, apart from groceries, to push up average order values (AOVs) and improve profitability. | 2024-09-30 07:44 | 2024-09-30 | 07:44 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/piramal-pharma-shares-in-focus-post-eir-from-usfda-for-ahmedabad-facility-12831688.html | Piramal Pharma stock in focus after EIR from USFDA for Ahmedabad facility | Piramal Pharma.Related stories. | Piramal Pharmashare price will remain in focus on September 30 after the company received Establishment Inspection Report (EIR) for manufacturing facility located at Ahmedabad, India. In July 2024, the USFDA inspected the said facility with Zero Form - 483 observations and No Action Indicated (NAI) designation. The received of said EIR marks formal closure of the inspection, company said. Catch all the market action on our live blog In its recent report, foreign research firm Jefferies increased the target price to Rs 260, projecting a 20 percent upside. In Q1 FY25, Piramal Pharma narrowed its consolidated net loss to Rs 88.6 crore, down from Rs 98.6 crore in the same period last year. Revenue from operations saw a year-on-year growth of nearly 12 percent, reaching Rs 1,951 crore. The share touched a 52-week high of Rs 244.10 and a 52-week low of Rs 87.55 on 11 September, 2024 and 26 October, 2023, respectively. Currently, the stock is trading 8.6 percent below its 52-week high and 154.83 percent above its 52-week low. | 2024-09-30 07:41 | 2024-09-30 | 07:41 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/brokerage-radar-nirmal-bang-upgrades-navin-fluorine-to-buy-hsbc-initiates-coverage-on-varun-beverages-12831976.html | Brokerage Radar: Nirmal Bang upgrades Navin Fluorine to 'Buy', HSBC initiates coverage on Varun Beverages | Brokerage Radar.Related stories. | Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Varun Beverages, Bajaj Finance, Navin Fluorine and more. UBS On 2-WheelersRetain Buy Rating On TVS Motor & Eicher Motors & Sell On Hero MotoCorp & Bajaj Autoe-Commerce Platform Indicates Very High Discounting In 2-WheelersExpect 2W Discounting To Remain High During Festive SeasonEntry Point Of e-2W Significantly Below Best Selling ICE Motorcycle/ ScooterTVS Gaining & Hero Losing Market Share HSBC On Varun BeveragesInitiate Buy Call, Target `780/ShCo Has 90% Of PepsiCo's India Bottling Volume In An Underpenetrated Soft Drink MarketDisruptive Digital Mkt Dvpt Models For Driving Sales Are Coming To India With New AI ToolsSpeed & Market Share Can Be Picked Up If Co Adopts Tools Ahead Of Its Competitors CLSA On Bajaj FinanceOutperform Call, Target `9,200/ShIn Past 3 Quarters, Co Faced Headwinds That Led To Profit Growth Trailing Loan GrowthHeadwinds Includes RBI Ban That Resulted In `200 Cr Hit To Quarterly Fee Income & NIM CompressionHigher Credit Costs May Take 1-2 More Quarters To Normalise, In Our OpinionEven If Co Increases Credit Cost Guidance To 2%, Est FY25 EPS Would Fall Only 1-1.5%Focus Will Be On Fundamentals – Superior Loan Growth, Operating Leverage Over 1-2 YearsWith Blockbuster Listing Of Arm, Parent Trades At Lower Multiple Than Consolidated Entity Goldman Sachs On Neuland LabsBuy Call, Target `12,975/ShUS FDA Approval For BMS Schizophrenia Drug Is In Line With Our ExpectationsUS Analyst Recently Highlighted Confidence On Expectation Of Timely ApprovalKey Points Now Include FDA Approval Label DetailsCommercial Launch Dynamics Include Revenue Forecasts Of Our US Analysts Morgan Stanley On Oil Marketing Companies (OMCs)Prefer HPCL And BPCL (Benefits Of Hardware Upgrades/Expansion) Over IOCIndia's Fuel Prices Are Benchmarked To $80/bbl Oil PricesWell Supplied Oil Markets With Potential For More Surplus Supply Should Continue Goldman Sachs On IndusInd BankBuy Call, Target `1,635/ShBoard Reappoints MD & CEO; Pending RBI Approval; Focus Turns To FundamentalsBelieve That Reappoints MD & CEO Removes Near-term Overhang Of Management ChangeNext Key Event For Stock Is Q2 Results, Where Expect PAT Of `2,200 Cr, Roughly In-lineEstimate Credit Cost To Remain Elevated At 1.2% In Q2, In Line With Q1 With GNPA Of 2% HSBC On CardsCredit Card Spending Growth Is Muted At 13% YoY In Aug 2024, Compared To 32% YoYIndustry’s Net Credit Card Issuances Was MutedIn 5MFY25, HDFC Bank, ICICI Bank, Axis Bank, & IDFC Bank Have Gained Market Share In CIFSBI Card, IndusInd Bank, Kotak Mah Bank Have Lost Share In CIF Jefferies On NTPCBuy Call, Target `485/ShNTPC Green Has 3.2 GW Operational Now, Including 3.1 GW Solar And 100 MW WindCo Plans To Ramp Up 19x To 60 GW By 2032, Implying A 44% Capacity CAGRA DRHP Has Been Filed For A Fresh Issue Up To `10,000 CrAssuming 10-15% Stake Dilution And NTPC’s RE Is At A 2x Premium To Its Coal BusinessCo Could Potentially Add 5-11% Upside On The Current Market Price Nirmal Bang On Navin FluorineUpgrade To Buy, Target Raised To `4,000/Sh From `3,600/ShWorst Is Not Behind Yet Due To Macro Factors Including China CompetitionMargin Is However Expected To Improve Sequentially From The Current BaseCDMO Business Is Expected To Clock $100 m Revenue In FY27Overhang Related To The MD’s Appointment Is Also Behind Us Nomura On Federal BankBuy Call, Target `240/ShTransitioning From ‘Value’ To ‘Quality’; Top Midcap Bank IdeaCo Has Outperformed Peers On Deposits, Asset QualityAt 1.2x FY26F P/B (9x FY26 P/E), Find Valuations AttractiveCo Offers Highest Earnings Yield Among Private Banks (Ex-Bandhan Bank) | 2024-09-30 07:37 | 2024-09-30 | 07:37 |
moneycontrol.com | https://www.moneycontrol.com/news/business/oil-prices-rise-on-middle-east-supply-risks-as-israel-steps-up-attacks-12831973.html | Oil prices rise on Middle East supply risks as Israel steps up attacks | US West Texas Intermediate crude futures added 8 cents, or 0.12 percent, to $68.26 a barrel.. | Oil prices edged higher on Monday on increasing concerns of potential supply disruptions from the Middle East producing region after Israel stepped up attacks on Iranian-backed forces. Brent crude futures for November delivery increased 16 cents, or 0.22 percent, to $72.14 a barrel as of 0043 GMT. That contract expires on Monday and the more-active contract for December delivery gained 10 cents, or 0.14 percent, to $71.64. U.S. West Texas Intermediate crude futures added 8 cents, or 0.12 percent, to $68.26 a barrel. Last week, Brent fell around 3 percent, while WTI fell by around 5 percent as demand worries increased after fiscal stimulus from China, the world’s second-biggest economy and the top oil importer, failed to reassure market confidence. However, prices on Monday were supported by the possibility of a widening Middle East conflict involving Iran, a key producer and member of the Organization of the Petroleum Exporting Countries (OPEC), after Israel increased its attacks on the militant groups Hezbollah and the Houthi that Iran backs. ”The recent escalation of attacks in the Middle East is increasing the likelihood of Iran being directly dragged into the conflict, putting a significant risk around supply disruptions at the OPEC producer,” ANZ Research said in a note. Israel said it bombed Houthi targets in Yemen on Sunday, expanding its confrontation with Iran’s allies two days after killing Hezbollah leader Sayyed Hassan Nasrallah in an escalating conflict in Lebanon. US Defence Secretary Lloyd Austin has authorized the military to reinforce its presence in the Middle East, with the Pentagon saying on Sunday that should Iran, its partners, or its proxies target U.S. personnel or interests, Washington "will take every necessary measure to defend our people". Later on Monday, markets will be waiting to hear from Federal Reserve Chair Jerome Powell for clues on the Fed’s speed of monetary policy easing, and seven other Fed policymakers are due to speak this week, the ANZ’s note added. Still, prices remain under pressure as OPEC and its allies, known as OPEC+, plan to raise output by 180,000 barrels per day in December and oil exports from Libya are also expected back. | 2024-09-30 07:25 | 2024-09-30 | 07:25 |
moneycontrol.com | https://www.moneycontrol.com/news/business/personal-finance/can-the-defence-sector-continue-firing-after-100-gains-12831367.html | Can the defence sector continue firing after 100% gains? | There are 15 constituents in the Nifty India Defence Index..Related stories. | Defence has been the best-performing sector in India over the past year. At the same time, it is the worst-performing category over a one-month timeframe. This raises the question: can it continue to deliver? Among those betting on this fledgling sector are three passive funds that have come up in the recent past. All three — the Motilal Oswal Nifty India Defence ETF, Motilal Oswal Nifty India Defence Index Fund, and Aditya Birla Sun Life Nifty India Defence Index Fund — were launched in August 2024. HDFC Defence Fund is the only active fund in this category. The new fund offering (NFO) of the Groww Nifty India Defence ETF and FoF, which is the latest to focus on the theme, opened last week and will close on October 4. What’s on offer? Defence is one of the newest themes in the Indian mutual fund (MF) industry with just four existing funds as we speak. All the four funds and the Groww Nifty India Defence ETF and FoF are benchmarked against the Nifty India Defence index. Also read |ÂNational Pension System: How to choose the right annuity plan? In terms of selection, stocks that get at least 10 percent of their revenues from the defence segment are eligible to be included in the index. The weight of each stock, which is capped at 20 percent, is based on its free float market capitalisation. There were 15 constituents of the Nifty India Defence index as of August-end. Bharat Electronics (weightage 20.22 percent), Hindustan Aeronautics (18.23 percent), Solar Industries India (15.79 percent), Cochin Shipyard (8.07 percent), and Mazagon Dock Shipbuilders (7.73 percent) are the top five stocks in the index. There are only two sectors — capital goods (84.21 percent weightage) and chemicals (15.79 percent) — in the index at present. The Groww Nifty India Defence ETF and FoF will be managed by Abhishek Jain. What works? Groww Mutual Fund highlights that India’s defence sector is expanding due to the Rs 3 trillion production target by FY2029, and a projected $138 billion investment pipeline over FY24 to FY32. Additionally, the government has set a defence export target of Rs 50,000 crore by FY29. The sector is also supported by strong government initiatives under Atmanirbhar Bharat and increasing budgetary allocations, with the FY2024-25 defencebudgetstanding at Rs 6.22 trillion. As per Varun Gupta, Chief Executive Officer, Groww Mutual Fund, all the companies in this sector look promising. “The companies here have a strong order book. Also, since 2018, the revenue of the companies in the sector has grown by 9 percent, and profit has expanded by 20 percent, consistently. Until about 2018, there were only six listed companies in this space. Now we have more than 20 companies, while the index consists of only 15 companies,” he said. Also read |ÂNine big financial changes that you must watch out for in October Gupta is of the opinion that defence is a very nascent sector from a market listing perspective, and the universe is expected to expand. What doesn’t work? The Nifty India Defence index has gained 106.18 percent on a one-year basis, while one-month returns stand at -5.19 percent. Also, the valuation of the index has expanded sharply in a very small period. Data shows that the price-to-earnings (P/E) ratio of the index stood at around 22 in 2022, and touched 70 just a few months back. However, with the recent correction, the PE has come down to 57 as of August-end. Another factor that works against the index is the small universe of companies that are eligible to get added to the index. Vikas Gupta, Smallcase Manager and Chief Executive Officer at OmniScience Capital, said in a note that the investment universe needs to be broadened to non-conventional proxy defence and other such firms so that undervalued companies can be found. Also, the index is top-heavy as the three biggest stocks have around 55 percent weightage. What should investors do? All 15 companies in the index are showing growth in their order books, indicating future revenue potential. Also, the government’s push for domestic manufacturing is opening up new opportunities for companies, strengthening India's self-reliance in defence. Take a bet on this sector only if you are bullish on this theme and understand the risks of investing in sectoral / thematic funds, like timing the entry and exit points. Also read |ÂHow not putting your eggs in one basket can help you achieve goals, minimise risks It is recommended that sectoral / thematic funds should not be part of one's core portfolio and must be a satellite allocation. Also, don't allocate more than 5-10 percent of your portfolio in a specific theme, and only invest as per your risk appetite because defence is a volatile sector. For investors with a moderate risk appetite, a flexicap or a multicap approach is recommended, which will also take sectoral / thematic calls based on opportunities available in the market. | 2024-09-30 07:18 | 2024-09-30 | 07:18 |
moneycontrol.com | https://www.moneycontrol.com/news/business/personal-finance/is-it-a-smart-strategy-for-investors-to-participate-in-ipos-12830909.html | Is it a smart strategy for investors to participate in IPOs? | IPO are great vehicle for firms to raise money and fund credible business models..Related stories. | A recent study by SEBI has revealed increasingly speculative investor behaviour during IPOs. On average, investors sold 54 percent of IPO shares allocated to them within a week and 73 percent of the allotment within a year. This clearly tells us that the key motivation of a majority IPO subscribers is listing gains, and as long the markets are vibrant such as today, this behaviour can continue. Only when subscribers start seeing losses over sustained periods would the frenzy behind listing gains reduce. That has happened in the past. According to EY, in the first half of 2024, India witnessed a record number of companies coming the market via IPOs ~ 27 percent of global IPOs, accounting for more than 9 percent of worldwide IPO proceeds in the period. This trend is expected to continue in the second half of 2024 with certain large IPOs. While the recent investor experience of investing in IPOs has been good, courtesy buoyant markets, that is not always the case. Most investors would have had a terrible experience investing in IPOs (of new-age internet companies) in 2022-23. Hence it is crucial to look at longer term historical data. Data from global markets also paints a similar or worse picture. According to Professor Jay R. Ritter from the University of Florida, who studied US IPO trends from 1980-2022, three-year basis IPO returns are negative relative to the benchmark.  While there could be many reasons for this pattern; two are very evident. Also read |ÂNational Pension System: How to choose the right annuity plan?The seller, that is, the founder or PE (Private Equity) fund has a clear incentive to maximise their return through the sale process. Table 1 shows valuation (12-month Trailing P/E) of companies that were listed in the last five years.The bulk of them trade very expensive relative to the BSE Sensex valuation of 24.8 times (12M Trailing P/E). Valuations at the time of listing where even higher for a majority of them. Given the high valuations, there is limited room for further future price appreciation.Table 1We also find most of the IPOs happen either in the bull phase of the market or the best phase in the profit cycle for the firm.  A case in point is the highest number of IPOs (~108) in 2007, after stellar returns from market in the 2004-07 period. To get a true picture of the company we need to take a normalised view of the profitability of the firm and ascertain management quality, which can only be gauged over a period of time after listing.What should investors do? Quantum’s Founder Ajit Dayal likens the IPO to a beauty parade, where the investment banker who offers the company the highest price wins the mandate. Thus, interests of the investor is compromised. At Quantum we generally do not participate in IPOs. Apart from management quality which can only be gauged over time, liquidity consideration in the stock is also very important to us.  Hence, we wait for the volumes to stabilise as trading volumes can be quite volatile in the initial period after listing. Also read |ÂHow not putting your eggs in one basket can help you achieve goals, minimise risks IPOs are a great vehicle for firms to raise money and fund credible business models. But investors must be extremely selective. While there can be some exceptional companies which may come through an IPO; historical data suggests (Table 1) that the odds are heavily stacked against investors making money in an IPO. It is better for the investor to wait, gauge management quality and let the newly listed company show normalised profits before ascertaining the fair value to be paid for the company. Also read |ÂWhy Indian students pursuing higher education abroad need life insurance | 2024-09-30 07:16 | 2024-09-30 | 07:16 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/daily-voice-dsp-mfs-vinit-sambre-explains-why-he-is-betting-on-these-4-key-sectors-12831944.html | Daily Voice: DSP MF's Vinit Sambre explains why he is betting on these 4 key sectors | Vinit Sambre is the Head-Equities at DSP Mutual Fund.Related stories. | Vinit Sambre, Head-Equities at DSP Mutual Fund favours the banking sector due to its reasonable valuations, strong balance sheet quality, and its close alignment with the overall stable economic growth. He is also positive about the healthcare sector, given its sustainable low teen growth, strong cash flow generation, and a superior return on capital employed (ROCE). According to Vinit, who specialises in the small and mid-cap space and has over 16 years of experience in research and investment advisory, the IT sector has faced some challenges recently, but he believes it is well-positioned to benefit over the next 3-4 years from the emerging opportunities in AI and digital transformation. Is the risk reward favourable for banks? The risk-reward profile for banks appears to be favourable at present, largely due to reasonable valuations. The sector is facing some headwinds like peaking margins, moderating credit growth and emerging risk in asset quality could lead to short-term. Despite these headwinds, the long-term outlook for banks remains positive. As economic growth continues and private sector participation increases, there is room for credit growth to rebound, providing banks with new lending opportunities. Institutional investors have also reduced their holdings in some banks, which, while a short-term negative, could provide an opportunity for these institutions to re-enter and replenish their positions at attractive valuations. As the sector stabilizes and some of the current headwinds subside, banks could experience a recovery in profitability and growth. Are you constructive on the power sector? I am constructive on the power sector, especially given the surge in capacity expansion across both renewable and conventional sources. This capacity growth is expected to keep order books healthy for companies throughout the power value chain, ensuring strong business momentum for the foreseeable future. A key driver for this expansion is the structural shift linked to the global energy transition, driven by climate change imperatives. As the world moves towards cleaner energy solutions, investments in renewable power sources are crucial, and this trend should sustain capital expenditure momentum in the sector over the medium to long term. However, while the sector's outlook remains strong due to this visibility, it's important to approach investments cautiously. Many power companies have already seen significant valuation run-ups as investors recognize the long-term growth potential in this space. As a result, current valuations are quite elevated, which warrants a selective approach to investing. Do you see any major risk to the market in the final quarter of 2024? It's impossible to predict major market risks with precision, especially given the high level of global uncertainty. Unexpected events, such as six-sigma or black swan events, can often cause deep market disruptions and are inherently unpredictable. However, based on the current fundamental metrics, the outlook for the final quarter of 2024 remains largely positive. Corporate earnings are stable, growing at a healthy rate of 13-15 percent, and the macroeconomic environment appears stable. A key driver of GDP, consumption, which was impacted at lower and mid-income levels earlier, is also expected to recover. This recovery is supported by improved income levels from a good monsoon season and moderating inflation. Additionally, with elections coming up in several states, the announcement of various freebies and benefits should further drive consumption. On the investment front, private capex is showing signs of improvement, which could add further momentum to economic growth. While no market is entirely risk-free, the combination of steady earnings growth, consumption recovery, and capex improvement suggests that the overall environment remains favourable, barring any unforeseen events. However, it's always wise to remain cautious and prepared for any sudden shifts. Do you rule out the interest rate cut from the RBI in the rest of 2024? CPI is well below the hard 4 percent target. Core- CPI has been sustainably coming down. Demand indicators are in the red- urban demand slowing and rural recovery under stress, especially with the recent high in food prices. However, while another argument stays around the robustness of India’s GDP, it has undoubtedly been growing at a relatively higher pace, but it remains below its potential. Traditionally, the risk of high growth translating into inflation intensifies when an economy operates at full capacity. However, with India's potential growth on the rise and current real interest rates relatively high, there might be a larger cushion to absorb rapid growth before inflationary pressures emerge. Therefore, the current conditions are conducive enough for a rate-cut cycle and have been so for quite a few months now. With the Fed cutting rates, we have enough reason ‘now’ to implement a modest rate cut, if not as steep as the Fed. RBI’s rate hikes have been less severe compared to the Fed’s, and with a shorter path to normalization, the RBI has more flexibility. This allows room for a more gradual approach, possibly beginning with a shift in stance before proceeding to a rate cut. Furthermore, the Monetary Policy Committee is scheduled to be reconstituted in the upcoming October meeting, which opens even more possibility for a fresh perspective to the monetary policy stance. Will the US go through soft landing? The US economy has been slowing for a few months now. The softer labour market conditions the Fed had been anticipating for so long are now evident in the data. However, this decline wasn’t sudden; labour market softness has persisted for some time, suggesting that a sharp 50bps rate cut might have been necessary to make up for the months of inaction. There remains a large uncertainty around the timing and quantum of the rate cut, and if this establishes into an easing cycle and not just a one-time bumper cut, there is still some reason for the economy to recover before falling over its head. However, if the labour market continues to slow down at this pace, there could be a greater possibility of the economy faltering from its current state. What are your bets among sectors? As previously discussed, we favour the banking sector due to its reasonable valuations, strong balance sheet quality, and its close alignment with the overall stable economic growth. Despite some short-term headwinds, the sector is well-positioned for long-term growth, making it an attractive investment opportunity. We are positive on the healthcare sector, given its sustainable low teens growth, strong cash flow generation, and superior return on capital employed (ROCE). The sector’s resilience, coupled with favourable demographics and increasing healthcare spending, makes it a solid long-term bet. We are also looking closely at the consumer sector, particularly in the context of a recovery. After experiencing a dull phase over the last two years, we expect consumer demand to rebound, supported by improving income levels, moderating inflation, and government initiatives aimed at boosting consumption. This recovery should benefit both staples and discretionary players. We are closely watching the IT sector and could look to increase exposure at an opportune time. While the sector has faced some challenges recently, we believe it is well-positioned to benefit over the next 3-4 years from the emerging opportunities in AI and digital transformation. The potential growth from these trends makes the IT sector a compelling long-term investment, especially as valuations become more attractive. | 2024-09-30 06:41 | 2024-09-30 | 06:41 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/solarworld-energy-solutions-plans-to-raise-rs-600-crore-via-ipo-files-draft-papers-with-sebi-12831929.html | Solarworld Energy Solutions plans to raise Rs 600 crore via IPO, files draft papers with SEBI | Solarworld Energy Solutions IPO.Related stories. | Solar energy solutions providerSolarworld Energy Solutionshas filed preliminary papers with the capital markets regulator SEBI on September 29, to raise Rs 600 crore via an initial public offering. The IPO is a mix of fresh issuance of equity shares worth Rs 550 crore, and an offer-for-sale of shares worth Rs 50 crore by promoter Pioneer Facor IT Infradevelopers. Promoters hold 82.15 percent stake in the company, and the remaining 17.85 percent shares are owned by the public shareholders including Value Quest Scale Fund. The Uttar Pradesh-based company, specialising in engineering, procurement and construction (EPC) services for solar power projects, may also mobilise Rs 110 crore through a preferential issue or any other method, before the filing of the Red Herring Prospectus with the Registrar of Company. If the company manages to raise funds in a pre-IPO Placement, then the said amount will be reduced from the fresh issue. It will invest Rs 420 crore out of the fresh issue proceeds for investment in its subsidiary Kartik Solarworld for part-financing the establishment of a 1.2 GW solar PV TopCon Cell manufacturing facility in Pandhurana, Madhya Pradesh. And the remainder funds will be used for general corporate purposes. Also read:ÂPrimary Market Schedule: 3 IPOs to open for subscription with 12 listings lined up next week Solarworld offers solar energy solutions through its two models, namely the capital expenditure (CAPEX) model and the renewable energy service company (RESCO) model. Under these models, it also provides operations and maintenance (O&M) services. Nearly 95 percent of its EPC projects till August 2024 have bundled O&M services for two to five years. The company has completed projects with a total capacity of 253.67 megawatts (MW) AC or 336.17 MW DC, and ongoing projects with a cumulative capacity of 420 MW AC or 592 MW DC. Solarworld's order book at the end of August 2024 was Rs 799.7 crore and key customers include SJVN Green Energy, Haldiram Snacks, Ethnic Food Manufacturing, and Samiksha Solarworld. Also read:ÂTemasek and TPG-backed Dr Agarwals Healthcare files IPO papers with Rs 300 crore fresh issue, 6.95 crore shares OFS Additionally, the company entered into an equity co-operation agreement with ZNSHINE PV-Tech Co Ltd, a Bloomberg NEF tier-1 supplier from China, in May 2024, for establishing a solar panel manufacturing facility. Its aim is to incorporate backward integration into services utilizing in-house components. It is expected that there would be 180-185 GW of solar capacity additions over FY25 to FY29. Solarworld, which competes with listed entities like Sterling & Wilson Renewable Energy, Waaree Renewable Technologies, KPI Green Energy, Gensol Engineering, and Oriana Power, has recorded healthy financial performance in the past years. Net profit in the fiscal 2024 surged by 248.4 percent to Rs 51.7 crore, and revenue increased by 115.5 percent to Rs 501 crore compared to previous fiscal. Nuvama Wealth Management, and SBI Capital Markets have been appointed as the merchant bankers to the issue. | 2024-09-29 23:07 | 2024-09-29 | 23:07 |
moneycontrol.com | https://www.moneycontrol.com/news/india/haryana-assembly-polls-bjp-expels-eight-leaders-for-contesting-as-independents-12831932.html | Haryana Assembly Polls: BJP expels eight leaders for contesting as independents | Haryana will go to the polls on October 5 to elect a 90-member state legislative assembly.Related stories. | Bharatiya Janata Party (BJP) on Sunday expelled eight leaders from the party for six years for choosing to contest the Haryana assembly elections asindependent candidates against official party nominees. The Haryana BJP said its chief Mohan Lal Badoli has expelled these leaders for a period of six years with immediate effect. The list of expelled leaders also includes former minister Ranjit Chautala and former MLA Devendra Kadyan. The other names on the list include Sandeep Garg, Jileram Sharma, Bachchan Singh Arya, Radha Ahlawat,Naveen Goyal, and Kehar Singh Rawat. Earlier, Haryana Minister and BJP leader Ranjit Singh Chautala resigned from the Cabinet after being denied a ticket by the party for the upcoming assembly polls. Chautala, the brother of former Haryana (/topic/haryana) Chief Minister Om Prakash Chautala, has decided to run as an independent candidate from the Rania seat. "I will contest as an independent candidate from the Rania Assembly constituency. It is the decision of the people of my constituency. After I did not get the ticket, I took this decision," he told ANI. The BJP has fielded Shishpal Kamboj to contest from the Rania seat in its first list of candidates. Meanwhile, Sandeep Garg has filed nomination papers from the Ladwa constituency against Chief Minister Nayab Singh Saini. Meanwhile, the Haryana Congress expelled 13 leaders on Friday for "anti-party activities" over their decision to contest the polls as independent candidates. Several leaders of both the BJP and the Congress were upset over being denied tickets to contest the Assembly polls, but the parties have managed to pacify most of them. Haryana will go to the polls on October 5 to elect a 90-member state legislative assembly to form its next government,with the counting set to take place on October 8. *With Agency Inputs | 2024-09-29 22:55 | 2024-09-29 | 22:55 |
moneycontrol.com | https://www.moneycontrol.com/news/world/russian-held-zaporizhzhia-nuclear-plant-says-ukraine-again-attacks-substation-12831930.html | Russian-held Zaporizhzhia nuclear plant says Ukraine again attacks substation | Zaporizhzhia (file photo).Related stories. | The management of the Russian-held Zaporizhzhia nuclear power station said on Sunday that Ukrainian forces had launched a new attack on a nearby electricity substation, destroying a transformer. The Zaporizhzhia station, Europe's largest with six reactors, was seized by Russian forces in the early days of Russia's February 2022 invasion of Ukraine. Each side regularly accuses the other of attacking or plotting to attack the plant. The plant's management, writing on Telegram, said an artillery strike had hit the transformer at the "Raduga" substation in the town of Enerhodar in southeastern Ukraine. It described the incident as "yet another terrorist act aimed at destabilising the situation in the Zaporizhzhia nuclear plant's satellite city". Also posted was a photograph showing smoke billowing from the top of a building. It said power supplies to Enerhodar had not been interrupted. The plant's management accused the Ukrainian military on September 20 of attacking a second substation in Enerhodar. The following day, Ukrainian Foreign Minister Andriy Sybiha accused Russia of planning strikes on Ukrainian nuclear facilities before the winter. He provided no detailed explanation. Power lines to the Zaporizhzia plant have been cut on several occasions, increasing the chance of a blackout that could cause a nuclear accident. The U.N. nuclear watchdog, the International Atomic Energy Agency, has stationed monitors permanently at the plant and urged both sides to refrain from all attacks on it. | 2024-09-29 22:46 | 2024-09-29 | 22:46 |
moneycontrol.com | https://www.moneycontrol.com/news/india/filmmaker-to-deputy-chief-minister-udhayanidhis-rise-in-stalin-led-dmk-govt-12831921.html | From filmmaker to Deputy Chief Minister: Udhayanidhi's rise in Stalin-led DMK govt | Filmmaker to Deputy Chief Minister, Udhayanidhi's rise in Stalin-led DMK govt.Related stories. | "I don't know whether I will win or lose…But I will fight sincerely till the very end," from Udhayanidhi Stalin's Tamil flick 'Manithan,' would help understand how he in politics too used such simple and effective messaging and the manner in which it contributed to jump start his political career path. In the run up to the 2024 Lok Sabha polls, in order to target the BJP-led Centre, Udhayanidhi came up with his "29 paisa" campaign. He repeatedly attacked Prime Minister Narendra Modi as "29 paisa Modi" as the Centre returned only "29 paisa out of every one rupee paid as tax" to the Union government by the state and this helped the ruling DMK further strengthen its narrative against the BJP and its allies that the state suffered at the hands of the Saffron party-led dispensation. On September 28, 2024 Udhayanidhi Stalin was elevated as Deputy Chief Minister. Born on November 27, 1977, Udhayanidhi's real innings in his party began with his appointment as DMK youth wing secretary in July 2019 and under his leadership, the party reaffirmed its goal to inculcate the Dravidian spirit into the party cadres by organising ideology based workshops and interactions and the focus remained on using technology to reachout to more and more youths and increase party membership. Also, several other initiatives like the youth wing conference and a state-wide motorcycle rally enthused cadres and helped build his image further as a go-getter. In the 2021 Assembly polls, he was hugely successful with his 'single brick' campaign to send across a message to people that the Madurai AIIMS project of the BJP-led Centre remained a non-starter though it was announced in the 2015-16Union Budget. It was arguably the first time he outshone his colleagues in the party and several leaders vied with each other to praise him for his natural ability to connect with the people. Last year, though Udhayanidhi's comments on Sanatan Dharma led to a nation-wide controversy, it in a way, helped the party to reiterate and convince its key political constituencies that his comments were a reflection of the party ideology to eradicate practices that went against the Backward Classes, Scheduled Castes and Tribes and the women as well and that it had absolutely nothing to do with religion. The party, rallying in his support, campaigned that national icons like Periyar EV Ramasamy, Dr BR Ambedkar and Naryana Guru had spoken against discrimination including those based on a person's birth. That the Sanatan Dharma controversy cut no electoral ice in Tamil Nadu was also seen as a success for Udhayanidhi. Naturally, being the son of Chief Minister M K Stalin and grandson of late DMK patriarch M Karunanidhi brought its own unique advantages for Udhayanidhi's growth within the party. After he took over as Minister, he launched several initiatives to encourage sportspersons and improve sports infrastructure and distribution of Kalaignar sports kit was one among them. After finishing his graduation from a city college, Udhayanidhi became well known as a film producer/distributor, over a decade ago, and later as an actor as well. Since 2016, he helms DMK's Tamil mouthpiece 'Murasoli' and since then he has been active in party work assigned to him. In 2021, he won for the first time as an MLA from Chepauk-Tiruvallikeni Assembly constituency here and became the Sports and Youth Welfare Minister in December 2022. Also, in 2022, he was retained as youth wing chief and it helped him further demonstrate his organising skills and build his influence with leaders clamouring for his elevation at recent events to commemorate the 75 anniversary of DMK's founding. His long expected elevation as Deputy Chief Minister is more or less only a formality as he had already been chairing high-level review meetings of the government. While it took over three decades of active party work for his father, MK Stalin to become Deputy CM in 2009, the journey of Udhayanidhi, who initially appeared to be not very keen on politics, is comparatively quick. Like his success as a lawyer to win justice in his film 'Manthian' (Man/human being), DMK cadres are confident that he will go on to win more laurels, especially in the 2026 Assembly polls when top actor Vijay's Tamizha Vetri Kazhagam will for the first time face an electoral fight. | 2024-09-29 22:43 | 2024-09-29 | 22:43 |
moneycontrol.com | https://www.moneycontrol.com/news/world/israel-used-us-made-bomb-in-attack-on-hezbollah-head-us-senator-says-12831927.html | Israel used US-made bomb in attack on Hezbollah head, US senator says | JDAMs convert a standard unguided bomb using fins and a GPS guidance system into a guided weapon. The U.S. is Israel's longtime ally and biggest arms supplier. | The bomb that Israel used to kill Hezbollah leader Sayyed Hassan Nasrallah in Beirut last week was an American-made guided weapon, a U.S. senator said on Sunday. Mark Kelly, chair of the Senate Armed Services Airland Subcommittee, said Israel used a 2,000-lb (900-kg) Mark 84 series bomb, during an interview with NBC. His statement marks the first U.S. indication of what weapon had been used. "We see more use of guided munitions, JDAMs, and we continue to provide those weapons," Kelly said, using an abbreviation that stands for Joint Direct Attack Munitions. "That 2,000-pound bomb that was used, that's a Mark 84 series bomb, to take out Nasrallah," he said. The Israeli military said on Saturday it had eliminated Nasrallah in a strike on the group's central command headquarters in Beirut's southern suburbs. The Israeli military has declined to comment on what weapons were used in the attack. The Pentagon was not immediately available for comment. JDAMs convert a standard unguided bomb using fins and a GPS guidance system into a guided weapon. The U.S. is Israel's longtime ally and biggest arms supplier. | 2024-09-29 22:29 | 2024-09-29 | 22:29 |
moneycontrol.com | https://www.moneycontrol.com/news/india/pm-narendra-modi-calls-mallikarjun-kharge-after-congress-president-fell-ill-12831914.html | PM Narendra Modi calls Mallikarjun Kharge after Congress president fell ill | Related stories. | Prime Minister Narendra Modi spoke to Congress president Mallikarjun Kharge on Sunday to enquire about his health after the opposition leader required medical assistance at a public meeting. Kharge became unwell while addressing a rally in the Jasrota belt of Jammu and Kashmir’s Kathua district.After receiving medical attention, Kharge said he is ”not going to die” before Modi is removed from power.Congress leaders said Kharge is now stable after a check-up by doctors.Official sources said the prime minister called up the Congress president and wished him good health. Asserting that the Congress will fight for the restoration of statehood to Jammu and Kashmir, party president Mallikarjun Kharge on Sunday said he will not die until Prime Minister Narendra Modi is removed from power. Kharge, who became unwell while addressing a poll rally in Kathua district, made the remarks after getting medical assistance. Accusing the BJP government of continuing to run Jammu and Kashmir through remote control, Kharge said, "These people never wanted to conduct the elections. They only started preparing for elections after the Supreme Court's intervention." "We will fight to restore statehood. We are not going to leave it. I am 83 years old, I am not going to die so early. I will stay alive until PM Modi is removed from power. I will listen to you. I will fight for you," Kharge told the rally in the Jasrota belt. He further accused the BJP of allowing outsiders to dominate key sectors like mining and liquor contracts in J&K. "Why has the BJP delayed restoring statehood when they hold all the power? The people of J&K deserve better governance, and the BJP has failed to deliver," he said. "Modiji is shedding crocodile tears for the future of the youth in Jammu and Kashmir. The reality is that in the last 10 years, the youth of the entire country have been pushed into darkness, and Modi ji himself is responsible for this," Kharge alleged. He said that PM Modi has given nothing to the youth of India in the last 10 years. "Can you believe a person who cannot bring back your prosperity in 10 years?" he told the gathering. He also highlighted the unemployment issue, saying, "The highest unemployment rate in 45 years is in the Modi ji's tenure." In Modi and (Amit) Shah’s minds, there is no intent to provide jobs, only to give speeches, take photos, and cut ribbons, he said. "In Jammu and Kashmir, 65 per cent of government positions are vacant. Jobs here are being given to outsiders on a contractual and daily wage basis. Even in AIIMS Jammu, people from Jammu haven't received jobs, according to the information I have," he noted. Hitting out at Prime Minister Modi, the Congress chief said, "You must have heard how many lies Modiji spoke when he came to Jammu and Kashmir (for campaigning)...how much he insulted the Congress, and the kind of language he used. This shows his nervousness because he can clearly see defeat in the polls." Kharge cautioned the people of J&K against the "deceitful tactics" of the BJP, accusing the ruling party at the Centre of diverting attention away from their failure to address the real issues plaguing the UT. "Except for promises, the BJP has done nothing for the people of Jammu and Kashmir in the past 10 years. Now, during elections, the BJP is shamelessly trying to raise irrelevant issues to hide its failures," he alleged. "Instead of focusing on the problems faced by the people such as unemployment and lack of development...the delay in restoring statehood, the BJP is trying to mislead the public with irrelevant issues," Kharge said. With Agency Inputs | 2024-09-29 22:00 | 2024-09-29 | 22:00 |
moneycontrol.com | https://www.moneycontrol.com/news/india/fake-branch-claiming-to-be-of-sbi-busted-in-chhattisgarh-3-booked-12831915.html | Fake branch claiming to be of SBI busted in Chhattisgarh; 3 booked | Fake branch claiming to be of SBI busted in Chhattisgarh; 3 booked.Related stories. | A fake branch claiming to be of the State Bank of India (SBI) was unearthed in Chhattisgarh’s Sakti district following which police booked its three operators, a police official said on Sunday. The bogus branch was being run in Chhapora village under Malkharauda police station limits, Sakti Additional Superintendent of Police Rama Patel said. Sakti, adjoining Janjgir-Champa district, is around 200 km from the state capital Raipur. The fraudulent banking unit was set up in a rented shop in a commercial complex on September 18, with posters and banners of SBI installed there, she said. Suspecting something was phoney, some locals complained about it. A team from SBI’s regional office in Korba inspected the branch and found it to be fake, she said. After being alerted by the public sector bank on Friday, police raided the place, the official said. Five employees were found to be working in the fake branch. They claimed to have been hired through interviews, Patel said, adding that the employees are currently being interrogated. Police have seized computers and other materials from the fake branch. A case has been registered under Bharatiya Nyaya Sanhita (BNS) against its three operators, including a person who claimed to be the manager and was said to be the mastermind of the fraud, the official said. Efforts are being made to trace the accused, another police official said. A probe is underway to ascertain how many people opened accounts with the fake branch and how much money the conmen collected from them, he said. | 2024-09-29 21:51 | 2024-09-29 | 21:51 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/stock-radar-welspun-enterprises-zomato-bse-apollo-hospitals-biocon-lupin-in-focus-on-monday-12831890.html | Stock Radar: Welspun Enterprises, Zomato, BSE, Apollo Hospitals, Biocon, Lupin in focus on Monday | Stocks in news.Related stories. | Let's catch up on the latest news from the stock market. From significant investments to major deals, fund raising and appointments, here’s a quick look at which stocks will be in focus in today's trade: Stocks To Watch Welspun Enterprises The company has been declared the L1 bidder by the Brihanmumbai Municipal Corporation (BMC) for a project worth Rs 1,989.9 crore. The project involves the design and construction of an 8.48 km tertiary treated water conveyance tunnel from the Dharavi WWTF to the Ghatkopar WWTF, to be executed within a period of 93 months. IDFC First Bank The board has approved the amalgamation of IDFC Financial Holding Company with IDFC, effective September 30, and the merger of IDFC with IDFC First Bank, effective October 1. Furthermore, the board has appointed V Vaidyanathan as MD & CEO of the bank for three years, effective from December 19, 2024. Dr Reddy’s Laboratories The pharmaceutical company has invested $620 million in preference shares of its subsidiary Dr Reddy’s Laboratories SA, Switzerland. The subsidiary has allotted 6.2 million non-convertible preference shares, each with a nominal value of $100, to the company. Zomato Zomato's co-founder and Chief People Officer, Akriti Chopra, has resigned with immediate effect after a 13-year-long tenure at the food delivery company. Punjab National Bank The state-run lender has raised Rs 5,000 crore via Qualified Institutions Placement (QIP). It has approved the allotment of 48.19 crore shares to eligible qualified institutional buyers at a price of Rs 103.75 per share, including Citigroup Global Markets Mauritius - ODI, BOFA Securities Europe SA - ODI, SBI Contra Fund, Morgan Stanley Asia (Singapore), and Goldman Sachs. ICICI Prudential Life Insurance Company The company has received an order from the Assistant Commissioner of Income Tax, Mumbai, demanding tax and interest of Rs 361.23 crore for the Assessment Year 2022-23. The company plans to file an appeal against the order before the Commissioner (Appeals). BSE The exchange has revised its transaction charges for Sensex and Bankex Options (for all expiries) to Rs 3,250 per crore of premium turnover value, effective October 1. However, there will be no changes in the transaction charges for other contracts in the equity derivatives segment. Apollo Hospitals Enterprise The board of Apollo Healthco has approved the allotment of Rs 2,475 crore worth of compulsorily convertible non-cumulative participating preference shares (CCPS - Class A and B) with a face value of Rs 100 per share, to Rasmeli, an Advent affiliate, for a 16.9% stake. Following the allotment, Apollo Hospitals' stake in its subsidiary, Apollo Healthco, will reduce from 94.91% to 78.879%. Bharat Electronics The Ministry of Corporate Affairs (MCA) has approved the incorporation of BEL IAI AeroSystems, a joint venture between Bharat Electronics and Israel Aerospace Industries, Israel. Tata Chemicals The company has appointed Subodh Srivastav as Chief Marketing Officer, effective October 21, 2024. Adani Enterprises April Moon Retail, a joint venture company of Adani Airport Holdings, has executed a Share Purchase Agreement with Cococart Ventures (CVPL) and its existing shareholders, Karan Ahuja and Arjun Ahuja, for the acquisition of a 74% stake in CVPL for Rs 200 crore. Adani Airport Holdings is a subsidiary of Adani Enterprises. Adani Energy Solutions Adani Electricity Mumbai has signed a Business Transfer Agreement with its subsidiary, North Maharashtra Power, to carve out the Adani Dahanu Thermal Power Station. Adani Electricity Mumbai is a subsidiary of Adani Energy Solutions. LTIMindtree The technology consulting and digital solutions company has strengthened its partnership with Currys, the UK retailer of technology products and services. LTIMindtree will re-platform Currys' website to Salesforce Commerce Cloud, launch an in-store client app on Experience Cloud, and implement Service Cloud for post-sales support. IndusInd Bank The board has approved the re-appointment of Sumant Kathpalia as Managing Director & CEO for a term of three years, effective March 24, 2025. This re-appointment is subject to approval by the Reserve Bank of India and the bank's shareholders. Mangalore Chemicals and Fertilizers The company has resumed production at its ammonia and urea plants. Both plants were shut down for the replacement of reformer catalysts on September 6. Mahanagar Gas Life Insurance Corporation of India (LIC) has reduced its stake in the natural gas distribution company by 2.091%, bringing its holding down from 9.03% to 6.939% during the period of September 12–26, 2024. Asian Energy Services The company has received a contract worth Rs 82 crore from Oil India for 2D seismic data acquisition of 4,300 LKM in the Rajasthan Basin under Mission Anveshan. The order will be executed within 18 months, and the company’s total order book now stands at Rs 1,000 crore. Piramal Pharma The US Food and Drug Administration (FDA) has issued an Establishment Inspection Report for the company’s manufacturing facility in Ahmedabad. On July 12, the FDA issued zero Form-483 observations, with a "No Action Indicated" (NAI) designation after the inspection. Jubilant Pharmova The US FDA has classified the inspection of Jubilant HollisterStier General Partnership's contract manufacturing facility in Canada as "Official Action Indicated" (OAI). This audit was originally reported on June 18. Jubilant HollisterStier General Partnership is a subsidiary of Jubilant HollisterStier Inc, USA, which is itself a step-down subsidiary of Jubilant Pharma, Singapore, wholly owned by Jubilant Pharmova. Biocon The US FDA has issued four observations regarding the company’s API facility (Site 2) in Bengaluru. The facility was inspected between September 23 and September 27. The company does not anticipate any significant impact on its business. Lupin The US FDA concluded an inspection of Lupin's Pithampur Unit-1 API and finished product manufacturing facility with three observations each for both the API and finished product operations. The facility was inspected from September 16 to September 27. MPS The company has appointed Prarthana Agarwal as Chief Financial Officer, effective October 1, following the retirement of Sunit Malhotra from the same role. Tata Motors Tata Motors Group held the groundbreaking ceremony for its new vehicle manufacturing facility in Tamil Nadu. The group plans to invest Rs 9,000 crore in this greenfield manufacturing facility, which is designed for an annual production capacity of over 2.5 lakh vehicles. Production will begin in phases and progressively ramp up to full capacity over the next 5-7 years. Reliance Infrastructure The Calcutta High Court has ruled in favour of Reliance Infrastructure, upholding the arbitration award of Rs 780 crore (including accrued interest) against West Bengal-based Damodar Valley Corporation related to the Raghunathpur Thermal Power Project. The court dismissed the appeal by Damodar Valley Corporation, and a bank guarantee of Rs 600 crore will also be released. Bulk Deals Sterling and Wilson Renewable Energy Morgan Stanley Asia Singapore Pte, Societe Generale, and Citigroup Global Markets Mauritius have acquired a 2.8% stake in the renewable energy company at an average price of Rs 623 per share. Meanwhile, promoters Shapoorji Pallonji & Company sold a 5.78% stake at an average price of Rs 623.28 per share, and Khurshed Yazdi Daruvala offloaded 1.35% of his shares at an average price of Rs 630.01 per share. Shivalik Bimetal Controls Promoters Ultra Portfolio Management, Angad Estates, Amar Engineering Company, and B.S. Sandhu & Associates sold a 17.97% stake in the company at an average price of Rs 610.6 per share, amounting to Rs 632.1 crore. However, Aditya Birla Sun Life Mutual Fund, UTI Mutual Fund, SBI Mutual Fund, Sundaram Mutual Fund, HSBC Mutual Fund, Franklin Templeton Mutual Fund, DSP Mutual Fund, and Ashoka India Equity Investment Trust Plc collectively acquired a 16.76% stake at the same price, valued at Rs 589.58 crore. Nuvama Wealth Management Global investors Morgan Stanley Asia Singapore Pte, Goldman Sachs Funds - Goldman Sachs India Equity Portfolio, and Smallcap World Fund Inc. acquired a 5.2% stake in Nuvama at an average price of Rs 6,702.60 per share, valued at Rs 1,234.8 crore. However, investors EDEL Finance Company and Ecap Equities sold a 6.2% stake in Nuvama at the same price, amounting to Rs 1,481.2 crore. Entero Healthcare Solutions Prasid Uno Family Trust sold a 5.5% stake in Entero at an average price of Rs 1,305 per share, amounting to Rs 313.2 crore, while Stichting Depositary APG Emerging Markets Equity Pool bought a 2.1% stake at the same price, valued at Rs 121 crore. Amrutanjan Health Care Promoter Nageswaramma Private Trust sold a 1.17% stake in Amrutanjan Health at an average price of Rs 745.29 per share. Results Today Northern Arc Capital Mainboard Listing on September 30 Manba Finance SME Listing on September 30 WOL 3D India, Rappid Valves India Stocks Turn Ex-Dividend ADS Diagnostic | 2024-09-29 21:43 | 2024-09-29 | 21:43 |
moneycontrol.com | https://www.moneycontrol.com/news/world/israel-says-20-hezbollah-members-killed-in-nasrallah-strike-12831893.html | Israel says 20 Hezbollah members killed in Nasrallah strike | Activists and supporters of Majlis Wahdat-e-Muslimeen, a Shiite political party, take part in a protest march to condemn the killing of Hassan Nasrallah, late leader of the Lebanese group Hezbollah, in Islamabad on September 29, 2024. (Photo by AFP).Related stories. | The Israeli military said on Sunday the strike that killed Hezbollah chief Hassan Nasrallah in Beirut also "eliminated" around two dozen other members of the Lebanese armed group. "More than 20 other terrorists of varying ranks, who were present at the underground headquarters in Beirut located beneath civilian buildings, and were managing Hezbollah's terrorist operations against the state of Israel, were also eliminated," in Friday's air strike, the military said in a statement that listed some of them. The dead included, according to the statement, Ibrahim Hussein Jazini and Samir Tawfiq Dib, who the military said were "among Nasrallah's closest associates" in the Lebanese armed group. "Due to their proximity to him, they served a significant role in the day-to-day operations of Hezbollah and Nasrallah in particular," the statement said. The military in recent days has pounded Hezbollah targets in southern Lebanon and also hit the group's stronghold in southern Beirut with intensified strikes. Hezbollah confirmed Nasrallah's death on Saturday, and on Sunday it said Ali Karake, the group's top commander in southern Lebanon, was also killed in the Friday attack. The Israeli military said on Sunday that Abed al-Amir Muhammad Sablini and Ali Naaf Ayoub also died with Nasrallah. Earlier on Sunday, the military said it had killed Nabil Qaouq, a senior Hezbollah official, in an air strike in a Beirut suburb on Saturday. Qaouq was a member of Hezbollah's central council and was considered "to be close to Hezbollah's senior commanders", a statement said. A source close to Hezbollah told AFP that Israel also carried out a strike on Sunday in southern Beirut that targeted Abu Ali Reda, a commander of one of the group's sectors in southern Lebanon. Hezbollah said in a statement that Reda was "fine". In July Nasrallah said Hezbollah divided its southern Lebanon operations into three areas after its last war with Israel in 2006: the Aziz unit in the west, the Nasr unit in the east and the Badr unit covering north of the Litani River up to the coastal city of Sidon. The strike that killed Nasrallah also killed Iranian General Abbas Nilforoushan, a top commander of the Quds Force, the foreign operations arm of the Islamic Revolutionary Guard Corps, Iran said. In recent days, Israel has shifted the focus of its military operations from Gaza to Lebanon, after nearly a year of low-level cross-border fire with Hezbollah. The Israeli military has carried out a blistering air campaign it says has targeted not just Hezbollah's senior leaders, but also its military installations and weapons storage facilities, particularly in southern Lebanon. Israeli raids on Lebanon last Monday killed at least 558 people, Lebanon's health ministry said, in the deadliest day of violence since Lebanon's 1975-90 civil war. Hezbollah began firing on Israel in what it described as a show of solidarity with Hamas a day after the Palestinian militant group's unprecedented October 7 attack on Israel, which triggered war in the Gaza Strip. | 2024-09-29 21:07 | 2024-09-29 | 21:07 |
moneycontrol.com | https://www.moneycontrol.com/news/world/israel-army-says-striking-huthi-rebel-targets-in-yemen-12831902.html | Israel army says striking Huthi rebel targets in Yemen | The Israeli military said in a statement that dozens of aircraft, including fighter jets, attacked power plants and a sea port at the Ras Issa and Hodeidah ports.Related stories. | The Israeli military said on Sunday it was striking several Huthi rebel targets in Yemen, including power stations and a seaport, using dozens of aircraft. The strikes came a day after the Iran-backed rebel group said it targeted Israel's Ben Gurion Airport with a missile. "In a large-scale air operation today, dozens of Air Force aircraft, including fighter jets, refuelling planes, and reconnaissance aircraft, attacked military-use targets of the Huthi terrorist regime in the Ras Issa and Hodeida areas of Yemen," military spokesman Captain David Avraham said in a statement to AFP. "The IDF (military) targeted power stations and a seaport used for oil imports," a military statement said. In July Israel also hit Hodeida port, causing what a port official said was at least $20 million in damage, after a Huthi drone strike penetrated Israel's air defences and killed a civilian in Tel Aviv. The sites targeted Sunday were used by the Huthis, who seized the Yemeni capital Sanaa in 2014, to "transfer Iranian weaponry to the region and supplies for military needs", the statement said. "The strike was carried out in response to recent attacks by the Huthi regime against the state of Israel," it added, after the rebels said they tried to hit Ben Gurion as Prime Minister Benjamin Netanyahu arrived back from New York. The Huthi-controlled Al-Masirah station reported Sunday that Israeli strikes targeted "the ports of Hodeidah and Ras Issa" as well as two power stations after previously announcing "Israeli aggression on Hodeida". | 2024-09-29 21:04 | 2024-09-29 | 21:04 |
moneycontrol.com | https://www.moneycontrol.com/technology/whatsapp-is-making-web-links-much-safer-with-this-new-feature-likely-to-rolling-out-with-future-updates-article-12831882.html | WhatsApp is making web links much safer with this new feature, likely to rolling out with future updates | WhatsApp. | WhatsApp has rolled out a new update to its beta version for Android, version 2.24.20.28, bringing an enhanced tool to help users safely interact with web links shared in messages. This update, available via the Google Play Store, introduces a redesigned link search feature aimed at improving security, particularly for messages with suspicious or frequently forwarded links. Feature detailsAccording to a report by WABetaInfo, the new feature allows users to quickly search links on the web directly from within the app, providing more detailed information about the links they receive. When a link appears in a message, users can choose to search it on Google, ensuring that only the specific message containing the link is uploaded for the search. The link search process is entirely user-controlled and does not occur unless the user chooses to initiate it. WhatsApp emphasises that this feature helps users avoid potentially malicious content while maintaining the privacy of their messages. It is important to note that the updated link search feature is currently under development and will be fully available in a future update of the WhatsApp app. WhatsApp beta testers using version 2.24.20.28 can already experience an early version of this feature. | 2024-09-29 21:02 | 2024-09-29 | 21:02 |