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moneycontrol.com

https://www.moneycontrol.com/news/business/markets/bulk-deals-sbi-mf-buys-2-85-stake-in-kpr-mill-12829643.html

Bulk deals: SBI MF buys 2.85% stake in KPR Mill

Representational Image.

SBI Mutual Fund bought 97.35 lakh shares in KPR Mill, translating to a 2.85 percent stake, for an average price of Rs 925 via a bulk deal on September 25. Meanwhile, promoter K P Ramasamy sold 10.5 lakh shares in KPR Mill for an average price of Rs 925.12. As of June 30, he had a 21.37 percent stake in the company. India Equity Fund 1 bought 1.8 lakh shares in Paramount Speciality Forging for an average price of Rs 86.19, while NAV Capital VCC - NAV Capital Emerging Star Fund bought 1.74 lakh shares for an average price of Rs 85.39. On the seller's side, Astorne Capital VCC Arven sold 1.34 lakh shares in the company. Societe Generale sold 83.57 lakh shares in SpiceJet for an average price of Rs 62.9, while Vikasa India EIF I Fund sold 10 lakh shares for an average price of Rs 63.13. As of June 30, Societe Generale and Vikasa India EIF I Fund had a 2.29 percent and 1.06 percent stake in the company, respectively. CORE4 Marcom Private Limited bought 5 crore shares in Easy Trip Planners for an average price of Rs 37.95. While, Craft Emerging Market Fund PCC - Elite Capital Fund bought 10.5 crore shares in Easy Trip Planners for an average price of Rs 34.25. On the seller's side, promoter Nishant Pitti sold over 24 crore shares in Easy Trip Planners. As of June 30, Pitti had a 28.13 percent stake in the company. Ebene Global Opportunity Fund bought 4 lakh shares in Mos Utility for an average price of Rs 359.

2024-09-25 20:18

2024-09-25

20:18

moneycontrol.com

https://www.moneycontrol.com/technology/jony-ive-former-apple-design-head-now-working-with-openai-to-build-a-secret-ai-device-key-details-article-12829524.html

Jony Ive, former Apple design head, now working with OpenAI to build a secret AI device: Key details

Jony Ive.

Jon Ivy, former Apple design chief who recently departed the company, has now joined hands with Sam Altman, CEO of OpenAI, facilitated by Brian Chesky, CEO of Airbnb. This confirmation was shared by the New York Times (NYT) almost a year after Ive was first rumoured to be working with Altman on a possible OpenAI phone. Ivy has also now confirmed that his company, LoveFrom, will be involved with designing this mysterious new iPhone competitor. The secret device is expected to integrate advanced AI functions, such as summarising information, recognising objects, and managing complex tasks. It has been dubbed as the ‘iPhone of AI.’ In this new venture, Ivy is joined by two of Apple 's former employees, Evans Hankey who succeeded Ive as Apple's design lead once, and Tang Tan, who was looking after iPhone's product development in the last few years. The NYT report also adds that for this project there are only ten employees at the moment, and they’re operating out of a sleek new 32,000-square-foot office in San Francisco. This also marks Jon Ivy’s comeback into the tech world after he departed from Apple in 2019. He has a 27-year legacy at Apple and is often credited as the mastermind behind the designing of Apple’s products such as iMac, iPhone, and more. Moreover, many experts believe that the combination of Ive’s design genius, Tan’s hardware expertise, and Altman’s AI prowess could lead to a groundbreaking product that could be a great rival to Apple Intelligence, which has been recently introduced with the latest iPhones.

2024-09-25 20:15

2024-09-25

20:15

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/explained-why-religare-enterprises-largest-shareholder-is-in-a-battle-with-its-chairperson-and-board-12829583.html

Explained: Why Religare Enterprises' largest shareholder is in a battle with its Chairperson and Board

The Burman Group has raised objection to the allotment of shares of REL's subsidiaries to the Chairperson Rashmi Saluja.Related stories.

The board of Religare Enterprises Ltd (REL), a leading financial services company, and its largest shareholder are locked in a public, few-holds-barred battle for control.Amid this, the capital markets regulator, the Securities and Exchange Board of India (Sebi), reportedly issued a show-cause notice to REL Chairperson Rashmi Saluja over insider trading allegations. This was in the last week of August, a little more than a month after the regulator issued directions to the company and its Board to facilitate an open offer made by the Burman group/family.Meanwhile, the Enforcement Directorate (ED) has launched its own investigation into conspiracy and cheating charges against Saluja and two directors of the company. An order issued by the insurance regulator, stopping the transfer of shares of an REL subsidiary to Saluja, was stayed by the Securities Appellate Tribunal (SAT) till the final hearing.Saluja has sought the intervention of the Prime Minister's Office (PMO) and the Finance Ministry and hasÂexplained her side in an interview with Moneycontrol. Here is a quick reckoner on the corporate battle so far. What is the dispute about? The row revolves around the Burman family's bid to take over Religare Enterprises (REL) and the allotment of shares of REL's subsidiaries to REL's Chairperson Rashmi Saluja through the Employee Stock Ownership Plan (ESOP). The Burman Group has a more than 100-year-old history and owns brands such as Dabur. The takeover bid was opposed by REL's management and Board saying that the Burman family were not fit to run a financial services business while the allotment of shares was opposed by the Burman family for the process followed and the quantum allotted. The shares allotted to Saluja have been valued at Rs 630-Rs 740 crore; this includes Rs 150-250 crore for Religare Finvest's (RFL's) shares and, according to proxy advisory InGovern, Rs 480 crore for Care Health Insurance's shares. The Burman family, the largest shareholder of REL, bought 5.27 percent of the company's share capital on September 25, 2023, in addition to the 21.24 percent they already owned. This took their shareholding to above 25 percent and therefore they were required to make an open offer under the Substantial Acquisition of Shares and Takeovers (SAST) Regulations, which they did. The day after their open offer was made, which was September 26, Saluja and other executives sold their shares of REL; the Burman family has asked Sebi to investigate this sale. The family alleged that entities were trying to block their takeover of REL. Following the Burman's takeover bid, REL and its committee of independent directors made representations to Sebi through meetings and letters (over October 2023 and June 2024) against this takeover bid, objecting on the ground that the Burmans were not fit and proper persons to acquire REL. Meanwhile, the Burman family wrote to Sebi saying that REL was hindering the family's acquisition by not sharing the information needed to get the regulatory approval and complete the open-offer process. What action has Sebi taken? Sebi asked REL to facilitate the open offer by submitting applications to the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI) and Sebi for statutory approvals. These approvals were needed because REL is an NBFC its subsidiary CHL falls under the purview of IRDAI and its subsidiaries Religare Broking and RFL come under Sebi. On June 19, 2024, the capital markets regulator issued an interim order cum show-cause notice, after observing that REL and its management were refusing to cooperate with the acquirers (Burman family) in getting the necessary regulatory clearances. The Sebi order asked the company and its senior management to give an undertaking that it would apply to all regulatory authorities and take all steps to help the acquirers fulfil their obligations under the SAST Regulations. On REL and its management's contention that the acquirers were not fit to run the company, Sebi's order said that this would be considered by the respective regulators (RBI, IRDAI and Sebi) when the applications are being considered. The SAST Regulations do not consider fit-and-proper criteria except if the acquirers are wilful defaulters or economic offenders. Later media reports said that the market regulator has issued a show-cause notice to Saluja following insider-trading allegations raised by the Burmans. The reports said that the regulator was probing trades done by Saluja on September 21 and 22, 2023, which was just a few days before the open offer made by the Burmans. According to complaints made by four investment firms linked to the Burman family, she had sold 1.29 million shares worth Rs 34.71 crore. What action did IRDAI take? The insurance regulator in July this year penalised Care Health Insurance Rs 1 crore and asked the company to buy back the ESOPs allotted to Saluja because no remuneration, other than sitting fee, is allowed to be paid to a non-executive director without the regulator's approval. In August, the Securities Appellate Tribunal (SAT) stayed this regulatory order till the final decision is taken, asked Care to deposit half of the penalty and not to issue any more ESOPs to Saluja, and restrained Saluja from trading in shares of the insurance company and from further exercising options under the ESOP. What action has ED taken and why? In September, the ED filed a cheating and conspiracy charge against Saluja and two other board members for trying to block the acquisition of Religare by getting a person to file false charges against the Burman brothers. According to ED, an REL shareholder Vaibhav Gawali said that he filed a complaint against the Burman brothers, accusing them of financial irregularities along with Shivinder and Malvinder Mohan Singh, after being told to do that by Saluja and two others. According to ED, Gawali now claims that he was given money to buy shares of REL and file this complaint, and that he had no documents to back such a complaint. Meanwhile, proxy advisory firm InGovern asked for Saluja to step down... Why? The advisory firm has said that Saluja and key management personnel (KMP) of the company should step down. It said that the delay in holding the annual general meeting (AGM) without giving a clear explanation puts the company's governance practices under question. In its report, the proxy advisory firm said that it is "fait accompli" (a foregone conclusion) that the shareholders won't approve Saluja's reappointment and therefore, according to InGovern, they were delaying the AGM.

2024-09-25 20:14

2024-09-25

20:14

moneycontrol.com

https://www.moneycontrol.com/news/india/navy-chief-admiral-dinesh-tripathi-to-embark-on-4-day-visit-to-greece-hold-talks-with-greek-counterpart-12829636.html

Navy chief Admiral Dinesh Tripathi to embark on 4-day visit to Greece, hold talks with Greek counterpart

Navy chief Admiral Dinesh Tripathi (Courtesy: PTI photo).

Navy chief Admiral Dinesh Tripathi's four-day visit to Greece, beginning tomorrow, is another sign that the strategic partnership between New Delhi and Athens is flourishing. The first indication that India and Greece would join hands was the visit by Prime Minister Narendra Modi to Athens in August 2023 followed by his Greek counterpart Kyriakos Mitsotakis' visit to New Delhi in February this year. Two major meetings followed: the first in February this year, between NSA Ajit Doval and his Greek counterpart Thanos Dokos in New Delhi. It was followed by the one between General Dimitrios Choupis, the Greek chief of defence staff, and CDS General Anil Chauhan, also in Delhi. This set the stage for the big breakthrough - the two defence ministries had the first joint working group meeting (at joint secretary level) on defence cooperation in July. Both countries wanted closer cooperation between the armed forces. As a result, four Indian Air Force fighters landed in Greece for exercises and a warship, the INS Tabar, was in Crete, a Greek island earlier this month. During his visit, Admiral Tripathi will hold meetings with the Greek navy chief, a vice-admiral and the chief of defence staff, a four-star general. India and Greece have ties that go back hundreds of years, perhaps more, but the recent decision for a strategic partnership is a reflection of today's geopolitical situation. Geographically, Greece is close to the Suez Canal, which has military implications. Greece can play a major role when it comes to the entry of Indian industry into the European Union. Besides, there is the IMEEC or the India-Middle East-Europe Economic Corridor, decided upon during the last G20 meeting in India: Greece will play a major role in it. Cooperation between the two armed forces can be mutually beneficial. The Hellenic Air Force has the F-16, which Pakistan has and the Mirage-2000 and the Rafale, currently with India. There is some talk of going jointly to Dassault when it comes to maintenance and perhaps, even purchases. It could be easier and bring economies of scale is one argument. While both Greece and Turkey are part of NATO, the military alliance led by the United States, Ankara and Athens don't agree on all issues. And one major arms supplier to Pakistan, particularly naval weaponry including corvettes, is Turkey. All this is a clear sign that the visit by Admiral Tripathi is only the beginning. The ties between the two nations will only strengthen in the future.

2024-09-25 20:08

2024-09-25

20:08

moneycontrol.com

https://www.moneycontrol.com/news/economy-2/seaplane-ops-govt-completes-techno-economic-feasibility-studies-of-various-locations-12829644.html

Seaplane ops: Govt completes techno-economic feasibility studies of various locations

The seaplane operations are being promoted under the regional air connectivity scheme UDAN (representational image).Related stories.

The Union government has completed techno-economic feasibility studies of various locations, including Lakshadweep, for seaplane operations, and efforts are being made to set up jetty facilities for these planes, according to a senior official. Highlighting the major accomplishments of the Ministry for Ports, Shipping and Waterways in the first 100 days of the third term of the NDA government, MoPSW Secretary TK Ramachandran said that basically, the shipping ministry is looking at providing the jetty facilities for handling the land side of sea for seaplane operations. "We have done a techno-economic feasibility study across several locations, including in Andaman, Lakshadweep, West Bengal and some other places. "These reports have given us some clues on how to proceed further," Ramachandran said. Last month, Civil Aviation Minister K Rammohan Naidu said the government plans to extend the regional air connectivity scheme by another ten years and provide viability gap funding for seaplane operations. "So, along with the Civil Aviation Ministry, we are working towards reality making that a reality," Ramachandran said. The seaplane operations are being promoted under the regional air connectivity scheme UDAN (Ude Desh ka Aam Nagrik). Apart from tourism, seaplanes can also be valuable for research, environmental monitoring, coastal resource management, and coastal and island defence, among other areas. On December 12, 2017, Prime Minister Narendra Modi travelled in India's first seaplane from the Sabarmati River to Dharoi Dam in Mehsana district in Gujarat. Budgetcarrier SpiceJet conducted the seaplane trials at the Girgaum Chowpatty off the Mumbai coast on December 9, 2017. The US, Canada and Japan already have rules for the operation of seaplanes.

2024-09-25 20:06

2024-09-25

20:06

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/block-deals-bnp-paribas-financial-markets-sells-0-04-stake-in-hdfc-bank-12829639.html

Block deals: BNP Paribas Financial Markets sells 0.04% stake in HDFC Bank

Representational Image.

Over 67.36 lakh shares were traded via multiple block deals on September 25. Capacite Infraproject Subir Malhotra bought 3.75 lakh shares (0.44 percent) of Capacite Infraproject Ltd for Rs 396 per share, while Rahul Ramnath Katyal was the seller. Both are part of the promoter group. At close, the stock was trading at Rs 400.30, around 0.08 percent higher. Edelweiss Financial Services Edelweiss Employees Welfare Trust sold 18.37 lakh shares (0.19 percent) at Rs 136.05 per share. Madhusilica Pvt. Ltd was the buyer. At close, the stock was around 2.6 percent lower at Rs 133.85 Five-Star Business Finance Duro India Opportunities Fund PTE Ltd sold 5.52 lakh shares (0.18 percent) of Five-Star Business Finance at Rs 824 per share. Goldman Sachs (Singapore) PTE was the buyer. At close, the stock was trading 5.14 percent higher at Rs 812.20. HDFC Bank UBS Principal Capital Asia Limited bought 30.72 lakh shares (0.04 percent) at Rs 1,768.05 each. BNP Paribas Financial Markets was the seller.  At close, the stock was trading 0.67 percent higher at Rs 1,779.85. Pidilite Industries The Vacuum Forming Company Private Limited acquired 9 lakh shares (0.18 percent) of Pidilite Industries at Rs 3,262 per share. Promoter Ajay Balvantray Parekh was the seller. At close, the stock was trading at Rs 3,255, around 0.31 percent lower.

2024-09-25 19:58

2024-09-25

19:58

moneycontrol.com

https://www.moneycontrol.com/news/india/congress-condemns-kangana-ranauts-views-on-farm-laws-asks-bjp-to-expel-her-if-they-dont-support-her-stance-12829632.html

Congress condemns Kangana Ranaut's views on farm laws, asks BJP to expel her if they don't support her stance

Earlier, Ranaut retracted her comments, clarifying that they were her personal views and not reflective of BJP’s official stance..Related stories.

The Congress on Wednesday intensified its criticism of the BJP following remarks by its MP Kangana Ranaut, who suggested reintroducing the three repealed farm laws. The opposition demanded her expulsion if the ruling party does not align with her statements. Speaking at a rally, Congress president Mallikarjun Kharge condemned the BJP for Ranaut’s call to revive the laws, which were withdrawn in 2021 after widespread farmer protests. He warned that voters in states like Haryana would deliver a stern response to the BJP in upcoming elections. Earlier, Ranaut retracted her comments, clarifying that they were her personal views and not reflective of BJP’s official stance. She acknowledged her position as a BJP member and stated that her opinions should be consistent with party policies. The controversy erupted after the Congress shared a video on social media, featuring Ranaut's comments. In the video, she suggested the farm laws, which were in the interest of farmers, should be reinstated, claiming they would foster agricultural prosperity. Kharge, in response, slammed the BJP for failing to learn from the farmers’ protests, during which 750 farmers reportedly lost their lives. He labelled the three farm laws as anti-farmer and accused the BJP of trying to implement them again for political gain. "The Modi government used vehicles, barbed wire, teargas, and weapons against protesting farmers," Kharge said. "States, including Haryana, will respond to this insult in the elections." Kharge further criticised Prime Minister Narendra Modi and his ministers for what he called continuous disrespect toward the farmers, citing past remarks where they were labelled "parasites" and "andolanjeevi" (professional protesters). Highlighting the unmet promises of the Modi government, including doubling farmers' incomes and implementing a minimum support price (MSP) guarantee, Kharge accused the government of betraying India's food producers. He added that no relief had been given to families of deceased farmers, and their plight had been ignored in Parliament. Meanwhile, Congress spokesperson Shaktisinh Gohil also called for Ranaut’s expulsion, questioning why the BJP had not condemned her remarks. He argued that the BJP’s silence indicated its intent to bring back the farm laws. The Congress reaffirmed its support for the farmers, vowing to block any attempt to reinstate the laws, and asserted that no matter how hard Modi and his MPs tried, the "black laws" would never return. The three laws, known as the Farmer's Produce Trade and Commerce Act, the Farmers Agreement of Price Assurance Act, and the Essential Commodities Amendment Act, were introduced in June 2020 but repealed by Parliament in November 2021 following extensive protests that lasted nearly a year.

2024-09-25 19:47

2024-09-25

19:47

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sebi-sets-up-fpi-outreach-cell-to-support-seamless-access-for-foreign-investors-12829602.html

Sebi sets up FPI Outreach Cell to support seamless access for foreign investors

The FPI Outreach Cell will support FPIs in accessing Indian securities market seamlessly, said Sebi..Related stories.

Market regulator Sebi has established a dedicated Foreign Portfolio Investor (FPI) Outreach Cell, aimed at direct engagement with foreign investors, a statement said on September 25. The FPI Outreach Cell has been launched as part of the Alternative Investment Fund and Foreign Portfolio Investors Department (AFD). The Cell will support FPIs in accessing Indian securities market seamlessly, said the Securities and Exchange Board of India (Sebi). The key responsibilities of the cell will include giving guidance to prospective FPIs during the pre-application stage, including assistance with documentation and compliance processes; and offering support during the onboarding phase, and resolving any operational challenges that may arise during the registration process or thereafter. Also read:ÂSEBI's September 30 Board meet expected to have big-ticket announcements on derivatives, FPIs To reach out to the cell, foreign investors can mail fpioutreach@sebi.gov.in. The market regulator has taken various steps for ease-of-doing business for foreign investors such as extending the timeline for liquidation of securities in case of the FPI losing its registration and making it possible for FPIs to access their funds sooner. In March, the regulator issued a framework for FPIs whose registration has expired to liquidate their securities. The press statement following this announcement said, " The press release stated, "FPI registrations that expire due to non-payment of registration fee, shall now be permitted to be reactivated within 30 days from such expiry. Such FPIs shall also be permitted to dispose of their securities holdings during these 30 days. Further, in cases where the FPI chooses not to reactivate its registration within 30 days, it shall be permitted 180 days for disposal of its securities." There were further extensions given under the new framework. At a recent meeting, Sebi's Whole-time Member Ananth Narayan said that the regulator will ensure that FPIs are able to access their funds on the day of the settlement when the shorter T+1 cycle comes into effect from September 9. He also said that Sebi is creating an online tracker for FPIs so that they can see where their application is stuck.

2024-09-25 19:36

2024-09-25

19:36

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/karnataka-mulls-new-ev-policy-for-next-5-years-cnbc-tv18-12829633.html

Karnataka mulls new EV policy for next 5 years: CNBC-TV18

New projects or expansion of projects can get Production-Linked Incentive (PLI) of one percent of turnover for a period of five years..

The Karnataka government is considering a new electric vehicle policy for the next five years, while considering exempting all electric and strong hybrid vehicles under Rs 25 lakh from road tax, CNBC-TV18 reported on September 25 citing sources. The state aims to attract investments of Rs 50,000 crore in clean mobility value chain by 2029, and is considering incentives to the extent of 50 percent of value of fixed assets, the report added. New projects or expansion of projects can get Production-Linked Incentive (PLI) of one percent of turnover for a period of five years. The state government is also looking at companies getting 15 percent-25 percent capital investment subsidy and stamp duty exemptions, according to the report.

2024-09-25 19:34

2024-09-25

19:34

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/oecd-revises-indias-fy25-growth-forecast-upward-to-6-7-12829575.html

OECD revises India’s FY25 growth forecast upward to 6.7%

OECD revises India’s FY25 growth forecast upward to 6.7%.Related stories.

Indian economy will likely log faster growth at 6.7 percent in FY25 compared with 6.6 percent projected earlier, Organisation for Economic Co-operation and Development said in its Interim Economic Outlook on September 25. “Global output growth has remained resilient, and inflation has continued to moderate. Growth has been relatively robust in many G20 countries, including the United States, Brazil, India, Indonesia and the United Kingdom,” it said. The 38-member grouping of developed economies also noted that growth is expected to increase in FY26 to 6.8 percent, up 20 bps from its May forecast. “Domestic demand has buoyed activity in Brazil, India and Indonesia, but has slowed in Mexico with the services sector losing momentum,” OECD noted. On the inflation front, the OECD expects prices to rise faster, at 4.5 percent, compared with its May projection of a 4.3 percent increase. However, it noted that prices would likely inch towards the RBI’s mid-point target of 4 percent in FY26. Consumer inflation remained below 4 percent in July and August owing to favourable base effects; economists expect it to rise to 5 percent in the coming months. Earlier, on September 25, ADB retained India’s growth at 7 percent for FY25, projecting a pick up to 7.2 percent in FY26. India will likely remain the fastest-growing economy as per OECD forecasts. “Global GDP growth is projected to stabilise at 3.2 percent in 2024 and 2025, with further disinflation, improving real incomes, and less restrictive monetary policy in many economies helping underpin demand,” OECD said. However, the organisation noted that geopolitical and trade tensions could pose risks to the outlook. It was quick to point out that rising incomes could push growth further. “Reinvigorating product market reforms that promote open markets with healthy competitive dynamics is an essential step to foster stronger sustained economic growth and help alleviate longer-term fiscal pressures,” the grouping highlighted.

2024-09-25 19:33

2024-09-25

19:33

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/formal-job-creation-picks-up-in-the-first-four-months-of-fy25-12829620.html

Formal job creation picks up in the first four months of FY25

Formal employment picks up in the first four months of the fiscal.Related stories.

Formal job creation picked up for the first four months of the FY25, according to data released by the Ministry of Statistics and Programme Implementation on September 25. New subscriptions to all three social security schemes were higher for the first four months, as there was a further pickup in job creation. New subscriptions to the Employees’ Provident Fund Scheme increased by 1 percent in the first four months to 4.11 million compared with 4.07 million. The lower remunerative scheme, like the Employees' State Insurance Corporation, witnessed a more significant increase of 4.6 percent to 6.26 million compared with 5.97 million compared with a similar period in FY24. Subscriptions to the National Pension System rose 19 percent to 317,424 compared with 256,316 in April-July 2023. However, in the case of NPS, the rise was primarily due to a 26 percent increase in state and central government subscriptions. On the other hand, employment in the private sector declined by 8.9 percent. Women lose out on formal employment The increase in the EPF scheme was largely due to the fall in new female subscribers, even as male formal employment was down 0.9 percent. New enrollments in the ESIC scheme were also much higher for women than for their male counterparts. The share of women in ESIC’s new enrollments increased to 21.8 percent in April-July 2024, compared with 21 percent in 2023. The increase was much starker in EPF to 27.8 percent in 2024 from 26.5 percent.

2024-09-25 19:29

2024-09-25

19:29

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/delhi-witnessed-highest-gains-in-urban-unemployment-reduction-ap-in-salaried-job-addition-12829556.html

Delhi witnessed highest gains in urban unemployment reduction; AP in salaried job addition

Salaried jobs have increased in AP urban areas.Related stories.

Delhi, Jharkhand, and Haryana seem to have made significant progress in reducing unemployment over the last seven years, but Karnataka, Kerala and Andhra Pradesh have witnessed an improvement in the quality of jobs during this period especially when it comes to urban areas, according to a Moneycontrol analysis of periodic labour force survey data. Delhi topped the states in overall employment reduction, with the unemployment rate reducing by 7.3 percentage points to 2.1 percent in 2023-24 from 9.4 percent in 2017-18.  However, analysis shows that most of these gains, at least in urban areas, were owing to a rise in the self-employed category in the city. The number of people engaged in salaried work declined during this period. For women, the decline was nearly 5 percentage points. This distinction is important as the incomes of self-employed men in 2023-24 in urban areas were 11 percent lower than those of salaried workers. In the case of women, the average monthly earning of self-employed woman was almost half of salaried women In Delhi, the share of self-employed persons rose 5.2 percentage points to 37.9 percent, while those in salaried work declined to 56.2 percent from 61.9 percent earlier. The comparison is considered for urban areas, as the rural population tends to be predominantly engaged in agriculture, largely under the self-employed category. Southern states seem to perform better when it comes to the share of salaried workers in the economy. While unemployment reduced by 0.7 percentage points in Andhra Pradesh’s urban areas, the share of people engaged in salaried work jumped 8.9 percentage points. Home to India’s tech capital, Karnataka’s urban areas witnessed a 7.9 percentage point jump in salaried workers, even as its unemployment rate declined 2.3 percentage points between 2017-18 and 2023-24, lower than the national average of 2.6 percentage points. Kerala showed stellar results on both counts. Urban unemployment in the state reduced by 6.5 percentage points to 6.7 percent, and the number of salaried workers grew 8.5 percentage points. Kerala and Andhra Pradesh had higher unemployment rates in 2023-24 than the national average of 5.1 percent. On the other end of the spectrum, Rajasthan’s unemployment increased compared with 2017-18, and the proportion of salaried workers also fell. Bihar and Uttar Pradesh were also worse off despite significant declines in unemployment, as the proportion of salaried workers in the states shrunk. Among the 28 states analysed by Moneycontrol, 10 had over 50 percent share of salaried workers. Among the larger states, Maharashtra had the highest share, 56.8 percent, followed by Gujarat, 55.3 percent.

2024-09-25 19:28

2024-09-25

19:28

moneycontrol.com

https://www.moneycontrol.com/news/india/mva-to-transform-ladki-bahin-yojana-into-rights-based-scheme-congress-leader-prithviraj-chavan-12829622.html

MVA to transform Ladki Bahin Yojana into rights-based scheme: Congress leader Prithviraj Chavan

Chavan asserted that the Congress deserves the largest share of seats in the upcoming assembly elections, due to their recent success..Related stories.

Senior Congress leader Prithviraj Chavan has promised that the Maha Vikas Aghadi (MVA) will turn the Ladki Bahin Yojana into a rights-based initiative for women if the opposition alliance comes to power in Maharashtra. Speaking at the India Today Conclave, Chavan highlighted that Congress secured the most seats in the recent Lok Sabha elections among MVA allies, emphasising the party's significance within the coalition. Out of Maharashtra's 40 Lok Sabha seats, Congress won 13, Shiv Sena (UBT) secured nine, and NCP (SP) clinched eight. Chavan asserted that the Congress deserves the largest share of seats in the upcoming assembly elections, due to their recent success. He dismissed the need for a single leader in the MVA and expressed confidence in the alliance's chances of regaining power. Assembly elections for the 288-member Maharashtra legislature are expected in November. When questioned about the Mahayuti government’s Ladki Bahin Yojana, a financial assistance program for women, Chavan stated that the Congress supports such initiatives. He noted similar schemes exist in Karnataka and Telangana, where women receive Rs 2,000 monthly. Chavan stated that empowering women through financial aid is a Congress initiative and described the Ladki Bahin Yojana as a means of recognising the unpaid work women perform in raising the next generation. He assured that, under MVA, the scheme would be transformed into a rights-based programme in Maharashtra. On the formation of the opposition INDIA bloc ahead of the 2024 Lok Sabha elections, Chavan described it as a strategic move, though not flawless, noting that it successfully avoided a split in opposition votes. When asked about the MVA’s chief ministerial candidate, Chavan suggested that the largest party should select the chief minister, in line with past practices. However, he deferred the final decision to Congress leadership, adding that there was no necessity for a single leader within the MVA, as the alliance will present a unified manifesto. Chavan also reiterated Congress' call for the maximum number of assembly seats in the MVA, noting that the party had entered the coalition as a junior partner but outperformed its allies in the Lok Sabha elections.

2024-09-25 19:17

2024-09-25

19:17

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/tamil-nadu-govt-should-act-fast-to-resolve-the-samsung-strike-amitabh-kant-12829615.html

Tamil Nadu govt should act fast to resolve the Samsung strike: Amitabh Kant

Tamil Nadu govt should act fast to resolve the Samsung strike: Amitabh Kant.Related stories.

Make In India started the process of ease of doing business, it opened up FDI further and accelerated Infrastructure creation. Ten years on, Amitabh Kant, India’s G20 Sherpa, says that this is the beginning of the India manufacturing story and that India should not veer towards protectionism. He bats for predictability in tax policies and says that states need to work aggressively to make ease of doing business a reality. In anexclusive chatwith Moneycontrol, Kant delves into the wins for India and the challenges ahead in its manufacturing journey. The ten-year anniversary of India’s celebrated Make in India programme comes amidst a workers strike at one of Make in India’s biggest success stories. A strike by workers at the Samsung factory in Sriperumbudur has gone on for weeks. Amitabh Kant, one of the key architects and champions of Make in India, says that such incidents have the potential to hurt India’s reputation as a manufacturing destination. Edited excerpts: What would you think have been the biggest wins for Make in India and for India? The first thing I would say is that we started focusing on ease of doing business because over the years we've added so much of rules, regulations, procedures, paperwork, acts. When we launched Make in India, the first thing that we started doing was that we started automating processes, rules were rationalised, digitised, departmental procedures were merged and streamlined. And when we started, we jumped up 79 positions in the World Bank ease of doing business. But we were not doing it for World Bank, we were doing it for ourselves. So, the first year we started ranking states on ease of doing business, Gujarat came number one. The next year, Andhra beat Gujarat. The third year, Telangana beat Gujarat and Andhra. The good thing was that Jharkhand and Chhattisgarh, which were 24th and 25th, they improved a lot and they came 4th and 5th. And if you look at this year, Kerala, of all states, has come number one. So, states are competing on ease of doing business, which I think is a great thing. And we've also abolished 1,500 old laws. Now, this is remarkable. This has never been done in any country anywhere else in the world. So, first was ease of doing business. The second was opening up of foreign direct investment. We used to clear procedures on case by case basis. A huge number of bureaucratic hurdles have been done away with. The foreign investment promotion board has been abolished. The country has increasingly opened to FDI. More sectors have been opened up to the automatic route. 97% of the investment coming into the country comes through the automatic route. FDI has been opened up in defence production, construction, railway, insurance in a big way. And many sectors have seen foreign investment thresholds rising as well. In 2014, FDI stood at about close to $34-35 billion. In financial year 24, this number stood at $70 billion, but in ‘22, it had touched $84.8 billion. So, FDI was the second big thing that was done, opening up in a very big way. The third thing that we focused on was the national intellectual property rights policy, which was introduced. Overall, the IPR regime in India, and the technical manpower was strengthened by about four times. The average time taken for examination of a patent application used to be 72 months that time. It has now been reduced today to just five months now. It varies between five to about 20 months, but most of them are getting cleared within five to six months. The patent office is granted over 1,00,000 patents in 24 compared to just 40,000 in financial year 2014. Trademark registry is committed to issue the examination report within 30 days post receiving the trademark application. The period of examination of trademark application has reduced from 13 months to less than 30 days. So, these are far reaching measures that were taken as far as the make in India was concerned, and that gave a major thrust. And then, we introduced the production linked incentive scheme. And the PLI schemes were launched across 14 sectors. And we've had investment over Rs 1.23 lakh crore being realised till March 2024. So, this has been really the story. When we talk about the PLI schemes, I think that's something that is a given and it's been documented also that's giving manufacturing a big push specifically in the electronic sector. I just want to get a sense from you on why is it that the scheme has been more successful in certain sectors, and not as successful in some other sectors? Yeah. So, Shweta, you know, it covers across 14 sectors. The objective of production linked incentive scheme was to create global champions. Let's get it clear that global champions would also mean that there will be backward forward integration, you will have MSMEs, you will have smaller players. When Maruti came in, you had a number of MSMEs also coming in. And the intention was that you will have four or five large champions in each sector. The scheme was originally conceptualised within NITI Aayog, it had clear benchmarks, that you will go big, bigger, biggest, five years, you keep raising the production, and you have to achieve it. Now, India's smartphone exports have seen huge, huge growth since then, they've touched a value of about $15 billion. And today, smartphones are actually emerged as the fourth biggest exporter in a very short time. Now, this scheme has also succeeded in several other areas. But I'm sure that this will succeed in many, many more areas. But the gestation period was about three years. So, it will succeed in battery manufacturing, it will succeed in automobile manufacturing, it will succeed in many more areas, probably a year or two more, you'll have to wait to see the size and scale. The other challenge has been that some ministries never thought big. In some sectors, the intention was to create global champions, they didn't want to create large champions. So, it has worked, including in food processing and textile, where it has created jobs, but it does not create a big champion. But the objective should be to create large champions. And I see this happening in the $10 billion incentive scheme to build semiconductor display design ecosystem in India. It has worked in air conditioning sector, it has worked in many, many sectors, and you will see many more good results coming out in the future. So, you're saying some of these ministries were a little more focused on building domestic champions, such as textiles and food processing. That's right, because they are job creating sectors, the employment became the objective. Whereas, the objective with which we had started was that we create some large champions, the large champions will grow in size and scale, and they will have a backward forward integration with MSME, they will in turn, create many more jobs. Now, that can happen in sectors like mobile manufacturing, that can happen in large industrial areas, that can happen in electronic manufacturing. In some other sectors, you do not have such large champions, but we'll have this when gigafactories are getting created. But as a consequence of the PLI scheme today, you have almost about 100 gigawatt of battery manufacturing being announced in this country. So, you will see India emerging as a champion of battery manufacturing, you'll see India emerging as a champion of electronic manufacturing, you'll see India emerging as a champion of EV manufacturing in due course, it'll take one or two more years, but two years down the line, you'll have many more large success stories. I want to bring in your thoughts on China. So with the pandemic, there was this whole China plus strategy that a lot of countries were looking at. However, India could have capitalised on that opportunity in a more aggressive manner. In terms of its progress in capitalising or building on that opportunity, it could not do so, it could do so in some sectors, but in many others such as textiles, it couldn't. So, going forward from here, what are the big opportunities that you see for India? Do you think India still has that window open? And specifically, what sectors do you think can really build on this, getting the world to make in India? No, you have a huge window of opportunity open, you're growing at about 8.2%. China is growing at 3 to 4%. So, you will see a lot of China is going to become a more complex nation, it'll have less of predictability and consistency of policies. You will see a lot of manufacturing shifting to India in due course, India is a very large country, some manufacturing may have gone to Vietnam, but India's domestic market will give you that potential to do many more manufacturing. So, in the next five to six years, you'll see a lot of new investments coming into India. The challenge is that even today, if you look at the top 30 companies of USA, almost 75 to 90% of the manufacturing still is in China. And that will take some more time to come to India. But you will see many more fresh investments coming into India. And my view is that India has been rather futuristic in some of these areas. You know, starting the India AI Mission with over Rs 10,000 crore, starting the National Quantum Mission with Rs 6,000 crore, starting the Semiconductor Mission with RS 76,000 crore and the Green Hydrogen Mission, all of these will lead to a lot of fresh investments in India. I foresee that in due course, India will see a lot of more investment moving to India, as it has done in the case of electronic and the smartphone sector. And the reason why I say this is because India is the only country with a huge, large size and scale of market, domestic market. And therefore, my view on manufacturing is that the best is still to come for India. I want to bring in your thoughts on several policy measures that we've taken, we've raised trade barriers, there's been a certain degree of protectionism, not only from India, but from across the world. So, as the world gets more protectionist, how do you see that panning out for India? And do you think trade protectionism is a good way forward for India if it wants to become a competitive manufacturing destination? No. So my belief is that India should never be protectionist. Every time India has grown at 9 to 10%, it has grown when exports have grown. So, India must penetrate global markets, India must export in a very big way. The only way for us to grow over a three-decade period at 9 to 10% is through exports. Japan, Korea, Taiwan, China, all have grown on the back of exports. Exports are the key to our growth strategy. And therefore, India cannot afford to be protectionist, it must be a very innovative nation as far as exports are concerned. If you want to be an integral part of global value chain, you should be able to import at low prices and import your components at low prices, import your inputs at low prices, do value addition, and then export to the global markets. That's the way global value chains happen. And that's the way it's happening in the case of smartphones. That is why you are becoming a major manufacturer. Now, don't expect value addition in India to take place overnight, it'll take three to four years. And when you spread it over three to four years, India will also become a component manufacturing nation. So, what you will see in due course is that India will become a component manufacturing nation, it may take you three to four years, you may have to go through a route of being a joint venture partner with some of these companies. But over a period of time, that is the way to gradually build up your manufacturing over a period of time. Because that's the way China became, it was tied up with Japanese companies, it tied up with Taiwanese companies, it tied up with German companies to push manufacturing there. And over a period of five to six years, it started doing component manufacturing and became the manufacturing centre for the rest of the world. So, what you are seeing in India today is the beginning of the manufacturing process, it'll take you another four to five years to do component manufacturing. China is a creation of America, the American companies outsourced all their manufacturing to China, America lost the art of manufacturing. America is now trying to get manufacturing back in high value added sectors, through the Inflation Act, the Inflation Reduction Act, through the CHIPS Act, it is trying to get manufacturing backs. And what you will see in India is that on the basis of competitiveness, India will get manufacturing back. Now, why it will get manufacturing back is because it has focused on ease of doing business, it has focused on building manufacturing areas like the industrial corridors, and it'll get manufacturing back because it has focused on innovation. So, the new areas of growth, AI mission, etc, will enable you to do that. And the fact that you are now building industrial corridors, that is creating 12 new industrial towns with plugs and play facilities for industries, large parcels are being made available, like you've created in the part of the Delhi-Pune corridor, you've created Dholera. Now, all this is a creation of world-class infrastructure, which will enable you to bring in manufacturing into India. So, it will be plug and play. And the other big thing that will happen is that India has invested in infrastructure. The central government capex has jumped from 1.7% of GDP to about 3.4% of GDP between 2014 and 2024. Now, that means that India has made expressways, roads, highways, we are the only country which is making about eight airports, we are building about close to 30 kilometers of road, we are doing about 12 kilometers of railway tracks per day, and 30 kilometers of roads per day. And this, our position in the World Bank logistic position has improved radically. And to my mind, this creation of infrastructure, this ease of doing business, these corridors, all will lead to very huge results in the coming days. We've taken a very strident view on China, and we've been discouraging a lot of our businesses to get imports from China. Do you think we should look at this from a very practical perspective, this whole engagement with China, and maybe we should ease up on our imports on China, we continue to import a lot from China. But when it was, so there are approvals that have been put in place and so on. So, just want to get a sense from you on does India need to do a rethink on that? The Press Note 3 was issued when we had a border challenge with China. And that was necessary, it was called for. It was called for because after 2014-15, we had allowed Chinese companies to come into India. But if a neighbouring country creates challenges on the border with you, you have to act. And India acted very strongly, took action on many of their app companies, many of their software companies, India took action on many of the investment companies. Now, India, to my mind, it is better to see that investments come from China rather than increasing our imports from China. It's better that we are able to bring in larger scale of investments rather than just importing from there, so that there is greater level of investment, there's greater level of value addition within India itself. And for that, I think the government will keep calibrating policy as the position on border improves over a period of time. Talking about ease of doing business, in the last several months, we've seen a whole host of GST notices, income tax notices being sent to a lot of companies, small, medium, upcoming sectors, startups, and so on. So somewhere, when an environment is that you see the tax administration go into an overdrive, it really undoes a lot of the ease of doing business perception and the work that's gone into it. Because currently, a lot of businesses are struggling with this. They have to deploy a lot of their time, energy, resources into contesting these tax notices and so on. Where are we on this? Do you think GST council needs to take a view on this? Do you think the finance ministry needs to take a view on this? So, it's very important that if we want to become a manufacturing nation, then the tax policies have to be very predictable, very consistent. And it has to be done with a long term perspective in mind that India needs to become a very easy, very simple nation. Processes must get fully automated. Rules need to be rationalised and digitised. And the departments must make sure that they don't overstep this because they do long term damage to India becoming a manufacturing nation. Nobody is more aware of this than the minister, irmala Sitharaman, because she's also been the industries and commerce minister herself. And she has acted very promptly whenever such a challenge has arisen. In my view, the challenge is not so much with just the government of India. I think the states now need to actually dismantle a lot of rules, regulation and procedures. All states must compete with each other to become easier and simpler. And that will enable a lot of more investments to come in. The action really has to be at the state level right now. So, currently, even as we recount all the successes of Make in India in terms of the targets that Make in India has set for itself in terms of creating employment, increasing the share of manufacturing and national GDP and so on, it continues to lag behind. So, what next for Make in India? How do we make Make in India an engine of growth of jobs and of course, of building global champions? What would be your reforms prescription from here on, not only for the policymakers, but also for businesses? I think the production linked incentive schemes must get fully implemented speedily. That's critical to be able to build an ecosystem for manufacturing across these 14 sectors. The second would be that we should push for the early creation of new industrial towns with plug and play facilities for industries, so that land parcels are made available for allocation. The third would be that states must push for greater ease of doing business in a very big way. That's very important. The fourth would be that I personally feel that the FDI regime should be opened up more in many other sectors, including insurance, etc. And we need to give it a far more vigour and energy and approach each one of those companies which has not invested. Fifthly, I would say that we need to push the national infrastructure pipeline in a very big way, because the more you push for infrastructure, the better it is. And lastly, I would say that the new missions created by India, the National Quantum Mission, the AI Mission, the Semiconductor Mission, and the Green Hydrogen Mission will be the key driver in cutting-edge areas of growth. And the last point I want to make is that India needs to become a very innovative nation. That is very critical. The private sector investment on research and innovation is still very low as compared to other countries, and therefore the government putting in about a lakh of crores for research and innovation for sunrise sectors, that scheme needs to be now vigorously implemented, because that will make India a very innovative nation for the future as far as manufacturing is concerned. Innovation is the key, and our ability to push for innovation will also lead to bringing in a lot of more talent into India, and talent will then attract investments. In terms of ease of doing business, what are the key three things that you would like to see the government to really act on, which you think could be a game changer in giving investors more confidence in investing in manufacturing facilities? So, the first and foremost would be to scrap all rules, regulations, procedures, which have been put in place. Look at them in a suo moto manner, completely afresh. Secondly, decriminalise all these outdated rules and regulations that have been put into place. Thirdly, implement the labour laws that have now been passed by the parliament, which are pending with the state governments, implement them on a very fast, rapid manner. And fourthly, I would say is that create at least 10 champion states, which will drive India's growth story. If India grows, if India has to grow at 9 to 10 percent, you need 10 states to grow at rates of 10 percent plus. So, these 10 states would be very critical for India to be able to grow at high rates in the coming years. And it's very important that we have 10 champion states. We are seeing protests right now at the Samsung facility in the South where the workers are protesting and the strike has gone on for a very long time. In incidents like these, labour reforms have always been a contentious issue. They're politically also very fraught with challenges. How do incidents like these pan out for India, for its perception as a country where you can come and do business and build value? No, it needs to be sorted out by the state government on topmost priority. It's the labour strike has just begun a couple of days back. This is happening in Sriperumbudur and the Tamil Nadu government needs to put all its machinery behind it and sort it out because a lot of investments in automobile, electronics, etc. have gone into Tamil Nadu. If it has a spiralling effect, it will have a detrimental impact on India's manufacturing and on India's image. So, the state government must take the responsibility and set it right on topmost priority.

2024-09-25 19:06

2024-09-25

19:06

moneycontrol.com

https://www.moneycontrol.com/news/business/india-should-never-be-protectionist-amitabh-kant-12829603.html

India should never be protectionist: Amitabh Kant

India’s G20 Sherpa Amitabh Kant.Related stories.

On the 10-year anniversary of Make in India, Amitabh Kant, India's G20 Sherpa says that for India to grow at 9-10%, it will have to grow its exports and that India should never be protectionist. As India enters its 10th year in pitching Make in India to the world, one of the champions of Make in India says that even as India builds its indigenous capacities and gets the world to Make in India, it should not veer towards protectionism. India has built a tariff wall in the last decade. A paper by former chief economic adviser Arvind Subramanyan noted that India had witnessed 3,200 tariff increases. The tariffs have risen on an average to around 18%, higher than other countries such as China, Vietnam and Bangladesh. Amitabh Kant, India's G20 Sherpa is of the view that if India has to grow it has to export to the world. "So my belief is that India should never be protectionist. Every time India has grown at 9 to 10%, it has grown when exports have grown. So India must penetrate global markets, India must export in a very big way. The only way for to grow on a three decade period at 9 to 10% is through exports. Japan, Korea, Taiwan, China, all have grown on the back of exports. Exports are the key to our growth strategy. And therefore, we, India cannot afford to be protectionist, it must be a very innovative nation as far as exports are concerned." Also read | Tamil Nadu govt should act fast to resolve the Samsung strike: Amitabh Kant He added that India needs to target becoming an integral part of global value chain. "You should be able to import at low prices and import your components at low prices, import your inputs at low prices, do value addition, and then export to the global markets. That's the way global value chains happen. And that's the way it's happening in the case of smartphones. That is why you are becoming a major manufacturer. Now, don't expect value addition in India to take place overnight, it'll take three to four years. And when you spread it over three to four years, India will also become a component manufacturing nation." He added that the journey of India becoming a component manufacturing nation may take a few years and India could have to go the route of a joint venture with some companies. But over a period of time India will build its manufacturing. "Because that's the way China became, it was tied up with Japanese companies, it tied up with Taiwanese companies, it tied up with German companies to push manufacturing there. And over a period of five to six years, it started doing component manufacturing and became the manufacturing centre for the rest of the world. So what you are seeing in India today is the beginning of the manufacturing process, it'll take you another four to five years to do component manufacturing. China is a creation of America, the American companies outsourced all their manufacturing to China, America lost the art of manufacturing. America is now trying to get manufacturing back in high value added sectors, through the Inflation Act, the Inflation Reduction Act, through the CHIPS Act, it is trying to get manufacturing back," he added. You can watch the full conversation with Amitabh Kant here:ÂAmitabh Kant on India's Mega Manufacturing Push and 10 years of Make in India

2024-09-25 19:04

2024-09-25

19:04

moneycontrol.com

https://www.moneycontrol.com/news/business/euler-motors-enters-electric-lcv-market-launches-storm-ev-at-rs-8-99-lakh-12828874.html

Euler Motors enters electric LCV market, launches Storm EV at Rs 8.99 lakh

Euler Motors has launched two Storm models — the Storm EV T1250 and the Storm EV LongRange 200..Related stories.

Electric vehicle (EV) manufacturer Euler Motors has entered the light commercial vehicle (LCV) segment with the launch of its first four-wheeler EV on September 25. The New Delhi-based EV startup, which sells electric three-wheelers, has introduced two Storm EV trims developed to serve inter and intra-city travel requirements. Introduced at a starting ex-showroom price of Rs 8.99 lakh (Delhi), the electric LCV has a payload capacity of around 1,250 kg and will be available in two trims- Storm EV and Storm EV Long Range. The Long Range variant of this model that is meant for intercity application has a claimed range of 200 km with a 30kWh battery. The Storm EV  (T1250 and T1250 Armoured variants) offer a 140 km range with a 19 kWh battery. “For us it was the right time to launch this vehicle. That because we need to hit the price parity, performance and efficiency, similar to an ICE vehicles. We came up with a ground up EV rather than retrofitting an existing ICE truck,” Euler Motor’s Founder and Chief Executive Officer Saurav Kumar told reporters on the sidelines of launching the product. The EV startup has spent Rs 100 crore for the development of this model, which will have an initial production capacity of 1,000 units per month. It will introduce the two models in seven major cities, including Delhi, Chennai, Mumbai and Hyderabad and later take them to other cities where it operates. He stated that EVs account for less than a percent of the overall small commercial vehicles (SCV) sales in the country. "In three-wheelers, we have been able to take 20 percent market share in the cities where we operate. We would like to take a similar kind of percentage even in the small commercial vehicle vertical," Kumar said. In the electric light commercial vehicle segment, Euler Motors will now be taking on traditional players such as Tata Motors, Mahindra and Mahindra (M&M), and Ashok Leyland-owned Switch Mobility. When asked to share the sales target for the new vehicle, he said that the company would like to grow the overall electric SCV segment and then push for market share similar to the one it has in the electric three-wheelers. The SCV range would be rolled out from the company's Palwal, Haryana-based facility. The company has recently announced that it has invested Rs 100-crore for this facility, which has a capacity to produce 36,000 units per year. In May, Eulerraised Rs 200 crore in a series C funding round. Existing investors such as British International Investment, Blume Venture and new investor Piramal Alternatives India Access Fund led the round, the company said. Asked if an IPO was on the cards, Kumar said, "Every founder wants to build a company that makes an impact, generates returns for the shareholders and the board members. So, it's something that you definitely look forward to but it's still early in our journey." "Right now, we are launching the product. We would want to grow this segment and then hopefully over a period of time, think about it."

2024-09-25 19:00

2024-09-25

19:00

moneycontrol.com

https://www.moneycontrol.com/news/business/thar-roxx-4x4-variants-priced-between-rs-18-79-22-49-lakh-12829607.html

Thar ROXX 4x4 variants priced between Rs 18.79-22.49 lakh

Thar ROXX - powered by 2.2L mHawk diesel engine - is available in two power configurations, the 4x4 MT options delivers 111.9 kW and 330 Nm of torque, while 4x4 AT offers 128.6 kW and 370 Nm of torque..Related stories.

Mahindra and Mahidnra has priced the 4x4 variants of the new Thar ROXX in the range of Rs 18.79 lakh up to Rs 22.49 lakh (ex-showroom), on an introductory basis. The 4X4 range begins with the MX5 MT at Rs 18.79 lakh, and goes up to Rs 22.49 lakh for the AX7 L AT. The 4WD option will be available in diesel powertrain while the petrol variant only gets a 4x2 setup. Thar ROXX - powered by 2.2L mHawk diesel engine - is available in two power configurations, the 4x4 MT options delivers 111.9 kW and 330 Nm of torque, while 4x4 AT offers 128.6 kW and 370 Nm of torque. Both models come with either a 6-speed manual or automatic transmission. M&M aims to make Thar brand the leader in the midsize SUV over the next three to five years. It may also introduce new products under the brand over the next few years to cater to different sets of customers. “Around 45 percent of the SUV market is contributed by models that are priced above Rs 12.5 lakh and we have a market share of 27 percent. So what is the opportunity that gets presented to us to make the Thar portfolio the number one brand over the next three to five years in the more than Rs 12.5 lakh price point," Mahindra & Mahindra (M&M) Executive Director and CEO for auto and farm directorRajesh Jejurikar had told reporters at the launch of Thax ROXX in August. Jejurikar said Thar Roxx has been designed as a mainstream SUV, keeping in mind the needs and requirements of the buyers in the segment. Whileacknowledging some cannibalisationbetween the two versions - Thar and Thar ROXX -Jejrurikar stated that it has taken adequate measures to ensure that Roxx doesn’t eat into Thar’s sales. Read More:ÂMahindra Thar Roxx: All about price, variants, features M&M has invested around Rs 1,100 crore in the development, including creating additional production capacity for the five door Thar. According to Ravi Bhatia, MD, JATO Dynamics India, an auto analytics firm, "The Thar family could achieve monthly sales of 8,000-9,000 units. This launch, along with M&M's planned electric vehicle releases, indicates a strong push in the mid-to-premium SUV market."

2024-09-25 18:58

2024-09-25

18:58

moneycontrol.com

https://www.moneycontrol.com/elections/assembly-election/maharashtra/big-leader-from-key-party-may-join-sharad-pawars-ncp-claims-ahead-of-maharashtra-polls-article-12829597.html

'Big leader from key party may join': Sharad Pawar's NCP claims ahead of Maharashtra polls

Pawar faction of NCP was determined to unseat the ruling Mahayuti alliance in Maharashtra in association with its allies, the Congress and Shiv Sena (UBT)..Related stories.

The Nationalist Congress Party (Sharadchandra Pawar) on Wednesday claimed that a prominent leader from another political party may join the party, according to Indian Express. The party’s Maharashtra unit president Jayant Patil made the claim in Nashik but did not reveal the party or the leader’s name. “It will be revealed at the appropriate time,” he said. Patil said the Pawar faction of NCP was determined to unseat the ruling Mahayuti alliance in Maharashtra in association with its allies, the Congress and Shiv Sena (UBT). According to reports, the NCP (SP) has been saying many leaders have expressed interest in joining the party ahead of the Assembly elections. The NCP (SP) claimed that there was massive discontent among the people regarding the way the Mahayuti had functioned so far. “The alliance of the BJP, the Shiv Sena (Shinde faction) and the NCP led by Ajit Pawar will not secure more than 100 seats,” NCP (SP) spokesperson Mahesh Tapase told Indian Express. He also cited the Maharashtra electorate’s resentment towards the central BJP leadership as a key factor for the alliance’s declining support. “There is visible resentment against the central leadership of the BJP. Each time these leaders visit Maharashtra, the Mahayuti’s support base erodes further,” Tapase said. Tapase also mentioned Union Home Minister Amit Shah’s recent visit to Nagpur. During his visit, Shah urged BJP workers to increase their vote share by 10 per cent to ensure the alliance’s victory. Tapase told IE that Mahayuti’s vote share would decrease by 20 per cent as the voters were increasingly disillusioned with the BJP’s “power-hungry” approach. “The BJP has relied heavily on its central leaders to boost its electoral performance in Maharashtra, but the people of this state are no longer interested. They want accountability, development, and jobs, which the Mahayuti has failed to secure. Luring away MLAs of Uddhav Thackery and Sharad Pawar to make an unconstitutional alliance in Maharashtra has not gone well with people of the state,” Tapase told IE. Maharashtra Chief Minister Eknath Shinde said the state assembly polls are expected to be held in the second week of November and seat-sharing among the ruling allies would be finalised soon.

2024-09-25 18:58

2024-09-25

18:58

moneycontrol.com

https://www.moneycontrol.com/news/india/why-jharkhand-cm-hemant-soren-accuses-rss-of-rat-like-invasion-and-claims-bjp-buying-jharkhand-leaders-12829600.html

Why Jharkhand CM Hemant Soren accuses RSS of 'rat-like' invasion and claims BJP buying Jharkhand leaders

Speaking at a rally in Bhognadih, Sahibganj, Soren alleged the BJP was sowing division between Hindus and Muslims..Related stories.

Jharkhand Chief Minister Hemant Soren on Wednesday likened the Rashtriya Swayamsevak Sangh (RSS) to "rats" and accused the BJP and RSS of trying to destabilise communal harmony for electoral advantage in the state. Speaking at a rally in Bhognadih, Sahibganj, Soren alleged the BJP was sowing division between Hindus and Muslims. He specifically pointed to Assam Chief Minister Himanta Biswa Sarma’s role in these tensions. "RSS is creeping into the state like rats and causing destruction," Soren said in a virtual address from Ranchi. He urged villagers to reject those entering their communities with "handia" and "daru" (local liquor), accusing them of attempting to stir communal unrest ahead of elections. Soren further warned of rising provocations by the BJP, such as incidents involving the throwing of meat into religious places, aimed at creating tension between communities.Claims of Communal DisharmonyThe Chief Minister criticised the BJP as a party aligned with traders and industrialists. He suggested they are buying political figures for their electoral gain. This was a veiled reference to former Jharkhand Chief Minister Champai Soren, who recently joined the BJP after expressing dissatisfaction with the Jharkhand Mukti Morcha (JMM). Soren dismissed the BJP’s accusations of demographic changes in Jharkhand, urging them to examine data from neighbouring West Bengal instead. Soren also took aim at Assam's Chief Minister Himanta Biswa Sarma, questioning his presence in Jharkhand while tribal communities in his own state continue to suffer from numerous atrocities.

2024-09-25 18:57

2024-09-25

18:57

moneycontrol.com

https://www.moneycontrol.com/news/india/delhi-cm-atishi-get-z-category-security-12829610.html

Delhi CM Atishi gets 'Z' category security

Delhi chief minister Atishi.

Delhi Police has accorded 'Z' security cover to Atishi, days after she was sworn in as the chief minister of Delhi, official sources said on Wednesday. On Saturday, she was provided security cover, which include a pilot, in her convoy by the Delhi Police. According to protocol, Delhi’s chief minister is entitled to ‘Z’ category security cover on the directions of the Ministry of Home Affairs. Delhi Police deploys 22 personnel in shifts for a ‘Z’ category protectee. The 'Z' category security also include PSOs, escorts and armed guards. A police source said her security may be further reviewed by central agencies on the direction of MHA after threat assessment.

2024-09-25 18:55

2024-09-25

18:55

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/pevcs-rush-to-get-lucrative-exits-through-ipos-as-markets-trade-at-record-high-levels-12829531.html

PE/VCs rush to get lucrative exits through IPOs as markets trade at record high levels

PE/VCs rush to get lucrative exits through IPOs as markets trade at record high levels.Related stories.

Private equity and venture capital firms are showing renewed interest in capitalising on the optimism in the secondary markets, with the benchmark indices hitting fresh record highs. Data shows that the share of offer for sale (OFS) – shares offloaded by existing investors like PE/VCs and others -- in the overall IPO mobilisation this year has inched higher than the quantum of fresh capital raised. This was not the case till a couple of months back as the share of fresh capital was higher. In 2024, the share of OFS in the total issue size was at 50.37 percent as compared to fresh issue percent of 49.63 percent. Offer for sale portion of an IPO refers to the chunk of shares that are sold by existing shareholders of the company and the proceeds of such shares goes to the selling shareholders. Fresh issue of shares, on the other hand, brings the money to the company’s books that can be used for capex and other things. Of the 50 issues that have been launched this calendar year till August, the total amount raised through OFS stands at Rs 26,924 crore, slightly surpassing the Rs 26,528 crore garnered from fresh issue of shares, according to data from Prime Database. This assumes significance as the trend has reversed only recently -- till July, the share of fresh issue of shares was higher. As of July 31, 43 firms had secured around Rs 47,872 crore via IPOs; out of which 51.51 percent was from fresh issues. Fresh issues alone brought in around Rs 24,657 crore, while Rs 23,214.67 crore was raised via OFS during the same period. “Currently, the IPO segment is looking very lucrative and going ahead we could also see fund raising happening a lot more via OFS,” said Kranthi Bathini of Wealthmills Securities. He added that, going ahead, OFS pipeline looks better as a lot of public sector companies are also lined up for OFS. However, historically, the amount raised through fresh issues has always trailed behind that raised via OFS. In 2023, fresh capital raised amounted to Rs 20,662 crore, compared to Rs 28,772 crore through OFS. Similarly, in 2022, fresh issues brought in Rs 17,658 crore, significantly lower than the Rs 41,642 crore raised through OFS.

2024-09-25 18:54

2024-09-25

18:54

moneycontrol.com

https://www.moneycontrol.com/news/india/ship-building-clusters-to-come-up-in-five-states-says-union-minister-sonowal-12829604.html

Ship-building clusters to come up in five states, says Union Minister Sonowal

Ship-building clusters to come up in five states, says Union Minister Sonowal.Related stories.

Ship-building and ship repair clusters will be established in five states including Gujarat, Andhra Pradesh and Maharashtra, Union Minister for Ports, Shipping and Waterways (MoPSW) Sarbananda Sonowal said on Wednesday. Recognizing the strategic importance of shipbuilding and ship repair, the ministry is developing dedicated clusters in Maharashtra, Kerala, Andhra Pradesh, Odisha, and Gujarat, Sonowal said while highlighting the major accomplishments of his ministry in the first 100 days of the third term of the NDA government. In the next five years, the ministry projects container handling to reach an impressive 40 million TEUs (twenty-foot equivalent unit), creating 2 million job opportunities across the country. Jawaharlal Nehru Port Authority (JNPA) alone will scale up its handling capacity from the current 6.6 million TEUs to 10 million, he added. The minister also said that 3,900 acres of land has been allotted in Deendayal Port Authority (DPA) and V. O. Chidambaranar Port Trust (VoCPA) for setting up of hydrogen manufacturing hubs. This will attract more than Rs 5 lakh crore worth of investment in the coming years, he added. He also said JNPA is going to become the first Indian Port to attain a Container Handling Capacity of 10 million TEUs in the coming months Sonowal said International Container Transshipment Port (ICTP) at Galathea Bay, Great Nicobar Island, which will serve as a major transshipment hub. After 25 years since the establishment of Kamarajar Port, the addition of Vadhvan Port marks a significant milestone in India's maritime journey, alongside the recent notification of Galathea Bay as a major port," he said. He underscored the foundation of Vadhvan Port, India’s first major port project of the 21st century, poised to become one of the largest all-weather deep-water ports with a capacity of 298 MMTPA. According to him, this mega port is expected to create 1.2 million employment opportunities and place an Indian port among the top 10 container ports globally, significantly improving international shipping connectivity and reducing transit times and costs.

2024-09-25 18:50

2024-09-25

18:50

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/fpis-betting-big-on-debt-nearly-10-bn-invested-in-debt-in-fy25-so-far-shows-data-12828879.html

Nearly $10 bn invested by FPIs in debt in FY25 so far, shows data

Foreign investment in China and Russia has reduced due to political and economic concerns, with many FPIs now viewing India as a top alternative..Related stories.

Net inflows from foreign portfolio investors (FPIs) into Indian debt instruments have surpassed those into other asset classes for the first time since FY20, driven by India's inclusion in the JPMorgan bond index and anticipated interest rate cuts by the US Federal Reserve. Data from NSDL shows that 53 percent of the total FPI flows in the current financial year have gone into debt – including both direct investments and through mutual funds – with the total quantum of such flows pegged at nearly $10 billion -- $9.6 billion to be precise. This, according to a report by SBI Caps Research, has happened for the first time since FY20 due  to increased chances of US Fed rate cut bets and unwinding of Japan carry-trade, along with a secular shift to debt securities. Market experts attribute this trend to a combination of factors, including India’s inclusion in the JPMorgan bond index, the Fed rate cut expectation and opportunities for investing in India among other things. “Debt inflows have increased significantly in the past year, and 2024 will be one of the best years for such flows,” said Sandeep Yadav, Head - Fixed Income, DSP Mutual Fund. India began its inclusion in the JPMorgan index in June 2024, with a planned 1 percent weight increase per month over 10 months. “If we look at the last five years, FPI flows into Indian debt were mostly negative or negligible. In the last two months alone, India received approximately Rs 20,000 crore in debt inflows, equivalent to $2-2.1 billion. This shift marks consistent growth in FPI flows, largely driven by the index inclusion,” said Mahendra Kumar Jajoo, CIO - Fixed Income, Mirae Asset India Investment Managers. Meanwhile, FPIs can invest in debt through four ways - General limit, VRR, FAR and through mutual funds. Under VRR, FPIs must retain a portion of their investments in India for a specified period, (typically around three years). VRR offers relaxed regulations compared to standard FPI routes, such as exemption from certain investment caps and more flexibility in repatriating capital. On the other hand, FAR or Fully Accessible Route permits unrestricted foreign investments in specified government securities. Under FAR, certain government bonds are made fully accessible and allows FPIs to invest without any investment limits. While the total net quantum invested in debt for FY25 stands at $9.6 billion, the instrument-wise investment was: general limit ($6.3 billion or Rs 53,498 crore), VRR ($0.8 billion or Rs 7,295 crore), FAR ($2.4 billion 0r 22816 crore), and debt mutual funds ($0.1 billion or Rs 827 crore). The most significant category in debt for FPIs has been under the FAR (Fully Accessible Route) limit.  According to experts, Indian government securities have received the largest inflows, particularly in the 5-10-year maturity range. Apart from the index inclusion, other key drivers, as per industry experts, include India’s improving fiscal position. "India’s fiscal deficit has reduced from 5.1 percent to 4.9 percent, and it’s expected to decline further to 4.5 percent next year. A stable currency and healthy forex reserves have added to the positive outlook,” said Marzban Irani, Chief Investment Officer - Fixed Income - LIC Mutual Fund. In a similar context, Yadav added, "Other factors such as issues with other emerging markets like China have also given a tailwind to Indian inflows." Foreign investment in China and Russia has reduced due to political and economic concerns, with many FPIs now viewing India as a top alternative. "Russia's situation due to the Ukraine conflict and China’s economic slowdown are diverting flows towards India. The FPIs are now looking for an alternative and India is obviously one of the top choices now for different reasons, including the economic strength, improving fundamentals, improving fiscal situation etc.," Jajoo said but added that these were smaller drivers. What's next Experts believe that these flows are expected to continue. "For the next few months, JPMorgan index-related fund inflows are expected. Additionally, easing monetary policy in the US and other countries will continue to support these flows," Yadav said. On potential risks within the debt space, Yadav added that there is no risk from the inflows expected from JPMorgan's inclusion. "However, if the U.S. Federal Reserve eases monetary policy more slowly than expected, we could see fewer active inflows," he said. "With the global environment becoming supportive of lower rates and the Reserve Bank of India likely to cut rates early next year, continued inflows are very likely," said Jajoo.

2024-09-25 18:45

2024-09-25

18:45

moneycontrol.com

https://www.moneycontrol.com/news/india/grave-injustice-rahul-gandhi-reiterates-congress-statehood-promise-to-jammu-and-kashmir-12829605.html

‘Grave injustice’: Rahul Gandhi reiterates Congress’ statehood promise to Jammu and Kashmir

Congress leader Rahul Gandhi held two public rallies in Jammu and Kashmir on Wednesday. Photo Credit: X/@INCIndia).Related stories.

Congress MP and Leader of Opposition in Lok Sabha Rahul Gandhi on Wednesday reiterated his party’s promise to restore statehood to Jammu and Kashmir and vowed to take up the fight for it in parliament and on the streets. Addressing an election rally in Jammu, Rahul said the BJP-led government at the Centre snatched away statehood from the former state in its bid to run the region through the Lieutenant Governor (L-G), and thereby deprive the people of the prosperity they were entitled to. “Until the Lieutenant Governor is here, outsiders will continue to get benefits at the expense of the people of Jammu and Kashmir,” he said.@RahulGandhi- - -pic.twitter.com/CSWDJbxTd3Congress (@INCIndia)September 25, 2024 Rahul’s rally held today coincided with the second of the five phases of polling underway in the Jammu and Kashmir Assembly elections, the first since the abrogation of Article 370 of the Constitution and the bifurcation of the state into two union territories. “We will ensure statehood and then the government will protect local industries. The doors of banks will be opened for common people,” Rahul said, adding that the elections this time were for the rights of the people of Jammu and Kashmir. “It was grave injustice with the people,” he said, referring to the bifurcation of the state and its downgrade to a union territory. Rahul said that while there have been instances in the history of India since independence that saw union territories being made states and states being divided into two, it was the first time a state downgraded to a union territory. Claiming that the rights of the people of J&K were snatched, Rahul vowed to deploy the full might of the Opposition’s INDIA bloc to ensure that statehood is returned to Jammu and Kashmir. “We thought that the statehood would be restored before elections and it was the right way but they went for polls first,” he said. “If the BJP does not do it for any reason, then the first job under the INDIA government will be to give statehood because this is your right,” he added. Elections in Jammu and Kashmir are being held in five phases and the results will be declared with that of the Haryana Assembly polls on October 8.

2024-09-25 18:45

2024-09-25

18:45

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/fiis-net-sell-shares-worth-rs-974-crore-diis-net-buy-rs-1779-crore-12829584.html

FIIs net sell shares worth Rs 974 crore, DIIs net buy Rs 1,779 crore

In the year so far, FIIs have net sold shares worth Rs 1.24 lakh crore, while DIIs have bought 4.02 lakh crore shares..Related stories.

On September 25, Domestic Institutional Investors (DII) net bought shares worth Rs 1,779 crore. On the other hand Foreign institutional investors (FIIs) net sold shares worth Rs 974 crore, provisional data from NSE showed on September 25. DIIs bought Rs 12,899 crore worth of shares and sold shares worth Rs 11,120 crore. Meanwhile, FIIs purchased Rs 15,087 crore in shares and offloaded equities worth Rs 16,061 during the trading session. In the year so far, FIIs have net sold shares worth Rs 1.24 lakh crore, while DIIs have bought 4.02 lakh crore shares. Also read:ÂTaking Stock: Nifty closes above 26,000 for the first time, Sensex gains 256 pts Market View At close, the Sensex was up 255.83 points or 0.30 percent at 85,169.87, and the Nifty was up 63.75 points or 0.25 percent at 26,004.15. Power Grid Corp, NTPC, Axis Bank, Grasim Industries, Bajaj Finserv were among the top gainers on the Nifty, while losers are LTIMindtree, Tech Mahindra, Tata Consumer, Tata Motors and Titan Company. Osho Krishnan, Senior Analyst, Technical & Derivatives of - Angel One notes that they remain sanguine with strategic risk management and would advise to keep booking profits at the elevated terrain. "Additionally, sector churning is prudent and requires exclusivity in stock selection for out performance. Simultaneously, it is advisable to stay vigilant to global developments," he said.

2024-09-25 18:44

2024-09-25

18:44

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/krn-heat-exchanger-and-refrigeration-ipo-gets-strong-interest-subscribed-over-24-times-on-day-1-12829591.html

KRN Heat Exchanger and Refrigeration IPO gets strong interest, subscribed over 24 times on day 1

KRN Heat Exchanger and Refrigeration IPO.Related stories.

The initial public offering ofKRN Heat Exchanger and Refrigerationhas garnered strong interest from all types of investors on the first day of bidding, September 25. The Rs 342-crore IPO was subscribed 24.09 times with investors buying 26.48 crore equity shares against the offer size of 1.09 crore equity shares. The heat exchanger manufacturer targets to raise Rs 342 crore solely via a fresh issue. Hence, the entire issue proceeds will be received by the company. The price band for the public issue, which closes on September 27, has been fixed at Rs 209-220 per share. Non-institutional investors and retail investors looked aggressive in the subscription numbers, buying 53.88 times, and 23.96 times the allotted quotas, respectively. The part set aside for qualified institutional buyers was also fully subscribed on the first day, as they picked 1.44 times their reserved portion. On September 24, theRajasthan-based companythat manufactures fin and tube type heat exchangers for the heat ventilation air conditioning and refrigeration industry had received good response from institutional investors, as it raised Rs 100.10 crore via anchor book. Whiteoak Capital, Bandhan Mutual Fund, Saint Capital Fund, Holani Venture Capital Fund, Ashoka India Equity Investment Trust and Kotak MF were some of investors in the anchor book. Also read:ÂCrop protection products maker Indogulf Cropsciences files IPO papers, to mobilise Rs 200 crore via fresh issue KRN Heat Exchanger and Refrigerationmakes several products including condenser coils, evaporator units, evaporator coils, header or copper parts, fluid and steam coils and sheet metal parts for customers like Schnieder Electric IT Business India, Kirloskar Chillers, Daikin Airconditioning India, Blue Star, Climaventa Climate Technologies and Frigel Intelligent Cooling Systems India. The company will spend fresh issue proceeds mainly for setting up a new manufacturing facility at Alwar, Rajasthan by its subsidiary KRN HVAC Products, and the remaining funds for general corporate purposes. Also read:ÂM and B Engineering plans to raise Rs 653 crore via IPO, files DRHP with SEBI Holani Consultants is the sole book running lead manager to the issue.

2024-09-25 18:43

2024-09-25

18:43

moneycontrol.com

https://www.moneycontrol.com/news/india/putting-my-life-at-risk-jharkhand-govt-withdrew-my-security-vehicles-ex-cm-champai-soren-12829606.html

Putting my life at risk, Jharkhand govt withdrew my security vehicles: Ex-CM Champai Soren

Champai Soren.

Former Jharkhand Chief Minister Champai Soren, who joined the BJP last month, on Wednesday accused the Hemant Soren government in the state of putting his life at risk by withdrawing all security vehicles assigned to him. The former Jharkhand Mukti Morcha (JMM) leader alleged that withdrawing his security vehicles was a political conspiracy. "The Jharkhand government withdrew all security vehicles assigned to me, putting my life at risk, under a political conspiracy. I am not afraid of this move. The people of Jharkhand would provide security to me," Champai Soren told PTI. He asserted that he never compromised with his values and people will give a befitting reply to the JMM-led coalition in the assembly polls due later this year. Asked about Chief Minister Hemant Soren's remarks that the BJP “bought” political leaders in Jharkhand, Champai Soren said, "No one can dare buy me. I have made crystal clear the circumstances behind leaving JMM." Champai Soren joined the BJP claiming that he was "humiliated" and "disrespected" by the JMM.

2024-09-25 18:42

2024-09-25

18:42

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/targetting-100-billion-annual-fdi-in-coming-years-dpiit-secretary-12829595.html

Targetting $100-billion annual FDI in coming years: DPIIT secretary

Target to increase FDI to $100 billion in coming years.Related stories.

India’s target is to increase its annual FDI flows to $100 billion in the coming years, Amaradeep Singh Bhatia, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), said on September 25. “We are targetting much higher investment growth… very few sectors remain in the restricted category. We have continued to streamline processes,” Bhatia noted, highlighting that the ministry will likely cross last year’s target in FY25. According to the ministry's data, FDI inflows in the first three months of the year, at $22.5 billion, were 26 percent higher than in the same period last year. The secretary addressed the media on the 10 years of Make in India. Replying to queries that the manufacturing share of GDP has remained constant over the last decade, the secretary noted that it takes time to build momentum to get the ecosystem working. “We have one of the lowest factory gate prices, and we are working to reduce logistics costs,” Bhatia noted. “Foreign delegations are extremely gung-ho about investing in India, from UAE to EFTA. All these schemes will help us reach 25 percent of the GDP target for manufacturing by 2030,” the secretary further added. The secretary highlighted the benefits of production-linked incentive schemes. “We have taken initiatives to ease investment under Make in India. The focus has also been on technology alongside investment,” Bhatia said. The secretary highlighted that there was no decision to extend PLI schemes. “We are just focused on 14 sectors as of now. Critical technologies are on the radar, and we will continue to focus on them,” the secretary noted. The PLI scheme has generated nearly 900,000 jobs and led to production/sales of Rs 1.4 lakh crore.

2024-09-25 18:39

2024-09-25

18:39

moneycontrol.com

https://www.moneycontrol.com/technology/vivo-v40e-smartphone-with-5500mah-battery-50mp-camera-launched-price-features-and-more-article-12829410.html

Vivo V40e smartphone with 5500mAh battery, 50MP camera launched: Price, features and more

Vivo V40e launched in India.

Expanding its V40 series lineup, Vivo has launched its new V40e smartphone in India. The handset comes as a toned-down version of the more premium V40 and V40 Pro smartphones and offers features like a 5500mAh battery, an octa-core processor, AMOLED display and more. Vivo V40e price in India and availability Vivo has launched the V40e in two variants – 8GB + 128GB and 8GB + 256GB. The 128GB variant is priced at Rs 28,999 while the 256GB variant costs Rs 30,999. The handset comes in two colour options – Royale Bronze and Mint Green. Vivo V40e will be available for purchase via Flipkart, Vivo India e-store and offline from authorised retail stores across the country starting October 2. Vivo V40e discount offers Vivo has also announced some offers on the V40e. Buyers can avail an instant discount of 10% on SBI and HDFC Bank cards and have the option to get the phone at no-cost EMI. Vivo V40e specifications Vivo V40e features a 6.77-inch FHD+ AMOLED display with 1080x2329 pixel resolution. The display supports 120Hz refresh rate. The phone is powered by an octa-core MediaTek Dimensity 7300 chipset paired with 8GB RAM and up to 256GB storage. Vivo V40e supports dual SIM and runs Android 14 OS with FunTouch operating system. In terms of camera, the handset comes with a 50MP primary sensor with an 8MP ultra-wide sensor and Aura light. There’s a 50MP selfie camera as well. The mid-range phone is backed by a 5500mAh battery with 80W fast charging support.

2024-09-25 18:24

2024-09-25

18:24

moneycontrol.com

https://www.moneycontrol.com/technology/amazon-great-indian-festival-2024-starts-tonight-for-prime-members-deals-bank-discounts-and-more-article-12829568.html

Amazon Great Indian Festival 2024 starts tonight for Prime members: Deals, bank discounts and more

Amazon's second biggest sale of the year – the Great Indian Festival Sale – is set to go live tonight for Prime members as a part of early access. Starting September 26, midnight, the sale prices across all the categories will go live and will be available exclusively to Prime members. Here are some deals, bank offers and everything else you need to know. Amazon Great Indian Festival sale: DealsDuring the sale period, deals and discounts will be available across all the categories including smartphones, laptops, home appliances, kitchen appliances and more. Amazon has already revealed a lot of upcoming deals and discounts on a wide range of smartphones including iPhone 13, OnePlus 12, OnePlus 11, Samsung Galaxy S23 Ultra and more. In addition to these, phones from Vivo, Oppo, Realme and others will also see good discounts and offers during the sale. That’s not it. Amazon will also offer massive discounts on MacBook Air M1 laptops along with MacBook Air M2 during the sale. Buyers can also avail discounts on geysers, kitchen appliances and other winter gadgets. During the sale, buyers will also get discounts on smart TVs from Samsung, Sony, LG and more. Users will also get discounts on earbuds, smartwatches, and others electronic products. Amazon Great Indian Festival sale: Bank discounts Amazon is offering up to 10% additional discount on payments made using SBI Cards.

2024-09-25 18:24

2024-09-25

18:24

moneycontrol.com

https://www.moneycontrol.com/news/india/tirupati-laddu-row-jagan-reddy-calls-for-statewide-pooja-to-sanitise-chandrababu-naidus-sin-12829541.html

Tirupati laddu row: Jagan Reddy calls for statewide pooja to 'sanitise Chandrababu Naidu's sin'

YSRCP chief said that the pooja will be done to restore the sanctity of the Tirumala Tirupati Devasthanam..

YSR Congress party chief YS Jagan Mohan Reddy urged people to take part in a pooja in all temples across Andhra Pradesh on Saturday to "atone for the sin" allegedly committed by Chief Minister N Chandrababu Naidu by saying that animal fat was used in preparing laddus at the Tirupati temple. The announcement came after a four-hour Shanti Homam was held at Tirupati temple on September 23. “YSRCP is calling for statewide rituals in temples to sanitise this sin committed by Chandrababu on Saturday, September 28. Chandrababu Garu, who is in the position of Chief Minister, has defiled Tirumala, Tirumala Laddu, and the specialty of Venkateswara Swamy with false propaganda,” Reddy posted on the social media platform X., , , , , , , , ,YS Jagan Mohan Reddy (@ysjagan)September 25, 2024According to Reddy, Naidu made the allegation with a "political motive". "Though animal fat adulteration did not occur, he intentionally lied that it happened and falsely propagated that devotees ate them," said the former Andhra CM. Earlier, in his letter to Prime Minister Narendra Modi, Reddy called Naidu a "pathological liar" and accused him of hurting the beliefs of crores of people "purely for political objectives". The YSR Congress Party chief has said the entire country is looking at the Prime Minister and it is imperative that Naidu "be reprimanded in (the) severest way for his shameless act of spreading lies". He has demanded that the "truth be brought to light" to allay the suspicions in the minds of crores of Hindu devotees. Addressing an NDA legislative party meeting Wednesday, the CM said animal fat was used to make the laddus given as “prasad” by the Sri Venkateswara Temple under the Jagan Reddy government.

2024-09-25 18:22

2024-09-25

18:22

moneycontrol.com

https://www.moneycontrol.com/news/india/watch-rahul-gandhi-refers-to-kashmiri-pandits-as-pok-refugees-at-jammu-rally-bjp-reacts-12829587.html

Watch: Rahul Gandhi refers to Kashmiri Pandits as ‚ÄėPoK refugees‚Äô at Jammu rally, BJP reacts

Gandhi was immediately attacked over his remarks, with the BJP calling him out over the mistake.Related stories.

Congress MP and Leader of Opposition in the Lok Sabha, Rahul Gandhi, found himself at the centre of a controversy following a slip of tongue during his speech in Jammu. Gandhi mixed up ‚ÄúKashmiri Pandits‚ÄĚ with ‚Äúrefugees from PoK (Pakistan-occupied Kashmir)‚ÄĚ during his speech. However, on realising his mistake, the Congress leader quickly corrected himself. ‚ÄúThe promise that Manmohan Singh made to the refugees that came from PoK, will be fulfilled by us," said Gandhi in his speech. He then said ‚Äúsorry‚ÄĚ and changed it to the ‚Äúpromise made to Kashmiri Pandits‚ÄĚ. The Congress leader was referring to a 2007 comment made by the then Prime Minister Manmohan Singh at an event in Jammu. Singh had reportedly pledged to rehabilitate Kashmiri Pandits who were displaced due to militancy in the early 1990s. However, this goal has yet to be achieved, despite Singh's tenure from 2004 to 2014 and the subsequent two terms of Prime Minister Narendra Modi's government at the Centre.VIDEO | Addressing a public rally in Jammu earlier today, Congress MP Rahul Gandhi mistakenly referred to Kashmiri Pandits as "refugees from Pakistan Occupied Kashmir (PoK)".Recognising his mistake, Gandhi swiftly corrected himself. "Sorry, the promises made to Kashmiripic.twitter.com/Gxp9yIRMx7Press Trust of India (@PTI_News)September 25, 2024 Gandhi was immediately attacked over his remarks, with the BJP calling him out over the mistake. BJP leader Vishnu Vardhan Reddy took a jibe at the Congress leader and said ‚Äúno matter how hard you try to hide the truth, it eventually comes out‚ÄĚ. ‚ÄúNo matter how hard you try to hide the truth, it eventually comes out! Kudos to Rahul Gandhi for speaking the actual truth, even though by mistake‚Ķ,‚ÄĚ he wrote on X with a video of Gandhi‚Äôs speech. Rahul Gandhi held two public rallies in Jammu and Kashmir - one in Jammu and another in Sopore. During both events, the Congress leader focused his speeches primarily on the issue of restoring statehood to the union territory. ‚ÄúIn the history of India, after 1947, several UTs were turned into states. States were divided ‚Äď Telangana was formed out of Andhra Pradesh, Jharkhand was formed out of Bihar, Chhattisgarh was carved out of Madhya Pradesh. But, for the first time after independence, a state was turned into a UT. This was done to Jammu and Kashmir. This is an injustice to you. Your democratic rights have been snatched away from you,‚ÄĚ he said.

2024-09-25 18:17

2024-09-25

18:17

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/vedanta-board-to-consider-fourth-interim-dividend-for-fy25-on-oct-8-12829571.html

Vedanta board to consider fourth interim dividend for FY25 on Oct 8

Vedanta board to consider fourth interim dividend for FY25 on Oct 8.Related stories.

Mining majorVedanta Ltdsaid on September 25 that its board will meet on October 8 to consider fourth interim dividend for FY25. The record date for the dividend, if declared, has been fixed as October 16. "The meeting of the Board of Directors of the Company is proposed to be scheduled on Tuesday, October 08, 2024, to consider and approve the Fourth Interim Dividend on equity shares, if any, for the Financial Year 2024-25," said Vedanta in a stock exchange filing. Earlier this month, Anil Agarwal-led Vedanta approved a third dividend of Rs 20 per share for the current financial year, taking the total dividend payout so far for FY25 to Rs 13,474 crore. On July 26, the board approved a second interim dividend of Rs 4 per equity share, amounting to Rs 1,564 crore. In May, a first interim dividend of Rs 11 per equity share, totalling Rs 4,089 crore was approved. This takes the total dividend for 2024-25 so far to Rs 13,474 crore.Similarly, during 2023-24, Vedanta had declared a total interim dividend of Rs 29.5 per share, amounting to Rs 10,966 crore for shareholders. The steady flow of dividends and appreciation in capital for investors has helped in generating a five-year total shareholding return and dividend yield of 276 percent and 65 percent, respectively (as on June 30, 2024), as per Vedanta's investor presentation. In the first quarter, profit after tax grew 54 percent year-on-year to Rs 5,095 crore. With inputs from PTI

2024-09-25 18:17

2024-09-25

18:17

moneycontrol.com

https://www.moneycontrol.com/technology/sc-asks-byjus-why-settle-rs-158-cr-with-bcci-but-leave-rs-15000-cr-unpaid-to-others-article-12829558.html

SC asks Byju's, 'Why settle Rs 158 cr with BCCI but leave Rs 15,000 cr unpaid to others'

SC asks Byju's, 'Why settle Rs 158 cr with BCCI but leave Rs 15,000 cr unpaid to others'.Related stories.

The Supreme Court on September 25 raised concerns over the National Company Law Appellate Tribunal’s (NCLAT) decision to close insolvency proceedings against edtech firm Byju's, suggesting that the tribunal’s reasoning lacked sufficient analysis. The court hinted that the case could be sent back to the NCLAT for reconsideration. The bench, led by Chief Justice of India (CJI) DY Chandrachud, expressed doubts about the NCLAT's handling of the matter. "The reasoning in the NCLAT order is just a paragraph. This does not show any application of mind at all…Let the Tribunal again apply its mind and see it afresh," the CJI observed, per a report by Bar and Bench. The apex court expressed skepticism over Byju’s decision to settle a mere Rs 158 crore owed to the Board of Control for Cricket in India (BCCI) while leaving a staggering Rs 15,000 crore in total dues unpaid to other creditors, including US-based Glas Trust. The CJI posed a pointed question to Byju's representatives, asking, "Today you (Byju’s) have Rs 15,000 crore due. Why did you pick up only BCCI and settle it? What about others?" Solicitor General Tushar Mehta, representing the BCCI, urged the Court not to overturn the National Company Law Appellate Tribunal's (NCLAT) decision (of allowing settlement between BCCI and Byju's), warning of the repercussions if the appeal against NCLAT's ruling was allowed. He stated, "Please consider the consequences if the appeal is allowed." Despite Mehta's arguments, the Court underscored that the BCCI's claim constituted a small fraction of Byju's overall financial obligations. "BCCI has a small amount due of Rs 158 crore... What about others? They all again have to go through the entire circle," CJI Chandrachud remarked. The case The case stems from an appeal filed by Glas Trust Company LLC, a US-based financial creditor of Byju’s, challenging the NCLAT’s decision to halt insolvency proceedings against Think & Learn Pvt Ltd, the parent company of Byju’s. Theinsolvency resolution processwas initiated by the National Company Law Tribunal (NCLT) in Bengaluru in June, following a petition by the Board of Cricket Control for India (BCCI). The BCCI claimed that Byju’s owed Rs 158 crore for a cricket jersey sponsorship deal. After Byju's reached a settlement with the BCCI, where Byju’s board member Riju Raveendran agreed to clear the dues using his personal funds, theNCLAT closed the insolvency proceedings. This decision wasopposed by Glas Trust,which raised concerns that other creditors of Byju's  might be left out. Glas Trust's argument Senior Advocate Shyam Divan, appearing for Glas Trust, criticised the NCLAT's reasoning, describing the tribunal's approach as "arithmetical" and "unacceptable." "NCLAT is expected to carry some basic maths…Now, without any notice to us, we (Glas Trust) have been dropped entirely from the committee of creditors. This is unprofessional," he added. Divan pointed out that Glas Trust holds a 99.5 percent stake in Byju’s debt and could not be sidelined in the decision-making process. Senior Advocate Kapil Sibal, also representing Glas Trust, emphasised that personal funds could not be used to recover dues under Section 12A of the Insolvency and Bankruptcy Code. Byju’s response Senior Advocates AM Singhvi and NK Kaul, representing Byju’s, denied the allegations raised by Glas Trust. Singhvi refuted claims that Byju's founder and his brother were absconding. "This is only about a large corporate entity flexing its muscles," Singhvi said. Kaul added that Glas Trust had been inconsistent in its arguments, stating, "You (Glas Trust) keep changing your story. Sometimes you say 'round tripping', sometimes you say it is personal funds of Riju Raveendran. Ultimately the onus is on you to prove the statements being made." The Supreme Court had previouslystayed the NCLAT decision on August 14,reviving the insolvency process. On August 22, the Court declined to stay the operations of the Committee of Creditors (CoC) formed to oversee the Corporate Insolvency Resolution Process (CIRP). The Court has suggested that the NCLAT reconsider its decision, with the case scheduled for further hearings on September 26.

2024-09-25 18:16

2024-09-25

18:16

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/crop-protection-products-maker-indogulf-cropsciences-files-ipo-papers-to-mobilise-rs-200-crore-via-fresh-issue-12829563.html

Crop protection products maker Indogulf Cropsciences files IPO papers, to mobilise Rs 200 crore via fresh issue

Indogulf Cropsciences IPO.Related stories.

Indogulf Cropsciences, which manufactures crop protection products, plant nutrients and biologicals, has filed preliminary papers with the capital markets regulator SEBI for fundraising via initial public offering, on September 25. The IPO is a mix of fresh issue of Rs 200 crore, and an offer-for-sale (OFS) of 38,54,840 equity shares by the existing shareholders. Om Prakash Aggarwal (HUF) and Sanjay Aggarwal (HUF), part of the promoter group, will be selling 15.4 lakh and 23.13 lakh shares respectively in the OFS. With four manufacturing facilities in Jammu and Kashmir, and Haryana, the Delhi-based company that focuses on improving crop yield manufactures products in several types of formulations such as water dispersible granules, suspension concentrate, capsule suspension, ultra-low volume, emulsion in water, soluble granule, and flowable suspension. It also exports crop protection, plant nutrients and biological products to over 34 countries. It has long-standing relationships with several customers including Krishi Rasayan Exports, Parijat Industries India, BR Agrotech, Crystal Crop Protection; and Asasiat of Development for Agric & Trade Co, UAE. Also read:ÂPE/VCs rush to get lucrative exits through IPOs as markets trade at record high levels Indogulf Cropsciences will utilise Rs 100 crore out of the net fresh issue proceeds for its working capital requirements, Rs 40 crore for repaying debt, and Rs 14 crore for setting up an in-house dry flowable (DF) plant at Sonipat, Haryana, besides funds for general corporate purposes. The company competes with Aries Agro, Basant Agro Tech India, Best Agrolife, Bhagiradha Chemicals & Industries, Heranba Industries, India Pesticides, and Dharmaj Crop Guard in the listed space. The crop protection segment accounted for 91 percent of its revenue, and the remaining from plant nutrients and biologicals divisions. Net profit for the fiscal year ended March 2024 at Rs 28.2 crore increased by 25.9 percent from Rs 22.4 crore despite muted topline growth. Also read:ÂM and B Engineering plans to raise Rs 653 crore via IPO, files DRHP with SEBI Revenue from operations grew by 0.5 percent year-on-year to Rs 552.2 crore in the fiscal 2024. EBITDA (earnings before interest, tax, depreciation and amortisation) for the year FY24 increased by 21.5 percent to Rs 59.4 crore and the margin jumped by 190 bps to 10.8 percent compared to FY23. Systematix Corporate Services is the sole merchant banker to the issue.

2024-09-25 18:06

2024-09-25

18:06

moneycontrol.com

https://www.moneycontrol.com/news/india/karnataka-government-set-to-launch-indias-first-knowledge-health-innovation-research-city-12829555.html

Karnataka government set to launch India's first knowledge health innovation research city

Chief Minister Siddaramaiah will officially begin work on the first phase at a ceremony in Vidhana Soudha, as per official sources..

The Karnataka government will launch its "Knowledge Health Innovation Research-City" (KHIR-City) on 26 September. This project, the first of its kind in India, aims to transform the state's innovation sector. Chief Minister Siddaramaiah will officially begin work on the first phase at a ceremony in Vidhana Soudha, as per official sources. The KHIR-City will cover 2,000 acres, with the initial phase developed on 500 acres. The project is expected to attract an investment of over ₹40,000 crore and create around 100,000 jobs, including both direct and indirect employment, according to officials. Drawing from models like Singapore’s Biopolis and the US Research Triangle Park, KHIR-City will also incorporate elements of Bengaluru’s Electronics City. The city will be located between Doddaballapura and Dobaspet, about 50 km from Kempegowda International Airport. KHIR-City is expected to make a significant contribution to the state's economy by boosting exports and creating a hub for world-class universities, hospitals, innovative industries, and research institutions.

2024-09-25 18:04

2024-09-25

18:04

moneycontrol.com

https://www.moneycontrol.com/news/business/suzuki-targets-india-car-dealership-ramp-up-12829577.html

Suzuki targets 70% ramp up in Indian car dealerships by FY30: Nikkei Asia

Maruti has been increasing its dealerships every year by a count of 200 over the past several years..Related stories.

Japan's Suzuki Motor - through Maruti Suzuki - is planning a 70% increase in its dealership network in India to 6,800 by FY30, according to a Nikkei Asia report on September 25. As the end of June quarter,Maruti Suzukihad a dealer network of about 3,900 outlets. Suzuki's subsidiary and India's largest car company in terms of market share, Maruti has been increasing its dealerships every year by a count of 200 over the past several years. Starting this fiscal, Suzuki plans to raise the dealership expansion by 2.5 times to around 500 every year, and plans to add around 2,900 dealers over next six years, said Nikkei Asia. These additions will be made in smaller cities where income levels are rising. The report adds that Suzuki's ramp up is also owing to slowing car sales in China, aside of India's growth potential as per capita income rises. Suzuki plans to introduce its first-ever EV in India, as well as in Europe, next year. Separately, Nikkei Asia has reported that Toyota Motor has plans to build a new factory in India. Toyota has a strategic partnership with Suzuki, according to which Toyota will take the lead on bigger models in India, while Suzuki will likely focus on smaller cars. Earlier in September, Ford Motor said it plans torestart a manufacturing plant for exportsin Tamil Nadu. The US-based carmaker has submitted a Letter of Intent to the state government for this. The listed peers in the sector also also about to have company, as South Korean auto major Hyundai Motor's Indian arm has moved a step closer to launching itsproposed initial public offer of around $3 billion. People in the know toldMoneycontrolon the condition of anonymity that market regulator Sebi has given the go ahead for the mega issue.

2024-09-25 18:02

2024-09-25

18:02

moneycontrol.com

https://www.moneycontrol.com/news/india/delhi-university-elections-campuses-abuzz-with-vibrant-campaigns-12829529.html

Delhi University Elections: Campuses abuzz with vibrant campaigns

Despite rules capping campaign expenses at Rs 5,000 per candidate, boxes of posters fill cars..Traffic Disruptions and Campaign Rules.

Delhi University's campuses are alive with vibrant election campaigns. Luxurious cars such as Range Rovers, Thars, and SUVs fill the convoys of candidates vying for positions in the Delhi University Students' Union (DUSU) elections. The competitive atmosphere is palpable, with supporters arriving from across the country to bolster their candidates' chances.Luxurious Convoys and Outsider SupportHundreds of supporters from other states have been brought in to showcase the candidates' influence. The Akhil Bharatiya Vidyarthi Parishad (ABVP) brought in 100-150 supporters from various states to boost its campaign efforts. Sudhanshu Chahal, an ABVP supporter from Meerut, Uttar Pradesh, said, "Around 100-150 people have come to support ABVP from different states. We can’t enter the campus but distribute pamphlets and paste banners." On the other side, NSUI’s national delegate Y Pawan mentioned 100 supporters from Telangana arrived to campaign for their candidates.Traffic Disruptions and Campaign RulesDespite rules capping campaign expenses at Rs 5,000 per candidate, boxes of posters fill cars. Convoys create traffic jams, with police issuing over 50 fines a day. "Cars in convoys during rallies cause traffic jams," a traffic officer explained.Creative Campaigning Amid Posters and SlogansThe atmosphere remains energetic with drums, slogans, and posters adorning every campus corner. NSUI candidate Udai Yadav took a sustainable approach, using tree leaves for his campaign materials. However, despite warnings from election authorities, the defacement of public property continues, with walls still plastered with campaign banners.

2024-09-25 18:01

2024-09-25

18:01

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/homelane-to-acquire-design-cafe-to-strengthen-presence-in-home-interior-space-raises-rs-225-crore-from-hero-enterprises-others-12829578.html

HomeLane to acquire Design Cafe to strengthen presence in home interior space; raises Rs 225 crore from Hero Enterprises, others

L to R: Tanuj Choudhry, Srikanth Iyer (co-founders of HomeLane), Gita Ramanan, Shezaan Bhojani ( DesignCafe co-founders).Related stories.

Peak XV-backed HomeLane, a home interior startup, is set to acquire WestBridge-funded Design Cafe, a smaller rival in the space, in a share swap deal, Srikanth Iyer, co-founder of HomeLane told Moneycontrol in an interview. The acquisition is subject to regulatory approvals and will be closed once all processes are complete in about 6-12 months. Once the deal is complete, two companies will continue to operate as different interior brands, each catering to different segments of the market. A combined entity essentially means that HomeLane will become a larger player and have more firepower to compete with KKR-backed Livspace, which is currently the largest in the space. In revenue terms, regulatory filings showed that Livspace had an operating revenue of Rs 1,186 crore in FY24 and the two companies – HomeLane and Design Cafe – together generated sales of Rs 761 crore in FY24. The top line is expected to touch Rs 1,000 crore by the end of the current fiscal year while being profitable on an EBITDA basis, as per Iyer from HomeLane. While HomeLane will account for 80 percent of the revenue, the remaining will come from Design Cafe. “The Design Cafe acquisition will help us cater to more sectors that we weren’t able to tap earlier. The deal also expedites our IPO plans. We are now aiming to go public in 9-15 months, reduced from 24-36 months earlier, to give our investors an exit,” Iyer said. The two entities combined will be worth Rs 3,000 crore, he added. No layoffs Gita Ramanan and Shezaan Bhojani, co-founders of Design Cafe, said selling to HomeLane was the most natural choice. “Of all the offers, the one from HomeLane made the most sense because the two companies’ culture, core values and end goals integrate perfectly with each other. The two have been very frugal companies, unlike others in the space,” Bhojani, co-founder of Design Cafe said. HomeLane has around 2,200 employees and Design Cafe separately has 500 people on its payroll. Tanuj Choudhry, co-founder of HomeLane said all 2,700 people will work together after the deal is closed and said the company will not reduce its headcount despite some overlapping roles. “I believe that this transaction (between HomeLane and Design Cafe) marks the start of an exciting chapter, as it brings together two strong teams that are now the clear leaders in the home interior space,” said Sandeep Singhal, managing partner, Westbridge Capital, and investor in DesignCafe. “Both teams have shown strong execution in the past, and together, we believe that they will deliver industry-leading performance for all stakeholders. We are excited to invest in and continue to be a part of this journey.” Consolidation in the home interior space is not new. While Livspace has acquired four companies, Design Cafe will be HomeLane’s third buy as per Tracxn, a private markets data provider. Similarly, Pepperfry, which operates in a similar space, is also on the block and looking for suitors,Moneycontrol reported on September 16. Building a cash chest Apart from the Design Cafe deal, HomeLane, which has so far raised over $100 million from Peak XV Partners, Evolvence, Accel, Pidilite Ventures and several others, said it has also raised another Rs 225 crore (around $27 million) from existing backers and new investor Hero Enterprise in a fresh funding round. "We are delighted to support HomeLane in this ambitious expansion. Our investment reflects confidence in their business model and it also presents meaningful synergies with Hero Realty. We look forward to seeing the innovation and growth that this partnership will bring," said Sunil Kant Munjal, Chairman of Hero Enterprise.

2024-09-25 18:00

2024-09-25

18:00

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/gom-decision-on-gst-rate-cut-on-life-and-health-insurance-deferred-next-meet-on-oct-19-12829559.html

GoM decision on GST rate cut on life and health insurance deferred, next meet on Oct 19

GoM will deliberate upon medical insurance-related matters for senior citizens.Related stories.

No final decision was made on the proposal to cut goods and services tax (GST) rates on life and health insurance during the Group of Ministers (GoM) meeting held on September 25, sources said. "Issues were discussed but nothing was finalised in today’s meeting. The next GST GoM meet will happen on October 19 in New Delhi. An issue such as theGST rate cut on insurancecannot be decided in one meeting," a source told Moneycontrol. "During the October 19 meeting, the GoM will deliberate upon insurance-related matters for senior citizens, life insurance, term life insurance, group insurance, etc.," the person said. The discussion will also cover the potential introduction of medical insurance solely for senior citizens and whether selective exemptions would complicate implementation. The GoM, chaired by Bihar Deputy Chief Minister Samrat Chaudhary, is expected to finalise its recommendations during the October 19 meeting, with the report likely to be submitted to the GST Council by the end of October. The Council is expected to deliberate on these recommendations in its meeting in November. The next GST Council meeting, slated for November, will take up the GoM's recommendations, as earlier confirmed by Finance Minister Nirmala Sitharaman, who indicated that the Council will assess the possibility of lowering GST rates on health and life insurance. In its previous meeting on August 22, the six-member GoM, which also includes finance ministers from states such as West Bengal, Karnataka, Uttar Pradesh, and Kerala, had submitted a status report on GST rate rationalisation. There has been no decision on merger of slabs in the GoM so far as some states, including West Bengal and Karnataka, are opposed to changes to the existing GST slab structure. West Bengal Finance Minister Chandrima Bhattacharya had previously expressed, "I have said there should be no changes in the GST slab." Karnataka Revenue Minister Krishna Byre Gowda echoed this sentiment, noting that, "The GoM has to analyse whether there is a need to disturb the GST system, which has now broadly stabilised." At present, the GST structure consists of four rate slabs: 5, 12, 18, and 28 percent. Essential items are either exempted or taxed at the lowest rates, while luxury goods attract the highest tax, including additional cess. However, with the average GST rate dipping below the revenue-neutral rate of 15.3 percent, discussions on rate rationalisation are underway.

2024-09-25 17:57

2024-09-25

17:57

moneycontrol.com

https://www.moneycontrol.com/news/india/karnataka-landslide-body-of-missing-kerala-lorry-driver-arjun-recovered-more-than-two-months-after-landslide-12829576.html

Karnataka landslide: Body of missing Kerala lorry driver recovered, more than two months after landslide

Karnataka landslide.

The body of missing Kerala lorry driver Arjun was recovered along with his vehicle on Wednesday from a river, more than two months after a landslide at Shirur village in Uttara Kannada district, police said. The July 16 landslide on National Highway 66 claimed the lives of eight people. With the recovery of Arjun's body, the death toll has gone up to nine, they said. The search operations started soon after the landslide were halted on July 28 due to adverse weather conditions, high river current and other factors. However, they were resumed later. Kerala Chief Minister Pinarayi Vijayan had written to his Karnataka counterpart Siddaramaiah requesting him to resume operations to trace the lorry driver from Kozhikode. "The body of missing driver from Kerala, Arjun was recovered along with his lorry from Gangawali river. The body was found inside the cabin of the vehicle," Superintendent of Police (Karwar), Narayana M, told PTI.

2024-09-25 17:50

2024-09-25

17:50

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/the-evolution-of-make-in-india-2014-2024-12829549.html

The evolution of Make in India: 2014-2024

Manufacturing jobs and exports have picked up in last two-three years.Related stories.

Prime Minister Narendra Modi’s 2014 Make in India initiative got off to a slow start, but it’s finally gaining traction. Manufacturing sector jobs, which contracted till FY18, started growing in FY19 and gathered pace after the introduction of the Production-Linked Incentive (PLI) programme. Similarly, export benefits have begun showing in the past three years. But the share of manufacturing has remained constant at around 16-17 percent during this period. Moneycontrol looks at how Make in India has evolved over the decade and what that means for its future trajectory as the government targets manufacturing share to rise to 25 percent of the GDP. Employment benefits have started showing Exports are also showing manufacturing push More so, in electronics and electrical machinery But manufacturing’s share has remained constant

2024-09-25 17:48

2024-09-25

17:48

moneycontrol.com

https://www.moneycontrol.com/news/business/ai-global-market-may-touch-990-bn-by-2027-with-40-55-annual-growth-rate-report-12829560.html

AI global market may touch $990 bn by 2027 with 40-55% annual growth rate: Report

Bain estimates that the total addressable market for AI-related hardware and software will grow between 40 per cent and 55 per cent annually for at least the next three years, reaching between USD 780 billion and USD 990 billion by 2027.Related stories.

The global market for artificial intelligence (AI)-related products and services is expected to grow at an annual rate of 40-55 percent, and can reach up to $990 billion by 2027, a report has said. Bain & Company’s 5th annual Global Technology Report said AI workloads could grow about 25-35 percent per year through 2027. "Bain estimates that the total addressable market for AI-related hardware and software will grow between 40 percent and 55 percent annually for at least the next three years, reaching between $780 billion and $990 billion by 2027. Fluctuations in supply and demand will create volatility along the way, but a long-term, durable trajectory seems like it is here to stay," it said. As AI expands, the need for computing power will radically expand the scale of large data centers over the next five to 10 years, it added. "AI will spur growth in data centers, from today’s 50-200 megawatts to more than a gigawatt. This means that if large data centers cost between $1 billion and $4 billion today, they could cost between $10 billion and $25 billion five years from now," the report said. In addition to the need for more data centers, the AI-driven surge in demand for graphics processing units (GPUs) could increase total demand for certain upstream components by 30 percent or more by 2026, the report projected. However, these trends could trigger a scarcity of semiconductors, it said. "If data center demand for current-generation GPUs were to double by 2026, not only would suppliers of key components need to increase their output, but makers of chip packaging components would need to nearly triple their production capacity to keep up with demand," it noted, adding that larger data centers could drive costs to $10-25 billion in five years. AI’s disruptive growth will continue to reshape the tech sector, as innovation spreads beyond the hyperscalers to smaller cloud service providers (CSPs), enterprises, sovereigns, software vendors, and beyond, the report said. Storage technology will advance to accommodate the needs of generative AI, while the growing need for data preparation and mobility will spur growth in data management software. The report further said tech services will be in high demand in the medium term while customers lack the skills and expertise needed for AI deployment and data modernisation, but over time, significant portions of tech services will be replaced by software.

2024-09-25 17:29

2024-09-25

17:29

moneycontrol.com

https://www.moneycontrol.com/news/opinion/china-adds-a-touch-of-showbiz-to-its-stimulus-12829550.html

China adds a touch of showbiz to its stimulus

People’s Bank of China unveiled a slew of measures on Tuesday..Related stories.

Federal Reserve Chair Jerome Powell is almost a household name. Christine Lagarde, head of the European Central Bank, possesses an undeniable star power. The man who runs China’s central bank struggles to achieve even a small measure of that fame, despite the heft of the country — and the extent of the challenges confronting him. That’s changing. The People’s Bank of China unveiled aÂslew of measuresÂon Tuesday, including cuts in a key interest rate and the amount of money banks must set aside for reserves. Efforts to juice growth have, until now, been incremental. Further easing was overdue and economists had been anticipating progress in the coming months. But the manner of delivery, during a rare press conference by Governor Pan Gongsheng, added a dynamic flavour andÂsent stocks soaring. It followed a more modest step by Beijing announced during a briefing inÂJanuary. Could PBOC events, which have long endured a reputation for being staid affairs draped in technocratic language, become must-watch events like those presided over by Powell, Lagarde, and scores of other monetary chiefs? That’s a bit premature, but developments are very encouraging. There’s a lot to be said for packaging steps together and presenting them forcefully. One of Powell’s predecessors, Ben Bernanke, recognized that what you do is only part of the game. How decisions are perceived, which is almost always about language, is critical. He set the Fed on a path to greater transparency and, in 2011, beganÂfielding televised questions from journalists every few months. After leaving office, BernankeÂwrote that successful policy is 2% action, 98% talk. Powell agreed: He now holds forth after every Federal Open Market Committee meeting. His spin on the statement is at least as significant as whether rates are raised, trimmed or kept unchanged. Of course, substance still matters. HavingÂflagged the briefingÂon Monday,ÂPan had to deliver on substance. No point in talking if you don’t have anything to say. He didn’t disappoint. In addition to the reductions, Pan dabbled in forward guidance, saying that reserve requirements may be pared again this year. Funds and brokers will be allowed to borrow from the monetary authority to buy stocks, while China is also studying a market stabilisationÂfund. The word “bazooka” has been bandied around to describe the initiatives. While they are certainly noteworthy, it remains seen whether they alter the underlying course of the economy, which was in a long-term slowdown well before the Covid-19 pandemic. Shifts in policy, especially if unveiled with bells and whistles, tend to be greeted as breakthroughs. If what transpired on Tuesday kicks off a new phase in efforts to boostÂgrowth, well and good. Should there be little follow through, then the pessimism that has characterized discussions of China’s economy in recent years will persist. It’s worth considering how Pan’s performance compares with the reputation that preceded him. When he arrived in the governor’s office in July last year, China was on the cusp of a nasty run of veryÂpoor inflation numbers. Unlike the other major economies, where inflation rose sharply as the pandemic abated, China experienced the opposite: Consumer prices declined for several months and the pace of increasesÂseven months later now hovers worryingly close to zero. Pan wasÂconsidered a hawkÂat the time of his appointment. He’s done nothing to justify that early branding. Central bankers certainly come to their gigs with philosophies and preferences, but circumstances matter greatly. It might surprise many to know that when Bernanke was installed as chair in 2006, he, too, was considered a hawk. By the time he left in 2014, he had presided over a period of easing once thought to be only possible in Japan. It’s fine to argue that China should have done much more before this week — and should be still bolder going forward. In Pan’s defense, policyÂis evolving in the right direction. And unlike many of his counterparts, the PBOC doesn’t make decisions independently; China’s system isn’t set up that way. Pan can’t aspire to beÂMaestro, the title of aÂbookÂon Alan Greenspan by Bob Woodward that was published 2000 when the legendary Fed boss was at the zenith of his power. The good news is that the orchestra in Beijing may finally be getting in tune. Credit: BloombergÂ

2024-09-25 17:29

2024-09-25

17:29

moneycontrol.com

https://www.moneycontrol.com/technology/flipkart-big-billion-days-2024-sale-to-go-live-for-plus-members-iphone-15-discount-samsung-phones-and-all-you-need-to-know-article-12829526.html

Flipkart Big Billion Days 2024 sale to go live for Plus members: iPhone 15 discount, Samsung phones, and all you need to know

Big Billion Days 2024.Related stories.

Flipkart Big Billion Days sale 2024 is soon to go live for Plus members. The deals and discounts for Plus members will be available for Plus members starting September 26, midnight. Non-Plus members will get the access to deals and offers starting September 27. Flipkart Big Billion Days sale: Deals on iPhones and other smartphonesLike every year, Flipkart will offer deals and discounts across all the categories. But the showstopper will be the discount offers on iPhones. The e-commerce platform has already revealed some deals on the iPhone and it has listed the iPhone 15 Pro at 89,999. While the iPhone 15 Pro Max will be available at Rs 1,09,999 during the sale. Apart from these, the iPhone 15 and iPhone 15 Plus will also get massive discounts during the sale. However, Flipkart has not yet announced the discount details for both phones. That’s not it. Samsung phones will also be available at a massive discount during the sale. For instance, the Galaxy S23 will be available at Rs 37,999, the Galaxy S23FE will be available at Rs 27,999. You can also expect to see discounts on Galaxy A, M and F series phones during the Big Billion Days sale. Talking about other smartphone brands, you can expect to see discounts on phones from Vivo, Oppo, OnePlus and others. Flipkart Big Billion Days: Bank discountThe e-commerce giant has announced HDFC Bank as the official partner and will offer an additional 10% discount on payments made using HDFC credit and debit cards.

2024-09-25 17:27

2024-09-25

17:27

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/saas-firm-whatfix-raises-125-million-in-series-e-funding-from-warburg-pincus-softbank-12829359.html

SaaS firm Whatfix raises $125 million in Series E funding from Warburg Pincus, SoftBank

Khadim Batti and Vara Kumar, Co-founders, Whatfix.Related stories.

Whatfix, a business-to-business digital adoption platform, has raised $125 million in its Series E funding round, led by private equity firm Warburg Pincus with participation from existing investor SoftBank Vision Fund 2. This round of funding comes at a time when venture capital activity in India has regained momentum, particularly in the AI and SaaS sectors, following a slowdown in funding last year. Venture Capital investors and Private Equity firms have recently begun signing larger cheques for startups, signaling a revival in investment activity. “We have started hiring in Southeast Asia and Middle East or Dubai market where we are expanding. So we are entering these newer geographies as well with the new funding. We are also strengthening our product categories which includes generative AI products as well,” said Khadim Batti, cofounder and CEO of Whatfix toMoneycontrol. Sources toldMoneycontrolthat the deal was valued at $790 million pre-money and around $870 million post-money. The company has launched newer products for enterprises within the generative AI space. “We are rolling out an intermediate product in the next quarter that understands the knowledge of the application, the support and the data we have and generates the content automatically. Whatfix used to create the workflows or walk-throughs, now that can be created with this new product,” Batti said. The firm will utilise the funding to expand its market presence in the US, EMEA, and APAC regions. The investment will also be used for organic growth as well as strategic acquisitions, the firm said in a statement. “This investment will add more fuel to the tank, accelerating a new era of innovation for our industry, bolstering the unparalleled value we bring to our customers, and reshaping the future of software adoption,” Batti added. Whatfix is also open to inorganic acquisitions in the coming years. “We don’t have a set target, however, if there are firms that enhance our product line or enhance productivity tools or something which can accelerate our Gen AI tools then we will look at it,” Batti said. In June of 2021, Whatfix raised $90 million in a funding round led by SoftBank’s Vision Fund 2. Existing backers Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital and Cisco Investments also invested in the Series D round. Founded by Khadim Batti and Vara Kumar Namburu in 2013, Whatfix makes software adoption easier for companies. Its products involve onboarding, performance support, change management and training. Its customers include Arrow Electronics, Schneider Electric, and Avnet, along with partners like Microsoft, Salesforce, Infosys, and Accenture. As of FY23, Whatfix reported a revenue of Rs 285 crores, which was up 65%. The firm’s losses widened by 31% to Rs 328 crores on the back of rise in overall expenses, showed RoC filings. The firm will be breaking-even in terms of Ebitda in the next 7-8 quarters, Batti said. “We have been growing well, as well as optimsing our products. We have grown 45% as of FY24 and we will also look at breaking even in the next 7-8 quarters. We want to continue to invest in growth, partial revenue growth is helping us to offlset the losses and we will break even in the next few quarters,” Batti said. Whatfix is also building its own generative artificial intelligence (Gen AI) vision model for its customers. “By integrating GenAI throughout its product suite, offering digital adoption, product analytics, and application simulation, Whatfix accelerates this user-first approach, building an experience layer across the enterprise software stack,” the firm said. The funding comes at a time when investors are signing large cheques for startups, especially in the fintech, AI and SaaS space. Three startups, M2P Fintech, Nurix AI, and Atlys, have secured substantial investments, totalling millions of dollars.

2024-09-25 17:21

2024-09-25

17:21

moneycontrol.com

https://www.moneycontrol.com/news/opinion/on-interest-rate-cuts-boe-and-ecb-should-learn-not-to-fight-the-federal-reserve-12829537.html

On interest rate cuts, BOE and ECB should learn not to fight the Fed

Steady would be the safest way for both the ECB and BOE to approach rate-setting over the rest of this year..Related stories.

It’s rare you get a clean take from central bankers, but Federal Reserve Bank of Chicago PresidentÂAustan Goolsbee didn’t mince his words on Monday. He said interest rates need to be lowered “significantly” to protect the US labor market and economy. He advocated “many more rate cuts over the next year.” Now that’s forward guidance even an aging journalist like meÂcan comprehend. Europe should act just as aggressively. The Fed’s confident messaging diverges dramatically from the ditheringÂcoming out of the Bank of England and the European Central Bank. Both cut rates before the Fed, but if there’s such a thing as first-mover advantage it’s been lost again by another bout of hand-wringing. The institutional wait-and-see mindset risks repeating the mistake of 2021 by taking too long to send definitive monetary policy signals. By only lowering interest rates by 25 basis points a quarter, both central banks aren’t leading but simply reacting to backward-looking data. It’s treading water for no discernable purpose. They should be channeling the decisiveness of the Fed, which made a bold 50-basis-point start to its rate-cutting cycle, taking an insurance measure against an economic downturn. If the US economy fares better, it can pause. This comes even though September’s composite purchasing managers index is robustly in the expansion zone at 54.4. US inflation at 2.5% isn’t down to target, yet the Fed is clear it’s shifting focus to the employment side of its mandate. European rate-setters are falling behind the curve, which narrows their options. Reducing official rates twice more this year, rather than just the once, would enhance their ability to manage a slowing economy and prevent being forced into 50-basis-point cuts. If they prevaricate much longer these may become inevitable. September purchasing manager surveys show increasing risks of recession in the euro zone. France, along with Italy, faces a very difficult autumn preparing abudgetthat passes muster with the European Commission in Brussels. Both countries have been placed in itsÂExcessive Deficit Procedure, which will likely require considerable fiscal tightening at the worst possible time. There’s no respite in sight with the Chinese economy struggling badly, affecting European exports ranging from industrial to luxury goods. China unveiledÂmore stimulus and rate cuts this week, but so far none of its measures have made any discernable impact. Bloomberg Economics expects euro-area growth this year of 0.7%, but it’s only positive due to southern European countries doing the heavy lifting, while France and Germany stagger. Inflation is expected to fall below the ECB’s 2% target next year. Prior to the pandemic, the euro area spent a tortuous decade fighting deflation. It must avoid a return to this debilitating trap. The Bank of England’s dilemma is perhaps less bleak but is also stricken by inertia that is overlooking a potentially fast-changing economic backdrop. Inflation has fallen back very close to the 2% target, and growth flatlined in both June and July. UKÂconsumer confidence has taken a knock from an unremitting message ofÂdoom and gloom from the new Labour government. Chancellor of the Exchequer Rachel Reeves’ first budget will have been delivered by the BOE’s next quarterly review on Nov. 7. A second rate cut to 4.75% is more than fully priced in. A subsequent cut at its Dec. 19 meeting is more of a coin flip as the mood music from Governor Andrew Bailey is all about a “gradual downward path.” However, the most prominent hawk on the Monetary Policy Committee, Catherine Mann, has raised the prospect ofÂfaster rate cuts when inflation risks are over, detailing in anÂimportant speech on Friday how her approach may change. Mann also highlighted the risks to the UK, and by implication the rest of the world, of the spillover effects of an aggressive Fed rate-cutting campaign. Although she argues for caution, actually the simplest way to handle that is not to get let too large an interest-rate gap grow between the major central banks. It would also reduce potential sharp moves in the currency markets. Steady, but at a little bit quicker pace, would be the safest way for both the ECB and BOE to approach rate-setting over the rest of this year. That means two quarter-point cuts, not just one, by year end. That’ll put Europe in a far stronger position to handle come what may in 2025. Credit: BloombergÂ

2024-09-25 17:13

2024-09-25

17:13

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/dont-be-greedy-stay-away-from-fomo-says-manish-chokhani-12829518.html

Don't be greedy, stay away from FOMO in markets: Manish Chokhani to investors

90% of our wealth creation lies ahead of us in the next 20 years, said Manish Chokhani.Related stories.

Veteran investor Manish Chokhani has warned investors against too much concentration in smallcap stocks, instead asking them to balance the portfolio. Manish Chokhani said given the massive upcycle that has been underway in equities, most stocks will do well. He adviced investors to stay away from any FOMO building up and not get greedy. He believes that as much as 90% of India's wealth creation lies ahead of us over the next two decades, and investors need to get more measured, and approach markets more like a marathon than a sprint. "Just be a bit relaxed, country's future is bright, potential for growth is high," he said. "Keep tilting your portfolio, so that asset allocation is balanced," said Manish Chokhani, adding that too much concentration in the smallcap space is not good as these can go through severe phases of correction, going down as much as 60-80% when 'unanticipated, sharp falls happen'. Manish Chokhani said that the domestic inflow into equity markets have only so far only lifted stocks from the small and midcap space, and are yet to move the largecap names. If this kind of momentum in the markets continues, Chokhani said eventually the foreign investors too will join the India equity rush. Read More:ÂManish Chokhani said investors should avoid too much concentration in smallcaps "That is the risk with some of these SMID names, and what has been going on there is a bigger worry than the F&O space. A Rs 12 crore SME issue attracting Rs 3,000 crore worth of bids are the things you should be worried about," Chokhani added.

2024-09-25 17:10

2024-09-25

17:10

moneycontrol.com

https://www.moneycontrol.com/news/economy-2/fm-nirmala-sitharaman-asks-aiib-to-facilitate-low-income-countries-to-avail-financial-resources-12829542.html

FM Nirmala Sitharaman asks AIIB to facilitate low-income countries to avail financial resources

FM Nirmala Sitharaman during the meeting with AIIB President Jin Liqun on September 25 in Samarkand (Image - Finance Ministry).Related stories.

Finance Minister Nirmala Sitharaman said Asian Infrastructure Investment Bank (AIIB) should continue to focus on a client-centric approach and facilitate member countries, particularly low-income countries to avail financial resources through technical assistance. She urged AIIB during a meeting with its president Jin Liqun on September 25, ahead of the 9th Annual Meeting of Board of Governors in Samarkand (Uzbekistan). The minister appreciated AIIB's rapid growth in lending operations in a short span of nine years. "The Union Finance Minister suggested that @AIIB_Official should continue strengthening its client centric approach and facilitate member countries, particularly Low-Income Countries to avail financial resources through technical assistance and other non-financial services," the finance ministry said in a post on X. India being the second largest shareholder and the largest client, the AIIB President appreciated India's contributions to the governance and overall growth of the bank and expressed to explore opportunities to further strengthen the ties with India, it said. As a multilateral development bank, Beijing-based AIIB is focused on developing sustainable infrastructure in Asia and promoting investments in infrastructure and other productive sectors, with a view to fostering sustainable economic development, creating wealth, and improving infrastructure connectivity. In January 2016, it became a founding member of AIIB along with 57 countries. While India owns 83,673 shares with a capital subscription of $8.4 billion in AIIB, China owns 297,804 shares with $29.8 billion capital subscription. Earlier in the day, Sitharaman also met Qatar Finance Minister Ali bin Ahmed Al Kuwari and discussed bilateral trade, investments, digital public infrastructure and bilateral investment treaty (BIT) among others. Referring to the historic and deep-rooted relationship between India and Qatar, she said that India continues to engage with Qatar to strengthen the ties further. During the meeting, she mentioned that India remains the fastest-growing large economy in the world, which makes it an excellent destination for investment opportunities for Qatari entities in sectors like energy, infrastructure, logistics, hospitality, food security and startups etc. Al Kuwari appreciated the fast-growing Indian economy and also welcomed the idea of exploring the huge potential of FDI in India, the Finance Ministry said in another post on X. The delegation agreed to look into collaboration in areas for facilitating cross-border payment, digital transactions and finalisation of BIT in a fast-track mode, it added.

2024-09-25 17:10

2024-09-25

17:10

moneycontrol.com

https://www.moneycontrol.com/news/india/rahul-must-focus-on-jammu-omar-abdullahs-advice-to-alliance-partner-amid-jk-phase-2-elections-12829546.html

тАШRahul must focus on JammuтАжтАЩ: Omar AbdullahтАЩs advice to alliance partner amid J&K phase 2 polling

His remarks came amid second phase of voting in Jammu and Kashmir on September 25.Related stories.

National Conference (NC) vice president and party candidate from Ganderbal and Budgam, Omar Abdullah advised Congress leader Rahul Gandhi to redirect his partyтАЩs campaign efforts towards the Jammu region, rather than focusing on Kashmir. тАЬI hope after Rahul is done campaigning in one or two seats in Kashmir, he focuses on Jammu. Ultimately, what the Congress does in Kashmir is not that important, but what the Congress does in Jammu is important,тАЭ he said, according to a report by news agencyPTI. His remarks came amid second phase of voting in Jammu and Kashmir on September 25. The assembly polls in Jammu and Kashmir are being conducted after 10 years, and are the first after the abrogation of Article 370 in 2019. The results will be declared on October 8. The National Conference and the Congress entered into a pre-poll alliance for the Jammu and Kashmir assembly elections. This partnership, finalised after months of intense negotiations, resulted in a seat-sharing arrangement, under which the National Conference is contesting on 51 seats and Congress on 32. тАЬUnfortunately, Congress hasnтАЩt done as much in the plains of Jammu as we would expect them to do. The lion's share of the seats that the alliance gave in Jammu was to the Congress party and yet the Congress' campaign in Jammu is yet to begin. There are only five days of campaigning now,тАЭ Abdullah said after he voted in the second phase of elections. Abdullah further urged Gandhi to concentrate his efforts on the Jammu region to strengthen the NC-Congress alliance's chances of success in the ongoing assembly elections. The third phase of voting in Jammu and Kashmir will take place on October 1.

2024-09-25 17:08

2024-09-25

17:08

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/technical-view-sustaining-above-26000-key-for-further-upside-in-nifty-50-nifty-bank-reclaims-54k-level-12829545.html

Technical View: Sustaining above 26,000 key for further upside in Nifty 50, Nifty Bank reclaims 54k level

Nifty Trend.Related stories.

The Nifty 50 gained strength in late trade and closed above the psychological 26,000 mark for the first time on September 25, despite weakness in broader markets. This was supported by private banking & financial services, power, and select index heavyweights. Experts believe that sustaining above the 26,000 level is key for further sharp upside in the index, with the next resistance at 26,300. Until then, consolidation may be seen, with support at 25,800. The Nifty 50 opened lower at 25,899 and remained rangebound with a negative bias. However, the index recouped all its losses in late trade, ending at a fresh all-time closing high of 26,004, ahead of the monthly expiry of Futures & Options contracts due tomorrow. This marked an increase of 64 points, forming a bullish candlestick pattern on the daily charts. The index moved closer to the upward sloping resistance trendline, and a close above this may help maintain momentum. "The hourly moving averages absorbed the selling pressure and restricted further decline. The Nifty is likely to continue its upmove towards 26,300, which is the weekly upper Bollinger Band. The support zone is placed between 25,850 and 25,800," said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas. The monthly options data indicated that above 26,000, the 26,100 level is likely to act as the next resistance, while immediate support lies around the 25,900–25,800 levels. On the Call side, maximum open interest was seen at the 27,000 strike, followed by the 26,000 and 26,500 strikes. Maximum writing occurred at the 26,600 strike, followed by the 26,100 and 26,000 strikes. On the Put side, the 25,900 strike holds the maximum open interest, followed by the 25,500 and 25,800 strikes, with the most writing at the 25,900 strike, followed by the 25,800 and 26,000 strikes. Bank Nifty The Bank Nifty also showed a smart recovery from the day's low, reclaiming the 54,000 level, rising 133 points to close at 54,102. The index formed a bullish candlestick pattern on the daily charts with above-average volumes, on the monthly F&O expiry day. "The index is oscillating within a rising channel and is placed above the breakout point of a rounding bottom pattern, indicating strength. In the short term, the index might face a hurdle near 54,500 levels, and if it sustains above this level, it could test the 55,000–55,500 levels, where the upper trendline resistance of the channel pattern is placed," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta Investment Intermediates. On the downside, he noted that the breakout level near 53,350 and the psychological level of 53,000 would serve as support points. He advised adopting a buy-on-dips strategy in the short term for Bank Nifty. There was significant volatility during the day, with a low of 8.98 and a high of 13.61. Ultimately, volatility dropped below the 13 level, which provided more comfort for the bulls. The India VIX fell by 4.85 percent to 12.74, extending its downtrend for another session.

2024-09-25 17:05

2024-09-25

17:05

moneycontrol.com

https://www.moneycontrol.com/technology/xiaomi-launches-redmi-watch-5-lite-with-gps-and-heart-rate-monitor-at-rs-3499-article-12829387.html

Xiaomi launches Redmi Watch 5 Lite with GPS and heart rate monitor at Rs 3,499

Redmi Watch 5 Lite.

Xiaomi has expanded its wearable portfolio with the launch of the Redmi Watch 5 Lite smartwatch in India. The new smartwatch focuses on fitness tracking, connectivity, and daily functionality. The new smartwatch brings several key upgrades over its predecessors, including a larger display, enhanced GPS tracking, and improved battery life. Xiaomi Redmi Watch 5 Lite: Price in India and availability The Redmi Watch 5 Lite is priced at Rs 3,499 and will be available in two colourways -- Black and Grey. It is set to go on sale in September 2024 on mi.com, Amazon, and Xiaomi retail partners. The watch is expected to come with festive offers, which will be revealed on Amazon closer to the sale date. Xiaomi Redmi Watch 5 Lite: Features The Redmi Watch 5 Lite features a 4.98cm (1.96-inch) AMOLED display, offering clear visibility in various lighting conditions. It supports over 200 professional sports modes, making it suitable for a wide range of fitness activities, including running, cycling, and swimming. It also includes 10 pre-built running courses for personalized workout routines. The watch features built-in five-system GPS to provide accurate location tracking during outdoor activities. It is 5 ATM water-resistant, enabling use in swimming and other water-based activities up to 50 meters. Users can make Bluetooth phone calls directly from the watch, along with managing notifications and messages without needing to access their smartphones. The Redmi Watch 5 Lite is powered by Xiaomi’s HyperOS, allowing for easy access to notifications, calendars, and other features. It is rated to deliver up to 18 days of battery life.

2024-09-25 17:03

2024-09-25

17:03

moneycontrol.com

https://www.moneycontrol.com/news/opinion/the-cheating-game-inside-the-opec-oil-cartel-12829538.html

The cheating game inside the OPEC+ oil cartel

If most OPEC+ members ignore what’s expected from them and do so increasingly and repeatedly, the temptation to cheat only grows..Related stories.

OPEC+ officials love to make Hollywood film references. Need to bash renewable energy?ÂGone With the Wind. Attack whoever forecast a peak in oil demand?ÂLa La Land. Put oil speculators on notice? “Make my day,” the one-liner fromÂDirty Harry. On that very same popular culture vibe, the cinematic reference I think neatly describes the biggest ill afflicting the group now is a movie calledÂThe Cheating Game. Since the beginning of the year, the OPEC+ countries that are subject to output caps have pumped together more than 600,000 barrels a day above their self-imposed limits. The overproduction, as OPEC+ calls it (or cheating, as I prefer), last month reached nearly 850,000 barrels a day, about the same as Venezuela’s output. The deluge is a key reason why oil prices have fallen so much over the last two months — down 20% over the last year to $75 a barrel — and why many in the energy market are increasingly skeptical the cartel can push prices higher in 2025. The group likes to blame everyone else for its problems. Typical scapegoats include the news media, Wall Street analysts and speculators. But cheating is an own goal. The larger problem is one of trust, which is exactly whatÂThe Cheating Game is all about. If most OPEC+ members ignore what’s expected from them and do so increasingly and repeatedly, the temptation to cheat only grows. The more OPEC+ says it's going to end cheating but doesn’t, the bigger the problem. Ultimately, the oil market will assume that this becomes standard practice. It isn’t that some inside OPEC+ aren’t aware of the challenge. Saudi Energy Minister Prince Abdulaziz bin Salman has made increasing compliance with the output quotas a personal priority, including creating the so-called “compensation” mechanism. Under that tool, the strayers must offset their overproduction over time. On paper, it’s a great mechanism. In the past, cheating was always forgiven, so long as the sinners made promises of future compliance. Now they not only need to make the same pledges, but also do penance by lowering production to offset past misbehavior. The problem? The cheaters not only continue to cheat on their original quotas but also on the compensation quotas. Cheating on the anti-cheating. OPEC Secretary-General Haitham Al-Ghais recently traveled to Iraq and Kazakhstan, two of the top dodgers, to discuss the “timely implementation of production adjustments, including the compensation plans.” In a press release last month, OPEC called the trips “successful.” I’m a bit more circumspect. The market has heard it all before, and so far, there’s little sign that either Baghdad or Astana is seriously reducing oil output. Yet Saudi Arabia is applying diplomatic pressure like never before, so there’s a chance that this time is different. Maybe. Both Iraq and Kazakhstan rely on foreign investors to boost production, and both have plans to expand capacity. Cheating is the only way to remain inside OPEC+ while at the same time rewarding foreign investors. Russia, also a repeat cheater, faces its own penance. As with the previous two output cuts, I don’t expect Moscow to implement the reductions the compensation mechanism mandates. The biggest problem, however, lies elsewhere: the United Arab Emirates. It is, so to speak, the oil barrel in the room:  no one speaks about it, but everyone thinks of it. Officially, the UAE isn’t breaching the rules. Abu Dhabi claims it pumps just 2.9 million barrels a day, exactly as it should. OPEC, which tracks member production by following several external data providers, puts UAE output at about 2.9 million barrels a day. Everyone else, though, has a higher number — in some cases, much higher. The International Energy Agency puts Emirati oil production at 3.3 million barrels a day. Ask oil traders, who keep close tabs on tankers coming and leaving the UAE, and you’ll likely hear even higher numbers. It’s common to hear estimates of about 3.5 million barrels a day. If true — and independent tanker tracking data suggest the traders are right — that would make the UAE the biggest cheater. Why is OPEC turning a blind eye to Abu Dhabi? Politics. The cartel is striking a balance between allowing the UAE to profit from the billions of dollars it has spent in new production facilities and keeping the global oil market stable. In 2021, Saudi Arabia risked a major rift inside the group when it publicly admonished the UAE for cheating. The problem was solved in two steps. First, Abu Dhabi briefly reduced its output. Second, a few months later, OPEC removed the IEA from the data providers it uses to calculate compliance. What can’t be seen must not be real — or so the cartel thought. The difficulty, of course, remains. Every oil trader knows about the overproduction. Allow me a final cinema reference: “Don’t Look Up.” Credit: BloombergÂ

2024-09-25 17:01

2024-09-25

17:01

moneycontrol.com

https://www.moneycontrol.com/news/india/is-pm-modi-or-bjp-mp-deciding-govt-policy-rahul-gandhi-after-kangana-ranauts-comment-on-farm-laws-12829527.html

‘Is PM Modi or BJP MP deciding govt policy’: Rahul Gandhi after Kangana Ranaut’s comment on farm laws

Kangana Ranaut is not authorised to make such a statement on behalf of the BJP, says the party.Related stories.

After BJP MP Kangana Ranaut’s comment that the three controversial farm laws should be brought back by the Centre, Congress leader Gandhi on Wednesday asked who will decide the government’s policy. “Who is deciding the government's policy? A BJP MP or Prime Minister Modi,” said Gandhi in a video posted on the social media platform X. According to Gandhi, even after the “martyrdom of more than 700 farmers, especially the farmers of Haryana and Punjab, the BJP people are not satisfied”. The Congress leader also warned that the INDIA bloc will not allow any such move. “INDIA will not allow any conspiracy of BJP against our farmers to succeed - If any step is taken to harm the farmers, Modi ji will have to apologise again, " said Gandhi.? ?700 , INDIA -pic.twitter.com/ekmHQq6y5DRahul Gandhi (@RahulGandhi)September 25, 2024 Speaking to reporters in her constituency Mandi in Himachal Pradesh, Ranaut said, "I know this statement could be controversial but the three farm laws should be brought back. The farmers should themselves demand it." According to her, the three laws were beneficial for the farmers but were repealed by the government due to protests by farmer groups in some states. The BJP, however, distanced itself from her comments, saying they do not represent the party's views. "Kangana Ranaut is not authorised to make such a statement on behalf of the BJP and it doesn't depict the BJP's view on the farm bills," party's spokesperson Gaurav Bhatia said. She responded to Bhatia's statement and said, "My views on farm laws are personal and they don't represent the party's stand on those Bills." She also released a video and said many people are "disappointed" with her comments. "I have to keep in mind that I am not just an artist but also a BJP worker. My opinions should not be personal and should be from the party's stand. I regret and take my words back if my comments have disappointed anyone," she said.

2024-09-25 16:58

2024-09-25

16:58

moneycontrol.com

https://www.moneycontrol.com/news/india/delhi-pollution-aap-govt-unveils-winter-action-plan-for-capital-21-key-areas-in-focus-10-points-12829523.html

Delhi pollution: AAP govt unveils Winter Action Plan for capital, 21 key areas in focus – 10 points

The Delhi government has listed out an elaborate plan to tackle air pollution between November 1 and 15 in the capital. (File photo: PTI).

The Aam Aadmi Party-led government in Delhi on Wednesday unveiled a ‘Winter Action Plan’ to tackle the menace of pollution that leaves residents of the capital gasping for breath during the winter season every year. The government has listed out a range of measures including drone monitoring, an anti-dust campaign, formation of new task forces, road-sweeping machines and deployment of 200 mobile anti-smog guns to combat air pollution as part of the plan.Releasing the Winter Action Plan for Delhi, Environment Minister Gopal Rai said that the government has identified 21 key focus areas and will begin to work on the plan from Wednesday itself.Rai said the pollution-hotspot areas will be monitored with the help of drones, which were also used last year but were monitored manually. This will be done in real-time to ascertain the reason behind the high air pollution in these areas.A special task force has been formed, comprising six members who will monitor the pollution levels and take action accordingly.The plan also includes the deployment of mobile anti-smog guns, with their frequency being increased this year, Rai said.A ban on firecrackers will be implemented this year as well and will be fully enforced once the notification is issued.GRAP (Graded Response Action Plan) stages will come into effect and 588 teams have been formed to control the open burning of garbage.The government has said it will encourage Work From Home and other measures such as voluntarily reducing the use of private vehicles.The government has said that it will implement the odd-even (road rationalisation) scheme, If necessary, during peak pollution season.Artificial rain is also an option that we are exploring, Rai added. The measure is aimed at improving the AQI of the city from November 1-15, when Diwali and stubble burning lead to high pollution.The AAP government said it will deploy anti-smog guns in areas identified as pollution hotspots, with the frequency increased this year. The government will also run an anti-dust campaign, and deploy road-sweeping machines throughout Delhi.(With PTI inputs)

2024-09-25 16:49

2024-09-25

16:49

moneycontrol.com

https://www.moneycontrol.com/news/business/auto-expo-2025-to-see-highest-number-of-ev-rollouts-maruti-hyundai-tata-jsw-mg-gear-up-to-showcase-zero-emission-cars-12827269.html

Auto Expo 2025 to see highest number of EV rollouts; Maruti, Hyundai, Tata, JSW MG gear up to showcase zero-emission cars

Maruti Suzuki, which lords over the domestic PV market, is all set to launch its maiden EV offering based on the EVX Concept car.Related stories.

Auto Expo 2025 will see the highest number of electric vehicle (EV) rollouts, as carmakers such as Maruti, Hyundai, Tata, JSW MG, etc., gear up to showcase zero-emission models at the marquee biennial event. The Auto Expo 2025, which is scheduled to be held from January 17 to 2022 in Delhi-NCR, will see the highest number of product launches and unveils in the Battery Electric Vehicle (BEV) segment such as Maruti Suzuki’s maiden e-car (based on EVX Concept), Hyundai e-Creta, Ioniq6 and mass-market EV, Tata Sierra EV & Altroz EV, BYD Seagull, MG Bingo, Mercedes Benz EQG, among others, according to sources. Electric cars are expected to be launched by the top seven passenger vehicle manufacturers — Maruti Suzuki, Hyundai Motor India, Tata Motors, JSW MG Motor, Kia India, Mahindra and Mahindra (M&M) — sources said. The next edition of Automobile Exposition, which comes under the aegis of Bharat Mobility Summit and organised by the government, will be held concurrently with the Auto Component show at Yashobhoomi in Dwarka. Carmakers up the EV anteMaruti Suzuki, the biggest carmaker in India, is allset to launch its first EV offering at the Expo.To be priced above Rs 10 lakh, the unnamed car can purportedly operate up to 500 kilometres (km) per charge. “We aren’t just going to launch our first e-car at the Bharat Mobility Summit, 2025, but are also going to create an EV ecosystem,” Partho Banerjee, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India Limited, told reporters recently. He hinted that the car will be positioned in the mid-SUV (sports utility vehicle) segment. India’s second-largest carmaker, Hyundai Motor India Limited, is gearing up for the launch of the electric variant of Creta SUV and the Ioniq 6 premium EV, which is estimated to be priced at around Rs. 65 lakh. The company is also deliberating on showcasing the concept version of mass-market EV, which is being customised for the Indian market, a source said. Another source said Hyundai Inster — the closest rival of the Tata Punch EV in the micro-electric SUV segment — is likely to be showcased at the event. However, a Hyundai spokesperson refrained from making any “comment on future products & technologies”. Tata Motors, which currently leads the domestic electric photovoltaic (PV) market, is also planning a series of BEV offerings across various price points. The products that are expected to be unveiled or launched at the upcoming auto show are Tata Altroz EV, Tata Harrier EV and Tata Sierra EV, sources said. Speculation is also rife that the production version of Tata Avinya concept will be showcased along with its British subsidiary’s new Range Rover Electric. However, a Tata Motors spokesperson deflected the launch details. M&M — another homegrown carmaker — is also considering showcasing its series of EVs that it had already unveiled earlier such as XUV.e8 — the electric variant of XUV7OO — Born Electric concept cars such as BE09, BE.05, BE Rall-E and XUV.e9. While the company will be announcing the prices of XUV.e8 during early 2025, it is tight-lipped about its participation at the Expo. "We haven’t taken any decision on the matter yet,” an M&M spokesperson toldMoneycontrol. JSW MG Motor India, which has already launched a couple of EVs in the last two years, is on course to launch Bingo. To be positioned between Comet and Windsor, the five-door e-hatchback will be priced in the range of Rs 8.5-10.5 lakh, Bingo is seen as a direct competition against Tata Tiago.ev. A JSW MG Motor India spokesperson refused any comment on the company’s plans for the event. Kia India may also showcase the concept mass-market EV at the expo, despite a lack of official communication from the South Korean carmaker. The company didn’t respond to queries sent byMoneycontrol. Vietnamese EV manufacturer VinFast Auto Limited, which will be participating for the first time at the Expo, will be displaying VF6, VF7, VF8, and VF9 at the event. However, a pure electric mini e-SUV, which is tailor made for the Indian market, is unlikely to be unveiled at the Expo, as per a source privy to the company’s plans. The official spokesperson said, “VinFast confirms its participation in the event and will showcase its diverse, modern, and intelligent electric vehicles to the market. Further details will be announced in due course of time.” BYD, the only Chinese carmaker to participate at the event, will be unveiling its least priced model, Seagull. Expected to be launched later next year, the e-hatchback will be priced under Rs 10 lakh in India. "We are excited to be part of the Bharat Mobility Global Expo 2025. As a global leader in electric mobility, we continue to focus on the premium and luxury EV segment, offering eco-friendly solutions that align with India's sustainability goals. In line with our company policy, we will not be able to comment on new product launches at this juncture,” a BYD India spokesperson toldMoneycontrol. In the luxury car segment, Mercedes -Benz India is gearing up to launch the EQG, the electric avatar of G-Wagon, at around Rs. 3.5 crore. It is also expected to unveil the EQC e-SUV, which is expected to be launched next year. There is a possibility of the reveal ofConcept EV EQXX,which delivers 1,000 km on a single charge and is being unveiled in other markets, sources said. A Mercedes-Benz spokesperson said the company is still evaluating the prospects of its participation. In the two-wheeler segment, Honda has confirmed that it will be launching its maiden electric scooter. As per S&P Global Mobility, the Indian government mandates original equipment manufacturers (OEMs) to adopt a technology-agnostic trajectory, with the ultimate ambition of decarbonising mobility across the nation. Puneet Gupta, director at S&P Global Mobility, said, “Powertrain Pluralism will be the theme of Auto Expo 2025. While eEVs will take centrestage, the event is likely to unveil concepts and products showcasing a spectrum of multi-fuel technologies with focus on Electric and Hybrid (PHEV & HEV).” He added, "The surge in EV launches by top OEMs will bring India closer to the inflection point, which is around 5 per cent.”

2024-09-25 16:45

2024-09-25

16:45

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/mb-engineering-plans-to-raise-rs-653-crore-via-ipo-files-drhp-with-sebi-12829506.html

M and B Engineering plans to raise Rs 653 crore via IPO, files DRHP with SEBI

M & B Engineering IPO.Related stories.

M&B Engineering, the pre-engineered buildings (PEBs) and self-supported roofing provider, plans to mobilise Rs 653 crore via an initial public offering. It has filed the Draft Red Herring Prospectus (DRHP) with the capital markets regulator SEBI on September 25. The company targets to raise Rs 325 crore via fresh issue component, and the remainder Rs 328 crore through offer-for-sale route. Promoters Girishbhai Manibhai Patel, Chirag Hasmukhbhai Patel, Vipinbhai Kantilal Patel, Birva Chirag Patel, Aditya Vipinbhai Patel, Leenaben Vipinbhai Patel, and Umaben Girishbhai Patel will be the selling shareholders in the offer-for-sale. The Gujarat-based company may also consider fund raising of Rs 65 crore in a pre-IPO placement before the launch of its initial public offering or filing of the Red Herring Prospectus with the Registrar of Companies (ROC). The said amount will be reduced from the fresh issue if the company manages to raise funds in pre-IPO placement. M&B Engineering claimed to be the largest player in terms of revenue for the manufacturing and installation of self-supported steel roofing solutions in India with a market share of 75 percent as per the fiscal 2024. Its business is divided into two segments - Phenix division provides solutions for PEBs and complex structural steel components; and proflex division provides self-supported steel roofing solutions. It has executed over 8,700 projects till June 2024 in diverse sectors such as general engineering and manufacturing, food and beverages, warehousing and logistics, power, textiles, and railways. The Patel family-owned company will spend Rs 63.9 crore out of the net fresh issue proceeds for purchase of equipment and machinery, and Rs 60 crore for repaying debt. The total outstanding borrowings stood at Rs 386 crore as of August 2024. Also read:ÂConstruction materials provider ArisInfra Solutions files draft papers with SEBI for Rs 600-crore IPO In addition, Rs 110 crore of IPO funds will be utilised for its working capital requirements, and the remaining money for general corporate purposes. The company that competes with listed peers like Pennar Industries, Bansal Roofing Products, HIL, Everest Industries, and Interarch Building Products earned nearly 73 percent of business from its phenix division and the rest nearly 27 percent from proflex division. Additionally, the 73 percent of its total revenue came from repeat customers in fiscal 2024, increasing from 65.6 percent in FY23. Net profit in the fiscal 2024 grew sharply by 38.7 percent to Rs 45.6 crore compared to previous year despite negative topline, driven by strong operating performance with lower input cost and other expenses. Revenue from operations fell by 9.7 percent to Rs 795 crore during the same period. Also read:ÂCarlyle says strong demand from Indian savers to fan IPO frenzy EBITDA (earnings before interest, tax, depreciation, and amortisation) for FY24 increased by 20 percent to Rs 79.6 crore with margin expanding by 250 bps to 10 percent compared to previous fiscal 2023. Equirus Capital, and DAM Capital Advisors are the book running lead managers to the issue.

2024-09-25 16:36

2024-09-25

16:36

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/national-stock-exchange-said-to-have-doubled-in-value-amid-ipo-hopes-12829513.html

National Stock Exchange said to have doubled In value amid IPO hopes

The firm’s valuation could increase further over the coming months as the listing plans move ahead, the people said..Related stories.

National Stock Exchange of India's valuation in the private markets has doubled to $36 billion in the last four months, backed by investor expectation that an initial public offering could materialize as early as the first quarter of next year, according to people familiar with the matter. Unlisted shares in the world’s largest derivative exchange by contracts are in high demand with wealth managers whose rich clients want to own a piece of the company, said the people, asking not to be identified citing private information. While the demand for them far outstrips the supply, the shares have sold in the range of Rs 5,700-6,500 ($68 to $78) recently, the people said. The firm’s valuation could increase further over the coming months as the listing plans move ahead, the people said. Shares in closely-held firms can change hands in the secondary market, either on specialist private trading platforms or in individually negotiated transactions. Due to the nature of the secondary market it’s unclear how many shares changed hands. While one of the people said NSE is working toward completing documentation for an IPO by early next year, the potential listing could still take longer. A representative for NSE didn’t immediately respond to emails seeking comment. Earlier this month, the markets regulator Securities and Exchange Board of India cleared NSE, as the bourse is called, of any wrongdoing in a case of unfair market access dating back nearly a decade and which represented a key hurdle for the firm to list publicly. The exchange, backed by large investors like Life Insurance Corporation of India and Canada Pension Plan Investment Board, first filed papers for an IPO in 2016. The plans to take it public suffered a setback when the regulator barred it from the securities market for a period of six months and ordered it to pay a fine after ruling that brokerage OPG Securities Pvt. benefited from unfair market access. The privately-held NSE was valued at between $17 billion to $18 billion when private equity firm ChrysCapital Management Co., that holds a 4% stake in it, executed a $700 million continuation fund to hold the company for longer in May this year.

2024-09-25 16:28

2024-09-25

16:28

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/daily-voice-real-estate-in-middle-of-upcycle-after-a-decade-long-downcycle-says-bajaj-finserv-amcs-nimesh-chandan-12828865.html

Daily Voice: Real estate in middle of upcycle after a decade-long downcycle, says Bajaj Finserv AMC's Nimesh Chandan

Nimesh Chandan is the CIO at Bajaj Finserv Asset Management.Related stories.

"Real estate tends to be a long cycle of seven to eight years. We are in the middle of an upcycle as the uptrend started from FY21-22, after a decade-long downcycle," Nimesh Chandan, CIO at Bajaj Finserv Asset Management Company, said in an interview to Moneycontrol. According to him, key micro-markets face supply shortages for residential and commercial properties, supporting prices. On the larger economic picture, he believes there will be little change in interest rates in the near term. "We do not see an immediate response from the RBI (Reserve Bank of India)  to the Fed rate cut in the October meeting," said Chandan. The US Federal Reserve cut its policy rate by half a percentage point earlier this month. In the banking space, Chandan, a follower of behavioural finance, is more positive on private lenders. "Private banks will play a critical role in funding the private capex cycle in India, which has started reviving since the last few quarters. Asset quality trends are also encouraging," said the investment professional with over two decades of experience in the Indian capital markets. Edited excerpts: Do you see the upcoming assembly elections as the next concern for the market? Empirically, assembly election results have caused market volatility but is usually short-lived if there is a stable central government ensuring fiscal policy continuity. Given the policy stability following the general election, assembly elections shouldn’t be any major concern. Any corrections in the market due to the same could be an opportunity for buying, considering India’s strong equity market fundamentals, especially with two to three years’ perspective. However, a change of guard in the states undergoing election may impact sectoral leadership in the equity market. In case of a severely adverse public mandate in to the incumbent party, the central government may also be compelled to adopt more populist measures over capex spending, translating into a boost to consumer-oriented businesses over companies linked with government orders. Do you think the foreign institutional investor (FII) flow may be less aggressive due to valuation concerns? India offers a unique combination of rapid economic growth, policy stability and a large universe of investable companies. Valuations of Indian markets need to be evaluated in that context. When compared to emerging economies, India has great fundamentals that can’t be ignored by international investors, even though they may appear expensive. Moreover, emerging markets tend to outperform developed markets when the dollar is under pressure, which is expected to be the case with the Fed rate cut cycle. Given this, India should witness FII inflows along with other emerging economies. Should one keep realty and infra stocks in one's portfolio? Real estate tends to be a long cycle of seven to eight years. We are in the middle of an upcycle as the uptrend started from FY21-22, after a decade-long downcycle. Key micro-markets face supply shortages for residential and commercial projects, supporting prices. The real estate sector is consolidating, with larger players gaining market share due to stricter regulations (like the Real Estate (Regulation and Development) Act) and demand for premium properties. This structural trend keeps us optimistic about the sector's prospects. While the top-down narrative is strong for the infrastructure sector, detailed bottom-up analysis is important to identify the right stocks in this sector. One needs to pay close attention to the balance sheet and management quality while investing in infra stocks. Given most of the companies operating in the space deal with government orders, their working capital management becomes important. Do you see the risk of a downturn in the US economy, although it is currently doing well? The US economy is at an interesting juncture. The Federal Reserve has started the rate cut cycle with a steep 50 bps (basis point) cut in September, which was long awaited. In contrast, labour and wage numbers have been underwhelming. Market consensus predicts a soft landing for the US economy. However, the prevailing high interest rates can keep exerting pressure on the economy and the labour market. There can be more hidden stress in the banking system. Transmission of the rate cut will take time and the resilience of the US economy needs to be monitored closely in the meantime. Recent data points on the US economy are mixed and future high-frequency data points will provide more clarity. Do you see the change in policy stance from the RBI at its October meeting, followed by a rate cut in the next meeting? We do not see an immediate response from the RBI to the Fed rate cut in the October meeting. India’s domestic retail inflation is at 3.65 percent, with volatile food inflation (5.3 percent in August versus 5.1 percent in July 2024). Though this (3.65 percent) is below the RBI’s target of 4 percent, sticky food inflation is likely to deter the central bank from immediate rate cuts. Indian economy also remains resilient and provides space for monetary policy to maintain the status quo. Are you betting on the consumption and banking sectors? We remain positive on both consumption and banking sectors. In consumption, we are more constructive on rural consumption-oriented companies. There are several green shoots emerging on rural consumption—a surplus monsoon, welfare schemes by certain states and the central government, and a favourable base. These factors have been driving healthy demand in the rural sector over the past few months—rural FMCG volume growth has outpaced urban over the past couple of quarters. Urban consumption was sluggish in the past few quarters but channel checks suggest a healthy festive demand, which should be positive for the sector. Scope for penetration increase and rapid premiumisation are key long-term mega trends that we are invested in. In the banking space, we are more positive on private banks. Private banks will play a critical role in funding the private capex cycle in India, which has started reviving since the last few quarters. Asset quality trends are also encouraging. While there are some concerns around retail asset quality in rural, most private banks have exposure to creditworthy, urban customers and are relatively insulated from the above risk.

2024-09-25 16:26

2024-09-25

16:26

moneycontrol.com

https://www.moneycontrol.com/news/business/personal-finance/what-to-watch-out-for-when-buying-your-first-credit-card-12829174.html

What to watch out for when buying your first credit card

Representative image.Related stories.

If you are a first-time credit card user, or are still thinking about which credit card to go for, it may be tempting to get drawn in by enticing offers like zero annual fees or introductory interest-free periods. However, it’s essential to understand the fine print, including the interest rates, repayment terms, fees, and your own spending habits, to ensure you use the card responsibly. Credit cards come with responsibilities that, if not handled wisely, can lead to debt traps, high interest payments, and damage to your credit score. Making informed decisions early on can save you from common mistakes, high interest rates, and long-term debt. Here's what to watch out for when getting your first credit card. 1. Understand the Interest Rates (APR) The interest rate, or Annual Percentage Rate (APR), is one of the most important things to consider when choosing your first credit card. In India, APRs can range anywhere from 24% to 48% annually, depending on the card issuer and your credit profile. It’s crucial to note that while credit card companies may offer interest-free periods on purchases, these benefits only apply if you pay your balance in full each month. If not, interest will accumulate, and it can add up quickly. What to do: Compare interest rates across various banks and card issuers. Always aim to pay off your full balance each month to avoid interest charges. 2. Watch Out for Hidden Fees Many credit cards come with various charges, including annual fees, joining fees, late payment penalties, foreign transaction fees, and even fees for surpassing your credit limit. Some credit cards offer no annual fees for the first year but may start charging fees from the second year onward. What to do: Carefully review the terms and conditions for any fees associated with the card. Choose a card with minimal or no annual fees if you don’t plan to use the card frequently or don’t need extra features like premium rewards programs. 3. Check the Credit Limit Your credit limit is the maximum amount you can spend on your credit card. While it may be tempting to use your full credit limit, doing so can negatively impact your CIBIL score. A high credit utilization ratio (the percentage of your credit limit that you are using) can hurt your creditworthiness and make it difficult to get approved for loans in the future. What to do: Aim to use no more than 30-40% of your credit limit to maintain a healthy credit score. If your credit limit is low initially, focus on using the card responsibly to eventually qualify for an increase. 4. Choose a Card That Fits Your Lifestyle Credit cards in India offer a wide variety of rewards programs, from cashback on fuel purchases to rewards on online shopping or dining. Choosing a card that matches your spending habits can help you make the most of these rewards. For instance, if you travel frequently, a card that offers airline miles or discounts on hotel bookings might be ideal. What to do: Evaluate your regular expenses and pick a card that offers rewards or benefits on those categories, whether it’s shopping, dining, fuel, or travel. Many banks offer co-branded cards with companies like Amazon, Flipkart, or major airlines, which can offer additional perks. 5. Understand the Grace Period Most credit cards offer a grace period — typically 20 to 50 days — during which you won’t be charged interest on your purchases, as long as you pay off the balance in full before the due date. If you fail to pay off the entire balance within the grace period, interest is charged from the date of the purchase. What to do: Make sure to clear your dues within the grace period to avoid interest charges. Use auto-pay features to ensure you never miss a payment deadline. 6. Impact on Your CIBIL Score Your CIBIL score is your financial reputation. Every time you apply for a credit card, the bank performs a “hard inquiry” on your credit report, which can lower your CIBIL score slightly. Moreover, how you use your credit card — including your payment history and credit utilization — directly impacts your score. What to do: Use your credit card responsibly by making timely payments and keeping your credit utilization ratio low. Regularly check your CIBIL score to monitor how your credit card usage is affecting your financial health. 7. Be Aware of Introductory Offers Many credit cards offer promotional introductory offers, such as a 0% interest period for the first few months or bonus rewards for hitting certain spending milestones. While these can be beneficial, be sure to understand when these offers expire and what the terms are afterward. What to do: Don’t be swayed by flashy introductory offers unless they align with your long-term financial goals. Pay close attention to what the card offers after the promotional period ends. 8. Understand the Reward Redemption Process While credit cards offer rewards points or cashback, redeeming these rewards may not always be straightforward. Some rewards programs have restrictions, like minimum point thresholds or limited categories for redeeming rewards. What to do: Make sure the rewards program is easy to use and offers rewards that you actually want. Read the terms to understand how to maximize your benefits. 9. Don’t Apply for Too Many Cards at Once Applying for multiple credit cards at once can negatively impact your CIBIL score. Each application results in a hard inquiry on your credit report, which can lower your score, especially if you are new to credit. What to do: Start with one card, use it responsibly, and apply for additional cards only when necessary. Getting your first credit card can be a useful tool for building credit and managing finances, but it’s essential to approach it with caution. Pay attention to interest rates, fees, rewards, and how your spending habits will affect your credit. By understanding these key aspects, you can choose the right card and avoid common financial pitfalls.

2024-09-25 16:25

2024-09-25

16:25

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/five-star-business-finance-block-deal-likely-as-peak-xv-other-pe-investors-look-to-sell-up-to-20-stake-cnbc-tv8-12829443.html

Five Star Business Finance block deal likely as Peak XV, other PE investors look to sell up to 20% stake: CNBC-TV8

Five Star Business Finance block deal likely as Peak XV, other PE investors look to sell up to 20% stake.

Peak XV Partners and other private equity investors are likely to sell up to 20% stake in Five Star Business Finance Ltd through block deal, reported CNBC-TV18 citing sources on September 25. The block deal size could be close to $500 million, the channel reported. On September 25,Five Star Business Finance's sharesclosed 5.1 percent higher at Rs 812.2 apiece. The 52-week high of Five Star Business Finance stock is Rs 862.75 and 52-week low is Rs 600.05. As of June quarter, Peak XV Partners held 6.25 percent stake in the non-banking financial company (NBFC), showed exchange data. In December 2023, TPG Asia VII SF Pte, Matrix Partners India Investment Holdings II LLC, and Peak XV Partners Investments V sold the shares of Five Star Business Finance for Rs 1,656 crore through open market transactions. In September 2023, Norwest Venture Partners X Mauritius, Matrix Partners India Investment Holdings II LLC, and TPG Asia VII SF Pte offloaded 2.55 crore shares of Five Star Business Finance for Rs 1,863 crore through open market transactions.

2024-09-25 16:21

2024-09-25

16:21

moneycontrol.com

https://www.moneycontrol.com/banking/grip-invests-corporate-bond-sales-surge-200-yoy-to-rs-450-cr-aum-article-12829505.html

Grip Invest's corporate bond sales surge 200% YoY to Rs 450-cr AUM

Within millennials, Female participation in Corporate Bond investing soared by 52 percent from 2023 to 2024 indicating strong preference, release added..

Corporate bonds sales surged 200 percent year-on-year to Rs 450 crore assets under management (AUM) on the online bond platform Grip Invest, according to their report published on September 25. Grip Invest said millennials constitute 63 percent of all corporate bond investors, with average investment increasing 1.8 times between 2023 and 2024. Investors also showed exponential interest in corporate bonds indicated by quadrupling repeat investments in 2024, the company said in a release. "Growing accessibility of corporate bonds, widening risk appetite of millennials, and demand for a digital-first experience with investments have transformed Corporate Bonds from a niche investment asset into a mainstream choice," said Nikhil Aggarwal, Founder and Group CEO of Grip Invest. Within millennials, female participation in corporate bond investing soared by 52 percent from 2023 to 2024 indicating strong preference, the company added. There was a 54 percent rise in female investors choosing corporate bonds as their first investment from Q1 to Q2 in 2024, it said.

2024-09-25 16:20

2024-09-25

16:20

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/centre-weighs-turnaround-of-general-insurers-12829499.html

Centre weighs turnaround of PSU general insurers, options include merger, capital infusion

It is estimated that non-life PSU insurers may need up to Rs 25,000 crore for compliance with IRDAI regulations..Related stories.

Centre is considering a 'turnaround' plan for the three main general insurance companies after reviewing their capital requirement, with an option of government infusion or a fund raise, it is learnt. CNBC-TV18 cited sources familiar with the development to report that the possibility of merging the non-life PSUs with New India Assurance is also on the table. The report mentions that further infusion will be linked to the profitability of the insurers. Centre had in the past infused Rs 17,500 crore in the three non-life insurers during FY20-22, after a proposal to merge the insurers did not clear the Cabinet's approval. The proposal of an insurance merger was initially floated in the FY18Budget, and it is learnt that this plan may now be revived. It is estimated that non-life PSU insurers may need up to Rs 25,000 crore for compliance with IRDAI regulations. A report from rating agency ICRA estimates that the capital requirement for these insurers (excluding New India) between Rs 9,400 crore and Rs 10,020 crore to meet the solvency requirement by March 2025. Loss or lower profits may remain a concern for the sector, which will need to be addressed by the Centre is the turnaround plan is to go ahead. National Insurance had during Q1FY25 registered a net loss of Rs 293 crore, whileNew India Assuranceis profitable. It remains to be seen how this merger between listed and non-listed entities will pan out. The government has beenlooking to improveOriental Insurance, National Insurance, and United India Insurance through capital support and business recovery initiatives. The market share data shows a decline for public sector general insurers, dropping to 31.18 percent in FY24 from 32.27 percent the previous year, while private insurers' share increased to 53.52percent from 51.36 percent.

2024-09-25 16:10

2024-09-25

16:10

moneycontrol.com

https://www.moneycontrol.com/news/business/bengaluru-fridge-horror-odisha-man-called-brother-after-murder-and-said-12829436.html

Bengaluru fridge horror: 'Odisha man called brother after woman's murder and said...'

Mahalakshmi, the murder victim.

More details have emerged in the murder case of a 29-year-old Bengaluru woman whose chopped body parts were discovered in a fridge at her home by her family. The Bengaluru police have identified Ranjan Kumar, who hails from Odisha, as a suspect, but are yet to arrest him. Since the suspect's mobile phone is switched off, it's difficult for the police to trace him. Cops reached out to Kumar’s parents in Odisha and found that he had visited his village after the murder. “After securing him, we will get more information. Two to three people were taken into custody, but based on evidence and information available, there is a suspicion about the involvement of the person (Ranjan Kumar). Efforts are on to secure him," Karnataka Home Minister G Parameshwara said. Police said victim Mahalakshmi and suspect Kumar had been friends since 2023 and worked in the same mall. Mahalakshmi had separated from her husband Hemant Das. According to a report in The Indian Express reported that Kumar's absence from his Bengaluru residence raised suspicions and cops immediately contacted his brother who told them that Kumar had called him over the phone and confessed to killing Mahalakshmi.

2024-09-25 16:08

2024-09-25

16:08

moneycontrol.com

https://www.moneycontrol.com/news/india/world-looks-up-to-india-piyush-goyal-on-10-years-of-make-in-india-12829492.html

World looks up to India: Piyush Goyal on 10 years of ‘Make in India’

Piyush Goyal.

Celebrating the success of Centre's  flagship "Make in India" scheme, Union Minister of Commerce and Industry Piyush Goyal on Wednesday said that the world is now looking to India as a manufacturing destination. On Wednesday the Union Government marked 10 years of the flagship "Make in India" scheme. The minister asserted that skilling, reskilling and upskilling initiatives of the government will benefit the youth in the coming years. This will not only create jobs but also create new entrepreneurs who can provide jobs and adds to the country's growth. In an exclusive virtual interaction with ANI from Adelaide, the Union Minister said, "It is a story of lost decade vs last decade. 2004 to 2014 India went to despondency, investor interest was shattered, and corruption became the order of the day so much so that an environment clearance was not possible during the Congress government. The economy, foreign exchange reserves and growth were down, the rupee fell, and inflation was high. People had given up on India. Even domestic investments were stalled...In that scenario PM Modi took charge in 2014 and the last decade has been where the macro-economic fundamentals have been made strong- startup India, one district one product, 20 new industrial smart cities, reduction of compliance burden...Improvement in our ease of doing business ranking, promoting technology, and innovation. It is been a holistic approach in partnership with private sectors both in India & internationally...Today the world looks up at India as a manufacturing destination." The minister said the policies of the government in the past 10 years, have made India's exports increase significantly post-COVID both in merchandise and services. "The world recognises the scale at which you can produce an export from India is mind-boggling and the competitiveness of the costing of the product is also very attractive. India offers domestic demand and with domestic demand large scale, we become competitive in other nations. I am very confident that this thrust given to export including making districts as export hubs will hold India in good stead. We are seeing newer and newer destinations for our export goods, we are seeing our agriculture & marine exports grow up dramatically. Thanks to the production link incentive schemes we are now seeing mobile phones grow so much so that the electronics is the third-largest export sector from India," Goyal said. (With ANI Inputs)

2024-09-25 16:08

2024-09-25

16:08

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sensex-nifty-hit-record-peaks-after-day-long-lull-banking-stocks-on-forefront-of-rally-12829320.html

Sensex, Nifty hit record peaks after day-long lull; banking stocks on forefront of rally

In line with the benchmarks, Nifty Bank also rose 0.3 percent led by Axis Bank and HDFC Bank..Related stories.

In a stunning finish, the Sensex and Nifty surged to record highs in the last few minutes of trade on September 25, after spending most of the session hovering near the flatline. This marked the fifth consecutive session of record-breaking gains for the Indian benchmarks. At close, the Sensex was up 255 points or 0.3 percent at 85,169 and the Nifty was up 72 points at 26,013. About 1,637 shares advanced, 2,148 shares declined, and 104 shares remained unchanged. In a dramatic last-minute surge, the Sensex soared to a new lifetime high of 85,247, while the Nifty reached a milestone of 26,032. The recent rally is fueled by optimism over the US Federal Reserve's aggressive rate cut last week and expectations of sustained foreign inflows. Gains in Nifty Bank, driven by the weekly expiry of Bank Nifty F&O contracts, further bolstered the Nifty's performance. Follow our live blog for all the market action "The current market levels are a reflection of market fundamentals and liquidity flows," said Vaibhav Porwal, Co-founder of Dezerv. He said that there is a strong buying momentum in the market fueled by strong liquidity. "In such a scenario markets can overextend," Porwal added saying that Sensex may hit 100,000 shortly. In line with the benchmarks, Nifty Bank also rose 0.3 percent led byAxis BankandHDFC Bank. Meanwhile, Nifty IT and Nifty FMCG were the biggest laggards amongst sectoral indices. The Nifty IT index slipped by over a percent, dragged down byTech Mahindra,LTIMindtree, andInfosys, all of which saw declines of 1-4 percent. The IT index which had gained 12 percent, 13 percent, and 5 percent from June-August has been under selling pressure and has declined by nearly 2 percent so far in September. Ajit Mishra, Senior Vice President of Research at Religare Broking, stated that the ongoing correction in IT stocks offers a favorable buying opportunity. Also Read |ÂEaseMyTrip cracks 20% after promoter offloads stake worth Rs 176.5 crore in a block deal FMCG stocks were weighed down by concerns over rising competition and inflation in raw material prices, as highlighted by Emkay Global Financial Services. Nifty FMCG also fell half a percent withHUL,Dabur, andTata Consumer Productsfalling between 1-4 percent. The broader markets underperformed the benchmarks with the BSE Midcap down 0.5 percent and the Smallcap index slipping 0.4 percent. Vinod Nair, Head of Research at Geojit Financial Services, pointed to valuation concerns as the key factor behind the decline. Bajaj Finserv,Grasim,NTPC, Axis Bank, and Power Grid led Nifty 50 gainers, rising 1-4 percent, withPower Gridup 4 percent on the government's $110 billion transmission capex boost. Goldman Sachs reiterated a 'buy' rating on Power Grid with a target of Rs 370. On the flip side,Titan,Tata Motors, Tata Consumer, Tech Mahindra, and LTIMindtree fell 1-4 percent, leading the losers.

2024-09-25 16:05

2024-09-25

16:05

moneycontrol.com

https://www.moneycontrol.com/technology/oneplus-13-to-likely-get-a-new-design-and-big-performance-boost-article-12829386.html

OnePlus 13 to likely get a new design and big performance boost

OnePlus 13.

OnePlus is gearing up to launch its next-generation flagship, the OnePlus 13, next month. It is expected to be one of the first smartphones powered by the upcoming Qualcomm flagship chipset, the Snapdragon 8 Gen 4. While OnePlus hasn’t officially confirmed anything, the leaks and rumours of the OnePlus 13 have kept fans on their toes. Now, according to a new leak by the reliable Chinese tipster Digital Chat Station reveals that the OnePlus 13 could come with up to 24GB RAM. Currently, most flagship smartphones come with up to 16GB RAM, including last year’s OnePlus 12. The tipster has also revealed that the phone will have 1TB storage support. We could see an upgrade in the battery department, though, as the OnePlus 13 is expected to pack a 6,000mAh battery, which would be a big jump from the 5,500mAh pack on the OnePlus 12. The smartphone has also been spotted on the 3C certification website and is expected to come with 100W fast charging support, like the previous OnePlus number series phones. Other leaks have suggested that the OnePlus 13 could have a vertically aligned rear camera setup instead of the circular camera module seen in the OnePlus 12. We could also see a wider ring around one of the cameras, giving the smartphone a fresh, distinctive look. Additionally, the OnePlus 13 will reportedly pack a 6.8-inch 2K 8T LTPO micro-curved display. Further, the device could carry a triple rear camera system comprising a 50MP LYT-808 main camera. All of these specifications mean that OnePlus 13 is shaping up to be a powerhouse of a smartphone.

2024-09-25 16:04

2024-09-25

16:04

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/taking-stock-nifty-closes-above-26000-for-the-first-time-sensex-gains-256-pts-12829391.html

Taking Stock: Nifty closes above 26,000 for the first time, Sensex gains 256 pts

Market Today.Related stories.

The record run continued on Dalal street on September 25 as the Nifty index managed to close above 26,000 for the first time led by energy, metal and media names. At close, the Sensex was up 255.83 points or 0.30 percent at 85,169.87, and the Nifty was up 63.75 points or 0.25 percent at 26,004.15. BSE Sensex and Nifty touched fresh high of 85,247.42 and 26,032.80, respectively. After a negative start, the market witnessed rangebound movement throughout the session, however, the last half an hour buying helped the market to climb to a new high. Also Read-SEBI's September 30 Board meet expected to have big-ticket announcements on derivatives, FPIs Power Grid Corp, NTPC, Axis Bank, Grasim Industries, Bajaj Finserv were among the top gainers on the Nifty, while losers are LTIMindtree, Tech Mahindra, Tata Consumer, Tata Motors and Titan Company. BSE Midcap and Smallcap indices down 0.5 percent each. On the sectoral front, power, metal, media and realty indices up 0.5-3 percent, while FMCG, PSU Bank and IT were down 0.5-1 percent. Nearly 300 stocks touched their 52-high on the BSE, including, Bajaj Finserv, Blue Star, Bosch, Campus Active, Ceat, eClerx Services, Firstsource Solutions, Hindalco Industries, Ipca Labs, M&M, Mahanagar Gas, Metropolis, NTPC, PCBL, Power Grid Corp, Tata Communications, Trent, TVS Motor, among others.Click to view full list Outlook for September 26 Aditya Gaggar Director of Progressive Shares For major part of the session, the Index remained rangebound but a sudden spurt in the last hour of the trading session propelled the Index to end the session at 26,004.15 with gains of 63.75 points. On the sectoral front, Media was the top performer followed by Energy and Realty while PSU Banking and IT were the major laggards. Mid and Smallcaps corrected by 0.63% & 0.42% and underperformed the Frontline Index. As indicated yesterday, the Index has virtually tested its immediate support of 25,850 and reversed to form a bullish candle on the daily chart suggesting a trend continuation to rally till 26,200 while the support level is shifted higher to 25,950. Rupak De, Senior Technical Analyst, LKP Securities The Nifty made another lifetime high as bulls seemed in no mood to back down, despite a weak start. The sentiment is likely to remain positive as long as it remains above 25,900, where aggressive put writing was visible. Technically, the Nifty has sustained above its very short-term moving average. Furthermore, no reversal is visible in the momentum indicator. Therefore, we might witness a range-bound to positive move in the near term. Resistance on the higher end, is seen at 26200-26250.

2024-09-25 15:58

2024-09-25

15:58

moneycontrol.com

https://www.moneycontrol.com/news/opinion/mystifying-divorce-between-indias-gdp-trend-and-quality-of-jobs-12829415.html

Mystifying divorce between India’s GDP trend and quality of jobs

Where are the jobs being created?.Related stories.

Government of India’s annual jobs report, or PLFS 23-24, was released this week. It portrayed a worrisome situation in the employment structure. For a lower middle income country such as India, the unemployment rate is not as meaningful an indicator as it is in the US, for example. What really matters is where are the jobs being created. That’s where there’s a problem building up. India is the fastest growing major economy. After a contraction in GDP in FY21, following the initial outbreak of Covid-19 and a national lockdown, theeconomy bounced backfast. The average GDP growth rate since FY22 has exceeded 8 percent, which is impressive by India’s historical standard. However, that’s where the good news ends. Structural change is about people At India’s stage of economic evolution, the most critical indicator of structural change is the speed at which people can be moved from the relatively poorer agricultural sector to the better off manufacturing and services sectors. By this measure, India has been a lacklustre performer since the 1950s as the pace of movement out of agriculture has been slow. Despite this history, the PLFS data over the last five years is troublesome because post-pandemic, some people seem to have gone back to agriculture. The slow forward movement out of agriculture has been replaced by a reversal. The story as told by data In 2018-19, the last pre-pandemic year for thejobs datawhich is collected through a July to June survey, 42.5 percent of the workforce was engaged in agriculture. From 2021-22, that percentage kept inching up and reached 46.1 percent in 2023-24. One way of looking at it is that now 46 people of every 100 in the workforce share the approximately Rs 14 generated by agriculture for every Rs 100 of GDP. Agriculture’s share in GDP has been fairly stagnant. That’s why it’s implausible that there’s a voluntary large-scale drift back to a sector where there’s not just less money but also a dimmer prospect of growth. Take a relatedaspect of the jobs data, self-employment. In India, the scale of self-employment is a proxy for the absence of openings elsewhere. Between 2018-19 and 2023-24, the proportion of the workforce self-employed increased from 52.1 percent to 58.4 percent. Within this category of self-employed, there was a 6.1 percentage point increase in the workforce engaged as unpaid helper in household enterprises to 19.4 percent in 2023-24. A job growth taking place in a category without pay. It’s the segment where a significant part of the rise in jobs for women has taken place over the last few years. And in the last year there’s been a 1.4 percentage point increase in rural men engaged as unpaid helpers in household enterprises. Manufacturing has seen a decline in its share in the total workforce. It was 12.1 percent in 2018-19 and by 2023-24, it had declined to 11.4 percent. It’s been building up The structure of employment in India may have regressed in the last three years, but the signs were there for three decades. Labour intensity (number of workers employed for a rupee of capital invested in production) has been in decline since 1990s. It’s not just organised manufacturing where labour intensity has fallen, even in the informal sector there’s been a decline. To illustrate, Azim Premji University’s report in 2018, State of Working India, worked out the number of workers for every Rs 1 crore invested after adjusting for inflation. In 1994, a factory employed 33 workers for every Rs 1 crore invested. By 2015, it had fallen to just 8 workers for an investment of Rs 1 crore. The trend was similar even for the informal category of own account enterprises even if more jobs are created here for every Rs 1 crore of investment. Broken link with GDP GDP is a measure of output. Fast growth here matters a lot because it enhances the size of the economy, puts more resources in the hands of governments and creates opportunities. The last part, opportunities, is where India has a serious challenge to overcome. The link between GDP growth and opportunities in terms of jobs outside agriculture was always weak. However, in the last three years, the link seems to have broken down, pushing people back to agriculture. Right now, no one appears to have a convincing idea on how to set things right.

2024-09-25 15:56

2024-09-25

15:56

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/construction-materials-provider-arisinfra-solutions-files-draft-papers-with-sebi-for-rs-600-crore-ipo-12829434.html

Construction materials provider ArisInfra Solutions files draft papers with SEBI for Rs 600-crore IPO

Construction materials provider ArisInfra Solutions files draft papers with SEBI for Rs 600-crore IPO.Related stories.

Technology-enabled construction materials providerArisInfra Solutionshas filed draft red herring prospectus with the capital markets regulator SEBI to raise Rs 600 crore via initial public offering. The IPO consists of entirely fresh issue by the company with no offer-for-sale component. The Mumbai-based company may also consider raising Rs 120 crore in a pre-IPO placement, before the filing of the Red Herring Prospectus with the Registrar of Companies (ROC). If the pre-IPO placement is completed, the said amount will be reduced from the public issue. Its network increased from 431 customers and 441 vendors in March 2022 to 2,133 customers and 1,458 vendors as of March 2024. It leverages the said network of vendors to source construction materials and provide them to real estate and infrastructure developers and contractors. Also read:ÂCarlyle says strong demand from Indian savers to fan IPO frenzy Between April 2021 and March 2024, it has delivered 10.35 million metric tonnes of construction materials, including aggregates, ready-mix concrete, steel, cement, construction chemicals and walling solutions. ArisInfra, which operates one-stop solution for all the construction material requirements, will utilise Rs 204.6 crore out of the IPO proceeds for repaying debt. Post issue, the debt burden seems to be reducing significantly as the total debt on its books stood at Rs 268.5 crore as of May 2024. Further, the company will spend Rs 177 crore for its working capital requirements, Rs 48 crore for the subsidiary Buildmex-Infra's working capital requirements. It will utilise Rs 20.4 crore for purchase of partial shareholding from existing shareholders of its subsidiary, ArisUnitern Re Solutions, and the remaining funds for general corporate purposes and unidentified inorganic acquisitions. Promoters hold 55.97 percent stake in the company and the remaining 44.03 percent shares are owned by the public shareholders. However, the financial performance of the company was weak in the past years as it recorded net loss of Rs 17.3 crore for the year ended March 2024, widening from the loss of Rs 15.4 crore in the previous year. Even the revenue from operations during the fiscal 2024 dropped to Rs 696.8 crore, from Rs 746 crore in the previous fiscal. JM Financial, IIFL Securities, and Nuvama Wealth Management are appointed as the merchant bankers for the issue.

2024-09-25 15:55

2024-09-25

15:55

moneycontrol.com

https://www.moneycontrol.com/news/india/after-up-himachal-pradesh-mandates-food-vendors-eateries-to-display-owners-names-12829428.html

After UP, Himachal Pradesh mandates food vendors, eateries to display owners' names

Sukhvinder Singh Sukhu.

After Uttar Pradesh, the Congress-led Himachal Pradesh government on Wednesday ordered that all restaurants and eateries in the state will have to display the names and addresses of operators, proprietors, and managers at establishments. A decision to implement this order was taken during a meeting of the state's Urban Development and Municipal Corporation on Tuesday. Himachal Pradesh's order comes on the lines of a similar diktat issued by the Uttar Pradesh government under which operators, proprietors, and managers must clearly display their names and addresses at all food and drink establishments. The hill state's Assembly Speaker Kuldeep Singh Pathania has formed a seven-member committee, including Ministers Vikramaditya Singh and Anirudh Singh, to implement the order. The move came after Chief MinisterYogi Adityanath-led Uttar Pradesh government once again rekindled the controversy over nameplate dictate by ordering that all restaurants and eateries in the state will have to prominently display the names and addresses of operators, proprietors, managers and staff. The UP government has said that police verification drives will be held to ensure compliance with what the authorities described as measures against adulteration. Taking cognisance of incidents of spitting and mixing of urine in eatables in Uttar Pradesh, Chief MinisterYogi Adityanathon Tuesday said the presence of human waste in food items was disgusting and ordered strict action against those who adulterate food items with human waste or dirty things.

2024-09-25 15:35

2024-09-25

15:35

moneycontrol.com

https://www.moneycontrol.com/news/business/alkem-promoter-stake-sale-aimed-at-jb-chemicals-bid-12829290.html

Alkem promoter stake sale aimed at JB Chemicals bid

Currently, promoters hold a 56.38 percent stake in Alkem..Related stories.

The proposed stake sale by the promoters ofAlkem Laboratories is aimed at getting on board a private equity investor to back the firm’s bid for KKR-ownedÂJB Chemicals and Pharmaceuticals Ltd, people familiar with the matter said. Alkem Labs is India’s fifth-largest pharma company, with a dominant position in anti-infectives and gastrointestinal and pain management drugs along with supplements. It also has a growing portfolio of products for the treatment of diabetes and chronic neurological, cardiological and dermatological illnesses, among others. Moneycontrolreported on September 12that the Alkem promoters, the Singh family, are willing to cede a substantial, even a controlling, stake to PE funds. Promoters hold a 56.38 percent stake in the company. Sources told Moneycontrol that the stake sale by the promoters is linked to an acquisition bid that Alkem wants to mount for a controlling stake in JB Chemicals along with a private equity partner. TheEconomic Timeswas the first to report that Alkem had joined the race for JB Chemicals. At the current market price, KKR’s 53.77 percent stake in JB Chemicals is worth almost $1.8 billion, or Rs 15,500 crore. The acquisition of the KKR’s holding will also trigger a mandatory open offer for another 26 percent stake held by the public, taking the deal size to $2.6 billion. Alkem is the latest entrant in the race to acquire JB Chemicals, competing against the likes of Gujrat-basedÂTorrent group, which has also been in talks with KKR for the last few months. The promoter stake sale and the JB Chemicals bid are not necessarily dependent on each other, sources said. The promoters may still go ahead with the sale of a substantial stake even if they are not able to make a successful bid for JB Chemicals along with a PE partner, they added. Torrent Pharma is still interested in acquiring KKR’s stake in JB Chemicals, the sources said. An email sent to Alkem Laboratories did not elicit a response. Alkem's business Alkem operates 19 manufacturing facilities and research and development centres across India and the US to develop and manufacture generic formulations, active pharmaceutical ingredients (APIs) and biosimilars. Apart from India and the US, the company also has a presence in Latin America, Australia and several Asian countries. In India, it has manufacturing units in Gujarat, Pune, Daman, Baddi, Indore and Sikkim. These facilities have approvals from drug regulators such as the United States Food and Drug Administration (FDA) and the UK’s Medicine and Healthcare Products Regulatory Agency. These FDA-certified facilities give companies like Alkem an advantage as the United States implements the Biosecure Act. It law bars US pharma companies from sourcing raw materials such as APIs from countries that pose a “national security risk”, with China being the primary target. The shift opens up a significant opportunity for Indian companies, particularly those with FDA-approved facilities. Alkem has one API manufacturing plant in the US in California and two in India. Also Read:ÂAlkem Lab Consolidated June 2024 Net Sales at Rs 3,031.82 crore, up 2.16% Y-o-Y For the June quarter, Alkem reported a revenue of Rs 3,031.8 crore, up 2.2 percent from the year-ago period. The India business contributed Rs 2,022.3 crore to the topline, while the international business clocked a revenue of Rs 967.7 crore with a 6.4 percent YoY growth. The pharma company’s net profit jumped 90.1 percent to Rs 535.2 crore. Its earnings before interest, taxes, depreciation and amortisation (Ebitda) were up 56.4 percent at Rs 608.6 crore. The Ebitda margin improved to 20.1 percent in the June quarter from 13.1 percent in the same period of the previous year. At 2.03 pm on September 25, the Alkem Lab stock was trading at Rs 6,183.55 on the National Stock Exchange (NSE), up 2.26 percent from the previous close. JB Chemicals was down almost 2 percent at Rs 1,906.55.

2024-09-25 15:33

2024-09-25

15:33

moneycontrol.com

https://www.moneycontrol.com/news/business/moneycontrol-pro-panorama-dear-guv-how-about-showing-some-love-for-growth-12829373.html

Moneycontrol Pro Panorama | Dear Guv, how about showing some love for growth?

RBI headed by Governor Shaktikanta Das has held rates rock steady in the past two years..Related stories.

Dear Reader, The winds of change are blowing in the vast, complex and mysterious world of global central banking. Interest rates that were kept high for a prolonged period are now beginning to fall. Even hard-nosed central bankers focused on fighting inflation are beginning to give a more sympathetic look to growth concerns. Some are even launching anti-recession measures. The big cue that the world was awaiting came from the US Federal reserve when it chopped interest rates by a massive 50 basis points in one go a week ago. Some observers were expecting a quarter percentage point cut and a gradual reduction without sounding aggressive on either side. But Jerome Powell had other ideas. One thing is for sure. That bold act by Powell alone may have cleared a major mental block facing several central bankers on the issue of rate cuts. Even before Powell pulled a rabbit out of his hat, the European Central Bank had cut interest rates by a quarter percentage point citing falling inflation and rising growth concerns. Of course, others like Australian Central Bank and Bank of England are in a wait and watch mode. But they aren’t far from a rate pivot. China's PBOC surprised markets with a package of monetary measures, including sizeable rate cuts. The big question investors back home are wondering is when rates will be cut. The Reserve Bank of India (RBI) has been acting as an anti-inflation crusader for the last 20 months — and for the right reasons. Unrelenting in its pursuit to defeat the inflation monster and quietly but firmly reiterating a desire to not repeat past mistakes, the RBI headed by Governor Shaktikanta Das has held rates rock steady in the past two years. The MPC has even ignored the weak resistance within the MPC against continuation of the current stance and high-rate status quo. The RBI has, numerous times, reiterated its intent to lock inflation around 4 per cent in a sustainable manner before changing the stance or rates. But, alas, it can no longer ignore the massive rate cut cues coming from the central bank biggies on the one hand and clear signs of below-potential growth on the other. In a highly interconnected world, rate actions have cross border implications. The RBI must cut interest rates to support growth and the earlier, the better. The real growth situation on the ground doesn’t look as rosy as inflation crusaders would like to believe. India's economy is growing below potential. Unemployment is rising, small firms are struggling with interest payment costs and there areÂrising asset quality concerns and borrower overheating among small borrowers. As Manas Chakravarty wrote in his piece a few days ago, the RBI researchers themselves vouch that  retail inflation will fall sustainably to around 4 percent from the first quarter of 2025-26. Whether it likes or not, the big villain in the mega inflation movie — food inflation — is far beyond the control of the central bank. None other than the government’s Chief Economic Advisor V Anantha Nageswaran himself had argued that monetary policy can’t control food inflation. As MPC member Jayanth Varma has been consistently saying, it is depressing that India’s projected growth rates for 2024-25 and 2025-26 (despite being among the highest growth rates of any large economy in the world), are significantly lower than the potential growth rate of the Indian economy, and also well below what is needed at the current stage of our demographic transition to meet the aspirations of the new entrants into the workforce. It’s time for the RBI to shift its focus to growth. Investing insights from our research team KRN Heat Exchanger IPO: A long-term play on the domestic growth story Intellect Design Arena: Why stock underperformance is an opportunity to buy Rate cut round the corner – Why should investors prefer NBFCs to banks? What else are we reading? Better US-India relationship has a clear China lens Chart of the Day | RBI’s pill worked well to cure NBFC exuberance in unsecured loans, show data Government employment data reveal why household consumption demand has been low Government numbers show share of workers in informal sector has increased in last five years Unemployment rate down, but share of unpaid helpers counted as employed has increased Even before China’s stimulus, the steel market may have started healing itself Will global money rain on India’s climate fight after Modi’s US trip? Farming needs new ideas, funds to act as a booster to economy Three questions for Jay Powell (republished from the FT) Uber’s next act: taking on AmazonÂ(republished from the FT)Samsung test for TN when it’s rolling out the red carpet Artificial Intelligence and the Insurance Revolution: Who wins, who loses? India’s largest tribal welfare organisation fosters Hindu unity Legal blow to Siddaramaiah in MUDA case leaves Karnataka with the question: Will he? Won’t he? Technical Picks: Saregama India, Mahanagar Gas. Dinesh UnnikrishnanMoneycontrol Pro

2024-09-25 15:30

2024-09-25

15:30

moneycontrol.com

https://www.moneycontrol.com/banking/pramerica-life-insurance-targeting-30-cagr-for-next-two-years-says-ceo-article-12829377.html

Pramerica Life Insurance targeting 30% CAGR for next two years, says CEO

On Pramerica Life Insurance’s plans to go public, Gupta said that the insurer has no plans to go public at least in the next two years as it is well capitalized.Related stories.

Pramerica Life Insurance, backed by the Piramal Group and Prudential International Insurance Holdings (PIIH), is targeting a compound annual growth rate (CAGR) of 30 percent for the next two years, Managing Director and Chief Executive Officer (MD and CEO) Pankaj Gupta said. The insurer, which has been restructuring over the last few years, recorded a new business premium growth in fiscal year 2024. “Last year we reported strong growth of 58 percent on the premiums side, " Gupta said, and added that the insurer will look at growing cautiously and aggressively, expecting 30 percent overall growth in the next two years.” The insurer also said that it is looking at launching new products in this fiscal. “Last year, we launched eight new products and we also did some changes, minor modifications in our other products. In this calendar, we have already got six new products. We would also look at growing digitally,” Gupta said. For the bancassurance business, the insurer has a tie up with a payments bank and is looking at developing more partnerships with co-operative banks, small finance banks and some private banks. “Bancassurance partnerships typically take a bit longer to mature. They have a very defined process of assessment and a defined process of onboarding a new partner. We have, of course, been a bit late in this and are expecting that in the next 12 to 18 months we will have some bancassurance partnerships,” Gupta said. On going public GoDigit was the latest insurer to go public in the Indian public market. The insurer got its shares listed on May 23, 2024. On Pramerica Life Insurance’s plans to go public, Gupta said that the insurer has no plans to go public at least in the next two years as it is well capitalised. “We are very clear that the next couple of years we need to focus on building scale and profitability while building organisational capabilities, and taking fulladvantage of the type of growth opportunity that the Indian market presents,” Gupta said.

2024-09-25 15:25

2024-09-25

15:25

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sensex-nifty-hover-around-flatline-it-and-auto-stocks-decline-12829320.html

Sensex, Nifty hit record peaks after day-long lull; banking stocks on forefront of rally

The Nifty IT index slipped nearly a percent, dragged down by Tech Mahindra, LTIMindtree, and Infosys, all of which saw declines of 1-4 percent..Related stories.

In a stunning finish, the Sensex and Nifty surged to record highs in the final hour of trade on September 25, after spending most of the session hovering near the flatline. This marked the fifth consecutive session of record-breaking gains for the Indian benchmarks. At 2.30 PM, the Sensex was up 48 points or 0.06 percent at 84,962 and the Nifty was down 6 points or 0.02 percent at 25,934. About 1,350 shares advanced, 2,043 shares declined, and 73 shares remained unchanged. The recent rally is fueled by optimism over the US Federal Reserve's aggressive rate cut last week and expectations of sustained foreign inflows. Gains in Nifty Bank, ahead of the weekly expiry of Bank Nifty F&O contracts also added to the gains in Nifty. Follow our live blog for all the market action The Nifty IT index slipped nearly a percent, dragged down by Tech Mahindra, LTIMindtree, and Infosys, all of which saw declines of 1-4 percent. The IT index which had gained 12 percent, 13 percent, and 5 percent from June-August has been under selling pressure and has declined by nearly 2 percent so far in September. The Nifty Auto index ended its four-day winning streak, slipping by half a percent today, with Tata Motors, M&M, and Bajaj Auto leading the decline. In the broader market, the BSE Midcap fell X percent while the Smallcap index declined by X percent. ITC, Grasim, Axis Bank, NTPC, and Power Grid led Nifty 50 gainers, rising 1-4 percent, with Power Grid up 4 percent on the government's $110 billion transmission capex boost. Goldman Sachs reiterated a 'buy' rating on Power Grid with a target of Rs 370. On the flip side, Tata Motors, Titan, Tata Consumer, Tech Mahindra, and LTIMindtree fell 1-4 percent, leading the losers.

2024-09-25 15:22

2024-09-25

15:22

moneycontrol.com

https://www.moneycontrol.com/technology/bengaluru-traffic-police-to-use-ai-for-13-different-violations-up-from-seven-article-12829307.html

Bengaluru Traffic Police to use AI for 13 different violations, up from seven

Bengaluru traffic police’s AI-based enforcement.Related stories.

The traffic police in tech capital Bengaluru is keeping an eye on errant motorists through AI, and has decided to expand the AI-based enforcement system to detect 13 different violations, up from the existing seven. Joint commissioner of police (Bengaluru city traffic) MN Anucheth toldMoneycontrol: “At present, we use AI-based cameras to enforce seven violations: over speeding, using mobile phones while driving, not wearing seat belts, not wearing helmets, triple riding on two-wheelers, red light violations, and stop line violations.” He said they will soon use AI to enable the booking of up to 13 violations at a time, focusing on six additional violations, including wrong-side driving, the use of illegal number plates, goods vehicles carrying materials protruding beyond the body frame, broken or folded door mirrors, and illegal parking. The traffic police in the city is among the pioneers in using AI for traffic enforcement. In 2023 alone, 97 percent of traffic violation cases (87.4 lakh out of 90 lakh) were booked through contactless mode. The city has a 14,000 km road network, a population of 14 million, 12 million registered vehicles, and 40,000 traffic intersections. This means the number of traffic violation cases and the fines collected are also likely to increase. In 2023 alone, Bengaluru Traffic Police booked 89.9 lakh cases and collected a record Rs 185.1 crore in fines from errant motorists. Also read:ÂBengaluru now books 96% traffic violations through AI-powered cameras Karnataka Road Development Corporation Limited (KRDCL), on behalf of the Traffic Police, recently floated a tender for 250 AI-based automatic violation detection licences. The project, which is executed under the Bengaluru City Road Safety and Traffic Management Project, will be finalised soon. At present, Bengaluru Traffic Police has deployed 330 AI-based cameras at 50 junctions. KRDCL has also invited tenders for remote number plate detection and automatic number plate recognition for automated contactless traffic enforcement at 25 more locations. “We will use 9,000 cameras, which are being installed under the Safe City project. Of the 9,000, 7,500 cameras have already been installed, and the remaining 1,500 cameras will be installed by December.” said Anucheth. The traffic arm will also have access to 4,600 body-worn cameras, 200 dashboard cameras and cameras on mobile phones carried by its personnel. “Instead of procuring additional cameras, we decided to obtain AI-based automatic violation detection licences to utilise our existing infrastructure for traffic enforcement and management," the joint commissioner said. Anucheth said they are using AI not only for enforcement but also for traffic management. “For instance, AI cameras will detect factors affecting traffic, such as cattle on the road and waterlogging. It has an Automatic Traffic Counting and Classification (ATCC) feature which gives the type of vehicles—two-wheelers, three-wheelers, four-wheelers (cars, jeeps, vans), and trucks and buses. This helps us police understand junction-wise congestion levels and patterns for traffic management." AI's detection capabilities The AI-equipped system will have comprehensive detection capabilities, including identifying whether drivers or passengers in any type of vehicle are spitting on the road and automatically generating a challan. The system will also detect littered areas on roads, footpaths and grounds., apart from identifying potholes from raw video feeds and detecting areas of waterlogging. It will monitor vehicle counts, categorising them by type across city junctions for detailed analysis. Further, the system will identify any unattended objects or vehicles in the city. "We will have the flexibility to choose the types of violations to be booked and also to select a particular junction or road," Anucheth said. The AI-based system automatically detects a vehicle in the camera view using video detection, activates licence plate recognition and automatically generates a challan. It will also process video feeds from various sources, including surveillance cameras, body-worn cameras, feeds from different public or private cameras, and social media. The Automatic Number Plate Recognition System will monitor vehicle flow by detecting and reading number plates in real time, generating alerts based on vehicle status. It will integrate with the Bengaluru Traffic Police's databases. Officials said they will monitor overspeeding on major arterial roads, including the Electronics City Elevated Expressway, Mysuru Road to Goraguntepalya, Airport Elevated Road (Bellary Road), Inner Ring Road from Indiranagar to Koramangala, KR Market Elevated Road, Tumakuru Road Elevated Corridor, Outer Ring Road (Goraguntepalya to Hebbal), and ORR (Hebbal to Tin Factory). KRDCL has also floated another tender for automated traffic signals at 50 new junctions. It has also floated tenders to maintain the existing 339 manual traffic signal lights and 33 adaptive traffic signal lights. Also read:ÂMC Interview: Bengaluru's techie-turned-traffic chief bets on AI to ease congestion

2024-09-25 15:17

2024-09-25

15:17

moneycontrol.com

https://www.moneycontrol.com/travel/after-bollywood-and-ranveer-singh-switzerland-banks-on-neeraj-chopras-charm-to-woo-indians-article-12829207.html

After Bollywood and Ranveer Singh, Switzerland banks on Neeraj Chopra's charm to woo Indians

Switzerland is wooing Indians via Neeraj Chopra..Related stories.

India's love affair with Switzerland was at its peak in the pre-Covid period thanks to the Bollywood effect but now it is Olympic gold medalist Neeraj Chopra's charm that is keeping the love for the European nation intact among Indians. Switzerland Tourism's last brand ambassador for the India market, Ranveer Singh, drove the count of Indian travellers visiting the mountainous Central European country. Singh's endorsement ¬Ýhad led to a 23.4 percent surge in travellers in 2017, the year he was signed up. "With Ranveer Singh, we showcased soft adventure, paragliding. With Neeraj Chopra, we are showing what Indians are now looking for, that is more outdoor adventure," said Ritu Sharma, Deputy Director and Marketing Head ‚Äì India, Switzerland Tourism, without divulging data on the impact Chopra has had in the traveller surge from India. Sharma said that they are seeing an impact more in terms of sentiment. The Chopra charm "We signed up Neeraj Chopra as friendship ambassador in 2022. We did not see an immediate spurt because 2022 was still recovering from the post-Covid impact. There were less flights, less visas being issued. But we have seen it (growth) in the sentiment. If you look at the sort of activities that people (Indians) are now looking for in Switzerland, that's changed," she said. Indians are opting for more outdoor activities in Switzerland and Chopra is fuelling this change. "He (Chopra) loves the mountains, loves to be out in nature, and wants to go on a mountain bike. So it's a perfect match. Everything we want to portray he just does automatically. We also have a winter campaign because he has been dying to do winter sports. Unfortunately, he couldn't ski this year because he was preparing for the Olympics (2024)," Sharma said. The association with Neeraj Chopra began when Switzerland Tourism saw an Instagram post of the athlete in a bout¬Ýon the lake of Lucerne, saying "he loves the country." "Seeing the post we said, here is our perfect next brand ambassador. Everybody in India loves him not just because he is a gold medal winner in the Olympics but also because he's such an authentic person. He is attracting the youth as well as senior travellers from India," she added. Longer stay Sharma added that¬Ýthey are¬Ýseeing Indians staying longer in Switzerland because the trend of doing five countries in 12 days is no longer a fad. People want to stay longer because they want to experience the country more, she said. A good indicator of Indians staying in Switzerland longer is the purchase of Swiss Travel Pass, said¬Ý‚ÅÝChristian Schoch, Director India, Switzerland Tourism. The Swiss Travel Pass is the ticket for all the public transport in the country. "The best seller is a six and eight-day pass (among Indian travellers). This means that Indian travellers travel a lot by public transport and the length of stay is expanding versus the pre-Covid period," he added. Sharma pointed out that senior Indian travellers are preferring to visit European destinations in September and October, and not in¬Ýthe peak summer season. Change of season "Indians are also travelling in other seasons like winter and autumn. The peak season is still April to June for Indian guests, but we definitely see an extension of the season. We hear from our hotel partners that Indians don't come anymore only in May. They are coming throughout the year. Autumn and winter seasons are getting more important for us," Schoch said. Martin Nydegger, CEO, Switzerland Tourism noted that Indians are also preferring the winter and autumn periods to avoid peak period crowds and get better availability of hotels. While the travel period is expanding, Switzerland is yet to see full recovery in terms of hotel overnight bookings, a metric the country uses to track tourism growth through its source markets. Demand for Switzerland "One of our strongest years was 2019 when hotel overnight bookings were around 8,00,000. In 2023, we had around 6,00,000. We are seeing an increase this year as well of over 5.4 percent. We expect full recovery by 2025," Schoch said, adding¬Ýthat along with group travellers they are seeing more individual travellers visiting Switzerland. India which ranks number seventh in Switzerland‚Äôs foreign source markets is estimated to grow to 907,587 overnights in the next five years. "We see a higher demand right now from individual travellers. That could be solo travellers, honeymooners, or even small family groups with the size of 10 to 15 guests. India is in the top 10 markets for Switzerland. So, it's a relevant market for us because the Indians love to spend money in Switzerland. On an average right now, Indians spend 310 Francs (Rs 30,646) per day. Pre-Covid versus now, spending by Indian tourists in Switzerland has increased," Schoch said. He added that Indians not just from metros but from smaller cities as well are visiting Switzerland. "The demand for Switzerland is huge in smaller Indian cities. We get a lot of requests from tour operators from these smaller cities, which bring a lot of people to Switzerland. And I think this trend is going to increase in the next few years." However, many Indians are also opting for emerging as well as visa free destinations which could pose strong competition to Switzerland. But Sharma said that weekend destinations are not a competition for them. "We don't compete with Dubai, Singapore or Vietnam because that's a different sort of holiday. Switzerland is a premium destination," Sharma said.

2024-09-25 15:12

2024-09-25

15:12

moneycontrol.com

https://www.moneycontrol.com/news/business/openai-pitched-white-house-on-unprecedented-data-center-buildout-12829398.html

OpenAI pitched White House on unprecedented data center buildout

OpenAI has shared a document with Whote House officials outlining the economic and national security benefits of building 5 gigawatt data centers in various US states.

OpenAI has pitched the Biden administration on the need for massive data centers that could each use as much power as entire cities, framing the unprecedented expansion as necessary to develop more advanced artificial intelligence models and compete with China. Following a recent meeting at the White House, which was attended by OpenAI Chief Executive Officer Sam Altman and other tech leaders, the startup shared a document with government officials outlining the economic and national security benefits of building 5 gigawatt data centers in various US states, based on an analysis the company engaged with outside experts on. To put that in context, 5 GW is roughly the equivalent of five nuclear reactors, or enough to power almost 3 million homes. OpenAI said investing in these facilities would result in tens of thousands of new jobs, boost the gross domestic product and ensure the US can maintain its lead in AI development, according to the document, which was viewed by Bloomberg News. To achieve that, however, the US needs policies that support greater data center capacity, the document said. Altman has spent much of this year trying to form a global coalition of investors to fund the costly physical infrastructure required to support rapid AI development, while also working to secure the US government’s blessing for the project. But the details on the energy capacity of the data centers Altman and OpenAI are calling for have not previously been reported. “OpenAI is actively working to strengthen AI infrastructure in the US, which we believe is critical to keeping America at the forefront of global innovation, boosting reindustrialization across the country, and making AI’s benefits accessible to everyone,” a spokesperson for OpenAI said in a statement provided to Bloomberg News. The push comes as power projects in the US are facing delays due to long wait times to connect to grids, permitting delays, supply chain issues and labor shortages. But energy executives have said powering even a single 5 gigawatt data center would be a challenge. Joe Dominguez, CEO of Constellation Energy Corp., said he has heard Altman is talking about building 5 to 7 data centers that are each 5 GW. The document shared with the White House does not provide a specific number. OpenAI’s aim is to focus on a single data center to start, but with plans to potentially expand from there, according to a person familiar with the matter. “Whatever we’re talking about is not only something that’s never been done, but I don’t believe it’s feasible as an engineer, as somebody who grew up in this,” Dominguez told Bloomberg News. “It’s certainly not possible under a timeframe that’s going to address national security and timing.” The US has a total of 96 GW of installed capacity of nuclear power. Last week, OpenAI’s biggest investor, Microsoft Corp., struck a deal with Constellation in which the nuclear provider will restart the shuttered Three Mile Island facility solely to provide Microsoft with nuclear power for two decades. In June, John Ketchum, CEO of NextEra Energy Inc, said the clean-energy giant had received requests from some tech companies to find sites that can support 5 GW of demand, without naming any specific firms. “Think about that. That’s the size of powering the city of Miami,” he said. That much power would require a mix of new wind and solar farms, battery storage and a connection to the grid, Ketchum said. He added that finding a site that could accommodate 5 GW would take some work, but there are places in the US that can fit one gigawatt.

2024-09-25 15:12

2024-09-25

15:12

moneycontrol.com

https://www.moneycontrol.com/news/india/fresh-setback-for-siddaramaiah-as-special-court-orders-lokayukta-probe-in-muda-case-12829357.html

Fresh setback for Siddaramaiah as Special Court orders Lokayukta probe in MUDA case

A special court here on Wednesday ordered a Lokayukta police probe against Karnataka Chief Minister Siddaramaiah in the Mysuru Urban Development Authority (MUDA) site allotment case. "The copy of the court order has not yet been received. I am going to Kerala. I will get the court order copy in the evening. I will fight. I am not afraid of anything. We are ready to face the investigation. I will fight this legally," said the CM. Judge Santhosh Gajanan Bhat issued the ruling, following the High Court's recent affirmation of Governor Thaawar chand Gehlot's sanction for the inquiry. The order of the Special Court Judge, Santhosh Gajanan Bhat, came a day after the High Court upheld the sanction granted by the Governor Thaawarchand Gehlot to conduct an investigation against Siddaramaiah on the allegations of illegalities in the allotment of 14 sites to his wife Parvathi by MUDA.It has come to my attention through the media that the Special Court for Elected Representatives has ordered an investigation by the Mysuru Lokayukta. I will provide a detailed response after reviewing the full copy of the order.I am ready to face the investigation and continueSiddaramaiah (@siddaramaiah)September 25, 2024 The HC had also vacated its August 19 interim order directing the Special Court for People's Representatives to defer the decision on complaints against the Chief Minister, giving the green signal for ordering a probe. It had dismissed Siddaramaiah's petition challenging the legality of the Governor's August 16 order granting approval for investigation under Section 17A of the Prevention of Corruption (PC) Act, 1988. In the MUDA site allotment case, it is alleged that compensatory sites were allotted to Siddaramaiah's wife in an upmarket area in Mysuru, which had higher property value as compared to the location of her land which had been "acquired" by the MUDA. The MUDA had allotted plots to Parvathi under a 50:50 ratio scheme in lieu of 3.16 acres of her land, where it developed a residential layout. Under the controversial scheme, MUDA allotted 50 per cent of developed land to the land losers in lieu of undeveloped land acquired from them for forming residential layouts. It is alleged that Parvathi had no legal title over this 3.16 acres of land at survey number 464 of Kasare village, Kasaba hobli of Mysuru taluk. (With inputs from PTI)

2024-09-25 15:07

2024-09-25

15:07

moneycontrol.com

https://www.moneycontrol.com/news/india/haryana-elections-2024-congress-the-mother-of-corruption-in-india-says-pm-modi-12829376.html

Haryana Elections 2024: Congress the mother of corruption in India, says PM Modi

Prime Minister narendra Modi addresses a rally in Sonipat, Haryana. (Photo Credit: X/@BJP4India).Related stories.

The Congress party is responsible for introducing corruption in India's governance system, prime Minister Narendra Modi said addressing a rally in poll-bound Haryana on Wednesday. "Wherever the Congress government came to power, they did a lot of corruption...Congress is the party that gave birth to and nurtured corruption in India's government system. Congress is the mother of corruption in India. 'Congress ka shahiparivar desh ka sabse bhrasht parivar hai' (the first family of the Congress is the most corrupt family in India). When the high command is corrupt then everyone gets the license to do corruption and loot," PM Modi said, addressing a rally in Sonipat., , - , , - -@narendramodipic.twitter.com/KpQO8YQgCMBJP (@BJP4India)September 25, 2024 Referring to the Congress' rule in the state a decade ago, the Prime Minister said that the government led by the grand old party "looted the farmers of the state" when in power a decade ago. "Haryana was looted by the Congress government 10 years ago. The lands of farmers were looted.Congress ne Haryana ko dalalon aur damadon ke hawale kar dia tha(Congress handed over Haryana to middlemen and son-in-laws)," he said. PM Modi further alleged large-scale corruption in state government jobs during the rule of the Congress prior to 2014 when the BJP came to power in the state. "Haryana mein ek bhi Naukri aisi nahin thi jahaan Kharchi aur Parchi na chalti ho(There wasn't one job in the state where bribes and recommendations were not rampant)'," Modi said, asking voters to keep the Congress "miles away from power" Modi also referred to the ongoing case against Karnataka Chief Minister Siddaramaiah to point out the Congress' manner of functioning where it is power. "Look at the condition of the Congress in Karnataka. The Karnataka CM is accused in the land scam... Yesterday, the Karnataka High Court said that the investigation orders are correct and investigation should be done...Congress also did a scam in the funds meant for Dalits...There is no party more dishonest than Congress in the entire nation..." This was the first rally that the Prime Minister addressed in Haryana after the polls were announced and among his first public engagements following his return from a three-day visit to the United States. "If Congress cared, basic facilities like water, electricity, gas, and bank accounts would have been in place before BJP came to power," he further said and warned that voting for Congress would amount to destroying Haryana. "Even if Congress somehow gets to power, they will have internal wars and ruin Haryana," he said. PM Modi also commended Haryana CM Nayab Singh Saini for quickly becoming a people's favorite and condemned the Congress over its treatment of Dalits and its stance on Article 370.

2024-09-25 15:02

2024-09-25

15:02

moneycontrol.com

https://www.moneycontrol.com/news/business/personal-finance/mpox-in-india-will-your-health-insurance-pay-for-treatment-expenses-12829302.html

Mpox in India: Will your health insurance pay for treatment expenses?

How your health insurance policy will pay for Mpox treatment expenses.Related stories.

Mpox (earlier known as Monkey Pox) viral infection strain - Clade 1b - that prompted the World Health Organisation (WHO) to declare it a public health emergency has reached India, with a patient inKerala testing positiverecently. According to reports, at present, a 38-year-old man isbeing treated at a government hospitalat present. If you are wondering whether such epidemics will be covered under your health insurance policies or not if you were to seek treatment at private hospitals, here’s a quick guide: Treated like any other infectious disease If you are being treated in a government hospital, your health insurance policy will not come into play as the expenses will be borne by the government. However, like in the case ofCOVID-19, if the infection were to spread, eventually necessitating treatment at private hospitals, you can file claims under your regular health insurance policy. Be it COVID-19, Mpox or any other infection, if you are admitted to a hospital for treatment, your health insurance policy will pay the bills to the extent of your sum insured. That is, in line with room rent sub-limits or co-pay clauses that may be part of your policy. Mpox infections are generally considered self-limiting, and the illness runs its course between two-four weeks. At present, the patients usually recover with supportive medical care and management. According to the WHO, the disease spreads through close contact with an infected patient. Symptoms typically include fever, rash and swollen lymph nodes. In 2020, the Insurance Regulatory and Development Authority of India (IRDAI) had asked insurance companies to pay for COVID-19-related claims. This, despite the infectious disease being declared a pandemic, which was a permanent exclusion in some policies back then. Also read:ÂMonkeypox reaches India: Will your health and travel policies cover the costs? No claims for mere isolation In the case of the Kerala patient who had returned from the United Arab Emirates (UAE), several of his contacts, including co-travellers on the flight, are in isolation. If you do not have symptoms and the isolation, particularly at home, is precautionary, your insurance company will not pay for the expenses incurred during the period. This is because the isolation does not entail any active line of treatment. Also read:ÂMpox not new to India: Not airborne like Covid, how it spreads and who is at risk Read the policy fine print On your part, ensure that you go through your policy’s wordings to ascertain your insurer’s approach on dealing with isolation-related claims. Put simply, if you have to undergo active treatment on recommendation from the treating doctor, your medical expenses will be payable.

2024-09-25 14:56

2024-09-25

14:56

moneycontrol.com

https://www.moneycontrol.com/technology/apple-rolls-out-ios-18-1-public-beta-2-update-heres-whats-new-article-12829185.html

Apple rolls out iOS 18.1 public beta 2 update, here’s what’s new

iOS 18 rollout.

Apple has started rolling out iOS 18.1 public beta 2 update to users. The new update brings several new enhancements and improvements to the iPhones. However, the most important change is inclusion of Apple Intelligence features. Here’s everything that’s new with the iOS 18.1 public beta 2 update. Apple iOS 18.1 public beta 2: What’s new As mentioned, the iOS 18.1 public beta 2 update brings Apple Intelligence features such as improved Siri, Ai notification summaries, AI-powered writing tools and more. However, features like Genmoji aren’t included and it is expected to arrive later. Apart from the Apple Intelligence features, the iOS 18.1 beta 2 includes call recording, call transcription in Phone app, improved Control Center and more. The update also includes new connectivity controls for Wi-Fi and VPN, available directly from the Control Center, along with an option to reset the layout to its default settings. iPhone Mirroring now supports drag-and-drop functionality, enhancing the seamless interaction between iPhones and Macs when running the latest beta software. Additionally, the Camera app on the iPhone 16 gains a new control, allowing users to switch to the front-facing selfie camera more easily. Apple has also introduced intelligence-driven writing tools to the Notes app, accessible via the toolbar, offering smarter and more efficient ways to draft notes. The Shortcuts app gains a new action that allows users to trigger Control Center with a simple command. Other design and interface tweaks are also included in the update to enhance the user experience.

2024-09-25 14:51

2024-09-25

14:51

moneycontrol.com

https://www.moneycontrol.com/news/companies-2/swiss-dutch-nutrition-firm-dsm-firmenich-to-invest-100-mn-in-india-global-ceo-vreeze-12829363.html

Swiss-Dutch nutrition firm dsm-firmenich to invest $100 mn in India: Global CEO Vreeze

The company will be investing mainly in capacity expansion, including a new manufacturing plant as it also looks to make India an export base for ingredients for its global operations. (Representational image).Related stories.

dsm-firmenich, the Swiss-Dutch nutrition, health and beauty firm, plans to invest over $100 million (over Rs 835 crore) in India in the near term for scaling up the business to cash in on the potential of the country, its global CEO Dimitri de Vreeze said on September 25. It will be investing mainly in capacity expansion, including a new manufacturing plant as it also looks to make India an export base for ingredients for its global operations. The company, which was formed last year by the merger of Netherlands-based DSM with Switzerland's Firmenich — both of which are over a century old, expects India to be among its top three global markets in the next five years. "India is a super important leg of our growth. Our business is about half a billion dollars in India…We have invested about half a billion US dollars over the last 10 years, and we have plans to expand with 100-plus million dollars in new capacity going forward for the next coming years," Vreeze told PTI here in an interview. The investment will be on new facilities, offices, labs and innovation centres, he added. Elaborating further, he said, "We will also invest the next two to three years into the ingredient supply. We will debottleneck and expand capacity in the existing lines, which will be in the ingredients for nutrition, health and beauty, which we use not only in India but also outside India." Vreeze further said the company is looking at new capacity through greenfield plants, which are more for the 'taste' business vertical to cater to the local requirements. The company has seven plants in India at present in Daman, Dahej, Vadodara, Jadcherla (Telangana), Navi Mumbai and two in Kerala. Underlining the significance of the Indian market, he said, "It is for us a place to be in to continue to grow. The last five years, we've grown double digits in a row." When asked when does the company see its India business hitting $1 billion revenue, Vreeze said, "My dream, so to speak, is to reach the 1 billion dollar mark as soon as we can." Besides the fast-growing market due to the trend of preventive healthcare, healthy food and sanitation offering huge opportunities, he said the company sees India as is important place to learn from. Not only for the domestic market, India is also very important for the ingredients for global operations, he added. "We produce in India ingredients which we use for our global portfolio. We have factories here, we have joint ventures here, where we make ingredients which we use outside India for customers outside India as part of the solution package." In terms of market size globally for the company, Vreeze said India is currently in the 'lower end of top-end' but "in five years it should be in top three". Currently, the US, Europe and the Asia Pacific region are the biggest markets for dsm-firmenich. "We feel that the Indian train is moving and is accelerating while we speak, and we want to be part of that fast-moving train," Vreeze, adding it's more difficult to jump on the train when it has already moved. "So we want to be on that train today," he said. The company has put an India advisory board, comprising people from different sectors including business and academia to help it chart the future course in the country, he added. The company has at present 1,700 employees in India at present, which he said should cross the 2,000 mark in the short term considering its expansion plans. dsm-firmenich has operations in almost 60 countries with annual revenue of more than 12 billion euros.

2024-09-25 14:47

2024-09-25

14:47

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/nclt-ahmedabad-asks-icici-bank-to-share-sebis-exemption-order-on-icici-securities-delisting-12829316.html

NCLT Ahmedabad asks ICICI Bank to share Sebi's exemption order on ICICI Securities' delisting

The order stated that the petitioner company has also not filed an affidavit of undertaking following the reply from the Competition Commission of India's (CCI's) response to the tribunal's notice..Related stories.

The National Company Law Tribunal Ahmedabad has asked ICICI Bank to share the market regulator's order allowing relaxation in┬Āthe matter of┬ĀICICI Securities delisting. The directive was in response to a petition filed by a group of minority shareholders led by Bengaluru-based portfolio manager Manu Rishi Gupta, who had raised objections to the delisting of ICICI Securities. Back in June 2023, ICICI Securities had presented a plan to delist and subsequently merge with parent firm ICICI Bank. On June 29, 2023, the ICICI Bank board had given nod to the plan. In March this year, the delisting plan was approved by shareholders with 72 percent of the minority investors voting in favour. In an order passed on September 19, the tribunal has said, "The relaxation granted by the Sebi vide its letter dated June 20, 2023, in terms of Regulation 37 of SEBI Delisting Regulations read with the SEBI Circular dated July 6, 2021, is not placed on record. Further, the Scheme approved by SEBI on 28.11.2023 is also not placed on record". The order stated that the petitioner company has also not filed an affidavit of undertaking following the reply from the Competition Commission of India's (CCI's) response dated May 9, 2024. The CCI had responded to the notice issued, under Section 230 (%) of the Companies Act, by the NCLT Ahmedabad. The senior counsel of ICICI Bank stated that CCI's reply was not received by the company since the reply was directly received by the tribunal. Also read:┬ĀQuantum MF files appeal against NCLAT order approving delisting of ICICI Securities The next date for the case as per the order is October 3. Recently, Moneycontrol had also reported that┬ĀQuantum Mutual Fund has filed an appeal against an earlier order by the National Company Law Appellate Tribunal (NCLAT), which approved the delisting of┬ĀICICI Securities┬Āwhile dismissing objections raised by minority shareholders of the company. ŌĆ£Quantum Mutual Fund has objected to this ŌĆśschemeŌĆÖ and has filed an appeal with the Honourable National Company Law Appellate Tribunal (NCLAT), Principal Bench at New Delhi against the order dated August 21st 2024 issued by the Honourable NCLT Mumbai, which dismissed the objections of Quantum Mutual Fund and approved the Scheme,ŌĆØ┬ĀQuantum said in a┬Āstatement. The Mumbai bench of the National Company Law Tribunal (NCLT) had approved the delisting application of ICICI Securities from the stock exchanges and also rejected objections filed by minority shareholders.

2024-09-25 14:46

2024-09-25

14:46

moneycontrol.com

https://www.moneycontrol.com/news/world/hezbollah-fires-ballistic-missile-at-mossad-hq-near-tel-aviv-as-tensions-flare-up-12829342.html

Hezbollah fires ballistic missile at Mossad HQ near Tel Aviv as tensions flare up

This picture taken from the Mediterranean bay of Tyre shows smoke billowing in the background from the site of an Israeli airstrike targeting a village in southern Lebanon, on September 24. (Image: AFP).Related stories.

Hezbollah announced on Wednesday that it launched a ballistic missile targeting the Mossad headquarters located near Tel Aviv. The militant group claims that the Israeli spy agency was responsible for recent attacks against its members. This marks the first instance in which Hezbollah has claimed to have executed a ballistic missile strike since the ongoing conflict escalated following Hamas' attack on October 7. The Israeli military confirmed that this was the first time a missile fired by Hezbollah had reached the Tel Aviv area, though it was intercepted by air defense systems. In a statement, Hezbollah stated that the missile, a Qader 1, was launched at 6:30 AM (0330 GMT) on September 25. The group described the Mossad headquarters as responsible for orchestrating attacks that have resulted in numerous casualties in Lebanon, including the death of a top commander. The outfit further asserted that the strike was intended to show support for the people of Gaza and to defend Lebanon and its citizens. Military analysts noted that the missile used was an Iranian-produced variant of the Scud, with a range of approximately 300 kilometers (190 miles). Hezbollah and Israel have engaged in near-daily exchanges of fire since the start of the recent conflict, which has drawn in various Iran-backed militants across the Middle East. In recent days, Israeli military operations have shifted focus from Gaza to Lebanon, intensifying the violence. On the same day, an Israeli strike reportedly hit the Saadiyat area near Beirut, damaging a garage and a nearby warehouse. The Lebanese health ministry reported that Israeli strikes had resulted in at least 558 fatalities on September 23 alone, marking the deadliest day in Lebanon since its civil war from 1975 to 1990. In a related statement, Pope Francis condemned the escalating violence in Lebanon, calling it "unacceptable" and expressing his sorrow over the situation. He urged the international community to take action to prevent further escalation, voicing solidarity with the Lebanese people, who have endured significant suffering. Residents reported that strikes also impacted a mountain village north of Beirut on Wednesday, marking an expansion of Israeli military actions against Hezbollah strongholds. State media indicated that these rockets struck as part of Israel's "extensive" campaign against the militant group.

2024-09-25 14:39

2024-09-25

14:39

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sebis-september-30-board-meet-expected-to-have-big-ticket-announcements-on-derivatives-fpis-12829222.html

SEBI's September 30 Board meet expected to have big-ticket announcements on derivatives, FPIs

Why SEBI's September 30 board meeting could have market players on the edge.Related stories.

The members who constitute the governing body of the Securities and Exchange Board of India (SEBI) are to meet on September 30. It will tracked closely because there are key decisions relating to various market players and intermediaries that could be cleared, including the big one—of strengthening the index derivatives framework. Once rolled out, this new framework is expected to have a significant impact on the securities market, putting an end to the gambling-like trading behaviour that had taken off with daily expiries of index-derivative contracts. On July 30, SEBI floated a consultation paper that proposed a framework under which there would only be weekly expiries of these derivatives contracts (one index-based weekly contract per stock exchange), the minimum contract value would be increased to Rs 15-20 lakh at launch and then later to Rs 20-30 lakh (to deter retail investors), strike prices would be rationalised, and so on. Also read:ÂCrucial Sebi board meeting on Sept 30, first since controversy over Chairperson Since both the finance minister Nirmala Sitharaman and SEBI chief Madhabi Buch have commented on the urgency to act on the trading behaviour in the F&O or futures and options segment and since the submission deadline for public comments was more than a month ago—on August 20—there is a high likelihood that the SEBI board will deliberate on the framework in this meeting. Another game-changing reform that will be closely tracked will be the launch of the performance validation agency. It has been more than a year since the consultation paper on the setting up of an agency that will authenticate the performance claims of various intermediaries including research analysts (RAs) and regulated algo providers was floated. At an August 2 conference organised by industries body FICCI, the SEBI chief said that the agency will come into being soon. But people close to the developments have said that there are technical difficulties in setting it up. RAs, investment advisors (IAs) and algo traders will be keenly watching the outcome of the Board meeting to see if they will finally have a way of promoting their service more effectively and above the din of unregulated finfluencers. On June 26, the regulator also proposed harmonisation of regulations on public issues, or the Issue of Capital and Disclosure Requirements Regulations, and listing regulations, or Listing Obligations and Disclosure Requirements Regulations. This is for ease of doing business and covers filings and disclosure procedures and timelines, the appointment process for directors, reclassification of promoters and promoter group entities, placing responsibility on key management personnel to make disclosures that would enable to listed entities to be in compliance with norms, giving more time to make disclosures of material events and so on. Other possible reforms 1. The regulator may make it easier for foreign portfolio investors (FPIs) to comply with the additional disclosure norms issued through the August 2023 circular. The 2023 circular had asked entities that have concentrated holdings in a corporate group or a high level of exposure to the Indian market to make granular disclosures of entities that own, control or have an interest in the particular FPI. However, in a July 30 consultation paper, the regulator said that FPIs may need to only disclose whether they are a land-bordering country (LBC) FPI or non-LBC FPI based on the location of the majority of the entities that have ownership, control or economic interest in the FPI. It clarified that the granular details would only be needed if the FPI cannot be identified as LBC or non-LBC. Another change that FPIs may have to absorb is the likely inclusion of offshore derivative instruments (earlier P-notes) and segregated portfolios of FPIs with sub-funds under the additional disclosure framework. In a consultation paper released this August, SEBI said that without their inclusion there is the possibility of regulatory arbitrage. 2. Easier compliance norms for IAs/RAs such as reducing the educational qualification and experience requirements, removal of net-worth requirement and allowing an entity to register both as an IA and RA. 3. Extension of the definition of connected person under insider trading regulations to include a relative of the connected person, those sharing a household with a connected person and a Hindu undivided family, among others. 4. Reintroduction of summary proceedings to make it easier to handle violations by intermediaries, when the violation is apparent. In the consultation paper released on July 16, the regulator proposed this to enhance its ability to respond swiftly to protect the interest of investors. 5. Introduction of a new asset class to be introduced that lies between a portfolio management service and a mutual fund, to allow investors with a higher investable amount to take more risk. 6. Mutual funds may be expecting two changes—one would be the introduction of Mutual Fund Lite Regulations for passively managed funds with less compliance requirement; and two, the mandate to disclose risk-adjusted return in their documents.

2024-09-25 14:30

2024-09-25

14:30

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/goldman-sachs-artificial-intelligence-hyperscaler-boom-12829336.html

Should investors worry about the US AI boom? Goldman Sachs reflects

Even as leading tech companies dominate their respective markets, innovation will likely create a new wave of tech superstars, said Oppenheimer..Related stories.

A recent note by a Goldman Sachs equity strategist has red-flagged the risk of high concentration of US tech stocks in the portfolio, adding that the surge of last two years has been more due to 'hopes and aspirations.' Peter Oppenheimer, chief global equity strategist and head of Macro Research in Europe for Goldman Sachs said in the note that the US tech rally has been dominated by a narrow group of 'hyperscalers'. Oppenheimer said, "Their more recent surge in performance since 2022 owes much to the hopes and aspirations around AI. Despite continued powerful earnings growth, valuations have been rising, led by an increasingly narrow group of 'hyperscalers.’" The earnings of these hyperscalers have dwarfed the broader market, justifies their gains, said Oppenheimer. The note observed that companies from the US technology sector generated 32% of the global equity returns and 40% of US equity market returns since 2010. The Dow Jones index has delivered a return of over 470% since 2010, compared to S&P 500’s 580% rise. However, the tech-heavy Nasdaq 100 has over-shadowed both these with a rise of more than 1,100%. Now, there are now signs of increasing competition in the AI space as new players emerge and more patents get filed. The note said AI patents surpassed 60,000 in 2022, up from about 8,000 four years ago. Oppenheimer argues in his note that the companies that end up pioneering a new technology may not necessarily create the most market value from it. He cited the example of the telecom boom and the dot com era of the nineties, riding upon which social media and ride sharing companies created the most wealth for investors. "While the leading tech companies today will most likely remain dominant in their respective markets, rapid innovation, particularly around machine learning and AI, will likely create a new wave of tech superstars," said Oppenheimer. He also mentioned that the rise of AI may lead to major gains as non-technology sectors restructure businesses. The Goldman Sachs note has pointed out that any market that gets dominated by a handful of stocks becomes "increasingly vulnerable to either disruption or anti-trust regulation". To highlight this churn, Oppenheimer cited the example of the Fortune 500 group of companies, that has a very narrow pool of only 51 companies that are constant on the list since 1955, a mere ten percent. The global market for AI-powered companies and products is rapidly rising, another note by Bain and Company recently highlighted, projecting a rapid adoption of the use cases for Artificial Intelligence. The market for AI-related services and hardware is projected to grow by 40-55% every year, from $185 billion last year, said Bain, leading to $780-990 billion in revenue.

2024-09-25 14:27

2024-09-25

14:27

moneycontrol.com

https://www.moneycontrol.com/news/india/india-rides-on-economic-growth-youthful-workforce-to-beat-japan-as-3rd-largest-power-in-asia-12829327.html

India rides on economic growth, youthful workforce to beat Japan as 3rd largest power in Asia

In the 2024 index, one of the crucial findings was the steady rise of India in the power rankings, the statement noted, adding that the country is looking to achieve its “full potential and exercise its influence in the region”..Related stories.

India has outsmarted Japan to be the third-largest power in Asia, according to a September 25 statement from the Press Information Bureau on the Asia Power Index. Launched in 2018 by the Lowy Institute, the Asia Power Index measures the power dynamics in the Asia-Pacific region. India's rise has largely been contributed by a dynamic growth, a youthful population, and an expanding economy, solidifying its position as a leading force in the region, said the PIB statement. In the 2024 index, one of the crucial findings was the steady rise of India in the power rankings, it noted, adding that the country is looking to achieve its “full potential and exercise its influence in the region”. The index listed out three major reasons for India’s ascent in the rankings. First, India’s economic growth has shown “remarkable post-Covid recovery” and added a 4.2-point jump in the economic capability. “India’s massive population and strong GDP growth reinforce its standing as the world’s third-largest economy in PPP terms,” it said. Second, demographic dividend of the country has put it in an advantageous position compared to China and Japan. India added 8.2 points under its future resources segment because of its young population, which will continue to “drive growth and labour force expansion in the coming decades”. Third, New Delhi’s growing diplomatic influence on the world stage has smoothened the rise in the power league. “India’s non-aligned strategic posture has allowed New Delhi to navigate complex international waters effectively,” said the index. India ranked sixth in terms of diplomatic dialogues in 2023, reflecting its active engagement in multilateral forums, the statement said. Its leadership in the Quad has allowed India to play a significant role in regional security dynamics, albeit outside of formal military alliances, it said. “These developments, though small in scale, suggest that India is beginning to flex its geopolitical muscles beyond its immediate neighborhood,” stated the index.

2024-09-25 14:20

2024-09-25

14:20

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/wow-momo-takes-cues-from-dominos-for-ipo-in-two-years-12829338.html

Wow Momo takes cues from Domino's for IPO in two years

Valued at Rs 2,500 crore ($299.33 million) with a network of 650 stores, Wow Momo plans to become the first major local fast-food chain to go public, riding on this shift in consumer behavior..Related stories.

Fast-food chain Wow Momo Foods plans to go public within two years, its CEO said, as the popular dumpling brand aims to replicate the rapid expansion of Domino's Pizza in the world's most populous country. India's $5 billion fast-food sector has seen significant growth, driven by rising demand among low- and middle-income families. Valued at Rs 2,500 crore ($299.33 million) with a network of 650 stores, Wow Momo plans to become the first major local fast-food chain to go public, riding on this shift in consumer behavior. Tiger Global-backed Wow Momo, which reported revenue of nearly 4.8 billion rupees ($57.47 million) for the fiscal year ending in March, is aiming to double its revenue to 10 billion rupees over the next 30 months, co-founder and CEO Sagar Daryani told Reuters late on Tuesday. "The public markets are really, really growing ... One homegrown fast-food chain IPO in India will change the script for fast-food play (in the country)," Daryani said. India's booming stock market has hit record highs over 50 times this year, with nearly 200 companies, including e-scooter maker Ola Electric and telecom operator Bharti Hexacom, raising billions. In the restaurant sector, franchisees of Western brands like KFC, McDonald's, Burger King, and Domino's have gone public in the past decade. One of the most recent local listing was of Barbeque-Nation Hospitality, which went public three years ago. Shares of Bengaluru, Karnataka-based Barbeque-Nation have climbed nearly 28% from their IPO price despite seeing some challenges with footfalls among inflation-weary consumers. Daryani said he plans to replicate Jubilant FoodWorks's success, which has expanded Domino's from a single store in India in 1996 to over 1,800 outlets. Wow Momo, which offers savory dumplings priced between 109-369 rupees ($1.31-$4.42) per serving, plans to increase its store count to 1,000 and become profitable on the basis of a core earnings metric within two years. While the company experienced a dip in same-store sales from October to May, mirroring a broader slowdown in the Indian fast-food space, sales have recovered, turning positive from June to September, Daryani added.

2024-09-25 14:18

2024-09-25

14:18

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/recently-listed-baazar-style-posts-rs-39-lakh-loss-in-q1-shares-fall-nearly-3-12829339.html

Recently-listed Baazar Style posts Rs 39 lakh loss in Q1; shares fall nearly 3%

Recently-listed Baazar Style posts Rs 39 lakh loss in Q1; shares fall nearly 3%.

Recently-listed Baazar Style Retail Ltd(Style Baazar)on September 25 reported standalone loss of Rs 39 lakh for the quarter ended June 30, 2024. It reported profit of Rs 5.5 crore in the year-ago period. However, on a sequential basis, the company's loss narrowed from Rs 6.5 crore in March quarter. The company's standalone revenue from operations rose 21 percent to Rs 276 crore in Q1FY25 as against Rs 228 crore in Q1FY24. At 2:05 pm on September 25, the company's shares on NSE were trading nearly 3 percent lower at Rs 372 apiece.

2024-09-25 14:16

2024-09-25

14:16

moneycontrol.com

https://www.moneycontrol.com/news/india/paper-leaks-jobs-infighting-the-big-challenges-plaguing-up-cm-yogis-2nd-term-12829293.html

Paper leaks, jobs, infighting: The big challenges plaguing UP CM Yogi's 2nd term

UP Chief Minister Yogi Adityanath has completed two-and-a-half years of his second term. (Courtesy: PTI photo).Related stories.

As of September 25, Chief MinisterYogi Adityanathhas completed two-and-a-half years of his second term, a period marked by significant challenges and political shifts. During this time, he has navigated several key issues, including a growing unemployment crisis, law and order concerns, internal party dynamics, and electoral setbacks in the Lok Sabha elections. One of the most pressing issues during Yogi's second term has been unemployment, which has put considerable pressure on his administration. The problem has been worsened by several controversies related to recruitment, particularly delayed recruitment processes and paper leak scandals. The Uttar Pradesh State Service Commission and the education board have seen over 10,000 vacancies remain unresolved in court, further frustrating job seekers. The ongoing delays and mishandling of recruitment processes have led to widespread protests, with the youth increasingly vocal in expressing their dissatisfaction with the government's ability to provide employment opportunities. The paper leak scandals, in particular, have been a major source of public anger. The most prominent of these involved the police recruitment exams, which was cancelled on February 24 due to reports of a leak. The cancellation disrupted the recruitment process and damaged public trust in the system. This became a big issue during the Lok Sabha election. Fresh exams were held in August 2024, but the disillusionment among job seekers remained, casting a shadow over the conduct of recruitment process. Law and order has also been a contentious issue throughout Yogi's second term. High-profile criminal incidents, such as the killings in Prayagraj and a heist in a jewellery shop in Sultanpur, have drawn widespread criticism and harmed the state's reputation for safety and governance. Then, there was Hathras incident where 122 people died in a stampede. These incidents have raised questions about the effectiveness of Yogi's leadership in maintaining peace and order. However, in response to growing concerns, the government has taken steps to restore public confidence. The recent encounter of two wanted criminals has been portrayed as a firm demonstration of the state's commitment to law enforcement, aimed at reassuring the public about the government’s control over security. On the political front,Yogi Adityanathhas faced considerable challenges, particularly following the recent Lok Sabha elections. The Bharatiya Janata Party (BJP) suffered a significant setback, with its seat count in Uttar Pradesh falling from 62 in 2019 to 33 in 2024. This sharp decline has raised concerns about the party's future prospects in the state and cast a shadow over Yogi’s leadership. The electoral losses have prompted internal reflection and raised questions about the direction of the party in Uttar Pradesh. In response to these challenges, Yogi has taken a more hands-on approach in political affairs, particularly ahead of the upcoming by-elections. He has taken charge of by-elections in 10 constituencies, seeking to strengthen the party's position and rebuild its standing. His active involvement is seen as a crucial move to rally support and address concerns about internal divisions within the BJP. Another key aspect of Yogi's second term has been managing internal party dynamics, particularly his relationship with figures such as Keshav Maurya. Reports of tensions between Yogi and Maurya had fueled speculation of a rift within the party. However, the Rashtriya Swayamsevak Sangh (RSS) stepped in to mediate and successfully resolved the conflict, helping to maintain unity within the BJP. The resolution of these internal disputes has been viewed as a significant step in consolidating the party’s leadership and ensuring that internal divisions do not weaken its political standing. AsYogi Adityanathmoves forward, he faces the twin challenges of addressing ongoing issues such as unemployment, recruitment delays, and law and order concerns, while simultaneously working to restore public confidence in his leadership. The steps he takes in the coming months to address these issues will be critical in shaping the future of his administration and determining the BJP’s prospects in Uttar Pradesh. His leadership during this crucial phase will play a pivotal role in both the governance of the state and the party's political trajectory.

2024-09-25 14:04

2024-09-25

14:04

moneycontrol.com

https://www.moneycontrol.com/news/business/exxaro-tiles-stock-extend-gains-up-28-in-two-days-on-stock-split-buzz-12829254.html

Exxaro Tiles stock extend gains, up 28% in two days on stock split buzz

Quant Mutual Fund and Mauritius-based AG Dynamics were once investors in this small-cap stock.Related stories.

Shares ofExxaro Tiles Limitedjumped 10 percent to Rs 106 on September 25, marking a second consecutive session of gains. The stock has soared 28 percent over two days, following news that the board will meet on October 14 to discuss a potential stock split. Trading volumes skyrocketed yet again with a remarkable 33 lakh shares exchanging hands today. This surge far surpassed the weekly average of just 41,000 shares and the monthly average of 62,000 shares, according to Moneycontrol data. Follow our LIVE blog for all the latest market updates BofA Securities Europe SA acquired 6.66 lakh shares of Exxaro Tiles on Tuesday via block deals, representing 1.48 percent of the company’s outstanding equity. The shares were purchased at Rs 96.22 apiece. This marks BofA Securities' first stake in the company, which has a market capitalization of nearly Rs 500 crore. While Foreign Portfolio Investors (FPIs) hold a 4 percent stake in Exxaro Tiles, domestic institutions currently have no exposure to the company. Quant Mutual Fund and Mauritius-based AG Dynamics were once investors in this small-cap stock, holding stakes in December and September 2021, respectively. Despite the stock’s underwhelming performance, delivering no returns that year, AG Dynamics has remained invested with a 1.3 percent stake. However, recent BSE filings show a change—Quant Mutual Fund exited in September 2022, selling its 4.9 percent stake. Data shows that in the June quarter, it posted a net loss of over Rs 4 crore from a profit of Rs 17 lakh in the same quarter the previous year. Meanwhile, the company's revenue from operations also slipped to Rs 60 crore from Rs 74 crore in the corresponding quarter of the previous fiscal. The company competes with the likes of Kajaria Ceramics and Cera Sanitary in the industry.

2024-09-25 14:03

2024-09-25

14:03

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/buy-piramal-pharma-target-of-rs-260-motilal-oswal-12829323.html

Buy Piramal Pharma; target of Rs 260: Motilal Oswal

Buy.Related stories.

Motilal Oswal's research report onPiramal Pharma PIRPHARM is well-positioned to offer differentiated services at the product development and commercial manufacturing stage in the CDMO segment. Industry tailwinds, such as the US Biosecure Act, should further boost business prospects in this segment. With its established presence in complex hospital generic (CHG) products (like Sevoflurane and baclofen), PIRPHARM can grow this business by adding more products, expanding into new markets and gaining market share in the existing markets. A focused approach to power brands and an enhanced distribution network should drive better profitability for its India consumer health (ICH) segment. Outlook We maintain our BUY rating on PIRPHARM with a TP of INR260, based on SOTP (17x EV/EBITDA for CDMO business; 13x EV/EBITDA for CHG and India consumer health business). For all recommendations report,Âclick here Piramal Pharma - 25092024 - moti

2024-09-25 14:02

2024-09-25

14:02

moneycontrol.com

https://www.moneycontrol.com/elections/assembly-election/haryana/haryana-polls-bjp-is-taking-decision-in-favour-of-farmers-says-pm-modi-in-sonipat-article-12829282.html

Haryana polls: BJP is taking decision in favour of farmers, says PM Modi in Sonipat

PM Modi.

Addressing a public rally in Haryana's Sonipat, Prime Minister Narendra Modi assured that the BJP government is taking decisions  that are favourable to the farming community. "We have come up with schemes for farmers within the first 100 days of third term," said Modi. The PM underlined that under BJP govt, Haryana has found place among top states in industry, agriculture sectors. The Bharatiya Janata Party's (BJP) ‘Sankalp Patra’ for the state promises monthly assistance of Rs 2,100 for women. The BJP, seeking its third consecutive term in the State, has promised two lakh government jobs, 10 industrial towns, a guarantee of government jobs for Agniveers, and a full scholarship for Scheduled Caste and Other Backward Class students at government medical and engineering colleges. Talking about the 10-year Congress regime in Haryana, the PM said, "If Congress cared, basic facilities like water, electricity, gas, and bank accounts would have been in place before BJP came to power. "Yesterday night I arrived from the USA and I met CEOs of big companies...The world's trust in India has increased in the last ten years. When I went to New York, many people from Haryana who grew up in America performed the Harayanavi traditional dance to welcome me...India is progressing after getting free from corruption and dynasty politics...Big companies from across the world are eager to invest in India. When these companies will invest in India it will benefit the farmers, youth of Haryana...BJP has announced that many industrial cities will be established in Haryana to provide job opportunities to the youth.." said Modi.

2024-09-25 13:59

2024-09-25

13:59

moneycontrol.com

https://www.moneycontrol.com/technology/we-are-open-to-partnering-with-indian-companies-for-semiconductor-rd-ibms-sandip-patel-article-12829227.html

We are open to partnering with Indian companies for semiconductor R&D: IBM’s Sandip Patel

Sandip Patel, Managing Director, India and South Asia, IBM.Related stories.

IBM calls its decades of expertise in semiconductor research & development (R&D) the best in the market. Last year, the company had signed a memorandum of understanding (MoU) with the Indian government to support the India Semiconductor Mission. Earlier this month, the technology giant announced its first partnership in this space in India with the L&T Group. IBM will be providing L&T Semiconductor Technologies with R&D support to design advanced processors for edge devices, hybrid cloud systems, and other areas like mobility, industrial, energy, and servers. Now, IBM is opening its doors to other Indian chip design and manufacturing companies for partnerships. Overall, in India, the company believes that growth will come from its focus on hybrid cloud and artificial intelligence (AI) offerings. According to a recent survey by IBM, nearly 59 percent of Indian companies are deploying AI, the highest adoption rate across all markets. In an interview withMoneycontrolon the sidelines of its flagship event,IBM Think in Mumbai on September 24, Sandip Patel, Managing Director, IBM India and South Asia, shares the company’s AI, semiconductor plans, growth opportunity in India and more. Edited excerpts: IBM has partnered with the Indian government to work with Watsonx AI platform and semiconductor R&D. Can you share the details on the scope of the partnership, projects in the pipeline, and the use cases being developed? We have got MoUs and we have been sharing our perspectives and points of view with the government. These are usually directional agreements that we sign, and then you get down to specifics. So it is very difficult to point out we are doing this and that. We signed three MoUs last year. One was in the area of AI, the second was on semiconductors, the third relates to quantum computing. Activities across all three areas are in different stages. For AI, we had basically said that we will make our platform available for scaling AI in India, specifically in the area of startups. So, this is an instantiation of what we have put on Airawat (AI supercomputer) and Watsonx now for startups. You have recently spoken about IBM’s ambitions to focus on semiconductor R&D. Can you take us through your India game plan for semicon R&D, since the industry is nascent in the country? Are there partnerships in place? Can you name a few? We are the leaders in semiconductor R&D, globally. We have just recently released a 5 nanometre (nm) chip for our mainframe, for the AI and the GPU space. We are working on a 2 nm chip, not only ourselves, but through the Rapidus consortium. This consortium is built with the Japanese government and it is acting as the R&D partner. Now we are not in the fab and packaging area, but I think the two areas where we are very advanced is how we continue to make advances in chip design and chip research, and also how we continue to enhance that for upcoming technologies . We do that through our semiconductor centre in Albany, New York, where, in collaboration with the State of New York, we have actually created a state-of-the-art R&D centre for semiconductors. Here, we have actually brought together, probably, an ecosystem partner that is relevant in this space. The creation of ecosystems is really important, because one player can't do it all. That continues to be a focus for us. That is the area where the Indian government has been liking what we are doing. Even while the semiconductor mission was being developed, we had actually provided one of our leading experts, who was seconded to the government just to do this, and was not connected with IBM. He was just working with the government behind a wall, helping them think through this. And now we are very open to partnering with Indian companies which want to sort of move forward in this domain. We have announced an MoU with L&T on this recently. How has Watsonx and IBM’s other AI offerings scaled up in India since last year? Watsonx is a platform. And a platform, by its very nature, means that the components of that platform are inherently valuable to an enterprise. However, its components can also act alone and add value in specific domains. Watsonx platform has three components that are very critical to scaling AI. First is the data, Watsonx.data, which is essentially a mechanism to organise your data in a way that makes it conducive and effective to be used for AI applications. Watsonx.AI ia studio which can use multiple models, IBM models, other models, and Meta models to enable people to build AI applications which are targeted at the needs of a client. And the third is Watsonx.gov, which is a governance module that actually enables you to adhere to the tenets of responsible AI, in terms of model management, data provenance, data governance -- all of the above. So those are the three components of that model. And the whole platform is multi-model by nature, i.e., it can use multiple models. It's hybrid by design, which means it can work on-premise, private cloud, public cloud, all of the above. I don't know how to quantify IBM- specific offerings. I will tell you that there are clients like Adani, GS Lab and Quantum Street AI. There are several instances where AI is getting embedded into solutions and they are using it. We have clients that are doing POCs (proof of concepts) and experimenting with AI. We have GSI (global system integrator) partners like Infosys which have stopped its development on its governance module and have adopted IBM's Watsonx.gov as its standard for governance, AI governance. So, I mean, those are the data points I can give you. I can't link it to a number. You have always been bullish on India demand, despite the recessionary situation globally. Now with the first Fed rate cut in the past four years and also ever since you took over as the India MD, have the conversations with customers started to change? Are you expecting more demand? India, as a market, is always very cost-sensitive and very deliberate in terms of what it does. India, as a market, is growing. You have digitisation, which the honourable PM is talking about, and everyone else is rushing to do because they need to be digitised to compete with the world. So, that is what we have to look at as our indicator. The question isn't whether it is growing or receding. Technology has always acted as a deflationary trend. The question is: are you aligning yourself to what the market needs? That becomes a critical question. I mean, I do believe that our strategy is well aligned to where the market is moving, like hybrid cloud and AI automation. Ultimately, all of that is geared towards driving productivity, efficiency and better customer service. Globally, tech giants are talking about multi-cloud integrated with AI solutions being the next phase of cloud growth and innovation. For instance, recently, Oracle partnered with AWS, Microsoft and Google. How is IBM exploring the opportunity? We talked about multi-cloud and interoperability five years ago. Why do you think we made the $33 billion Red Hat acquisition? We saw this coming, way back. Multi-cloud interoperability was underlying the Red Hat acquisition. We saw it coming. It is not will happen, it is happening. It is going to happen. It is happening now. The core stuff is on-prem. Some stuff is on public cloud, some is on private cloud. That interoperability is what is driving growth for Red Hat. We saw it five years ago. With Watsonx.gov, we saw it two years ago. So, multi-cloud and interoperability is the fundamental bedrock of what we have been saying since five years. That is what Arvind's (IBM CEO Arvind Krishna) big bet was. At that time, everyone was saying everyone will just move to the public cloud. That has changed. What would multicloud interoperability really mean for the tech product and services industry in the coming years? Will revenue models get hit or changed? For tech companies, it is about how effectively you are going to enable the software and hardware to be interoperable. How do you make data interoperable across these platforms? IBM continues to lay off globally as a part of the $400-million ‘workforce rebalancing’ plan in 2024. What has been the India impact? Are you still hiring in India for other roles? What’s the hiring plan here? India is a growth market and we will continue to grow in the areas that we are finding relevant in the market. Go and look at ibm.com and India jobs. (According to IBM’s website, there are over 10,000 job openings across software engineering, sales, consulting, cloud, Watsonx & AI, data & analytics and other roles.)

2024-09-25 13:58

2024-09-25

13:58

moneycontrol.com

https://www.moneycontrol.com/news/world/wikileaks-assange-to-make-first-public-appearance-since-release-in-strasbourg-12829299.html

WikiLeaks' Assange to make first public appearance since release in Strasbourg

Assange will now speak in public for the first time when he gives evidence to PACE's Committee on Legal Affairs and Human Rights in Strasbourg on October 1..

WikiLeaks’ founder Julian Assange is set to make his first public appearance since being freed from a British jail when he gives evidence to the Council of Europe next month, his organisation said on Wednesday. Assange, 53, returned to Australia in June after a deal was struck for his release which saw him plead guilty to violating U.S. espionage law, ending a 14-year British legal odyssey. His wife Stella, who he married while in a top security London jail, said he would need some time to regain his health and sanity after his long incarceration, as well as to be with their two children who he had never seen outside of a prison. He will now speak in public for the first time when he gives evidence to the Committee on Legal Affairs and Human Rights of the Parliamentary Assembly of the Council of Europe (PACE) in Strasbourg on Oct 1. It comes after a PACE report into his case which concluded he was a political prisoner and called for Britain to hold an inquiry into whether he had been exposed to inhuman treatment. "It will be an exceptional break from his recovery as (the Council of Europe) invited Julian to provide testimony for the … Committee’s report into his case and its wider implications," Stella Assange said on X.

2024-09-25 13:57

2024-09-25

13:57

moneycontrol.com

https://www.moneycontrol.com/news/world/norway-starts-probe-into-reported-links-to-exploding-pagers-in-lebanon-12829298.html

Norway starts probe into reported links to exploding pagers in Lebanon

The attacks were widely believed to have been carried out by Israel, which has neither confirmed nor denied its involvement..

Norway’s security police (PST) have begun a preliminary investigation into reports that a Norwegian-owned company was linked to the sale of pagers to Lebanese militant group Hezbollah that exploded last week, a police lawyer told Reuters. Over a two-day period last week, thousands of pagers, as well as walkie-talkies used by Hezbollah operatives, blew up in Lebanon, killing at least 39 people and wounding thousands. The attacks were widely believed to have been carried out by Israel, which has neither confirmed nor denied its involvement. It is not clear how and when the pagers were weaponised so they could be remotely detonated. Taiwan, Hungary and Bulgaria are already investigating possible links in the supply chain. "PST has initiated a preliminary investigation to determine whether there are reasons for starting a (full) investigation on the basis of allegations in the media that a Norwegian-owned company may have been involved in the dissemination of pagers to Hezbollah," PST lawyer Haris Hrenovica said in a text message to Reuters. Earlier he told Norwegian news agencyNTBthat the police had no specific suspicions at this time. Bulgarian authorities said last week they were investigating Sofia-based company Norta Global Ltd after a Hungarian media report that it was involved in facilitating the sale of the pagers. The company was founded in 2022 by Norwegian citizen, Rinson Jose, 39, according to Bulgaria’s corporate registry. He signed the company’s articles of association at the Bulgarian consulate in Oslo, the documents reviewed byReutersshowed. Jose declined to comment on the pagers when reached by phone last Wednesday and hung up when asked about the Bulgarian business. He did not return repeated calls and text messages. WhenReuterstried to call him on Tuesday this week, the call was directed to an answering service. Jose’s Linkedin profile shows he has been employed by DN Media Group since February 2020. DN Media Group said he worked in the sales department and that he left for a conference in Boston on Sept. 17. He last contacted his colleagues by email on Sept. 18, according to Norwegian media. His employer told Reuters it had not been able to reach him since. Reutershas found no evidence linking Norta Global to the DN Media Group.

2024-09-25 13:54

2024-09-25

13:54

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https://www.moneycontrol.com/news/india/invited-india-already-ukraines-zelensky-on-2nd-global-peace-summit-to-end-war-with-russia-12829232.html

'Invited India already': Ukraine's Zelensky on 2nd global peace summit to end war with Russia

PM Modi meets Ukraine, President Volodymyr Zelenskyy in G7 Summit.Related stories.

Ukrainian President Volodymyr Zelenskyy has called on the global community to unite in preparing for a second peace summit aimed at ending the ongoing Russia-Ukraine conflict. Addressing the UN Security Council on Tuesday, Zelenskyy emphasized the need for collective action, inviting nations, including India, to join the peace process. "We all know what needs to be done if we honestly look at the situation and truly want to stop Russia’s war," Zelenskyy said during the Security Council meeting. He urged the international community to act together in unity, avoiding unnecessary divisions. "We have to prepare the second peace summit to end the war altogether. And I invite all of you, all principal nations, to join us in this process—all who truly respect the UN Charter." Zelenskyy extended invitations to countries across various regions, including China, Brazil, India, Africa, Latin America, the Middle East, Central Asia, Europe, the Pacific, and North America, highlighting that all are "equally important for peace, all without exceptions." Zelenskyy expressed confidence that this process would lead to a "just peace, a real peace, a peace that will last." He emphasized that the world already has the necessary tools, including the peace formula and the UN Charter, to achieve this goal. "What’s needed is determination," he said. Zelenskyy’s call for unity comes on the heels of his meeting with Indian Prime Minister Narendra Modi in New York. The meeting, requested by the Ukrainian side, was the third between the two leaders in a little over three months. The discussions focused on enhancing interaction on international platforms, particularly at the UN and G20, as well as implementing the peace formula and preparing for the second peace summit. "We are committed to implementing the outcomes of my visit to Ukraine last month to strengthen bilateral relations," Modi said on X (formerly Twitter) after the meeting, reiterating India’s support for an early resolution of the conflict and the restoration of peace and stability in Ukraine. While Zelenskyy is actively developing Ukraine’s relations with India and other nations to strengthen cooperation across various fields, the timing of the second peace summit remains uncertain. Indian Foreign Secretary Vikram Misri acknowledged that while there were discussions about the summit, significant work remains before it can be detailed. India has participated in previous peace efforts, including the "Summit on Peace in Ukraine" held in Switzerland in June. However, India has maintained a consistent approach, advocating for a lasting and peaceful resolution through dialogue and diplomacy, without associating itself with any specific communique or document. (With agency inputs)

2024-09-25 13:51

2024-09-25

13:51

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https://www.moneycontrol.com/news/india/badlapur-encounter-why-bombay-hc-thinks-theres-something-fishy-12829265.html

Badlapur encounter: Why Bombay HC thinks there's something fishy

Akshay Shinde was accused of sexually assaulting two minor girls at a school in Badlapur town of Thane district.- Pic credit (X).

The Bombay high court on Wednesday questioned the Maharashtra Police over the killing of Badlapur sexual assault case accused during a gunfight, saying that the "shootout could have been avoided". The court was hearing a plea against the "encounter" by police moved by Akshay Shinde's father. The high court asked the cops why Shinde was shot in the head directly and not in the legs or arms first. It further said that the shootout could have been avoided and asked why the police did not try to overpower Shinde first. Shinde, 24, was accused of sexually assaulting two minor girls at a school in Badlapur town of Thane district. A contractual sweeper at the school, Shinde was arrested on August 17 even as the crime triggered massive protests in the state. Shinde was being taken to Badlapur from Taloja jail in Navi Mumbai on Monday evening in connection with an FIR registered against him on the complaint of his former wife when the firing incident took place, which resulted in his death, police have said. He was killed near Mumbra bypass when he allegedly snatched the gun of a policeman in the escort team, officials claimed. During the hearing, the court told the public prosecutor that a revolver can't be unlocked quickly by a physically weak man. "It is difficult to believe this. Prima facie there seem to be issues. A common man can't fire a pistol because it needs strength. a revolver can't be unlocked quickly by a physically weak man. It is not very easy," it said. To this, the prosecutor, representing the police, told the high court that the officer's pistol was unlocked. The HC further said that the incident cannot be termed as an "encounter". The court noted that three bullets were fired in total but only one has been found, asking where are the remaining two bullets. It further said that forensics must provide clarity over the distance at which the firing took place. "Cops are trained to handle a situation like this, how can they take a head shot," the HC asked. It said that it will take steps if anything "untoward" is found. Earlier, Shinde's father sought a probe by a special investigation team into the death of his son. After he shot and injured an assistant inspector of police, another officer fired at him, and he was declared dead at the Kalwa civil hospital, the police claimed. The Maharashtra government earlier on Tuesday said the state Crime Investigation Department (CID) will conduct a probe into his death. (With inputs from PTI)

2024-09-25 13:49

2024-09-25

13:49

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https://www.moneycontrol.com/news/business/stocks/buy-gravita-india-target-of-rs-2900-motilal-oswal-12829308.html

Buy Gravita India; target of Rs 2900: Motilal Oswal

buy.Related stories.

Motilal Oswal's research report onGravita India Gravita India Ltd (Gravita), one of the largest recycling companies in India, is wellpositioned to benefit from strong industry tailwinds and healthy traction within the sector. Its Lead recycling vertical, which accounted for ~88% of revenue in FY24, is expected to achieve significant growth in the domestic market due to favorable regulatory changes. Additionally, the expansion of its geographical reach and product portfolio will be key drivers of its international business. Gravita is well poised to benefit from the recent favorable regulatory changes implemented this month. The introduction of Environmental Compensation (EC) for non-compliance with Extended Producer Responsibility (EPR) targets, along with the Reverse Charge Mechanism (RCM) under GST for metal scrap, is likely to improve the availability of domestic scrap for the organized recycling industry.  Further, Gravita’s subsidiary has executed a Memorandum of Understanding (MOU) to acquire an 80% stake in a ~17,000 MTPA waste tyre recycling facility in Romania for INR320m. The remaining 20% will be held by other partners based in Romania. Outlook We increase our EPS estimates by 5%/7% for FY26/FY27E. We expect a revenue/EBITDA/PAT CAGR of 30%/32%/34% over FY24-27. We value the stock at 40x Sep’26E EPS to arrive at our TP of INR2,900. We reiterate our BUY rating on the stock. For all recommendations report,Âclick here Gravita India - 25092024 - moti

2024-09-25 13:49

2024-09-25

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