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moneycontrol.com

https://www.moneycontrol.com/news/business/jakson-green-wins-ntpc-order-for-setting-up-project-to-produce-4g-ethanol-from-flue-gas-12751864.html

Jakson Green wins NTPC order for setting up project to produce 4G ethanol from flue gas

Jakson Green wins NTPC order for setting up project to produce 4G ethanol from flue gas.Related stories.

New energy transition platform Jakson Green on Wednesday said it has bagged an order from state-owned NTPC for setting up a plant to produce 4G ethanol from flue gas. The proposed plant at Lara in Chhattisgarh will produce 10 tonnes per day (TPD) of 4G ethanol from flue gases emitted from power plants, a company statement said. Using the latest carbon capture technology by Veolia Carbon Clean, the plant will capture 25 TPD CO2 from flue gases, significantly reducing greenhouse gas emissions, it said. Also, 3 tonnes per day of green hydrogen will be generated through 7.5 MW electrolyser, the statement said. Captured carbon dioxide (CO2) and generated hydrogen (H2) are combined via advanced microbial fermentation technology from LanzaTech Inc., converting these inputs into 4G ethanol, it explained According to the statement, Jakson Green has been awarded a critical role in India's groundbreaking project towards a greener future, establishing the world's first flue gas CO2-to-4G ethanol project for a power plant. As the licensing, engineering, procurement, and construction (LEPC) partner, Jakson Green will spearhead this project which is expected to begin operations within two years. The plant has been conceptualized and designed by NETRA (NTPC Energy Technology Research Alliance), the research and development arm of NTPC Ltd. Kannan Krishnan, Joint Managing Director of Jakson Green Private Limited, said in the statement, "This partnership builds upon the success of our numerous joint projects... Increasing the production of ethanol is crucial to achieving India's blending goals, strengthening energy security, and fostering a cleaner future." Having the production capacity of over 8,500 tonnes per annum of green hydrogen and its derivatives under development across six projects, Jakson Green is uniquely positioned to spearhead India's clean energy transition and contribute to a sustainable future, it said.

2024-06-19 13:43

moneycontrol.com

https://www.moneycontrol.com/news/business/salesforce-launches-public-sector-division-in-india-unveils-made-for-india-digital-lending-solution-12751862.html

Salesforce launches public sector division in India; unveils Made-for-India digital lending solution

Salesforce launches public sector division in India; unveils Made-for-India digital lending solution.Related stories.

Salesforce on Wednesday announced the launch of its public sector division in India to tap into the booming market and unveiled its digital lending offering tailored to Indian needs, as the enterprise software giant underlined its firm commitment to the market here. The company also highlighted insights from an (International Data Corporation) IDC study, which indicated that the Salesforce economy is expanding, with AI accelerating its growth trajectory. The IDC study forecasts that Salesforce and its ecosystem of customers and partners in India are expected to create a net gain of 1.8 million new jobs and generate USD 88.6 billion in new revenues from 2022 to 2028. Arundhati Bhattacharya, CEO and Chairperson of Salesforce India said growth potential here is huge, with rapid digital transformation unfolding all across. "India has talent and capability and now we are seeing far quicker adoption," she said at a media briefing. India is an "outlier" in digital adoption, and while digital transformation has been on the agenda of companies there is now a sense of "urgency" due to the advent of generative AI. The movement now is to get the right technology tools to scale business faster, she said. Salesforce has announced the launch of its Public Sector division in India which aims to enable government agencies and public sector organisations to transform citizen experiences with Salesforce technology. Salesforce also announced the upcoming availability of a digital lending solution for India that will provide banks and lenders with a platform to digitally approach consumer lending, while potentially reducing the cost and burden of maintaining disconnected, outdated platforms. "Digital Lending for India will exclusively serve customers within the country," the company said elaborating on Salesforce's Made-for-India product. The platform may be integrated with banking and financial data with customer data from Salesforce. "Built on Salesforce's Financial Services Cloud platform, this integration provides a single view of the customer information for loan application processing and helps lead to faster processing and approvals," the release said.

2024-06-19 13:41

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/jio-financial-services-appoints-s-anantharaman-as-group-chief-risk-officer-12751832.html

Jio Financial Services appoints S Anantharaman as Group Chief Risk Officer

Jio Financial Services.

Jio Financial Services on June 19 said that it has appointed S Anantharaman as the company's Group Chief Risk Officer for a period of five years from today. Anantharaman is a banker with over 30 years of experience in managing credit, market, and operational risks, the Reliance Industries financial services arm said in a regulatory filing. He is an associate member of Institute of Chartered Accountants of India and Chartered Financial Analyst and his "extensive expertise is grounded in both theoretical and practical knowledge of best risk management practices," the company added. Most recently, Anantharaman was working at Bank of Baroda, as Chief Risk Officer and HDFC Bank and as Group CRO at L&T Financial Services. His international experience includes senior roles at Al Ahli Bank of Kuwait, Commercial Bank of Kuwait, and Gulf Bank, where he implemented key risk policies and tools, Jio Fin Services added. Shares of Jio Financial Services were trading almost 1 percent down at Rs 359.85 apiece on BSE around 13:00 hours. Jio Financial Services on April 19 reported a net profit of Rs 310 crore for the January-March quarter of the financial year 2023-24. The company’s net interest income (NII) stood at Rs 280 crore for the quarter. Its total income came in at Rs 418 crore and revenue at Rs 418 crore.

2024-06-19 13:06

moneycontrol.com

https://www.moneycontrol.com/news/business/adani-group-to-invest-100-billion-in-energy-transition-gautam-adani-12751806.html

Adani Group to invest $100 billion in energy transition: Gautam Adani

Adani Group to invest $100 billion in energy transition: Gautam Adani.Related stories.

Adani group will invest more than USD 100 billion (around Rs 835 crore) in energy transition projects and manufacturing capability to produce every major component required for green energy generation, its chairman said on Wednesday. Besides building solar parks to produce electricity from sunlight and wind farms that do the same from wind, the conglomerate is building major facilities to manufacture electrolyzers for making green hydrogen, wind power turbines and solar panels. Green hydrogen, which is made by splitting hydrogen from water with the help of electrolyzers powered by clean energy, is seen as a potential panacea for decarbonizing the industry as well as transportation. Speaking at 'Infrastructure - the Catalyst for India's Future' event of Crisil, Adani Group chairman Gautam Adani said energy transition and digital infrastructure are trillion-dollar opportunities which will transform India both at a local and at a global scale. "The next decade will see us invest more than USD 100 billion in the energy transition space and further expand our integrated renewable energy value chain that today already spans the manufacturing of every major component required for green energy generation," he said. The coal-to-ports group wants to produce the "world's least expensive green electron" that will become the feedstock for several sectors that must meet the sustainability mandate. "And to make this happen, we are already building the world's largest single-site renewable energy park in Khavda, in the district of Kutch (in Gujarat). Just this single location will generate 30 GW of power, thereby taking our total renewable energy capacity to 50 GW by 2030," he said. Adani said the energy transition space will fundamentally change the global energy landscape forever. "The global transition market was valued at approximately USD 3 trillion in 2023 and is expected to grow to nearly USD 6 trillion by 2030, and thereafter double every 10 years till 2050." "As many of you know, in the case of India, our country aims to install 500 gigawatts of renewable energy capacity by 2030. This ambitious target will require annual investments of over USD 150 billion dollars. The transition to green energy in India is expected to generate millions of new jobs in sectors such as solar and wind, energy storage, hydrogen and its derivatives, EV charging stations, as well as grid infrastructure development," he said. On digital infrastructure, he said data is indeed the new oil and at the heart of all the action is the Data Centre - the critical infrastructure needed to power all forms of computational needs, especially AI workloads for machine learning algorithms, natural language processing, computer vision, and deep learning. All of this is dependent on the ability to process data at an unprecedented speed and scale which are the precise capabilities that data centres provide. However, this will need massive amounts of energy, making the data centre business the largest energy consuming industry in the world, he said. "This makes the energy transition even more complex and is raising electricity prices, thereby adding to the already high prices because of the combined impact of climate change and demand growth," Adani said. The billionaire said the infrastructure required for energy transition and the infrastructure required for digital transformation are now inseparable as the technology sector becomes the largest consumer of the precious green electrons. Adani group's digital footprint will span industrial clouds across each of its businesses that it will productize and then take to market, operational technology cybersecurity offerings, super apps to leverage its B2C businesses across wide variety of consumer facing businesses, Artificial Intelligence labs to capitalize on India's fast emerging expertise to provide AI services to the world, and Data Centres that will form the backbone of the energy intensive digital revolution. "In fact, it is anticipated that by the year 2030, the world will need 100 to 150 GW of additional green energy just for the AI data centres. We already have India's largest order book for data centres and are now in discussions for additional gigawatt-scale green AI data centres which we are uniquely positioned to deliver," he said.

2024-06-19 12:51

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/govt-not-keen-to-go-ahead-with-concor-disinvestment-says-cnbc-awaaz-stock-down-2-12751738.html

Govt not keen to go ahead with Concor disinvestment, says CNBC-Awaaz; stock down 2%

The strategic sale of government’s 30.8 percent stake out of 54.8 percent in the Rs 68,230-crore company was approved in 2019, which also included the transfer management control. Since then, the plan has hit several roadblocks..

Shares ofContainer Corporation of India(Concor) slipped almost 2 percent on June 19 after reports indicated that the state-run company’s disinvestment has been put on the backburner. The firm’s stock price was trading at Rs 1,117.8, lower by 1.97 percent on NSE at 12:14 pm on June 19. CNBC-TV18 on June 19 reported, citing sources, that the disinvestment of Concor may not happen this year as the Railways ministry is not very keen for the time being. The channel also reported that the disinvestment plans have been postponed as of now and it is unlikely that the sale will materialise this year. The strategic sale of government’s 30.8 percent stake out of 54.8 percent in the Rs 68,230-crore company was approved in 2019, which also included the transfer management control. Since then, the plan has hit several roadblocks. JSW, Maersk and Adani were interested in acquiring Centre’s stake, however, the railway ministry has some concerns about getting in a strategic investor, according to reports. Last year,Moneycontrol had also reportedthat the disinvestment of Concor was not moving ahead because of concerns raised by its parent organisation. “Regarding the strategic sale of CONCOR, the railways has raised some direct concerns. NITI Aayog is on board for the divestment of CONCOR but the railways is not keen to sell the asset. There are many things to be done before it can happen. Currently, it is at status quo,” a senior official had told Moneycontrol. As of last year, the company runs 61 inland container depots, of which 26 are on land leased from Indian Railways. These 26 terminals account for more than half of the annual revenue of the company. For the current year (FY25), the finance ministry has set a target of Rs 50,000 crore for disinvestments. Last financial year, Centre made Rs 30,000 crore by selling stake in firms owned by it.

2024-06-19 12:36

moneycontrol.com

https://www.moneycontrol.com/news/business/air-india-to-launch-premium-economy-class-on-select-domestic-routes-from-july-12751780.html

Air India to launch premium economy class on select domestic routes from July

Air India to launch premium economy class on select domestic routes from July.

Air India on Wednesday said it will launch premium economy class on select domestic routes from next month. As of now, Vistara is the only Indian carrier which offers premium economy-class travel category on its domestic routes. The Tata Group-owned airline said it has refitted two new A320neo aircraft in a three-class configuration, featuring eight seats in business, 24 seats with extra legroom in premium economy, and 132 in the economy category, offering a wider choice to its guests. This is the first time the airline has introduced premium economy cabins on its narrow-body aircraft. "The introduction of a three-class cabin to Air India's narrow-body fleet and commencement of interior refits are important steps in the journey of enhancing the flying experience," said Campbell Wilson, Chief Executive Officer and Managing Director at Air India. The latest upgrade of the narrow-body fleet, which operates on domestic and short-haul international networks, complements the upgraded wide-body experience available on A350 fleet and new B777s, and on all other wide-body planes as they are refitted over the next two years, he said. Air India has plans to introduce the three-class configuration to its entire full-service narrow-body fleet over the next year. Existing aircraft are now being progressively inducted for refit, while new aircraft joining the fleet will be delivered with the new Air India experience, it said.

2024-06-19 12:26

moneycontrol.com

https://www.moneycontrol.com/news/business/hcltech-partners-with-tecnotree-to-develop-5g-led-genai-solutions-for-telcos-12751747.html

HCLTech partners with Tecnotree to develop 5G-led GenAI solutions for telcos

HCLTech partners with Tecnotree to develop 5G-led GenAI solutions for telcos.

IT services companyHCLTechon Wednesday said it has collaborated with Tecnotree, a Finnish software company catering to telcos, to co-develop advanced 5G-led generative AI (GenAI) solutions for the global telecom industry. The two entities will help telcos and CSPs (communication service providers) unlock new opportunities, accelerate innovation and drive sustainable growth with personalised next-generation solutions, a company statement said. "The partnership will bring together HCLTech's deep expertise in driving AI-led digital transformation for telcos and CSPs and Tecnotree's proven 5G and AI-led BSS platform capabilities," it said. Tecnotree Corp. CTO and CPO, Hitesh Morar said the partnership seeks to improve revenue monetisation capabilities for clients. "Together, we aim to solve real-world challenges for telcos by using GenAI and create meaningful business impacts," said Pawan Vadapalli, Corporate Vice President and Global Head, Digital Business Services, HCLTech.

2024-06-19 12:00

moneycontrol.com

https://www.moneycontrol.com/news/business/embraer-sees-india-saudi-arabia-eu-us-as-strategic-defense-markets-12751513.html

Embraer sees India, Saudi Arabia, EU, US as strategic defense markets

Embraer sees India, Saudi Arabia, EU, US as strategic defense markets.Related stories.

Brazilian planemaker Embraer sees India, Saudi Arabia, the European Union and the United States as strategic markets for its defense unit as it looks to expand sales of the C-390 Millennium, the head of Embraer Defense said on Tuesday. India has an open tender to buy military planes while Saudi Arabia, looking to replace an aging fleet of Lockheed Martin's C-130 Hercules, is currently in "early engagement" with Embraer, Bosco da Costa Junior told reporters at an event. "They don't have an open tender, but they need to replace their old C-130s. We did a lot of studies and concluded that the (Embraer) C-390 could deliver additional capability in this replacement process," Costa Junior said. A potential Saudi purchase could reach 25 units, and Embraer expects the country to make a decision in two to four years, the executive added. In addition to Embraer's home country Brazil, nations such as Portugal, Hungary, the Netherlands, Austria, the Czech Republic and South Korea have selected the planemaker's military transportation aircraft. Expanding its presence abroad with more C-390 sales has been a key goal of Embraer's defense division, which also sees Sweden as a potential customer. It has partnerships with Mahindra in India and Saab in Sweden to introduce the plane. Embraer has also been "aggressive on several fronts" in the United States, Costa Junior said, including exploring opportunities for mergers or acquisitions as well as pitching the C-390 to the U.S. Marines, Air Force and special forces. "We do believe that the C-390 could add additional value to those entities in the U.S.," the executive said. "One thing is clear to us: We would like to become a partner of the U.S. government." Asked if any potential relationship with China could compromise connections with the U.S., Costa Junior stressed that Embraer's defense business had no relationship or any kind of discussions with the Asian superpower. "We are 100% U.S.- and NATO-oriented," he said.

2024-06-19 07:11

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/zee-names-mukund-galgali-as-acting-cfo-after-rohit-gupta-steps-down-12751337.html

ZEE names Mukund Galgali as acting CFO after Rohit Gupta steps down

Recently, the media company has announced a slew of measures to cut costs and reduce losses in its business, including cutting 15 percent of its workforce..Related stories.

Zee Entertainment Enterprises Limited (ZEEL) on June 17 said that it has appointed Mukund Galgali as the acting chief financial officer (CFO) of the company after its current CFO Rohit Kumar Gupta decided to step down from his position due to personal reasons. Galgali has been with the ZEE group for more than 17 years and is currently leading the Commercial & Strategic Initiatives of the company. He will take charge as the interim CFO from June 19, 2024. Galgali, who is a Chartered Accountant, and a Company Secretary, has over 27 years of Global Financial and Corporate leadership experience. Zee mentioned that as a member of the leadership team, he has been providing strategic consulting advice on business planning and performance, regulatory and tax implications on business, process innovations and management controls etc. to improve business efficiency and value creation for shareholders. Meanwhile,shares of ZEEon June 17 closed nearly 2 percent lower at Rs 160.85 apiece on BSE. Recently, the media company has announced a slew of measures to cut costs and reduce losses in its business, including cutting 15 percent of its workforce. It has announced a remodel of the company's leadership structure. In the recent fourth quarter, Zee reported a profit of Rs 13.35 crore against a loss a year ago, helped by strong demand for advertising and a fall in expenses. Domestic advertising revenue for the quarter rose nearly 11% year-on-year (YoY), driven by the continued recovery in the macro advertising environment and spending pickup by FMCG (fast-moving consumer goods) clients.

2024-06-18 18:28

moneycontrol.com

https://www.moneycontrol.com/news/business/india-largest-market-for-nestles-maggi-worldwide-2nd-biggest-for-kitkat-12751107.html

India largest market for Nestle's Maggi worldwide, 2nd biggest for KitKat

India largest market for Nestle's Maggi worldwide, 2nd biggest for KitKat.Related stories.

India has become the largest market for Nestle globally for its instant noodles and soup brand Maggi and the second largest for chocolate wafer brand KitKat, according to the latest annual report of its local subsidiary. Besides, the India market with a high double-digit growth has become one of the fastest growing markets for Nestle, it added. "Penetration, premiumisation and innovation, combined with disciplined resource allocation, have been key in driving business, making your company one of the fastest growing markets for Nestle globally," said Nestle India's annual report for 2023-24. Nestle, which sells its popular instant noodles under brand Maggi and prepared dishes and cooking aids here, sold over six billion servings of Maggi during FY24, "making India the largest Nestlé market for Maggi worldwide," it said. Nestle is expanding its play under brand Maggi and has launched Oats Noodle, Korean Noodles and various masala variants at an affordable Rs 10. "The Prepared Dishes and Cooking Aids business recorded a strong growth momentum. This was aided by a balance of product mix, pricing and volume growth in Maggi noodles and Maggi Masala-ae-Magic, supported by strong consumer engagement and market presence with media campaigns and attractive consumer activations," it said. In confectionary, Nestle India said it sold 4,200 million fingers of KitKat. The growth was fuelled by the launch of new products, expansion of the distribution network and innovative brand activations. "KitKat has emerged as the star performer, by not only delivering strong growth but making Nestlé India the second largest market for the brand globally," it said. In India, brand Maggi recovered after a five-month ban on its instant noodles over allegation of containing lead beyond permissible limits. However, the instant noodles returned to market after a relaunch in November 2015 and later Nestle India extended the brand in the food segment and adjacencies. Before the crisis, the brand had over 70 per cent market share in the instant noodles segment, which it still has not reached as the competition has intensified in the segment with arrival of new players. Nestle, which is setting up its tenth Indian factory in Odisha, reaffirmed the significance of India as a market. "Strengthening this further, your company is poised to invest approximately Rs 7,500 crore between 2020 and 2025 to develop new capabilities and expand existing ones with a sharp focus on sustained growth and innovation," its Chairman & Managing Director Suresh Narayanan said while addressing shareholders in the report. The company is focussing on innovations and in the past eight years, it has launched over 140 products. A significant portion of sales in 2023 was attributed to innovative products. According to Narayanan, plant-based products present a significant opportunity for Nestle India, which has been operating here for 112 years. It is also expanding its presence and through RUrban journey its direct coverage has gone beyond two lakh villages. Nestle India recently announced to continue to pay royalty to its parent company at the existing rate of 4.5 per cent of net sales after a proposal to hike it was rejected by shareholders. The company's board approved the continuation of payment of general licence fees (royalty) at the rate of 4.5 per cent to Societe des Produits Nestle SA (licensor) and recommended to the members of the company for their approval. In April, Nestle India's board had approved increasing royalty to its parent company by 0.15 per cent per year for the next five years, thereby enhancing it to 5.25 per cent of net sales. In its annual report, Nestle India said "the general licence fees (royalty) rate paid by the company to the licensor is comparatively lower" in comparison to other multinational corporations (MNCs) in India. Nestle India had reported sales of Rs 24,275.5 crore in the fifteen months to March 31, 2024.

2024-06-18 14:35

moneycontrol.com

https://www.moneycontrol.com/news/business/jsw-mg-motor-india-partners-with-tata-capital-to-offer-financing-solutions-to-dealers-12751030.html

JSW MG Motor India partners with Tata Capital to offer financing solutions to dealers

Narendra Kamath, COO, SME Finance from Tata Capital and Satinder Singh Bajwa, Chief Commercial Officer at JSW MG Motor India.

JSW MG Motor India on Tuesday said it has partnered with Tata Capital to provide financing solutions to its dealers. The collaboration aims to support JSW MG Motor India dealers with working capital, term loans, demo car loans, leasing solutions and off-balance sheet structured solutions, catering to their growing business needs, the company said in a statement. The partnership with Tata Capital expands the company's channel financing options, JSW MG Motor India Chief Commercial Officer, Satinder Singh Bajwa said. "This strategic partnership underscores our commitment to supporting our dealer partners with financial solutions, encouraging them to grow their businesses sustainably," he added. Commenting on the partnership, Tata Capital COO, SME Finance, Narendra Kamath said, "Our tailor-made products will cater and enable the distribution network of JSW MG Motor India with the apt resources to leverage emerging prospects seamlessly."

2024-06-18 14:15

moneycontrol.com

https://www.moneycontrol.com/news/business/swati-maliwal-writes-to-india-bloc-leaders-seeks-time-to-discuss-assault-case-12751008.html

Swati Maliwal writes to INDIA Bloc leaders, seeks time to discuss assault case

Swati Maliwal writes to INDIA Bloc leaders, seeks time to discuss assault case.

Rajya Sabha MP Swati Maliwal on Tuesday sought time from INDIA bloc leaders to discuss the alleged assault against her by Chief Minister Arvind Kejriwal's aid Bibhav Kumar. In a letter to INDIA bloc leaders like Rahul Gandhi and Sharad Pawar, the Aam Aadmi Party member complained she was subjected to "victim shaming and character assassination" for speaking up against the abuse. "Instead of finding support, I was confronted with incessant attacks on my character and victim shaming orchestrated by the leaders and volunteers of my own party," she wrote. "Over the past one month, I have encountered first-hand pain and isolation a survivor faces when she fights for justice. . . I would like to seek your time to discuss this pertinent issue," she added. Maliwal posted the letters addressed to Congress leader Rahul Gandhi and national president Sharad Pawar on X. "I have worked on the ground for the last 18 years and have heard 1.7 lakh cases in the Women's Commission in 9 years. Without fearing anyone and bowing down to anyone, I have made the Women's Commission stand in a very high position. But it is very sad that first I was beaten badly at the Chief Minister's house, then my character was defamed. "Today, I have written a letter to all the big leaders of the INDIA alliance regarding this matter. I have asked for an appointment with everyone," she wrote alongside the post.

2024-06-18 13:34

moneycontrol.com

https://www.moneycontrol.com/news/business/hsbc-sees-250-million-of-india-swap-deals-before-jpm-inclusion-12750968.html

HSBC sees $250 million of India swap deals before JPM inclusion

HSBC sees $250 million of India swap deals before JPM inclusion.Related stories.

HSBC Holdings Plc has executed nearly half the volume of bond-derivative trades in India’s international finance hub over the last month, ahead of the sovereign bonds’ inclusion in a key global index. The British bank, via its unit in the International Financial Services Centres Authority, carried out the so-called total return swap deals worth more than $250 million with foreign investors who want onshore bond exposure, its head of India markets said. That compares with a total volume of about $510 million. The total-return swaps have emerged as one of the key products for foreigners to get India exposure without necessarily having to get a license to buy the bonds onshore and deal with local regulations. Foreign investors have been piling into Indian sovereign bonds ahead of their inclusion into JPMorgan Chase & Co.’s emerging-market index from June 28. HSBC has actively engaged with offshore investors to offer both direct access as well as total-return swaps for Indian government bonds, said Anita Mishra, head of markets and securities services at HSBC India. Standard Chartered Plc offers a similar derivative product. About three to four foreign banks have written the offshore derivatives so far, K. Rajaraman, chairman of the International Financial Services Centres Authority, said. “This year we are seeing a lot of traction, especially after the inclusion of India in the bond indices,” he said. About $10 billion of inflows have come into India’s index-eligible bonds since JPMorgan announced in September that it will include the nation’s bonds in its flagship index. Some funds are using other alternatives like investing in rupee-denominated supranational bonds or in an India bond exchange-traded fund like those offered by BlackRock Inc. or Legal & General Investment Management to get India exposure.

2024-06-18 13:15

moneycontrol.com

https://www.moneycontrol.com/news/business/hudco-raises-200-million-from-overseas-lenders-12750884.html

HUDCO raises $200 million from overseas lenders

HUDCO raises $200 million from overseas lenders.Related stories.

Housing and Urban Development Corporation (HUDCO) has raised USD 200 million (JPY 30 billion) in its maiden foray into the syndicated loan market, its arranger said on Tuesday. The state-run body has raised the five-year money as part of its inaugural "social loan", Japan's Sumitomo Mitsui Banking Corporation (SMBC) said. The deal, led by SMBC's Singapore branch, saw an oversubscription with a total of nine lenders, and was upsized from its original launch size of JPY 15 billion to JPY 30 billion after exercising the greenshoe option, an official statement said. The inaugural social loan will enable further expansion of HUDCO's social housing platform to improve the quality of life for the Indian community and enhance infrastructure facilities in urban areas, the statement said. SMBC acted as the sole mandated lead arranger, book runner and social loan coordinator. "We look forward to expanding our reach to the underserved communities and strengthening the local community's access to resources," Hiroyuki Mesaki, country head of SMBC India, said. SMBC India's chief business officer Rakesh Garg said the financing sets new benchmarks and paves the way for more Indian companies to tap into the Japanese Yen loan markets. HUDCO's chairman and managing director Sanjay Kulshreshta said the body anticipates a surge in demand for its services given the government's focus on infrastructure-led growth. "The substantial increase in infrastructure outlay signals significant growth prospects," he said, adding that the deal helps diversify the resource base and optimise costs.

2024-06-18 12:48

moneycontrol.com

https://www.moneycontrol.com/news/business/ebikego-plans-to-expand-e-two-wheeler-fleet-to-1-lakh-units-by-fy26-12750867.html

eBikeGo plans to expand e-two-wheeler fleet to 1 lakh units by FY26

eBikeGo plans to expand e-two-wheeler fleet to 1 lakh units by FY26.Related stories.

Electric vehicle rental services operator eBikeGo on Tuesday said it plans to expand its e-two-wheeler fleet to 1-lakh units by FY26 amid a rapidly increasing last-mile and e-commerce segment. The domestic last-mile delivery and e-commerce business is growing at 6.4 per cent as of the first quarter of 2024. As direct-to-consumer delivery becomes the need of the hour and a compulsory asset, the affordability of a fuel two-wheeler at the current price point raises a question. "eBikeGo is poised for substantial growth with plans to increase its fleet of 2-wheeler electric vehicles (EVs) to over 1, 00,000 by the end of next fiscal year. Having established a robust presence in seven metropolitan cities over the past three years, the company now aims to broaden its operations to include tier I and tier II cities across the country," the company said in a statement. According to eBikeGo, the Hyperlocal delivery segment is expected to grow at a Compounded Annual Growth Rate (CAGR) of approximately 16.14 per cent from 2024 to 2029, resulting in a projected market volume of USD 92.50 billion by 2029. Hyperlocal delivery models are also penetrating deep into tier II and III cities, as well as rural areas, it added. "After success in metropolitan cities, we now focus our expertise to expand to tier I and tier II cities," said Irfan Khan, founder and CEO of eBikeGo. Set up in 2019, eBikeGo currently manages a fleet of over 3,000 ebikes, catering to businesses such as Zomato, Swiggy and other FMCG brands in major metropolitan cities.

2024-06-18 12:21

moneycontrol.com

https://www.moneycontrol.com/news/business/vikram-solar-bags-order-to-supply-393-9-mwp-solar-modules-12750823.html

Vikram Solar bags order to supply 393.9 MWp solar modules

Vikram Solar bags order to supply 393.9 MWp solar modules.

Solar energy solutions provider Vikram Solar on Tuesday said it bagged an order to supply 393.9 MWp solar modules for NLC India's solar project in Gujarat. According to a statement, Vikram Solar will supply 393.9 MWp module to NLC India Limited at GSECL's Solar Park (Stage 2) in Khavda, Gujarat. This order brings Vikram Solar's total PV module supply contract to the Khavda Solar Park to over 1 GW, the company said. Gyanesh Chaudhary, Chairman & Managing Director, Vikram Solar, said in the statement, "This purchase order not only signifies NLC's deep trust in our expertise but also affirms our steadfast commitment to excellence."

2024-06-18 12:08

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/midhani-up-2-on-reports-of-talks-with-pw-to-supply-engine-components-12750739.html

Midhani shares rise on reports of talks with P&W to supply engine parts

P&W, which is the second-largest aircraft engine manufacturer, holds a 35 percent share in the commercial aircraft market..Related stories.

Mishra Dhatu Nigam Limited(Midhani) reportedly in talks with aircraft engine manufacturer Pratt & Whitney (P&W) for the supply of engine components, which could help India take a step towards its ambitions in the global aerospace sector, a report said on June 18. Investors reacted positively to report, with the stock trading at Rs 466.75 on the BSE, up by 2.01 percent from the previous close, at 11.20 am. The deal could be a significant boost for Midhani, a state-run company, said online portal Indian Defence Research Wing, adding the details had not been disclosed yet. Moneycontrolcouldn't verify the report independently. Midhani would likely provide various components for different P&W engines, potentially playing a crucial rule as a key player in the global supply chain, the report said. The deal will also give a boost to its Make-In-India efforts . P&W, which is the second-largest aircraft engine manufacturer, holds a 35 percent stake in the commercial aircraft market, the report said. In May, reports said Midhani secured a Rs 139-crore order, taking its open order position to Rs 1,830 crore.

2024-06-18 12:07

moneycontrol.com

https://www.moneycontrol.com/news/business/hyundai-motor-india-plans-to-launch-4-ev-models-in-future-electric-version-of-creta-by-q4-fy25-12750704.html

Hyundai Motor India plans to launch 4 EV models in future; electric version of Creta by Q4 FY25

Hyundai Motor India plans to launch 4 EV models in future; electric version of Creta by Q4 FY25.Related stories.

Hyundai Motor India Ltd plans to launch four electric vehicle models in future, including Creta EV, in the last quarter of the current fiscal, according to the company's preliminary IPO papers filed with Sebi. The company is looking to maximise the price competitiveness of its electric vehicle (EV) models and intends to focus on securing local production capabilities for key parts, such as cells, battery packs, power electronics, and drivetrain and building a localised EV supply chain. In the draft red herring prospectus (DRHP), Hyundai Motor India Ltd (HMIL) said it seeks to calibrate its EV strategy and plan EV timelines in line with market demands in India by launching the appropriate EV models within each price segment. "We are following a transition strategy, having started with the launch of high-end premium EVs and plan to transition towards the mass markets as the EV market and ecosystem scales up in India. In line with the same, we aim to launch four EV models in future, including Creta EV in the last quarter of fiscal 2025," the company said. At present, HMIL sells two EV models in India -- IONIQ5 and Kona Electric -- priced around Rs 45 lakh and Rs 24 lakh, respectively. The company further said, "To maximise price competitiveness of our EV models, we intend to focus on securing local production capabilities for key parts, such as cells, battery packs, power electronics, drivetrain and building a localised EV supply chain". HMIL has leased a section of the Chennai Manufacturing Plant to Mobis, a Hyundai Motor Company (HMC) group firm, for the assembly of EV batteries, which will be supplied to the company, in turn, reducing import costs for battery packs, it added. "Further, we intend to localise the EV supply chain through collaboration with both local and global EV power electronic vendors," it said, adding recently in 2024, HMC announced a strategic collaboration with Exide Energy Solutions Ltd to facilitate localised battery production and supply in India. Similarly, HMIL said, "Currently, our company is also exploring different avenues for a strategic collaboration for the production of batteries. We believe the addition of domestically sourced EV models will contribute to diversifying our passenger vehicle offering and further expand our market coverage". Further, in the near term, the company aims to increase localisation to secure production-linked incentive (PLI) subsidies and transition to a dedicated EV platform to optimise costs, it added. Beyond EV manufacturing, HMIL said, "We aim to develop the EV infrastructure in India by constructing charging stations. As of March 31, 2024, we have established 11 fast charging stations in India. We intend to support the adoption of EVs by installing charging points across cities and highways in India". Pointing out threats and challenges to the automotive industry in its DRHP, the company pointed out 'ad-hoc changes in policies' as one of the factors. "Another challenge that the industry is facing is frequent changes in policies, which makes it difficult for the auto industry stakeholders not only to ensure adherence but also commit investments. Overall policy stability and transparency will be required going forward to ensure smooth technology transition and localisation in the country," HMIL said. Further, it also pointed out that there are still concerns about meeting the eligibility criteria and availing of the benefits under the localisation norms. The government is encouraging localisation across sectors, especially in the automotive sector via policies like PLI for automotive technology and advanced cell chemistry, phased manufacturing program, 'Atmanirbhar Bharat' and Make in India, it said. "While the end goal of localisation is to reduce import dependence, and bring down overall manufacturing costs, it also involves significant initial capital investments from several stakeholders within the automotive industry," HMIL said in its preliminary papers. The company further said, "While the government has designed the schemes to support investments by offering several subsidies and import duty benefits, there are still concerns around meeting the eligibility criteria and availing of the benefits". Going forward, it said, "Simplification and better tracking of the policies will ensure localisation in India. The progress of the vendors tied up with individual OEMs would also lead to a change in the risk profile of the industry from a supply-side perspective". Last week, HMIL filed preliminary papers with Sebi to launch an initial public offering (IPO). The company's IPO, if it goes through, would be the largest in India, surpassing LIC's share sale of Rs 21,000 crore. It proposes to sell 14,21,94,700 equity shares of face value of Rs 10 each, which constitute 17.5 per cent of the post-offer paid-up share capital of the company.

2024-06-18 10:55

moneycontrol.com

https://www.moneycontrol.com/news/business/fitch-raises-indias-growth-estimates-for-fy25-to-7-2-12750637.html

Fitch raises India's growth estimates for FY25 to 7.2%

Fitch raises India's growth estimates for FY25 to 7.2%.Related stories.

Fitch Ratings on Tuesday raised India's growth forecast for current fiscal to 7.2 per cent, from 7 per cent projected in March, citing a recovery in consumer spending and increased investment. For the fiscal years 2025-26 and 2026-27, Fitch projected growth rates of 6.5 per cent and 6.2 per cent, respectively. "We expect the Indian economy to expand by a strong 7.2 per cent in FY24/25 (an upward revision of 0.2 pp from the March GEO)," Fitch said in its global economic outlook report. Fitch's estimates are in line with that of RBI which earlier this month projected Indian economy to expand 7.2 per cent in the current fiscal on the back of improving rural demand and moderating inflation. Investment will continue to rise but more slowly than in recent quarters, while consumer spending will recover with elevated consumer confidence, it said. Fitch said purchasing managers survey data point to continued growth at the start of the current financial year. It said signs of the coming monsoon season being more normal should support growth and make inflation less volatile, though a recent heatwave poses a risk. "We expect growth in later years to slow and approach our medium-term trend estimate," it said, adding growth will be driven by consumer spending and investment. The Indian economy grew 8.2 per cent in the last fiscal (2023-24), with a 7.8 per cent expansion in March quarter. Inflation, Fitch expects, will decline to 4.5 per cent by end 2024 and average 4.3 per cent in 2025 and 2026. Fitch said it expects the RBI to cut policy interest rates by 25 basis points this year to 6.25 per cent.

2024-06-18 09:47

moneycontrol.com

https://www.moneycontrol.com/news/telecom/vodafone-idea-seeks-rs-23000-crore-in-term-loans-bank-guarantees-worth-rs-10000-crore-report-12750542.html

Vodafone Idea seeks Rs 23,000 crore in term loans, bank guarantees worth Rs 10,000 crore: Report

Banks will now seek a technoeconomic viability (TEV) report from a top consultancy firm to assess Vi’s creditworthiness before taking a call on sanctioning the loan..Related stories.

Vodafone Idea (Vi) proposes to borrow Rs 23,000 crore in term loans from banks and also requested an additional Rs 10,000 crore in bank guarantees, The Economic Times has reported. The move is part of India’s third-largest player’s effort to raise the capital required to compete with bigger rivals Reliance Jio and Airtel in a telecom market that once threatened to become a duopoly. Vodafone Plc and Aditya Birla Group joint ventureÂpresented the term loan proposal at a meeting of a banking consortium led by State Bank of India (SBI) a few days ago, the report said. The joint venture recently satisfied long-standing demands from the lenders to commit more equity to the business. The requested loans are a portion of the Rs 55,000-crore in capital expenditures that Vi is hoping to raise to expand 4G coverage and begin greenfield 5G rollouts in strategic markets. Vi said that it needed the funds to update the infrastructure of its mobile broadband network in its 17 key areas in its presentation to lenders, the report said. Moneycontrol couldn’t verify the report independently. Banks will now seek a technoeconomic viability (TEV) report from a top consultancy firm to assess Vi’s creditworthiness before taking a call on sanctioning the loan, the report said. "Vi has now formally approached banks. The presentation was essentially giving details of what it plans to do in future, such as infrastructure upgrades,” a person aware of the discussions told ET. “Banks have taken note of it and now moved to a TEV, which will take a couple of months." Usually, a TEV analysis evaluates a company's risks in terms of technology, markets, finances, and regulations. When making sizable loans to a business, it assists banks in considering potential risks. Also read:ÂVodafone Idea gets in-principle approval for Rs 14,000-crore loan from SBI-led consortium: Sources Skin in the game Just a few days after securing almost Rs 24,000 crore, Vi shared a comprehensive debt-raising plan with an array of lenders, satisfying a crucial requirement for issuing new loans to the company, the report said. Also Read: Vodafone to sell entire Indus Towers stake worth $2.3 billion via block deals next week: Report To borrow up to Rs 25,000 crore through debt and extra non-fund based facilities of Rs 10,000 crore, Vi's management has been in negotiations with a group of banks over the last few months. Bank guarantees are usually used for non-fund facilities, the report said. On June 14, the Vodafone stock closed at Rs 16.79 on the National Stock Exchange, up 4.48 percent from the previous close. Disclosure:ÂMoneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

2024-06-18 08:30

moneycontrol.com

https://www.moneycontrol.com/news/business/sbi-expects-14-15-credit-growth-in-current-fiscal-chairman-dinesh-kumar-khara-12750534.html

SBI expects 14-15% credit growth in current fiscal: Chairman Dinesh Kumar Khara

SBI expects 14-15% credit growth in current fiscal: Chairman Dinesh Kumar Khara.Related stories.

Given the current economic growth rate,SBIis expecting 14-15 per cent loan growth during the fiscal year 2024-25, the bank's chairman Dinesh Kumar Khara said. "Normally the way we look at it is that the GDP growth rate plus inflation and 2-3 per cent over that. That gives us the number around 14 per cent or so," Khara told PTI in an interview. "Hence, 14-15 per cent credit growth depends upon the opportunities available for lending, and it meets our risk appetite. We will be happy to grow at this pace," he said. As far as deposits are concerned, he said, it grew by 11 per cent last year. "And we have some elbow room available in terms of excess SLR and which ensures that we don't have any pressure on us to raise the deposit rates for supporting our loan-to-deposit ratio," he said. The bank has an excess Statutory Liquidity Ratio (SLR) between Rs 3.5 lakh crore and Rs 4 lakh crore. "Incidentally, I may add here that our loan-to-deposit ratio is around 68-69 per cent only. That leaves enough room for us to lend without having pressure on the deposit interest rates. Nevertheless, he said, "We always give importance to deposits. That is the reason why we increased the interest rate for the short-term deposits recently because we felt that there's room for improvement...we should improve our deposit growth rate to some extent during this year. And our effort would be that we should at least grow around 12-13 per cent this year." Last month, SBI hiked the fixed deposit rate on select short-term maturity up to 75 basis points. For retail term deposits of 46-179 days, the rate increased by 75 basis points to 5.50 per cent against the earlier 4.75 per cent. Asked about the Net Interest Margin (NIM) outlook for the current financial year, Khara expressed hope and said it would be around the same level recorded in FY24 or could be 2-3 basis points movement here or there. The domestic NIM of the bank stood at 3.43 per cent for FY24 down by 15 basis points (bps) while the whole bank NIM stood at 3.28 per cent lower by 9 bps year-on-year basis. The rise in both rupee liquidity and dollar liquidity cost due to tight monetary policy pursued by central banks across the globe was a major factor affecting NIM during FY24. As far as Non-Performing Assets (NPAs) are concerned, Khara said, "We should have a downward trajectory both for net and gross. However, it is very difficult to make any projections as it is also a function of the macroeconomy." The bank is trying to insulate its book for macro stress nevertheless it's difficult to give any kind of guidance on NPAs. "Our guidance as far as our credit cost is concerned, we have kept it at 0.50 per cent but our effort is to keep it at the level of 0.29 per cent," he added. Gross NPA of SBI declined to 2.24 per cent, an improvement of 54 bps compared to previous FY23 while the net NPA stood at 0.57 per cent, an improvement of 10 bps YoY. The credit cost also fell by 3 bps to 0.29 per cent at the end of FY24.

2024-06-18 06:52

moneycontrol.com

https://www.moneycontrol.com/news/companies-2/us-sues-adobe-over-subscription-plan-disclosures-12750445.html

US sues Adobe over subscription plan disclosures

Figurines are seen in front of displayed Adobe logo in this illustration.

The U.S. government on Monday sued Adobe, accusing the maker of Photoshop and Acrobat of harming consumers by enrolling them in its most lucrative subscription plans without clearly disclosing important terms. In a complaint filed in the San Jose, California, federal court, the government said Adobe failed to adequately disclose hefty early termination fees, sometimes reaching hundreds of dollars, when customers sign up for "annual, paid monthly" subscription plans. The government said Adobe hides important terms in fine print and behind textboxes and hyperlinks, clearly discloses the fees only when subscribers try to cancel, and makes canceling an onerous and complicated process. Monday's lawsuit seeks civil fines, an injunction and other remedies. Adobe did not immediately respond to a request for comment.

2024-06-17 21:18

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/eco-hotels-expands-with-the-eco-in-vadodara-12750419.html

Eco Hotels expands with 'The Eco' in Vadodara

The new hotel is part of the hospitality company’s plans to have a 500-room capacity by the end of June 2024, the firm said in a statement..

Eco Hotels and Resorts, which focuses on eco-friendly options and net-zero carbon emissions, on Monday announced the opening of 57-key ’The Eco’ in Vadodara, Gujarat. The new hotel is part of the hospitality company's plans to have a 500-room capacity by the end of June 2024, the firm said in a statement.”We are dedicated to promoting eco-conscious travel options across India, illustrated by our latest property, ’The Eco’ in Vadodara takes us closer to over 500 rooms by the end of June 2024 and a vision to operate 5,000 keys in India over the next five years and scale up to 15,000 rooms within the next 10 years,” Eco Hotels and Resorts CEO said in the statement. The company is looking for potential opportunities across the country and also is planning to expand its footprint to the Middle East, South Asia and Southeast Asia soon, he added.The company last month announced the opening of a 63-room property The Eco Satva at Kota in Rajasthan.The company's board has given approvals to acquire hotel properties at Amritsar, Goa, Manali, Varanasi, Noida, Khopoli, Hubli, Udaipur, Tirupati, Mysore, Chennai and Rewa under the expansion plan. Eco Hotels and Resorts Limited, formerly known as Sharad Fibres and Yarn Processors, is chain of premium and economy hotels and looks to create a network of sustainable and luxurious hotels under the Eco brand.

2024-06-17 20:03

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/metal-blade-found-in-meal-on-air-india-flight-airline-working-to-prevent-a-recurrence-12750263.html

Metal blade found in meal on Air India flight; airline working to prevent a recurrence

Representative image.

Air India on June 17 said that a metal blade was found in a meal on one of its flights, news agencyANIreported. "Air India confirms that a foreign object was found in the meal of a guest aboard one of our flights. After investigation, it has been identified as coming from the vegetable processing machine used at the facilities of our catering partner,” Rajesh Dogra, chief customer experience officer of Air India, said. Bad food, worn out seats, damaged luggage:Air India business class passenger recalls Rs 5 lakh 'horror flight' Dogra said that the airline is working with its catering partners to “strengthen measures to prevent any recurrence, including more frequent checking of the processor, especially after chopping of any hard vegetable". This is a developing story. More updates will follow.

2024-06-17 15:00

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/marwari-school-of-business-keeps-3-generations-of-ruia-family-under-one-roof-12750271.html

'Marwari' school of business keeps 3 generations of Ruia family under one roof

Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.Related stories.

Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar’s Ruia family seems to be an exception. Three generations of the Ruia family – founder brother Shashi and Ravi Ruia, their children and grandchildren – continue to live under one roof and jointly run the business empire. They share the family homes in Mumbai, Delhi and London as well as business that now spans energy, metals and mining, infrastructure and logistics and technology and retail. Prashant Ruia, son of Shahi Ruia and director of Essar Capital, which manages the group’s portfolio of investments, considers himself fortunate to be surrounded by support system of his family, where members cherish the strong bonds transcending generations. In an interview to PTI, Ruia said he is of firm belief that maintaining strong family relations require careful alignment of goals and ensuring each family member has space to express themselves and thrive. ”If the goals are aligned and people are given space to express themselves, it is possible (for families to stick together). I am surprised that the tradition is coming down so fast. We have maintained it, and it has been a tremendous experience…having that support system at home, while travelling, at work, of course… is quite good and we are very happy,” he said. First generation entrepreneurs Shashi and Ravi Ruia founded Essar group in 1969 when it bagged a Rs 2.5 crore order from the Madras Port Trust for the construction of an outer breakwater in the port. In the early years, Essar focused on the construction and engineering sector. It built a number of major infrastructure projects, including bridges, dams, and power plants. In the 1980s, Essar diversified into the energy sector, with the acquisition of a number of oil and gas assets. In the 1990s, Essar expanded its operations into the steel and telecommunications sectors. It built steel plants, an oil refinery and India’s second largest telecom operator with Hutchison. It exited the telecom business, sold oil refinery to a consortium led by Russia’s Rosneft and had to let go the steel plants to ArcelorMittal when insolvency proceedings were initiated to recover unpaid loans. After repaying loans of close to Rs 2 lakh crore, Essar is now reinventing itself. ”Revenues of the group are about USD 15 billion. In terms of Group EBITDA, we have a run rate of about a billion dollars, that is about Rs 8,000 crore and the group is currently valued…the assets under management…is valued at about USD 8 billion. So that’s sort of where we are as a group today,” Ruia said. The group has about 14 portfolio companies where investments are being channelised. ”Some of these companies are in India, some international. We operate globally. And we are building out,” he said. The conglomerate now holds assets that span a 10 million tonne a year oil refinery in the UK, 15 trillion cubic feet reserves of hydrocarbons in India and Vietnam and a 1,200 MW power plant in India. Its infra sector assets include a storage terminal in the UK of 3 million cubic meters capacity and a 20 MTPA port in India, metal and mining sector assets include a major iron ore mine and pellet project in India and the US, technology & services sector assets include global EPC business and IT solutions provider with centres across 35+ countries. The group has also made foray into renewables recently. In a country where young children born into wealthy business families are forgiven for living it up as a teenager, Ruia showed up at Essar office fairly early. ”As far as my journey is concerned, yes, I did start early. But at that time, our group was fairly small in the sense papa (my father) and chacha (uncle)… they got started in 1969. But we were still a very small group in 80-85 and I started working with my father in all my holidays at the age of 12….well, not working but actually being there,” Ruia said. He recalls how ”he was inclined towards work” from the beginning, and even as he started college, clocking office hours daily became part of his regular schedule. Ruia said he even passed an opportunity to study abroad, opting instead to continue working within the Group and contribute to growing business. His stint started with participating in meetings, listening and understanding, moving from one department to another to observe the dynamics of business, and by 17, Ruia was given responsibility at the Group. ”…we were in early stage…things were just getting going and it was very exciting time for us. And I was enjoying myself. So `Marwari School of Management’ was the one I went to,” he said in lighter vein. Prashant has a sibling Anshuman and cousins Rewant and Smiti (children of Ravi Ruia). The family has stayed together for over 50 years, Ruia said with pride. ”We have always stayed together… my father and uncle actually, this is a tradition…it was set up by my father, my uncle and my grandmother. So she made sure that we all stay together and it’s been like that ever since,” Ruia said. Some of the most famous family feuds in India include the public battle between Mukesh and Anil Ambani to control the Reliance empire after their father Dhirubhai Ambani died without a will. A couple of years back, Hinduja brothers battled over control of the USD 18 billion 107-year-old British-Indian group that has six publicly traded entities including Ashok Leyland. In 2000, Rajan and Anil Nanda sparred over Escorts empire built by their father Har Prasad. The ’Complete Man’ company Raymond saw a fallout between former chairman Vijaypat Singhani and his son, Gautam in 2023. Apollo Tyres chairman Onkar S Kanwar too had a spat with his father, Raunaq Singh over the control of the company in the 1990s. The most recent is Samir Modi accusing his mother of orchestrating an attack on him, worsening the feud among the late KK Modi’s family members over their inheritance.

2024-06-17 14:34

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/indian-room-air-conditioner-market-to-reach-rs-50000-crore-by-fy29-voltas-12749836.html

Indian room air-conditioner market to reach Rs 50,000 crore by FY29: Voltas

The competition in the Indian RAC market has "intensified" with the presence of homegrown and leading foreign players, said Voltas, a market leader in the segment.Related stories.

The India room air-conditioners (RAC) market is likely to grow at a healthy CAGR of 12 per cent to reach Rs 50,000 crore by FY 2028-29, Tata group firm Voltas said in its latest annual report. The competition in the Indian RAC market has ”intensified” with the presence of homegrown and leading foreign players, said Voltas, a market leader in the segment.Moreover, the competitive ”intensity is going to increase” further in the near future, the company said while discussing challenges and opportunities.Factors like increasingly hot summers, rising disposable incomes, and the quest for a better lifestyle with easy access to consumer finance are likely to drive growth for this room air-conditioner segment. ”The Indian RAC market is expected to grow at a healthy CAGR of 12 per cent to reach a figure of Rs 50,000 crores by 2028-29,” said Voltas.Voltas sold over 2 million AC units in 2023-24, which, according to the company, was the highest number of ACs ever sold by any brand in a single year.”Voltas also sold 1 million AC units in an incredibly short time frame of just 110 days from January 1, 2024, till April 20, 2024,” it said. This season several companies have reported over two-fold growth in April and May as sales skyrocketed in the blistering summer, when the mercury was touching around 45 degrees, creating a new record at several places.” Moving ahead, Voltas aims to reinforce its market leadership through the expansion of Exclusive Brand Outlets (EBOs) and other channels,” it said. Besides RAC, competitive intensity is also going to increase in Commercial Air Conditioning (CAC) where leading foreign players have started focusing on this sector.”The demand for commercial air conditioning is increasing across industries and commercial establishments, and driven by a focus on comfort and sustainability,” the report said.Earlier, the Consumer Electronics and Appliances Manufacturers Association had said that this year, it expects record sales of RAC, taking the annual sale of around 14 million units in 2024. However, Voltas, in its report, also said the recent implementation of QCO (Quality Control Orders) norms affects the imports of components, which pose challenges for the industry.Still, the Indian air condition industry is highly dependent on imports for components, which is around an average of 65 to 70 per cent of the product value.Over commercial refrigeration (CR) products, Voltas’ annual report stated it will continue to grow over 10 per cent per annum till FY 2028-29.In this segment, ”many of the product categories are likely to register high double-digit growth”, it claimed.”Under the ’Make in India’ initiative, many brands have set up new facilities and expanded local manufacturing. With this large local manufacturing base in key categories, competition has become intensive, leading to market share and profitability challenges,” it noted.

2024-06-16 15:42

moneycontrol.com

https://www.moneycontrol.com/news/opinion/us-will-leave-europe-to-its-fate-but-when-and-how-12818324.html

US will leave Europe to its fate. But when and how?

Growing rift in the Atlantic. (File image).Related stories.

A sad trend in world affairs, and one that is personal for me, is the growing rift in the Atlantic. IŌĆÖm not talking about the┬Āgeological┬Āone under the water (which widens by more than an inch per year) but about the geopolitical fault between the United States and Europe. As a dual citizen of the US and Germany, IŌĆÖve taken the trans-Atlantic bond for granted throughout my life. But it will loosen, if not snap. These two tectonic plates of geopolitics have long been moving in opposite directions. Several European NATO members have for decades skimped on┬Ādefense spending, free-riding on US military might and first frustrating, then enraging American taxpayers and policymakers. Even if some now spend more on their armies, the change may be too little, too late. Washington, meanwhile, has been drifting from its strategic and visceral trans-Atlanticism during the Cold War. Presidents since Barack Obama have tried, and so far failed, to ŌĆ£pivotŌĆØ from Europe and the Middle East to the Indo-Pacific, where they see more important and dangerous fault lines┬Āand sense┬Ātremors┬Āall around China. Gone is that brief unipolar moment when America was a hyperpower and could pretend to police all regions of the world. In todayŌĆÖs context of permanentbudgetcrises (another is coming up) and ever more crushing debt, Washington will have to make choices. Those will differ depending on the next president. In his first term, Donald Trump, who likes to snub AmericaŌĆÖs allies and schmooze its adversaries,┬Āthreatened┬Āto yank US troops out of Germany and to withdraw from NATO altogether. In a second term, he may do that, or simply, as one think tank close to him suggests, declare the alliance ŌĆ£dormant.ŌĆØ Kamala Harris, by contrast, would reaffirm AmericaŌĆÖs traditional commitments, as her┬Ālame-duck┬Āboss has done. But unlike Joe Biden, she is of a generation that feels the trans-Atlantic bond in its┬Āhead more than in its┬Āviscera. Moreover, Harris is surrounded by┬Āadvisers┬Āand think tanks ŌĆö┬Āthe notorious Washington ŌĆ£blobŌĆØ ŌĆö┬Āwho have distanced themselves from the postwar credo of┬Āhegemonic┬Āinternationalism. The choice today is between a brute MAGA isolationism or a subtler retrenchment called ŌĆ£restraint.ŌĆØ To consider┬Āall this, I sat down with Emma┬ĀAshford, a strategist in a team of ŌĆ£anti-group-think ninjasŌĆØ (their term) at the Stimson Center in Washington. SheŌĆÖs been studying┬Āscenarios┬Āof American retrenchment and their effect on Europe. Some are merely worrisome, others hair-raising. The scenarios vary along two parameters. First, is the American retrenchment sudden and fast or gradual and slow? Second, is it intentional or unintentional ŌĆö┬Āthat is, taken by choice or forced by some emergency?┬Ā(The threat to Europe is assumed to be the same: an aggressive and irredentist Russia.) A Trump exit would be deliberate and discretionary, and swift. By contrast, Harris would rhetorically recommit to Europe. But like Trump, she could still be forced to retrench from the continent by contingencies. That could happen fast: if, for example, China invades Taiwan, major war breaks out in Asia and the US needs to move soldiers, guns, ammo, ships, planes and all the rest to the Pacific overnight. Or slow: The US could have a┬Āfiscal crisis, forcing┬ĀWashington to save on its troops overseas; with Asia remaining the priority, the cuts would hit Europe and gradually ŌĆ£hollow outŌĆØ NATO. An intentional and fast Trump pullout would be terrible for Europe. Because the details would be up to the president, northern and eastern countries such as Poland, which feel most threatened by Russia and already spend a lot on their armies, would try to flatter him into bilateral security pacts (Ashford imagines offers to pay for a ŌĆ£Fort TrumpŌĆØ in Poland, say). This bargaining by some but not others would compromise the remnants of NATO and the European Union. Already fractious, these continental institutions would unravel into a patchwork of mini-alliances and medium-sized armies, each deficient in its own way and lacking coordination with the others. Champagne bottles would pop in the Kremlin. A slow hollowing out of the trans-Atlantic alliance caused by an American fiscal crisis (or something similar) wouldnŌĆÖt be fun either. The Europeans would continue to┬Āgab┬Ā(as they have been gabbing since the 1950s) about a ŌĆ£European army,ŌĆØ and drape more summitry around their ŌĆ£common security and defense policy,ŌĆØ which already exists on paper. But nothing would come of it, because the crisis is too slow, and every country perceives different threats. Portugal in the southwest isnŌĆÖt all that scared of the Kremlin, while Estonia in the northeast is scared of little else. The large countries, such as Germany, wouldnŌĆÖt┬Ābe ready to sacrifice their bloated welfare systems for military preparedness. The French (and the Brits outside the EU) would talk tough, but wonŌĆÖt┬Āextend┬Ātheir own (and small) nuclear umbrellas over their European allies. The Kremlin would enjoy this┬Āshow and bide its time, a bit as Napoleon once watched the Holy Roman┬ĀEmpire┬Ādisintegrate before dissolving it. An unintentional but sharp rupture, such as war between the US and China in Asia, would be different. For the world, this turn of events would be disastrous, especially since China, Russia, North Korea and Iran increasingly behave like an ŌĆ£axisŌĆØ and might coordinate. But because thereŌĆÖd be no point bargaining with the American president, the Europeans would grasp at once that they can float together or sink separately. A coerced and sudden American pivot could in that way become EuropeŌĆÖs belated┬ĀZeitenwende, or ŌĆ£turning point.ŌĆØ With the Americans off to┬ĀAsia, the Europeans would have to take the initiative in Brussels, in the EU as well as the headquarters of NATO. TheyŌĆÖd share intelligence, weapons systems and even command and control, all to┬Ādefend their shared continent. Europe would be,┬Āas the clich├® goes,┬ĀŌĆ£forged in crisis.ŌĆØ All this┬Āmakes you wonder why the Europeans donŌĆÖt opt for a less apocalyptic scenario and get their act together┬Āwithout the world first going up in flames. (If you have a good answer, you deserve the┬ĀCharlemagne Prize.) At minimum, the old world must finally understand what the Americans are talking about on the other side of the Atlantic, where the question of a break-up┬ĀisnŌĆÖt whether, but when and how. Credit: Bloomberg┬Ā

11:36

moneycontrol.com

https://www.moneycontrol.com/news/india/dharmendra-pradhan-mk-stalin-lock-horns-over-nep-central-funds-12818337.html

Dharmendra Pradhan, MK Stalin lock horns over NEP, central funds

Dharmendra Pradhan, MK Stalin.

Union Education Minister Dharmendra Pradhan on Monday rejected Tamil Nadu Chief Minister MK Stalin's claim that the best-performing states are being denied funds by the Centre under the Samagra Shiksha Scheme for refusing to implement National Education Policy (NEP) 2020. Pradhan’s comments came in response to the Tamil Nadu chief minister’s allegations that the best performing states were being denied funds by the Union government under the Samagra Shiksha Abhiyan (SSA) for refusing to implement NEP. Stalin also accused the Bharatiya Janata Party (BJP)-led Centre of “rewarding” states that failed to meet educational objectives. Accusing the Tamil Nadu Chief Minister of trying to pit states against each other to make a point about the non-implementation of the new NEP, the Union Education Minister said,"Healthy competition amongst the states is always welcome in a democracy. However, pitting states against each other to make a point, goes against the spirit of the Constitution and the value of a unified India. NEP 2020 was formulated through wide range of consultations and has the collective wisdom of the people of India." “Denying funds to the best-performing states for refusing to bow to the #NEP, while generously rewarding those who are not delivering on the objectives — Is this how the Union BJP Government plans to promote quality education and equity? I leave it to the wisdom of our nation and our people to decide!” Stalin said in a post on X. Taking to microblogging platform X (formerly known as Twitter), Pradhan questioned Stalin’s “principled" opposition to NEP. “Are you opposing education in mother tongue including Tamil? Are you opposing the conduct of exams in Indian languages including Tamil? Are you opposing the creation of textbooks and content in Indian languages including Tamil? Are you opposed to the holistic, multi-disciplinary, equitable, futuristic and inclusive framework of NEP?," the Union Education Minister posted.

11:35

moneycontrol.com

https://www.moneycontrol.com/news/business/personal-finance/understanding-the-new-kyc-rules-for-mutual-fund-investors-a-complete-guide-12818314.html

Understanding the new KYC rules for mutual fund investors: A complete guide

representative picture.Related stories.

If you have invested in mutual funds and are confused about the new KYC (Know You Customer) rules that have come into effect, here is a quick guide to help you out. 1.Find Out Your Status: Check the status of your KYC first. You can do this by logging into any KYC Registration Agency’ (KRA) website or mobile application such as CAMS, Karvy, CVL and NDML. The KYC status has been classified under three levels—KYC status on hold, validated and registered or verified. 2.KYC Validated: Investors with "KYC Validated" status are not required to do anything. They can easily continue to do all the transactions. 3.KYC Verified: In case your KYC status says verified, it would see no impact on your current investments. However, in case you want to make any new investments, you would need to resubmit your KYC documents. If your KYC was done using Aadhaar, there is no need to repeat the KYC process for fresh transactions. If your new KYC was done through non-Aadhaar documents, you need to do a fresh KYC verification each time you apply for a new scheme. 4.KYC On-Hold: Investors whose KYC status shows on-hold, it means that all your financial transactions, including in existing schemes, are restricted and no new transaction can be done till you do your KYC. You need to do this by submitting any of the officially valid documents (OVDs) including Aadhaar, Passport and Voter ID card at the nearest branch of the AMC (Asset Management Company) or KRA. 5.How To Do Your KYC: You can find your KYC status by logging in to any of the mutual fund's website and visit the page 'Modify/Update KYC'. To update your KYC, follow the steps by entering your details and uploading documents as required. Once your email ID/mobile number are validated and details entered/uploaded are validated by the KRAs, the KYC status will change to 'Validated'." 6.For NRIs: The new KYC process has made it tougher for Non-Resident Indians (NRIs) to invest in mutual funds. NRI and OCIs (Overseas Citizens) with foreign mobile numbers are now exempted from the Aadhaar-linked OTP verification process if their PAN reflects their foreign residential status. 7.How to do KYC Offline: Download the KYC form from any of the AMC, RTA or AMFI websites, and submit it to any of your any AMC or RTA office. Along with the duly-filled form, you need to also submit the required documents, such as PAN, Aadhaar, etc.While the process of redoing your KYC seems cumbersome, it is a one-time effort to ensure a smooth transaction in the future.

11:35

moneycontrol.com

https://www.moneycontrol.com/news/business/personal-finance/how-to-easily-find-your-sbi-cif-number-using-internet-banking-yono-lite-and-more-12818322.html

How to easily find your SBI CIF number using internet banking, Yono Lite, and more

Representative image.Related stories.

If you have an account in the State Bank of India (SBI), your Customer Information File (CIF) number will give you several benefits. This 11-digit number ensures exclusive customer access to bank accounts, preventing fraudulent transactions. It includes information like loans, account details, and KYC data such as address and identification, and banks can quickly access these details for a more streamlined banking experience. The CIF number is strictly confidential and secure, and safeguards you against tampering or unauthorized changes, even by bank employees. The CIF number is usually printed on the passbook or the first page of your SBI cheque book, but here are 4 other ways you can access it. How to Find Your CIF Number Using Internet BankingThe net banking option saves you the hassle of visiting an SBI branch and is easy to access. Step 1: Go to https://retail.onlinesbi.com/retail/login.htm to access SBI's net banking site.Step 2: Go to the 'My Account' tab and then to the 'Profile' tab.Step 3: Select 'account summary' from the drop-down menu.Step 4: Select 'View Nomination and PAN' from the drop-down menu.Step 5: The CIF number is available on the following screen. You can also find this number by looking at the account statement summary. Select the account number and the statement period for the account. Press ‘Submit’ and the account statement will include the CIF number. How to Find Your CIF Number from SBI Yono Lite Step 1: Open the SBI Yono App and log in with your account information.Step 2: Navigate to the Services tab.Step 3: On the following screen, select Online Nomination.Step 4: Change the account type to "transaction account."Step 5: Your CIF number will be visible in the account statement. How to Find Your CIF Number by Calling Customer Care Call the SBI helpline on 1800112211 or 18004253800. The customer care executive may ask you for details to authenticate your identification. You can then ask for your CIF number. How to Find Your CIF Number via SMSThere is currently no direct way to send a message and know your CIF number. You must first register your bank account with your email address. An e-statement request can be readily submitted via SMS. On your e-statement, you'll find your CIF number. Simply send an SMS from your registered mobile number to receive the e-statement. Simply open the PDF file to view your CIF number when you receive an e-statement.

11:30

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/shree-tirupati-balajee-agro-trading-ipo-allotment-today-check-status-latest-gmp-ahead-of-listing-12818265.html

Shree Tirupati Balajee Agro Trading IPO allotment today: Check status, latest GMP ahead of listing

Shree Tirupati Balajee Agro Trading Company IPO received a massive 124.74 times subscription..Related stories.

Shree Tirupati Balajee Agro Trading Company's initial public offer (IPO) shares are likely to be allotted to successful bidders today (10 September). Investors can check the allotment on the official website of the registrar, and also on BSE. The Rs 170-crore mainboard IPO got a bumper subscription at a massive 124.74 times, receiving bids for 178.48 crore shares against 1.43 crore shares on offer. The initial share sale has a fresh issue of 1.47 crore equity shares and an offer-for-sale (OFS) of up to 56.90 lakh equity shares by Binod Kumar Agarwal. Shree Tirupati Balajee Agro Trading IPO allotment today on Link Intime: Step-By-Step Guide To Check Status Step 1:Open the direct link to the registrar on this URL: https://linkintime.co.in/initial_offer/ Step 2:Select the company from the dropdown menu. Step 3:You check your allotment status by filling in details like PAN, Application number or DP client ID. Step 4:Press the Submit button Step 5:Your allotment status will be shown in the window. Shree Tirupati Balajee Agro Trading IPO allotment today on BSE: Step-By-Step Guide To Check Status Step 1:Open the website of Bombay Stock Exchange (BSE). Step 2:Click on 'Investors' option. Step 3:On the 'Investor Services' dropdown, click on 'Status of Issue Application'. Step 4:Click on 'Application Status Check'. Step 5:Select Equity in the issue type. Step 6:Fill in the required details including the 'Issue Name'. Step 7:Enter your PAN number and click on Search to view the status Shree Tirupati Balajee Agro Trading Company IPO GMP Per multiple platforms that track the grey market premium activities, the shares of Shree Tirupati Balajee Agro Trading Company are commanding a GMP in the price range of Rs 50 in the unlisted market. The IPO had a price range of Rs 78-83 a share. Shree Tirupati Balajee Agro Trading Company IPO listing date The company's shares will be listed on BSE and NSE on 12th September. Proceeds from the fresh issue will be used to repay debt, invest in subsidiaries, meet capital needs, and for general corporate purposes. Shree Tirupati Balajee Agro Trading Company manufactures and sells Flexible Intermediate Bulk Containers (FIBCs), such as large flexible bags and other industrial packaging products like woven sacks, woven fabric, and narrow fabric tapes. These products are supplied both in the Indian market and overseas. The company offers customised bulk packaging solutions for clients across industries such as chemicals, agrochemicals, food, mining, waste disposal, agriculture, lubricants, and edible oil, providing FIBC products for their transportation and packaging needs.

11:20

moneycontrol.com

https://www.moneycontrol.com/news/business/sell-off-in-auto-banking-stocks-drag-sensex-nifty-to-flatline-after-positive-open-12818129.html

Sell-off in auto, banking stocks drag Sensex, Nifty to flatline after positive open

FMCG, pharma, and the banking space which had been underperforming for some time, have started gaining momentum in the past couple of sessions..Related stories.

Sensex and Nifty opened on a positive note on September 10, buoyed by global market gains and robust buying in key sectors like IT and healthcare on the domestic front. However, the indices quickly turned flat as selling pressure mounted on auto and banking stocks. At 10.00 am, the Sensex was down 61 points or 0.08 percent at 81,498 and the Nifty was down 18 points at 24,918. About 2,270 shares advanced, 819 shares declined, and 117 shares remained unchanged. Buying in IT, telecom, and healthcare stocks kept the Nifty from falling any further. Market experts advised caution with valuations posing a significant risk. "We have seen a correction in defence and railways to a certain extent. It is possible that other sectors could see a similar correction. So, at these levels, I would be extremely cautious," Ambareesh Baliga, an independent market analyst told Moneycontrol. Follow our live blog for all the market action Shares of LTIMindtree, Axis Bank, Tata Consumer Products, Bharti Airtel, and Divis Labs rose 1-3 percent, emerging as the top gainers on Nifty 50.ÂDivi's Laboratoriesshares rose almost 3 percent, emerging as the top Nifty 50 gainer, with expectations of increased Contract Development and Manufacturing Organisation (CDMO) work being diverted to India. This comes after the US passed the draft Biosecure Act targeting Chinese biotech firms. Life insurance stocks, includingICICI Prudential,ÂSBI Life, andHDFC Lifedropped by up to 2 percent following negative brokerage notes after the August update. Additionally, the GST Council's decision to defer discussions on life insurance until the November meeting added to the pressure. SBI Life and HDFC Life were among the worst performers on the Nifty 50. Sameet Chavan, Head of Research for Technical and Derivatives at Angel One, notes immediate resistance for Nifty 50 between 25,080 and 25,120. "Support is at 24,750 - 24,700 and a break below this could lead to further weakness towards 24,500," he said. Also Read |ÂCLSA maintains 'outperform' call on ICICI Bank, sees 21% potential upside In the broader market, both the BSE Midcap and BSE Smallcap indices rebounded, rising by 1 percent, after suffering losses in the previous session. Wall Street's three major indexes rallied over 1 percent on September 9, as investors sought to bargain buying after last week's sell-off. The Asia-Pacific markets followed suit in early trade today. Investors are now focused on the US Consumer Price Index (CPI) report, set to be released on September 11, and the initial jobless claims data due on September 12. The data will offer insights into inflation trends just before the FOMC meeting from September 17-18. Markets will keep a close eye on how the US presidential debate scheduled for tonight, between Democrat Kamala Harris and Republican Donald Trump, unfolds.

11:20

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/ather-energys-venture-debt-backers-set-for-big-repayment-from-ipo-12818266.html

Ather Energy’s venture debt backers set for big repayment from IPO

Ather Energy’s venture debt backers set for big repayment from IPO.Related stories.

Apart from providing a part exit to marquee investors such as Singapore’s GIC and Tiger Global, the initial public offering (IPO) of the electric two-wheeler Ather Energy will also see several venture debt funds receive a collective payout of Rs 378 crore. Venture debt funds provide loans to startups and earl-stage companies, which use these funds for funding acquisitions, capital expenditure or a bridge to the next round of equity infusion among others. Venture debt helps founders raise extra capital without diluting equity. Ather plans to raise Rs 3,100 crore in fresh capital from the IPO, of which Rs 378.2 crore will go towards repayment of loans taken from Alteria Capital (Fund I and II), Innoven Capital India Fund, Stride Venture Debt (Fund II and III) and Nuvama Crossover Yield Opportunities Fund, the draft red herring prospectus shows. The company filed the documents with the market regulator on September 9. As of July 31, these funds had loans worth Rs 439.4 crore, with Innoven Capital having the highest outstanding amount of Rs 177.2 crore followed by Stride at Rs 150 crore, Alteria at Rs 62.2 crore and Nuvama at Rs 50 crore. To get their money back, venture debt funds largely depend on liquidity events such as a new round of VC investment or an IPO. These loans were availed by Ather for funding its capital expenditure needs, working capital and other general corporate purposes. The loans are for a tenure ranging from 20 months to 30 months and carry an interest rate ranging from 14.5 percent to 14.85 percent. As of July 31, Ather’s borrowings stood at Rs 671 crore. In FY24, Ather's revenue from operations stood at Rs 1,754 crore, down 1.5 percent from 2023, but a 329 percent increase from 2022. On the other hand, loss before tax rose by 24.7 percent in 2024 to Rs 1,060 crore, up from Rs 865 crore in 2023 and Rs 344 crore in 2022. Apart from the repayment of loans to the four venture funds, Ather will use Rs 927.2 crore for setting up a factory in Maharashtra, Rs 750 crore for research and development and Rs 300 crore for marketing initiatives, the DRHP said.

11:18

moneycontrol.com

https://www.moneycontrol.com/news/india/lok-sabha-polls-not-free-or-bjp-wouldnt-have-reached-240-seats-rahul-gandhi-in-us-12818293.html

Lok Sabha polls not free or BJP wouldn't have reached 240 seats: Rahul Gandhi in US

LoP in Lok Sabha and Congress MP Rahul Gandhi during an interaction with students at Georgetown University, Washington DC. Credit: PTI Photo Read more at: https://www.deccanherald.com/india/lok-sabha-polls-not-free-or-bjp-wouldnt-have-reached-240-seats-alleges-rahul-in-us-3183921.Related stories.

Congress leader Rahul Gandhi has alleged that the recently concluded general elections in India were not fought on a level playing field, asserting that the polls have destroyed the idea of Modi. The Leader of the Opposition in Lok Sabha, who is currently on a four-day visit to the United States, made the remarks during an interaction session at the prestigious Georgetown University. "I don't believe that in a fair election, the BJP would come anywhere near 240 seats. I would be surprised. They had a huge financial advantage and had locked our bank accounts. The Election Commission was doing what they wanted. The entire campaign was structured so that Mr. Modi could carry out his agenda across the country, with different designs for different states. I don’t see it as a free election. I see it as a heavily controlled election," said Congress leader Rahul Gandhi during the interaction. Elaborating on how the Congress fought the polls, Gandhi said Congress fought the general elections with its accounts frozen. He said the party still managed to destroy what he called Narendra Modi's idea of India. "I was watching the (Lok Sabha) elections...At a point in the elections, we sat down with our treasurer, and he said, " Look, the bank accounts are frozen. The Congress party fought the elections with their bank accounts frozen and destroyed the idea of Modi," he said.  Responding to a question, Gandhi said that halfway through the campaign, Prime Minister Modi didn't think he would get anywhere near 300 or 400 seats. Gandhi, who arrived in the US on Saturday, interacted with members of the Indian diaspora and youths in Dallas, Texas. He also plans to meet lawmakers and senior officials of the US government in Washington DC.

11:15

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/jsw-neo-energy-wind-solar-hybrid-contract-maharashtra-12818270.html

JSW Energy shares rise after arm selected by Maharashtra for wind-solar hybrid contract

JSW Energy expects its installed generation capacity to rise to 10 GW by end of March, which is higher from present 7.5 GW..

Shares for JSW Energy are finding buying interest after one of its subsidiary - JSW Neo Energy - was selected for 600 MW wind-solar hybrid power project from the Maharashtra government, the company informed stock exchanges on September 10. No financial details of the contracts have been released by the company. The order takes JSW Energy's total locked-in generation to 18.2 GW, including a total locked-in hybrid capacity of 3.8 GW, said the company. The project helps company’s transition towards an energy products and services company, it added. JSW Energyexpects its installed generation capacity to rise to 10 GW by end of March, which is higher from present 7.5 GW. JSW Energy has added 291 MW of capacity in the June quarter, comprising entirely of wind power. The company said 45 MW of this added capacity was through an acquisition and balance 246 MW via new greenfield capacity. JSE Energy has plans to reach 20 GW power generation capacity and 40 GWh of energy storage capacity by 2030, and a Carbon Neutrality target by 2050. JSW Energy said it has enhanced its power generation capacity to 7,536 MW, with a portfolio of 3,508 MW Thermal, 1,962 MW Wind, 1,391 MW Hydel and 675 MW Solar capacity across India.

11:12

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/suzlon-stock-worth-rs-254-crore-sold-in-large-trades-3-7-crore-share-change-hands-12818230.html

Suzlon stock worth Rs 254 crore sold in large trades; 3.7 crore share change hands

Suzlon stock jumped on Tuesday, gaining 5 percent to top Rs 78..Related stories.

Equity stakes worth Rs 254.3 crore in Suzlon Energy were sold through large deals in the morning trade on Tuesday, 10 September, amounting to 0.3 percent of the company’s shareholding. CNBC-TV18 reported that 3.7 crore shares of Suzlon changed hands at an average price of Rs 77 per share. Suzlon’s stock jumped 5 percent on Tuesday to surpass Rs 78, as Morgan Stanley maintained an 'Overweight' rating on the stock with a target price of Rs 73. This comes a day after Suzlon secured a significant 1.17 GW order from NTPC Green. Suzlon share price hit an intraday high of Rs 78.05 apiece on the NSE, rising 5 percent from its previous close. The stock had opened with a gain of 2 percent in today's session. The share price has gained after two days of consecutive fall. At the time of publishing, the stock was trading at Rs 77.88 per share on the NSE, up 4.76 percent. The sharp uptick in the price was witnessed after analysts at the global brokerage Morgan Stanley tagged an 'Overweight' rating on the stock, recommending a share price target of Rs 73 per share. Suzlon Energy on Monday announced that it bagged an order for wind turbines worth 1,166 MW – the country’s biggest – from NTPC Green Energy Ltd (NGEL). As part of the order, Suzlon will supply the wind turbines and execute the project, including erection and commissioning, in Gujarat as well as undertake operations and and maintenance services post-commissioning.

11:10

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/relief-for-sebi-nse-bse-as-sc-sets-aside-bombay-hc-order-of-rs-80-lakh-fine-to-mehtas-report-12818271.html

Relief for Sebi, NSE, BSE as SC sets aside Bombay HC order of Rs 80-lakh fine to Mehtas: Report

Sebi, NSE and BSE had filed a plea in the top court after the Bombay High Court on August 26 passed an adverse judgement against the three market bodies and asked them to pay a joint penalty of Rs 80 lakh for freezing the accounts of two Mumbai residents.

The Supreme Court has set aside an order of Bombay High Court slapping a penalty of Rs 80 lakh on the Securities and Exchange Board of India (Sebi), Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) for "illegally" freezing the demat accounts of Mumbai-based father-son duo Pradeep Mehta and Neil Pradeep, according to aÂMintreport. The case came up after the Mehtas were wrongly classified as promoters following which their accounts were frozen. The top court, led by Chief Justice DY Chandrachud, said the high court "erred" in passing a final judgment as the case was still reserved for interim relief, the report said. The apex court said the fine has been imposed without hearing the market regulator and the stock exchanges and asked the high court to hear the case again. Sebi, NSE and BSE had filed a plea in the top court after the Bombay High Court on August 26 passed the adverse judgment against the three market bodies and asked them to cough up Rs 80 lakh for freezing the accounts of the Mehtas. The high court order, which was led By justices GS Kulkarni and Firdosh P Pooniwalla, had awarded a compensation of Rs 30 lakh and Rs 50 lakh to the father and the son.

11:10

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/paytm-shares-soar-8-percent-on-heavy-buying-up-80-in-six-months-12818273.html

Paytm shares soar 8 percent on heavy buying; up 80% in six months

Paytm stock hit a 52-week low of Rs 310 in May. Since then, it has more than doubled. In just the past month, Paytm shares have gained nearly 30 percent.Related stories.

Paytm shares surged over 8 percent on September 10 amid heavy volumes. A total of 2 crore shares of the company changed hands on BSE and NSE combined so far, compared to the one-month average trading volume of 1 crore shares. The surge could also be attributed to the GST Council not making any announcements in regards to GST on UPI transactions below Rs 2,000. The Vijay Shekhar Sharma-led fintech recently informed that it has received approval from the Ministry of Finance to invest in its payment services business. With this approval in place,PaytmPayments Services Ltd (PPSL) will proceed to resubmit its payment aggregator application. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners, Paytm said in a regulatory filing. At 10:52 am Paytm shares were trading over 6 percent higher at Rs 667.50 on the National Stock Exchange (NSE). After today's sharp rise, the stock has turned positive on a year-to-date basis. In the past 12 months, the stock has fallen 26 percent, compared to a 28 percent rise in Nifty during this period. Follow our market blog to catch all the live action Earlier this year, Paytm stock took a heavy beating after the Reserve Bank of India (RBI) in February barred Paytm Payments Bank (PPBL) from accepting new deposits and ruled out any review of its action against the company. PPBL is an associate of Paytm parent One97 Communications Limited. The action against PPBL followed a comprehensive system audit report and subsequent compliance validation report of external auditors. The stock hit a 52-week low of Rs 310 in May. Since then, it has more than doubled. In just the past month, Paytm shares have gained nearly 30 percent, beating Nifty's returns of around 2 percent.

11:05

moneycontrol.com

https://www.moneycontrol.com/news/india/accused-in-custody-can-seek-anticipatory-bail-in-another-case-rules-supreme-court-12818276.html

Accused in custody can seek anticipatory bail in another case, rules Supreme Court

The Supreme Court's ruling provides clarity on the application of anticipatory bail provisions and reinforces the procedural rights of the accused..

In a landmark judgment, the Supreme Court, on September 9, established that an accused already in custody for one case can still seek anticipatory bail in connection with another case. The ruling, delivered by Chief Justice of India DY Chandrachud and Justices JB Pardiwala and Manoj Misra, clarified that there is no prohibition in the Criminal Procedure Code (CrPC) or other statutes against a Sessions Court or High Court considering anticipatory bail applications while the accused is already detained for a different offence. Justice Pardiwala stated that anticipatory bail is available if the accused faces the threat of arrest in a separate case, asserting that this right is protected under Section 438 of the CrPC. The top court also ruled that if anticipatory bail is granted for a subsequent case, the police cannot request remand for that case. Conversely, if remand is granted before anticipatory bail is obtained, the accused cannot later seek anticipatory bail for that case. This decision addresses conflicting rulings from various High Courts, which had previously taken differing stances on the issue. Some courts had denied anticipatory bail to those already in custody, while others had permitted it. The Supreme Court's ruling provides clarity on the application of anticipatory bail provisions and reinforces the procedural rights of the accused.

11:04

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/ipo-bound-ather-energys-cost-of-imports-from-china-went-up-to-28-in-fy24-12818201.html

IPO-bound Ather Energy's cost of imports from China went up to 28% in FY24

Ather Energy.Related stories.

Electric two-wheeler maker Ather Energy's cost of imports from China went up 28 percent, or around Rs 442 crore, in the financial year 2023-24 even as it sourced the remaining 72 percent of the materials from the domestic market. In FY23, the total cost of materials consumed through China imports was around 10 percent, or Rs 157.9 crore. "We sourced our lithium-ion cells, one of the critical components in our E2Ws, from two foreign suppliers located in China and South Korea in the last three fiscal years," thefirm saidin its draft red herring prospectus filed on September 9. In FY 2024, the firm’s total cost of materials consumed was Rs 1,579 crore. The Bengaluru-based EV maker has announced a plan to go public with an initial public offering (IPO), which will include a fresh issue of shares worth Rs 3,100 crore and an offer for sale of up to 2.2 crore shares by investors and promoters. The filing comes a month after larger rival Ola Electric successfully listed on the bourses. Ather’s top suppliers in the domestic market are Bharat FIH Limited, Zhengzhou BAK Battery Co Ltd, LG Energy Solutions Ltd, Mahle Electric Drives India Private Limited, Rockman Industries Limited, IPEC India Private Limited, Brembo Brake India Private Limited, Gates Unitta India Company Private Limited, Gabriel India Limited and INDIC EMS Electronics Private Limited. Also Read: Ather Energy IPO likely to be launched in the first half of 2025; Key details Indian firms depend on global markets, including China, for battery cells. From mineral processing to cell component manufacturing and cell manufacturing, China dominates the global supply chain. Though it has lesser control over mineral extraction, China dominates processing. Reserves of lithium, a vital component of EVs, are concentrated in Bolivia, Chile, Argentina and Australia. Cobalt reserves in the Democratic Republic of Congo, copper in Peru, Chile and Australia and Nickel in Indonesia, Brazil, Australia and the Philippines. Ola Electric, its bigger rival, also saw a significant increase in its cost of imports from China in FY24, even as it bagged financial incentives from the government aimed at promoting local manufacturing of EVs and battery cells. According to Ola Electric's Red Herring Prospectus (RHP), imports from China rose 37 percent of the company’s total cost of materials consumed in FY24, up from 19 percent in the previous year. Import dependence from China and South Korea is also one of the key risks for EV manufacturers in India. While the government is trying to reduce dependence on imports through initiatives like Make in India, Atmanirbhar Campaign, PMP, PLI scheme, Custom Duty elimination and enabling FDI across sectors, it will be some time before OEMs localise.

10:52

moneycontrol.com

https://www.moneycontrol.com/news/india/mere-act-of-painting-marks-kiren-rijiju-refutes-claims-of-incursions-by-chinas-pla-in-arunachal-pradesh-12818228.html

'Mere act of painting marks': Kiren Rijiju refutes claims of incursions by China's PLA in Arunachal Pradesh

Rijiju emphasized that China cannot claim Indian land and assured that there is strict vigilance to prevent any permanent construction by foreign forces..Related stories.

Union Minister Kiren Rijiju refuted claims of incursions by China's People's Liberation Army (PLA) into Arunachal Pradesh. Rijiju said the mere act of painting marks in undemarcated regions does not equate to encroachment. He explained that while there can be overlapping patrolling by Indian and Chinese forces in these areas, it does not signify an actual intrusion into Indian territory. This statement follows reports of PLA activity in the Anjaw district of Arunachal Pradesh, where they were allegedly seen camping in the Kapapu area. Social media has circulated images of bonfires, painted rocks, and Chinese food materials purportedly found at the site. Rijiju emphasised that China cannot claim Indian land and assured that there is strict vigilance to prevent any permanent construction by foreign forces. He highlighted that India continues to bolster its border infrastructure and maintains a firm stance against any infringement near the Line of Actual Control (LAC). The situation in Arunachal Pradesh comes amid an ongoing stand-off between Indian and Chinese forces in Ladakh, which has persisted since April 2020. India maintains that Arunachal Pradesh is an integral part of its territory, rejecting China’s claims over the state, which Beijing refers to as South Tibet and names as Zangnan. India has consistently dismissed China's territorial claims and its attempts to assign new names to Indian regions, asserting that such actions do not alter the reality of Indian sovereignty. (with PTI inputs)

10:45

moneycontrol.com

https://www.moneycontrol.com/news/india/sabotage-by-influential-leader-how-aap-congress-alliance-talks-came-undone-in-haryana-12818249.html

ŌĆśSabotage by influential leader': How AAP-Congress alliance talks came undone in Haryana

Congress leader Rahul Gandhi was keen on an alliance with the Arvind Kejriwal-led Aam Aadmi Party in Haryana. (File Photo: PTI).Related stories.

The Aam Aadmi Party on Monday released its first list of 20 candidates for the Haryana Assembly elections, virtually drawing to a close the ongoing talks with the Congress for a pre-poll alliance in the state. While both parties had expressed willingness for a tie-up in Haryana, days of hard bargaining drew to a nought, allegedly due to "sabotage" by an "influential leader" in the Congress, The Indian Express reported citing AAP sources. Notably, a faction led by former Chief Minister Bhupinder Singh Hooda was against any alliance with the AAP in the Haryana, asserting that the Congress was in a strong position in the state and would gain nothing out of an alliance in the state. Initiated by Rahul Gandhi, the Congress was hopeful of an alliance with with INDIA bloc partners in order to send out the message of a united front. Also Read: Haryana Assembly Elections 2024 The Congress maintained a strategic silence as AAP released its first list while All India Congress Committee (AICC) general secretary in charge of Haryana, Deepak Babaria, who was holding talks with the AAP till Sunday, was admitted to a hospital after complaining about feeling unwell. Why did the alliance talks fail? While the talks began with the AAP demanding 10-15 seats in the state, the party eventually climbed down to settle for 5-7 seats of its choice. More than the number of seats, the AAP was insistent on contesting Assembly seats in the Kurukshetra Lok Sabha constituency, but the Congress remained adamant on not parting with seats like Kalayat, Pehowa, Kalayat, Jind, Guhla, and Sohna that the AAP sought. According to The Indian Express, AAP sources claimed the Congress was offering it "weak seats" despite AAP negotiator Raghav Chadha offering different pools of seats to draw a consensus. Pehowa, Kalayat, and Guhla are part of the Kurukshetra Lok Sabha constituency that the AAP contested in the Lok Sabha elections in alliance with the Congress. The AAP led in all three Assembly segments. The IE report cites an unnamed AAP leader as alleging that a ŌĆ£senior Congress leaderŌĆØ sabotaged the talks by repeatedly flagging as non-negotiable the seats that the Arvind Kejriwal-led AAP wanted. ŌĆ£Hence, we could not find a mix of seats agreeable to both the Congress and the AAP,ŌĆØ he said. 'Delhi leaders behind Congress dragging its feet' The report further quotes an AAP source as saying that "Delhi-based Congress leaders" were behind the Congress dragging its feet on the alliance and stalling the talks for a tie-up. The AAP's list released on Monday eventually had the names of 12 seats where the Congress had already fielded candidates, signalling that the talks were all but over. ŌĆ£We clearly want to come together with the Congress to isolate and defeat the BJP but what can we do if the Congress does not want to do so?ŌĆØ the AAP functionary asked. ŌĆ£Haryana, given its geographical location between Delhi and Punjab, where the AAP is in power, and Delhi CM Arvind KejriwalŌĆÖs home state, is naturally one where the party wants to ensure its influence; our choice of seats is based on this aim,ŌĆØ he added.

10:42

moneycontrol.com

https://www.moneycontrol.com/news/india/kailash-vijayvargiyas-son-akash-vijayvargiya-acquitted-in-2019-case-of-assaulting-indore-civic-officer-with-cricket-bat-12818247.html

Kailash Vijayvargiya's son Akash Vijayvargiya acquitted in 2019 case of assaulting Indore civic officer with cricket bat

Akash Vijayvargiya.

Madhya Pradesh minister Kailash Vijayvargiya's son and former BJP MLA Akash Vijayvargiya has been acquitted by a special court in a case which dates back to 2019 when he allegedly thrashed an official of Indore Municipal Corporation with a cricket bat. Besides Aakash Vijayvargiya, an MLA of the BJP, which was then in opposition, nine other accused in the case were also acquitted of various charges by the special court set up for trial of criminal matters involving MPs/MLAs, a defence lawyer was quoted by news agency PTI. "The prosecution could not prove the charges in the case in the court. Due to this, the court acquitted Vijayvargiya and nine others," defence lawyer Udaypratap Singh Kushwah told reporters. "Another accused in the case was murdered (during pendency of the trial)," he said. Kushwah said the authenticity of the alleged video of the incident could not be proved in the court and the complainant officer of the municipal corporation, Dhirendra Singh Bayas, and other witnesses did not clearly support the prosecution theory. A case was registered against then-BJP MLA Akash Vijayvargiya and 10 others for allegedly beating up municipal building inspector Bayas with a cricket bat on June 26, 2019.

10:39

moneycontrol.com

https://www.moneycontrol.com/news/world/california-senator-marie-alvarado-gil-sued-for-allegedly-coercing-staffer-into-sexual-acts-reports-12818208.html

California Senator Marie Alvarado-Gil sued for allegedly coercing staffer into sexual acts: Reports

State Senator Marie Alvarado-Gil, D-Jackson, at the Capitol in Sacramento, Calif., Monday, July 10, 2023. Alvarado-Gil announced Thursday, Aug. 8, 2024, that she is switching to the Republican Party. (AP).

California State Senator Marie Alvarado-Gil is facing a lawsuit filed by her former chief of staff, Chad Condit, who alleges that she coerced him into a "sex-based quid pro quo relationship" that resulted in severe physical injuries. The lawsuit, filed in Sacramento Superior Court, claims that Condit was pressured by Alvarado-Gil to perform sexual acts while traveling for work, under the threat of job loss, reported several media reports. Condit, who is the son of former Congressman Gary Condit, alleges that his compliance was driven by fear of losing his position. The lawsuit further accuses Alvarado-Gil of creating a "hostile work environment" and details an incident in which Condit was allegedly forced to perform oral sex in a small car, leading to severe back injuries, including three herniated discs and a collapsed hip, reports said. The suit describes the relationship as one marked by unwelcome advances, sexual behaviours, and abuse of power. Alvarado-Gil, a former Democrat turned Republican, has not yet publicly responded to the allegations. The complaint highlights that Condit was terminated from his position in December after repeatedly rejecting Alvarado-Gil's advances, which he claims were used as a pretext for his dismissal. The senator, who is married with six children, allegedly abused her power by signing a disciplinary letter accusing Condit of inappropriate behaviour, according to the suit. Condit's lawsuit also accuses Alvarado-Gil of having a "lifetime free pass" to cheat on her husband and describes her as an "erratic" and "controlling" employer. Alvarado-Gil first hired Condit as her chief of staff in 2022 when she was a member of the Democratic Party, reports added.

10:31

moneycontrol.com

https://www.moneycontrol.com/technology/life-savings-lost-dashed-hopes-uncertain-recovery-how-wazirx-users-are-coping-after-230-million-hack-article-12818243.html

Life savings lost, dashed hopes, uncertain recovery: How WazirX users are coping after $230 million hack

Related stories.

For Charan (name changed), the promise of crypto seemed like a path to a better life for his family, who had long worked as labourers in agriculture and construction. The 24-year old from Chittoor, Andhra Pradesh launched a successful infotainment YouTube channel, with over a million subscribers. He ploughed most of his savings and earnings into buying meme token Shiba Inu on India's largest crypto exchange WazirX, following the crypto bull run of 2021. Initially, he invested about Rs 15 lakh, and despite his portfolio’s valuation plunging by 70-80 percent, he continued to pump in more money. A few months ago, he pulled money from his mutual funds to add Rs 5 lakh more to buy crypto. And then came the shock. On July 18, WazirX lost crypto assets worth over $230-million in a cyberattack, leaving nearly Rs 30 lakhs of Charan and his wife’s savings stuck. His family is still not aware. “At this point, I am not even able to help my family with their health issues, and don’t have enough money to buy groceries…We wanted to provide better facilities to my family by using crypto money. We were planning to buy a house and a plot of land to start agriculture,” he toldMoneycontrol. Ausaf Pathan (40), who runs a café in Solan, Himachal Pradesh too started crypto trading in 2021, but eventually withdrew 90 percent of his funds amidst regulatory uncertainty in the sector. Pathan said that he still held about Rs 1 lakh worth of crypto assets on the exchange which got hacked. “I wanted to keep some crypto investments in the portfolio because the next bull run is around the corner. I was expecting my remaining holdings to grow around 10X in the next eight to nine months,” Pathan said. Mumbai-based Anuj Sharma (name changed), a 46-year-old software developer, had the worst blow. He had invested over Rs 60 lakhs through WazirX during the boom and his current portfolio had plunged to about Rs 35 lakhs. “After 2021, I was waiting for the market to pick up to sell my portfolio at a higher prices. But in 2022, I ended up selling a lot tokens in my wallet at a loss. I only retained four tokens – XRP, XLM, Algorand and DOT. WazirX didn’t allow us to withdraw or sell Algorand and DOT tokens as they were a part of their rapid listing initiative,” he said. Rapid listing initiative was started by WazirX in 2019, to allow users to get access to new listed tokens but they won’t be able to withdraw or trade the token from WazirX wallet. They can only sell it in USDT or BTC market. “The exchange only allowed withdrawals of ERC-20 tokens on Etherum blockchain. This restructuring will make it very hard for us to withdraw our tokens, and that will also come with a lot of conditions,” a worried Sharma told Moneycontrol. Since WazirX’s dispute with Binance, Sharma had also started to invest through other exchanges including CoinDCX to diversify. Broken dreams  Charan, Pathan and Sharma are among 4.4 million impacted crypto users or creditors who had jumped into the crypto bandwagon during 2021’s bull run. Right now, they are staring at the possibility of losing over 43 percent of their crypto funds in WazirX’s ongoing restructuring plan. Prior to the hack, WazirX held over $570 million in crypto assets, and lost nearly 45 percent of its assets in the theft. On July 18, one of WazirX’s multisig wallets was attacked which held nearly $234 million or 45 percent of its crypto assets. Multisig wallets are crypto wallets which require more than two private keys to unlock for transactions. Overall, WazirX has around 16 million registered users. To be sure, WazirX is the largest crypto exchange in the country with at least 33 percent of Indian crypto users either holding balances or having an account with the exchange. According to WazirX’s affidavit with a Singapore court, more than 94 percent of its active users both individuals and corporate users, are from India. A lot of this user trust and volumes for WazirX in India also came from its now disputed acquisition by global exchange Binance back in 2019. Binance is the world’s largest crypto exchange, despite regulatory uncertainty in the country, users felt trading through Binance would be the safer way out. Angry users seek INR recovery Not just crypto assets, for other users their INR funds too remain partially locked as WazirX is allowing access to only 66 percent of their funds. The exchange claimed that the INR funds are safe but will be released only partially for now citing ongoing investigations by various law enforcement agencies (LEAs). INR funds are when users may have sold or liquidated their crypto tokens but continued to held their funds in INR on WazirX for further trades or other use cases. Vivek Mishra (name changed), 24, a freelance digital marketer from Indore is one such example. He has been using WazirX for the last three years, not as a trader but to receive his payments from his customers abroad. He would get his payment in crypto and convert it into INR, often holding the balance for some time with the exchange. When the hack happened, Mishra’s payment of three months got stuck, which would have amounted to around Rs 10.35 lakhs. “This money was in INR and I had already paid the TDS (tax deducted at source) over it. I was saving the money as my family was planning to buy a house with it,” he toldMoneycontrol. Things are only getting more worrisome for users in the absence of any crypto regulations in the country that could have safeguarded them, although they are paying taxes at present for earnings from crypto. Mishra shared that there has been widespread anger and confusion around WazirX’s ownership among the crypto communities he is a part of. “Nischal Shetty (WazirX founder and CEO) is not even in India, what if he runs away with our money. They are only letting 66% INR withdrawals. This is wrong for us… Our INR funds are with Zanmai Labs in India, why are they taking it to Singapore?” he questioned. “I have paid TDS yet my 34 percent funds will now remain stuck. You don’t have any right on that money to block it. We don’t know when the investigation will get done and I will get my money. It takes years for investigations to conclude in India,” he added. In a media townhall last week, Shetty and WazirX’s legal advisors from Kroll, a global restructuring advisory firm, shared that the India entity Zanmai Labs which held the INR funds continues to remain safe. And Zettai, the parent company of Zanmai, registered in Singapore will be undergoing restructuring as the crypto business comes under it. Under the restructuring plan, WazirX will be looking for new partners who could support them with capital infusion and come up with newer strategies to restart the platform’s operations. This will ultimately also bail out the users whose funds were lost. Speaking on the possible timeline of accessing complete INR funds, Jason Kardachi, managing director, restructuring at Kroll said, “As a part of the restructuring, the investigation being conducted by various LEAs needs to conclude. There are several of them going on. The INR funds doesn’t have anything to do with the restructuring.” Ownership dispute and profit booking In its affidavit to a Singapore court seeking a six-month moratorium to safeguard itself from any other legal action as it looks to implement its restructuring plan, WazirX said that it is in talks with 11 global crypto exchanges for a capital infusion and support. The exchange has already signed non-disclosure agreements (NDAs) with at least three exchanges, but didn’t disclose the names yet. WazirX said that it will be looking for various kinds of partnerships including collaboration on various revenue-generating products and profit-sharing mechanisms, airdrops, assistance for the recovery of stolen assets through forensic analysis and litigation support, and the deployment of token assets to generate yield. However, the caveat here is until there is a resolution to WazirX’s disputed ownership with Binance, it is unlikely to be able to give out equity against funds to the partners, Kroll’s legal advisors had also mentioned. The spat between Binance and WazirX started back in August 2022, when the Enforcement Directorate (ED) had frozen bank assets of WazirX worth Rs 64.67 crore in relation to allegedly assisting a bunch of accused loan apps in money laundering and fraud through the transfer of virtual crypto assets. Following this, Binance’s CEO Changpeng Zhao (CZ) took to X (then Twitter) to clarify that his firm didn’t own any equity in WazirX and nor did it control its operations. Earlier, in 2019, the global exchange had announced in a blogpost that it had acquired WazirX. According to George Gwee, director at Kroll, majority of the revenues, cash flows or profits of WazirX parent Zettai goes to Binance’s books. Gwee didn’t disclose the latest financials of Zettai either. The last reported numbers sourced from Tracxn said Zettai’s revenue in FY22 stood at $108.38 million while profit after taxes came in at $7.06 million. Even as Binance had acquired WazirX from Zettai in November 2019, in terms of shareholding as of December 2023, Shetty continued to hold 74.30 percent stake in the company, and his co-founders Sameer Mhatre held 18.6 percent and Siddharth Menon held 7.20 percent respectively, according to data sourced from Tracxn. Zanmai Labs was incorporated in December 2017 and Zettai was started in January 2019. In 2019, Zettai was used to sell the WazirX platform to Binance. As ordinary tax paying citizens continue to suffer, the WazirX episode has emerged as a cautionary tale in the Indian crypto ecosystem.

10:30

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/pharma-stocks-gain-on-gst-tax-cut-on-cancer-drugs-passage-of-draft-us-biosecure-act-12818190.html

Pharma stocks gain on GST tax cut on cancer drugs, passage of draft US Biosecure Act

Shares of several pharma companies--Suven Pharma, Ajanta Pharma, Divi's Laboratories, Laurus Labs and Syngene International also surged to their highest levels in 52-weeks..Related stories.

Shares of several pharmaceutical companies surged in trade on September 10 buoyed by the double treat of a GST cut on cancer drugs and the passage of the much-awaited draft US Biosecure Act. The GST council decided to cut taxes on cancer drugs to 5 percent from the earlier 12 percent. This tax cut, aimed at reducing the cost of cancer treatment in the country will see prices reduce for cancer drugs Trastuzumab Deruxtecan, Osimertinib and Durvalumab. Previously, the government had scrapped the basic 10 percent customs duty on these three cancer drugs in theUnion Budgetof 2024. One key beneficiary of these tax cuts is Astra Zeneca, as it is the major manufacturer of these drugs in India, making 62 percent of sales from oncology drugs. On that account, shares ofAstraZeneca Pharmasurged over 4 percent in trade to hit an intraday high of Rs 7,089.95 on the NSE. Meanwhile, the tax cut also aided sentiment for other pharma companies as well, largely on expectations that it will provide incentives to other drugmakers to dive into oncology drugs. Catch all the market action on our LIVE blog In addition, the US government also passed the draft of the Biosecure Act that prohibits the US government from contracting with, or providing grants to, companies that do business with a “biotechnology company of concern.” It specifically names five Chinese companies: BGI Genomics, MGI Tech, Complete Genomics, WuXi AppTec, and Wuxi Biologics. This much awaited development sparked hopes of more contracts in the Contract Development and Manufacturing Organisation (CDMO) space being diverted to Indian companies, lifting shares ofDivi's Labs,Suven PharmaandPiramal Pharmaover 3 percent higher. Infact, shares of several pharma companies--Suven Pharma, Ajanta Pharma, Divi's Laboratories, Laurus Labs and Syngene International also surged to their highest levels in 52-weeks. Brokerage InCred Equities highlighted that low manufacturing prices, foreign direct investments, and government incentives such as the Production-Linked Incentive (PLI) plan have turned India into an appealing CDMO destination for businesses looking for alternatives that are cheaper than China.

10:26

moneycontrol.com

https://www.moneycontrol.com/news/business/short-call-what-if-trump-returns-hul-inox-wind-in-focus-12818092.html

Short Call | What if Trump returns? HUL, Inox Wind in focus

In a nutshell, India could continue to witness external tailwinds if Trump makes it back to the Whitehouse..Related stories.

Former US President Donald Trump and Vice President Kamala Harris are set to clash in their first presidential debate today. For all Trump haters in the stock market, it may be worthwhile to recall that during his last presidency from January 20, 2017 to January 20, 2021, things weren't too bad.  The Dow Jones Industrial Average gained over 58%, the S&P 500 surged by over 70%, and the NASDAQ Composite skyrocketed by a massive 143%. Back home, Nifty 50 gained nearly 74% and Sensex surged by 83% during the period.  What could Trump 2.0 mean for the Indian stock market? Well, according to a recent Nomura report, India might just stand to benefit. In fact, Nomura picks out India and Malaysia as outperforming markets as against Taiwan, Hong Kong and China. For the US, another Trump presidency could lead to higher inflation, larger fiscal deficits, and continued higher rates, according to Nomura. But here's where India might have an edge: its economy, driven mostly by domestic demand is expected to weather the storm relatively unscathed. Trump's policies especially the push for supply chain shifts away from China by imposing high import tariff barriers could also give India a much-needed economic boost. Nomura's analysts even go as far as to say that Indian equities could be the "key relative safety trade." Follow our live blog for all the market action Besides, Nomura says that India's significant foreign exchange reserves, stable inflation-growth balance, fiscal discipline, and focus on reforms could act as a cushion against any volatility from US policies. Plus, industries tied to domestic consumption and infrastructure are likely to keep growing, even if international markets face some disruptions. "India is a large, domestic demand-driven economy, so the economic fallout of weaker U.S. economic growth should be limited," noted Nomura's research analysts Sonal Varma and Aurodeep Nandi. Another potential win for India? Capital inflows. "India's reliance on foreign capital flows is low, but index-related flows will likely continue. We forecast $30 billion of FPI inflows into India during FY25," Nomura said. That's a strong signal of confidence in India's economic fundamentals. The worrying piece for India will be the anti-immigration policy. Trump's stance on immigration could tighten, which might affect the Indian tech sector's reliance on H-1B visas. Still, as Nomura points out, Indian IT firms have already started to pivot, reducing their dependence on these visas over the years.  In a nutshell, India could continue to witness external tailwinds if Trump makes it back to the Whitehouse. Also Read |ÂTrump, Harris tied on eve of televised presidential debate Inox Wind (Rs 234.90, +4%) Axis Securities maintains ‘Buy’ rating on the stock and raised target price citing unlocking of new revenue streams Bull Case:Inox Wind is poised for growth with robust order execution guidance, aiming for 800 MW in FY25 and 1,200 MW in FY26. The brokerage increased its FY27 execution estimate of 1,560 MW to 1,750 MW as the tailwinds in the sector provide more visibility. Bear Case:Inox Wind faces risks from potential delays in execution and under-subscription in auctions, which could slow down the wind turbine market. Such setbacks might impact the company's growth trajectory and hinder its ability to achieve set targets. Hindustan Unilever (Rs 2,920, 2.85%) Unilever, the parent company of HUL, announced its intention to separate its global ice cream business across jurisdictions. As a result, HUL is evaluating the way forward for its ice cream business and will make recommendations to the board. Bull Case:HUL's ice cream business has been recording 15 percent sales growth per annum. Growth in quick commerce and rising urbanisation will spur growth in the frozen desserts and ice cream area. The Bear Case:Slowing consumer demand and heightened competition with new entrants can impact the ice cream arm, spun-off or not. (With inputs from Harshita and Zoya)

10:26

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/ather-energy-to-enter-electric-motorcycle-race-to-set-up-new-factory-in-maharashtra-12818160.html

Ather Energy to enter electric motorcycle race, to set up new factory in Maharashtra

Ather Energy.Related stories.

Ather Energy is gearing up to launch its first electric motorcycle, setting up the Bengaluru-based EV manufacturer in direct competition with bigger rival Ola Electric, which recently announced its entry into the segment. “We plan to manufacture our new scooter and motorcycle platforms at Factory 3.0, with a phased expansion plan, to ensure efficient capital utilisation,” the firm said in its draft red herring prospectus (DRHP) it submitted with the capital markets regulator on September 9. The documents said that the firm is focusing on research and development for the preliminary design of the motorcycle platform. Also Read: Ather Energy IPO likely to be launched in first half of 2025; Key details “The platform includes virtual simulation of various motorcycle and battery architectures, prototyping and testing of various concepts prior to finalization,” DRHP said. Atherannouncedplans to launch an initial public offering (IPO), which will include a fresh issue of shares worth Rs 3,100 crore and an offer for sale (OFS) of up to 2.2 crore equity shares. In June,ÂAthersaid it will set up its third manufacturing unit in Maharashtra entailing an investment of over Rs 2,000 crore.  The new facility to be set up at Bidkin, Aurangabad Industrial City (AURIC), will manufacture both electric two-wheelers and battery packs. “We plan to construct the Factory 3.0 at Chhatrapati Sambhajinagar (formerly Aurangabad), Maharashtra, India, on a 95-year leased property in both phases, having a total production capacity of 1 million E2Ws per year,” the firm said. This first phase of Factory 3.0 is proposed to be financed through IPO’s net proceeds and is expected to be completed in March 2027, with a production capacity of 0.5 million E2Ws per year. The firm’s two existing plants have annual capacities of 4.3 lakh battery packs and 4.2 lakh vehicles. Ola Electric leads the electric scooter segment followed by TVS Motors. In 2024, the firm sold nearly 109,577 scooters, up from 92,093 in 2023. Tough terrain The e-motorcycle segment, which is dominated by ICE vehicles, presents a tough challenge, as the vehicles account for only a fraction of overall bike sales in India. In August, Ola ElectricÂlaunchedthe 'Roadster' series, its first set of e-motorcycles, at a starting price of Rs 74,999. A few OEMs like Revolt started offering electric motorcycles from FY20. Tork and Ultraviolette followd Revolt’s lead.

10:26

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/buy-persistent-systems-target-of-rs-6200-sharekhan-12818233.html

Buy Persistent Systems; target of Rs 6200: Sharekhan

buy.

Sharekhan's research report onPersistent Systems The company is aspiring to achieve $USD2 billion revenue milestone, aided by its diversified product engineering and IT service offerings, focus on large deal bookings, and broad-based growth across its verticals. Management has reiterated its commitment of 200-300 bps EBIT margin improvement, aided by cost-optimisation programs, reduction in SG&A, rationalisation of ESOP cost, and higher utilisation. Management is looking at tuck-in acquisitions to improve capabilities in cyber security. Outlook We maintain BUY with revised PT of Rs. 6,200 (valued at 50x Sept26E EPS). At CMP, the stock trades at 59.5/46.3/38.4x its FY25/26/27E EPS. For all recommendations report,Âclick here Persistent Systems - 10092024 - khan

10:21

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/naturewings-holidays-shares-list-with-healthy-premium-of-28-over-ipo-price-at-rs-95-on-bse-sme-12818193.html

Naturewings Holidays shares list with healthy premium of 28% over IPO price at Rs 95 on BSE SME

Naturewings Holidays shares listed today on BSE SME..Related stories.

Naturewings Holidays shares made a strong stock market debut on Tuesday, 10 September after bumper subscription of nearly 382 times to its initial public offering between September 3-5, 2024. Naturewings Holidaysshares got listed at Rs 95 apiece on the BSE SME, a healthy premium of 28.38 percent against the bid price of Rs 74 per share. LIVE Stock Market Updates The IPO with a issue size of Rs 7.03 crore had a bid price of Rs 74 with a lot size of 1600 shares. The allotment of shares was finalized on Friday, September 6. The IPO comprised a fresh equity issue of 9.5 lakh shares. In the unlisted market, the company's shares were trading at a grey market premium (GMP) of Rs 45, reflecting a 60 percent premium over the issue price. Naturewings Holidays is a tourism company primarily focused on destinations across the Himalayan region, covering India, Nepal, and Bhutan. It specialises in curated holiday packages for leisure travellers visiting these areas. For the fiscal year ending March 2024, the company reported total revenues of Rs 21.9 crore and a net profit of Rs 1.12 crore.

10:19

moneycontrol.com

https://www.moneycontrol.com/news/india/body-of-domestic-help-found-hanging-at-sp-mla-jahid-begs-bhadohi-residence-probe-underway-12818191.html

Body of domestic help found hanging at SP MLA Jahid Beg's Bhadohi residence, probe underway

The forensic team is also working to investigate every aspect of the case..

The dead body  of Samajwadi Party MLA Jahid Beg's maid was found hanging in her room in his house here, police told PTI. Nazia was working for the past many years in Beg's house and her family used to reside in Kanshiram Housing in Mamdev area, Circle Officer Ajay Kumar Chauhantold PTI. The body of Nazia (18), who used to live in a room on the upper portion of the MLA's house in Malikana locality in the city area, was found hanging from a fan there, he said. Beg is SP MLA from Bhadohi Sadar seat. Chauhan said when Nazia did not wake up for a long time this morning, the MLA's family looked inside and found the door locked from inside and Nazia's body hanging from the ceiling fan from her dupatta. He said on receiving the information, the police reached the spot, broke the door, took out the body and sent it for post-mortem. The forensic team is also working to investigate every aspect of the case. The post-mortem of the body will be done by a panel of two doctors and its videography will also be done, he said. Beg said Nazia had been working in his house for the last eight years. She was given a place to live in the store room on the top floor of the house. (With PTI  inputs)

10:18

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/ireda-stock-jumps-6-following-mou-with-sjvn-gmr-energy-for-900-mw-nepal-hydro-project-12818202.html

IREDA stock jumps 6% following MoU with SJVN, GMR Energy for 900 MW Nepal hydro project

IREDA is engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation..Related stories.

Shares of the Indian Renewable Energy Development Agency Ltd. (IREDA) surged over 6 percent on September 10, a day after the company signed a Memorandum of Understanding (MoU) with SJVN Ltd., GMR Energy Ltd., and their associated companies for the development and implementation of the 900 MW Upper Karnali hydro-electric project in Nepal. This collaboration aims to enhance regional energy security through the development of renewable energy infrastructure, the company said in a statement. "This collaboration not only accelerates the development of Nepal's hydropower sector but also strengthens regional energy cooperation, supporting our shared goal of sustainable growth," said Pradip Kumar Das, Chairman & Managing Director ofIREDA. The project holds strategic importance for IREDA, as it will help harness Nepal's vast hydropower potential while reinforcing IREDA's dedication to renewable energy development, said IREDA. Follow our market blog to catch all the live action IREDA is engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation. The company owns 50 MW Solar project situated at Kasaragod in the state of Kerala. At 9:49 am IREDA shares were trading over 5 percent higher at Rs 234.99 on the National Stock Exchange (NSE). The stock has zoomed around 124 percent so far this year, more than doubling investors' capital. In the past 12 months, the multibagger stock has skyrocketed 291 percent compared to a 28 percent rise in Nifty during this period. Meanwhile, shares ofSJVNwere also up over 3 percent at around Rs 130.15 on NSE.

10:17

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/ahluwalia-contracts-surges-over-6-on-securing-rs-1144-crore-order-from-signature-global-12818164.html

Ahluwalia Contracts surges over 6% on securing Rs 1,144-crore order from Signature Global

So far this year, shares of Ahluwalia Contracts have risen over 63 percent.Related stories.

Shares of Ahluwalia Contracts (India) surged over 6 percent to Rs 1,272 on September 10 after securing an order worth Rs 1,144 crore from Gurugram-based realty firm Signature Global Business Park for a group housing project. The project, titled "De-luxe DXP," will be located in Sector 37D, Dwarka Expressway, Gurugram, and is expected to be completed within a five-year regulatory timeframe. Spread across 16.65 acres, De-luxe DXP will feature 1,008 units in eight towers, offering 3BHK, 3.5BHK, and 4.5BHK apartments, along with penthouses. The project has a sales potential of approximately 28.12 lakh square feet. Catch all the market action on our LIVE blog It is being designed by renowned international architects AEDAS, with landscape design by Sanju Bose, executive architecture by DFI, structural consultancy by Mahimtura, and MEP consultancy by Sanelac. The project is IGBC Gold-rated and will include two clubhouses spanning 80,000 sq. ft, seven swimming pools, podium parking, VRV air conditioning, and four apartments per core. Signature Global has already delivered 11 million square feet across various projects and has an additional 32.2 million square feet of saleable area in its upcoming projects, along with 16.4 million square feet of ongoing projects. In the June quarter, Ahluwalia Contracts reported a 20.4 percent year-on-year growth in revenue from operations, reaching Rs 920 crore, driven by accelerated project execution from a strong order backlog. However, profit after tax fell by 38.5 percent YoY to Rs 30 crore, impacted by weaker operating performance and higher interest expenses. Looking ahead, analysts at SMIFS expect Ahluwalia's revenue to grow at a CAGR of 21.2 percent between FY24 and FY26. However, they revised margin expectations for FY25 down to 9.5 percent due to the company's underwhelming Q1 performance and anticipated ongoing pressure in Q2. Analysts also noted that the stock is trading at a high valuation of 21.2x FY26E P/E, leading to a target price of Rs 1,131 per share and a downgrade in their rating to "sell." So far this year, shares of Ahluwalia Contracts have risen over 63 percent, significantly outperforming the Nifty 50's 16 percent gain.

10:16

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/irb-infra-stock-gains-3-after-toll-collections-rise-20-in-august-12818174.html

IRB Infra stock gains 3% after toll collections rise 20% in August

IRB Infra stock is up over 50 percent year to date..Related stories.

Shares of IRB Infrastructure Developers rose close to 3 percent in opening trade on September 10 after the company reported a 20 percent on-year spike in toll collections in August. At 09.27 am, shares ofIRB Infrastructure Developerswere trading at Rs 63..04 on the NSE. Extending the streak of robust toll collections to the second month in Q2 of FY25, toll revenue expanded to Rs 503 crore in August as against Rs 417 crore in the year ago period. "Despite the extreme weather conditions experienced across some of our projects this season, we have observed robust on year growth in toll collection within our asset portfolio. We expect this positive momentum to continue and strengthen with the approaching festive season in the coming months," Amitabh Murarka, Deputy Chief Executive Officer of IRB Infrastructure Developers said in an exchange filing. The company generated maximum toll revenue from two of its wholly-owned subsidiaries--IRB MP Expressway and IRB Ahmedabad Vadodara Super Express Tollway. The two subsidiaries collected revenue worth a total of Rs 199.6 crore in August. Catch all the market action on our LIVE blog IRB Infrastructure Developers is the largest integrated private toll roads and highways infrastructure developer in India with an asset base of approximately Rs 80,000 crore in 12 states across the parent company and two InvITs ( Infrastructure Investment Trusts). The group commands a market share of around 38 percent in the TOT (Toll-Operate-Transfer) space and makes up a 12 percent share in India’s North-South highway connectivity. IRB Group’s project portfolio (including private and public InvIT) has now 26 road projectsthat include 18 BOT (Build-Operate-Transfer), 4 TOT, and 4 HAM (Hybrid Annuity Model) projects.

10:07

moneycontrol.com

https://www.moneycontrol.com/news/business/sensex-nifty-gain-ground-with-it-healthcare-stocks-leading-the-charge-broader-markets-rebound-12818129.html

Sensex, Nifty turn flat after a positive start; auto, bank stocks weigh down Nifty

FMCG, pharma, and the banking space which had been underperforming for some time, have started gaining momentum in the past couple of sessions..Related stories.

Sensex and Nifty opened on a positive note on September 10, buoyed by global market gains and robust buying in key sectors like IT and healthcare on the domestic front. However, the indices quickly turned flat as selling pressure mounted on auto and banking stocks. At 10.00 am, the Sensex was down 61 points or 0.08 percent at 81,498 and the Nifty was down 18 points at 24,918. About 2,270 shares advanced, 819 shares declined, and 117 shares remained unchanged. Buying in IT, telecom, and healthcare stocks kept the Nifty from falling any further. Market experts advised caution with valuations posing a significant risk. "We have seen a correction in defence and railways to a certain extent. It is possible that other sectors could see a similar correction. So, at these levels, I would be extremely cautious," Ambareesh Baliga, an independent market analyst told Moneycontrol. Follow our live blog for all the market action Shares of LTIMindtree, Axis Bank, Tata Consumer Products, Bharti Airtel, and Divis Labs rose 1-3 percent, emerging as the top gainers on Nifty 50.ÂDivi's Laboratoriesshares rose almost 3 percent, emerging as the top Nifty 50 gainer, with expectations of increased Contract Development and Manufacturing Organisation (CDMO) work being diverted to India. This comes after the US passed the draft Biosecure Act targeting Chinese biotech firms. Life insurance stocks, includingICICI Prudential,ÂSBI Life, andHDFC Lifedropped by up to 2 percent following negative brokerage notes after the August update. Additionally, the GST Council's decision to defer discussions on life insurance until the November meeting added to the pressure. SBI Life and HDFC Life were among the worst performers on the Nifty 50. Sameet Chavan, Head of Research for Technical and Derivatives at Angel One, notes immediate resistance for Nifty 50 between 25,080 and 25,120. "Support is at 24,750 - 24,700 and a break below this could lead to further weakness towards 24,500," he said. Also Read |ÂCLSA maintains 'outperform' call on ICICI Bank, sees 21% potential upside In the broader market, both the BSE Midcap and BSE Smallcap indices rebounded, rising by 1 percent, after suffering losses in the previous session. Wall Street's three major indexes rallied over 1 percent on September 9, as investors sought to bargain buying after last week's sell-off. The Asia-Pacific markets followed suit in early trade today. Investors are now focused on the US Consumer Price Index (CPI) report, set to be released on September 11, and the initial jobless claims data due on September 12. The data will offer insights into inflation trends just before the FOMC meeting from September 17-18. Markets will keep a close eye on how the US presidential debate scheduled for tonight, between Democrat Kamala Harris and Republican Donald Trump, unfolds.

10:05

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/ubs-weighs-wealth-tie-up-to-compete-in-cutthroat-indian-market-12818189.html

UBS weighs wealth tie-up to compete in cutthroat Indian market

India’s massive wealth generation has attracted a slew of global banks, though they face intense competition from local incumbents who already have big teams and distribution channels..Related stories.

UBS Group AG is exploring various partnership options for wealth management in India to tackle the intensely competitive environment, according to people with knowledge of the matter. The Swiss bank has held early-stage internal discussions about possibilities including buying a stake in a local firm to form a joint venture, the people said, asking not to be named discussing private information. While no decisions have been made so far, the idea is such a tie-up will ease the efforts of growing what is a very small business by extending its reach to the wealthy in India, they said. A spokesperson for UBS declined to comment. India’s massive wealth generation has attracted a slew of global banks, though they face intense competition from local incumbents who already have big teams and distribution channels. UBS, which exited India’s onshore wealth business about a decade ago, has been integrating the Credit Suisse team it acquired to make a comeback in what it sees as an area of growth. Still, the firm has become a hunting ground for other wealth managers that have poached several of its senior executives, people with knowledge of the matter said earlier. The number of its wealth management staff in India has fallen to over 30, from about 40 in April 2023, though UBS continues to recruit, one of the people said. With Iqbal Khan, co-head of global wealth management, relocating to Asia this month, many management discussions over strategy are on the table, the people said. UBS’s deliberations could change and it may still choose to build out the business without a joint venture or acquisitions, they said. UBS’s considerations on India isn’t an isolated one, even if it fully owns most of its operations in Asia. The firm has joint ventures in Japan and China, where domestic firms dominate the markets. In Japan, it holds a 51% stake in UBS SuMi Trust Wealth Management Co, while Tokyo-based Sumitomo Mitsui Trust Holdings owns the rest. In China, UBS controls 67% in a local unit. The discussions to invest in a wealth manager in India are happening when valuations for these businesses have risen sharply, which could dampen the appetite, the people said. India’s stock markets are on a tear, and independent wealth management firms are favored among private equity managers who are attracted by the strong growth of these fee generating businesses. Blackstone Inc. acquired a majority stake in ASK Investment Managers Ltd. while Bain Capital took a minority stake in IIFL Wealth Management Ltd., now known as 360 One WAM Ltd., in 2022. Private equity firm PAG invested in Edelweiss Wealth Management in 2021 and most recently, Peak XV Partners bought a stake in Neo Group. KKR was one of the earliest players and acquired Avendus Capital in 2015, a firm that’s also expanding its wealth business. Amid this activity, banks like HSBC Holdings Plc and Barclays Plc are ramping up their teams, products and services to cater to the rising affluent. Local lending giants like State Bank of India, HDFC Bank Ltd and Kotak Mahindra Bank Ltd are using their extensive branch networks to capture more assets. India’s booming economy has created fortunes and there is a growing acceptance of professional wealth managers in the country. The number of individuals with $30 million of assets is expected to grow by 50% between 2023 and 2028, according to a Knight Frank wealth report. India is expected to generate about $730 billion of wealth through 2028, Boston Consulting Group has said.

09:49

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/agri-picks-report-september-10-2024-geojit-financial-services-12818188.html

Agri Picks Report September 10, 2024: Geojit Financial Services

commodities.

Geojit Financial Services's report on Daily Agri Picks India remained the largest buyer of Australian chickpeas in July, with over 64% share in total chana exports from the country. This was despite the chana imports from Australia falling 63% from June to 9,288 tn, website graincentral.com said in a report, citing the Australian Bureau of Statistics.Overall exports of chickpeas from Australia fell to 14,500 tn in July from 38,816 tn in June, the report said. The chickpea exports in July were down 63% from June, "and show the usual seasonal rundown in the lead-up to new-crop exports expected to start in October", the report said. Bangladesh, Nepal, Canada, and the UK – the other top importers of chickpeas from Australia – imported 1,582 tn, 905 tn, 854 tn, and 709 tn, respectively, in July, the report said. The Australian Bureau of Agricultural and Resource Economics and Sciences estimates chickpeas production in 2024- 25 (Jul-Jun) to surge 171% to 1.3 mln tn. "This reflects a significant expansion in area and high expected yields in New South Wales and Queensland, given high expected margins and favourable conditions. If realised, this will be the second-highest chickpea harvest on record," according to the Australian Bureau of Agricultural and Resource Economics and Sciences. Meanwhile, exports of lentils, which is the second-largest variety of pulses grown in Australia, were also lower in July, the Grain Central's report said. The country exported 128,043 tn of lentils in July, against 134,268 tn in June. "The slowdown reflects competition from Canada’s new crop into South Asian markets," the report said. India is also the top buyer of Australian lentils, with its imports at 52,631 tn in July, against 52,519 in June, the report said. During May-Jul, India imported a total of 164,848 tn of the commodity from Australia, according to the report. Bangladesh, Eqypt, Sri Lanka, and Nepal – other top importers of lentils from Australia – bought 32,058 tn, 14,402 tn, 13,998 tn, and 7,747 tn, respectively, in July, according to the report. The Australian Bureau of Agricultural and Resource Economics and Sciences estimated lentil production to increase 7% to 1.7 mln tn in 2024–25. "This is more than double the 10-year average to 2023–24, with the expansion in area planted to lentils expected to more than offset lower yields," the bureau said. For all commodities report,Âclick here 10092024 - co

09:48

moneycontrol.com

https://www.moneycontrol.com/news/india/goas-christian-population-falling-muslim-numbers-rising-governor-sparks-row-12818181.html

Goa's Christian population falling, Muslim numbers rising: Governor sparks row

P S Sreedharan Pillai.

Goa Governor P S Sreedharan Pillai sparked controversy with his remarks about the changing religious demographics in Goa. Speaking at a church event in Ernakulam on Saturday, Pillai said that the Christian population in Goa has decreased from 36% to 25%, while the Muslim population has risen from 3% to 12%. He claimed to have discussed this trend with a senior clergyman and suggested conducting a positive study on the matter. However, Pillai later clarified his comments at another event on Sunday, saying that he was not addressing religious population ratios specifically. Instead, he said he was referring to a general decline in the Christian population, which had been around 35% at the time of Goa's liberation, but has reportedly dropped to 26% or even lower. He framed his statement within the context of "brain drain," implying that migration and other factors could be influencing these demographic shifts.

09:47

moneycontrol.com

https://www.moneycontrol.com/news/world/bangladesh-interim-govt-ramps-up-extradition-efforts-for-ousted-pm-sheikh-hasina-12818173.html

Bangladesh interim govt ramps up extradition efforts for ousted PM Sheikh Hasina

The ICT began investigating Hasina and nine others last month, focusing on allegations of genocide and crimes against humanity from July 15 to August 5..Related stories.

The interim government in Bangladesh is intensifying efforts to extradite deposed Prime Minister Sheikh Hasina, who has taken refuge in India after fleeing Dhaka on August 5 following a mass uprising to oust her from the country. Md Tajul Islam, the newly appointed chief prosecutor for Bangladesh's International Crimes Tribunal (ICT), during a press meet in the ICT premises in Dhaka on Monday, revealed the Muhammad Yunus-led interim government's plans to file for an arrest warrant against Hasina. "We will file an application with the International Crimes Tribunal, when it resumes functions, to issue arrest warrants against all the absconding accused including Sheikh Hasina in connection with the cases filed for mass killing and crimes against humanity," he said. Islam noted the complexity of the task, stating, "We will request the International Crimes Tribunal to issue arrest warrants against all absconding accused, including Sheikh Hasina. Compiling and presenting evidence will be a significant challenge." According to Nurjahan Begum, the interim government's health advisor, the protests against Hasina's regime led to over 1,000 deaths and hundreds of injuries. The ICT began investigating Hasina and nine others last month, focusing on allegations of genocide and crimes against humanity from July 15 to August 5. Md Touhid Hossain, Yunus’ foreign affairs adviser, affirmed the interim government’s commitment to pursuing Hasina’s return through legal channels. (With inputs from agencies)

09:45

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/pn-gadgil-jewellers-ipo-opens-today-check-price-band-gmp-other-details-before-subscribing-to-issue-12818142.html

PN Gadgil Jewellers IPO opens today: Check price band, GMP, other details before subscribing to issue

The action-packed week has multiple new offerings in the primary market including mainboard issues of Bajaj Housing Finance, Kross Ltd and Tolins Tyres..Related stories.

PN Gadgil Jewellers' Rs 1,100-crore initial public offer (IPO) opens today (10 September) at 10 am for public subscription in the primary market. Earlier on Monday, the company raised Rs 330 crore from anchor investors including ICICI Prudential Life Insurance Company, Tata Mutual Fund (MF), Axis MF, Mirae Asset MF, HDFC MF, Goldman Sachs (Singapore) Pte, Societe Generale among other anchor investors. The action-packed week has multiple new offerings in the primary market including mainboard issues of Bajaj Housing Finance, Kross Ltd and Tolins Tyres. Jewellery retail chain PN Gadgil Jewellers IPO price band has been fixed at Rs 456-480 per share. The initial share sale opens for subscription today, and will conclude on 12 September. Brokerage houses have pegged the company's market capitalisation over Rs 6,500 crore post-issue. PN Gadgil JewellersIPO GMP (grey market premium) is soaring ahead of the launch of the issue. Multiple platforms that track grey market premium activites estimate that PN Gadgil Jewellers shares are commanding a GMP of Rs 240, which signals a potential listing gain of 50 percent over the upper price band of the issue at Rs 480 per share. Stock Market LIVE Updates The shares of the mainboard issue will be allotted to successful bidders on 13 September and will be listed on the stock exchanges next week on 17 September. The Maharashtra-based company’s IPO consists of a fresh issue of equity shares worth up to Rs 850 crore and an offer for sale (OFS) of equity shares amounting to Rs 250 crore by the promoter SVG Business Trust. Currently, SVG Business Trust holds a 99.9 per cent stake in PN Gadgil Jewellers. Out of the fresh issue proceeds, Rs 393 crore will be used for setting up 12 new stores in Maharashtra, Rs 300 crore will be allocated for debt repayment, and a portion will be utilised for general corporate purposes. Bajaj Housing Finance IPO Day 2 As of March 2024, the company had total borrowings of around Rs 397 crore, according to the red herring prospectus (RHP). PN Gadgil Jewellers Ltd offers a variety of precious metal and jewellery products, including gold, silver, platinum, and diamond jewellery, at different price points and designs. The company’s products are mainly sold under its flagship brand, 'PNG', and sub-brands, through multiple channels, including 39 retail stores (as of July 31, 2024) and various online marketplaces.

09:43

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/suzlon-energy-stock-gains-4-after-morgan-stanley-reaffirms-overweight-on-massive-order-win-12818172.html

Suzlon Energy stock gains 4% after Morgan Stanley reaffirms 'Overweight' on massive order win

Suzlon Energy has bagged India's largest wind energy order of 1,166 MW from NTPC Green Energy Limited, the Renewables Arm of NTPC..Related stories.

Shares of Suzlon Energy gained over 4 percent on December 10 as Morgan Stanley maintained an 'Overweight' rating on the stock with a target price of Rs 73, following a significant 1.17 GW order win from NTPC. This is a notable achievement for Suzlon, as it has secured a PSU order after a long hiatus, the brokerage said. Suzlon stock is currently trading above the target price. Previously,Suzlon Energywas ineligible to bid due to its negative net worth. Morgan Stanley believes this large contract will enhance Suzlon's earnings visibility for FY26-27. The company informed on Monday that it has bagged India's largest wind energy order of 1,166 MW from NTPC Green Energy Limited, the Renewables Arm of NTPC. As part of the order, Suzlon will supply the wind turbines and execute the project, including erection and commissioning, in Gujarat as well as undertake operations and and maintenance services post-commissioning. Follow our market blog to catch all the live action Suzlon will install a total of 370 wind turbine generators (WTGs) of S144 equipped with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each at two projects of NTPC Renewable Energy Limited and one project of Indian Oil NTPC Green Energy Pvt. Ltd. This win takes SuzlonŌĆÖs largestŌĆÉever cumulative order book close to 5 GW as of September 3, 2024. "This marks our first direct wind energy order from NGEL, signalling SuzlonŌĆÖs triumphant return to the PSU customer segment," said Girish Tanti, Vice Chairman of Suzlon Group. Meanwhile, JP Chalasani, the group CEO, said that while this is India's largest wind energy order, the project is also the first of many more such between the two companies in the future. At 9:38 am Suzlon Energy shares were trading over 4 percent higher at Rs 77.68 on the National Stock Exchange (NSE). The stock has zoomed around 99 percent so far this year, nearly doubling investors' capital. In the past 12 months, the multibagger stock has zoomed 220 percent compared to a 28 percent rise in Nifty during this period.

09:42

moneycontrol.com

https://www.moneycontrol.com/news/india/will-think-when-rahul-gandhi-on-when-india-should-scrap-reservation-12818170.html

'Will think when...': Rahul Gandhi on when India should scrap reservation

Rahul Gandhi says members of the INDIA coalition had differences but agreed on a lot of things..Related stories.

Rahul Gandhi, Leader of Opposition, said the Congress will think of scrapping reservations when India is a fair place. “We will think of scrapping reservations when India is a fair place. And India is not a fair place,” Gandhi told  students in Georgetown University in the USA. “When you look at the financial numbers, then tribals get 10 paise out of 100 rupees; Dalits get 5 rupees out of 100 rupees, and OBCs get a similar number. The fact of the matter is that they're not getting participation." According to him, 90 per cent of India is not able to play. "Go through the list of every single business leader in India. I've done it. Show me the tribal name. Show me the Dalit name. Show me the OBC name. Out of the top 200, I think there's one OBC. They're 50 per cent of India. But we're not treating the symptom,” he said. “That's the problem. Now, it (reservation) is not the only tool. There are other tools,” he said. Gandhi said many from the upper castes question what they have done wrong. "So, then you think about increasing dramatically the supply of some of these things. You think about decentralising power. You think about involving many more people in the governance of our country. You think of opening up. With all due respect, I don't think any of you are ever going to become Adani or Ambani. There's a reason for that. You can't. Because those doors are closed. So the answer to people in the general cast is you open those doors,” Gandhi said. When asked about the Uniform Civil Code, Gandhi said he would comment on it only after he knows what is BJP's proposal. “BJP is proposing a uniform civil code. We haven't seen it. We have no idea what they're talking about. For us to comment on it doesn't make sense. When they pull it out, then we'll have a look and we'll comment on it,” he said. Gandhi also said members of the INDIA coalition had differences but agreed on a lot of things.“We agree that the Constitution of India should be defended. Most of us agree on the idea of the caste census. We agree that two businesspeople, namely Adani and Ambani, shouldn't run every single business in India. So, for you to say that we don't agree, I think, is inaccurate,” he said. “Second thing is that all coalitions... A certain amount of to and fro will always take place. That is perfectly natural. There's nothing wrong with it. We have run governments again and again which have been successful using coalitions. So we are pretty confident that we can do it again,” he said. (With inputs from PTI)

09:42

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/swiggy-increases-ipo-size-company-to-now-raise-rs-5000-crore-in-fresh-issue-up-from-rs-3750-crore-12818161.html

Swiggy increases IPO size: Company to now raise Rs 5,000 crore in fresh issue up from Rs 3,750 crore

Sriharsha Majety. co-founder and Group CEO of Swiggy.Related stories.

Food tech giant Swiggy is exploring the possibility of increasing the size of its initial public offering (IPO) by raising additional capital through a fresh issue of shares, according to an internal set of documents seen by Moneycontrol. The company, which was first expected to raise Rs 3,750 crore (around $450 million) through a fresh issue, will now issue fresh shares worth Rs 5,000 crore (about $600 million), an increase of Rs 1,250 crore or $150 million, as it readies a cash chest in a highly competitive market. In all, Swiggy was initially expected to raise$1.25 billion through its IPO, Rs 3,750 crore (around $450 million) in fresh issue and up to Rs 6,664 crore (around $800 million) as part of the offer-for-sale (OFS). However, if the company’s board approves the new proposal at its extraordinary general meeting (EGM) on October 3, the total IPO size will be around $1.4 billion, up from $1.25 billion, with the additional $150 million coming in via a fresh issue. There are no plans to change the OFS component yet. ALSO READ:ÂSwiggy shares on the menu: Secondary transactions gain steam ahead of IPO Since April, when the company first filed its draft IPO papers, rivals like Zomato and Blinkit have improved profitability and increased market capitalisation, too. Investors have flocked to invest in other players like Zepto,which has has raised $1 billion in the past two monthsand are increasing competitive intensity in the quick commerce space. Larger rivals, like Walmart, have also entered the rapid delivery space through Flipkart Minutes. Swiggy did not reply to Moneycontrol’s queries. News website Entrackr was first to report the development. Improved financials This also comes at a time when Swiggy, despite lagging rival Zomato on all metrics, has narrowed the gap with the company as seen in its financial year (FY24) performance. Swiggy’s revenuegrew 36 percent from Rs 8,265 crore in FY23 to Rs 11,247 crore in FY24. During the same period, its losses were down 44 percent from Rs 4,179 crore to Rs 2,350 crore helped by a stronger control on expenses during the year as ahead of the company’s plans to list on the stock exchanges later this year, Moneycontrol had reported earlier. Gurugram-based Zomato, in comparison, had a revenue of Rs 12,114 crore (vs Swiggy's Rs 11,247 crore) and clocked a profit of Rs 351 crore (vs Swiggy's loss of Rs 2,350 crore) in FY24.

09:39

moneycontrol.com

https://www.moneycontrol.com/news/india/sebi-chief-madhabi-puri-buchs-iim-ahmedabad-batchmates-call-allegations-against-her-false-12818145.html

Sebi chief Madhabi Puri Buch's IIM-Ahmedabad batchmates call allegations against her 'false'

SEBI Chairperson Madhabi Puri Buch passed out of the top management B-school of the country in 1988..Related stories.

Securities and Exchange Board of India's chairperson Madhabi Puri Buch found support from her Indian Institute of Ahmedabad batchmates, who have dismissed the allegations against her as baseless. They said the allegations have implications not just for her personally but for the credibility of an “important democratic institution”. Buch passed out of the top management B-school of the country in 1988. The batchmates, in a statement, said the narrative around the Sebi chief did not "ring true" to them as they know her for over 35 years and hence they did some due diligence to "fact check" all the questions raised. The statement pointed out that they spoke with "people familiar with the questions" and accessed publicly available documents to verify the claims. "Not surprisingly, we found that the narrative being built around her, while rooted in data apparently sourced from her income tax returns themselves, is clearly false." The support comes amidreports that Parliament’s public accounts committee(PAC) is set to investigate Buch and may summon her later this month. The SEBI chief has faced a string of accusations over the last few weeks. Congress accuses Sebi chief Buch of getting rental income from firm linked to Wockhardt, alleges corruption Recently, the Congress in a fresh set of allegations accused Buch of "out and out corruption". Party spokesperson Pawan Khera alleged that Buch rented out her properties to Carol Info Services, which is part of Wockhardt, against whom the market regulator is investigating several cases including that of insider trading. Wockhardt refuted the allegations. "In this regard, we categorically deny these allegations and state that these allegations are completely baseless and misleading," the firm said in a regulatory filing. Earlier, the Congressquestioned the payments Buch receivedfrom her former employer, ICICI Bank even after she quit the private lender and joined Sebi. The payments violated office of profit rules, the party said, calling for an independent investigation. Buch’s conduct was a worry for the integrity of India's stock markets, which could impact foreign investor confidence. SEBI employees protest at Mumbai HQ, seek resignation of Madhabi Puri Buch ICICI Bank had denied wrongdoing in the payments made to Buch. Zee founder Subhash Chandra, who is being probe by Sebi, has accused Buch of corruption. A group of SEBI employees has complained to the finance ministry about a "toxic work culture" within the regulator. Some of them even held an unprecedented protest outside the Sebi office in Mumbai. It all started after Hindenburg Research accused Buch of conflict of interest over Sebi’s investigation into the allegations the American short-seller levelled against the Adani Group. (This is a developing story, please check back for updates)

09:38

moneycontrol.com

https://www.moneycontrol.com/technology/apple-cuts-the-price-of-iphone-15-iphone-14-in-india-heres-how-much-they-cost-now-article-12818147.html

Apple cuts the price of iPhone 15, iPhone 14 in India, here's how much they cost now

iPhone 14.

Apple has announced significant price reductions for its iPhone 15 and iPhone 14 models. The price cut comes after Apple announced the launch of iPhone 16 series. Almost every year, the prices of previous generation iPhone models are cut post the launch of new iPhone models. New prices The price cuts affect various models within the iPhone 15 lineup. The standard iPhone 15 now starts at Rs 69,900, down from its previous price of Rs 79,900. The iPhone 15 Plus, on the other hand, sees a similar reduction, now priced at Rs 79,900, compared to its earlier price of Rs 89,900. The iPhone 14 and iPhone 14 Plus have also seen a price drop. The iPhone 14 is now selling for Rs 59,900 and its price has been slashed by Rs 10,000. The same goes for the iPhone 14 Plus as it now costs Rs 69,900. The new prices are effective immediately across all authorised Apple resellers in India, including the Apple Store Online, Apple Store locations, and partner retail outlets. Ahead of the festive season, buyers can expect further price drops on e-commerce platforms like Amazon and Flipkart. There will be exchange offers, bank discounts and more, which should bring the prices of iPhone 14 and iPhone 15 series further down. Like always, Apple has officially discontinued the iPhone 15 Pro models after the launch of the iPhone 16 Pro models.

09:34

moneycontrol.com

https://www.moneycontrol.com/news/india/jk-polls-congress-releases-third-list-of-19-candidates-12818132.html

Jammu and Kashmir elections: Congress releases third list of 19 candidates

With this list, the Congress has declared a total of 34 candidates for the assembly polls..Related stories.

The Congress on Monday released its third list for the Jammu and Kashmir Assembly polls, fielding JKPCC working president Raman Bhalla from RS Pura-Jammu South, Chaudhary Lal Singh from Basohli, and former NSUI chief Neeraj Kundan from Bishnah (SC). With this list, the Congress has declared a total of 34 candidates for the assembly polls. The National Conference and the Congress have finalised the seat-sharing formula and will contest 51 and 32 seats, respectively. There will be a friendly contest on a few seats. Besides Bhalla, Singh and Kundan, the Congress fielded Irshad Ab Gani from Langate, Haji Abdul Rashid Dar from Sopore, Adv. Irfan Hafeez Lone from Wagoora-Kreeri, Summit Mangotra from Udhampur West, Mool Raj from Ramnagar (SC) Kajal Rajput from Bani and Manohar Lal Sharma from Billawar, among the 19 candidates announced Monday. The party also fielded Thakur Balbir Singh from Jasrota, Rakesh Choudhary Jatt from Hiranagar, Yashpal Kundal from Ramgarh (SC), Krishan Dev Singh from Samba, T.S. Tony from Bahu, Yogesh Sawhney Balbir Singh from Nagrota, Thakur Manmohan Singh from Jammu West and Mula Ram from Marh (SC). The Congress last Monday released its second list of six candidates for the upcoming assembly polls in Jammu and Kashmir, fielding JKPCC chief Tariq Hameed Karra from Central Shalteng. Before that, the party had named nine candidates. The Jammu and Kashmir elections will be held in three phases — September 18, September 25 and October 1 — followed by counting of votes on October 8.

09:25

moneycontrol.com

https://www.moneycontrol.com/news/opinion/digital-deception-navigating-indias-regulatory-maze-to-tackle-dark-patterns-12818148.html

Digital Deception: Navigating India’s regulatory maze to tackle ‘dark patterns’

Need effective enforcement against dark patterns and privacy deception..Related stories.

By Shivanghi Sukumar and Aarathi Menon¬Ý Imagine you‚Äôre signing up for a free music streaming service. During the registration process, there‚Äôs a pre-checked box that says ‚ÄúI consent to receiving recommendations‚Äù. You might click through, assuming that it is a standard feature that enables the display of suggestions based on your listening history. You later discover that data relating to your listening habits is being sold to advertisers, and you‚Äôre receiving ads based on your musical tastes. You realise that the option to share your data was not presented in a way that was clear to you, and that you have given permission for something you did not agree to or expect. You might also feel hesitant to subscribe to another streaming service, given the extensive listening history you've built with your current one. This is an example of privacy deception, a type of ‚Äúdark pattern‚Äù, a deceptive online tactic used to manipulate user choice.¬Ý While the Indian government is taking steps to regulate dark patterns, difficulties in drawing clear boundaries between the mandates of different regulatory agencies could affect the effectiveness of any regulations and enforcement efforts in regulating dark patterns more generally, and privacy deception in particular. Take the music streaming example above: at least three distinct sets of regulations come into play. First, there are concerns of consumer welfare. The Central Consumer Protection Authority, which has introduced guidelines to regulate the use of dark patterns in the e-marketplace, could examine whether the music streaming service‚Äôs conduct amounts to interface interference, which hides relevant information from consumers. Second, the example raises issues of consent under the Digital Personal Data Protection Act, India‚Äôs data protection law, which requires digital service providers to seek user consent for collecting and processing personal data. The (yet-to-be-constituted) Data Protection Board could examine whether the streaming service obtained explicit, informed, and freely given consent. Third, the Competition Commission of India could also examine the impact of the streaming service‚Äôs conduct on the market, and assess whether the conduct made it more difficult for other streaming services to compete, or made it more difficult for consumers to switch to other streaming services, for example. As a result, the same conduct could potentially attract the scrutiny of multiple regulators, and result in potential conflicts in enforcement approaches. To avoid conflicts, a well-structured referral or sequencing mechanism is necessary. In the example above, to ensure a streamlined regulatory process, the Competition Commission of India may choose to refer cases involving consent issues to the Data Protection Board. This move would allow the Data Protection Board to ascertain whether free and informed consent was truly given. Armed with this information, the Competition Commission can then make a decisive judgment on whether intervention is necessary. This approach would ensure a cohesive regulatory landscape where businesses can't exploit loopholes by pitting one regulator against another. It would also prevent protracted legal battles and expedite the resolution of complex cases that fall under the purview of multiple regulatory bodies. As India's online population surges, the risk of individuals falling prey to deceptive "dark patterns" is escalating. Strengthening the enforcement of existing laws by establishing a referral system between regulatory bodies would ensure effective regulation and shield consumers from exploitative design tactics. (Authors, Shivanghi Sukumar is a Partner, and Aarathi Menon is a Trainee Associate at Axiom5 Law Chambers.) Views are personal and do not represent the stand of this publication.

09:22

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/western-carriers-sets-price-band-of-rs-163-172-a-share-for-ipo-12818152.html

Western Carriers sets price band of Rs 163-172 a share for IPO

Western Carriers IPO will be open between September 13 to 18.Related stories.

Logistic company Western Carriers India Ltd has set a price band of Rs 163-172 a share for its initial public offering. The issue will open on September 13 and close on September 18. The anchor book bidding will start on September 12. The Kolkata-based firm's issue comprises a fresh issue of Rs 400 crore and an offer for sale of upto 5.4 million shares by promoter Rajendra Sethia. On the upper price band, the OFS will be at Rs 92.88 crore. The total issue size will be at Rs 492.88 crore. The proceeds from the issue worth Rs 163.50 crore will be used to repay debt and Rs 151.71 crore for capital expenditure. As of July 2024, total outstanding borrowings were at Rs 352.72 crore. The company is India's largest private, multi-modal, rail-focused, 4PL asset-light logistics firm by container volumes handled by private players, with a 6 percent share in the domestic market and 2 percent in the EXIM market. It has extensive experience in road, rail, and sea/river multi-modal transport for both domestic and EXIM cargo. Operating on a scalable, asset-light model, it provides unique 3PL and 4PL solutions. The company focuses on delivering customized, end-to-end logistics solutions, offering a range of value-added services to meet complex operational and supply chain needs. For FY24, its revenue stood at Rs 1685.77 crore against Rs 1633.06 crore a year ago. Net profit for the year stood at Rs 80.35 crore versus Rs 71.57 crore last year. Key customers include Tata Steel, Hindalco Industries, Vedanta, BALCO, HUL, Coca-Cola India, Tata Consumer Products, Wagh Bakri, Cipla, Haldia Petrochemicals, MCPI, Gujarat Heavy Chemicals, BCPL, and DHL. JM Financial and Kotak Mahindra Capital Company are the book-running lead managers for the issue.

09:21

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/gmr-airports-stock-gets-buy-rating-from-jefferies-on-10-stake-grab-in-dial-12818123.html

GMR Airports stock gets buy rating from Jefferies on 10% stake grab in DIAL

Jefferies has issued a buy call on GMR Airports stock with a target price of Rs 106 per share, citing the Delhi International Airport (DIAL) deal as attractively priced..Related stories.

Shares of GMR Airports Infrastructure Ltd edged higher on September 10 after the company announced that it has entered into an agreement with Fraport AG Frankfurt Airport Services Worldwide to acquire its 10 percent stake in Delhi International Airport Limited (DIAL). The said acquisition would be for a negotiated aggregate consideration of $126 million, GMR Airports said. GMR Airports Infra currently holds 64 percent of the paid-up capital of DIAL and post the proposed acquisition, its stake in DIAL would increase to 74 percent. Airports Authority of India (AAI) continues to holds 26 percent stake in DIAL. Jefferies has issued a buy call onGMR Airports stock with a target price of Rs 106 per share, citing the Delhi International Airport (DIAL) deal as attractively priced. The Airports Authority of India will continue holding a 26 percent equity stake in DIAL. While Jefferies has not yet reviewed the sum-of-the-parts (SOTP) valuation for the company due to the ongoing closure of the deal, the international brokerage noted that over 50 percent of GMR Airports' valuation in their SOTP model comes from DIAL. Follow our market blog to catch all the live action Post transaction, Fraport’s appointment as the airport operator of DIAL shall continue to be governed by the Airport Operator Agreement and/or any other agreement(s) executed in relation to its role as the airport operator, the company said in a disclosure to the exchanges. The transaction, subject to the AAI’s approval and approval of GMR Airports Infra shareholders, is expected to be concluded within 180 days from the date of execution of the said agreement date. At 9:19 am, GMR Airports Infrastructure shares were trading over a percent higher at Rs 92.50 on the National Stock Exchange (NSE). The stock has gained 13 percent so far this year, largely in line Nifty's returns of 14 percent. The stock has gained 42 percent in the past 12 months, compared to a 28 percent rise in Nifty during this period.

09:20

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/hg-infra-in-focus-as-it-bags-rs-781-crore-contract-to-upgrade-nh-47-in-gujarat-12818125.html

HG Infra jumps over 4% as it bags Rs 781 crore contract to upgrade NH 47 in Gujarat

Arkade Developers is owned by Amit Mangilal Jain and his family. Unistone Capital is the merchant banker for the issue, while Bigshare Services Pvt Ltd is the registrar..Related stories.

Shares of HG Infra Engineering surged over 4 percent to Rs 1,526 per share on September 10, following the company's recent win of a major Rs 781 crore contract from the Ministry of Road Transport & Highways (MoRTH). The contract involves upgrading a 10.630 km stretch of National Highway 47 (NH-47) in Gujarat, specifically between Narol and Sarkhej junctions. This project, which includes the construction of an elevated corridor, is being executed under the hybrid annuity model (HAM) and is expected to be completed within a 2.5-year construction period. HG Infrahas been on a roll, consistently securing substantial contracts. In August, the company was named the lowest bidder (L1) for another road upgrade project in Gujarat. The estimated project cost set by MoRTH was Rs 883.24 crore, and HG Infra's successful bid came in at Rs 781.11 crore. ALSO READ:ÂBuy HG Infra Engineering; target of Rs 2100: Emkay Global Financial Headquartered in Rajasthan, HG Infra Engineering offers a wide array of infrastructure construction services, ranging from highways, roads, and bridges to runways, land development, and water pipelines. The company also specialises in rehabilitation and upgradation projects, cementing its presence in the Indian infrastructure space. HG Infra’s financial performance was solid in the recently concluded June quarter. The company reported a 13 percent year-on-year (YoY) growth in revenue, reaching Rs 1,528 crore. Meanwhile, net profit rose over 8 percent YoY to Rs 162.6 crore. Operationally, its EBITDA climbed 12.1 percent YoY to Rs 332 crore, with EBITDA margins expanding by 20 basis points to 19.5 percent, reflecting efficient cost management. The stock is well-regarded by analysts, with 14 brokerage firms covering it. Of these, 13 have issued "buy" ratings, while only one has a "hold" recommendation. HG Infra’s stock has surged by a remarkable 72 percent so far this year, far outperforming the Nifty 50, which has gained 16 percent during the same period. The stock also reached a 52-week high of Rs 1,880 per share on July 16, 2024.

09:17

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https://www.moneycontrol.com/news/india/maharashtra-bjp-chiefs-son-sanket-bawankule-flees-after-audi-crashes-into-multiple-vehicles-in-nagpur-12818150.html

Maharashtra BJP chief's son flees after Audi races out of pub and crashes into multiple vehicles in Nagpur

(Credit: X).

A luxury car belonging to Maharashtra BJP chief Chandrashekhar Bawankule's son, Sanket Bawankule, crashed into several vehicles early Monday morning in Nagpur's Ramdaspeth area after allegedly zooming out of a pub. The Audi first hit a Polo car at around 1 am on Monday, before hitting a moped and injuring two youths riding it, officials from the Sitabuldi police station said. Sanket reportedly fled the spot after the Audi crash. The driver and another occupant were detained, and their medical examination is underway, according to news agency PTI quoting police. "The Audi car struck some more vehicles moving towards Mankapur area. At T-Point there, the vehicle hit a Polo car. Its occupants chased the Audi and stopped it near Mankapur bridge. Two occupants, identified as driver Arjun Hawre and Ronit Chittamwar, were stopped by those in the Polo car," police said. "The duo was taken to Tehsil police station, from where they were handed over for further probe to Sitabuldi police. The medical examination of driver Arjun Hawre and occupant Chittamwar is in progress. Driver Hawre could be placed under arrest at any time ," cops added. A police official said the occupants of the Audi were returning from a beer bar in Dharampeth when the incident took place. "A case of rash driving and other offences was registered on the complaint of Sonkamble. No action has been taken so far against Sanket Bawankule and the other two occupants who reportedly escaped from the scene at Mankapur bridge," the official said. "We are checking the CCTV footage to ascertain the chain of events, after which further action on all aspects, including other occupants, will follow," he said. Speaking to reporters about the incident, Maharashtra BJP chief Chandrashekhar Bawankule has admitted the Audi car was registered in the name of his son Sanket. "Police should conduct a thorough and impartial investigation into the accident without any bias. Those found guilty should be charged and appropriate action should be taken against them. I have not spoken to any police official. The law must be equal for all," the senior BJP leader said.

09:15

moneycontrol.com

https://www.moneycontrol.com/news/india/mamata-banerjee-is-lying-rg-kar-rape-murder-victims-mother-slams-bengal-cm-over-financial-compensation-claims-12818108.html

'Mamata Banerjee is lying': RG Kar victim's mother slams Bengal CM over financial compensation claims

Banerjee has also urged people to "return to festivities" as Durga Puja approaches, a statement that further fueled public outrage..Related stories.

The mother of the postgraduate trainee doctor who was brutally raped and murdered in Kolkata's RG Kar Hospital, on Monday, accused West Bengal Chief Minister Mamata Banerjee of lying about the financial compensation allegedly offered to her family. She reasserted her claim that Banerjee had suggested providing money to create a memorial for her late daughter, but she would only accept it once justice was served. Lashing out at the TMC Chief, she said, "The Chief Minister is lying....we were offered money...my daughter will not return, why would I lie in her name?" She further claimed, "The Chief Minister said you will get money, make something in your daughter's memory. I then said, when my daughter gets justice, I will go to your office and take that money". The victim’s cousin supported this claim, stating that Banerjee personally offered financial compensation, contradicting the Chief Minister’s denial. Earlier, Banerjee had claimed that no money was offered, only government support for a memorial if the family wished. The mother also slammed Banerjee’s call for people to "return to festivities" as Durga Puja approaches, calling it "inhuman." She questioned whether Banerjee would make such a statement if the tragedy had befallen her own family. The victim’s mother vowed that the fight for justice would continue until it is achieved. "If the people of the nation want to move to the festival, they can...but they consider my daughter as their family member. If they can return to the festival I have nothing to say. Durga Puja was held in my house also and my daughter used to do it herself. Now Durga Puja will never be celebrated in my house again. The light in my room is off. How do I tell people to return to the festival?", said the grieving mother. The vitcim's mother also said, "The chief minister is trying to strangle the movement just like how my daughter was strangled, the evidence was destroyed...We will be on the road, we will be in the movement until we get justice". Her comments came soon after CM Banerjee rejected the allegations made by the victim’s family, terming them as "slander against her government". She stated that no financial compensation had been offered to the deceased doctor’s family. “I have never offered money to the family of the deceased doctor. These accusations are nothing but slander,” Banerjee alleged. She added that she had only offered support if the family wished to create a memorial for their daughter, stating, “If they wanted to do something in their daughter’s memory, the government would support them.” Later, during an administrative review meeting at the state secretariat 'Nabanna,' Banerjee urged people to "return to festivities" as Durga Puja approaches, a statement that further fueled public outrage. She expressed concern over the impact of ongoing protests on the elderly due to noise pollution and remarked, “We haven’t acted on state pollution control board norms. One month has passed. I request you to return to festivities and demand that the CBI completes investigations at the earliest". Earlier on August 19, the victim's parents had accused theKolkata Police of attempting to tamper with evidencefrom the beginning of the case. During a protest march on September 8, the victim's mother had claimed that neither the government nor the police had cooperated with them. She had stated, "Thepolice tried to destroy evidencefrom the beginning," and urged that protests continue until justice is achieved. "Whenever I think about the torment and pain my daughter endured that night, I shudder. She had dreams of serving society. Now, all these protesters are like my children," she further stated. Meanwhile, theSupreme Court, hearing a suo moto cognisance case on the incident, reminded authorities on Monday that no action should be taken against doctors returning to work by tomorrow at 5 p.m. in connection with the case. The bench, however, warned that failure to return by the deadline might result in disciplinary action, as it would be unable to restrain the state government further. The second-year postgraduate medical student was brutally raped and murdered inside the seminar hall of RG Kar Medical College on August 9.

09:11

moneycontrol.com

https://www.moneycontrol.com/news/india/mc-daily-monsoon-tracker-kharif-sowing-catches-up-with-5-year-average-12818149.html

MC Daily Monsoon Tracker: Kharif sowing catches up with 5-year average

Sowing remains just 0.3 percent below normal.Related stories.

Kharif sowing caught up as the gap between acreage and normal area covered declined further to just 0.3 percent below normal compared with 0.8 percent the previous week, according to data released by the Ministry of Agriculture and Farmers’ Welfare on September 9. Sowing has been higher than the previous year’s number since July. On September 9, kharif acreage was 2.2 percent higher at 109.2 million hectares. Paddy sowing has been 2 percent above normal, while pulses sowing has been 7.2 percent below normal area. Coarse cereals sowing was 4.3 percent higher compared to the normal area. Jute and cotton sowing has been over 10 percent below normal. The better kharif acreage can be attributed to improved reservoir capacity, which was 18 percent above the 10-year average as of September 5. In the southern region, water level was 34 percent above normal. Six of the eight southern states and Union Territories continued to receive excess rainfall. India’s rainfall surplus was 7.5 percent above long-period average on September 9. Rainfall surplus has remained above 7 percent for the last nine days, with southern states receiving excess rainfall. Around 13 of the 36 states and Union Territories experienced excess rainfall, while eight were deficient. Bihar’s rainfall deficit widened to 27 percent from 26 percent on the previous month, while Punjab’s deficit was 25 percent.

09:09

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sona-blw-raises-rs-2400-crore-via-qip-sbi-mutual-fund-invests-rs-600-crore-bags-25-of-the-shares-offered-12818117.html

Sona BLW raises Rs 2,400 crore via QIP; SBI Mutual Fund invests Rs 600 crore, bags 25% of the shares offered

SBI Mutual Fund acquired a quarter of Sona BLW’s equity issue for Rs 600 crore..Related stories.

Automotive component manufacturer Sona BLW Precision Forgings Ltd has successfully raised Rs 2,400 crore through a Qualified Institutional Placement (QIP) of equity shares, the company said in a late-evening stock exchange filing on Monday, 9 September. Among the major investors, SBI Mutual Fund acquired a quarter of Sona BLW’s equity issue for Rs 600 crore, while an ICICI Prudential fund secured 8.33 percent of the shares on offer for Rs 200 crore. Sona BLWapproved the issuance of 3.47 crore equity shares to eligible institutional buyers at Rs 690 per share. The stock’s issue price represented a 1.3 percent discount to the floor price of Rs 699.01 and a 1 percent discount to Monday’s closing price of Rs 697.05. According to the stock exchange filing, the issue attracted strong investor interest, resulting in a subscription level 5.5 times the shares on offer. Among the institutions allocated more than 5 percent of the shares were SBI Focused Equity Fund (25 percent) and ICICI Prudential Flexicap Fund (8.33 percent). Other participants in the Sona BLW QIP included White Oak, Goldman Sachs Asset Management, Axis Mutual Fund, Aditya Birla Sun Life Mutual Fund, Norges, BNP Paribas, Fidelity International, and Franklin Templeton. Sona BLW plans to use the proceeds from the QIP to strengthen its capital structure and support its organic and inorganic growth strategies. “We will use the QIP proceeds to augment the company’s capital to pursue our growth ambitions,” said Vivek Vikram Singh, Managing Director and Group CEO of Sona BLW. Jefferies India Private Limited and JM Financial Limited were the Book Running Lead Managers for the QIP, while Shardul Amarchand Mangaldas & Co. was the Legal Counsel for Sona BLW. AZB & Partners and Linklaters Singapore Pte Ltd were the Legal Counsels for the Book Running Lead Managers. CNBC-TV18 reported on September 4 that Sona BLW is in talks to acquire Escorts Kubota's railways business, which could be valued at around Rs 2,000 crore, citing unidentified sources. Sona BLW's share price fell 3 percent on Monday to end at Rs 697.05, ahead of the QIP allotment. The stock has risen about 8 percent so far this year since January, underperforming the NSE Nifty 50, which has gained about 15 percent. With the allotment of the equity shares in the QIP, Sona BLW's paid-up equity share capital has increased from Rs 586.5 crore to Rs 621.25 crore. The company's market capitalisation is over Rs 41,000 crore as of the last close.

09:08

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/mrs-bectors-food-raises-rs-400-crore-via-qip-singapore-government-bags-nearly-one-fifth-of-the-issue-12818130.html

Mrs Bectors Food raises Rs 400 crore via QIP; Singapore government bags nearly one-fifth of the issue

Mrs Bectors Food Specialities' Fund Raise Committee approved the issuance and allotment of 25.8 lakh equity shares at Rs 1,550 per share in the QIP..Related stories.

Mrs Bectors Food Specialities Ltd has successfully raised Rs 400 crore through a Qualified Institutional Placement (QIP) of equity shares, the company said in a late-evening stock exchange filing on Monday, 9 September. Among the major investors in Mrs Bectors -- the maker of English Owen bread and Cremica biscuits -- the Government of Singapore bought nearly one-fifth of the issue for about Rs 74 crore. The company’s Fund Raise Committee approved the issuance and allotment of 25.8 lakh equity shares at Rs 1,550 per share. Mrs Bectors Food’s QIP issue price represents a discount of 1.77 percent to the floor price of Rs 1,577.85 per share, and a discount of nearly 10 percent to Monday’s closing price of Rs 1,714.8. Mrs Bectors Foodsaid the QIP received strong interest from institutional investors and closed on September 9. The proceeds from the QIP will be used to strengthen the company’s capital base. Following the allotment, the company’s paid-up equity share capital has increased from Rs 58.82 crore to Rs 61.4 crore. Mrs Bectors Food’s market capitalisation stands at over Rs 10,000 crore as of the last close. Among the institutions allocated more than 5 percent of the shares in Mrs Bectors’ QIP issue were the Government of Singapore (18.49 percent), Arisaig Asia Fund (9.12 percent of the issue for about Rs 36.5 crore), and Prudential Assurance Company (8.39 percent for about Rs 33.5 crore). Other major investors in the QIP included Manulife Global Fund (5.54 percent), DSP Mutual Fund (6.25 percent), Aditya Birla Sun Life Mutual Fund (6.25 percent), Canara Robeco Mutual Fund (6.25 percent), Invesco India Mutual Fund (5.75 percent), SBI Multicap Fund (6.25 percent), Axis Mutual Fund (6.25 percent), and Nordea’s Indian Equity Fund (5.71 percent). Mrs Bectors’ share price fell as much as 5 percent on Monday to Rs 1,714.8 ahead of the QIP allotment. The stock has risen more than 52 percent so far this year since January, far outpacing the Nifty’s 15 percent gain during the same period.

09:06

moneycontrol.com

https://www.moneycontrol.com/technology/parents-should-walk-the-talk-cant-watch-movies-and-ask-children-to-study-says-infosys-founder-narayana-murthy-article-12818086.html

Parents should walk the talk, canŌĆÖt watch movies and ask children to study, says Infosys founder Narayana Murthy

Murthy said that his wife's choice to forego TV and study alongside children set a strong example..Related stories.

Infosys founder NR Narayana Murthy on September 9 said it is for parents to create an environment of discipline at home for children to study. Parents cannot be watching movies and simultaneously asking children to study, Murthy said in response to a question on how students should focus on studies in the era of social media and other distractions. He and his wife, Sudha, would dedicate┬Āmore┬Āthan three and half hours each day to reading with their children Akshata and Rohan Murty during their school years to create an environment of discipline,┬ĀMurthy said. From 6.30 pm to 8.30 pm, the family focused on reading and studying, with television banned. The family continued to study together after dinner, from 9 pm to 11 pm, as well as to create a culture of discipline. ŌĆ£My wife's logic was, if I am watching TV, I cannot tell my children to study. So she said, I will sacrifice my TV time, and I will also study,ŌĆØ Murthy told the media after unveiling Paul HewittŌĆÖs 13th edition of the best-selling book Conceptual Physics in Bengaluru. While his work often kept him away from home during the day, his wife's choice to forego TV and study alongside children set a strong example.┬ĀBy doing this, children could clear doubts with their parents but this may not always be feasible as parents may not have studied as extensively as their children. ŌĆ£But that's not as important as creating an environment of discipline in learning. That leadership by example is the responsibility of the parents,ŌĆØ Murthy said. ŌĆ£If the parents are going and seeing movies and then telling ŌĆśchildren, no, no, you studyŌĆÖ (that wonŌĆÖt work),ŌĆØ he said. Akshata is a fashion designer and a venture capitalist. She is married to former British prime minister Rishi Sunak. Rohan is the founder and chief technical officer of AI company Soroco. Also read:┬Ā'I DonŌĆÖt believe in coaching classes,' says Narayana Murthy of Infosys Coaching classes Murthy said he does not believe in coaching classes. Only those students who fail to pay attention to their teachers in the classroom need them, the 78-year-old tech czar said. ŌĆ£Coaching classes are the wrong way to help children to pass examinations, I donŌĆÖt believe in coaching classes,ŌĆØ he said. ŌĆ£Most people who go to coaching classes, they don't listen to their teachers carefully in the class and poor parents, they are not as competent to help them and therefore they see some value (in coaching classes).ŌĆØ Murthy was responding to questions on a rise in suicides in the coaching hub of Kota and also if coaching institutes were a gateway to IITs and NITs. The coaching business is booming in India and is estimated at over Rs 58,000 crore a year, growing around 19-20 percent annually. The online market is expected to hit the $ 2 billion mark by next year, growing at over 17 percent CAGR through this decade.

08:57

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/arkade-developers-ipo-update-12818134.html

Arkade Developers sets IPO price band at Rs 121-128 per share

Unistone Capital is the merchant banker for the issue, while Bigshare Services Pvt Ltd is the registrar..

Real estate player Arkade Developers has announced a price band of Rs 121-128 per share for its upcoming IPO, which will open for subscription from September 16-19. The anchor book is slated to open on September 13, with allotment set for September 20, refunds starting on September 23, and the stock is expected to list on exchanges on September 24. The company said it plans to use the IPO proceeds for land acquisition and general corporate purposes. Arkade Developers is owned by Amit Mangilal Jain and family. Unistone Capital is the merchant banker for the issue, while Bigshare Services is the registrar. In February, Arkade Developers announced an investment of around Rs 700 crore in three projects in Mumbai, to be completed in the next three to four years. These projects include Arkade Nest in the suburb of Mulund (West), Deep Shikhar C Unit in Goregaon (East), and Prachi in Vile Parle (East). Chairman and Managing Director Amit Jain said the company will focus on a blend of greenfield and redevelopment projects moving forward. Other recent listings in the real estate sector have been Keystone Realtors and Signature Global.

08:42

moneycontrol.com

https://www.moneycontrol.com/news/business/personal-finance/whats-the-adequate-number-of-mutual-funds-an-investor-should-hold-in-a-portfolio-12818008.html

What’s the adequate number of mutual funds an investor should hold in a portfolio?

Funds selected with both strategic and tactical asset allocation in mind ensure that your portfolio is robust yet flexible..Related stories.

Investing in mutual funds (MFs) is a popular strategy for building a well-diversified portfolio, but how many are ideal to hold? Because too few can lead to under-diversification, while too many can create complexities and inefficiencies. Let’s see the key factors determining the right number of MFs for your portfolio based on diversification goals, asset allocation, and strategic considerations. Aligning fund choices with goals and asset allocation Aligning your portfolio with investment goals and asset allocation strategy is the first step in deciding how many MFs to hold. Whether your goal is long-term growth, income generation, or capital preservation, the selection of MFs should reflect these objectives. Strategic asset allocation involves spreading your investments across various asset classes like large-cap, mid-cap, small-cap, sectoral funds, debt, and thematic funds to balance risk and reward. An investor can consider allocation to a maximum of two funds in each category. Also read |ÂParticipates when market is up, protects downturns: How this mutual fund has managed to swing both ways For example, holding a mix of equity funds, including large-cap for stability and small-cap for growth potential, allows you to capture market growth across different segments. Debt funds add an element of safety to reduce volatility of a portfolio. Funds selected with both strategic and tactical asset allocation in mind ensure that your portfolio is both robust and flexible. Avoiding fund overlap One of the common pitfalls investors encounter when holding MF is fund overlap, where different funds have the same stocks or bonds. This may lead to unintentional concentration in specific sectors or companies. To avoid this, use a process of elimination to select funds with distinct strategies. For instance, you may choose a growth fund, a value fund, and an international equity fund, ensuring each serves a different purpose. Moreover, sector overlap can reduce diversification benefits. For example, holding two technology sector funds might expose your portfolio to excessive risk if that sector faces a downturn. Regularly reviewing and rebalancing your portfolio will help prevent overlap and maintain diversification. Core vs. satellite funds A well-structured portfolio often has a core and satellite approach. The core comprises broad-based, long-term funds such as index funds or large-cap equity funds that form the foundation of your portfolio. These are stable, lower-risk funds that track the overall market. In contrast, satellite funds are more specialised, targeting specific sectors or strategies such as emerging markets, thematic funds, or small-cap stocks. For tactical asset allocation, the number of satellite funds can be kept low. These funds can take advantage of specific market opportunities and trends, but too many can make your portfolio unwieldy and challenging to manage. A balanced mix of core and satellite funds, focusing on solid fundamentals keeps your portfolio lean and efficient. Managing exposure and performance Another key consideration is limiting exposure to individual companies or sectors. For instance, setting a cap on the size of any single company’s holdings within your MF ensures that no single stock overly influences your portfolio’s performance. A typical guideline is to ensure no more than 10-15% of your portfolio is concentrated in a single company or sector. Also read |ÂSIP winners: These active large-cap funds reward long term investors for their patience Additionally, it’s crucial to compare each fund’s performance against relevant benchmarks. Look for funds that consistently outperform their benchmarks while aligning with your risk tolerance and investment horizon. Whether you prefer active funds, where managers aim to beat the market, or passive funds, which track market indexes, the key is to focus on performance while avoiding duplication across funds. Growth v/s value: Making tactical calls Lastly, the satellite portion of your portfolio can reflect growth vs. value investing styles. Growth funds focus on companies expected to increase earnings rapidly, while value funds invest in undervalued stocks with the potential for recovery. You can adjust your satellite holdings using tactical calls based on macroeconomic factors, such as interest rates or oil prices. For example, when interest rates rise, you may favour funds with shorter-duration bonds, or when crude oil prices climb, energy sector funds may perform well. By keeping a macro and micro view of economic cycles, you can tactically adjust your portfolio for optimal performance. Also read |ÂNavigating the mid-cap maze: Can investors bite the short-term bullet? What’s the magic number? Generally, a portfolio's ideal number of MFs ranges between eight and 12, depending on the investor's goals and risk tolerance. This range allows sufficient diversification across asset classes without overwhelming the investor with too many funds to manage. Regularly review and prune underperforming funds and avoid over-diversification, which can lead to complexity without added benefits.

08:37

moneycontrol.com

https://www.moneycontrol.com/news/business/real-estate/dwarka-expressway-noida-greater-noida-expressway-drive-the-real-estate-boom-in-the-region-12817810.html

Dwarka Expressway, Noida-Greater Noida Expressway drive the real estate boom in the region

Dwarka Expressway, Noida-Greater Noida Expressway driving the real estate boom in the region.Related stories.

The Delhi-National Capital Region’s two main expressways—the Noida-Greater Noida Expressway and the more recent Dwarka Expressway—have been leading the realty boom in the area. According to a Moneycontrol analysis of real estate data, the average property price in newly launched projects alongDwarka Expresswayand Noida-Greater Noida Expressway went up by over 100 percent between 2021 and 2024. Dwarka Expressway connects Gurugram in Haryana with Delhi’s Dwarka suburb and Indira Gandhi International Airport while the other one connects Noida and Greater Noida sub-cities, and will link the upcoming Noida International Airport at Jewar  through the Yamuna Expressway that branches off from the Noida-Greater Noida Expressway. The Noida-Greater Noida Expressway was inaugurated in the early 2000s while the Dwarka Expressway was conceptualised in 2006-07 but  wasinaugurated in March 2024 by Prime Minister Narendra Modi. Both these expressways have made commuting easy to and from these satellite towns. Experts say that the condominiums—with new-age amenities, malls and offices, social infrastructure like schools and hospitals, and better connectivity among other facilities—have added to the liveability quotient along these expressways. Property price appreciation According to real estate data analytics firm PropEquity, the average price of new projects along the Dwarka Expressway rose to Rs 17,357 per square foot (psf) in July 2024 from Rs 8,630 psf in July 2021, a rise of around 101 percent. Similarly, the average price of newly launched projects along the Noida-Greater Noida expressway rose to Rs 17,428 psf in July 2024 from Rs 6,568 psf in July 2021, a rise of 165 percent. The data showed that over 22,000 units had been launched along both the expressways between 2021 and 2024. Also read: Also Read: Area Watch: Dwarka Expressway all set to trigger revival of real estate along its path Among the many micro markets in Gurugram, Dwarka Expressway has seen a rise of 30 percent in the average price of new launches between July 2023 and July 2024. This is despite supply increasing from 4,329 to 5,012 units during this period, and can be attributed at least in part to the inauguration of the expressway in March 2024. Similarly, the average price of new launches along theÂNoida-Greater Noida Expresswayhas gone up by 40 percent between July 2023 and July 2024. The Yamuna Expressway, which opened a new route to Agra, also provides easy connectivity to Lucknow and Eastern Uttar Pradesh via the Agra-Lucknow Expressway and Purvanchal Expressway. Experts said that though the average price for new projects along these arterial roads remains around Rs 17,000-Rs 18,000 psf, both the Gurugram and Noida markets have also seen wide acceptance of launch prices of Rs 20,000 to Rs 25,000 psf. Shiwang Suraj, founder and director of Gurugram-based property consulting firm InfraMantra, said that the Dwarka and Noida expressways have become the lifeline for commuters and the sharpjump in realty pricespoints to the rising demand along these routes. “Owing to their strategic importance in terms of their access to the international airports, the Delhi-Mumbai Expressway and a comprehensive development of social infrastructure, residential projects here are witnessing an uptick in prices. The elevated price points of new launches and their quick sale paint a positive outlook for the real estate sector in NCR,” Suraj told Moneycontrol. Samir Jasuja, founder and CEO, PropEquity, said, “Easy commuting to Delhi and other parts of NCR, growing office and retail developments, rise in habitation and future scope for price appreciation are some of the factors that are driving demand along these two expressways." Easy connectivity, proximity to Grade A offices spaces Real estate experts say that both the infrastructure facilities have provided easy connectivity to Delhi and other economic hubs in the region and also have good schools, hospitals and shopping areas in their catchment areas, which makes these micro-markets lucrative real estate investments. Pradeep Mishra, founder of Homents Private Limited, an NCR-based real estate consultancy, said that both Dwarka and Noida-Greater Noida expressways offer good connectivity in the region and apart from providing easy access to airports, are also in proximity to good office spaces, all of which make these two urban infrastructure facilities a good option for people looking at investing in real estate. Also read: Birla Estates to co-develop 131-acre land parcel in Noida According to the PropEquity data, the share of leasing along the Noida-Greater Noida Expressway has increased. Between 2020 and 2023, 10 million sq ft of office space had been leased out in Noida along the expressway. Currently, office rentals in Noida range between Rs 40 and Rs 80 psf. These expressways also have good Grade A office spaces, which make them a convenient option for office goers too, Mishra said.

08:31

moneycontrol.com

https://www.moneycontrol.com/news/business/brokerage-radar-motilal-oswal-upgrades-coforge-to-buy-morgan-stanley-has-overweight-call-on-suzlon-energy-12818124.html

Brokerage Radar: Motilal Oswal upgrades Coforge to 'Buy', Morgan Stanley has 'overweight' call on Suzlon Energy

Brokerage Radar.Related stories.

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Axis Bank, IT stocks, life insurance stocks and more. Jefferies On Axis BankBuy Call, Target `1,500/ShCredit Cost To Normalise; Prefer NIMs Over GrowthCo Reassured That Surge In Credit Costs In Q1 Can NormaliseCredit Cost To Normalise Even As Conservative Provisioning Policy On Unsecured Loans UpfrontsDeposit Growth Is Slower But Bank Is Managing Funding-Cost Better That Helps To Holdon To NIMsSteps On Premiumisation & Corporate Salary Clients Will Steadily Improve Deposit FranchiseValuations Are At Discount To Peers; It Stays Among Top Picks CLSA On ICICI BankOutperform Call, Target `1,500/ShBank Well Placed On Deposits And Does Not Expect The Cost Of Deposits To Rise MateriallyNIM Is Likely To Be Stable & Rate Cut Would Only Result In A Temporary NIM CompressionBank Is Not Guiding Any Cost-To-Income Ratio Level But It Is Aiming To Deliver Profitable Growth Jefferies On GMR AirportsBuy Call, Target `106/ShSee The Delhi International Airport Deal As Attractively PricedAirports Authority Of India Would Continue To Holds 26% Equity Stake Of DIALWe Haven't Reviewed SOTP Valuations For Co As Of Now, Given The Deal Is Amid ClosureOver 50% Of The Valuation For GMR Airports In Our SOTP Comes From DIAL Motilal Oswal On ITTop Picks Are HCLTech (Target `2,200/Sh), LTIMindtree (Target `7,400/Sh), Persistent (Target `6,300/Sh)Upgrade Coforge To Buy, Target `8,100/ShIT Services Sector Could Be On Cusp Of RecoveryEstimate HCLTech To Lead Revenue Growth Among Large Caps Over Next Three YearsPositive Outlook On LTIMindtree Is Based On Its Best-in-class Offerings In Data & ERP ModernisationPersistent Sys, With Its Strong Product Engineering Background, Remains Fastest-Growing IT Svcs CoPersistent Sys Well-Positioned To Benefit From Long-Term GenAI InvestmentsBelieve Coforge Can Leverage Synergies From CignitiHealthy Growth In Coforge’s Executable Orderbook Bodes Well For Its Core Business Morgan Stanley On Dixon TechEqual-Weight Call, Target `8,696/ShHP India Is The Third Large Customer That Co Has Onboarded In The IT Hardware SegmentHP Enjoys 28-30% Market Share In India's Desktop And Notebook SegmentLenovo And Acer Have Around 15% Each Market Share Morgan Stanley On Suzlon EnergyOverweight Call, Target `73.4/ShNTPC Project Scope Includes Supply Of Turbines, Erection & Commissioning And O&MThe Large Contract Offers Improved Earnings Visibility For FY26-27 HSBC On Life InsuranceIndustry’s Individual APE Growth Moderated To 10% Vs 18-19% YoY Run-rate In Previous 3 MonthsGrowth Slowdown Was Sharper For Large Insurers Vs Small InsurersGrowth In Number Of Policies Sold Also ModeratedICICI Pru’s Individual APE Growth (29%) Remained Faster Than Industry’sHDFCLIFE Continued Its Healthy Growth In NoPs Nomura On Life InsuranceGrowth Was Soft In AugustPrivate Players Continued To Outpace The Overall IndustryGrowth Of The Public Insurance Industry Was MutedPrivate Players’ Market Share Increased To Nearly 70%YTD FY25 Growth Came In At 17%/23% YoY For The Overall Industry/Private Players

08:14

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/bikaji-goods-gopal-snacks-stocks-in-focus-as-gst-council-cuts-rates-on-namkeen-12818114.html

Bikaji Goods, Gopal Snacks stocks in focus as GST Council cuts rates on namkeen

Snacks made using the extrusion process would be taxed at 18 percent. However, other snacks and savoury items, such as bhujia, could potentially be subject to a 12 percent GST..Related stories.

Shares of snack makers such as Bikaji Foods and Gopal Snacks will be in focus on September 10 after the government slashed GST rates of namkeen and savoury products. At Monday's 54th GST Council meeting, Finance Minister Nirmala Sitharaman announced that the GST rate on such products has been reduced prospectively to 12 percent from 18 percent earlier. The FM stated that snacks made using the extrusion process would be taxed at 18 percent. However, other snacks and savoury items, such as bhujia, could potentially be subject to a 12 percent GST. However, un-fried or uncooked snack pellets produced through extrusion will continue to be taxed at a GST rate of 5 percent. Follow our market blog to catch all the live action Bikaji Foods International is an ethnic snacking company primarily involved in the manufacturing, purchase and sale of snacks food. The company offers a range of products across six categories: bhujia, namkeen, sweets, papad, western snacks and other snacks. Shares ofBikaji Foodsclosed over 3 percent lower at Rs 835 on the National Stock Exchange (NSE) in the previous session. So far this year, the stock has surged around 53 percent. Prataap Snacks is also a snack food company engaged in manufacturing and marketing of multiple product variants like potato chips, extruded snacks and namkeen (traditional Indian snacks) under the Yellow Diamond brand. On Monday,Prataap Snacksstock ended 1.16 percent lower at Rs 815 on NSE. On a year-to-date basis, the counter is down around 27 percent. Also Read |ÂDixon bags new deal: HP to sign pact with Padget to make PCs under PLI 2.0 scheme Gopal Snacks is an FMCG company dealing in ethnic snacks, western snacks, and other products. It is engaged in the business of manufacturing various types of ready-to-eat namkeens, snack pallets, corn products, potato chips, papad, besan, spices, etc. Gopal Snacksshares also ended in the red at Rs 327.30 on NSE in the previous session. So far this year, the stock has fallen over 9 percent, underperforming benchmark Nifty 50 which has gained around 14 percent during this period.

08:07

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/clsa-maintains-outperform-call-on-icici-bank-sees-21-potential-upside-12818107.html

CLSA maintains 'outperform' call on ICICI Bank, sees 21% potential upside

So far this year, shares of ICICI Bank have surged over 23 percent.Related stories.

Global brokerage firm CLSA maintained an 'outperform' rating on ICICI Bank and assigned target price at Rs 1,500 per share, implying an upside of 21 percent from current levels. The reiteration of bullish stance comes as analysts feel that the private sector lender is well placed on the deposits front at a time when the banking industry exhibited signs of widening gap between deposit and credit growth. CLSA further stated that it does not foresee any significant rise in deposit costs going ahead. Rising deposit costs typically impact bank's net interest margins (NIMs) as the interest it pays on deposits tend to go higher than the interest it earns on loans. However, analysts expect margins to remain stable for ICICI Bank in the upcoming quarters, with any rate cuts resulting in only temporary NIM compression. In the recently ended June quarter, ICICI Bank had registered 42 basis points YoY NIM contraction to 4.36 percent. Catch all the market action on our LIVE blog On unsecured lending, CLSA said that the bank's calibrated underwriting and sourcing strategy has ensured that its portfolio remains under control. Loan growth is expected to remain strong, and business banking and MSME lending are projected to continue expanding rapidly, they added. Earlier, Nuvama Institutional Equities had maintained a 'buy' rating on ICICI Bank with a target price of Rs 1,450 per share, noting its potential to further outshine its peers. Similarly, Macquarie, Morgan Stanley, and InCredit Equities were also bullish, assigning target prices of Rs 1,300, Rs 1,500, and Rs 1,450 per share, respectively. So far this year, shares of ICICI Bank have surged over 23 percent, beating benchmark Nifty 50's 16 percent surge. It had also touched 52-week high of Rs 1,257 apiece on July 11, 2024.

08:02

moneycontrol.com

https://www.moneycontrol.com/news/india/dar-nahi-lagta-ab-rahul-gandhis-fresh-attacks-on-bjp-pm-modi-rss-during-us-visit-12818085.html

'Darr nahi lagta ab ...': Rahul Gandhi's fresh attacks on BJP, PM Modi, RSS in Virginia

The Congress leader also took aim at the BJP’s vision for India, accusing the party of failing to acknowledge the country's inherent diversity..Related stories.

Congress MP and Leader of Opposition (LoP) in Lok Sabha, Rahul Gandhi, currently visiting the US, continued his attacks on the Bharatiya Janata Party (BJP) and Prime Minister Narendra Modi. Speaking at an Indian diaspora event in Herndon, Virginia on Monday, he claimed that the fear of PM Modi among the people has now dissipated in the aftermath of the 2024 Lok Sabha Elections. At the event, Gandhi alleged that the BJP and PM Modi had created a climate of fear through the use of government agencies to pressure small businesses. He said that this fear, however, "vanished within seconds" after the election results were declared. "Something has changed after the elections. Some people said 'Darr nahi lagta ab, darr nikal gaya ab'...It is interesting to me that the BJP and PM Modi spread so much fear, and the pressure of agencies on small businesses, everything vanished within seconds. It took years for them to spread this fear and vanished within seconds," the LoP remarked. Gandhi also dismissed PM Modi's once-prominent strongman image, saying, "...In Parliament, I see the Prime Minister right up front and I can tell you that the idea of Mr. Modi, 56-inch chest, direct connection with god, that’s all gone now, it’s is all history now". He asserted that the image of dominance and strength previously associated with Modi no longer holds the same sway. The Congress leader also took aim at the BJP’s vision for India, accusing the party of failing to acknowledge the country's inherent diversity. During his interaction with students at Georgetown University, he said that the BJP fails to understand India's rich diversity. Gandhi accused the ruling party of disregarding the cultural and historical diversity that defines the nation. "BJP doesn't understand that this country is of everyone...India is a union. In the Constitution, it is written clearly... India that is Bharat is a union state, histories, tradition music and dance...they (BJP) say it is not a union, it is different...", he noted. Gandhi also took a dig at the Rashtriya Swayamsevak Sangh (RSS), accusing the organisation of promoting divisive ideologies that undermine India's diversity. The Amethi MP alleged that the RSS views certain states, languages, religions, and communities as inferior. "What the RSS says is that certain states are inferior to other states. Certain languages are inferior to other languages, certain religions are inferior to other religions, and certain communities are inferior to other communities....," Gandhi said. He further said that every state in India has its rich history and traditions, which the RSS ideology fails to respect. "All the state has its history, tradition...RSS ideology is Tamil, Marathi, Bengali, Manipuri, these are inferior languages...that's what the fight is about...These people (RSS) don't understand India.." he said. He concluded by stating that this ideological battle represents a lack of understanding of India's diverse identity on the part of the RSS. Furthermore, sharing about the period just before the Lok Sabha elections 2024, Gandhi said that the Congress' accounts were frozen three months before the elections. "Three months before the elections, all our bank accounts were sealed. We were discussing what to do next. I simply said, 'Dekhi Jayegi' (Let's see what happens), and we went ahead into the elections...", alleged the Congress MP. As part of his US visit, Gandhi met with students at Georgetown University before addressing the diaspora in Virginia. He is expected to continue his tour in Washington before returning to India. Gandhi arrived in the United States on September 8 for a three-day visit aimed at fostering “meaningful discussions and insightful conversations” to strengthen ties between India and the US. The trip is part of ongoing efforts to enhance the bond between the two nations.

07:56

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/apple-supplier-jabil-plans-rs-2000-cr-electronics-manufacturing-plant-in-trichy-12818089.html

Apple supplier Jabil plans Rs 2,000-cr electronics manufacturing plant in Trichy

Tamil Nadu chief minister MK Stalin with investors in the US..Related stories.

Electronic component supply giant Jabil plans to invest Rs 2,000 crore to set up a manufacturing facility in Trichy, creating around 5,000 jobs in Tamil Nadu, according to a statement from the state government. The supplier to Apple, Cisco and HP inked an agreement with the state on September 10 in presence of Chief minister MK Stalin in the US. Confirming the investment proposal, Staling said in a post on X: "Key investments secured for Tamil Nadu’s industrial progress! A significant investment of Rs 2,000 crore at Tiruchirapalli by Jabil, a global leader in EMS. This will create 5000 jobs and create a new cluster for electronics manufacturing." With this, the state will have all major Apple suppliers - Foxconn , Pegatron, Tata electronics and Jabil. "This will transform Trichy and create a new electronics cluster," said the statement. The CM further said that Rockwell Automation is expanding its manufacturing plans in the state with a Rs 666-crore investment in Kanchipuram that will add 365 jobs, while an MoU has been signed with Autodesk to "skill youth and boost MSMEs and startups, strengthening our overall industrial ecosystem". On August 30, theTamil Nadu government has signed agreementswith Nokia, PayPal, Applied Materials, Yield Engineering Systems, Microchip and Infinx. Chief Minister MK Stalin and Industries Minister TRB Rajaa, who are visiting the US, signed the pacts. "Nokia will set up an R&D centre, one of their largest fixed network test beds in the world, for innovations in 10G, 25G, 50G, and 100G PON, fixed wireless access, and MDU solutions, will be set up at SIPCOT, Siruseri, Chengalpattu, at Rs 450 crore, generating 100 jobs," said a statement from the state industries department. Additionally, on September 8, CM Stalin invited senior officials of BNY Mellon (The Bank of New York Mellon Corporation) to make new investments in the state. The CM, who is currently on a tour to the US, on September 7 held a discussion with BNY Mellon on exploring potential AI investment opportunities.

07:55

moneycontrol.com

https://www.moneycontrol.com/news/india/morning-scan-all-the-big-stories-to-get-you-started-for-the-day-779-12818109.html

Morning Scan: All the big stories to get you started for the day

A roundup of top newspaper stories to keep you informed and ahead of the curve..Related stories.

#1. Carlyle, Mizuho and Premji Invest in race to acquire controlling interest in Avendus Capital Private equity firm Carlyle, family office Premji Invest and Japanese financial giant Mizuho are competing to acquire a controlling interest in Avendus Capital owned by KKR, the Economic Times reported. KKR owns 63 percent of the investment bank and is seeking a valuation of Rs 5,500-6,000 crore ($655-715 million). Why it’s important:Avendus, one of India’s top investment banks, have made a niche for itself in tech-related areas. If a deal goes through at the asking valuation, it would earn a hefty premium for KKR’s nine-year-old investment. #2. InMobi plans to list consumer tech arm Glance in 2024-25 on verge of making profits InMobi expects its consumer tech unit Glance to turn profitable in the next financial year and plans to list it separately later, CEO Naveen Tewari told the Mint. The company, which made a series of acquisitions in the past, now plans to gun for bigger targets in deals of $500 million and above. Why it’s important:InMobi, India’s first unicorn, has decided to move its corporate headquarters from Singapore to India ahead of an IPO of its profitable ad tech business. InMobi owns nearly 60 percent in Glance, while Jio Platforms, Google and Mithril own the rest. #3. Vodafone Idea approaches Power finance and REC for medium-term funding requirements Vodafone Idea has approached state-owned lenders Power Finance Corporation and REC for loans to meet medium-term funding requirements, the Economic Times reported. Executives of the teleco and parent Aditya Birla Group met officials at PFC and subsidiary REC over the past two weeks to discuss the possibility of covering a funding gap of Rs 25,000 crore. Why it’s important:Vodafone Idea needs the money to cover capital expenditure and maintenance costs for the next three years. Its financial profile remains a concern for NBFCs, but it does have assets that could provide some security for any funding. #4. Ola electric rival Ather Energy files draft papers for Rs 3,100 crore initial public offering Electric two-wheeler maker Ather Energy has submitted preliminary papers to the Securities and Exchange Board of India to raise funds through an IPO, the Business Standard reported. The IPO will comprise a fresh issue of equity shares valued at Rs 3,100 crore, alongside an offer for sale of 22 million equity shares. Ather plans to use the funds raised from the IPO to establish an e2W factory in Maharashtra. Why it’s important:Ather is the second electric two-wheeler company seeking to list at the stock exchanges after main rivel Ola Electric Mobility floated its Rs 6,145 crore IPO in August. #5. Companies line up to buy ice-cream business of Hindustan Lever on plans of offloading Hindustan Unilever setting up a panel of independent directors to assess its ice-cream business has triggered interest from several firms that expect the FMCG major to sell it, the Economic Times reported. RJ Corp that operates KFC and Pizza Hut, the MMG Group which runs McDonald’s in north and east India and the local unit of Nestle SA are among the companies that are expected to show interest. Why it’s important:Each of the potential suitors have direct synergies in the ice-cream business in India. The negotiations are likely to hinge on the valuation of the business. #6. Profit boom after pandemic yet to show up in corporate capital spending plans The combined net profits of India’s top listed companies excluding banks, financial services and insurance increased at a compound annual growth rate of 32.4 percent since 2019-20, a sharp jump from the 7.4 percent in corporate earnings between 2013-14 and 2018-19, the Business Standard reported. The surge hasn’t translated into corresponding growth in investment in fixed assets such as plant and machinery. Why it’s important:The boom in earnings has not done much to improve overall demand, leading to poor revenue growth. Growth in revenues and profits has also been volatile in recent years, making it tough for companies to project future growth and earnings. #7. Mahanagar Telephone Nigam offers to clear 40 percent dues, state-owned banks want more At least half a dozen lenders have classified loans to Mahanagar Telephone Nigam as non-performing assets in August, prompting the state-run telco to propose a debt recast plan, the Economic Times reported. The company has offered payment of 40 percent of dues, which lenders rejected, saying that a 60 percent haircut from a state-run company was too steep. Why it’s important:The government-owned telecom utility, which once had a monopoly on fixed-line connections in Delhi and Mumbai, is a shadow of its former self. It is doubtful if there’s any hope for revival although the government has proposed upgrading its services. #8. Competition regulator to scrutinize M&A deal value of over Rs 2,000 crore An important provision of the deal value threshold under the Competition Amendment Act 2023 seeks to capture mergers and acquisitions where the deal value exceeds Rs 2,000 crore or where the target company has substantial business operations in India, the Business Standard reported. The notification by the corporate affairs ministry will take effect from September 10. The accompanying regulations for this provision are expected to be issued soon by the Competition Commission of India. Why it’s important:By bringing deal value threshold under the competition law, the government aims to capture mergers that evade scrutiny under the asset or turnover-based thresholds. It would also keep pace with evolving digital markets, where mergers involve sharing of big data and privacy concerns. #9. Government preparing new incentives package to attract overseas semiconductor companies The government’s India Semiconductor Mission is preparing a fresh incentives package to attract overseas chipmakers, packagers, testers and component suppliers into the country, the Mint reported. A specific value for the incentives has not been arrived at, according to CEO Akash Tripathi. The package would include incentives for components as well this time, he said. Why it’s important:India seek to emerge as a semiconductor hub and aims to support the industry with incentives for 10 years to bolster the entire component ecosystem. It wants foreign firms in the space to come and set up local operations. #10. Peer-to-peer lending platforms consider winding down businesses after central bank diktat After stopping onboarding new customers post the Reserve Bank of India’s August directions on peer-to-peer lending platforms, large P2P firms are looking to wind down businesses and seeking clarity on certain aspects of the diktat, the Hindu Businessline reported, citing industry executives. There are fears that the portfolio of P2P players will shrink to Rs 1,000 crore in 15 months from around Rs 10,000 crore now. Why it’s important:The central bank has disallowed P2P companies from offering investment products with certain features besides introducing a T+1 settlement cycle. The industry says that the new rules would make their business unviable. More clarity is needed on this.

07:52

moneycontrol.com

https://www.moneycontrol.com/technology/garena-free-fire-max-redeem-codes-for-september-10-2024-win-rewards-daily-and-know-how-to-redeem-codes-article-12818102.html

Garena Free Fire MAX redeem codes for September 10, 2024: Win rewards daily and know how to redeem codes

Garena Free Fire Max.Related stories.

The developer of the game, 111 Dots Studio, has announced a fresh set of Garena Free Fire MAX redeem codes for September 10. Players eager to acquire these codes and unlock exclusive items can now do so by visiting the official game website at reward.ff.garena.com. It's essential to have your login details prepared to use the active codes and receive various rewards. The Garena Free Fire MAX redeem codes for today, Wednesday, September 10, have been updated on the official website for registered players to access conveniently. Typically, these codes become available after midnight on reward.ff.garena.com. Act swiftly to claim the active codes, as they have an expiration time. Ensure you are familiar with the game's rules to avoid any complications. Garena Free Fire MAX has gained renown in India for offering registered players exclusive features and opportunities to obtain in-game items. The MAX version attracted significant attention from players following the ban of PUBG Mobile. These in-game items can significantly assist players in progressing through levels and defeating adversaries. Be sure to collect the free weapons by claiming the active codes daily to enhance your gameplay experience. Garena Free Fire MAX Redeem Codes for today, September 10 D3F4G5H6J7K8Q1W2E3R4T5Y6E3R4T5Y6U7I8Z9X8C7V6B5N4M1A2S3D4F5G6H7J8K9L0Q1W2V6C5X4Z3D2A1S1F2G3H4J5K6L9M8N7B6V5C4O9P8L7M6K5J4V3C2X1Z2B3N4F1G2H3J4K5L6FF4G5T6Y7U8IX9Z87G6F5D4SR3E2W1Q2T5Y6U7H8I9J8K8L7N1K23M4L5O6P Garena Free Fire Max September 10: How to redeem codes Step 1: Visit redemption website by clicking - https://reward.ff.garena.com/ Step 2: Login using credentials from one of the platforms like Google, Facebook, Huawei ID, X, Apple ID, or VK. Step 3: Once you log in, you will be directed to a page where you can input the 12-digit redemption codes. Step 4: On successfully redeeming the codes, you can collect your rewards from the in-game mail section.

07:46

moneycontrol.com

https://www.moneycontrol.com/news/world/oracle-beats-quarterly-estimates-as-demand-for-its-cloud-services-rises-12818112.html

Oracle beats quarterly estimates as demand for its cloud services rises

Oracle Cloud Infrastructure remains strong and sustained demand for cloud compute is expected, particularly in AI applications..Related stories.

Oracle beat estimates for quarterly results and forecast second-quarter revenue growth above estimates on Monday, boosted by growing demand for its cloud offerings, sending its shares up over 9% in trading after the bell. The Texas-based company's push into the cloud computing market is showing promising results and it has started narrowing the gap with market leaders Microsoft and Amazon Web Services. Oracle Cloud Infrastructure remains strong and sustained demand for cloud compute is expected, particularly in AI applications. "Oracle reported a good quarter with 8% constant currency growth and slightly better than expected earnings. The company continues to benefit from a strong cloud business and is investing in that business further," said Gil Luria, senior software analyst at D.A. Davidson. The company also announced a partnership with AWS, Oracle Database@AWS, that allows customers to access Oracle Autonomous Database and Oracle Exadata Database Service within AWS and the general availability of Oracle Database@Google Cloud. With the partnership, Oracle is "growing its big database opportunity across Microsoft Azure, Google Cloud, and AWS by making it simpler for customers to connect data across clouds and applications – and driving new revenue opportunities," said Rebecca Wettemann, CEO of research firm Valoir. Oracle's cloud services revenue rose 21% to $5.6 billion in the first quarter. Revenue for the quarter ended Aug. 31 stood at $13.31 billion, compared with analysts' estimates of $13.23 billion, according to LSEG data. Excluding items, the company earned $1.39 per share, above estimates of $1.32 apiece. Remaining Performance Obligations (RPO), the most popular measure of booked revenue, was up 53% to $99 billion in the quarter. For the second quarter, Oracle expects revenue to grow between 8% and 10%, the midpoint of which is above analysts' estimate of 8.72%.

07:41

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/bajaj-housing-finance-ipo-day-2-today-should-you-subscribe-gmp-jumps-further-issue-fully-booked-on-day-1-12818094.html

Bajaj Housing Finance IPO Day 2 Today: Should you subscribe? GMP jumps further, issue fully booked on day 1

Bajaj Housing Finance IPO has received bids for 146.58 crore shares, resulting in a 2.01 times subscription at the end of day 1 of bidding..Related stories.

Bajaj Housing Finance’s much-awaited initial public offering (IPO) enters the second day of subscription today (10 September) after a bumper response from investors on the first day of bidding. The Rs 6,560-crore issue got fully subscribed within just four hours of opening on Monday, and was oversubscribed by 100 percent by the end of the day, tracking high demand for the shares. The strong investor interest is also reflected in a further sharp rise in the grey market premium (GMP) for Bajaj Housing Finance shares. The Bajaj group IPO is seen as an attractive opportunity in the housing finance sector, a segment that has been gaining momentum amid rising real estate demand and increasing home loan penetration. Bajaj Housing Finance IPO subscription update Bajaj Housing Finance public issue has received bids for 146.58 crore shares against 72.75 crore shares on offer, resulting in a 2.01 times subscription at the end of day 1 of bidding. Also read |ÂAther Energy IPO: Losses soar to over Rs 1,000 crore even as topline remains flat in FY24 The portion meant for non-institutional investors fetched 4.35 times subscription while the quota for Retail Individual Investors (RIIs) got subscribed 1.5 times. The category for Qualified Institutional Buyers (QIBs) was also fully booked by the end of the day, receiving 1.07 times subscription. Earlier, on Friday, Bajaj Housing Finance collected Rs 1,758 crore from anchor investors. The initial share sale with a price band fixed at Rs 66-70 per share will conclude tomorrow on 11 September. Bajaj Housing Finance IPO GMP rising The GMP for Bajaj Housing Finance has jumped further, indicating the high demand for the stock even before its official listing. Currently, the GMP stands at Rs 55, reflecting nearly 80 percent premium on the issue price. The strong GMP signals potentially strong listing gains for investors once the stock debuts on the exchanges. Also read |ÂFive things to know about Hexaware's Rs 9,950-crore IPO Atul Jain, MD, Bajaj Housing Finance told CNBC-TV18 that the company is growing at a CAGR Of 31 percent on loans since the last 3 years. "Compared to the market, we are relatively smaller in size. Given our relative size, we have a reasonable path and highway to grow. We want to diversify our loan book." Bajaj Housing Finance IPO: Should you subscribe? Master Capital Services Ltd said the company’s omni-channel sourcing strategy, strong geographic presence, and distribution reach enable it to acquire a large volume of customers every year. Further, it plans to optimise its borrowing costs by diversifying its borrowing profile. “The company also intends to leverage technology and analytics to enhance productivity, reduce expenses, improve customer experience, and manage risks. Investors looking to invest can invest in the IPO for the medium to long term,” it said.

07:40

moneycontrol.com

https://www.moneycontrol.com/technology/apple-watch-ultra-2-now-comes-in-a-new-black-titanium-finish-article-12818096.html

Apple Watch Ultra 2 now comes in a new black titanium finish

Apple Watch Ultra 2.Related stories.

Apple introduced the Apple Watch Ultra 2 in a new black titanium finish. Very little has changed in terms of design and specs in the Watch Ultra 2. Also new is the Titanium Milanese Loop band for Apple Watch Ultra, which is designed for water activities while offering lightweight comfort. According to Apple, the new black titanium finish for Apple Watch Ultra 2 is achieved with a custom blasting process, and the diamond-like carbon physical vapor deposition coating over the grade 5 titanium makes it scratch-resistant and durable. The back crystal is made from a matching, dark zirconia. The Apple Watch Ultra 2 starts at Rs 89,900 and is already up for pre-orders. Customers can buy the Apple Watch Ultra starting September 20. Apple has also updated the popular Trail Loop, Alpine Loop, and Ocean Band to complement the new black titanium finish. Apple Watch Ultra 2 features the brightest display Apple has ever designed at 3000 nits, claims Apple. watchOS 11 also introduces a new Tides app for Apple Watch Ultra. Users can access seven rolling days of forecasted tidal information for coastlines and surf spots around the globe, including information on high and low tides; rising and falling tides; tide height and direction; and sunrise and sunset, all plotted against a timeline. Also, for the first time, audio can play back through the two built-in speakers on Apple Watch Ultra 2. Just like with phone calls, users can listen to audio from a range of apps — including Apple Music, Apple Podcasts, Apple Books, and third-party apps — right from their Apple Watch. The Workout app offers even more workout types that can track distance using enhancements in GPS positioning, including various field sports, Downhill Skiing, Cross Country Skiing, Snowboarding, Golf, Outdoor Rowing, and more. Users can also see their route maps for more workout types.

07:29

moneycontrol.com

https://www.moneycontrol.com/news/business/kenyan-court-grounds-adani-proposal-to-invest-in-biggest-airport-12818095.html

Kenyan Court grounds Adani proposal to invest in biggest airport

Adani Airport controlled by Asia’s second-richest person, has a portfolio of eight airports dominating more than 50% of the top 10 Indian domestic routes..Related stories.

A Kenyan court suspended a government plan to allow India’s Adani Airport Holdings Ltd. to operate its main airport for 30 years until it rules on the matter. The High Court issued the order prohibiting any person from implementing or acting on the privately initiated proposal by Adani until the matter is determined, according to Faith Odhiambo, president of the Law Society of Kenya, an applicant in the case. Adani didn’t immediately respond to a request for comment when contacted outside office hours. The lawyers’ body and the Kenya Human Rights Commission, a non-governmental organization, are challenging the government’s right to lease the Jomo Kenyatta International Airport in the capital, Nairobi, to Adani Airport as it breaches the constitution. “Leasing the strategic and profitable JKIA to a private entity is irrational” and contravenes the constitutional principles of “good governance, accountability, transparency, and prudent and responsible use of public money,” they said in their filings. The parties also argue that the $1.85 billion deal between the government and Adani Airport is “unaffordable, threatens job losses, exposes the public disproportionately to fiscal risk, and offers no value for money to the taxpayer.” They claim that Kenya can independently raise the funds to expand JKIA without leasing it for 30 years, according to their filings. Under the terms of the build-operate deal, the Indian billionaire Gautam Adani’s company would upgrade Kenya’s largest aviation facility and East Africa’s busiest airport and construct a second runway and a new passenger terminal. The government has defended the deal insisting that the airport is stretched beyond its capacity and is urgently in need of improvements. Kenya Airports Authority acting Managing Director Henry Ogoye said in July the proposal will be subjected to technical, financial and legal reviews to ensure it complies with the nation’s public-private partnerships laws. The investment required is “significant and cannot be funded with the prevailing fiscal constraints without recourse to private funding,” Ogoye said. Adani Airport controlled by Asia’s second-richest person, has a portfolio of eight airports dominating more than 50% of the top 10 Indian domestic routes. The airports account for 23% of Indian air traffic serving 20% of total passenger base.

07:28

moneycontrol.com

https://www.moneycontrol.com/technology/i-dont-believe-in-coaching-classes-says-narayana-murthy-of-infosys-amid-kota-crisis-article-12818079.html

'I Don’t believe in coaching classes,' says Narayana Murthy of Infosys amid Kota crisis

Narayana Murthy, Founder, Infosys.Related stories.

Infosys founder NR Narayana Murthy on September 9 said he does not believe in coaching classes, adding that the only students who require them are those who fail to pay proper attention to their teachers in the classroom. “Coaching classes are the wrong way to help children to pass examinations, I don’t believe in coaching classes,” the tech czar said after unveiling Paul Hewitt’s 13th edition of best-selling bookConceptual Physicsin Bengaluru. “Most people who go to coaching classes, they don't listen to their teachers carefully in the class and poor parents, they are not as competent to help them and therefore they see some value,” Murthy said, responding to questions on suicides in Kota, Rajasthan, and whether coaching institutes are a gateway to IITs and NITs. The coaching business has been booming and is estimated at over Rs 58,000 crore a year, growing around 19-20 percent a year. Additionally, online avatars of crammers and coaching centres’ markets are expected to hit $2 billion by next year, growing at over 17 percent CAGR through this decade. Murthy further said that rote learning has unfortunately been the focus in India, which is a hindrance in thinking and solving real-world problems. Murthy emphasised that the purpose of education is “learning to learn.” He further said that the objective of education is also to help in analytical thinking and recognising problems that have not yet been solved. “The importance of education is, first, to observe. Second, to analyse why this difference is coming out. Third is to offer a hypothesis. And finally, that hypothesis is observed by many people… and then verified if that thing is fine.” The 1993 workshop In 1993, Infosys conducted a workshop on innovation for all employees. A peon named Chandrapal approached Murthy and told him he did not fully understand the concept of innovation. Murthy replied by saying innovation is only about asking three fundamental questions: “One, how can I do whatever I am doing faster today compared to yesterday? Second, how can I do whatever I am doing, cheaper today than yesterday? And third, how can I do whatever I am doing with a better quality and fewer mistakes today than yesterday?” Murthy told Chandrapal that everyone has to answer these basic questions whether one is cleaning a table or writing conceptual physics. “When you clean the table, just probably, if you counted, there to be 10 specs of dust tomorrow morning... and say that I will reduce the number of specs of dust to nine tomorrow morning, that's all innovation, nothing else.” Also read:ÂWhy India’s attempt to regulate coaching schools is doomed to fail

07:23

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/first-tick-top-10-global-cues-for-todays-trade-33-12817943.html

First Tick: Top 10 global cues for today’s trade

Market Today.Related stories.

Indian benchmark indices Sensex and Nifty 50 are likely to open on positive note on September 10, tracking cues from GIFT Nifty trading near 25,034, a short while ago this morning. Track the latest updates onÂGIFT Nifty right here on Moneycontrol. Indian markets rebounded from a three-day slump, driven by gains in consumer staples and banking shares. The NSE Nifty 50 Index edged up 0.34 percent to 24,936.40, while the BSE Sensex rose 0.46 percent to 81,559.54. Here is how financial markets across the globe fared overnight: GIFT Nifty (Gains) The GIFT Nifty is trading lower, indicating a positive start for the day. Nifty futures were trading at 25,034 at 07:00 am IST. Asian Equities (Rise) Asian markets were trading higher on Tuesday, following gains on Wall Street that saw both the S&P 500 and Nasdaq Composite rebound from their worst week of the year.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)Topix 0.56 -2.48 8.75Nikkei0.44-4.057.81Hang Seng - - -Taiwan 0.60 -4.98 13.87Kospi0.13 -5.43 -7.35US Equities (Gain) Wall Street's three major indexes gained more than 1 percent on Monday as investors looked for bargains after the previous week's sell-off and waited for inflation reports in the coming days and the Federal Reserve's next policy decision next week. The Dow Jones Industrial Average rose 484.18 points, or 1.20%, to 40,829.59; the S&P 500 gained 62.63 points, or 1.16%, to 5,471.05; and the Nasdaq Composite gained 193.77 points, or 1.16%, to 16,884.60.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)Dow Jones 1.20 -1.67 9.30S&P5001.16 -3.0415.73Nasdaq1.16 -4.5813.49US Bond Yield (Gains) The US 10-year Treasury yields gained 30 bps at 3.71 percent and US 2-year bond yield was up 28 bps to 3.67 percent, in the early trade on Tuesday.CURRENT PRICEMTDYTDUS 10-Year Treasury 3.71 3.934.26US 2-Year Treasury 3.67 4.054.99Dollar Index (Gains) The dollar was trading steady against the yen and other major currencies on Tuesday.CURRENT PRICEMTDYTDDollar Index 101.71 103.13105.09Asian currencies (Down) Except for Malaysian Ringgit, all other Asian currencies were trading in the red against the US dollar. However, year-to-date, South Korean Won and Taiwan Dollar lost 4 percent each, while Malaysian Ringgit gained 5 percent.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)Indonesian Rupiah- 0.505 3.03 -0.369South Korean Won-0.2871.83-4.01Japanese Yen-0.1532.66-1.63Philippines Peso-0.0961.47-1.97Thai Baht-0.0913.641.04Taiwan Dollar-0.096 1.01-4.82China Renminbi-0.219 0.769-0.191Malaysian Ringgit0.0781.955.15Singapore Dollar-0.0541.361.05Gold (Flat) Gold prices were trading marginally lower at around USD 2505.23, while Silver prices were trading flat at USD 28.36.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)Gold -0.07 0.07 21.41Silver-0.08-1.8119.04Crude (Gains) Oil was steady in early trade on Tuesday as investors weighed supply disruptions from Tropical Storm Francine and the potential for further output cuts against persistently weak Chinese demand.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)US West Texas 0.38 -3.94 -3.74Brent Crude0.43 -2.21-6.35LME Commodities (Gain) Except for Lead, all other commodities were trading higher in the early trade on Tuesday with Copper rising 1 percent. CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)Aluminium 0.36 -3.94 -1.41Copper1.12 -1.496.29Nickel0.06 -5.15-4.22Lead -0.51 -4.87Zinc0.50-5.73Fund Flow Action The foreign institutional investors (FIIs) turned net buyers on September 9 as they bought equities worth Rs 1176 crore, while domestic institutional investors bought equities worth Rs 1,757 crore on the same day.9th SeptMTDYTDFII Net Flows 1,176.553,607.08-1,38,073.32DII Net Flows 1,757.029,199.223,14,802.93Hope you're all set for today's trade, we wish you a profitable day ahead.

07:15

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/trade-spotlight-how-should-you-trade-canara-bank-aether-industries-sparc-and-others-12818066.html

Trade Spotlight: How should you trade Canara Bank, Aether Industries, SPARC and others?

Stock market trend.Related stories.

The benchmark equity indices closed higher on September 9, despite a volatile trading session. The BSE Sensex rose by 352 points, or 0.43 percent, to end the day at 81,535.80. The NSE Nifty 50 gained 88 points, or 0.36 percent, closing at 24,940. The Bank Nifty also saw a significant increase, rising 520 points, or 1.03 percent, to finish at 51,097.25. The Nifty Midcap 100 also closed 83.40 points, or 0.14 percent, higher at 58,418.55. All eyes are now focused on the upcoming mid-September FOMC meeting, with expectations of a potential rate cut influenced by U.S. employment data. Domestically, investors will watch the rupee's movement against the dollar, crude oil prices, and the investment activity of FPIs and DIIs. Mehul Kothari, DVP – Technical Research, shares insights into trading Canara Bank, Aether Industries, and SPARC for today's session: Aether Industries: Buy Between 970 - 950; Stop Loss 925; Target 1030 Aether Industries recently witnessed a breakdown below the 1000 mark in October 2023. Since then, the stock has made multiple attempts to break out on the upside. Currently, a significant range breakout above 970 is observed, with a rising ADX line and an RSI that has surpassed the 70 level on the daily chart. These technical indicators suggest a bullish trend. Traders are advised to buy between 970 and 950, with a target of 1,030 and a stop loss of 925. Canara Bank (CANBK): Buy Above 105; Stop Loss 99; Target 114 Recently, PSU bank stocks have been under pressure. However, the PSU Bank index recently rebounded from its 200-day Exponential Moving Average (DEMA) and formed a bullish hammer candlestick pattern, indicating a potential reversal. CANBK shows a similar price pattern, suggesting a possible bounce. Traders should consider buying CANBK if it moves above 105, with a target price of 114. The stop loss should be set at 99. SPARC: Buy Above 235; Stop Loss 225; Target 255 SPARC has been heavily oversold on both medium- and long-term time frames. On the daily chart, the stock is approaching a critical range breakout, which could confirm a higher bottom formation and signal a reversal. This technical setup indicates potential for upward movement. Traders are advised to buy SPARC above 235, targeting 255, with a stop loss at 225.

06:58

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/asian-shares-fluctuate-as-investors-shrug-off-wall-street-rebound-ahead-of-us-inflation-data-12818081.html

Asian shares fluctuate as investors shrug off Wall Street rebound ahead of US inflation data

Stocks in Tokyo and Sydney inched up, with Hong Kong futures pointing to gains. The moves come after a rise on Wall Street, a reprieve from the September selloff triggered by concerns of a global economic slowdown. Stocks in Seoul fell. Bloomberg.Related stories.

Asian stocks fluctuated as traders shrugged off a rebound on Wall Street ahead of key US inflation data due this week. Stocks in Tokyo and Sydney inched up, with Hong Kong futures pointing to gains. The moves come after a rise on Wall Street, a reprieve from the September selloff triggered by concerns of a global economic slowdown. Stocks in Seoul fell. The S&P 500 rose 1.2% after its worst start to the month on record, according to Bespoke Investment Group data going back to 1953. Nvidia Corp. and Tesla Inc. led gains in megacaps. Apple Inc. introduced the iPhone 16, with Chief Executive Officer Tim Cook saying it was built for artificial intelligence “from the ground up.” The shares closed little changed after an almost 2% slump. “We’re seeing mostly technical dip-buying,” said Tom Essaye at The Sevens Report. “Economic growth is undoubtedly and clearly losing momentum, but a soft landing remains more likely than a hard landing. This week focus turns back to inflation.” Treasuries saw mild moves, with traders paring the chance of a half-point rate reduction at the Fed’s upcoming September meeting to about 20% from as high as 50% last week. Australian bond yields drifted lower early Tuesday. The dollar rose against almost all its Group-of-10 peers. While the jury is out on whether the world’s no. 1 economy can thread the needle between easing inflationary pressures while avoiding recession, its biggest rival is facing a different challenge. Deflation stalking China since last year is now showing signs of spiraling, threatening to worsen its outlook and raising calls for immediate policy action. Data released Monday confirmed that apart from food costs, consumer price growth barely registered in large swathes of the economy at a time when incomes are sagging. Meanwhile, China hawks in the US House overcame a last-ditch lobbying effort to pass legislation that would blacklist Chinese biotech companies and their US subsidiaries. The bill now goes to the Senate. Traders in Asia will also be closely watching iron ore on Tuesday, which in the previous session sank below $90 a ton for the first time since 2022 before closing 1.1% higher. Industrial commodities are facing sustained pressure from tepid Chinese demand and gathering worries over global growth. On Wednesday, a US government report is expected to show the consumer price index rose 2.6% in August from a year earlier, according to the median forecast of economists surveyed by Bloomberg. That would be the smallest increase since 2021. There will be little new guidance from Fed officials, who are in the traditional blackout period ahead of the September 17-18 meeting. “Inflation matters,” said Chris Low at FHN Financial. “Weaker numbers might encourage the Fed toward a 50 basis-point cut, while anything higher could lock in 25 basis points.” Global equities were net sold for the eighth straight week led by North America, according to Goldman Sachs Group Inc.’s prime brokerage desk report for the week ended Sept. 6. The move is a continuation of a trend that, broadly speaking, started in May as funds began a big unwind of their positions in order to get more cash readily on hand for possible dislocations around the US presidential election. “Slowdowns do not necessarily portend recessions, nor are stock market corrections necessarily the harbinger of bear markets,” said Konstantinos Venetis at TS Lombard. “But the mix of rising macro (growth) and political (US election) uncertainty increasingly puts the burden of proof on the bulls in the near term.” Oil held a one-day gain as a risk-on tone returned to wider markets. Gold held a small advance with markets looking ahead to the US inflation data. Bitcoin fell below $57,000.

06:54

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/trading-plan-will-nifty-and-bank-nifty-selling-pressure-today-three-stocks-signaling-buy-in-volatile-markets-12818061.html

Trading Plan: Will Nifty and Bank Nifty selling pressure today? Three stocks signaling buy in volatile markets

Stock market trend.Related stories.

The domestic benchmark indices opened on a negative note yesterday, aligning with global cues. The Nifty began the day flat to negative and faced selling pressure in the first half. However, the index managed to absorb the weakness and rebounded in the second half, closing positively at 24,936. The volatility index, INDIA VIX, cooled off by 6.43%, settling at 14.24, indicating a drop in market volatility. Similarly, after experiencing initial volatility, Bank Nifty recovered and ended the day on a positive note at 51,118. According to experts, "Technically, on a daily scale, the index formed a piercing line candle, signaling strength. If the index holds today’s low of around 50,370, a pullback rally towards 51,500-51,800 could be likely in the short term.” For today’s trading session, Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities, shares his insights on strategy for Nifty, Bank Nifty, and stocks in focus: Nifty OutlookNifty found support around the 38.2% retracement level of the previous rise, with a bullish crossover in its momentum indicator MACD on the hourly charts. However, the MACD on the daily charts remains in sell mode, suggesting possible consolidation in the short term unless momentum shifts back to a bullish mode or the current downward momentum cycle on the daily chart completes. Technically, Nifty has been forming lower tops and bottoms on the daily charts, with a reversal level at 25,276. On the hourly charts, Nifty has just started forming higher tops and bottoms, placing immediate support at 24,834. If this level holds, the short-term bias could remain sideways, with a potential bounce-back due to short covering. However, if 24,834 breaks, a breakdown towards 24,700 to 24,600 is possible. From a derivatives perspective, Nifty has bounced from an oversold region, and the PCR (Put Call Ratio) has improved, with strong put additions from the 24,900 strike and below, alongside call unwinding from the 24,850 strike and above. The index is trading below its max pain and modified max pain levels of 24,950 and 24,980, respectively, and these levels could act as resistance alongside 25,000, where significant call open interest (OI) exists. In the short term, Nifty is likely to trade within a range of 24,800 to 25,050, and beyond that, 24,500 to 25,275. Bank Nifty ViewBank Nifty rebounded sharply, forming a piercing line candlestick pattern on the daily charts, a bullish reversal signal. The MACD has returned to bullish mode, and the daily MACD remains in buy mode, suggesting the short-term trend for Bank Nifty is sideways to positive. Immediate resistance is seen at 51,637, the swing resistance, while immediate support is at 50,563, the swing low on the hourly charts. The short-term range for Bank Nifty is 50,500 to 51,500, with potential for further movement between 52,000 and 50,000. From a derivatives perspective, Bank Nifty is trading within its max pain and modified max pain levels of 51,000 and 51,144, respectively. There was substantial call unwinding between 50,500 and 51,000 levels, and further unwinding was observed from 51,200 to 51,800 levels. Significant put writing at 50,500 to 51,000 strikes helped improve the PCR, though it remains below 1. Thus, the short-term trend appears sideways to positive. Stocks in Focus: 1) Buy DABUR @ CMP: 663 | SL: 642 | Target: 695 Above is the daily chart of Dabur - Technically, Dabur has broken out of a sideways consolidation and is trading above its all-time highs, signaling strength on the price charts. The MACD is in buy mode on both daily and weekly charts, suggesting further upside. The stock is trading above its max pain and modified max pain levels of 650 and 653, respectively. Strong put additions at 640, 645, and 650 strikes, alongside call unwinding from 660 to 700 strikes, point to a slower but steady upward move. 2) Buy JK CEMENT @ CMP: 4,830 | SL: 4,600 | Target: 5,050 and 5,200 Above is the daily chart of JK Cement - JK Cement has broken out of multiple swing resistances, turning 4,600 into a key support level. The MACD is in buy mode on both daily and weekly charts, suggesting a positive bias. The breakout is supported by an increase in volume and open interest (OI), raising the likelihood of further upside. The stock has seen substantial call unwinding between 4,700 and 4,800, and with strong put OI buildup between 4,400 and 4,700, it looks positive in the short term. 3) Buy PEL @ CMP: 1,069 | SL: 1,039 | Target: 1,150 Above is the daily chart of PEL - PEL has broken out of a multiple swing resistance on the weekly charts and a falling channel, signaling a positive near-term outlook. The MACD has provided a bullish crossover on all timeframes, from daily to weekly charts, confirming the momentum setup. The stock faces a strong call OI at the 1,100 strike, which, if crossed, could lead to further gains. Strong put writing at 1,050 and 1,100 strikes suggests solid support levels, making the short-term view positive.

06:29

moneycontrol.com

https://www.moneycontrol.com/technology/apple-launches-airpods-4-with-active-noise-cancellation-and-usb-c-charging-case-article-12818044.html

Apple launches AirPods 4 with Active Noise Cancellation and USB-C charging case at a starting price of Rs 12,900

AirPods 4.

Apple has unveiled its fourth-generation AirPods, dubbed AirPods 4 at It’s Glowtime event alongside the new iPhone 16 series. The new AirPods 4 comes in two versions – a standard model and an Active Noise Cancellation (ANC) version. The new AirPods 4 aims to deliver enhanced audio quality, improved comfort, and a range of new features. PriceThe standard AirPods 4 model is priced at $129, while the variant with Active Noise Cancellation is available for $179. Apple has launched the AirPods 4 Standard at Rs 12,900 and the ANC version is priced at Rs 17,900. AvailabilityPre-orders for the AirPods 4 start today, and the earbuds will be available for purchase in stores and online starting September 20, 2024. FeaturesThe AirPods 4 come with an updated acoustic architecture that claims to deliver richer bass and clearer highs. The design has been optimised for comfort, with Apple analysing thousands of ear shapes to create a better fit. Apple has also brought Active Noise Cancellation for the first time in its open-ear design AirPods. The ANC version also comes with Transparency Mode and Adaptive Audio, which adjusts to the user’s environment. Both versions are powered by Apple’s H2 chip, offering features like Personalized Spatial Audio and improved voice isolation for calls. AirPods 4 also comes with new gesture controls that allow users to nod or shake their heads to answer calls or respond to Siri, a feature that will also roll out to AirPods Pro with iOS 18. The redesigned USB-C charging case is Apple’s smallest yet, offering up to 30 hours of battery life, wireless charging, and a built-in speaker for Find My capabilities.

00:37

moneycontrol.com

https://www.moneycontrol.com/technology/apple-introduces-iphone-16-pro-iphone-16-pro-max-with-bigger-displays-a18-pro-processor-camera-capture-button-and-more-article-12818043.html

Apple introduces iPhone 16 Pro, iPhone 16 Pro Max with bigger displays, A18 Pro processor: Price and other features

iPhone 16 Pro.

At the It’s Glowtime event, Apple has launched the iPhone 16 Pro and 16 Pro Max, which boast a refined design and significant upgrades. The most noticeable change is the slightly larger displays: 6.3 inches for the Pro and 6.9 inches for the Pro Max. Despite the minimal size increase, the bezels have been significantly reduced, resulting in a more immersive viewing experience. Apple iPhone 16 Pro, iPhone 16 Pro Max: Price, availability The iPhone 16 Pro and iPhone 16 Pro Max will be available in black titanium, natural titanium, white titanium, and desert titanium, in 128GB, 256GB, 512GB, and 1TB storage capacities. The iPhone 16 Pro starts at Rs 1,19,900 and iPhone 16 Pro Max starts at Rs 1,44, 900. Apple iPhone 16 Pro, iPhone 16 Pro Max: Key features Performance-wise, the iPhone 16 Pro and Pro Max are equipped with A18 processor with enhanced neural engine optimised for AI tasks. The one significant design change is the introduction of a dedicated, touch sensitive button on the right side of the phone.This button functions like a traditional camera shutter, allowing users to focus and capture photos with precision. Additionally, its capacitive nature enables easy switching between still and video modes, as well as zooming in and out. The upgraded camera system introduces a new 48MP Fusion camera with a faster, more efficient quad-pixel sensor and Apple Camera Interface, unlocking 4K120 fps video recording in Dolby Vision. The quad-pixel sensor can read data 2x faster, enabling zero shutter lag for 48MP ProRAW or HEIF photos. A new 48MP ultra-wide camera also features a quad-pixel sensor with autofocus, so users can take higher-resolution 48MP ProRAW and HEIF images. The 5x Telephoto camera now comes on both iPhone 16 Pro and iPhone 16 Pro Max. The iPhone 16 Pro also brings new options  to edit video sound with Audio Mix. The new feature allows users to adjust their sound after capture to focus on the voice of the person on camera, make it sound like the video was recorded inside a professional studio, claims Apple.

00:34

moneycontrol.com

https://www.moneycontrol.com/technology/apple-unveils-updated-airpods-max-new-colours-usb-c-charging-and-more-article-12818046.html

Apple unveils updated AirPods Max: New colours, USB-C charging, and more

AirPods Max.

At the highly anticipated ‘It’s Glowtime’ event, Apple unveiled updates to its AirPods lineup, including a refreshed version of the AirPods Max. Curiously, rather than launching a second-generation model, Apple introduced a subtly enhanced version of the original AirPods Max with a few key updates. Apple AirPods Max: Price, availability AirPods Max will be available to pre-order starting today, with availability in stores beginning Friday, September 20. AirPods Max are priced at Rs 59,900. First released in 2020, the AirPods Max were the first premium, over-ear headphones from Apple. Rumours were rife about Apple debuting the AirPods Max 2. However, the company instead opted for a mild refresh that focuses on new colours. The updated AirPods Max will now be available in five fresh shades: Starlight, Midnight, Purple, Orange, and Blue. Apple has made a significant change to the charging port on the AirPods Max. This is more because of European Union’s strict regulations imposed on tech companies. Apple has made the transition of Type-C to almost its entire product range Apple also revealed that the updated AirPods Max will support new features with the upcoming iOS 18 update. Notably, the headphones will offer Personalized Spatial Audio, a feature previously exclusive to the AirPods Pro. However, Apple did not specify whether this update includes any internal hardware changes, such as an upgraded H2 chip.

00:28