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moneycontrol.com | https://www.moneycontrol.com/news/india/even-mrs-gandhi-would-not-do-it-fm-sitharamans-veiled-jibe-at-rahul-gandhi-12823118.html | ŌĆśEven Mrs Gandhi would not do itŌĆÖ: FM SitharamanŌĆÖs veiled jibe at Rahul Gandhi | Finance Minister Nirmala Sitharaman. (File photo: PTI).Related stories. | In an indirect dig at Congress leader Rahul Gandhi, Finance Minister Nirmala Sitharaman on Monday admonished Opposition leaders for allegedly speaking against India during their foreign trips. ŌĆ£I thought the outcome of the 2024 (Lok Sabha) election was that the government of the day will have to get going with a lot more work. The Opposition was given more numbers and a higher stature to sit in the Opposition and do their job. ŌĆ£But, they got excited and went around the world making false claims about the country. Even Mrs Gandhi wouldnŌĆÖt do it,ŌĆØ the FM said speaking to Rahul Joshi, Group Editor-in-chief, Network18 at News18 IndiaŌĆÖs ŌĆśChaupalŌĆÖ conclave. Targeting Rahul Gandhi over his remarks in the US that the 2024 general elections in India were not ŌĆ£free and fairŌĆØ, the FM said that one expects a certain degree of seriousness one would expect to associate with the Leader of Opposition. ŌĆ£However, the LoP still thinks that he can be careless and get away with whatever he says. That is not the case,ŌĆØ she said. ŌĆśWonŌĆÖt shy away from undertaking bold reformsŌĆÖ The Finance Minister further said that there is no coalition pressure on the Narendra Modi government during its third term and it would continue to undertake bold reforms. ŌĆ£Bold reforms will continue. No need for any apprehension. Like we had done systemic reforms and welfare schemes for the people, we will continue to do so,ŌĆØ she said. On the ŌĆśdangersŌĆÖ of Revadi culture Asked about her views on the practice where states, including those ruled by the BJP, announcing freebies ahead of elections, the FM called for prudence on part of each state. ŌĆ£Every state and the Centre have to look at work that is capable of being undertaken by the government. Any party aspiring to power should understand what that state/Centre be able to take up. Will it be able to fund the schemes being announced? What I find is that freebies are given for temptation. And then states struggle to meet the bills,ŌĆØ she said. FM Sitharaman referred to Karnataka and Himachal which she said were ŌĆ£classic examplesŌĆØ. ŌĆ£Look at their condition now. State governments are not able to pay current salaries. In Karnataka, an unbelievable number of promises were made. Now they are themselves saying they can't meet their responsibilities,ŌĆØ she said. | 2024-09-16 18:31 | 2024-09-16 | 18:31 |
moneycontrol.com | https://www.moneycontrol.com/technology/apple-watch-se-3rd-generation-with-colourful-plastic-cases-could-launch-in-2025-key-details-article-12823106.html | Apple Watch SE 3rd generation with colourful plastic cases could launch in 2025: Key details | Apple Watch SE 3rd-generation. | Cupertino-based tech giant Apple recently announced its w Watch Series 10 models along with a new colour option for the Watch Ultra 2 at its ‘Glowtime’ event. However, many Apple fans were disappointed after no successor of the Watch SE 3 was announced at the event. Thankfully, this absence does not necessarily indicate a cancelation of the project. According to a new report by Bloomberg’s Mark Gurman, Apple still remains in the development of the Watch SE 3rd generation, and it could be launched in 2025. The report further adds that it will be more affordable than the existing 2022 Watch SE model and will have a plastic body with different colour options. Gurman also mentioned that this change could potentially make this wearable more appealing to children or parents looking to purchase an Apple Watch for their kids. Further, it is expected to feature an upgraded processor, possibly the S10 chipset, which was introduced with the next-generation Apple Watch Series 10. The move also makes sense as many schools in the US and elsewhere are increasingly banning smartphones, which will make the upcoming Apple Watch SE smartwatch (with cellular connectivity) a worthy alternative for children to stay connected while adhering to school policies. The shift to manufacturing a plastic case has also posed some problems related to quality, but all of this is expected to move at a faster pace once Apple completes the transition to a titanium body with its current Watch Series 10 devices. | 2024-09-16 18:31 | 2024-09-16 | 18:31 |
moneycontrol.com | https://www.moneycontrol.com/news/world/israel-warns-time-running-out-to-halt-battle-with-hezbollah-12823119.html | Israel warns time running out to halt battle with Hezbollah | Prospects of ceasefire with Hezbollah dimming (File).Related stories. | Israel's defence minister told the United States that prospects for a halt in fighting with Hezbollah militants along the Lebanon border were dimming, his office said on Monday. Yoav Gallant told his ally, Secretary of Defense Lloyd Austin, in a call that "the possibility for an agreed framework in the northern arena is running out as Hezbollah continues to 'tie itself' to Hamas", an Israeli defence ministry statement said. Lebanon's Iran-backed Hezbollah group has traded near-daily cross-border fire with Israeli forces since Palestinian militant group Hamas attacked Israel on October 7, sparking war in the Gaza Strip. The violence has killed hundreds of mostly fighters in Lebanon, and dozens of civilians and soldiers on the Israeli side. In Lebanon, most of the dead were fighters, while on the Israeli side, there were both fighters and civilians. The fighting has also forced tens of thousands of people on both sides to flee their homes. While rounds of talks mediated by the United States, Qatar and Egypt have been held to try to secure a truce in Gaza, there has been no suggestion of any negotiations to halt the fighting between Hezbollah and Israel. Hezbollah deputy chief Naim Qassem said Saturday his group has "no intention of going to war", but if Israel does "unleash" one "there will be large losses on both sides". Israel and Hezbollah fought a month-long war in the summer of 2006 that killed more than 1,200 people in Lebanon, mostly civilians, as well as 160 Israelis, most of them soldiers. TheIsraeli defence ministrystatement on Monday said Gallant "reiterated Israel's commitment to the removal of Hezbollah presence in southern Lebanon, and to enabling the safe return of Israel's northern communities to their homes." Israeli Prime MinisterBenjamin Netanyahuaddressed the crisis in the north on Sunday, vowing that "the existing situation will not continue". "We will do everything necessary to return our residents safely to their homes," he said. After speaking with residents and authorities in the north, he said: "I hear the distress, I hear the cries. "The status quo will not continue. This requires a change in the balance of power on our northern border." | 2024-09-16 18:30 | 2024-09-16 | 18:30 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/arkade-developers-ipo-subscribed-5-8-times-on-day-1-retail-portion-subscribed-8-times-12823104.html | Arkade Developers IPO subscribed 5.8 times on day 1; retail portion subscribed 8 times | Arkade Developers IPO.Related stories. | Mumbai-basedArkade Developersopened its Rs 410-crore initial public offering for subscription on September 16. The issue garnered strong interest from investors on the first day of bidding. Investors bought 13.79 crore equity shares, which were higher by 5.8 times the IPO size of 2.37 crore equity shares, the subscription data on the exchanges showed. Retail investors as well as non-institutional investors boosted the IPO subscription, buying 8.06 times and 7.9 times the allotted quotas, respectively. Qualified institutional buyers picked 0.24 times the portion set aside for them. The response to the issue from company's employees, too, was strong as they bid 7.63 times the reserved portion. Arkade has reserved Rs 2 crore worth equity shares for its employees. Also read:ÂBlockbuster debut for Bajaj Housing Finance; shares jump nearly 136% to hit upper circuit The real estate development company, which focuses on the development of premium aspirational lifestyle residential premises in Mumbai, has developed 2.2 million square feet of residential property by June 2024. In the last 2 decades, it has completed 28 projects in the MMR (Mumbai Metropolitan Region). The IPO consists of solely fresh issue of shares worth Rs 410 crore, with no offer-for-sale component. The price band for the issue, which closes on September 19, has been fixed at Rs 121-128 per share. Before the issue opening, the company has already mopped up Rs 20 crore via pre-IPO placement of 16.26 lakh equity shares at a price of Rs 123 per equity share. Post pre-IPO placement, the size of the fresh issue has been reduced to Rs 410 crore, from Rs 430 crore earlier. Also read:ÂKRN Heat Exchanger and Refrigeration IPO to open on September 25 The Jain family-owned company will spend Rs 250 crore for the development of ongoing projects, and the remaining IPO funds will be utilised for acquisition of yet-to-be identified land for real estate projects and general corporate purposes. Equity shares will be listed on the BSE and the NSE next week. Unistone Capital is the sole merchant banker to the issue, while Bigshare Services is the registrar to the offer. Also read:ÂPN Gadgil Jewellers expected to list at 60% premium over IPO price on September 17; check latest GMP | 2024-09-16 18:29 | 2024-09-16 | 18:29 |
moneycontrol.com | https://www.moneycontrol.com/news/india/states-should-not-undertake-populist-measures-without-having-ample-revenue-earning-capabilities-fm-sitharaman-on-freebies-12823098.html | States should not undertake populist measures without having ample revenue earning capabilities: FM Sitharaman on freebies | Nirmala Sitharaman. | Finance Minister Nirmala Sitharaman, speaking at News18 India 'Chaupal' conclave, rejected the culture of freebies, saying states must be mindful of their developmental priorities and its revenue generating capabilities. "Every state and the Centre have to look at work that is capable of being undertaken by the government. Any party aspiring to power should understand what that state/centre be able to take up," iterated the finance minister. Citing the examples of Himachal Pradesh and Karnataka, she said both the states are classic examples of regimes undertaking populist measures without having ample revenue earning capabilities. Speaking further, the FM added: "Will the states be able to fund the schemes being announced. What I find is that freebies are given for temptation. And then states struggle to meet the bills. Classic examples are Karnataka and Himachal. Look at their conditions now. State govts are not able to pay current salaries. In Karnataka, an unbelievable number of promises were made. Now they are themselves saying they can't meet their responsibilities." Prime Minister Narendra Modi has repeatedly cautioned against the culture of distributing freebies for votes. Sitharaman stressed that a government should be able to generate “adequate” revenue from providing primary requirements of a society like drinking water, electricity, primary health and education.  Sitharaman said that people should take the benefit of something being given for free; however, it is the government’s responsibility to ensure the scheme does not adversely affect other taxpayers. | 2024-09-16 18:28 | 2024-09-16 | 18:28 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/kross-shares-make-flat-market-debut-settle-over-8-higher-later-12823105.html | Kross shares make flat market debut; settle over 8% higher later | Kross shares make flat market debut; settle over 8% higher later.Related stories. | Shares of auto parts manufacturer Kross Ltd made a flat market debut on Monday and later ended with a gain of over 8 per cent against the issue price of Rs 240. The stock got listed at Rs 240 on both the BSE and NSE. During the day, it soared 12.91 per cent to Rs 271 on the BSE. It ended at Rs 259.50 apiece, up 8.13 per cent. On the NSE, the stock surged 12.87 per cent to Rs 270.89 during the day. Shares of the auto parts manufacturer ended at Rs 257.65, a jump of 7.35 per cent. The company's market valuation stood at Rs 1,674.02 crore. In terms of volume, 25.91 lakh shares of the firm were traded on the BSE and 248.13 lakh shares on the NSE during the day. The initial share sale of Kross Ltd got subscribed 16.81 times on the last day of subscription on September 11. The public offer had a price band of Rs 228-240 per share. The Jamshedpur-based company's IPO had a combination of a fresh issue of equity shares worth Rs 250 crore and an Offer-for-Sale (OFS) aggregating up to Rs 250 crore by the promoters. Kross proposes to utilise the net proceeds of the fresh issue for the purchase of machinery and equipment, payment of debt, and funding the working capital requirements of the company. Besides, a portion will be used for general corporate purposes. Founded in 1991, Kross is a diversified player focused on manufacturing and supplying trailer axle and suspension assembly and a wide range of forged and precision machined high-performance safety critical parts for medium and heavy commercial vehicles and farm equipment segments. | 2024-09-16 18:14 | 2024-09-16 | 18:14 |
moneycontrol.com | https://www.moneycontrol.com/news/business/bold-reforms-to-continue-under-modi-3-0-no-need-for-any-apprehension-fm-sitharaman-12823101.html | Bold reforms to continue under Modi 3.0, no need for any apprehension: FM Sitharaman | Related stories. | Union finance minister Nirmala Sitharaman on Monday brushed aside the clamour that coalition politics will stifle the governance of Modi 3.0. In a conversation with Network 18 Editor-in-Chief Rahul Joshi atNews18's 'ChaupalŌĆÖ event, the finance minister said that ŌĆ£there was no need for any apprehensionŌĆØ over the functioning of the government. "Bold reforms will continue. Like we had done systemic reforms and welfare schemes for the people, we will continue to do so," she said. On IndiaŌĆÖs GDP, the Finance Minister said that ŌĆ£Because of (Lok Sabha) elections, the capex could not happen much in Q1. As a result, impact of capex was muted in Q1.ŌĆØ However, she said that ŌĆ£expenditure will pick up and trigger the GDP growth in coming quarters.ŌĆØ Talking about the new initiatives, Sitharaman said that ŌĆ£We have been able to enlist 2.2 crore skilled workers under Vishwakarma Yojana. We will be giving kits to them and giving them some financial support.ŌĆØ She further added that ŌĆ£we have brought five training and employment skills schemes to help one crore people find employment. For MSMEs we have added eight new reformatory steps to help them get loans without collaterals.ŌĆØ On loan issue of the MSME sector, Finance Minister said that ŌĆ£one major issue that MSMEs were facing was that they were not getting term loans to purchase machinery. We have done our best to solve this.ŌĆØ On the focus on the Modi 3,0, the Finance Minister said, "during Interim Budget, we had said that four classes of people are in focus including women, youth, farmer. We will give development a priority rather than castes." | 2024-09-16 18:14 | 2024-09-16 | 18:14 |
moneycontrol.com | https://www.moneycontrol.com/news/business/cp-issuances-surge-22-year-on-year-to-rs-1-4-lakh-crore-in-august-amid-costlier-bank-loans-12822965.html | CP issuances surge 22% year-on-year to Rs 1.4 lakh crore in August amid costlier bank loans | CP, CD.Related stories. | Fundraising through commercial papers (CP) rose 22 percent year-on-year in August as corporates preferred this route because bank loans became costlier amid the increase in the marginal cost of funds-based lending rates (MCLR). “Companies are turning to CPs as an alternative to bank loans, especially for short-term funding needs. CPs offer flexibility and tend to have lower rates compared to bank working capital loans especially for top credit rated entities, making them a more attractive option,” Venkatakrishnan Srinivasan, founder and managing partner of Rockfort Fincap LLP. Corporates raised Rs 1.40 lakh crore in August 2024, as compared to Rs 1.15 lakh crore in August 2023, and Rs 1.05 lakh crore in July 2024, according to Prime Database. The top five issuers – Reliance Retail Ventures, National Bank for Agriculture & Rural Development (NABARD), Reliance Industries, Reliance Jio Infocomm, and ICICI Securities – raised 30 percent of the overall funds. Reliance Retail Ventures raised Rs 13,275 crore, NABARD Rs 9,700 crore, Reliance Industries Rs 7,000 crore, Reliance Jio Infocomm Rs 5,825 crore, and ICICI Securities Rs 5,685 crore, according to the data. Companies raised Rs 6.26 lakh crore between April and August 2024, a 7.2 percent jump over Rs 5.84 lakh crore garnered between April and August 2023. V. Ramachandra Reddy, Head Treasury, The Karur Vysya Bank, said the Reserve Bank of India's (RBI) prudent measures, including the increase in risk weights for lending to Non-Banking Financial Companies (NBFCs) and the requirement for banks to maintain a meaningful Credit-Deposit (CD) ratio, have led banks to moderate their lending to NBFCs. Consequently, NBFCs have been prompted to explore alternative short-term funding options, resulting in an increase in commercial paper issuances. Increase in MCLR On September 9, Moneycontrol reported that afew banks raised their marginal cost of funds-based lending rates (MCLR) in September to transmit the RBI's 250 basis points (bps)rate hike and respond to the rising costs and sluggish growth of deposits. The State Bank of India increased MCLR by 10 bps across tenures, HDFC Bank increased three-month MCLR by 5 bps, and Punjab National Bank hiked it by 5 bps for tenures between one month and three years, according to their websites. In response to the 250 bps policy rate hike since May 2022, scheduled commercial banks (SCBs) have revised their repo-linked external benchmark-based lending rates (EBLRs) upwards by a similar magnitude. The one-year median marginal cost of funds-based rate (MCLR) of SCBs increased by 170 bps from May 2022 to July 2024. Consequently, weighted average lending rates (WALRs) on fresh and outstanding rupee loans increased by 181 bps and 119 bps, respectively, from May 2022 to June 2024, RBI said. The weighted average domestic term deposit rates (WADTDRs), which include retail and bulk deposits, on fresh and outstanding deposits increased by 243 bps and 188 bps, respectively, during the same period, the RBI report said. Easing yields The yield on CPs eased around 10 bps in August due to higher surplus liquidity in the banking system, and the expectation of a rate cut. “The fall in yields on CPs, despite the rise in issuances, can be explained by the ample liquidity in the system and the expectation of an RBI rate cut following global cues like the Fed's anticipated rate cut,” Srinivasan said. The yield on three months CP issued by NBFCs has eased to 7.55-7.65 percent in August, as compared to 7.65-7.75 percent in July. Entities are opting for short-term CPs to take advantage of the low yields in the money market rather than locking into long-term debt, anticipating that rates may fall further, Srinivasan added. Since the last few months, liquidity in the banking system remained in surplus mode due to government spending. This has led to various short-term rates to fall. To align overnight rates with repo rate, the RBI has conducted various variable rate reverse repo auctions to remove surplus liquidity from the banking system. The liquidity in the banking system is in surplus of around Rs 1.34 lakh crore as on September 15, as per RBI’s data. Outlook Money market experts say that issuances are expected to increase in the coming months. "This trend is likely to continue in the short term. With ample liquidity in the market, borrowers may prefer to continue raising funds through CPs to meet advance tax and GST outflow needs," said Srinivasan. | 2024-09-16 18:02 | 2024-09-16 | 18:02 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/monsoon-rains-dent-state-retailers-diesel-sales-data-shows-12823030.html | Monsoon rains dent state retailers' diesel sales, data shows | The state fuel retailers sold 1.32 million tons of liquefied petroleum gas in the first half of September, up 3.3% from the previous month and down 2.9% from last year..Related stories. | Indian state retailers' diesel sales fell in the first half of September from the previous month, preliminary sales data showed on September 16, as monsoon rains hit industrial activity and mobility. Fuel demand in India, the world's third-biggest oil importer and consumer, typically falls during the four-month monsoon season beginning in June as parts of the country are affected by heavy floods. State retailers sold 2.4 million metric tons of diesel in the first half of September, down 4 percent from the same period in August and by 12.3Â percent from a year earlier, the data showed. Diesel in mostly used by trucks and commercial vehicles. Sales of gasoline, primarily used in passenger vehicles, remained flat at 1.23 million tons. However gasoline sales was down 5.1Â percent from the first of September last year, the data showed. Apart from restricting mobility, monsoon rains also hit demand from the agriculture sector as farmers use gasoil-fired generators for irrigation. Petrol & Diesel Rates Today Monday, 16th September, 2024 PetrolRate in Mumbai Today Monday, 16th September, 2024 DieselRate in Mumbai Today Gasoil consumption is directly linked to industrial activity in Asia's third-largest economy. State retailersIndian Oil Corp,Hindustan Petroleum Corp LtdandBharat Petroleum Corp Ltdown about 90Â percent of the country's retail fuel outlets. The four state fuel retailers sold 1.32 million tons of liquefied petroleum gas in the first half of September, up 3.3Â percent from the previous month and down 2.9Â percent from last year. Aviation fuel sales at 303,600 tons were down 1.1Â percent from the last month, the data showed. | 2024-09-16 17:52 | 2024-09-16 | 17:52 |
moneycontrol.com | https://www.moneycontrol.com/news/india/what-is-one-nation-one-election-an-ambitious-promise-modi-govt-intends-to-fulfil-in-its-3rd-term-12822617.html | What is 'One Nation, One Election'—an ambitious promise Modi govt intends to fulfil in its 3rd term | Voters show their ID cards as they wait to cast their votes in Lok Sabha elections. | The Narendra Modi government is likely to implement "One Nation, One Election" in its third term as it seeks to fulfil one of the key promises made by BJP in its manifesto for the 2024 Lok Sabha elections. With Modi 3.0 government set to complete its 100 days on September 17, a top government official told ANI last week that thepromise of simultaneous pollswill be realised within the next five years. Sources claimed that BJP allies such as TDP and JD(U) also support the idea. In his first Independence Day speech of his third term, PM Modi last month made a strong pitch for "One Nation, One Election" yet again, saying that frequent polls were creating hurdles in the country's progress. He has often spoken about bringing the country out of the endless cycle of elections, which leads to a wastage of resources and money. In March 2024, a high-level committee on 'One Nation, One Election' led by former President Ram Nath Kovind submitted a report supporting the idea. It said that frequent elections create an atmosphere of uncertainty and impact policy decisions, adding that holding simultaneous elections would bring enhanced certainty in policy making. While highlighting the advantages of simultaneous elections, the committee said that 'One Nation, One Election' ensures ease and convenience to voters, avoids voters' fatigue, and facilitates greater voter turnout. The panel said that Lok Sabha and state assembly elections can be held together, followed by synchronised local body polls within 100 days. What is the concept of "One Nation, One Election"? The basic idea of "One nation, One Election" is to conduct Lok Sabha as well as state assembly polls simultaneously. Currently, Lok Sabha elections are fixed to a five-year term and state assemblies have varying election schedules depending on their dissolution or other factors. This means that both elections are held at different times. Each state's legislative assembly has its own tenure, leading to elections being scheduled at different intervals across states. Read also:ÂWhat Kovind-led panel has proposed if there's Hung Parliament or assembly This means that elections to some or the other state assembly is held every year. Later this year, Maharashtra and Jharkhand are scheduled to go to polls. In 2025, elections will be due in Delhi and Bihar. Arguments in favour of simultaneous polls: • Reduction in the cost of conducting elections • Easing the burden on administrative and security forces who otherwise are engaged multiple times in election duties • Government can focus more on governance rather than being in an election mode • Simultaneous elections, according to the Law Commission, will increase voter turnout because it will be more easy for people to cast many ballots at once. Arguments against simultaneous polls: • Changes would be required in the Constitution and other legal frameworks (The Kovind panel report said that a Constitution Amendment Bill will have to be introduced in Parliament amending Article 83 (Duration of Houses of Parliament) and Article 172 (Duration of State Legislatures). This Constitutional Amendment will not seed ratification by the states) • Regional issues might get overshadowed by the national issues if elections are held together • Agreement among all political parties remains a significant hurdle Countries where simultaneous elections are held: Countries where simultaneous elections are conducted are South Africa, Sweden, Belgium, Germany, Japan, Indonesia, the Phillipines. Before submitting its report, the Kovind-led panel studied election processes in six countries including South Africa, Sweden and Belgium. For instance, in South Africa, voters cast their ballots for both the National Assembly and Provincial Legislatures simultaneously. However, municipal elections are held separately from provincial ones in a five-year cycle. The panel noted that Sweden follows the proportional electoral system, which means that political parties are assigned a number of seats in the elected assembly based on their share of votes. (With inputs from agencies) | 2024-09-16 17:44 | 2024-09-16 | 17:44 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/jk-tyre-approves-merger-of-cavendish-industries-12823013.html | JK Tyre approves merger of Cavendish Industries into the company | Both the companies are engaged in a similar line of business, and the amalgamation will result in all the related businesses being housed under one listed company.. | The board of JK Tyre has approved the merger of Cavendish Industries into the company for operational efficiencies, and the amalgamation will result in a share transfer, the company said on September 16. Shareholders will get 92 shares ofJK Tyrefor every 100 shares of Cavendish held, the said the company. Both the companies are engaged in a similar line of business, JK Tyre said, and the amalgamation will result in all the related businesses being housed under one listed company. JK Tyre & Industries hadacquired Cavendish Industries, a Kesoram Industries unit, for Rs 2,195 crore, to enhance its position in the truck and bus radial segment. This is being updated | 2024-09-16 17:39 | 2024-09-16 | 17:39 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/commerce-minister-goyal-bats-for-separate-non-profit-to-house-start-up-india-bhaskar-portal-12823000.html | Commerce minister Goyal bats for separate non-profit to house Start-up India, BHASKAR portal | Goyal urges for a separate non-profit for start-ups.Related stories. | The start-up ecosystem has become large enough to warrant a separate non-profit to house its various programmes like Start-up India and the newly launched BHASKAR portal, Commerce and Industry Minister Piyush Goyal said. “Start-up India should have a house of its own and not be integrated with Invest in India,” the minister said at the launch of BHASKAR portal on September 16. The minister noted that the non-profit or Section 8 company can then be handed over to Unicorns to run in a professional manner. “The government shouldn't be doing everything, we will be there to support them," he added. National Startup Advisory Council can also be part of that company in partnership with stakeholders, Goyal said at the launch of a BHASKAR portal, which is being touted as a one-stop solution for start-ups or aspiring entrepreneurs to connect them with other parts of the ecosystem. The Bharat Startup Knowledge Access Registry (BHASKAR) portal will also work as a registry portal, besides being a chat platform for innovators and entrepreneurs. The commerce minister also argued for a silicon valley for India, which can house all kinds of start-ups and investors and can be one place to pitch ideas. Goyal said that the country should think about a whole new township to support entrepreneurs and start-ups.. “BHASKAR will help start-up players connect with each other, collaborate and competewith each other. It will bring hope, aspirations, and success to kickstart an ambitious revolution,” the minister noted. Goyal also urged start-ups to become a part of Indian delegations to other nations. “We should look outward, many of our unicorns can become global players,” Goyal said. | 2024-09-16 17:32 | 2024-09-16 | 17:32 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/blockbuster-debut-for-bajaj-housing-finance-shares-jump-nearly-136-to-hit-upper-circuit-12822987.html | Blockbuster debut for Bajaj Housing Finance; shares jump nearly 136% to hit upper circuit | Bajaj Housing Finance debuts strong.Related stories. | Shares ofBajaj Housing Financemade a solid market debut on September 16 and ended with a huge premium of nearly 136 percent against the issue price of Rs 70. The stock was listed at Rs 150 on the BSE and NSE, reflecting a jump of 114.28 percent from the issue price. It zoomed 135.7 percent to settle at Rs 164.99 — its upper circuit limit — on the BSE. At the NSE, shares of the firm surged 135.71 percent to settle at the upper circuit limit of Rs 165. The company's market valuation stood at Rs 1,37,406.09 crore. In traded volume terms, 608.99 lakh shares of the firm were traded on the BSE and 6,367.27 lakh shares on the NSE during the session. "Magnificent subscription demand by breaking all records got listed as per our expectation. We believe Bajaj brand always rewarded investors and housing finance business give similar opportunity to invest in one of India's leading players in the housing finance sector," Prashanth Tapse, Senior VP (Research) at Mehta Equities said. The Rs 6,560-crore initial public offer ofBajaj Housing Finance received 63.60 times subscription on September 11, the last day of bidding, amid overwhelming participation from institutional buyers. The initial share sale had a price band for the offer at Rs 66-70 per share. The IPO had a fresh issue of equity shares of up to Rs 3,560 crore and an offer-for-sale (OFS) of equity shares worth Rs 3,000 crore by parent Bajaj Finance. In the equity market, the 30-share BSE Sensex climbed 97.84 points or 0.12 per cent to settle at a new record peak of 82,988.78. During the day, it jumped 293.4 points or 0.35 per cent to hit a fresh lifetime intra-day high of 83,184.34. The NSE Nifty went up by 27.25 points or 0.11 percent to settle at 25,383.75. During the day, the benchmark gained 89.2 points or 0.35 percent to hit a new intra-day record peak of 25,445.70. The share sale was conducted to comply with the Reserve Bank of India's (RBI) regulations, which require upper-layer non-banking finance companies to be listed on stock exchanges by September 2025. Proceeds from the fresh issue will be used to augment the company's capital base to meet future capital requirements. It is a non-deposit-taking housing finance company registered with the National Housing Bank in September 2015. The firm offers financial solutions for purchasing and renovating residential and commercial properties. It has been identified and categorised as an "upper layer" NBFC by the RBI, and its comprehensive mortgage products include home loans, loans against property, lease rental discounting and developer financing. | 2024-09-16 17:31 | 2024-09-16 | 17:31 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/krn-heat-exchanger-and-refrigeration-ipo-to-open-on-september-25-12823006.html | KRN Heat Exchanger and Refrigeration IPO to open on September 25 | KRN Heat Exchanger and Refrigeration IPO.Related stories. | Rajasthan-basedKRN Heat Exchanger and Refrigerationhas decided to open its initial public offering for subscription on September 25. The price band for the issue will be announced later this week. The IPO comprises solely of a fresh issue of 1.55 crore equity shares by the company, with no offer-for-sale component. Hence, the entire issue proceeds will be received by the company. The heat exchangers' maker will spend Rs 242.46 crore for setting up a new manufacturing facility by its subsidiary KRN HVAC Products at Alwar, Rajasthan. The remaining fresh issue money will be used for general corporate purposes. The company already spent Rs 36.44 crore for the said manufacturing facility by July 15. Also read:ÂPN Gadgil Jewellers expected to list at 60% premium over IPO price on September 17; check latest GMP In recent past, it had raised Rs 9.54 crore via pre-IPO placement of 4.77 lakh equity shares at a price of Rs 200 apiece. Hence, the fresh issue size has been reduced by 4.77 lakh shares. If we consider Rs 200 per share as the upper price band, then the total IPO size may be around Rs 310 crore. The company will launch its anchor book for a day on September 24, while the public issue will close on September 27. Also read:ÂCarlyle's dividend haul from Hexaware touches Rs 1,380 crore in three years since its acquisition With manufacturing facility in Rajasthan, KRN Heat Exchanger manufactures fin and tube type heat exchangers for the heat ventilation air conditioning and refrigeration industry (HVAC&R). The company's financial performance remained strong in the past years, with profit increasing by 20.9 percent year-on-year to Rs 39 crore in the year ended March 2024. Revenue during the fiscal year 2024 rose by 24.6 percent to Rs 308.3 crore, compared to Rs 247.5 crore in the previous fiscal. The equity shares will debut on both BSE and NSE. Holani Consultants is the sole book running lead manager to the issue, while Bigshare Services is acting as the registrar to the offer. | 2024-09-16 17:31 | 2024-09-16 | 17:31 |
moneycontrol.com | https://www.moneycontrol.com/news/world/tiktok-faces-off-against-us-law-mandating-sale-of-chinese-ownership-in-federal-court-12822936.html | Strongest typhoon since 1949 hits Shanghai and knocks out power to some homes | Representative pic.Related stories. | The strongest typhoon to hit Shanghai since at least 1949 flooded roads with water and broken tree branches, knocked out power to some homes and injured at least one person as it swept over the financial hub Monday. More than 414,000 people had been evacuated ahead of the powerful winds and torrential rain. Schools were closed and people were advised to stay indoors. One elderly man was injured by a falling tree on Shanghai's Chongming Island, according to state media. He was taken to a hospital for treatment. Typhoon Bebinca made landfall around 7:30 a.m. in the sprawling Pudong business district with winds of 151 kph (94 mph) near its center. Torrential rains flooded roads in the district, according to images broadcast by state media. Elsewhere in Shanghai, uprooted trees and fallen branches blanketed some roads and sidewalks. As the typhoon eased, responders cleared branches and other objects blown around by the storm. More than 60,000 emergency responders and firefighters were at hand to lend aid in Shanghai. Authorities said winds uprooted or damaged more than 10,000 trees and knocked out power for at least 380 households, damaging four houses. At least 53 hectares (132 acres) of farmland were flooded. The typhoon weakened as it moved inland, dousing parts of Jiangsu, Anhui and Zhejiang provinces. Flights, ferries and train services have been suspended in the megacity and in neighboring provinces, disrupting travel during China’s three-day Mid-Autumn Festival. Shanghai’s airports canceled more than 1,400 flights, while in Hangzhou, about 170 kilometers (106 miles) southwest of Shanghai, authorities also canceled more than 180 flights. Weather authorities expected Shanghai and parts of neighboring provinces to receive up to 30 centimeters (12 inches) of rainfall between Monday and Wednesday. Shanghai, which has 25 million people, is rarely hit by strong typhoons, which usually make landfall further south in China. Typhoon Yagi hit China’s southern Hainan island earlier this month and has caused devastation in Southeast Asia. In Myanmar, Yagi caused at least 74 deaths with dozens missing. Four deaths were reported in Hainan, at least 10 have died in Thailand and 20 in the Philippines. Vietnam has reported more than 230 people killed in the typhoon and subsequent flooding and landslides, with dozens more still missing. | 2024-09-16 17:27 | 2024-09-16 | 17:27 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sebi-speeds-up-bonus-issue-process-shares-to-be-made-available-for-trading-on-t2-12822979.html | Sebi speeds up bonus-issue process, shares to be made available for trading on T+2 | As of now, the shares is available for trading around two weeks from the record date..Related stories. | All bonus issues announced on or after October 1 will be made available for trading two days from the record date. As of now, the shares from such issues are available only after about two weeks from the record date. Record date is the cutoff date that the issuer company considers to decide which shareholders are eligible for a bonus issue. The Securities and Exchange Board of India (Sebi) has enabled T+2 trading of bonus shares where T is the record date, through a circular issued on September 16. The circular detailed the procedure for this and added that any delay in compliance with the timelines as mentioned in the procedure will attract penalties as given under point 4.1 of SEBI circular SEBI/HO/CFD/DIL2/CIR/P/2019/94 dated August 19, 2019 on ‘Non-compliance with certain provisions of SEBI ICDR Regulations’. Also read:ÂMadhabi Puri Buch invested in listed securities and foreign funds, violated SEBI code, alleges Congress and allies The procedure is as follows: 1.The Issuer proposing a bonus issue shall apply for the in-principle approval under Regulation 28(1) of SEBI (LODR) Regulations, 2015, to the Stock Exchange within 5 working days from the date of board meeting approving the Bonus issue. 2.The Issuer while fixing and intimating the record date (T day) to the Stock Exchange as required under Regulation 42(1) of SEBI (LODR) Regulations, 2015, for the proposed bonus issue, shall also take on record deemed date of allotment on next working date of record date (T+1 day). 3.Upon receipt of intimation of the record date (T Day) and requisite documents from the Issuer, the Stock Exchange(s) shall issue notification accepting the record date and notifying the number of shares considered in the bonus issue. The notification shall include the deemed date of allotment (T+1 day). 4.After issuance of notification issued by the Stock Exchange for acceptance of record date, the Issuers shall ensure submission of the requisite documents to Depositories for credit of bonus shares in the depository system latest by 12 P.M. of next working day of the record date (i.e. T+1 day). 5.The Issuer shall ensure upload of the distinctive number (DN) ranges in the DN database of the depository and stock exchange(s) shall ensure updation of relevant dates before credit of bonus shares. 6.The shares allotted pursuant to the bonus issue shall be made available for trading on the next working date of allotment (T+2 day). | 2024-09-16 17:25 | 2024-09-16 | 17:25 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/northern-arc-capital-ipo-fully-subscribed-on-day-1-hni-retail-take-lead-12822934.html | Northern Arc Capital IPO fully subscribed on day 1; HNI, retail take lead | Northern Arc Capital IPO.Related stories. | Northern Arc Capital's initial public offering received good response on September 16, the first day of bidding, as it was fully subscribed due to support from non-institutional investors and retail investors. Thefinancial services platformintends to raise Rs 777 crore via the maiden public issue at the upper end of price band of Rs 249-263 per share. The IPO is a mix of fresh issuance of equity shares worth Rs 500 crore, and an offer-for-sale (OFS) 1.05 crore shares worth Rs 277 crore by existing shareholders. The participants bought 6.15 crore equity shares on Monday, higher by 2.87 times the offer size of 2.14 crore equity shares, the subscription data available on the exchanges showed. Non-institutional investors were at the leading position, bidding 4.48 times the allotted quota, followed by retail investors who bought 3.87 times the reserved portion. Qualified institutional buyers picked 2 percent shares of the 58.48 lakh shares reserved for them. Employees also showed good interest in the issue, buying 0.92 times the part set aside for them. The company has reserved 5.9 lakh equity shares for its employees and will allot these shares at a discount of Rs 24 per equity share. Half of the net public issue size (excluding employees' book) has been reserved for qualified institutional buyers, 15 percent for non-institutional investors and the remaining 35 percent shares for retail investors. TheChennai-based companyhas already mobilised Rs 228.9 crore from several anchor investors on September 13 including Quant Mutual Fund, SBI Life Insurance Company, Singularity Equity Fund, Volrado Venture Partners Fund, Abakkus Diversified Alpha Fund, Kotak Mahindra Life Insurance, Societe Generale, and Reliance General Insurance Company. The anchor book is a part of qualified institutional buyers' book. Investors like LeapFrog Financial Inclusion India II, Accion Africa-Asia Investment Company, 360 ONE Special Opportunities Fund, 3 Eight Roads Investments Mauritius, Dvara Trust, and Sumitomo Mitsui Banking Corporation will offload their shares in the company via offer-for-sale. LeapFrog Financial Inclusion India (II), and Augusta Investments II Pte are the biggest shareholders in the professionally managed company, holding 20.67 percent and 17.87 percent stake, respectively. Northern Arc Capitalthat offers loans to the under-served households and businesses is going to utilise fresh issue proceeds for its future capital requirements towards onward lending. It has been operating in the MSME, microfinance institution and consumer finance sectors. ICICI Securities, Axis Capital, and Citigroup Global Markets India are the merchant bankers to the issue. | 2024-09-16 17:24 | 2024-09-16 | 17:24 |
moneycontrol.com | https://www.moneycontrol.com/news/world/pak-govt-delays-tabling-of-controversial-constitutional-amendment-bill-in-parliament-12822995.html | Pak govt delays tabling of controversial constitutional amendment bill in parliament | Pak govt delays tabling of controversial constitutional amendment bill in parliament.Related stories. | Pakistan's coalition government was on Monday forced to once again delay the tabling of a controversial constitutional amendment bill in the parliament, apparently due to a lack of required numbers to pass it. The details of the amendments are still a mystery as the government has not officially shared it with the media or discussed it publically. What has been reported so far shows that the government plans to increase the retirement age of judges and fix the tenure of the chief justice of the Supreme Court. Senator Irfan Siddiqui of the ruling Pakistan Muslim League-Nawaz (PML-N) told the media that the amendment bill would not be tabled in the parliament on Monday. Speaking to Geo News, Siddiqui said sessions of both houses on Monday were to be "prorogued” and “would next be called when we would be prepared from all angles to introduce a constitutional amendment”. Asked if it was possible for the matter to be delayed for months, the PML-N senator replied in the negative. He added that the legislation is likely to be tabled within a week or two. "It was our wish that this [legislation is passed] within two days […],” the senator said. The government was forced to delay the move of tabling the amendment bill in the parliament after its efforts to get the support of Maulana Fazlur Rehman, the chief of Jamiat Ulema-i-Islam (JUI-F), failed. To pass the amendment, the government needs 224 votes in the National Assembly and 64 in the Senate. The coalition strength in the NA is 213 and 52 in the Senate. The JUI-F, with eight NA members and five senators, is in a position to play a major role. The government claims that if Rehman supported the amendment, it would be passed in both houses as the government had already won the support of other smaller parties. Siddiqui described Rehman as “very flexible” during meetings and quoted him as saying that he “did not have a principle difference” on some of the proposed legislation but stressed the need for time to review the package. Sources said that the JUI-F chief supports the amendments but not the entire package. He also wants that the PTI should also be taken on board to create consensus on the constitutional package of changes. Meanwhile, the National Assembly met at around midday where opposition Pakistan Tehreek-e-Insaf party heavily criticized the government for trying to weaken the judiciary. Former speaker and PTI leader Asad Qaiser strongly condemned the “use of Parliament as a rubber stamp”, saying it has been turned into a joke. He claimed that even the law minister did not know the proposed draft. "So if a government representative does not know, then where has this document come from?” He said that the PTI was in favour of judicial reforms, but such reform should be introduced after debate and discussions. "Is this how you wanted to pass the bill, in the dark of the night like thieves, on Saturday and Sunday night?” In response, Law Minister Azam Nazeer Tarar said that the bill had “not yet been presented before the federal cabinet as a draft nor in CCLC (Cabinet Committee for Disposal of Legislative Cases)”, adding that once it is presented before the parliament, its details would be known. Defence Minister Khawaja Asif said the legislation was an attempt to correct constitutional imbalances, especially regarding the parliament. “It is an attempt to undo the 19th Amendment,” Asif added, referring to legislation that envisaged a new system for appointments in the superior courts. | 2024-09-16 17:12 | 2024-09-16 | 17:12 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/adani-wilmar-jv-stake-sale-joint-next-month-12822984.html | Adani, Wilmar to Start Stake Sale in Joint Venture Next Month | Majority owners of Adani Wilmar are planning to sell a roughly 13% interest in the company — valued at about $736 million - to comply with securities laws, people familiar with the matter said..Related stories. | Adani Enterprises and Wilmar International are expected to start the sale of a minority stake in their consumer joint venture Adani Wilmar as early as next month to abide by shareholding regulations, according to people familiar with the matter. The majority owners ofAdani Wilmarare planning to sell a roughly 13% interest in the company — valued at about $736 million based on Monday’s closing price - to comply with Indian securities laws, the people said, asking not to be identified discussing confidential information. Local regulations require at least a 25% shareholding should be with non-founders within three years of listing. Adani Wilmar’s stock climbed 2.1% on the news, and closed 1.4% higher on Monday. The shares have advanced 3% this year, giving the company a market value of $5.7 billion. The broader gauge S&P BSE Sensex has risen almost 15%. Since the flagship of billionaire Gautam Adani’s conglomerate and Wilmar hold almost 44% each in Adani Wilmar, this 88% overall shareholding needs to be pared down to 75% by February when the three-year grace period ends. The stake could be sold in one or two tranches by February and advisers will soon start meeting investors in the US, Southeast Asia as well as India, the people said. Deliberations are ongoing and no final decisions have been made, the people said. A representative for Adani Enterprises didn’t have any immediate comment when contacted by Bloomberg News, while Wilmar declined to comment. Jefferies Financial Group Inc., Nuvama Wealth Management Ltd. and SBI Capital Markets are working with Adani Enterprises and Wilmar on their divestment plans, Bloomberg reported on July 18. The sale will be a barometer of investor appetite for the consumer goods maker that’s just returned to profit. The ports-to-power conglomerate has begun tapping capital markets as it moves past the scathing short seller attack from Hindenburg Research in early 2023. Adani Group has denied the allegations from Hindenburg. Adani Energy Solutions Ltd. raised $1 billion through a share sale last month while Adani Enterprises is considering similar. Established in 1999, Adani Wilmar has 23 plants in India and sells kitchen staples for Indians, including edible oil, wheat flour, rice, pulses and sugar. | 2024-09-16 17:05 | 2024-09-16 | 17:05 |
moneycontrol.com | https://www.moneycontrol.com/news/business/personal-finance/why-senior-citizens-over-70-need-seperate-health-insurance-covers-despite-ayushman-bharat-12822272.html | Ayushman Bharat scheme: Why senior citizens over 70 need separate health insurance covers despite PM-JAY | Ayushman Bharat: Do senior citizens over the age of 70 years still need independent health covers?.Related stories. | First the good news: The central government has brought cheer to senior citizens, who are above 70 years and are reeling under rising healthcare costs coupled with a sharp rise in health insurance premiums. Ayushman Bharat-PM-JAY (Pradhan Mantri Jan Aarogya Yojana), the government-sponsored health insurance scheme for low-income groups, has been extended to all senior citizens over the age of 70 years, irrespective of their income levels. Predictably, social media is abuzz with excitement. Some social media posts imply that an individual health policy may not be needed anymore for such senior citizens. However, this is not correct. And here's why. A boon for senior citizens who cannot afford health insurance Insurance officials and independent experts have given a thumbs up to the government's policy decision, but with several caveats. “Senior citizens can make the best choice for their healthcare needs, regardless of income. They will receive the much-needed financial protection and care they deserve,” says Aashish Sethi, Head-Health SBU and Travel, Bajaj Allianz General Insurance. The announcement has been music to the ears for senior citizens who cannot afford health insurance covers or are unable to obtain it due to theirpre-existing diseasessuch as diabetes, hypertension, cancer, heart condition etc. "It will provide essential and timely healthcare access to an aging population that is often financially vulnerable and prone to chronic conditions. This reduces the financial burden on families and ensures elderly individuals receive timely medical care,” says Rupinderjit Singh, SVP-Retail Health at ACKO Insurance. Those who already have health insurance policies in place will not be excluded from this scheme's purview. “For the first time, the government is covering senior citizens, above 70 years old, on a universal basis. Even for people who have health covers, this will act as an additional layer of protection,” says Segar Sampathkumar, Director, Health, General Insurance Council. Also read:ÂAyushman Bharat scheme's expansion not enough. Quality & choice of care also important Not useful for all senior citizens However, not all elderly people in the 70-years-plus age-group may find the government policy useful. “This is meant for those looking for basic level of care. They can only visit empanelled cashless hospitals where the treatment rates are frozen,” says an insurance official. Elderly people are bound to find queuing up for treatment or diagnostic tests challenging, which is likely to be the case with Ayushman Bharat scheme. To be sure, the government is yet to spell out fine prints of the programme. Clarity is awaited on the contours of the scheme for senior citizens, including if and how it will be different from the existing facility that covers below-poverty-line (BPL) families. It's still unclear whether the government will extend some concessions for the elderly, keeping their vulnerable health status and limited mobility in mind. “For instance, if they want a single private room for themselves, that option is unlikely to be available. Tax-payers’ money is being used to fund the Ayushman Bharat scheme. Why should the money be used to finance treatment of affluent people seeking premium facilities such as private rooms?” says the official quoted earlier. Besides, there are several other practical hurdles. “Even if they do not seek luxury care, many would be comfortable getting treated, say, by their long-time physician or cardiologist, who may not be attached to an Ayushman Bharat-empanelled hospital,” says another official. In such cases, they will be compelled to go to a hospital that their doctor recommends. To make matters worse, if they do not have independent health covers, they will be forced to pay out of their pockets. Proximity is another major challenge. Patients over the age of 70 years are likely to have mobility issues. If there is no Ayushman Bharat-empanelled hospital in their vicinity, the distance is likely to cause more inconvenience for both patients and their care-givers, insurance officials argue. Also read:ÂHealth insurers launch new senior citizen-specific covers: Are they worth your while? Senior citizens must not ignore independent health covers The practical approach for well-heeled senior citizens is to treat Ayushman Bharat cover as a back-up option and not substitute for standalone covers. "Combining both will ensure comprehensive protection, offering peace of mind for senior citizens and their families," says Singh of ACKO. Ideally, primary protection should be provided by their base health insurance policies, assuming they can afford the high cost of premiums.“These [independent health insurance] policies offer both higher coverage limits and a wider range of treatment. Such policies provide access to a larger network of hospitals, including premium private facilities, which are unlikely to be empanelled under government schemes,” says Sethi. “Higher sum insured is critical for elderly patients dealing with chronic conditions or high-cost treatment such as surgeries, cancer care, or advanced diagnostics. Maintaining an independent health cover ensures continuous coverage which is especially vital for those who have pre-existing conditions,” says Amit Chhabra, Chief Business Officer, Policybazaar.com. Ailments at advanced age will necessitate specialised treatment for whichsum insured of Rs 5 lakh is inadequate. “Age-related illnesses can sometimes lead to costly treatments, placing a significant financial burden on the elderly, especially as they often lack a regular income stream. Those who are already covered under health insurance policies, should persist with their independent covers,” says Chhabra. If health premiums hurt your pocket, you can look at adding a super top-up policy, which kicks in only after the base cover is exhausted. This combination will be much cheaper than buying a single large health cover. | 2024-09-16 17:05 | 2024-09-16 | 17:05 |
moneycontrol.com | https://www.moneycontrol.com/news/business/how-transition-bonds-fuel-decarbonisation-in-high-emission-sectors-mc-explains-12822818.html | How transition bonds fuel decarbonisation in high-emission sectors: MC explains | FIle photo.Related stories. | As the global push for a low-carbon economy intensifies, the focus is increasingly shifting to hard-to-abate sectors such as cement, steel, oil & gas, chemicals, etc. These industries, characterised by high emissions and challenging decarbonisation processes, are now exploring financial instruments like transition bonds to aid their journey towards sustainability.  Earlier, in December 2023, Prime Minister Narendra Modi had stated that India would require at least $10 trillion by 2070 to achieve its net zero target. Consequently, an expert committee on climate finance was set up by the IFSCA (International Financial Services Centres Authority) on December 21, 2023, to create a plan for building a climate finance system at GIFT IFSC, with a special emphasis on transition finance. The committee recently submitted its report and recommendations. A consultation paper about the framework to list such bonds will be out in the coming weeks, Moneycontrol reported on September 13. But what is transition finance and how can it accelerate decarbonisation in emission-intensive sectors? MC explains: What are transition bonds? Transition bonds are a relatively new class of debt instruments designed to support companies in high-emission sectors as they transition towards more sustainable operations. Unlike green bonds, which are typically restricted to financing projects with direct environmental benefits (such as renewable energy), transition bonds provide more flexibility. They can be used to fund initiatives that help companies reduce their carbon footprint , such as investing in cleaner technologies, enhancing energy efficiency, or even altering production processes. Why do the cement and steel sectors need transition finance? The cement and steel industries are among the largest contributors to global CO₂ emissions. The production processes for these materials are energy-intensive and rely heavily on fossil fuels. While advances in renewable energy have helped make significant progress in decarbonising the power sector, cement and steel production present unique challenges. For instance, the cement industry emits CO₂ not just from fuel combustion but also from the chemical process of calcination. Similarly, steel production relies on carbon-intensive methods, like blast furnaces. Transitioning these sectors to greener operations requires substantial capital investment. Technologies such as carbon capture, utilisation, and storage (CCUS), hydrogen-based steelmaking, and using alternative materials for cement production look like they will remain costly and complex to implement at scale, which is where transition bonds come in. How transition bonds can drive decarbonisation? Transition bonds provide funding for the adoption of low-carbon technologies such as CCUS in cement and steel production. They support investment in energy-efficient equipment and processes, helping reduce emissions through innovations like electric arc furnaces in steelmaking, and alternative binders in cement production. By facilitating long-term sustainability plans, these bonds help companies meet regulatory demands and stay competitive as carbon costs increase. When will India start issuing these bonds? The IFSCA is set to release a consultation paper within the next two weeks, laying the foundation for a framework that will guide the issuance of these crucial bonds | 2024-09-16 16:59 | 2024-09-16 | 16:59 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/pn-gadgil-jewellers-expected-to-list-at-60-premium-over-ipo-price-on-september-17-check-latest-gmp-12822935.html | PN Gadgil Jewellers expected to list at 60% premium over IPO price on September 17; check latest GMP | PN Gadgil Jewellers shares will be listed on the exchanges on Tuesday, September 17..Related stories. | PN Gadgil Jewellers shares will be listed on the exchanges on September 17 after receiving a whopping 59.41 times subscription. Earlier, the Rs 1,100-crore initial share sale raised Rs 330 crore from anchor investors. The Maharashtra-based jewellery retail chain company's IPO was a combination of a fresh issue of equity shares worth up to Rs 850 crore and an offer for sale (OFS) of equity shares to the tune of Rs 250 crore by promoter SVG Business Trust. Narendra Solanki, Head Fundamental Research - Investment Services, Anand Rathi Shares and Stock Brokers, said: "as per the market intelligence the issue is expected to list with decent gains and post listing, investors may choose to book profits." "On valuation parse, at the upper price band the company’s implied market cap is around Rs 65,130 Mn valuing at PE of 42.2 times for FY24. Looking at the company’s stable and growing profits and returns ratios we have subscribe-long term rating on the IPO," he added. According to multiple platforms that track the grey market premium activities, the shares of P N Gadgil are commanding a GMP in the price range of Rs 309 in the unlisted market, indicating a premium listing gain of over 64 percent. Akriti Mehrotra, Research Analyst at Stoxbox, said "P N Gadgil Jewellers is poised for a strong debut on the stock exchanges on 17th September 2024, potentially commanding a premium of approximately 60% above the upper band price." India's jewellery market benefits from a profound cultural affinity for gold, which is valued as a store of wealth, a hedge against inflation, and collateral for loans. PNG has leveraged this cultural affinity effectively, boasting a diverse product range with over 10,000 SKUs in gold, 1,200 in silver, 2,700 in platinum, and 24,000 in diamond jewellery, catering to a broad spectrum of customer needs, she noted. Operating 39 stores—38 in Maharashtra and Goa and one in the US—PNG has established a strong brand presence and is strategically expanding into underserved Tier I and Tier II cities, with plans to add 12 new stores in Maharashtra by FY26. Prashanth Tapse, Sr VP Research at Mehta Equities Ltd, expects the IPO to debut with a healthy listing gain of anything above 50 percent of its issue price. "P N Gadgil listing is matching the time when gold is also shining almost near all-time high, we believe the shine can be seen on listing day. We believed P N Gadgil Jewellers Ltd (PNG) IPO offer gave investors a unique opportunity to invest in the 2nd largest organized jewellery retailer in Maharashtra," he said. | 2024-09-16 16:57 | 2024-09-16 | 16:57 |
moneycontrol.com | https://www.moneycontrol.com/news/india/haryana-polls-bjps-rohtash-jangra-withdraws-nomination-from-sirsa-party-likely-to-support-gopal-kanda-12822730.html | Haryana polls: BJP's Rohtash Jangra withdraws nomination from Sirsa; party likely to support Gopal Kanda | In the upcoming state Assembly elections, both the BJP and the Congress will contest 89 out of 90 seats. | BJP candidate from Sirsa assembly constituency Rohtash Jangra announced on September 16 that he has withdrawn his nomination for the seat. The move suggests that the ruling party may extend its support to Gopal Kanda, the leader of the Haryana Lokhit Party, in the upcoming Assembly election. Kanda is a sitting MLA from Sirsa. He had earlier extended his support to the BJP government. "I have withdrawn my nomination. The decision has been taken in the interest of the state and the country... we have to ensure a 'Congress Mukt Haryana'," Jangra toldPTI. On being questioned if the decision was taken in Kanda’s favour, Jangra said that Kanda has supported BJP for five years. The decision has been taken keeping in mind Sirsa’s development, said Jangra. In the upcoming state Assembly elections, both the BJP and the Congress will contest 89 out of 90 seats. The Congress has conceded the Bhiwani constituency to the CPI(M). The BJP, last week, announced its third and final list of candidates for the Haryana polls, fielding Jangra from Sirsa. Reacting to Jangra’s announcement, BJP leader Ashok Tanwar toldANI, “It was the decision of the party and Rohtash Jangra has withdrawn his nomination papers. Our main aim is to keep the state away from the Congress's politics of lies and deception.” Polling for the 90 Assembly seats in Haryana will take place on October 5. The counting of votes will take place on October 8. The incumbent BJP aims to secure a third consecutive victory, but faces a stiff challenge from a resurgent Congress. The Congress party seeks to capitalise on the anti-incumbency factor. | 2024-09-16 16:55 | 2024-09-16 | 16:55 |
moneycontrol.com | https://www.moneycontrol.com/technology/apple-ipad-and-mac-to-get-an-update-tonight-how-to-update-things-to-know-and-more-article-12822844.html | Apple iPad and Mac to get an update tonight: How to update, things to know and more | macOS Sequoia.Updating iPad to iPadOS 18: Things to know, steps to update and more.Updating Mac to macOS Sequoia: Steps, things to keep in mind and more. | Alongside the iOS 18 update, Apple will also roll out the next-generation operating systems – iPadOS 18 for iPads, macOS Sequoia for Macs, tvOS 18 for Apple TV and watches 11 for Apple Watches – later tonight. If you are planning to update your iPads, Mac, AirPods, TV and Watch with the latest version of the operating system, here’s all that you need to know. (If you want to know how to update your iPhone to iOS 18,click hereto read the detailed guide)Updating iPad to iPadOS 18: Things to know, steps to update and moreCompatible iPads iPad Pro (M4) iPad Pro 12.9″ (3rd generation and later) iPad Pro 11″ (1st generation and later) iPad Air (M2) iPad Air (3rd generation and later) iPad (7th generation and later) iPad mini (5th generation and later) Things to do before updating iPads to iPadOS 18 Charge the iPad to 100%, if possible. But at least 50% charge is mandatory. Free up storage space to download and install iPadOS 18. Take complete backup to keep your data safe in case something goes wrong Remove unused apps. Steps to update iPad Open Settings > General > Software Updates. Here check for update and tap on “Download and Install” option. Wait for the process to complete.Updating Mac to macOS Sequoia: Steps, things to keep in mind and moreMacOS Sequioa will also rollout tonight and to update it, here are a few things that you need to keep in mind. Compatible Macs iMac (2019 and later) iMac Pro (2017 and later) Mac Studio (2022 and later) MacBook Air (2020 and later) Mac mini (2018 and later) MacBook Pro (2018 and later) Things to keep in mind before updating Macs to macOS Sequoia Charge the Mac to 100% and keep it connected to power supply, if possible Clear up some storage space Make sure to have fast internet connectivity Back up your Mac Steps to update Mac to macOS Sequoia Open System Settings or System Preferences from the Apple menu In System Settings, click General in the sidebar, then Software Update on the right. In System Preferences, click Software Update. Wait for Software Update to check for new software. Click Update or Upgrade if new software is available. Enter your administrator password when prompted. Allow your Mac to restart and complete the installation process | 2024-09-16 16:54 | 2024-09-16 | 16:54 |
moneycontrol.com | https://www.moneycontrol.com/news/india/yogis-special-thakur-force-akhilesh-questions-ups-stf-encounter-killings-12822978.html | 'Yogi's special Thakur force': Akhilesh questions UP's STF encounter killings | Akhilesh Yadav. | Samajwadi Party leader and former Uttar Pradesh CM Akhilesh questioned the intention of theYogi Adityanathgovernment behind the encounter killings in the state, while speaking at a conclave organised by News18 on Monday. Calling the Special Task Force (STF) of the UP Police Yogi's "special Thakur police", Yadav alleged that encounters are being done in the state to eliminate people from certain castes and religion. He said that when there's a judiciary to punish the criminals, why is the STF unlawfully shooting them, hinting at the encounter of Vikas Dubey and others. Gangster Vikas Dubey's death in 2020 had put the spotlight on the steep rise in encounters in Yogi's tenure. Since the timeYogi Adityanathcame to power in March 2017, the BJP has been bestowing fulsome praise for his "handling of crime", including "bulldozer justice". News18 India is presenting the ninth season of its annual summit, Chaupal, today, bringing together key personalities from the fields of politics, sports and entertainment to discuss and shape India’s growth narrative. | 2024-09-16 16:54 | 2024-09-16 | 16:54 |
moneycontrol.com | https://www.moneycontrol.com/news/india/akhilesh-yadav-accuses-bjp-government-officials-of-land-scam-in-ayodhya-12822970.html | Akhilesh Yadav accuses BJP, government officials of land scam in Ayodhya | Akhilesh Yadav. | Samajwadi Party presidentAkhilesh Yadavon Monday accused the BJP and government officials of involvement in a major land scam in Ayodhya, saying the ongoing land-related theft in the holy city was part of a broader pattern of corruption facilitated by those in power. Speaking to News18 India at the 'Chaupal' conclave, the SP leader alleged that the ongoing land-related theft in the holy city was part of a broader pattern of corruption facilitated by those in power. Yadav said the farmers in Ayodhya who wanted to donate the land for a good cause were denied compensation when the circle rate was raised. He also alleged the involvement of BJP and government officials in illegal activities. The former chief minister also highlighted the alleged involvement of the BJP officials in illegal activities. The former CM assured the people of Ayodhya that when the Samajwadi Party government comes to power in two years, they will transform Ayodhya into a world-class city. The SP leader went on to say that after BJP's election debacle in Faizabad Lok Sabha constituency- a segment that includes the holy town of Ayodhya, there is an ongoing realignment of railway line that pass through parts of the city inhabited by the poor workers. "What kind of a plan is this. Is it not a deliberate ploy to punish people for not voting for the regime," asked Yadav. | 2024-09-16 16:53 | 2024-09-16 | 16:53 |
moneycontrol.com | https://www.moneycontrol.com/news/india/modi-3-0-report-card-major-decisions-taken-by-nda-govt-in-its-first-100-days-12822938.html | Modi 3.0 report card: Major decisions taken by NDA govt in its first 100 days | Narendra Modi took oath as the Prime Minister of India for a third consecutive term on June 9 this year. (File Photo: PTI).Related stories. | The central government led by Prime Minister Narendra Modi completes its 100 days of being in power for the third successive term on Tuesday, September 17, the day the PM celebrates his 74th birthday. The NDA government was back in office for a third successive term with the swearing-in of Modi as the PM on June 9 along with members of the Union Cabinet. Having formed the government with a reduced majority as compared to 2014 and 2019, and dependent on allies such as the Janata Dal (United) and the Telugu Desam Party, the BJP's first 100 days have seen some significant measures being announced, along with a fair share of rollbacks including the Broadcast Bill, the removal of the indexation benefit for property transactions, its decision to recruit private sector employees to government positions through lateral entry and the reference of the Waqf Amendment Bill to a select committee of Parliament. As the government prepares to embark on its next journey of the remaining part of its five-year term, here is a look at the major decisions announced by the government so far. Infrastructure Development With 'Sabka Vikas' forming the cornerstone of PM Modi's tenure of over a decade in power, the government approved projects worth Rs 3 lakh crore in its first 100 days. With a primary focus on roads, railways, ports, and airways, the government approved the Wadhavan Mega Port in Maharashtra at a cost of Rs 76,200 crore, which is touted as the among the top 10 ports in the world. The government approved the construction/upgradation of 62,500 kilometres of roads and bridges to connect 25,000 unconnected villages, with central assistance of Rs 49,000 crore.The government also approved strengthening India's road network with an investment of Rs 50,600 crore, eight National High-Speed Road Corridor Projects spanning 936 kilometres and laid the foundation stone for the Shinkhun-La Tunnel to connect Ladakh with Himachal Pradesh. The government also approved 8 new raliways line projects for faster and convenient travel by train, thus generating 4.42 crore man-days of employment. The government also approved the development of the Lal Bahadur Shastri International Airport in Varanasi while green-lighting new civil enclaves at Bagdogra in West Bengal and Bihta in Bihar and approving the construction of new airstrips at Agatti and Minicoy in Lakshadweep. The government also approved the expansion of Phase-3 of the Bangalore Metro, Pune Metro, and the Thane Integral Ring Metro Rail Project. Farmers Welfare Among the first decisions by the Modi government after coming to power in June this year, the government released Rs 20,000 crore under the 17th installment of Prime Minister Kisan Samman Nidhi to 9.3 crore farmers. As per the government, an amount of Rs 3 lakh crore has been distributed to 12.33 lakh farmers. The government also increased the Minimum Support Price (MSP) for Kharif crops for 2024-25, a development the government claimed has benefitted 12 crore farmers by around Rs 2 lakh crore. The government also approved the Polavaram Irrigation Project in Andhra Pradesh with an allocation of Rs 12,100 crore and seven major schemes with a total outlay of Rs 14,200 crore. Other measures aimed at farmers include the completion of the draft policy of the new National Cooperative Policy, removing the Minimum Export Price (MEP) on onions and Basmati rice and reducing the export duty on onions from 40 percent to 20 percent, approval of a Rs 2,000-crore "Mission Mausam" to create a weather and climate resilient India and the launch of a new fund named Agrisure, aimed at revolutionizing the agricultural sector and supporting startups and rural enterprises. Middle Class The first 100 days of the Modi 3.0 government also saw the income tax slab of Rs 3 lakh- Rs 6 lakh expanded to Rs 3 lakh to Rs 7 lakh. The standard deduction for salaried employees is increased from Rs 50,000 to Rs 75,000 for those opting for the new tax regime while also raising the exemption limit for family pension to Rs 25,000. The government also implemented the Unified Pension Scheme allowing employees with 25 years of service to receive 50 percent of their average basic salary as pension. In the three and a half months so far, the government also approved 3 crore houses under the Pradhan Mantri Awas Yojana and the installation of solar energy systems in over 2.5 lakh homes between Janu and August this year. Ease of Doing Business The government also announced the abolition of 31 percent angel tax which it claimed had been burdening startups since 2012. The government also reduced corporate tax from 40 percent to 35 percent for foreign companies besides setting up a Rs 1000-crore venture capital fund for space sector startups. The Modi government also increased the MUDRA loan limit from Rs 10 lakh to Rs 20 lakh, launched a credit guarantee scheme for MSMEs that allowed them to obtain loans without collateral and announced the development of e-commerce export hubs for traditional artisans, among other measures. Governance The first 100 days of the Modi government also saw the introduction of the Bharatiya Nyay Sanhita, the Bharatiya Nagarik Suraksha Sanhita, and the Bharatiya Sakshya Adhiniyam -- three new laws to replace colonial-era criminal laws. The government also approved the “National Forensic Infrastructure Enhancement Scheme (N.F.I.E.S.)” for an effective criminal justice system, with a total financial expenditure of Rs 2254 crore for the financial years 2024-25 to 2028-29. Women and Youth Empowerment The government approved a package of Rs 2 lakh crore in a bid to promote employment and skill development among youth. The government claims that 1 crore youth will receive internships at top companies in India. As part of the programme, the government will provide an incentive amount of up to Rs 15,000 for first-time employees covered under EPFO in three instalments. Among measures taken for women, the government released Rs 2,500 crore under the Community Investment Fund aimed at benefiting 48 lakh members of 4.3 lakh Self Help Groups while the MUDRA loan limit has also been increased from Rs 10 lakh to Rs 20 lakh. Healthcare Services The government has announced the expansion of the Ayushman Bharat Scheme with adding a provision for free insurance of up to Rs 5 lakh to all senior citizens above 70 years. The government also granted a customs duty exemption to 3 cancer medications, among other measures. | 2024-09-16 16:51 | 2024-09-16 | 16:51 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/technical-view-25400-likely-to-remain-crucial-level-for-further-upward-journey-in-nifty-12822975.html | Technical View: 25,400 likely to remain crucial level for further upward journey in Nifty | Market Trend.Related stories. | The Nifty 50 hit a fresh all-time high intraday amid consolidation and closed with moderate gains on September 16. The index could not sustain above 25,400 on a closing basis for the third consecutive session, which appears to be an important level for further upward momentum. Experts suggest that if the index sustains above this level on a closing basis, 25,500 will be the next key level to watch, followed by 25,800, while 25,300 is expected to provide immediate support. The Nifty 50 opened higher at 25,407 and hit a new high of 25,446. It saw some profit booking during late morning deals but quickly bounced back, closing at 25,384, up 27 points, forming a small bearish candlestick pattern with upper and lower shadows on the daily charts. This pattern formation at lifetime highs indicates some hesitation among the bulls, though the optimistic undertone and broader participation are key indicators of a secular uptrend. From a level-specific perspective, 25,500-25,600 is expected to present some resistance to bullish sentiments in the coming period, according to Osho Krishan, Senior Analyst – Technical & Derivatives at Angel One. In the meantime, any downward movement towards 25,300-25,200 is anticipated to act as a buffer and could present an opportunity to strategically increase long positions in the benchmark, as per Krishan. The weekly options data suggests that the Nifty may face resistance at 25,400 before moving toward 25,700, with support at the 25,200 level. On the Call side, the maximum open interest was observed at the 26,000 strike, followed by the 26,500 and 25,400 strikes, with maximum writing at the 26,000 strike, followed by the 25,700 and 25,900 strikes. On the Put side, the 25,000 strike holds the maximum open interest, followed by the 25,200 and 24,500 strikes, with maximum writing at the 25,400 strike, followed by the 24,600 and 24,900 strikes. Bank Nifty The Bank Nifty continued to outperform the benchmark Nifty 50, rising 215 points to close at 52,153, forming a bullish candlestick pattern on the daily timeframe. It closed above the 52,000 mark for the first time since July 22, continuing the higher highs and higher lows formation for the third consecutive session. "On the daily chart, the index has witnessed a breakout of a Cup and Handle pattern, indicating strength. According to this pattern, the index could test 52,800–53,000 in the short term and 53,800 in the medium term," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta Investment Intermediates. According to Yedve, the 21-DEMA (Days Exponential Moving Average) support is currently placed near 51,220. Therefore, a “buy on dips” strategy is recommended for the Bank Nifty as long as it stays above 51,220. Volatility continued its downward trend, remaining below the 13 mark, which is favourable for the bulls. The India VIX dropped 0.72 percent to 12.46 (the lowest closing level since July 26), down from 12.55 levels. | 2024-09-16 16:51 | 2024-09-16 | 16:51 |
moneycontrol.com | https://www.moneycontrol.com/news/business/bali-provincial-government-seeks-ban-on-new-hotels-12822972.html | Bali's provincial government seeks ban on new hotels, villas, clubs | There have also been instances when permits have allowed foreign nationals to take up local jobs, said the report, adding that within two years, the government plans to reorganize Bali tourism..Related stories. | The Acting Governor of Bali’s provincial government has proposed to the Centre a moratorium on construction of new hotels, villas and beach clubs, to slow down tourism-related development project as well as overcrowding in the island, according to news agency Antara. The proposed moratorium is not just on the development of tourism accommodation, but also on conversion of rice fields into commercial land, said the report quoting governor Sang Made Mahendra Jaya, published recently. The proposal said the aim is to encourage quality Balinese tourism. The provincial government of Bali is seeking a presidential order to bring out the required moratorium, said the news report. There have also been instances when permits have allowed foreign nationals to take up local jobs, said the report, adding that within two years, the government plans to reorganize Bali tourism. Tourism is the primary economic growth driver of Bali, with predominant jobs in services based industries, especially towards tourism and hospitality. In 2019, Bali accounted for just under a fifth of Indonesia's accommodation rooms in the entire country. The Indonesian government has been working to develop the 'Bali experiences' on many other islands to bring in visitors, especially from China this year. The island of Labuan Bajo, home to Comodo dragons, and Borobudur temple are among the destinations on government's tourism development plan. The country may consider visa waivers for more countries in October, Tourism Minister Sandiaga Uno had said in the recent past, possibly including 20 more nations, including China and India. Indonesia has been facing competition from Thailand and Singapore in attracting tourists on shorter visits. | 2024-09-16 16:45 | 2024-09-16 | 16:45 |
moneycontrol.com | https://www.moneycontrol.com/news/business/startup/bhaskar-platform-to-help-start-ups-collaborate-and-compete-with-each-other-says-minister-piyush-goyal-12822960.html | BHASKAR platform to help start-ups collaborate and compete with each other, says Minister Piyush Goyal | Piyush Goyal (file photo).Related stories. | Bharat Startup Knowledge Access Registry (BHASKAR), the digital platform aimed at the country’s startup ecosystem, will help the start-up players connect, collaborate and compete with each other, Union Commerce Minister Piyush Goyal said on September 16. BHASKAR brings an important concept of bringing everyone to one platform, and “will bring hope, aspirations, success to kickstart ambitious (startup) revolution”, Goyal said at the launch of the platform in New Delhi. “We should bring all these separate elements onto one platform, so that young in tier II and III cities won't feel left behind in terms of knowledge,” Goyal said. “We should capture the journey of innovators in BHASKAR. There has to be a unique proposition.” BHASKAR is not only a registry but will bring everyone together. It will be a LinkedIn, X, Facebook, said DPIIT Secretary Amardeep Singh Bhatia at the event. It will be like a social media platform for start-ups, he added. The BHASKAR initiative, under the government’s Startup India programme, is a platform designed to centralise, streamline, and enhance collaboration among key stakeholders within the entrepreneurial ecosystem, including startups, investors, mentors, service providers, and government bodies. It aligns with the Government of India’s vision to transform India into a global leader in innovation and entrepreneurship, reinforcing the country’s commitment to the startup movement, according to an official statement released on September 16. | 2024-09-16 16:42 | 2024-09-16 | 16:42 |
moneycontrol.com | https://www.moneycontrol.com/news/business/tiktok-justice-department-face-off-in-court-over-potential-us-ban-12822951.html | TikTok, Justice Department face off in court over potential US ban | TikTok, Justice Department face off in court over potential US ban.Related stories. | Lawyers for TikTok and parent company ByteDance will square off with the Justice Department in a Washington courtroom on Monday over the fate of a law that could ban the short video app used by 170 million Americans as soon as Jan. 19. A three-judge panel of the U.S. Court of Appeals for the District of Columbia will hold oral arguments on a legal challenge filed by TikTok and Chinese-parent company ByteDance that seeks an injunction barring the law from taking effect. TikTok and ByteDance argue the law is unconstitutional and violates Americans' free speech rights, calling it "a radical departure from this country's tradition of championing an open Internet." Circuit Judges Sri Srinivasan, Neomi Rao and Douglas Ginsburg will consider the legal challenges brought by TikTok and users against the law that gives ByteDance until Jan. 19 to sell or divest TikTok's U.S. assets or face a ban. Driven by worries among U.S. lawmakers that China could access data on Americans or spy on them with the app, the U.S. Congress passed the law overwhelmingly in April just weeks after it was introduced. Biden could extend the Jan. 19 deadline by three months if he certifies ByteDance is making significant progress toward a sale. The hearing could put TikTok's fate in the middle of the final weeks of the presidential campaign. Both Republican presidential candidate Donald Trump and Vice President Kamala Harris are active on TikTok seeking to court younger voters. The Justice Department says TikTok under Chinese ownership poses a serious national security threat because of its access to vast personal data of Americans, asserting China can covertly manipulate information that Americans consume via TikTok. "The serious national-security threat posed by TikTok is real," the department said. ByteDance says divestiture is "not possible technologically, commercially, or legally" and without a court ruling will lead to an unprecedented ban. TikTok and the Justice Department have asked for a ruling by Dec. 6, which could allow the U.S. Supreme Court to consider an appeal before any ban takes effect. The White House says it wants to see Chinese-based ownership ended on national security grounds, but not a ban on TikTok. Trump, who unsuccessfully tried to ban TikTok in 2020, said recently if elected, he would not allow TikTok to be banned. | 2024-09-16 16:24 | 2024-09-16 | 16:24 |
moneycontrol.com | https://www.moneycontrol.com/news/india/arvind-kejriwal-timed-his-resignation-to-save-opposition-regimes-says-atishi-12822947.html | Arvind Kejriwal timed his resignation to save opposition regimes, says Atishi | Atishi. | Delhi minister and AAP leader Atishi elaborating on the timing of AAP supremo Arving Kejriwal’s announcement to step down as Delhi chief minister said that the decision was mindfully taken to save opposition regimes in non-BJP ruled states. Speaking to News18 India at the 'Chaupal' conclave, Atishi, while answering a question on why Kejriwal did not resign during his incarceration in Tihar, said,” If Kejriwal would have resigned while being in prison, the BJP would have been emboldened to arrest other opposition leaders in non-BJP ruled states.” Two days after getting out of Delhi’s Tihar Jail, Arvind Kejriwal on Sunday announced to step down from his post, a decision which came as a shock for his Aam Aadmi Party (AAP) workers and even surprised his opponents BJP and Congress. The AAP chief was released on bail from Tihar on Friday in the excise policy graft case. Following Kejriwal’s unexpected announcement, the names of his wife Sunita and Delhi Ministers Atishi and Gopal Rai as his probable replacement are doing the rounds. The BJP alleged that Kejriwal has requested 48 hours to resign to either find a replacement or make some adjustments. Addressing a press conference, BJP MP Sudhanshu Trivedi said, “Delhi’s voters rendered their verdict three months ago, resulting in the loss of all seven seats. The entire council of ministers should resign and let elections be held in November. The public is fed up with them.” As Arvind Kejriwal pitched for early assembly polls in Delhi, experts on Sunday said the city government may have to write to the Election Commission giving reasons behind the demand. The final decision will, however, rest with the poll panel on when to hold the polls.The term of the Delhi Assembly ends on February 23 next year and the polls are expected to be held sometime early February. Kejriwal on Sunday demanded that polls in Delhi be held in November alongside Maharashtra. | 2024-09-16 16:17 | 2024-09-16 | 16:17 |
moneycontrol.com | https://www.moneycontrol.com/technology/flipkart-big-billion-days-2024-sale-date-revealed-check-out-top-offers-bank-discount-and-more-article-12822852.html | Flipkart Big Billion Days 2024 sale date revealed: Check out top offers, bank discounts and more | Big Billion Days 2024. | Flipkart Big Billion Days 2024 sale dates have been announced, ahead of the upcoming festive season. The e-commerce platform has been teasing deals on various products across categories such as mobiles, laptops, tablets, TVs, home appliances, and other electronics, ahead of its official kick-off later this month. Prospective buyers can also enjoy additional discounts on transactions carried out through HDFC debit and credit cards, which is also applicable to EMI transactions as well.Flipkart’s Big Billion Days 2024 sale: All the details The Flipkart Big Billion Days sale 2024 will begin on September 27. However, Flipkart Plus subscribers can enjoy early-day access, as for them, the sale will start on September 26. The e-commerce giant has announced HDFC Bank as the official partner. It means that HDFC Bank card users will get an additional 10% exclusive bank offers or price reductions. Flipkart has teased that popular Apple smartphones like the iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and the iPhone 15 Pro Max will have huge discounts. On top of that, Android devices like the Galaxy S23, Google Pixel 9, Samsung Galaxy S24 Ultra, Motorola Edge 50 Pro, and other smartphones, will also be available at the lowest possible price. We can also expect expected price reveals on different categories including laptops, smartphones, accessories, televisions, and more in a phased manner, as we approach the sale start date. | 2024-09-16 16:16 | 2024-09-16 | 16:16 |
moneycontrol.com | https://www.moneycontrol.com/news/india/arvind-kejriwals-bail-atishi-says-even-100s-of-ed-cbi-officers-couldnt-recover-a-single-penny-12822868.html | Even hundreds of ED, CBI officers couldn't recover a single penny: Atishi on Kejriwal's bail | Atishi. | Aam Aadmi Party leader Atishi slammed Bharatiya Janata Party at a conclave organised by News18 on Monday, saying the saffron party is killing democracy by misusing its powers. She said that BJP used law enforcement agencies ED and CBI against several AAP leaders over graft charges but could not recover a single penny from their possession in the last two years. "Arvind Kejriwal, Manish Sisodia and Sajay Singh...so many leaders were arrested in cases where getting bail was almost impossible," Atishi said. "Arvind is the mukhiya of our party, and just like me all AAP supporters are celebrating his bail," she said. "Don't say Kejriwal got only a bail, tell me what else can a judge give?" she asked jokingly. Atishi Marlena oversees 11 portfolios in Kejriwal-led government, which is the highest number of departments a minister holds in the Delhi government right now. News18 India is presenting the ninth season of its annual summit, Chaupal, today, bringing together key personalities from the fields of politics, sports and entertainment to discuss and shape India’s growth narrative. | 2024-09-16 16:10 | 2024-09-16 | 16:10 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/taking-stock-market-breaks-3-day-losing-streak-to-hit-record-high-12822806.html | Taking Stock: Markets break 3-day losing streak to hit record high | Market Today.Related stories. | Indian markets climbed to fresh all-time high and snapped a three-day losing streak on September 16, with Nifty finishing near 25,400 led by bank, metal, and energy names. At close, the Sensex was up 97.84 points or 0.12 percent at 82,988.78, and the Nifty was up 27.25 points or 0.11 percent at 25,383.75. After a positive start, the market extended the gains to hit fresh record high. However, it erased the gains as the day progressed, but buying at lower levels helped to close the session in the green territory. Top Nifty gainers included NTPC, JSW Steel, Hindalco Industries, Shriram Finance and L&T, while losers were Bajaj Finance, HUL, Bajaj Finserv, SBI Life Insurance and Britannia Industries. Among sectors, except FMCG and Telecom, all other sectoral indices ended in the green with bank, capital goods, power, realty, media, metal up 0.4-1 percent. Broader indices also rallied to record high with the BSE midcap index ending on flat note, while smallcap index was up 0.3 percent. Nearly 380 stocks touched their 52-high on the BSE, including, Jubilant Ingrevia, LTIMindtree, Maharashtra Scooters, MCX India, Radico Khaitan, Shriram Finance, Shyam Metalics, Sun Pharma, Tech Mahindra, Bajaj Finserv, Biocon, Dixon Technologies, Galaxy Surfactants, Godfrey Phillips, HCL Technologies, JM Financial, JSW Steel, among others.Click to view full list Outlook for September 17 Aditya Gaggar Director of Progressive Shares The Index oscillated in an extremely thin range of 25,350-25,420 and finally settled at 25,383.75 with gains of 27.25 points. Among the sectors, Media was the top performer followed by Energy and Metal while FMCG was the major laggard. Mid and Smallcap segments more or less moved in tandem with the Frontline Index. On the lower time frame, i.e. hourly chart, it appears that the Index is forming a Bullish Pennant and Pole formation where a strong move above 25,430 will be considered as a breakout point. In case of a breakout, the approximate target comes at 25,770. Rupak De, Senior Technical Analyst, LKP Securities The Nifty index remained range-bound throughout the session as traders opted for caution ahead of a significant event. The technical chart shows no change in formation compared to the previous day. The trend continues to be strong, though with limited upward potential in the short term. Key support levels are still intact between 25,150-25,200, while resistance is positioned around 25,460-25,500. A decisive breakout from the current range might initiate a directional move. | 2024-09-16 16:01 | 2024-09-16 | 16:01 |
moneycontrol.com | https://www.moneycontrol.com/news/world/trump-assassination-attempt-suspect-planned-to-recruit-afghan-soldiers-through-pakistan-to-fight-in-ukraine-12822866.html | Trump assassination attempt: Suspect 'planned' to recruit Afghan soldiers through Pakistan to fight in Ukraine | Donald Trump (File). | A 58-year-old man detained in connection with an apparent assassination attempt on former president Donald Trump has said in an interview in 2023 that he planned to recruit potential Afghan soldiers through Pakistan to fight in Ukraine against Russia. Ryan Wesley Routh, who authorities suspect was planning to attack the Republican presidential nominee as he played a round of golf, made these remarks to The New York Times. During an interview with newspaper in 2023, Routh also said he was seeking recruits for Ukraine from among Afghan soldiers who had fled the Taliban. He said he planned to move them, in some cases illegally, from Pakistan and Iran to Ukraine. He said dozens had expressed interest. “We can probably purchase some passports through Pakistan since it’s such a corrupt country,” he was quoted as saying by the New York Times. He has shown pro-Ukraine views into his public statements because of which he was interviewed by several news organisations, including The New York Times and Semafor in 2023. Routh is a self-employed affordable housing builder in Hawaii who at times has criticised the former president. This was the second attempt on Trump's life in two months. In July, a life-threatening attack on 78-year-old Trump during his rally in Pennsylvania shocked the entire nation. He injured his right ear after the young shooter fired multiple shots at him at the campaign rally. During Sunday's attack, Trump was on the course, a few hundred yards away, when Secret Service personnel spotted Routh concealed in the bushes and opened fire, law enforcement officials were quoted as saying by the New York Times. He fled the scene in a vehicle and was taken into custody during a traffic stop, and a rifle with a scope was recovered from the bushes, along with a camera and two backpacks, the report added. Routh, who authorities suspect was planning to attack the former president as he played a round of golf, posted comments on an X account linked to him referencing the assassination attempt on Trump in July, CNN reported. In separate posts, Routh tagged President Joe Biden and Vice President Kamala Harris, encouraging them to visit those injured at the rally. “You and Biden should visit the injured people in the hospital from the Trump rally and attend the funeral of the murdered fireman. Trump will never do anything for them,” he wrote in a post directed at Harris. Routh, who has a lengthy criminal record from North Carolina, frequently posted about politics and exclusively donated to Democratic candidates and causes dating back to 2019, the New York Post reported. He also bashed Trump in an April 22 post on X in which he declared, “DEMOCRACY is on the ballot and we cannot lose.” He advised Biden, 81, in an April 22 X post when he was still running for reelection, to run a campaign around keeping “America democratic and free.” He claimed Trump wants to “make Americans slaves against master.” Meanwhile, Oran Routh, the son of the man accused of trying to assassinate Trump, has said his father had travelled to Ukraine and volunteered to provide what the son described as “humanitarian” aid to troops defending the country from Russian forces that invaded in 2022, The Guardian reported. Oran said that his father was passionate about the Ukraine cause. | 2024-09-16 15:58 | 2024-09-16 | 15:58 |
moneycontrol.com | https://www.moneycontrol.com/news/business/moneycontrol-pro-panorama-25-or-50-bps-its-a-coin-toss-12822804.html | Moneycontrol Pro Panorama | 25 or 50 bps? ItŌĆÖs a coin toss | All eyes on US FedŌĆÖs decision on interest rates..Related stories. | Dear Reader, This weekŌĆÖs main event for markets is the US FedŌĆÖs decision on interest rates. Of course, itŌĆÖs a foregone conclusion that rates will be cut, but to dismiss the importance of this event would be a mistake. For one, it caps a journey that began when COVID upended life globally in 2020. While protecting peopleŌĆÖs health was the first priority, central bankers worked in their corner to protect the economy through monetary easing. Since it happened in a coordinated manner the network effect magnified its impact, the economy stayed healthy, asset prices inflated as money gushed into all available opportunities. Finally, COVID ended. But high inflation did a dance around central bankers trying to tame it, with even the US Fed getting it wrong on the inflation-being-transitory front. Geopolitics upended supply chains, making the fight tougher. But interest rates were hiked higher and higher till inflation was finally brought to heel and the economy was slowed down or even on the verge of a recession according to some indicators. After a long process of monetary whack-a-mole that tired out impatient investors, there appears to be enough confidence that inflation has durably settled at acceptable levels for the US to start cutting rates. The ECB has already commenced it. What are the signals for investors? My colleague Manas Chakravarty┬Ādecodes them in this article, finding that the Fed Funds futures price in a rate cut as being certain, but are divided in the middle (probabilistically speaking) on whether the rate cut will be 25 or 50 basis points. Equity markets have moved modestly, but the bond markets have moved sharply. But the really interesting bit is this, that the Fed Funds futures are also factoring in a probability of more than 50 percent of a 200 bps cumulative cut in six months in the Fed Funds rate, to 3.25-3.5 percent. The FOMC, in contrast, has a median forecast of 4.1 percent at the end of 2025! That leaves enough of a spread for disappointment. DonŌĆÖt miss ChakravartyŌĆÖs piece, to know more about what could disappoint investors on September 18, how markets could react to the decision and most importantly, what the decision can mean for Indian investors (hint: the news ŌĆśflowŌĆÖ is good). The FTŌĆÖs Colby Smith┬Ālays out in this piece┬Ā(free to read for MC Pro subscribers) the scenarios facing the Fed, its ability to bring policy quickly into the neutral zone, the importance of communication by the Fed, US elections and itŌĆÖs a fine balancing act that is needed from the US Fed. A former Fed official and currently a Yale professor, William English, puts it succinctly, ŌĆ£If they do 25 [basis points], they will want to be clear that theyŌĆÖre not just hopelessly behind the curve and oblivious to whatŌĆÖs going on in the economy, and that theyŌĆÖll move quickly if they need to,ŌĆØ he said. ŌĆ£If they do 50 [basis points], theyŌĆÖll want to be clear that theyŌĆÖre not on a really fast march to neutral.ŌĆØ ŌĆ£ItŌĆÖs easy to screw up in both directions,ŌĆØ he warned. Investing┬Āinsights from our research team Arkade Developers IPO: Is this real estate play worth your attention? Northern ArcŌĆÖs IPO: Is the attractive pricing a good bait to lure investors? Nazara Technologies plugs into another acquisition to boost growth Tracker Monsoon Watch: Rains may start retreating from some parts What else are we reading?┬Ā Moneycontrol Pro Market Outlook | Markets interestingly poised ahead of Fed meet It's time to assess IndiaŌĆÖs gains from Quad membership Chart of the Day: Will higher duties curb edible oil imports? How the late payment surcharge scheme came to the rescue of renewable energy project developers Will the regulator have a rethink on the P2P lending industry? Awaiting the high tide in shipbuilding OpenAI previews o1: For governments as well as potential customers, the real work starts now How a rising dependency ratio has forced China to increase its retirement age Interview | Tata's N Chandrasekaran on ŌĆśpainfulŌĆÖ transitions: ŌĆśWe have to do thisŌĆÖ┬Ā(republished from the FT)Tilt towards personal liberty India's bid to become a semiconductor hub faces key challengesJ&K government formation may come down to post-poll jockeying Markets Creating an impact: Indian family offices up the game on impact investing Technical Picks: Praj Industries, Action Construction Equipment, Jai Balaji Industries.┬Ā Ravi AnanthanarayananMoneycontrol┬ĀPro | 2024-09-16 15:57 | 2024-09-16 | 15:57 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sensex-ends-at-fresh-record-high-nifty-closes-near-25400-bank-metal-stocks-shine-12822761.html | Sensex ends at fresh record high, Nifty closes near 25,400; bank, metal stocks shine | Nifty FMCG dropped over half a percent, led by losses in HUL, Varun Beverages, and Godrej Consumer Products..Related stories. | Sensex and Nifty 50 eked out marginal gains on September 16 buoyed by strong buying interest in banking, construction, power, and metal stocks. Investors remain optimistic about the possibility of a rate cut cycle following the US Federal Reserve's upcoming FOMC meeting on September 17-18, adding to the market momentum. At close, the Sensex was up 98 points or 0.1 percent at 82,988 and the Nifty was up 27 points at 25,383.80. About 2,080 shares advanced, 1,862 shares declined, and 85 shares remained unchanged. Sensex closed at fresh record highs while Nifty 50 was 5 points away from its record closing high. "Even though India's economic fundamentals and corporate earnings are strong, the single most important factor driving the Indian market now is the sustained domestic liquidity flows into the market," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. "The resilience of the Indian market despite elevated valuations has forced FIIs to turn buyers in the cash market, where they bought on all days last week." Follow our live blog for all the market action Out of 13 major sectoral indices, 9 were in green. Nifty Energy and Nifty Metal indices were the top gainers rising 0.8 percent and 0.6 percent, respectively.VedantaandJindal Stainlessled the Nifty Metal gain as a softer dollar made dollar-denominated commodities more attractive to overseas buyers. Meanwhile, Nifty FMCG dropped over half a percent, led by losses inHUL,Varun Beverages, andGodrej Consumer Products. This came after the Indian government raised basic customs duties on crude soybean, sunflower, and palm oils to 20 percent from zero, and on refined oils to 32.5 percent from 12.5 percent, effective September 14. This move, aimed at supporting farmers by countering falling commodity prices, may negatively impact end consumers as FMCG companies could face pressure to raise prices. Key FMCG players, especially those in the food and personal care sectors, such asBritannia,Nestle, and HUL, are expected to be affected due to the rising costs of raw materials like palm oil, said InCred Equities. The brokerage also said that price hikes of up to 2-3 percent may be necessary to maintain margins, with larger, more organised companies better positioned to withstand the impact. Also Read |ÂKRBL, LT Foods, Kohinoor shares rise as Centre removes Minimum Export Price on Basmati Among individual stocks, Britannia,SBI Life,Bajaj Finserv, HUL, andBajaj Financedropped 1-3 percent, making them the worst performers on Nifty 50. On the other hand,L&T,Shriram Finance,JSW Steel,Hindalco, andNTPCgained 1-2.5 percent, leading the list of Nifty 50 gainers. In the broader market, the BSE Midcap levelled off, while the BSE Smallcap edged up by 0.3 percent. "Looking ahead, all eyes will be on the Federal Reserve's rate decision on Wednesday (September 18). A substantial reduction in rates could potentially boost foreign investment and significantly influence market trends in the near term," said Shrey Jain Founder and CEO of SAS Online. | 2024-09-16 15:56 | 2024-09-16 | 15:56 |
moneycontrol.com | https://www.moneycontrol.com/news/business/convergence-with-government-plans-can-increase-credit-flow-for-micro-irrigation-systems-rbi-dg-12822849.html | Convergence with government plans can increase credit flow for micro-irrigation systems: RBI DG | RBI DG.Related stories. | The Reserve Bank of India (RBI) deputy governor Swaminathan J has said convergence with centrally sponsored programmes such as "per drop more crop" can increase the flow of institutional credit to install micro-irrigation systems. Currently, the area under micro-irrigation in India is just 12.54 million hectares, which is about 9 percent of the net sown area7 indicating a large scope for expansion. “Technology adoption in agriculture offers immense potential to boost productivity and sustainability. Expanding irrigation infrastructure, promoting micro-irrigation systems and encouraging farm mechanisation can significantly increase farm income and improve efficiency,” he said. Swaminathan was delivering the keynote address at the International Research Conference hosted by the College of Agricultural Banking (CAB), Pune on September 11. He also said traditional lending practices have certain limitations in catering to the needs of the farm sector. Agriculture is inherently seasonal, and returns are often delayed or reduced. Innovative financial solutions — ones that are flexible and tailored to the needs of farmers — are necessary. This coupled with crop insurance products that cover weather-related risks can help mitigate the uncertainties farmers face. Blended finance models — where public funds are used to leverage private investments — can be instrumental in providing the necessary capital for sustainable transitions. This would not only mobilise resources from multiple sources but also distribute the risks and returns more equitably, Swaminathan added. Institutional credit to agriculture reached an all-time high of Rs 25.10 lakh crore in 2023-244, reflecting the importance of financing in driving agricultural growth. Approximately 7.4 crore active Kisan Credit Cards have emerged as vital tools for providing timely and flexible credit, especially for short-term needs, the deputy governor said. Addressing regional disparities in access to credit remains critical, he said. If all farmers, irrespective of their location, have access to adequate and timely financing, the country will be better positioned to address the challenges of sustainability and resilience in agriculture, he added. Micro-irrigation aims to minimise water loss by using lower water pressure and flow than a traditional sprinkler system. Drip irrigation is an example for this method, which can increase yield while reducing water and labour requirements. | 2024-09-16 15:56 | 2024-09-16 | 15:56 |
moneycontrol.com | https://www.moneycontrol.com/news/india/mpsc-aspirants-protest-sharad-pawar-writes-to-cm-seeks-meeting-12822847.html | MPSC aspirants' protest: Sharad Pawar writes to CM, seeks meeting | MPSC aspirants' protest: Sharad Pawar writes to CM, seeks meeting.Related stories. | NCP(SP) supremo Sharad Pawar has written to Maharashtra Chief Minister Eknath Shinde to convene a meeting to sort out demands of MPSC aspirants. Pawar also said he had not got the CM's appointment so far to discuss the issue. These aspirants had protested in Pune last month after the dates of Indian Banking Personnel Selection (IBPS) test and Maharashtra Gazetted Civil Services Combined Preliminary Examination clashed. Both were scheduled for August 25. The aspirants had sought postponement of Maharashtra Gazetted Civil Services Combined Preliminary Examination. They had also sought getting 258 posts of the agriculture department under the ambit of the latest MPSC prelims. Pawar, at the time, had said he would join the agitation if the government failed to resolve the issue. The MPSC had later postponed the exam and said it would announce new dates soon. New dates have not yet been announced and the decision regarding the 258 posts from agriculture department is also yet to be taken, Pawar said in the letter. The state government should take a decision soon since the code of the conduct for the assembly polls may be announced, he said. "Despite selection for PSI, Sales Tax Assistant posts, several candidates have not yet been appointed. All these demands of MPSC aspirants are appropriate. I have been trying to help them solve these issues but I have not got your appointment," Pawar said. He asked the CM to spare time to convene a meeting to discuss the issue. | 2024-09-16 15:37 | 2024-09-16 | 15:37 |
moneycontrol.com | https://www.moneycontrol.com/news/business/india-the-best-bet-of-the-21st-century-says-pm-modi-at-re-invest-2024-12822813.html | India the best bet of the 21st century, says PM Modi at RE-Invest 2024 | PM Narendra Modi.Related stories. | Prime Minister Narendra Modi said the world believes that India is the best bet of the 21st century, adding that the country is preparing a base not only for today but for the next thousand years. Inaugurating the 4th Global Renewable Energy Investor’s Meet and Expo (RE-INVEST) in Gandhinagar, Modi said, “India’s aim was not just to reach the top, but to prepare ourselves to sustain at the top.” Modi said India was very well aware of its energy needs and requirements to make it a developed nation by 2047. India had decided to build its future on the basis of renewables like solar power, wind power, nuclear and hydro power, as there was dearth of reserves of oil and gas, he added. India is the first G20 nation to achieve the climate commitments set in Paris—nine years before the deadline, the Prime Minister added. Modi emphasised on the government’s target of achieving 500 GW of renewable energy by 2030 and said that the government has turned the green transition into a people’s movement. Modi added that aspirations of India was the reason behind the reelection of the government for the third term. He added that 140 crore citizens of India are working with the resolve of making India the third-largest economy in the world and a developed nation by 2047. He added that the government had worked with the same vision in the first 100 days. “Government’s work in the first 100 days highlights its priorities and gives a reflection of the speed and scale,” he said. In the 100 days, Modi said the government took multiple decisions to expand the physical and social infrastructure of the nation. The decision to create 12 new industrial cities, approval for 8 high-speed road corridor projects, launching of more than 15 semi-high speed Vande Bharat trains, the inception of a research fund worth Rs 1 trillion to promote research, the announcement of various initiatives to drive e-mobility, promotion of high-performance biomanufacturing and approval to Bio E3 policy, were some of the announcements by the government, he said. The government also approved a viability gap funding scheme for offshore wind energy projects worth more than Rs 7,000 crore, said Modi. India is working towards producing 31,000 megawatts of hydropower in the coming times with an outlay of Rs 12,000 crore, he added. | 2024-09-16 15:35 | 2024-09-16 | 15:35 |
moneycontrol.com | https://www.moneycontrol.com/news/india/tamil-nadu-cm-stalin-to-lay-stone-of-rs-9000-crore-tata-jlr-plant-on-september-28-12822831.html | Tamil Nadu CM Stalin to lay stone of Rs 9,000-crore Tata-JLR plant on September 28 | Tata Motors signed an MoU with the Tamil Nadu government on March 13 to set up a manufacturing plant at an investment of Rs 9,000 crore and create 5,000 jobs (direct and indirect)..Related stories. | Tamil Nadu chief minister MK Stalin on September 28 will lay the foundation stone for the JLR and Tata Motors manufacturing facility in Ranipet, almost six months after the two sides signed the agreement for the facility. In March, Tata Motors announced that it signed a contract with the Tamil Nadu government for a Rs 9,000-crore manufacturing plant, which is expected to create 5,000 jobs. Tata Motors is the second automobile company in recent months to partner with Tamil Nadu. Also read:ÂTata Motors to build Rs 9,000-cr plant in Tamil Nadu; to generate 5,000 jobs In February, Stalin laid the stone of the electric vehicle and battery manufacturing facility of VinFast Auto Ltd, a Vietnamese electric vehicle company, which earmarked Rs 16,000 crore for investment in the state. Also read:ÂTata Motors to build Rs 9,000-cr plant in Tamil Nadu; to generate 5,000 jobs On March 4, Tata Motors approved the demerger of its business into two separate units: commercial vehicles (CV) business and passenger vehicles (PV) business. PVs include electric vehicles (EVs) and Jaguar Land Rover (JLR). Also, read:ÂTata Motors to use new $1 billion plant to make Jaguar Land Rover cars: Report This will be the automobile majors' second plant in South India. The country's leading electric vehicle manufacturer already has a facility in neighbouring Karnataka’s Dharwad. On September 13, American Ford Motor said it planned torestart a manufacturing plantin Tamil Nadu for exports. The announcement to reopen the facility in Maraimalai Nagar came during Stalin’s visit to the United States and three years after the company exited India. TheTata Motorsstock ended the day at Rs 988.45 on the National Stock Exchange, down 0.37 percent from the previous close. | 2024-09-16 15:34 | 2024-09-16 | 15:34 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sensex-nifty-marginally-up-banks-power-and-metals-lead-the-charge-12822761.html | Sensex, Nifty marginally up; banks, power, and metals lead the charge | Nifty FMCG dropped over half a percent, led by losses in HUL, Varun Beverages, and Godrej Consumer Products..Related stories. | After hitting record highs at the open on September 16, the Sensex and Nifty saw a marginal rise in the final hour of trade, buoyed by strong buying interest in banking, construction, power, and metal stocks. Investors remain optimistic about the possibility of a rate cut cycle following the US Federal Reserve's upcoming FOMC meeting on September 17-18, also adding to the market momentum. At 2.40 PM, the Sensex was up 134 points or 0.2 percent at 83,025 and the Nifty was up 39 points at 25,395. About 1,848 shares advanced, 1,696 shares declined, and 90 shares unchanged. "Even though India's economic fundamentals and corporate earnings are strong, the single most important factor driving the Indian market now is the sustained domestic liquidity flows into the market," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. "The resilience of the Indian market despite elevated valuations has forced FIIs to turn buyers in the cash market, where they bought on all days last week." Follow our live blog for all the market action Out of 13 major sectoral indices, 10 gained. Nifty Energy and Nifty Metal indices were the top gainers rising 0.8 percent each.VedantaandJindal Stainlessled the Nifty Metal gain as a softer dollar made dollar-denominated commodities more attractive to overseas buyers. Meanwhile, Nifty FMCG dropped over half a percent, led by losses inHUL,Varun Beverages, andGodrej Consumer Products. This came after the Indian government raised basic customs duties on crude soybean, sunflower, and palm oils to 20 percent from zero, and on refined oils to 32.5 percent from 12.5 percent, effective September 14. This move, aimed at supporting farmers by countering falling commodity prices, may negatively impact end consumers as FMCG companies could face pressure to raise prices. Key FMCG players, especially those in the food and personal care sectors, such asBritannia,Nestle, and HUL, are expected to be affected due to the rising costs of raw materials like palm oil, said InCred Equities. The brokerage also said that price hikes of up to 2-3 percent may be necessary to maintain margins, with larger, more organised companies better positioned to withstand the impact. Also Read |ÂKRBL, LT Foods, Kohinoor shares rise as Centre removes Minimum Export Price on Basmati Among individual stocks, Britannia,SBI Life,Bajaj Finserv, HUL, andBajaj Financedropped 1-3 percent, making them the worst performers on Nifty 50. On the other hand,L&T,Shriram Finance,JSW Steel,Hindalco, andNTPCgained 1-3 percent, leading the list of Nifty 50 gainers. In the broader market, the BSE Midcap levelled off, while the BSE Smallcap edged up by 0.3 percent. "Looking ahead, all eyes will be on the Federal Reserve's rate decision on Wednesday (September 18). A substantial reduction in rates could potentially boost foreign investment and significantly influence market trends in the near term," said Shrey Jain Founder and CEO of SAS Online. | 2024-09-16 15:24 | 2024-09-16 | 15:24 |
moneycontrol.com | https://www.moneycontrol.com/news/companies-2/axis-bank-expands-wealth-management-services-to-15-new-cities-12822840.html | Axis Bank expands wealth management services to 15 new cities | Burgundy Private aims to deliver personalised solutions that meet the evolving expectations of affluent clients in these emerging geographies, Axis Bank said. | Axis Bank on September 16 said Burgundy Private, its private banking business, will expand its wealth management services to 15 new cities, thereby increasing its presence to 42 locations across India. With this strategic move, Burgundy Private will now offer its personalised wealth management services tailored to the needs of clients in the country's rapidly evolving Tier 2 markets,Axis Banksaid in a statement. The new locations, to start with, include Bhubaneswar, Patna, Raipur, Agra, Ghaziabad, Jodhpur, Udaipur, Jalandhar, Meerut, Belgaum, Kozhikode, Thiruvananthapuram, Aurangabad, Nagpur, and Gandhidham, the private bank said. By leveraging its expertise, technology, and data analytics, Burgundy Private aims to deliver personalised solutions that meet the evolving expectations of affluent clients in these emerging geographies, it added. Burgundy Private has an AUM of nearly Rs 2.07 trillion, a 33 per cent increase YoY, and currently manages wealth for over 13,000 families across 27 cities. (With PTI inputs) | 2024-09-16 15:22 | 2024-09-16 | 15:22 |
moneycontrol.com | https://www.moneycontrol.com/news/india/you-prepared-for-upsc-when-ashwini-vaishnaw-shared-his-geography-gyaan-in-interview-12822737.html | 'You prepared for UPSC': When Ashwini Vaishnaw shared his Geography gyaan | Ashwini Vaishnaw. | Union Railways Minister Ashwini Vaishnav highlighted the uniqueness of the Chenab Bridge in Jammu and Kashmir, the highest arch railway bridge in the world, during an interaction session at News18 Chaupal 2024 in Delhi on Monday. Discussing the challenges and accomplishments involved in constructing the bridge, the minister said the geology of the Himalayas is relatively young, with the mountains still undergoing formation. "Below the Himalayan surface, rock layers are in the process of development as the mountains are still rising," he said, adding that the strong granitic layers have not formed yet, making the surface unstable. Pointing out the unique topography and unstable ground as major challenges, he jokingly told the conclave host, "I am using these technical terms because I know you prepared for the UPSC exams." He went on to discuss additional challenges, such as the need to manage increased train speeds when entering a valley and the risks posed by the earthquake-prone region. He also said it took months to finalise the design of the bridge's anchor due to safety and stability concerns. He also appealed to the young audience at the conclave to inculcate the habit of fast reading. News18 India is presenting the ninth season of its annual summit, Chaupal, today, bringing together key personalities from the fields of politics, sports and entertainment to discuss and shape India’s growth narrative. | 2024-09-16 15:17 | 2024-09-16 | 15:17 |
moneycontrol.com | https://www.moneycontrol.com/news/india/amit-shah-in-j-congress-nc-always-backed-terrorism-12822795.html | 'We will bury terrorism in J&K to such a level where...': Amit Shah | Amit Shah. | Home Minister Amit Shah addressed a rally in Chenab valley's Kishtwar on Monday, the last day of campaigning for the first phase of Jammu and Kashmir elections. Vowing to end terrorism in the Valley, Shah alleged that the Congress-National Conference alliance has always backed militancy in the state. He also said that the alliance will not be able to form government. “We will bury terrorism to such a level where it will never come out again. Attempts are on to revive terrorism as the National Conference and Congress manifesto talks about releasing terrorists. This is the Modi government and nobody has the power to revive terrorism in Jammu and Kashmir,” Shah said addressing an election rally in Padder-Nagseni assembly segment in support of BJP’s candidate and former minister Sunil Sharma here. “This election is between two powers, on one side National Conference and PDP and on the other BJP. The NC-Congress are saying that if we form the government we will restore Article 370. Tell me should it be restored? Your reservation, given by BJP to Paharis and Gujjars and others, will be snatched. “Don’t worry, I am watching the situation in Kashmir and be assured that neither Abdullah’s nor Rahul’s party are going to form the government in J&K,” the home minister said. "Prime Minister Narendra Modi wants to build a developed Jammu and Kashmir," he said, adding that attempts to derail development and revive terrorism are being made in the state. Jammu and Kashmir will vote on September 18, 25 and October 1. The counting is on October 8. On September 18, 24 assembly segments spread across Chenab valley are going to polls in the first of the three-phase elections. | 2024-09-16 15:12 | 2024-09-16 | 15:12 |
moneycontrol.com | https://www.moneycontrol.com/technology/xiaomi-launches-2024-redmi-smart-fire-tv-4k-tvs-with-fire-tv-os-apple-airplay-2-support-price-starts-at-rs-23999-article-12822559.html | Xiaomi launches 2024 Redmi Smart Fire TV 4K TVs with Fire TV OS, Apple AirPlay 2 support, price starts at Rs 23,999 | Redmi Smart Fire TV launched. | Xiaomi India has expanded its Redmi Smart Fire TV 4K series with two new models: a 55-inch and a 43-inch variant. These models aim to enhance home entertainment by offering advanced display and sound technology. The main highlight of these new TVs is that they run Fire TV OS instead of Google TV operating system. Price and availability The 43-inch model is priced at Rs 23,499, while the 55-inch model is priced at Rs 34,499. Both models will be available starting September 18, 2024, on mi.com and Flipkart. The launch prices include an Rs 1,500 discount for ICICI bank credit and debit card users. Features The 2024 edition of the Redmi Smart Fire TV 4K series features a 4K HDR display, MEMC technology for motion clarity, and built-in Fire TV. The 55-inch variant includes a 30W speaker system, whereas the 43-inch model comes with 24W speakers. Both models are equipped with a 64-bit quad-core processor, 2GB of RAM, and 8GB of storage for smooth performance. The TVs offer connectivity options such as Bluetooth 5.0, dual-band Wi-Fi, AirPlay 2, and Miracast. Users can stream content from popular services like Prime Video, Netflix, Disney+ Hotstar, and others via Fire TV. The TVs also support Alexa voice commands and Picture-in-Picture technology for multitasking. | 2024-09-16 15:10 | 2024-09-16 | 15:10 |
moneycontrol.com | https://www.moneycontrol.com/technology/karnataka-online-trading-frauds-losses-skyrocket-from-rs-23-crore-in-2022-to-rs-903-crore-by-mid-2024-article-12822623.html | Karnataka online trading frauds: Losses skyrocket from Rs 23 crore in 2022 to Rs 903 crore by mid-2024 | Karnataka sees sharp rise in investment scams.Related stories. | In April this year, Saurav Kumar*, a resident of Bengaluru’s Electronics City, came across an advertisement for stock market investments while browsing Facebook. Intrigued, Kumar joined the WhatsApp group that the Facebook post recommended,where stock market tips were regularly shared. Many of the group members were sharing the gains made on their investments and their success in getting shares allocated during initial public offerings (IPOs). Some among them had valid questions, and the admins clarified those. One of the group admins shared a link to an online trading platform with Kumar, which in hindsight seemed a lookalike of a popular online stock broking platform. Since it was from one of the two popular app stores, he did not think twice about the genuineness of the app and downloaded it. Soon, he was advised to invest in a few companies, which he did, and the app showed that the value of his investments was growing steadily. In tranches, Kumar, a 47-year-old senior executive, invested a total of Rs 1.46 crore between April and May. However, when he attempted to withdraw his funds, he was abruptly removed from the group, and all communication from the scammers ceased. Kumar later complained to the cybercrime cell of the police. Also read:ÂThe great, big WhatsApp stock market scam and how to avoid it Kumar is not alone. The stock market boom has coincided with a sharp rise in online trading fraud. Data sourced by Moneycontrol from the Karnataka Criminal Investigation Department (CID) showed that the number of online trading scams in the state soared from 530 cases in 2022 to 2,630 cases in 2023, and reached 3,079 cases by July 2024. Correspondingly, financial losses surged from Rs 23 crore in 2022 to Rs 300 crore in 2023, and a staggering Rs 903 crore between January and July 2024, with an average loss of approximately Rs 30 lakh per case. The Whitefield Cyber Economic and Narcotics police station alone reported 530 cases, with investors collectively losing Rs 178 crore from January to July 2024. However, the actual scale of the scam may be even bigger, as many victims either take time to realise they’ve been defrauded or refrain from reporting the crime to the police. The total losses in the state could surpass Rs 1,500 crore by year’s end, as new cases continue to be registered daily. The modus operandi “Most of the victims are educated professionals, including techies, who are drawn by enticing advertisements on social media platforms like Instagram and Facebook, or via instant messaging apps such as WhatsApp and Telegram,” C Vamsi Krishna, deputy inspector general of police (economic offences), Criminal Investigation Department, toldMoneycontrol. “Victims are lured into believing their money is being invested in the stock market, but in reality, they are being scammed.” Also read:ÂWhy army veterans are becoming a prime target for financial frauds Victims only discover the deception when they try to withdraw their funds, at which point the fraudsters either go silent or disappear entirely. “Their hard-earned money is often converted into cryptocurrency and laundered abroad,” Krishna said. Last month, the Directorate of Enforcement (ED) arrested four people suspected of involvement in cyber investment scams that defrauded victims of over Rs 25 crore, using fake apps. In September 2023, Bengaluru City Police also unearthed a massive Rs 854-crore cyber investment fraud, arresting six people. Bengaluru-based online brokerage Groww has detected around 7,000 fake stock broking apps, social media pages or groups and APKs (Android package kits, used to distribute and install apps on phones) that look similar to its own properties in name or user interface. "The recent rise of fraudulent entities has been extremely concerning. To address this, Groww has intensified its efforts towards investor education and has been proactively reporting fraudulent entities to relevant authorities,” the company said in a statement toMoneycontrol. Both Zerodha and Groww have filed multiple FIRs with the police to take down such apps and organisations mimicking them. However, the companies did not share details about the police complaints or FIRs. Also read:ÂCyber financial fraud: What RBI can do to protect senior citizen victims In many cases, administrators of these criminal groups on WhatsApp or Telegram share links and ask people to download specific APK files. Some of these apps are also hosted on the Apple App Store and Google Play Store, which enhances the credibility of these scammers. An added problem is that with multiple instances of data breaches and of leaks by unscrupulous elements, phone numbers and other information such as Aadhaar details have been easily available for sale on the dark web. In several instances, scammers call potential victims with these details and profess to be agents or sub-brokers of these stockbroking apps. However, many discount broking firms do not have any agents and are do-it-yourself platforms. Groww added in the statement that it regularly communicates with its customers and educates them about such scammers. Also read:Investors Beware: Upstox cautions against imposters luring customers The 'clone' apps, though designed to display growing profits, are fraudulent trading portals. The fraudsters regularly share trading tips to gain victims’ trust. To further build confidence, they may allow small initial withdrawals with some profit. Encouraged, victims often invest larger sums or even borrow from friends and family to do so. However, they soon find themselves unable to withdraw their money, as fraudsters claim a threshold must be reached before withdrawals can be made. By the time victims realise they’ve been scammed, the fraudsters disappear. For example, a 47-year-old woman from Bengaluru's Viveknagar locality lost Rs 73.7 lakh after being promised investments in shares and IPOs of a US-based company through a WhatsApp group. She made several investments between January and March this year. Mule accounts Police have found that many fraudsters use mule accounts to perpetrate these scams. “They often lure people with offers of work-from-home or part-time jobs, gaining control of their bank accounts under various pretexts. In a few cases, the bank accounts of unsuspecting people, like autorickshaw drivers, etc, are used, with fraudsters convincing them that the government is transferring money under some scheme. They collect KYC (know your customer) documents from these individuals and open multiple accounts in their names, which they then use to conduct fraudulent transactions,” explained Krishna. Also read:ÂMC Investigation: Social media accounts impersonate celebrity traders and defraud investors of lakhs In several other cases, people willingly share their KYC documents and rent out their bank accounts for a few thousand rupees, allowing fraudsters to move funds. “Those who assist in this manner are also committing a crime and will be held accountable under the law,” Krishna warned. Tightening KYC norms CID Karnataka recently held a coordination meeting with representatives from more than 100 banks and financial institutions in the state to tighten KYC norms and improve coordination with financial institutions. “We’ve instructed all banks and financial institutions to strengthen KYC protocols and to report any unusual transactions immediately,” said Krishna. Another challenge is that many fraudsters operate across state lines. Their strategy is to set up operations in one state while targeting victims in another, making it harder for the police to track them. While coordination between cyber police units across states has improved, addressing these cases still takes time. Also read: SEBI warns investors of fraud trading schemes offered by entities posing as FPIs “Most victims are high-earning professionals who lack time or patience to thoroughly research investment plans and instead rely on these fraudulent investment groups with enticing advertisements. Many were promised shares and IPOs from reputed companies at discounted rates, but these promises almost always have turned out to be false,” Krishna explained. “By staying alert and avoiding too-good-to-be-true offers, investors can protect themselves from falling prey to these increasingly sophisticated scams. The key to preventing such frauds lies in promoting financial literacy, raising awareness, and encouraging vigilance among investors. It's crucial that individuals invest only through trusted, SEBI (Securities and Exchange Board of India)-regulated brokers and agencies. This will ensure their financial decisions are informed and secure,” said Krishna. (*name changed) Also read:In a first, Karnataka police to deploy AI tools for fund trail analysis, dark web monitoring | 2024-09-16 15:09 | 2024-09-16 | 15:09 |
moneycontrol.com | https://www.moneycontrol.com/elections/assembly-election/jammu-and-kashmir/will-bury-terrorism-in-j-k-to-such-level-nobody-can-dare-revive-it-amit-shah-article-12822823.html | Will bury terrorism in J-K to such level, nobody can dare revive it: Amit Shah | Amit Shah.Related stories. | Union Home Minister Amit Shah on Monday said there were attempts to revive terrorism in Jammu and Kashmir, and added that it will be "buried to such a level" in the Union territory that it can never rise again. Shah, speaking at a public rally in Kishtwar, said the National Conference-Congress alliance will not be able to form the J-K government. “We will bury terrorism to such a level where it will never come out again. Attempts are on to revive terrorism as the National Conference and Congress manifesto talks about releasing terrorists. This is the Modi government and nobody has the power to revive terrorism in Jammu and Kashmir,” Shah said addressing an election rally in Padder-Nagseni assembly segment in support of BJP’s candidate and former minister Sunil Sharma here. “This election is between two powers, on one side National Conference and PDP and on the other BJP. The NC-Congress are saying that if we form the government, we will restore Article 370. Tell me should it be restored? Your reservation, given by BJP to Paharis and Gujjars and others, will be snatched. “Don’t worry, I am watching the situation in Kashmir and be assured that neither Abdullah’s nor Rahul’s party are going to form the government in J-K,” the home minister said. This was the home minister’s second visit to Jammu region within a fortnight. Earlier, during his two-day visit to Jammu on September 6 and 7, he released BJP’s manifesto for J-K assembly elections and addressed a workers’ convention. Monday is the last day for campaigning in 24 assembly constituencies, including Padder-Nagseni, which goes to polls in the first phase on September 18. | 2024-09-16 15:06 | 2024-09-16 | 15:06 |
moneycontrol.com | https://www.moneycontrol.com/news/business/new-compounding-norms-to-ease-settlement-of-minor-fema-offences-help-avoid-ed-action-12822716.html | New compounding norms to ease settlement of minor FEMA offences, help avoid ED action | Govt issued new Fema compounding rules last week.Related stories. | The entities that are facing notices under the Foreign Exchange Management Act (FEMA) for minor violations will now find it easier to settle cases and avoid action by the Enforcement Directorate (ED), thanks to the government's recent changes to compounding rules. The new rules, issued by way of a notification on Thursday, significantly raise the thresholds for compounding non-serious FEMA violations, allowing more cases to be resolved through fines, instead of enforcement action. The process of filing has also been streamlined with the introduction of a single form and an option for online payment. Compounding is the process of voluntarily admitting a violation, pleading guilty, and seeking resolution by paying a fine. If a violation is not compounded, the ED may initiate enforcement action. The updated rules, which come after a decade, are expected to make resolving such issues faster and more efficient. "Updating compounding rules after a decade and revising limits will enable faster resolution. Some ambiguities regarding references to the ED and matters that cannot be compounded have also been clarified," said Neha Aggarwal, partner, Regulatory Services at Deloitte. Despite the updated rules, the Reserve Bank of India (RBI) still has the discretion over whether to compound a violation. If the transgressions are deemed serious, the regulator has the authority to reject compounding applications, according to experts. Under the new rules, the entities facing FEMA notices can file compounding applications with the RBI for most violations. Previously, the assistant general manager of the RBI could only compound violations involving amounts below Rs 10 lakh. The cap has now been raised to Rs 60 lakh. Similarly, the threshold for the deputy general manager has been raised from Rs 40 lakh to Rs 2.5 crore, and the general manager can now settle cases involving violations of up to Rs 5 crore, compared to the previous limit of Rs 1 crore. “The monetary limits of the contraventions for compounding by RBI officials of various ranks have been increased significantly. The new rules also allow online payments for both the application fees and the fines to be paid. The changes are clearly intended to improve the efficiency and ease of investing and doing business in India,” said Nazneen Ichhaporia, partner at ANB Legal. The government first introduced compounding rules under FEMA in 2000, which have now been updated. Most FEMA violations typically involve breaches of Foreign Direct Investment (FDI) or Overseas Direct Investment (ODI) rules. The FDI rules regulate foreign investors bringing capital into India, while ODI rules allow the Indian entities to send money to foreign jurisdictions. Other transactions covered by FEMA include external commercial borrowing and loans extended by Indian companies to foreign subsidiaries. “The increase in the pecuniary threshold for compounding of offences aligns with the government’s objective of easing the business environment. With the threshold now being increased for non-serious offences, issues such as miscalculations or inadvertent filing delays can be easily adjudicated without burdening the authorities, thus enabling the regulator to simplify and modernise the cross-border transactional compliance framework in India,” said Akshat Pande, managing partner at Alpha Partners. Experts note that cases involving valuation and the filing of due diligence forms with the RBI during the FDI and ODI transactions are areas where entities often make errors. While the RBI does not publish consolidated data on compounding cases, an analysis of 4,540 compounding orders by Taxmann revealed that 77 percent of cases pertained to breaches of FDI norms, while another 15 percent involved ODI rules. Around 2 percent of the orders concerned external commercial borrowing, and 1 percent dealt with the purchase or sale of immovable property. “This can be an effective change where the focus is more on significant breaches rather than minor procedural errors. This will also help in resolving low value violations.” said Alay Razvi, Partner, Accord Juris | 2024-09-16 14:58 | 2024-09-16 | 14:58 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/agri-picks-report-september-16-2024-geojit-financial-services-12822812.html | Agri Picks Report September 16, 2024: Geojit Financial Services | commodities. | Geojit Financial Services's report on Daily Agri Picks The US Department of Agriculture has lowered its global oilseed output estimate for 2024-25 (May-Apr) by 3.1 mln tn to 687.42 mln tn in September, from 690.54 mln tn forecast last month. The decrease can be attributed to lower groundnut, cottonseed production in the US and lower rapeseed and sunflower production this month in the European Union and Ukraine, the report said. Production of oilseeds in the US in 2024-25 is seen at 134.71 mln tn, nearly the same as 135 mln tn during the last month, the department said in its monthly report. Global ending stocks of oilseed in 2024-25 are pegged at 151.14 mln tn, up from 150.63 mln tn projected last month, according to the report. The department projected that global soybean output was up on month in September by 47,000 tn 429.20 mln tn, the report said. Soybean production forecasts for Argentina, China, and Brazil remain unchanged from last month. Production in Argentina and China was steady at 51.0 mln tn and 20.7 mln tn, respectively, according to the report. However, Paraguay's production of soybeans in 2024-25 rose slightly to 11.20 mln tn from 10.7 mln tn, a month ago. Global soybean exports for 2024-25 rose to nearly 182 mln tn from 181 mln tn the previous month on higher exports from Paraguay, the report said. Global ending stocks of soybean in 2024-25 are pegged at 135 mln tn, up from 134 mln tn. The season-average US soybean price in 2024-25 is forecast to be unchanged at $10.80 per bushel. Similarly, the soybean meal and soyoil prices are also unchanged at $320 per short tn, and 42 cents per pound, respectively, the agency said in its report. The US government agency sees global soybean meal output in 2024-25 at 271.95 mln tn, a tad up from 271.87 mln tn last month. Soybean meal is a derivative of soybean, manufactured by crushing oilseeds, and is mainly used in producing poultry feed. Meanwhile, India's production of soybean meal has been projected at 880,000 tn in 2024-25, unchanged from last month, the report showed. Production in 2023-24 has been estimated at 904,000 tn. India is one of the largest importers of soyoil and an exporter of soybean meal. For all commodities report,Âclick here 16092024 - co | 2024-09-16 14:57 | 2024-09-16 | 14:57 |
moneycontrol.com | https://www.moneycontrol.com/news/india/kolkata-doctor-rape-murder-case-indira-jaising-to-represent-junior-doctors-in-supreme-court-12822796.html | Kolkata Rape-Murder Case: Indira Jaising to represent junior doctors in Supreme Court | Jaising, renowned for her advocacy of women’s rights and discrimination, has obtained Luthra's consent to take over the representation..Related stories. | Acclaimed lawyer Indira Jaising will represent the West Bengal Junior Doctors’ Forum (WBJDF) at the Supreme Court hearing on September 17. The WBJDF is leading the protest against the brutal rape and murder of a junior doctor at Kolkata's RG Kar Medical College & Hospital last month. Previously, the WBJDF was represented by senior advocate Geeta Luthra. Jaising, renowned for her advocacy of women’s rights and discrimination, has obtained Luthra's consent to take over the representation. Aniket Mahato, a prominent junior doctor and a key figure in the movement, has confirmed Jaising's role as counsel for WBJDF. Jaising is known for her efforts in advancing the practice of live-streaming Supreme Court proceedings, which was approved by a three-judge bench led by Chief Justice DY Chandrachud. Additionally, senior counsel Karuna Nandi and Sabyasachi Chattopadhyay will represent the Joint Platform of Doctors, West Bengal, an association of senior doctors supporting the junior doctors' protest. The Government of West Bengal will continue to be represented by Senior Advocate Kapil Sibal. Jaising’s involvement is particularly significant given the recent breakdown in meetings between West Bengal Chief Minister Mamata Banerjee and WBJDF representatives. The state administration rejected the junior doctors' request to live-stream the meetings, citing the ongoing Supreme Court case as the reason. Junior doctors at Kolkata's state-run RG Kar Medical College and Hospital have been on strike since August 9 following the horrific rape and murder of a 31-year-old trainee doctor. To address the situation, West Bengal Chief Secretary Manoj Pant extended a "fifth and final" invitation on September 16 for talks with Chief Minister Mamata Banerjee. The chief minister had earlier made asurprise visitto the protest site on September 14, where she assured the doctors that their grievances would be addressed. However, the proposed meetingdid not proceed as planned; the doctors claimed they were kept waiting for hours and were asked to leave "unceremoniously." The doctors have stated they will deliberate internally before deciding whether to accept the latest invitation. Meanwhile, on September 9, the Supreme Court hadÂdirected the Central Bureau of Investigation (CBI)to provide a fresh status report on its investigation by September 17. The three-judge bench, led by CJI Chandrachud and including Justices JB Pardiwala and Manoj Misra, had also urged theprotesting doctorsto resume work by 5 pm on September 10, following a request from Sibal, who had suggested the court consider potential proceedings against the doctors if they did not comply. The top court, which is addressing the matter suo moto, will resume hearing the case on September 17. (With inputs from agencies) | 2024-09-16 14:52 | 2024-09-16 | 14:52 |
moneycontrol.com | https://www.moneycontrol.com/news/business/real-estate/dlf-to-construct-three-new-malls-grow-commercial-portfolio-sriram-khattar-12822532.html | DLF to construct three new malls, grow commercial portfolio: Sriram Khattar | DLF to construct three new malls, grow commercial portfolio: Vice Chairman and MD (Rental Business) Sriram Khattar.Related stories. | Delhi NCR-based listed real estate developerDLFis planning to grow its retail portfolio by constructing three malls spread across Delhi, Gurugram, and Goa, DLF’s Vice Chairman and MD (Rental Business) Sriram Khattar told Moneycontrol in an interview. Khattar said that during the COVID-19 period, the company had stopped thinking about mall expansion plans, but in the last two-three years, the company’s focus has again shifted back to the expansion of its retail portfolio through shopping malls. “We are constructing three new malls now. One mall each will come up at Moti Nagar in central-west Delhi, at DLF Phase-5 in Gurugram and Panjim in Goa,” Khattar told Moneycontrol. At present DLF has around 5 million square feet of retail portfolio and after these malls are operational, the retail portfolio will increase to around 6.3 million square feet. Khattar said that the Delhi and Gurugram malls will be high-street malls, while the one in Goa will be a full-fledged mall. "The high-street plazas in Delhi and Gurugram will begin generating rental income between March 2025 and March 2026 and the development in Goa will begin by March-April 2026,” he said. Khattar said that other than those three malls, DLF has also commenced construction of its flagship mall, named Mall of India in Gurugram, which will cater to the growing middle and upper-middle-class population in the city. The mall is expected to open in 2028, he said. DLF Limited on July 25 had reported a 23 percent YoY jump in its net profit at Rs 646 crore for the quarter ended June 30, 2024. Rental business also continued its steady performance during the period. Q1FY25 consolidated revenue of DLF Cyber City Developers Limited (DCCDL) stood at Rs 1,553 crore, reflecting YoY growth of 10 percent. The consolidated profit for the quarter stood at Rs 470 crore, registering a YoY growth of 20 percent, DLF had said. Data Centre Push DLF started its firstdata centrearound four years ago on one of its plot in Noida Sector 143 along the Noida-Greater Noida Expressway and the construction of a second facility is nearing completion, with DLF awaiting the OC. Additionally, the company has signed on for a third data centre, with an option to develop a fourth at the same site. “We built and rent it out," he said. The tenant there is a Singapore-based company, which will also have the option to ask the developer to lease them a fourth one on requirement basis. These are small data centres or edge data centres that have a capacity of around 25 mega-watts (MW). The construction of the third data center in Noida is likely to begin after a few months. The data centre project is located at around 45-50 minute drive from the upcomingNoida International Airportand is 700 metres from the nearest metro station. Focus on Grade A++ space Khattar also said that DLF is focused on expanding its presence in the Grade A++ office space segment. "The real estate industry should now consider differentiating between Grade A and Grade A++ commercial spaces. Grade A++ properties are benchmarked against the world's best in terms of physical and social infrastructure, safety, sustainability, and scalability. At DLF, we aim to be in this category," Khattar told Moneycontrol. Grade A++ are estimated to be 200-250 million square feet out of total commercial buildings of about 750 million square feet. Also Read: DLF launches commercial in Gurugram, low-rise township in Panchkula; aims revenue of Rs 1,400 cr DLF's total office portfolio stands at approximately 45 million square feet, all classified as Grade A++, while its SEZ holdings account for around 14-15 million square feet. The company's retail portfolio spans an additional 5 million square feet. Grade A++ office spaces have five key features -- they are at good locations and come from credible developers, they are sustainable and have safety built into them, and, also boast social infrastructure, Khattar said. For example, in Gurugram, you cannot compare a Cyber City (office space) with something on the Sohna Road. Similarly, if you have something in BKC (Bandra Kurla Complex), in Mumbai, that's very different to having a building in Vashi, the Vice Chairman and MD (Rental Business) explained. GCCs leasing more space Khattar highlighted that leasing activity in India has improved a lot and Global Capability Centres (GCCs) and MNCs, flex space providers and at last the traditional segment of IT/ITeS are driving office demand. He said that GCCs are taking more and more spaces and flexi space providers or manage space providers are aggregating the needs of the smaller tenants and also taking larger spaces. Also Read: Leasing by Global Capability Centres in India surges 17% to 22.5 million square feet in FY2023-24: CBRE He said that most of the international companies not only look out for Grade A++ spaces but also look at developers who have the ability to scale the space. “They definitely look at properties which are scalable so that for their expansion requirements for the next five to seven years, they don’t have to go to other locations or buildings to look for that expansion,” he said. | 2024-09-16 14:48 | 2024-09-16 | 14:48 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/buy-godrej-agrovet-target-of-rs-970-motilal-oswal-12822788.html | Buy Godrej Agrovet; target of Rs 970: Motilal Oswal | Buy.Related stories. | Motilal Oswal's research report onGodrej Agrovet Godrej Agrovet (GOAGRO) demonstrated a resilient performance in FY24 despite facing significant sectoral challenges. With a strategic turnaround underway, the company focuses on structural changes such as aggressive cost rationalization, increasing its value-added product (VAP) mix, emphasizing branded products, and enhancing operational efficiencies—all of which are fueling robust profitability growth and setting the stage for a sustainable expansion across all segments. GOAGRO’s revenue growth in FY24 was muted (2%); however, EBITDA witnessed strong growth (34%), driven by strategic initiatives, cost rationalization, and a focus on VAP. The company invested in R&D for innovation, centralized key functions for efficiency, and portfolio diversification to enhance profitability across all segments. Outlook We estimate a CAGR of 9%/25%/37% in revenue/EBITDA/adj. PAT and upgrade our rating to BUY with a revised TP of INR970, based on FY26E SOTP. For all recommendations report,Âclick here Godrej Agrovet - 16092024 - moti | 2024-09-16 14:43 | 2024-09-16 | 14:43 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/krbl-lt-foods-kohinoor-rise-as-centre-removes-basmati-mep-12822786.html | KRBL, LT Foods, Kohinoor shares rise as Centre removes Minimum Export Price on Basmati | India is the world's largest exporter of rice, and holds 85% of the market for basmati exports..Related stories. | Shares of rice exporting companies such as LT Food, Kohinoor Food, KRBL extended gains in trade on September 16, after Centre removed the minimum export price (MEP) on Basmati rice over the weekend. LT Foodsas well asKRBLwere higher by 6 percent each, whileKohinoor Foodsshares hit upper circuit at 20% in afternoon trade at 2:30pm, on the rub off due to removal of the MEP. Earlier, Basmati rice could only be exported above a fixed price, or minimum export price (MEP), which was revised lower to $950/tonne from Rs 1200/tonne in 2024. The international price of variants of Basmati had been falling between 15-25 percent in the recent, past due to fewer orders. For FY24, the export of Basmati rice fell by 10 percent to 4.10 million tonne. Experts say the latest decision could help rice exporting companies in stabilise the prices. India is the world's largest exporter of rice, and holds 85% of the market for basmati exports. During FY24, the segment showed 15% growth in volume. KRBL had informed investors that India's Basmati exports have been seeing strong demand from US and Middle East, with the gulf region accounting for nearly 3/4th of total Basmati exports. KRBL's overall revenue had fallen by 15% in the June quarter because to lower export sales. The removal of export duty is expected to help boost exports, which is expected to offset higher input costs. KRBL had said during the June earnings call that input costs for Basmati has risen by 9 percent on year, while exports had fallen. The export restrictions have resulted in the volume of India's rice exports to fall to 27% on year to 16.4 million tonne in FY24. In value terms, India exported rice worth $10.4 billion in FY24, 7% less than what it did in the previous year. However, the global demand has stayed strong, resulting in Indian rice commanding a higherrealisation in FY24. | 2024-09-16 14:42 | 2024-09-16 | 14:42 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/bse-share-price-surges-17-to-fresh-record-high-amid-heavy-volumes-12822803.html | BSE share price surges 17% to fresh record high amid heavy volumes | BSE last month reported that its Q1 FY25 net profit nearly quadrupled, excluding exceptional items..Related stories. | Shares of BSE zoomed over 17 percent on September 16 to hit an all-time high of Rs 3,448 on the National Stock Exchange (NSE), driven by high volumes. So far in the day, a total of 33 lakh shares of the company changed hands on BSE and NSE combined, compared to the monthly average trading volume of eight lakh shares. BSElast month reported that its Q1 FY25 net profit nearly quadrupled, excluding exceptional items. Asia’s oldest stock exchange's April-June net profit came in at Rs 265.05 crore, up 264 percent from Rs 72.6 crore in the same quarter a year ago on a like-to-like basis. The exchange had posted a net profit of Rs 107.04 crore in the January-March quarter, according to a statement. The firm’s revenue from operations rose over 180 percent YoY to Rs 607.7 crore in the quarter under review from Rs 215.62 crore in the year-ago period. Follow our market blog to catch all the live action In the January-March quarter, the company’s revenue stood at Rs 488.37 crore. BSE had reported an exceptional gain of Rs 406.62 crore (Rs 367.5 crore net of tax) in Q1FY234 from profit on the divestment of a five percent stake in Central Depository Services (India). BSE's income from investments jumped 43 percent to Rs 62.9 crore in Q1FY25, while its operating EBITDA stood at Rs 284 crore in the quarter under review, jumping significantly from Rs 70 crore in the year-ago period. Meanwhile, the EBITDA margin came in at 47 percent in Q1FY25 over 33 percent in the corresponding period of FY24. At 2:33 pm, BSE shares were trading over 17 percent higher at Rs 3,402.05 on the NSE. The stock has rallied 53 percent so far this year, outperforming Nifty's returns of 14 percent. In the past 12 months, the counter has zoomed 170 percent, more than doubling investors' money. In comparison, Nifty rose 28 percent during this period. | 2024-09-16 14:40 | 2024-09-16 | 14:40 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/union-bank-of-india-jumps-6-as-investec-upgrades-stock-to-buy-sees-19-upside-potential-12822710.html | Union Bank of India jumps 6% as Investec upgrades stock to 'buy', sees 19% upside potential | Investec’s upgrade comes as analysts see ample margin of safety built into the stock’s valuation.Related stories. | Shares of Union Bank of India rallied 6 percent to Rs 127 per share on September 16, following an upgrade by Investec, which moved the stock to a 'buy' rating and set a target price of Rs 151, indicating a potential 19 percent upside from current levels. Investec’s upgrade comes as analysts see ample margin of safety built into the stock’s valuation, especially after it experienced a nearly 30 percent correction over the past three months. This correction was largely driven by concerns around increasing corporate asset quality stress. However, Investec believes these concerns have been sufficiently priced in. The underperformance of the banking sector as a whole, driven by slower deposit growth and regulatory headwinds, also weighed on Union Bank’s stock. Currently, at 0.8x price-to-book value and offering a dividend yield of 3.8 percent, the stock is trading close to its historical averages. Analysts see this as an attractive entry point, especially given the strong fundamentals the bank displayed in its recent earnings. ALSO READ:ÂBuy City Union Bank; target of Rs 205: Asit C Mehta In the June quarter, Union Bank reported a solid 13.6 percent year-on-year increase in net profit, driven by robust double-digit loan growth. Net interest income also grew 6.4 percent YoY, although the net interest margin (NIM) contracted by 8 basis points, reflecting some pressure on profitability. Despite this, the bank has made significant strides in improving its asset quality, with the gross NPA ratio falling by 280 basis points year-on-year to 4.54 percent, and net NPA declining by 68 basis points to 0.9 percent in Q1FY25. This indicates a healthier loan book and better management of non-performing assets. | 2024-09-16 14:33 | 2024-09-16 | 14:33 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/missed-bajaj-housing-finance-ipo-lottery-check-if-you-should-buy-or-not-after-135-listing-day-gain-12822458.html | Missed Bajaj Housing Finance IPO lottery? Check if you should buy or not after 135% listing day gain | Bajaj Housing Finance market valuation now stands at over Rs 1.37 lakh crore, per NSE data..Related stories. | With Bajaj Housing Finance stock’s blockbuster listing on 16 September, investors who either missed the IPO allotment or missed applying for the IPO altogether might be wondering if they should buy the shares now. Experts suggest cautious buying for long term growth, considering their individual risk-taking capacity. Bajaj Housing Financeshares listed at Rs 150 on Monday, with 114 percent premium over IPO price of Rs 70. Soon after, the stock climbed further to hit the upper circuit at Rs 164.99. Bajaj Housing Finance market capitalisation stands at above Rs 1.37 lakh crore, per NSE data. The Rs 6,560-crore initial public issue of Bajaj Housing Finance received nearly 64 times subscription in a 3-day window amid overwhelming participation from institutional buyers. The initial share sale got bids for 4,627 crore shares against 72.75 crore shares on offer. Bajaj Housing Finance stock could be a multibagger Those who have missed out on this IPO should not give in to FOMO and plan strategically, said V.L.A. Ambala, SEBI-registered Research Analyst and Co-founder of SMT. "I suggest market participants factor in their risk-taking capacity and explore buying Bajaj Housing Finance stock in the range of Rs 165–175. They must hold on to 50% of their investments in case there is a dip to Rs 130," she added. Also read |ÂBajaj Housing Finance market valuation tops Rs 1 lakh crore For secondary market investors, Ambala advised setting a realistic target price expectation between Rs 300 and Rs 800. "Though it may seem ambitious, the evolving housing loan demand and demographic dynamics could positively impact the company's growth trajectory," she said. Bajaj Housing Finance business expected to grow at a healthy pace Narendra Solanki - Head - Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers, said that the overall fundamentals and outlook for the company are good, and its business should continue to grow at a healthy pace and improve upon current return profile. “Investors choosing to add the stock on listing day should have a long term perspective on Bajaj Housing Finance stock, and should not look for short term opportunities,” he said. However, Rajesh Agarwal - Head Research - AUM Capital, recommended investors that LIC Housing is considered a better investment based strictly on valuation. Bajaj Housing Finance IPO had a fresh issue of equity shares of up to Rs 3,560 crore and an offer-for-sale (OFS) of equity shares to the tune of Rs 3,000 crore by parentBajaj Finance. The share sale was carried out to comply with the Reserve Bank of India's (RBI) regulations, which mandate that upper-layer non-banking finance companies must be listed on stock exchanges by September 2025. It is a non-deposit-taking housing finance company registered with the National Housing Bank since September 2015. The company provides financial solutions for buying and renovating residential and commercial properties. It has been classified as an “upper layer” NBFC by the RBI in India. Its extensive mortgage products include home loans, loans against property, lease rental discounting, and developer financing. | 2024-09-16 14:29 | 2024-09-16 | 14:29 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/buy-jsw-steel-target-of-rs-1100-motilal-oswal-12822778.html | Buy JSW Steel; target of Rs 1100: Motilal Oswal | Buy.Related stories. | Motilal Oswal's research report onJSW Steel The domestic steel demand is expected to be robust, driven by significant capex toward infrastructure development. The capacity expansion of JSW Steel (JSTL) is on track, positioning it well to capitalize on emerging opportunities. We expect +9% YoY (26mt) volume growth in FY25 and +8% YoY (28mt) in FY26E. The metal prices in both domestic and global markets have corrected significantly. Domestic HRC and CRC declined 4-5% QoQ in 2QFY25. Moreover, global steel prices are trending downward due to muted global demand and Chinese oversupply. Margins in the near-term could be under pressure due to lower realizations, which would more than offset the decline in input costs. Going ahead, we expect a double-digit revenue growth in FY26E owing to price recovery and capacity ramp-up, which would drive the EBITDA close to ~INR14,500/t. JSW Steel, a leading integrated steel producer with robust iron ore linkages, currently meets around 35% of its iron ore needs through captive mines, with plans to increase this in the future. In 1QFY25, the VAP share stood at 64% of the total volumes. Post the expansions, management foresees it to moderate but aims to maintain the VAP share >50% in the long term. Outlook At CMP, JSTL trades at 7x FY26E EV/EBITDA. We reiterate BUY on JSTL with a revised TP of INR1,100 (premised on 7.5x FY26E EV/EBITDA). For all recommendations report,Âclick here JSW Steel - 16092024 - moti | 2024-09-16 14:21 | 2024-09-16 | 14:21 |
moneycontrol.com | https://www.moneycontrol.com/news/india/delhi-elections-ec-unlikely-to-pay-heed-to-arvind-kejriwals-demand-12822618.html | Delhi elections: EC unlikely to pay heed to Arvind Kejriwal's demand | Arvind Kejriwal. | Election Commission is unlikely to announce early polls in Delhi despite a demand by chief minister Arvind Kejriwal, sources have told CNN-News18. Kejriwal, who was released on bail last week after the Supreme Court granted him relief, announced on Sunday that he will quit as the chief minister of Delhi. He also called for early elections in Delhi and urged EC to hold polls in November, alongside Maharashtra and Jharkhand. Assembly polls in Delhi are slated to be held in February next year. As Kejriwal pitched for early polls in Delhi, experts said the city government might have to write to the Election Commission (EC), giving reasons behind the demand. The final decision will, however, rest with the poll panel on when to hold the election. Sources have said that EC is unlikely to call for early polls, adding that one party or government cannot dictate the schedule of elections. According to EC, the government in Delhi has the numbers and is stable. Hence, there is no urgency for polls to be advanced. Moreover, since the last date of publication of electoral rolls in Delhi is January 6, advancement of polls is not possible. Sources added that assembly polls will be held simultaneously in Maharashtra and Jharkhand. Thus, holding polls in Delhi at the same time would put strain on the security forces. In fact, that was one of the reasons why elections in Haryana were held along with J&K instead of Maharashtra. Legally, the EC has the power to hold the assembly polls in Delhi alongside Maharashtra. But on previous occasions, the polls in Delhi were held separately. The EC should have a reason to club the Maharashtra and Delhi polls, said an expert who refused to be named. | 2024-09-16 14:15 | 2024-09-16 | 14:15 |
moneycontrol.com | https://www.moneycontrol.com/technology/oracle-indias-cloud-business-grows-58-in-first-quarter-adds-10-new-public-sector-clients-article-12822743.html | Oracle India’s cloud business grows 58% in first quarter, adds 10 new public sector clients | Representative image.Related stories. | Oracle’s cloud business in India grew 58 percent year-on-year in the quarter ended August 31, driven by a mix of growing demand for artificial intelligence (AI), new public sector clients and large deals signed in the previous quarter, top company executives have said. While the company did not disclose country-specific numbers, globally Oracle’s cloud services revenue was up 21 percent at $5.6 billion in the first quarter of FY25. Oracle follows June-May fiscal year. Oracle also gained in cloud licence and on-premise licence revenues, which was up 7 percent at $870 million. Overall quarterly revenue grew 7 percent YoY to $13.3 billion. “Our cloud consumption has grown almost 58 percent year-on-year and we have been able to add more than 10 logos in public sector customers just last quarter,” Premalakshmi PR, vice president, Technology Cloud, Oracle India told media on the sidelines of Oracle CloudWorld 2024 in Las Vegas. “Similarly, in SMB business, our CAGR is 79 percent over the last three years. We are seeing a lot of new government initiatives, where government departments are embracing OCI (oracle cloud infrastructure).” In India, customers still continue to migrate from on-prem to cloud, whether it is banking financial services or healthcare industry. Oracle is especially seeing demand from banking, fintechs and financial services players, she said. Last week, Oracle chief executive officer (CEO) Safra Catz shared that cloud services have become the company’s largest business, both in terms of operating income and earnings per share growth accelerated. Catz also said Oracle Cloud, long-term rivals like AWS, Google and Microsoft are now partners and the technology is heading for a multi-cloud approach, which will lead to customers getting interoperable services and features across the globe and at shared costs. In India, too, AI has been a key growth driver for Oracle’s success. “Whether it is AI, large language models -- every customer wants to see how they can leverage these new and emerging technologies, so that they have the competitive edge to drive their growth and performance in a better way,” Premalakshmi said. “That's where we are getting into both in terms of our overall multi-cloud strategy, and the AI momentum that we are seeing in the market. In India, AI is definitely a big opportunity that customers want to leverage. We are seeing a lot of traction and we have also won large deals with many of our customers within India itself.” Oracle is capturing new markets, going into smaller cities and is accelerating its modernisation journey, she added. Speaking about the cloud applications business in India, Shailesh Singla, vice president, Cloud Applications, Oracle India, said customer experience (CX) business grew 38 percent YoY in Q1, and the enterprise resource planning (ERP) business 12 percent. This was majorly driven by the growth in the BFSI space with newer NBFC customers signing up. “We had five times the win of what we did in the last five years. This was a marquee vertical for us and we had a series of win and we were almost adding one customer every three - four weeks…We released some 100 Gen AI use cases, and it cuts across the spectrum of products,” Singla said. Oracle is also seeing increased traction from the IT/ITes sector and the healthcare space. In healthcare, it has top players such as Fortis and Apollo as customers. Within BFSI, Max Life Insurance and Muthoot Fin Corp are some of the customers seeing significant efficiency gains by using OCI services. Also read:ÂLong-term rivals are now our partners: Oracle leadership on offering multi-cloud solutions Oracle NetSuite expansion Oracle is also expanding its ERP software offering NetSuite in India, seeing opportunity in the mid-market segments. It is adding two new data centres in India by 2025, in Oracle Cloud Infrastructure’s (OCI) existing regions in Mumbai and Hyderabad, Evan Goldberg, the founder and executive vice president of NetSuite, said. “There have been certain companies from a local compliance perspective, they wanted data to be residing in the country. So this is going to help us address some of those markets which we have not been able to earlier addressed,” Amit Suxena, vice president, NetSuite JAPAC, said. “We have also gone in with a very aggressive geo-expansion,” he said. So far, Oracle was operating primarily out of Bengaluru but now it was going to all the cities in India. “We have gone north right up to Chandigarh. We are going into Jammu & Kashmir. We are going east into Kolkata. We have now got teams based out of Kolkata… And we are expanding via our partner network in India primarily. So we have got lots of partners in each of these places. So big opportunity,” Suxena said. NetSuite in India is seeing a massive growth in the mid-market segment. These would include companies which have not been on any kind of ERP systems so far. Many of them are family businesses, which are newly adopting technology. (The correspondent was in Las Vegas on Oracle's invitation.) | 2024-09-16 14:14 | 2024-09-16 | 14:14 |
moneycontrol.com | https://www.moneycontrol.com/news/world/uk-pm-starmer-meets-italys-meloni-for-illegal-immigration-talks-12822715.html | UK PM Starmer meets Italy's Meloni for illegal immigration talks | UK PM Keir Starmer.Related stories. | British Prime Minister Keir Starmer meets Italian counterpart Giorgia Meloni in Rome on Monday to discuss tackling illegal immigration, a day after another Channel migrant shipwreck claimed eight lives. Starmer, whose centre-left Labour party was elected with a crushing parliamentary majority in July, has vowed to fight illegal immigration, a hot-button topic in British politics for years. Far-right riots shook cities and towns across England and Northern Ireland shortly after Starmer's election, the UK's worst unrest since 2011, with mosques and migrant accommodation centres often targeted. The perilous cross-Channel journeys migrants attempt from northern France have posed a fiendishly difficult problem to solve for successive British prime ministers. Eight migrants died on Sunday after their overcrowded boat capsized in the Channel, bringing to 46 the number of people who have lost their lives this year trying to reach British shores. Around 800 people crossed the Channel on Saturday, the second-highest figure since the start of the year, according to the UK interior ministry. Starmer has rejected the previous Conservative government's plan to expel all illegal migrants to Rwanda while their asylum claims are examined. Instead, UK media say he is interested in the strategy of Meloni, leader of the far-right Brothers of Italy party and whose country is on the front line of the European Union's migration crisis. In November last year, Italy signed an agreement with Albania to open two centres in the Balkan country where migrants would be sheltered while their asylum claims are processed. Italy will fund and manage the centres, which will be capable of accommodating up to 3,000 migrants who had arrived on Italian shores by boat. Migrants with rejected asylum claims would be sent back to their country of origin, whereas those with accepted applications will be granted entry to Italy. That is a key difference from the former UK government's Rwanda scheme, whereby migrants sent to the East African nation could never have settled in Britain irrespective of the outcome of their claim. | 2024-09-16 14:13 | 2024-09-16 | 14:13 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/buy-kei-industries-target-of-rs-5450-motilal-oswal-12822771.html | Buy KEI Industries; target of Rs 5450: Motilal Oswal | buy. | Motilal Oswal's research report onKEI Industries The FY24 annual report key highlights of KEI Industries (KEII) are as follows: 1) the company has increased investments in capacity expansion, which is estimated to result in a revenue CAGR of ~15-16% in the medium term; 2) the share of sales through B2C in the overall revenue rose to ~47% in FY24 vs. ~46% in FY23, with a target to increase to ~50% by FY26E; 3) the company is focused on expanding its dealer/distribution network; and 4) the company seeks to expand the international segment, increasing the export share to 15-18% of the total revenue over the next three years vs. ~13% in FY24. Outlook We value KEII at 50x Sep’26E EPS to arrive at our TP of INR5,450. Reiterate BUY. For all recommendations report,Âclick here KEI Industries - 16092024 - moti | 2024-09-16 14:12 | 2024-09-16 | 14:12 |
moneycontrol.com | https://www.moneycontrol.com/news/business/carlyle-takes-home-dividends-worth-1380-crore-from-hexaware-in-three-years-since-its-acquisition-12822723.html | Carlyle takes home dividends worth Rs 1,380 crore from Hexaware in three years since its acquisition | In total, since Carlyle’s acquisition, Hexaware has paid out dividends worth Rs 1,452.5 crore..Related stories. | Private equity firm, Carlyle, which acquired information technology (IT) services firm, Hexaware Technologies Limited, for around $3 billion (Rs 22,201 crore) in November, 2021, has since then taken out $165 million (Rs 1,380 crore) from the firm through dividends, as per the draft red herring prospectus (DRHP) filed by the company last week. Typically, private equity firms finance buyouts of companies through large sums of offshore debt and then use the cash flows of the acquired company to service the debt repayment obligations or to return some capital to their investors. As per media reports, Carlyle had availed buyout financing of around $1 billion to fund the acquisition of Hexaware in 2021. Between January and December, 2022, the first full financial year (FY) after Carlyle’s takeover of Hexaware, the company paid out a total dividend of Rs 663.7 crore — close to three times the dividend paid out in the previous FY at Rs 240.9 crore, Hexaware’s DRHP shows. For FY23, ending December 31,  Hexaware paid out an absolute dividend amounting to Rs 530.8 crore and for the six month-period ending June 30, the company paid a dividend of Rs 258 crore. In total, since Carlyle’s acquisition, Hexaware has paid out dividends worth Rs 1,452.5 crore. The private equity firm holds a 95.03 per cent stake in the company currently, which means its share of the dividends paid out amount to around Rs 1,380 crore. Amongst top 100 companies by absolute dividend distributed In terms of the absolute dividend amount paid out in the latest financial year, ending December 31, 2023, for Hexaware, the total dividend paid amounting to Rs 530.8 crore will put the company at a rank of 34 among BSE 100 index companies, just behind IT services firm LTIMindtree, which paid total dividend of Rs 592 crore in the financial year ending March 31, 2024, according to data from Ace Equity. Hexaware’s dividend payments stand ahead of companies such as Wipro (Rs 522.4 crore), ICICI Lombard General Insurance (Rs 515.83 crore) and Godrej Consumer Products (Rs 511.41 crore). To be sure, while Hexaware has paid out large dividends in the past, it is not indicative of the dividends that the company will pay post its public debut. “The amounts paid as dividends in the past are not necessarily indicative of dividend amounts, if any, in the future. Investors are cautioned not to rely on past dividends as an indication of the future performance of our Company or for an investment in the Equity Shares offered in the Offer. There is no guarantee that any dividends will be declared or paid in the future,” the Hexaware DRHP states. Also Read:ÂFive things to know about the Hexaware IPO The dividends paid out by Hexaware are significant not just in terms of the absolute amount but also in terms of dividend payout ratio, which indicates how much of the company’s net income is distributed as dividends. Dividend payout ratio is calculated as dividend paid per share divided by the earnings per share. As per the company’s disclosures, in FY22 and FY23, Hexaware paid out Rs 22 and Rs 17.5 as dividend per share, while in these FYs, the earnings per share stood at Rs 14.65 and Rs 16.45 per share. Only in the six-month period ending June 30, 2024, Hexaware’s dividend per share was lower (Rs 4.25) compared to its earnings per share at Rs 9.14. Hexaware reported a profit growth of 12 percent in FY23 to Rs 1,053.2 crore, compared to its profit of Rs 940.6 crore in the previous financial year. For the six months ending June 30, it reported a profit of Rs 559.5 crore. The IPO The proposed IPO of Hexaware Technologieswill see Carlyle sell shares worth Rs 9,950 crore. The company does not intend to raise any money for its own purposes. Hexaware’s IPO will be the largest ever such new share sale by an IT services company in the country. | 2024-09-16 14:10 | 2024-09-16 | 14:10 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/lumax-auto-jumps-nearly-10-after-announcing-majority-stake-acquisition-in-greenfuel-energy-solutions-12822613.html | Lumax Auto jumps nearly 10% after announcing majority stake acquisition in Greenfuel Energy Solutions | Lumax Auto Technologies Ltd.Related stories. | Shares ofLumax Auto Technologiesrose nearly 10 percent after the automotive systems and components supplier announced a strategic agreement to acquire a majority stake in Greenfuel Energy Solutions Pvt Ltd from its current shareholders. At 1.43 PM, shares of Lumax Auto traded 6.7 percent higher at Rs 555. The stock has gained 20 percent in the past six months, outperforming the Nifty 50 which gained 15 percent during the same period. This acquisition marks Lumax Auto's entry into the rapidly growing segment of green and alternate fuels, including CNG and hydrogen applications. Greenfuel, known for its expertise in high-pressure fuel delivery and storage systems, as well as fire and smoke alarm systems for the automotive industry, supplies major OEMs such as Maruti Suzuki, Tata Motors, and Volvo Eicher Commercial Vehicles. Follow our live blog for all the market action The deal will allow Lumax Auto to broaden its product offerings and diversify its solutions for automotive OEMs in India. While Greenfuel's ancillary businesses will be excluded from the acquisition, its core competencies in fuel systems and related technologies will be integrated into Lumax Auto's portfolio. Deepak Jain, Promoter Director of Lumax Auto said, "This is another step in our long-term growth strategy of strategic partnerships with industry leaders. With the CNG vehicle market expected to witness strong growth, specifically in the passenger vehicle segment, we will look to leverage this platform to deliver high-quality solutions to our customers and be an industry leader for systems and components in the 'alternate fuels' segment." Greenfuel's day-to-day operations will continue under the leadership of Akshay Kashyap, founder and CEO. He said, "We are excited about this strategic partnership with LATL which merges their extensive market reach and strong customer base with our core competence in alternate fuel systems. The collaboration is expected to unlock tremendous value for both stakeholders and drive innovation in the automotive sector, leading to a shift towards cleaner and more sustainable mobility solutions." KPMG Corporate Finance and Grant Thornton have served as exclusive advisors to Lumax Auto and Greenfuel, respectively. | 2024-09-16 13:52 | 2024-09-16 | 13:52 |
moneycontrol.com | https://www.moneycontrol.com/technology/ios-18-rolls-out-today-10-ways-your-iphone-is-set-to-change-article-12822731.html | iOS 18 rolls out today: 10 ways your iPhone is set to change | iOS 18.Related stories. | While the launch of the new iPhone always sees a lot of anticipation, the roll out of new iOS update isnŌĆÖt far behind in terms of excitement. Apple is set to roll out iOS 18 ŌĆö the latest software update for iPhones later tonight. iOS 18 brings a slew of new features that will change the way people interact with their iPhones. Having used the beta version for a while, we can tell you that some of the features will truly change the way you use an iPhone. Here are 10 such features: Customisable home screen, icons and more No more same looking home screen on the iPhone. Users will now be able to customise the Home Screen, Lock Screen, and Control Center. Users can now arrange apps and widgets in any open space on the Home Screen. Furthermore, app icons and widgets can take on a new look with a dark or tinted effect. Users can also make them larger and just see the app icon and not the name. All-new Control Centre Apple has also redesigned the Control Centre with iOS 18. Control Centre also gets more customisation options. Users can get quick access to new groups most-used controls, such as media playback, Home controls, and connectivity. Users can now also add controls from supported third-party apps into Control Center. New iMessage features iOS 18 brings new text effects to messages. Users can better express tone by adding formatting like bold, underline, italics, and strikethrough. ThereŌĆÖs also a new feature where users can compose a message and schedule to send it at a later time. Also, the Messages app now supports RCS for richer media and more reliable group messaging compared to SMS and MMS. Mail app gets new features The Mail app has been relatively ignored by Apple for a while now. However, that is set to change with iOS 18. Mail app will give new ways to users to manage their inbox and stay up to date. The Mail app will do on-device categorisation and organise and sort incoming email into Primary for personal and time-sensitive emails, Mail app will also bring a new digest view that pulls together all of the relevant emails from a business, allowing users to quickly scan for whatŌĆÖs important in the moment. Gesture support for AirPods If you have a pair of AirPods Pro (2nd-gen), then you can simply nod your head yes or gently shake your head no to respond to Siri announcements. So a nod of the head will answer a call directly to the AirPods. New privacy, security features iPhone users will now have a folder for locked and hidden apps. This will ensure privacy as app notifications and content, will not inadvertently be seen by others. Users can now lock an app; and for additional privacy, they can hide an app, moving it to a locked, hidden apps folder. When an app is locked or hidden, content like messages or emails inside the app are hidden from search, notifications, and other places across the system. Safari gets enhancements Safari gets an all-new redesigned Reader. Apple has redesigned it to offer even more ways to enjoy articles without distraction, with a summary and table of contents included for longer articles. Also, using machine learning, Safari can surface key information about a webpage. For example, users can review a summary to get the gist of an article; quickly see the location of a restaurant, hotel, or landmark. All-new Passwords app The Passwords app consolidates everything you needŌĆöpasswords, passkeys, Wi-Fi credentials, verification codes, and even ŌĆ£Sign in with AppleŌĆØ informationŌĆöall under one roof. Whether you need to autofill your login details for websites and apps, save new passwords, or manually add passkeys, the Passwords app does it all. Game Mode on iPhone The improved Game Mode on iPhone enhances the gaming experience with more consistent frame rates, especially during long play sessions, and makes wireless accessories like AirPods and game controllers incredibly responsive. New accessibility features Apple has added new accessibility features including Eye Tracking, a built-in option for navigating iPhone with just eyes. ThereŌĆÖs Music Haptics, a new way for users who are deaf or hard of hearing to experience music using the Taptic Engine in iPhone. You can also use Vocal Shortcuts that enable you to perform tasks by making a custom sound. Also, we havenŌĆÖt mentioned Apple Intelligence anywhere as all AI features are expected to come some time in October. | 2024-09-16 13:48 | 2024-09-16 | 13:48 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/buy-pvr-inox-target-of-rs-2065-anand-rathi-12822741.html | Buy PVR Inox; target of Rs 2065: Anand Rathi | Buy. | Anand Rathi's research report onPVR Inox After a muted Q1, PVR Inox is set for sequential improvement from Q2FY25. Plus, advertising income, which has been lagging pre-Covid levels should get a boost. Ahead, Q3FY25 is expected to be a good quarter for PVR-Inox, backed by many franchise movies. PVR’s Q3 performance may surpass its best quarter, Q2 FY24, (release of Gadar2, OMG-2 and Oppenheimer). Besides, measures to pare debt (by monetising three properties in Mumbai, Pune and Vadodara), and improve operational efficiencies by adopting an asset-light model augur well for earnings growth outlook and stock re-rating. Outlook We introduce FY27e and retain our Buy with a raised TP of Rs2,065 (13x FY27e pre-Ind-AS EBITDA). For all recommendations report,Âclick here PVR Inox - 16092024 - anand | 2024-09-16 13:43 | 2024-09-16 | 13:43 |
moneycontrol.com | https://www.moneycontrol.com/news/business/sebi-employees-to-amicably-settle-complaint-withdrawn-12822702.html | Sebi to address employees' concerns 'amicably through internal channels', recent statement withdrawn | Sebi employees have strongly condemned the unauthorized release of internal communication, confirming that all concerns shall be addressed amicably, through internal channels.. | Capital market regulator Sebi said on September 16 that all concerns of its employees that have been recently shared shall be addressed 'amicably through internal channels', and the statement issued earlier this month after employee complaints stands withdrawn. "SEBI addresses employee-related matters through appropriate internal mechanisms. Following constructive discussions with representatives of all grades of officers, SEBI and its employees have reaffirmed that such issues are strictly internal and will be managed in accordance with the organization’s high standards of governance and within a time-bound framework," said the statement issued by the Securities and Exchange Board of India (Sebi). The statement added that Sebi's employees strongly condemned the unauthorised release of internal communication and have confirmed that all concerns shall be addressed amicably through established internal channels. The earlier statement, which now stands withdrawn, was issued on September 4. On September 4, Sebi had released a press release following news reports on employee discontent with the work culture at the regulator's office. The press release had said that the employees were being instigated by external elements to "go to Media, go to the Ministry, go to Board (Sebi's Board) perhaps to serve their (the external elements') own purpose. The September 4 release referenced a letter that "a group of (Sebi) employees" had sent to HRD on August 6, 2024, and a second letter they had sent seven days later. Sebi's press release said that these were part of a "strategy" to gain more bargaining power to seek more benefits including an increase in house rent allowance (HRA) and "automatic promotions at lower performance ratings without interviews has also been 'demanded'". It had said that Sebi had taken initiatives, such as quantified key resource areas (KRAs) and officer-level and team-level monthly targets, to be responsive to the market ecosystem and its participants. The September 4 release said that the claims of unprofessional work culture in the letter dated August 6, 2024, were "misplaced" and stemmed from instances such as under-pitching of performance capability of officers, mis-reporting of status of achievement of KRAs and "adjusting" appraisal marks of poorly performing officers to make them eligible for promotion. With the latest statement, this September 4 press release stands withdrawn. | 2024-09-16 13:40 | 2024-09-16 | 13:40 |
moneycontrol.com | https://www.moneycontrol.com/news/india/fifth-and-final-call-bengal-govt-invites-junior-doctors-to-mamatas-residence-in-final-bid-to-end-impasse-12822638.html | 'Fifth and final call': Bengal govt invites junior doctors to Mamata's residence in final bid to end impasse | Junior doctors at the state-run hospital have been on strike since August 9, following the gruesome incident..Related stories. | In a final bid to end the standoff with protesting junior doctors, West Bengal Chief Secretary Manoj Pant, on September 16, extended a "fifth and final" invitation for talks with Chief Minister Mamata Banerjee. The protests stem from the rape and murder of a 31-year-old trainee doctor at Kolkata's RG Kar Medical College and Hospital, sparking outrage among the medical community. The doctors have been invited to CM Banerjee’s Kalighat residence at 5 pm on September 16 for discussions. In the invitation letter, Pant highlighted the government’s willingness to engage in dialogue, stating, "This is the fifth and final time we are reaching out to you for a meeting between the Honourable Chief Minister and your delegates. In line with our discussion from the day before, we are once again inviting you to a meeting with the Honourable Chief Minister at her Kalighat residence for a discussion with an open mind." The Chief Secretary reiterated that while the government remains open to discussions, live-streaming or videography would not be permitted—one of the key demands from the doctors. He, however, assured that the minutes of the meeting would be recorded and signed by both parties to ensure transparency. The letter stated, "We trust that good sense will prevail, and as mutually agreed and as per your statement to the media day before, there will be no live-streaming or videography of the meeting, given that the matter is sub judice in the highest court of the country. Instead, the minutes of the meeting will be recorded and signed by both parties". As of now, the protesting doctors are holding a general body meeting to decide whether to accept the invitation. Their demands include justice for their slain colleague and the live-streaming of talks with Banerjee. The letter also referenced the Supreme Court’s directive for doctors to return to work, urging them to comply with the ruling. The delegation that attended previous meetings with Banerjee has been asked to arrive at her residence by 4:45 pm. An earlier invitation for talks on September 14 failed to progress after doctors insisted on live-streaming the meeting, a request the Chief Minister did not agree to. In anunexpected gesture on September 14, Banerjee had visited Swasthya Bhawan in Kolkata to engage directly with the protesting doctors. During her meeting, Banerjee assured them that their demands would be carefully reviewed and that appropriate action would be taken if anyone was found guilty. "I have come to you as your 'didi,' not as the Chief Minister," Banerjee stated, underscoring her personal involvement in addressing the issue. She reiterated her commitment to resolving the crisis, saying, "This is my final attempt to bring an end to this impasse". The scheduled meeting, however,did not take placeas the doctors stood firm on their demand for live-streaming the talks. Meanwhile, rallies and protests demanding justice for the murdered doctor have continued to spread across Kolkata. While protests in other states have been called off following the Supreme Court's decision to create a hospital safety task force, doctors in West Bengal remain on strike, vowing to continue until their demands are met. Government officials have assured that steps are being taken to address concerns, such as improved CCTV coverage, the deployment of female security personnel, better lighting, and enhanced facilities. However, the deadlock persists as protests across the city intensify. Junior doctors at the state-run hospital have been on strike since August 9, following the gruesome incident. Banerjee made an unexpected visit to the protest site on Saturday, assuring doctors that their concerns would be addressed. She invited them for talks, but the meeting fell through after doctors claimed they were kept waiting for hours and were asked to leave "unceremoniously." In response to the latest invitation, the doctors have said they would discuss it among themselves before announcing their decision. "We demanded the live streaming to let the public know about what is happening inside in the meeting. We don't know what is their problem...We demand live streaming of the meeting...Our five demands are very justified...The public is supporting us because we are apolitical and we have not bent down to the pressures of the government...We are ready to compromise but if they don't listen to our demands then there is no point in calling us for a meeting," said a protesting doctor outside Swashthya Bhawan. | 2024-09-16 13:40 | 2024-09-16 | 13:40 |
moneycontrol.com | https://www.moneycontrol.com/news/business/real-estate/listed-developers-shy-away-from-affordable-housing-segment-amidst-rising-costs-lack-of-incentives-12822423.html | Listed developers shy away from affordable housing segment amidst rising costs, lack of incentives | This comes at a time when home loan interest rates have steadily increased from 7.00 percent in 2021 to 8.79 percent in 2023..Related stories. | Listed developers are shifting away from affordable housing, amidst a lack of government incentives and financial challenges. According to data from real estate consultant ANAROCK, the share of sales in the affordable housing segment has decreased from 38 percent, pre-COVID, to 21 percent in the first half of 2024. Experts say that, in FY25, this will drop further by at least 5-10 percent. Several listedplayers, such as Signature Global, Shriram Properties and Puravankara, have moved to premium or luxury housing as they say the affordable housing segment is ŌĆ£no more viableŌĆØ. This comes at a time when home loan interest rates have steadily increased from 7 percent in 2021 to 8.79 percent in 2023, Vivek Rathi, who heads research at Knight Frank India, said. Currently, affordable housing in India is defined as a house or flat with a carpet area up to 90 sq m in non-metropolitan cities, and 60 sq m in major cities, worth up to Rs 45 lakh for both. Listed developers gradually distancing themselves Pradeep Aggarwal, Founder and Chairman of Signature Global, said that the transition from affordable housing to premium and luxury housing is fundamentally because of a steep increase in land prices in the last couple of years. "Raw material cost has also gone up in such scenarios as affordable housing projects are not viable from a business perspective. We have so far delivered 18,000-20,000 units in the affordable housing segment. Signature Global wants to do affordable housing but there has to be business viability," he said. Last month, Bengaluru-based Shriram Properties hinted at changing focus from affordable housing segment to mid-segment housing. In November 2023,Moneycontrol┬Āhadreportedthat for all deliveries in H2FY24, the company is tarteting 40 percent in the affordable segment (less than Rs 50 lakh ticket size).┬ĀOf the 3.5 million sq ft to be delivered in FY25, about 1 million sq ft will be in the affordable segment. "Though there is booming demand for affordable houses in India, lack of policies and government incentives continue to be a challenge for the developers," Murali Malayappan, Chairman & Managing Director of Shriram Properties said. Provident Housing, the former affordable housing arm of Puravankara, has slowly rebranded. Today, the company no longer calls itself an affordable housing wing, but a brand catering to first-time homebuyers. Inventory drops by 50 percent The share of affordable housing in terms of supply has dropped from 40 percent in 2019 to 18 percent in 2023. As many as 5.78 lakh units are currently available for sale across the top seven cities. Of these, nearly 24 percent is in the affordablebudgetcategory, priced below Rs 40 lakh. Data from Knight Frank India shows that sales in the affordable housing segment have dropped from 63,485 units in H1 2022 to 46,178 in H1 of 2024 -- by almost 23 percent in just two years. At the end of Q2 of 2024, Bengaluru saw 16,569affordablehousing inventory, compared to 19,127 in Q3 of 2023. Kolkata saw a major jump from 9,887 in Q3 of 2023 to 11,960 in the same period. Mumbai saw a marginal decline to 79,286 in Q2 of 2024 from 80,391 last year. Anuj Puri, Chairman, ANAROCK Group, believes that various factors in the last few years have prompted developers to shift their focus away from affordable housing and lean towards the premium and luxury segments. The profits for developers in building affordable housing projects were wafer-thin even before the pandemic. Post-Covid, rising inflationary trends of raw materials, like steel and cement, and inflated labour costs put immense pressure on developers. Hence, they had no choice but to drift away. Developers demand tax breaks┬Ā Additionally, many interest stimulants that were previously extended to developers of affordable housing have expired in the last two years. This important segment thus needs to be revived with high-impact measures like tax breaks, so that they will focus more on building affordable housing. For instance, to boost supply and incentivise developers to build more affordable housing, the government should have re-introduced the ŌĆś"100% Tax Holiday" benefit they previously enjoyed under Section 80-IBA in the Finance Act, 2016. This section provided for major tax relief on the profits earned from developing and building affordable housing projects. As it is, amidst low buyer demand and rising input and land costs, developers find it unviable to build affordable housing since their profit margins are almost negligible. According to Pankaj Kapoor, managing director at real estate data analytics firm Liases Foras, developers see about 30 percent return from a real estate project. However, in the affordable housing segment, the returns have steadily dropped by at least 10-12 percent. Local developers will drive middle-class dream Local developers in real estate hotspots likeBengaluru, Delhi, and Mumbai continue to gain from the demand arising out of the middle-class aspiration of owning a house. Brokers in Bengaluru point out that local developers continue to provide major affordable home supply in ticket sizes less than Rs 50 lakh. Several such homes are already coming up in the outskirts of Bengaluru's eastern IT corridor of Whitefield. North Bengaluru has also placed itself as a hub for such houses, with land prices still affordable, compared to other parts of the city. "In the segment where margins are low, local developers can acquire smaller land in locations where they are┬Āstill affordable. This has kept the momentum of demand in the segment upbeat. Over the last few quarters, we saw at least a 25 percent jump in affordable housing," Kapoor pointed out. While demand certainly remains high for the affordable housing market in India, buyers are currently in a wait-and-watch mode. "More than the listed developers, we have seen launches by smaller players. Unless there are more buyers , we may continue to see listed developers focus on luxury real estate," Puri said. Experts say that the central government must seriously reconsider revising the pricing of homes within the affordable housing budget, taking into consideration city-specific market dynamics. As per the current definition, the size of units at 60 sq m carpet area is appropriate. However, prices of units (up to Rs 45 lakh) are not viable across most cities. "For instance, for a city like Mumbai, a Rs 45-lakh budget is meaningless. It would need to be increased to at least Rs 85 lakh. In other top cities, the budget should be increased to at least Rs 60-65 lakh. With such price revisions, more homes would qualify for the affordable price tag, so more buyers can avail of benefits such as lower GST rates at 1 percent without ITC, government subsidies, etc.," Puri added. Aggarwal said that the government should provide some sort of subsidised land, so that affordable housing projects can be executed. To boost the segment, affordable housing zones should be developed in suburban areas that are near major cities and have proper connectivity. "For instance, there is huge land potential in suburbs around Gurugram such as Sohna region, Manesar region, Jhajjar-Pataudi Road, etc. So, here such zones can be developed." | 2024-09-16 13:37 | 2024-09-16 | 13:37 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/tata-electronics-planning-2-more-fabs-in-gujarat-report-12822324.html | Tata Electronics planning 2 more fabs in Gujarat: Report | It is expected to achieve a peak production capacity of up to 50,000 wafers per month..Related stories. | Tata Electronics is likely to set up two more semiconductor fabrication plants at the site where its first fab is coming up in Gujarat in order to enhance local production and meet global demand, Mint has reported. The company’s first fab is being developed in partnership with Taiwan’s Powerchip Semiconductor Manufacturing Corporation (PSMC) in Dholera, with an investment of Rs 91,000 crore. It is expected to start production by 2026, the report added. A decision on the timing and partners for the two fabs would be taken the coming years after assessing the first unit’s performance and global semiconductor trends, the report quoted a source as saying. Moneycontrol couldn’t verify the report independently. The fabs would be on a similar scale as the one that is coming up, with technology and production specifics being finalised once the initial plant reaches full capacity. The work includes laying the foundation of the first fab, which began in March in the Dholera Special Investment Region, the report cited a senior government official as saying. Tata Electronics didn’t respond to its queries, Mint said. The first fab will focus on making chips for power management circuits, display drivers, microcontrollers and high-performance computing logic, serving sectors such as automotive, computing, data storage, wireless communication and artificial intelligence. It is expected to achieve a peak production capacity of up to 50,000 a month. To support expansion, some of the infrastructure built for the first unit may be used across all three fabs, potentially reducing the investment needed for the subsequent phases, the report said. Tata Electronics is also in the process of finalising agreements with buyers, including Tata Group companies like Tata Motors, Tata Play, and Tata Teleservices, which are major consumers of integrated chips. Tata Electronics is also building a residential complex to accommodate 4,000-5,000 workers. The company is also working with suppliers and partners to develop a local semiconductor supply chain ecosystem. Tata Semiconductor Assembly and Test Pvt Ltd (TSAT) is setting up a Rs 27,000 crore chip assembly and testing unit in Assam’s Jagiroad. The government has been pushing for semiconductor production offering incentives. | 2024-09-16 13:35 | 2024-09-16 | 13:35 |
moneycontrol.com | https://www.moneycontrol.com/news/india/first-time-that-people-from-muslim-community-himachal-cm-sukhu-on-sanjauli-mosque-issue-12822709.html | ‘First time that people from Muslim community…’: Himachal CM Sukhu on Sanjauli mosque issue | Himachal Pradesh chief minister Sukhvinder Singh Sukhu. | Following protests over the Sanjauli mosque issue, Himachal Pradesh chief minister Sukhvinder Singh Sukhu said that there is usually a culture of brotherhood in the state and the environment is very cordial. Speaking toNews18 Indiaat the 'Chaupal' conclave, Sukhu said the construction began during Jairam Thakur’s tenure. “This is the first time that people from the Muslim community went to the corporation and said that wherever there is something illegal, we will demolish it ourselves,” he said. Our state is a state of demonstrations, he said, adding that protests keep happening there. Protests began in the state earlier this month demanding the demolition of an illegal structure in a mosque in Shimla’s Sanjauli area. A Muslim welfare committee offered to demolish the unauthorised part of the mosque while members of the community themselves pulled down a wall of a mosque in government land in Mandi. A delegation of the welfare committee during a representation to Shimla Municipal Commissioner Bhupendra Attri said Muslims living in the locality are permanent residents of Himachal Pradesh and it was taking the step to preserve harmony and brotherhood. “We have sought permission from the Shimla municipal commissioner to demolish the unauthorised part of the mosque situated in Sanjauli,” member of the welfare committee Mufti Mohammad Shafi Kasmi said, as perPTI. When he was asked that the Opposition alleges that the current government of Himachal Pradesh is a government of friends and family, Sukhu said that the government is always of friends and ideologies. Earlier this year, BJP leader JP Nadda had said that the Congress government in Himachal Pradesh is prioritising its own interests and serving a single family. | 2024-09-16 13:24 | 2024-09-16 | 13:24 |
moneycontrol.com | https://www.moneycontrol.com/news/business/jsw-mg-motor-to-foray-into-accessible-luxury-segment-sets-up-new-retail-channel-12822707.html | JSW MG Motor to foray into 'accessible luxury' segment, sets up new retail channel | The company plans to set up exclusive experience centres in 12 cities across India in the first year.. | JSW MG Motor India will enter the 'accessible luxury' segment with plans to introduce four new energy vehicles in the next two years for which it is setting up a new retail channel brand, 'MG Select', according to company Chief Growth Officer, Gaurav Gupta. The company plans to set up exclusive experience centres in 12 cities across India in the first year. "With MG Select we will be bringing in four new products over the next two years to begin with," Gupta told PTI here. "We will be bringing in fresh, new platforms and products and these will be across the new energy vehicles (NEV) platform. So, it will have plug-in hybrids, hybrids and electric vehicles," said Gupta, however, he clarified that MG Select is not purely an EV channel. "The MG Select channel is for 'premium entry' of MG Motor India. It will bring in accessible luxury products for the new age customer of today," he added. At present the entry luxury car segment in India is at a price range of around Rs 45 lakh with vehicles like BMW 2 Series, Audi Q3 and Mercedes-Benz A Class dominating the category. Gupta said the company's existing six models, including Hector, Astor, Comet EV and the newly launched Windsor EV, will continue to play in the mainstream segment through the current sales network. When asked about the product launch programme for MG Select, he said, "We will start with two (products) in the next year itself, beginning from the first quarter of 2025." On the reasons for the foray into the new segment, Gupta said, "So far we've been in the mainstream or mass premium so far as an MG brand but what we have observed is that there is a growing opportunity in the new India's preference towards accessible luxury and also 'new age' choices that are coming in the marketplace." The luxury car segment in India is just about a 1 per cent of the overall industry, which was 42 lakh units last year, he said, adding the opportunities and the options available to the consumers have been pretty much the same for many years. Further, he said, "I think there is a good opportunity available to bring in an era of freshness, an era of disruption, a new way of bringing in exclusive experiences curation for the customer." When asked if MG Select would focus only on SUVs, he said, "Our approach also will not be limited to a particular body style. This is going to be the luxury portfolio that we are going to be bringing in that will cater to different body styles and support different requirements, because the new age customer has got a choice or a desire for a car for every purpose." On the network expansion plans for MG Select, Gupta said, "We are targeting 12 cities in the first year in phase one, and then we will keep expanding to the other cities over time." | 2024-09-16 13:17 | 2024-09-16 | 13:17 |
moneycontrol.com | https://www.moneycontrol.com/news/business/mc-exclusive-swarup-kumar-saha-of-punjab-sind-bank-may-take-over-as-bandhan-bank-chief-12822583.html | MC Exclusive | Swarup Kumar Saha of Punjab & Sind Bank may take over as Bandhan Bank chief | Swarup Kumar Saha.Related stories. | With little over a month to go for Bandhan Bank to select a new chief, highly placed sources said the hunt has reached its last leg, as the name of Swarup Kumar Saha, the managing director and the chief executive officer at the state-run Punjab and Sind Bank, features high on the shortlist of candidates for the job. The people aware of the development indicate that Saha’s appointment may have been vetted by the Reserve Bank of India and is in the final stages of clearance. “The process of Bandhan Bank’s nomination and remuneration committee recommending a few names to its board and the board in turn approving the same has concluded. The names of potential CEO candidates have been submitted to the regulator for consideration,” said one of the sources. The board of the Kolkata-based lender had suggested three names to the regulator and Saha's name seems to have got the RBI go-ahead. “A formal announcement is expected soon,” said another person aware of the matter. Global search firm Egon Zehnder was appointed by Bandhan Bank for the CEO hunt. An email to the bank seeking confirmation on Saha’s appointment remained unanswered till this story was published. “We are not aware of any such development,” said an official spokesperson for Punjab & Sind Bank over email. Saha, too, did not respond to text messages seeking comment. According to the sources, a banker with board-level experience, familiarity with Eastern India, knowledge of Bengali and willingness to shift to Kolkata, the headquarters of Bandhan Bank, were some of the salient requirements for the top job at the bank. | 2024-09-16 13:15 | 2024-09-16 | 13:15 |
moneycontrol.com | https://www.moneycontrol.com/news/business/mahindra-mahindra-shares-rise-2-as-company-unveils-new-lcv-veero-12822616.html | Mahindra & Mahindra shares rise 2% as company unveils new LCV 'Veero' | The Veero comes equipped with several new features for its segment, offering improved cabin comfort, enhanced safety, and solid performance..Related stories. | Mahindra & Mahindra (M&M) shares┬Ārose 2 to Rs 2,784┬Āon Monday after the automaker announced the launch of its latest light commercial vehicle (LCV), the Mahindra Veero. Market participants reacted positively to the news, betting that the Veero could enhance the companyŌĆÖs foothold in the commercial vehicle market. The Veero, designed to cater to urban transportation, is aimed at improving efficiency for businesses with its best-in-class payload capacity of 1,600 kg and fuel efficiency of 18.4 km/l for the diesel variant. M&MŌĆÖs latest offering also comes equipped with modern safety features and technology, Follow our LIVE blog for all the latest market updates The Veero comes with both diesel and CNG options, with an electric version expected in the future.┬ĀVeejay Nakra, President of Mahindra's Automotive Division, highlighted the vehicleŌĆÖs potential to boost the companyŌĆÖs leadership in the sub-3.5-ton LCV segment, emphasizing its focus on maximizing profitability for customers. "The Mahindra Veero provides top-tier payload, excellent mileage, and great manoeuvrability, built to enhance customer earnings," he said. Nakra also noted that the Veero is packed with segment-first features, including premium cabin comfort, advanced safety, and exceptional performance. He added that the vehicle is set to redefine the segment, delivering on our promise of being ŌĆśSoch Se AageŌĆÖ,ŌĆØ he added. This is the automobile major's second launch in quick succession. The Thar Roxx - a five-door variant of the popular off-roader is expected to significantly boost sales.┬ĀM&M aims to make Thar the number one SUV brand, implying sales of 15,000-18,000 units per month, the brokerage noted. The starting price for the base petrol variant of┬ĀThar Roxx┬Āis Rs 12.99 lakh, and the diesel version will be available from Rs 13.99 lakh onwards.┬ĀM&M announced that bookings will commence from October 3, with┬Ādeliveries likely from┬ĀDussehra onwards┬Ā(October 12). At about 1 pm, shares of the company were trading at Rs 2,775, up 1.3 percent from the last close on the NSE. M&M share price has rallied nearly 60 percent since the start of the year. | 2024-09-16 13:15 | 2024-09-16 | 13:15 |
moneycontrol.com | https://www.moneycontrol.com/news/india/dissolution-of-assembly-would-have-sent-a-wrong-message-saurabh-bharadwaj-on-kejriwal-stepping-down-as-delhi-cm-12822689.html | ŌĆśDissolution of assembly would have sent a wrong messageŌĆÖ: Saurabh Bharadwaj on Kejriwal stepping down as Delhi CM | Saurabh Bharadwaj. | Speaking on Aam Aadmi Party chief Arvind KejriwalŌĆÖs decision to step down from the post of Delhi chief minister, Delhi minister and AAP leader Saurabh Bharadwaj explained that the decision was taken after much deliberation and keeping the exiting political dynamics in mind. Speaking to News18 India at the 'Chaupal' conclave, Bharadwaj said asking the Lieutenant Governor to dissolve the assembly would have sent a wrong message and provided BJP fresh ammo to attack AAP┬Ā . ŌĆ£AAP supremo decided to step down and seek a fresh mandate to gauge the level of trust people have in him,ŌĆØ reiterated┬ĀBharadwaj. Addressing party workers in Delhi, Arvind Kejriwal on Sunday said that he will resign as Delhi chief minister within 48 hours and will only return as CM after people repose their faith in him through a fresh mandate. Speaking at the conclave, Bharadwaj said despite whatever the BJP has done in two years, the chief minister still has faith in his people and his honesty. He went on to add that It has never happened in history that a sitting CM, after coming out of jail, is himself announcing that if you consider him honest, then vote for him. Answering a question on why Kejriwal asked for two days before formal submitting his resignation, Bharadwaj said yesterday was Sunday today is an Eid-holiday. Reacting to BharadwajŌĆÖs allegations against the saffron party, BJP MP Bansuri Swaraj refuted the allegations as ŌĆśbaselessŌĆÖ and termed the probe against the AAP chief as an independent one carried out by independent bodies. Terming the charges as baseless, Swaraj held up a stash of documentsŌĆömainly court observations that raise vital questions about KejriwalŌĆÖs direct involved in the alleged Delhi excise policy scam. Assembly polls in Delhi are due in February next year, even though the APP supremo yesterday demanded that the election be held in November along with the Maharashtra polls. Manish Sisodia, former Deputy Chief Minister, too, has said he will go to the people and return to the top office only after re-election. This effectively means that the top leaders of AAP are not in the race for the chief minister's post. Even though this Chief Ministerial stint will only be for a few months, the AAP leadership would be looking to choose a prominent leader who can articulate the party's position on key issues and has wide acceptability among the party ranks. | 2024-09-16 13:12 | 2024-09-16 | 13:12 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ikea-to-resell-returned-products-at-discounted-rates-under-new-365-day-return-policy-12822474.html | IKEA to resell returned products at discounted rates under new 365-day return policy | The company operates stores in Bengaluru, Hyderabad, Pune, Mumbai, and Gujarat, with plans to open additional locations in Gurgaon by 2026 and a large store in Noida by 2028. The Noida store, which is expected to be completed at a cost of Rs 5,500 crore, is projected to attract up to 25 million visitors annually..Related stories. | Swedish furniture retailer IKEA has introduced a 365-day return policy in India, allowing customers to return items within a full year of purchase. The returned goods would be reintroduced to the inventory and sold at discounted rates. Products that do not sell in the “As Is” section would be disposed of using sustainable methods, Adosh Sharma, Country Commercial Manager, IKEA India, told Moneycontrol in an interview on September 16. The "As Is" section offers slightly used, discontinued or ex-showroom items.  The return policy is effective September 1. “IKEA endeavours to create a convenient shopping experience and make it more easy and flexible. From the date of purchase till 365 days within that period, one can come with the product which is either packed or open but not damaged, and proof of purchase (an online or physical receipt) and we will return it without any questions,” Sharma toldMoneycontrol. The return policy represents a shift from IKEA’s 60-90 days window. The extended period reflects customer behaviour in India, where setting up a home is described as a process that involves adjustments and reconsiderations, the furniture retailer said. The company aims to provide customers with more flexibility, particularly during the growing demand for home furnishing, a trend driven by rising home ownership. The ongoing festive season is also expected to see a pickup in demand. “We understand building a home takes time. It also is a process of errors and efforts — sometimes things fit in, sometimes they don't, or simply, you realise you want something better or something different. I think this gives option and flexibility for customers to come and change their mind,” Sharma said. The return policy applies to both online and offline purchases. There are exceptions such as food items, plants, customised products and gift cards. IKEA has confirmed that no additional fees will be charged for returns. The company is also prepared to manage the logistical and operational costs that come with reverse logistics, including shipping, restocking, and labour. Sharma, however, acknowledged the potential costs associated with the initiative, including the risks of reverse logistics and the need to manage returned products efficiently. Returned products that meet the company's criteria will be resold through the "As Is" section at a reduced price. Sharma said the process allows IKEA to keep products in circulation, offering a lower-cost option to customers. Unsold products would be disposed of sustainably, he said, without sharing specifics. Returns to hit top line? Returns can affect the company’s top line, particularly if customers take advantage of the extended return period to claim refunds. Industry experts have raised concerns about the potential financial burden posed by returns, which can include costs for shipping, labour, packaging, and depreciation. A former chief financial officer of an online furniture retailer, who didn’t wish to be named, said the total cost of returns can be as high as 20 percent of a product’s value. IKEA has indicated it is prepared to absorb the costs but there are concerns about the policy affecting sales and profitability. “We are not particular about sales impact and it's hard to say what can be the impact. It could go either way but, it is an opportunity for customer interaction with the brand,” Sharma said. Customers over costs IKEA aims to enhance customer convenience and trust by leveraging its legacy of quality. “...then things like the rate of return becomes a secondary concern for us. We are ready to absorb the cost as we bet on the quality of our products,” he said. Data from Forrester Research, cited by the Wall Street Journal, says brick-and-mortar stores typically experience return rates between 8-10 percent, while e-commerce returns can reach 20 percent. The cost of handling returns, especially in the context of reverse logistics, is a challenge for the retail industry as a whole. A study by Bengaluru-based Return Prime found that returns in some e-commerce segments can be as high as 40 percent, with businesses potentially facing billions of dollars in revenue losses by 2025. IKEA’s new return policy comes in as the company expands its presence in India. The company operates stores in Bengaluru, Hyderabad, Pune, Mumbai and Gujarat. The retailer plans to open stores in Gurugram by 2026 and a large store in Noida by 2028. The Noida store, expected to cost Rs 5,500 crore, is projected to attract up to 25 million visitors annually. IKEA sources 30 percent of its products sold in India from local suppliers, working with 45 partners. These suppliers provide a range of products, including textiles, rugs, home décor, metals, and plastics. The company has longstanding relationships with many of these partners, with some collaborations spanning more than a decade. As the return policy is rolled out, it remains to be seen how it will affect IKEA’s operations and financial performance. While the initiative is designed to enhance customer convenience, the costs associated with returns and reverse logistics may pose challenges. | 2024-09-16 13:02 | 2024-09-16 | 13:02 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/buy-va-tech-wabag-target-of-rs-1700-sharekhan-12822631.html | Buy Va Tech Wabag; target of Rs 1700: Sharekhan | Buy.Related stories. | Sharekhan's research report onVa Tech Wabag We visited Va Tech Wabag’s waste water treatment and desalination plants in Chennai and also had an interaction with the management. Company has maintained its guidance of 15% revenue growth and margins of 13-15% for the next 3-5 years. Order backlog stood strong at Rs. 10,676 crore at the end of Q4 and the company has also received an order of Rs. 2,700 crore in Saudi Arabia recently. The order pipeline is promising across Middle East, Africa, CIS nations, and SE Asian countries. The company has submitted bids worth Rs. 3,000 crore in Middle East and India region. Va Tech’s focus on technologically advanced EP projects, industrial and international projects, and increasing share of O&M contracts would improve margins, cash flows, and working capital cycle. Outlook We maintain BUY with a revised PT of Rs. 1,700, given its strong order inflow, promising pipeline, and margin tailwinds. The stock trades at a P/E of ~21.5x its FY2026E EPS. For all recommendations report,Âclick here Va Tech Wabag - 16092024 - khan | 2024-09-16 12:58 | 2024-09-16 | 12:58 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/stove-kraft-jumps-7-hits-52-week-high-on-emkay-globals-buy-coverage-12822529.html | Stove Kraft jumps 7%, hits 52-week high on Emkay Global's 'buy' coverage | o far this year, shares of Stove Kraft more than doubled or surged over 103 percent.Related stories. | Shares of Stove Kraft surged 7 percent to a 52-week high of Rs 932 on September 16 after Emkay Global initiated a 'buy' rating with a target price of Rs 1,350. Analysts are optimistic, citing the stock’s attractive valuations and the company’s strong innovation and 'value for money' positioning. Stove Kraft manufactures cooking appliances under Skava, Pigeon and Gilma brands. The Bengaluru-based company's cooking appliances include mixer grinders, pressure cookers, cooktops, toasters, chimneys and kitchen utensils. Emkay Global finds Stove Kraft valuations attractive amid strong market share gains at 35 percent EPS CAGR along with robust free cash flows. Furthermore, the brokerage firm believes that the company has been improving distribution expansion, including new-age channels such as e-com and modern retail. ALSO READ:ÂStove Kraft Standalone June 2024 Net Sales at Rs 314.45 crore, up 5.61% Y-o-Y "It has emerged as the leader in several high-growth categories, along with rapidly improving exports positioning (largest exporter; supplies to Walmart). Potential mass-consumer demand cycle recovering after 2 tough years and Stove Kraft's sharply enhanced manufacturing edge will drive 15 per cent/33 per cent revenue/EPS CAGR over FY24-27E, with strong free cash flow yield of 5.6 per cent," Emkay Global added. Stove Kraft has sharply outperformed peers -- 15 percentage points revenue share gains over FY16-24, driven by improvement in categories like non-stick cookware, pressure cookers, and other small appliance. The company has also emerged as the market leader in products like induction cooktops, air fryers, and electric kettles despite being only a recent entrant here . So far this year, shares of Stove Kraft more than doubled or surged over 103 percent, beating benchmark Nifty 50's 15 percent surge. | 2024-09-16 12:58 | 2024-09-16 | 12:58 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/galaxy-surfactants-shares-zoom-8-to-hit-52-week-high-on-heavy-volumes-12822624.html | Galaxy Surfactants shares zoom 8% to hit 52-week high on heavy volumes | Galaxy Surfactants anticipates volume growth to remain within their projected range of 6-8 percent, as global demand shows signs of gradual improvement..Related stories. | Shares of Galaxy Surfactants zoomed over 8 percent on September 16 to hit a 52-week high of Rs 3,325 on the National Stock Exchange (NSE), driven by high volumes. So far in the day, a total of 1 lakh shares of the company changed hands on BSE and NSE combined, compared to the monthly average trading volume of 27,000 shares. The Specialty chemicals major reported a net profit of Rs 79.7 crore in the quarter ended June 2024, up 6 percent (YoY). Its Earnings before interest tax depreciation and amortisation at Rs 129.5 crore grew 3 percent YoY and EBITDA margins at 13.2 percent remained stable. The company's revenues at Rs 979.5 crore grew 3 percent on-year. After the Q1FY25 earnings report, K. Natarajan, Managing Director, Galaxy Surfactants said that there are visible signs of improving demand for our premium specialties, which should improve the company's overall profitability. Specialty chemical manufacturers have seen their performance impacted by weak demand and inventory destocking cycle during FY24. Natarajan said that demand across geographies has improved. Galaxy Surfactants has been grappling with significant logistical challenges, largely driven by ongoing global disruptions which impacted both the arrival of raw materials and the dispatch of finished goods, resulting in longer lead times and rising freight costs. The company anticipates volume growth to remain within their projected range of 6-8 percent, as global demand shows signs of gradual improvement. At 12:47 pm, Galaxy Surfactants shares were trading over 8 percent higher at Rs 3,300 on the NSE. The stock has rallied 19 percent so far this year, outperforming Nifty's returns of 14 percent. In the past 12 months, the counter has zoomed 23. In comparison, Nifty rose 28 percent during this period. | 2024-09-16 12:52 | 2024-09-16 | 12:52 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/buy-coforge-target-of-rs-8480-sharekhan-12822619.html | Buy Coforge; target of Rs 8480: Sharekhan | BUY. | Sharekhan's research report onCoforge Post moderation in revenue growth in FY25, the Company’s organic business is expected to regain strong growth trajectory in FY26. Margin uptick to be supported by lower ESOP costs, higher offshoring and lower SG&A costs. Clarity on disruption from Gen AI on Cigniti’s testing business post transition to be vital. Outlook We upgrade Coforge to Buy with revised price target (PT) of Rs. 8,480 (valued at 40x Sept26E EPS). At CMP, the stock trades at 48.2/36.5/30.2x its FY25/26/27E EPS. For all recommendations report,Âclick here Coforge - 16092024 - khan | 2024-09-16 12:48 | 2024-09-16 | 12:48 |
moneycontrol.com | https://www.moneycontrol.com/news/opinion/indias-road-to-become-a-hub-of-semiconductor-industry-has-its-own-challenges-12822408.html | India's bid to become a semiconductor hub faces key challenges | As India chases the semiconductor manufacturing pie, science comes full circle. (File image).Related stories. | (Sanghnomics is a weekly column that tracks down and demystifies the economic world view of Rashtriya Swayamsevak Sangh (RSS) and organisations inspired by its ideology.) India is set to become a hub for the semiconductor industry, provided it addresses certain challenges that need to be identified and addressed. If one goes by what Prime MinisterNarendra Modi┬Āsaid┬Āwhile inaugurating SEMICON 2024 on September 11 this year, India has already attracted a huge investment in a very short time in this sector.┬ĀPM Modi said that India is creating a semiconductor workforce of 85,000 technicians, engineers and R&D experts. With IndiaŌĆÖs electronics sector now valued at over $150 billion,Modi outlined┬Āa goalto expand it to $500 billion and create 6 million jobs by the end of the decade. This growth is expected to benefit the semiconductor sector directly. ModiŌĆÖs recent visit to Singapore also boosted IndiaŌĆÖs efforts to become a key player in the semiconductor sector. During this visit, India and Singapore signed multiple agreements on semiconductor cluster development and talent cultivation in semiconductor design and manufacturing. As India chases the semiconductor manufacturing pie, science comes full circle for the country where Acharya Jagadish Chandra Bose created the worldŌĆÖs first semiconductor device, the iconic CatŌĆÖs Whisker, in 1901, says aninteresting┬Āreport┬Āin ŌĆśScience IndiaŌĆÖ, a journal published by Vijnan Bharati, an organisation inspired by the Rashtriya Swayamsevak Sangh (RSS), ┬Āwhich works in science and technology. Initiatives by Indian Government┬Ā According to anIndia Brand Equity Foundation┬ĀReport, ŌĆ£In 2022, the Indian semiconductor market was valued at $26.3 billion and is projected to expand at a CAGR of 26.3% to $271.9 billion by 2032.ŌĆØ Two key government programs are crucial in tapping this potential: the India Semiconductor Mission (ISM) and SEMICON India. India Semiconductor Mission (ISM) is a specialized and independent Business Division within the Digital India Corporation. Its mandate is to build a vibrant semiconductor and display ecosystem to enable IndiaŌĆÖs emergence as a global hub for electronics manufacturing and design. According to the official statement about this mission, ŌĆ£Led by global experts of the Semiconductor and display ecosystem the mission aims to serve as a focal point for the comprehensive, coherent, efficient, and smooth deployment of the Program for Development of Semiconductor and Display Ecosystem in consultation with the Government ministries / departments / agencies, industry, and academia.ŌĆØ The comprehensive SEMICON India programme was approved by the union cabinet in 2021 with a financial outlay of Rs 76,000 crore for the development of a sustainable semiconductor and display ecosystem. SEMICON India Program aims to provide attractive incentive support to companies / consortia that are engaged in Silicon Semiconductor Fabs, Display Fabs, Compound Semiconductors / Silicon Photonics / Sensors (including MEMS) Fabs, Semiconductor Packaging (ATMP / OSAT) and Semiconductor Design. In September 2024, the U.S. State Department announced a partnership with IndiaŌĆÖs Semiconductor Mission to explore opportunities for strengthening the global semiconductor supply chain under the ITSI Fund, part of the CHIPS Act of 2022. This collaboration will involve a comprehensive assessment of IndiaŌĆÖs semiconductor infrastructure and regulatory framework, guiding future joint initiatives. The insights will guide future joint initiatives to boost this critical sector. The International Technology Security and Innovation (ITSI) Fund, appropriated under the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act of 2022, provides the US Department of State with $500 million ŌĆö $100 million per year over five years, starting in Fiscal Year 2023 ŌĆö to promote the development and adoption of secure and trustworthy telecommunications networks and ensure semiconductor supply chain security and diversification. The ITSI Fund is distinct from other funding under the same Act. Challenges┬Ā As India gains momentum in the semiconductor field, caution is warranted. Dr. Sushil Kumar and Prof. Venu Gopal Achantanoted in their┬Āpaper┬Āin 'Science India', ŌĆ£One notable area where India may lead is in carbon neutrality. Semicon┬Łductor process facilities generate toxic chemicals, gases and hazardous waste which require safe disposal. Further, the majority of wafer fabrication facili┬Łties around the world are operational without much thought of sustainabil┬Łity. As India is embarking on its long journey, through its semiconductor mis┬Łsion, it can also lead the way by keep┬Łing in sight the carbon neutral targets promised by the government. Meeting the power requirements through re┬Łnewable energy sources, safe disposal of toxic waste, use of recycled water and chemicals, and use of green materials in semiconductor processing could help reduce the carbon footprint of these fa┬Łcilities. If India creates silicon growth and chip fabrication facilities having low carbon footprint and less capital-intensive technologies (as ISRO has done in space technology), it can show the world the viability of sustainable semi┬Łconductor manufacturing. This can also encourage the rest of the world to move.ŌĆØ Currently, India competes with South Korea, Taiwan, and China to become a semiconductor manufacturing hub. Although India has gained momentum, achieving leadership in this sector requires close coordination between state and central governments, which may be challenging given the current political landscape. Earlier Sanghnomics columns can be┬Āread here. | 2024-09-16 12:47 | 2024-09-16 | 12:47 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/dixon-tech-climbs-6-to-52-week-high-on-mou-to-manufacture-asus-notebooks-in-india-12822530.html | Dixon Tech climbs 6% to 52-week high on MoU to manufacture ASUS notebooks in India | Dixon Technologies (India) Ltd. | Shares ofDixon Technologiesrose over 6 percent and hit a 52-week high of Rs 13,848.15 after its subsidiary Padget Electronics signed an MoU with ASUS to manufacture notebooks in India. At 12.23 PM, Dixon Tech's share traded 5.7 percent higher at Rs 13,764. Dixon Tech's shares have gained over 95 percent in the past six months, vastly outperforming the Nifty 50 which gained 15 percent during the same period. Today, marked the sixth consecutive session of gain for Dixon Tech. The stock has been giving positive monthly returns since February. ASUS is a multi-national company known for motherboards and high-quality personal computers as well as a leading consumer notebook vendor. Follow our live blog for all the market action Dixon said it sees Asus as a long-term partner. "Asus has established a strong and trusted foothold worldwide, thanks to its advanced technology and we see them as our ideal long-term strategic partner who shares our core values: focus on quality, engineering prowess and customer satisfaction & we intend to leverage each other's strengths to manufacture notebook products," Atul Lall, Vice Chairman & Managing Director of Dixon Technologies said. The company is regarding laptops and IT hardware products as a significant growth engine. "What we, as a team, have been successfully able to execute on the mobile front, we aspire to do the same in the IT products," the company said. Dixon already has contracts with Lenovo and Acer to manufacture notebooks and is already manufacturing for Acer. "We have the top four customers out of the top five global brands operating in the country," the company said during the earnings call for the June quarter. It has also started the New Product Introduction (NPI) process for Lenovo notebooks and its mass production will commence in Q3FY25. | 2024-09-16 12:47 | 2024-09-16 | 12:47 |
moneycontrol.com | https://www.moneycontrol.com/news/india/one-dead-from-nipah-virus-in-indias-kerala-second-death-this-year-12822608.html | One dead from Nipah virus in India's Kerala; second death this year | his is the second death caused by Nipah in Kerala since July..Related stories. | A 24-year-old student has died from the Nipah virus in the southern Indian state of Kerala, a local medical official said on Monday, and 151 people who came into contact with the victim are under observation to prevent the spread of the deadly virus. This is the second death caused by Nipah in Kerala since July. Nipah is classified as a priority pathogen by the World Health Organization (WHO) because of its potential to trigger an epidemic. There is no vaccine to prevent infection and no treatment to cure it. Parts of Kerala are among those most at risk globally for outbreaks of the virus, a Reuters investigation showed last year. Nipah, which comes from fruit bats and animals such as pigs, can cause a lethal, brain-swelling fever in humans. The student starting showing fever symptoms on Sept. 4 and died five days later, said R. Renuka, a district medical officer in the town of Malappuram, located in northern Kerala. The testing of a blood sample from the victim sent to the National Institute of Virology in Pune confirmed a Nipah infection on Sept. 9, Renuka said. Five other people who have developed primary symptoms of a Nipah infection have had blood samples drawn and they were sent for tests, she said, without saying if they were primary contacts of the dead person. Nearly 151 people are being monitored for any symptoms after they were found to be on the primary contact list of the victim, who had come from Bengaluru, she said. This is the second death from a Nipah infection in Malappuram this year after a 14-year-old boy succumbed in July. Nipah has been linked to the deaths of dozens of people in Kerala since its first appearance in the state in 2018. | 2024-09-16 12:42 | 2024-09-16 | 12:42 |
moneycontrol.com | https://www.moneycontrol.com/news/business/india-gets-386-billion-financial-commitment-to-expand-renewable-capacity-12822606.html | India gets $386 billion financial commitment to expand renewable capacity | India has received a commitment of $386 billion from banks and financial institutions. | India has received a commitment of $386 billion from banks and financial institutions to expand the country's renewable capacity by 2030, Renewable Energy Minister Pralhad Joshi said on Monday. "We received overwhelming commitments from states and Union Territories as well as from the developers, manufacturers and financial institutes to support our goal of 500 GW by 2030", said Joshi. | 2024-09-16 12:40 | 2024-09-16 | 12:40 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/adani-afdb-get-1-3-billion-concession-for-kenya-power-lines-12822599.html | Adani, AfDB get $1.3 billion concession for Kenya power lines | Africa50 has a PPP project to construct the 185-kilometer (115-mile) Loosuk-Lessos transmission line, according to its website.Related stories. | The Kenya Electricity Transmission Co. has awarded Adani Group and a unit of the African Development Bank a public-private partnership concession to construct high-voltage power lines, according to an adviser of the East African nation’s president. “The government through Ketraco has awarded PPP concessions to Adani and Africa50 to build new transmission lines,” David Ndii, chairman of President William Ruto’s Council of Economic Advisers, said in a post on X. “They are hiring their project teams. The cost of these transmission lines is $1.3 billion that we do not have to borrow.” Many Kenyans have been angered about a separate proposal to grant another unit of the Indian mogul Gautam Adani’s conglomerate a 30-year concession to run the nation’s largest airport. Aviation workers held a one-day stoppage last week to protest those plans. The Kenyan government has borrowed heavily and can ill afford to take on additional loans. To balance the need for continued investment in development, the government says it needs private money in public projects. Casablanca-based Africa50 has a PPP project to construct the 185-kilometer (115-mile) Loosuk-Lessos transmission line, according to its website. Five years ago, Ketraco said the AfDB unit would construct 324 km of the high-voltage links for $172.5 million. At the time, the agency said it was turning to private investment to cut reliance on state funding and to plug a hole estimated at $3 billion for projects due by 2030. Adani Energy Solutions Ltd. has expressed interest in operating the Gilgil-Thika-Malaa electricity line under Ketraco, Citizen Digital reported, citing Cabinet Secretary Davis Chirchir. The proposal is still under evaluation, he said. | 2024-09-16 12:39 | 2024-09-16 | 12:39 |
moneycontrol.com | https://www.moneycontrol.com/news/india/govt-is-working-on-super-app-for-all-railway-services-railway-minister-ashwini-vaishnaw-12822569.html | Govt is working on super app for all railway services: Railway Minister Ashwini Vaishnaw | The minister also stressed that the infrastructure improvements, stating that over 5,300 km of railway tracks were laid last year alone, a distance he equated to Switzerland’s entire rail network..Related stories. | Minister for Railways Ashwini Vaishnaw, on September 16, said that the Indian government is developing a super app to streamline various railway-related services. While the minister didn’t elaborate on specific features, reports suggest the app will allow users to book tickets, check PNR status, track trains, and more. Speaking at the News18 India Chaupal event in New Delhi, Vaishnaw highlighted the significant advancements Indian Railways has made under the NDA government over the past decade. “From the passenger’s perspective, whatever services one may need will be available on the super app,” he said. The minister also stressed that the infrastructure improvements, stating that over 5,300 km of railway tracks were laid last year alone, a distance he equated to Switzerland’s entire rail network. Addressing railway safety, Vaishnaw noted, “10 years ago, there used to be 171 rail accidents per year, which has come down to around 40 per year. Yet, we are working tirelessly to make structural changes and create new training methods to reduce it further.” He also announced the installation of Kavach, an indigenous Automatic Train Protection (ATP) system, in 10,000 railway coaches to further enhance safety and prevent collisions and derailments. In addition, the minister introduced Amrit Bharat trains, designed to provide affordable travel for ordinary Indians, offering journeys of up to 1,000 kilometers for approximately Rs 400-Rs 450. Vaishnaw also mentioned growing international interest in India's Vande Bharat trains. “We have already got enquiries for Vande Bharat from other countries like Chile. But, we will be ready to export from the fourth and fifth version of Vande Bharat,” he added. | 2024-09-16 12:27 | 2024-09-16 | 12:27 |
moneycontrol.com | https://www.moneycontrol.com/news/india/100-days-of-modi-3-0-a-confident-government-takes-decisive-steps-plans-to-implement-onop-soon-12822578.html | 100 Days of Modi 3.0: A confident government takes decisive steps, plans to implement ONOP soon | Infrastructure projects worth Rs 3 Lakh crore have been approved in the first 100 days of Modi 3.0, with the inauguration date fixed for each one of them..Related stories. | A confident government, which is not on the defensive but plans to implement its big agenda in the coming days ŌĆö this is what a flurry of major decisions in the first 100 days of ŌĆśModi 3.0ŌĆÖ show. Going ahead, the ŌĆśOne Nation One PollŌĆÖ will be implemented in the tenure of this government, sources have told┬ĀNews18. The report of the Ram Nath Kovind Committee is already with the Centre. The Centre could also begin the census exercise soon and has an ŌĆ£open mindŌĆØ to include caste in the same though no decision has been taken about it, with a discussion being on about the same. The Centre will also take steps to restore statehood to Jammu & Kashmir in the minimum possible time post elections. The reports of 4-5 states on studying contours of a ŌĆśUniform Civil CodeŌĆÖ are expected in the next couple of months, after Uttarakhand has implemented it. This follows several decisions taken in the first 100 days of the government which complete on September 17, as Prime Minister Narendra Modi had put bureaucrats on the job before the Lok Sabha elections to draw up plans for the first 100 days. The BJP is clear that the 240-seat verdict for it is also historic as it had left many seats for its allies in a pre-poll alliance and did not contest all 543 seats itself. The NDA allies have won many of those seats, while the Congress itself could not cross 99 seats. The Big Steps┬Ā Infrastructure projects worth Rs 3 Lakh crore have been approved in the first 100 days of Modi 3.0, with the inauguration date fixed for each one of them. This includes the Wadhavan Port in Maharashtra at Rs 76,200 Cr, the next phase of PM Gram Sadak Yojana to connect 25,000 unconnected villages at cost of Rs 49,000 Cr, roads and high-speed road corridors worth Rs 50,600 Cr, new railway lines, development of three new airports, and three metro projects in Bengaluru, Pune, and Thane. Sources said such high spend on infrastructure will propel job creation, besides the Rs 2 lakh crore PM package to benefit 4.1 crore youth. There are also now one crore ŌĆśLakhpati DidisŌĆÖ in the country who are earning Rs 1 lakh a year; 11 lakh of them were distributed certificates in the last 100 days. Other big steps are three crore more houses sanctioned under the PM Awas Yojana, the Unified Pension Scheme, income tax benefits to the middle-class in thebudgetand 2.5 lakh houses installing solar power. Farmer-Friendly government The government is also keen to project that it is ŌĆśfarmer-friendlyŌĆÖ as the total PM Kisan Nidhi payout has touched Rs 3 lakh crore so far while Rs 2 lakh crore additional benefit has reached the farmers by way of increase in MSP in the tenure of this government, setting a new record of 120% procurement under MSP which stood at around 33% in the UPA time. The Modi government took this route to benefit farmers rather than the populist route of ŌĆśfarm loan waiverŌĆÖ taken by UPA in the past ŌĆö and managed to cover input cost of 82% of farmers in India who won less than 2.5 acre of land, thereby making them loan-free. Sources said it was the opposition which sees PM Kisan Nidhi through the prism of politics while it was a scheme to empower farmers and not a freebie. Another major decision has been to extend Ayushman Bharat benefit to all aged 70 years and above. Foreign Policy with a Spine Indian foreign policy has discovered back its spine as the world is now looking at India with hope after Prime Minister Narendra ModiŌĆÖs trips to Russia and Ukraine in the first 100 days of his government. Modi was also the first Indian PM to visit Austria after a gap of 41 years and Poland after a gap of 45 years while he became the first Indian PM to visit Brunei. India alos hosted more than 120 countries in the ŌĆśVoice of Global SouthŌĆÖ summit. Tightening Laws One of the biggest decisions in the first 100 days was the enactment of the three new criminal laws by the Union Home Ministry which could make India the most modern criminal justice system soon by cutting down investigation and judicial delays. The government also declared June 25 as ŌĆśSamvidhan HATYA DivasŌĆÖ to make the youth know about the dark days of the Emergency imposed by the Indira Gandhi government. Sources say the ŌĆśSamvidhan HATYA DivasŌĆÖ is not a political event as the idea is to resolve every year to safeguard the democracy ethos. The Waqf Amendment Bill was also brought to the Parliament as a means to remove appeasement policies and for better administration and protection of Waqf properties in the country. | 2024-09-16 12:26 | 2024-09-16 | 12:26 |
moneycontrol.com | https://www.moneycontrol.com/news/business/jsw-mg-motor-india-select-premium-cars-by-march-12822556.html | JSW MG Motor India targets 'new-age' buyers with first luxury car by March | MG Select outlets will start operations with 12 major cities by the first quarter of next year, and more outlets will to follow soon, aiming to cater to a new set of customers of its upcoming premium line-up of cars.. | JSW MG Motor India - the joint venture between China's SAIC Motor and JSW Group is aiming to launch its first luxury car model by March 2025, the company informed on September 16. ŌĆ£This move reflects the companyŌĆÖs strategic response to opportunities in the premium automotive market,ŌĆØ JSW MG India said in a statement. To offer its 'new age' cars for premium customers, JSW MG will also be launching 'MG Select', a new sales outlet for its premium offerings, it said.┬ĀŌĆśMG SelectŌĆÖ will offer a wide range of vehicles, primarily EVs, as well as hybrids, the company said. Over the next two years, JSW MG aims to expand its portfolio to include four premium products.┬ĀMG Select outlets will start operations with 12 major cities by the first quarter of next year, and more outlets will to follow soon, aiming to cater to a new set of customers of its upcoming premium line-up of cars. At the launch of its Windsor EV last week, JSW MG Motor CEO Emeritus Rajiv Chaba had said that the company is gearing up to launch "one product every 6 months". Read More:┬ĀIntend to focus on NEVs: JSW MG's Parth Jindal JSW MG Motor India, which also sells Hector, Astor and Gloster in the ICE SUV segment, islooking at double-digit growth. Last year in November, China's biggest automaker SAIC Motor had inked a joint venture (JV) with the JSW Group to transform MG Motor in India. Under the new structure, JSW picked up a 35 per cent stake in the JV, Indian Financial Institutions (IFI) 8 per cent, dealers of MG Motor 3 per cent and 5 per cent earmarked for employees of the company. The remaining 49 per cent is with SAIC. | 2024-09-16 12:23 | 2024-09-16 | 12:23 |
moneycontrol.com | https://www.moneycontrol.com/news/india/time-has-come-to-create-public-awareness-about-women-empowerment-president-droupadi-murmu-12822470.html | Time has come to create public awareness about women empowerment: President Droupadi Murmu | Related stories. | Amid rising cases of crimes against women, President Droupadi Murmu on Monday said that it is "unfortunate" that insecurity exists among women in our country despite strict laws. In her remarks at News18's 'SheShakti 2024' event, Murmu said that women in India constantly struggle against the "social narrow-mindedness" and "conservatism" that consider them weak. She said that despite changes in this thinking, some social prejudices still remain deeply rooted which create barriers to women's equality. "As a society, we all need to look within ourselves and ask some hard questions. Where have we gone wrong? What can we do to improve? The safety and dignity of women are crucial for the development and success of any nation," she said. Her remarks come in the wake of the gruesome rape and murder of a young woman doctor in Kolkata. The incident sparked nationwide outrage and debates around the safety of women in the country.Women's safety and integrity is of utmost importance for any nation's progress. Time has come to create public awareness about women empowerment: President Droupadi Murmu (@rashtrapatibhvn) delivers opening address at News18#SheShakti2024#BreakingBarriers#WomenEmpowermentpic.twitter.com/C6TLirT2Q5News18 (@CNNnews18)September 16, 2024 Murmu said that as a society, we must all come together to "protect the honor and dignity of the women" in our country and ensure their progress. "The time has come for us to awaken a public consciousness where respect for women is increased, and no woman feels unsafe at any time, in any place," she said. In her remarks, Murmu also spoke about how India's centuries-old culture has always revered women and held them in the highest respect. "In our diverse nation, our goddesses have also assumed many forms. On one hand, they take on fierce forms like Kali and Durga to vanquish demons, while on the other, they bless us as Lakshmi and Saraswati, providing peace, prosperity, and knowledge. Women are considered the embodiment of power in our country," she said. | 2024-09-16 12:22 | 2024-09-16 | 12:22 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/oberoi-hotels-group-to-acquire-pune-firm-to-develop-trident-hotel-commercial-complex-at-about-rs-1000-crore-12822524.html | Oberoi Hotels group to acquire Pune firm to develop Trident Hotel, commercial complex at about Rs 1,000 crore | Oberoi Hotels group will acquire an equity stake in a Pune-based company for Rs 254 crore..Related stories. | Oberoi Hotels group will acquire an equity stake in a Pune-based company for Rs 254 crore, for development of a mixed use project including a Trident Hotel and a commercial complex at an investment cost of Rs 972 crore. EIH Ltd, the flagship company of the Oberoi group, will acquire a 51 percent equity stake in Pune-based hospitality and commercial real estate firm Muttha Towers II Pvt Ltd, which had total assets worth Rs 175 crore at the end of March 2024. The target company was incorporated in 2019, and owns a parcel of land measuring 1.7 acres, said EIH. “Investment in the target company will enable (EIH Ltd) to expand its business operations,” said EIH in a filing to stock exchanges. The proposed Trident Hotel will have a capacity of approximately 175 keys, and will be spread over an area of 1.81 lakh square feet. The proposed commercial complex will have office spaces and food and beverage focused retail outlets spread over 4.08 lakh square feet, according to the filing. The commercial operations of the development are expected to commence in Q1 of FY 2029-30, said EIH. Separately, in another filing, EIH Ltd said it will invest in a new company to be incorporated in the United Kingdom, for hotel operations in London. EIH will own a 51 percent equity stake in EIH London Investments Ltd, by eventually subscribing to up to 12.75 million shares of GBP 1 each. “Investment in the target company in the UK will enable (EIH) to have a hotel presence in London, with the UK being a key source market,” said EIH in the filing. The UK firm will develop a luxury hotel -- The Oberoi, London -- for domestic and international travellers, at an investment of about GBP 15 million. The hotel will be operational by the fourth quarter of financial year 2027-28. EIH Ltd made news over the weekend, with the Delhi High Court restraining Oberoi Group holding companies from transferring shares held by late PRS Oberoi. The case involves a legal dispute among PRS Oberoi’s children, regarding control over substantial holdings in EIH and a family villa. EIH Ltd shares were up about 1 percent on Monday, 16 September, trading at Rs 384. The stock has gained about 53 percent so far this year since January, beating NSE Nifty 50, which has risen about 16 percent. | 2024-09-16 12:21 | 2024-09-16 | 12:21 |
moneycontrol.com | https://www.moneycontrol.com/news/world/israel-hamas-war-latest-israeli-airstrikes-kill-16-in-gaza-including-4-children-palestine-12822536.html | Israel-Hamas war latest| Israeli airstrikes kill 16 in Gaza, including 4 children: Palestine | File Picture. | Palestinian officials say Israeli airstrikes have killed 16 people in the Gaza Strip, including five women and four children. A strike early Monday flattened a home in the built-up Nuseirat refugee camp in central Gaza, killing at least 10 people, including four women and two children. The Awda Hospital, which received the bodies, confirmed the toll and said another 13 people were wounded. Hospital records show that the dead included a mother, her child and her five siblings. Another strike on a home in Gaza City killed six people, including a woman and two children, according to the Civil Defense, first responders who operate under the Hamas-run government. Israel says it only targets militants and accuses Hamas and other armed groups of endangering civilians by operating in residential areas. The military rarely comments on individual strikes, which often kill women and children. The Gaza Health Ministry says over 41,000 Palestinians have been killed since Hamas’ Oct. 7 attack triggered the war nearly a year ago. It does not distinguish between fighters and civilians in its count but says a little over half of those killed were women and children. Israel says it has killed over 17,000 militants, without providing evidence. | 2024-09-16 12:20 | 2024-09-16 | 12:20 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/after-a-lull-in-august-fiis-buy-shares-worth-3-3-bn-so-far-in-september-12822463.html | After a lull in August, FIIs buy shares worth $3.3 bn so far in September | In the current month till date, FIIs have been net buyers at $3.3 billion, which is a huge jump from last month’s total buying of $873 million..Related stories. | September could well end as the best-ever month in the current calendar year in terms of net buying by foreign institutional investors (FIIs), if the current trend continues during the second half of the month. In the current month till date, FIIs have been net buyers at $3.3 billion, which is a huge jump from last month’s total buying of $873 million. Further, while $2.71 billion has been invested in the secondary markets in the month till date, the balance $614.23 million went into IPOs, as per data from NSDL. Despite 10 IPOs worth Rs 11,248 crore in September, FIIs favoured secondary markets. In 2024, FIIs invested $8.48 billion in Indian equities, with $1.29 billion bought in secondary markets and $7.2 billion in IPOs. They were net buyers in the secondary market only in March, June, July, and September. The highest net buying was in March at $3.52 billion, followed by $3.12 billion in July and $2.92 billion in June. Kranthi Bathini, Equity Strategist at WealthMills Securities, attributes the trend to the flurry of IPOs and high market volatility, with large block deals by promoters and PE investors. FIIs took advantage of these block deals and employed a “buy on dips” strategy amidst the market volatility. Most IPOs this month were small, apart from Bajaj Housing Finance, leading FIIs to focus more on the secondary market. They mainly bought large caps, banking, and engineering stocks. After minimal buying in the past 7-8 months, FIIs seized the opportunity in September, he said. Earlier, between January and May, FIIs were net sellers, offloading around $2.77 billion in equities. While they invested $4 billion in IPOs, they sold $6.8 billion in the secondary markets. The heavy selling in secondary markets was mainly due to concerns over high valuations and political uncertainty ahead of the elections. Now with the political uncertainty settled and June quarter earnings released, there are growing expectations of a US Federal Reserve rate cut. This potential rate cut could benefit many emerging markets, including India. This, in turn, has led to FIIs changing their stance, fuelling the rally in local equities, which seems unlikely to reverse for more than a few sessions. This shift has even encouraged the more hesitant investors, including many short-term FIIs, to jump in, say market players. Deepak Jasani, Senior VP - Head Retail Research, HDFC Securities believes that once the US Fed announces its rate cut decision in the next few days, global markets, including India, might experience a temporary peak. It's a classic “buy on expectation, sell on the news” situation. While it may take a couple of days, it seems likely to happen. Rajesh Palviya, an analyst with Axis Securities, stated that FII buying in Indian markets is largely driven by the anticipated US Fed rate cut. Compared to global markets, Indian markets are more stable and offer a favorable environment for FIIs. The Indian economy is strong, and corporate earnings have been steady, with no significant negative signs so far, boosting investor confidence. He noted that markets are likely to continue their upward trajectory. After some volatility and correction in September, along with sector rotation, sectors like pharma and IT have performed well. These sectors are linked to global markets and have always been FII favourites, giving them a comfort zone. FIIs have heavily invested in IT and healthcare, signalling their preferred direction. With markets at all-time highs, Palviya expects this trend to continue, targeting a Nifty range of 25,600 to 25,800, with support around the 25,000 level. Sectors like pharma, IT, automobiles, and consumption-related industries such as FMCG remain the top picks for FIIs. | 2024-09-16 12:16 | 2024-09-16 | 12:16 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/hold-eureka-forbes-target-of-rs-536-east-india-securities-12822568.html | Hold Eureka Forbes target of Rs 536: East India Securities | hold. | East India Securitie's report onEureka Forbes An established ‘cash cow’, Eureka Forbes were the pioneers for introducing water purifier and vacuum cleaner in India. Eureka Forbes has a long history of launching innovative products and campaigns in India. Outlook Considering the future growth visibility, we assign HOLD rating with target price of INR 536 per share. For all recommendations report,Âclick here Eureka Forbes - 16092024 - east | 2024-09-16 12:15 | 2024-09-16 | 12:15 |
moneycontrol.com | https://www.moneycontrol.com/news/business/why-senior-citizens-over-70-need-seperate-health-insurance-covers-despite-ayushman-bharat-12822272.html | Why senior citizens over 70 need separate health insurance covers, despite Ayushman Bharat | Ayushman Bharat: Do senior citizens over the age of 70 years still need independent health covers?.Related stories. | First the good news: The central government has brought cheer to senior citizens, who are above 70 years and are reeling under rising healthcare costs coupled with a sharp rise in health insurance premiums. Ayushman Bharat, the government-sponsored health insurance scheme for low-income groups, has been extended to all senior citizens over the age of 70 years, irrespective of their income levels. Predictably, social media is abuzz with excitement. Some social media posts imply that an individual health policy may not be needed anymore. However, this is not correct. And here's why. A boon for senior citizens who cannot afford health insurance Insurance officials and independent experts have given a thumbs up to the government's policy decision, but with several caveats. “Senior citizens can make the best choice for their healthcare needs, regardless of income. They will receive the much-needed financial protection and the care they deserve,” says Aashish Sethi, Head-Health SBU and Travel, Bajaj Allianz General Insurance. The announcement has been a music to the ears for senior citizens who cannot afford health insurance covers or are unable to obtain it due to theirpre-existing diseasessuch as diabetes, hypertension, cancer, heart condition etc. “This is a pretty good development. For the first time, the government is covering senior citizens, above 70 years old, on a universal basis. Even for people who have health covers, this will act as an additional layer of protection,” says Segar Sampathkumar, Director, Health, General Insurance Council. Also read:ÂAyushman Bharat scheme's expansion not enough. Quality & choice of care also important Not useful for all senior citizens However, not all elderly people in the 70-plus age-group may find the government policy useful. “This is meant for those looking for basic level of care. They can only visit empanelled hospitals where the treatment rates are frozen,” says an insurance official. Elderly people are bound to find queuing up for treatment or diagnostic tests challenging, which is likely to be the case with Ayushman Bharat scheme. To be sure, the government is yet to spell out fine pints of the scheme. Clarity is awaited on the contours of the scheme for senior citizens, including if and how it will be different from the existing facility that covers below-poverty-line (BPL) families. It's still unclear whether the government will extend concessions for the elderly, keeping their vulnerable health status and limited mobility in mind. “For instance, if they want a single private room for themselves, that option is unlikely to be available. Tax-payers’ money is being used to fund the Ayushman Bharat scheme. Why should the money be used to finance treatment of affluent people seeking premium facilities such as private rooms?” says the official quoted earlier. Besides, there are several other practical hurdles. “Even if they do not seek luxury care, many would be comfortable getting treated, say, by their long-time physician or cardiologist, who may not be attached to an Ayushman Bharat-empanelled hospital,” says another official. In such cases, they will be compelled to go to a hospital that their doctor recommends. To make matters worse, if they do not have independent health covers, they will be forced to pay out of their pockets. Proximity is another major challenge. Patients over the age of 70 years are likely to have mobility issues. If there is no Ayushman Bharat-empanelled hospital in their vicinity, the distance is likely to cause more inconvenience for both patients and their care-givers, insurance officials argue. Also read:ÂHealth insurers launch new senior citizen-specific covers: Are they worth your while? Senior citizens must not ignore independent health covers The practical approach for well-heeled senior citizens is to treat Ayushman Bharat cover as a back-up option and not substitute for standalone covers. Ideally, primary protection should be provided by their base health insurance policies, assuming they can afford the high cost of premium.“These [independent health insurance] policies offer both higher coverage limits and a wider range of treatment. Such policies provide access to a larger network of hospitals, including premium private facilities, which are unlikely to be empanelled under government schemes,” says Sethi. “Higher sum insured is critical for elderly patients dealing with chronic conditions or high-cost treatment such as surgeries, cancer care, or advanced diagnostics. Maintaining an independent health cover ensures continuous coverage which is especially vital for those who have pre-existing conditions,” says Amit Chhabra, Chief Business Officer, Policybazaar.com. Ailments at advanced age will necessitate specialised treatment for whichsum insured of Rs 5 lakh is inadequate. “Age-related illnesses can sometimes lead to costly treatments, placing a significant financial burden on the elderly, especially as they often lack a regular income stream. Those who are already covered under health insurance policies, should persist with their independent covers,” says Chhabra. If health premiums hurt your pocket, you can look at adding a super top-up policy, which kicks in only after the base cover is exhausted. This combination will be much cheaper than buying a single large health cover. | 2024-09-16 12:15 | 2024-09-16 | 12:15 |
moneycontrol.com | https://www.moneycontrol.com/news/business/gsk-velus-neuberg-diagnostics-in-talks-with-360one-mg-investments-for-100-mn-pre-ipo-fundraise-12822493.html | GSK Velu’s Neuberg Diagnostics in talks with 360One, M&G Investments for $100 mn pre-IPO fundraise | Neuberg Diagnostics is one of India’s major diagnostic service providers, with a presence not just in the Indian market but also in the UAE, South Africa and US..Related stories. | Super specialty diagnostics chain Neuberg Diagnostics is in talks with a consortium of investors, including funds managed by wealth manager 360One and foreign investor M&G Investments, to raise up to $100 million, people aware of the development toldMoneycontrol. Moneycontrol first reported on 17 Aprilthat Neuburg had appointed investment bank o3 Capital to help raise funds from private equity investors. According to the people cited, the company promoted by GSK Velu, who was an investor in diagnostic chain Metropolis Healthcare, will use the proceeds of this pre-initial public offering (IPO) fundraise to bolster its merger and acquisition (M&A) bid as it looks to become one of the largest diagnostic chains in the country before going public sometime next year. Velu, who had sold his 36.5 per cent stake in Mumbai-based diagnostics chain Metropolis Healthcare to private equity investor Carlyle in 2015, is also the promoter of medical equipment manufacturer Trivitron Healthcare and one of the investors in the Tamil Nadu-focused hospital chain, Kauvery Hospital. In March 2023, a fund managed by 360One invested close to $70 million in Kauvery Hospital. This June, Murugappa Group’s TI Clean Mobility, a three-wheeler electric vehicle maker, had announced that it will raise Rs 310 crore from M&G Investments. In 2023, M&G had also announced that it will invest $75 million in Vivriti India Retail Asset Fund, India’s first securitisation fund, which aims to expand and improve access to finance for underserved small and medium enterprises (SMEs) and millions of low-income households across the country, with a particular focus on women-owned SMEs. Neuburg Diagnostics, 360One declined to comment. An email sent to M&G Investments did not elicit a response till the time of publication of this article. Neuberg Diagnostics is one of India’s major diagnostic service providers, with a presence not just in the Indian market but also in the UAE, South Africa and US. The chain has the capability to perform over 5,000 varieties of pathological investigations. It provides various health checkup packages — ranging between Rs 1,000 and Rs 8,500. The diagnostic chain processes over 20 million tests every year, with 33 laboratories in India and abroad. In the run-up to its planned IPO, last year the company merged Neuberg Supratech Reference Laboratory, Ahmedabad, and Neuberg Anand Reference Laboratory, Bengaluru, with the parent company to streamline operations and to enhance efficiency, Also last year, it formed a 50:50 joint venture with Kolkata- based diagnostic chain Pulse Diagnostics to expand its footprint in eastern India. Diagnostics deals In a major M&A deal in the diagnostics space, Dr Lal PathLabs in 2021 acquired Suburban Diagnostics, a chain with a strong presence in western India, in an all-cash deal for an enterprise value of Rs 925 crore. Suraksha Diagnostic Pvt Ltd, a West Bengal-based diagnostic chain,in July filed its draft red herring prospectuswith SEBI (Securities and Exchange Board of India) to raise around $100 million through an IPO. The diagnostic chain’s private equity investor, OrbiMed, is looking to sell a large part of its stake through the IPO. | 2024-09-16 12:14 | 2024-09-16 | 12:14 |
moneycontrol.com | https://www.moneycontrol.com/technology/ios-18-to-start-rolling-out-today-how-to-prepare-your-iphone-steps-to-download-things-to-keep-in-mind-and-more-article-12822555.html | iOS 18 to start rolling out today: How to prepare your iPhone, steps to download, things to keep in mind and more | iOS 18 rollout to happen later tonight..Things to do before updating the iPhone to iOS 18. | Apple is all set to roll out its latest operating system – iOS 18 -- for iPhone later tonight. The update will start rolling out tonight to all the compatible iPhones and will bring a host of new features like the ability to place icons anywhere you want, colour themes, updated Passwords app and more. If you are planning to download and install iOS 18 as soon as it arrives, there are certain things you need to keep in mind. And, to help you out, we’ve put together a comprehensive guide on how to do it the right way to keep your device as well as data safe. But before that, here’s a list of iPhones that are compatible with iOS 18 update. iPhone 15 iPhone 15 Plus iPhone 15 Pro iPhone 15 Pro Max iPhone 14 iPhone 14 Plus iPhone 14 Pro iPhone 14 Pro Max iPhone 13 iPhone 13 mini iPhone 13 Pro iPhone 13 Pro Max iPhone 12 iPhone 12 mini iPhone 12 Pro iPhone 12 Pro Max iPhone 11 iPhone 11 Pro iPhone 11 Pro Max iPhone SE (2nd generation) iPhone SE (3rd generation)Things to do before updating the iPhone to iOS 18Backup your dataIt is important to back up your entire iPhone before going ahead with the update process. This will ensure that your important data like photos, videos, WhatsApp chats, etc. are safe in case something goes wrong during the update process.Remove unnecessary appsThere are times we download an app in the phone and then forget it. For the update to go through seamlessly, do remove apps that you haven’t used in a while or have downloaded it at some point when you needed it.Declutter your iPhoneThe more the data, the more time it will take to update the iPhone. So, remove unnecessary files, photos, videos from the phone before updating it.Charge your phone to 100%Although Apple recommends users to keep the phone at least 50% or more charged before updating the iPhones, it is always better to keep the phone fully charged.Free up spaceThe iOS 18 can have a big file size, and the update requires users to download the entire package before the update process. For the update to go through smoothly, make sure that the phone has enough free space – we recommend the more the merrier here.How to update your iPhone to iOS 18Once you have done all the above-mentioned things, your phone is ready for the update. Simply follow the steps to install the update. Open Settings on your iPhone Head to General and tap on Software Updates option Now, check for the update If there’s an update, click on Download and Install option. Wait for the download and installation process to complete and the phone to restart. Once it is done, your iPhone will be updated to iOS 18. | 2024-09-16 12:13 | 2024-09-16 | 12:13 |
moneycontrol.com | https://www.moneycontrol.com/technology/deepika-padukone-in-a-new-role-will-be-a-playable-character-in-kraftons-bgmi-game-article-12822520.html | Deepika Padukone in a new role, will be a playable character in Krafton's BGMI game | Krafton has struck one-year exclusive collaboration with Deepika Padukone as the brand ambassador of BGMI.Related stories. | Bollywood superstar Deepika Padukone will soon be a playable character inÂBattlegrounds Mobile IndiaÂ(BGMI), the popular battle royale title from South Korean gaming giant Krafton. This announcement is part of Krafton's one-year exclusive collaboration with the actor as the brand ambassador of BGMI. As part of this tie-up, BGMI will offer two distinct character skins representing Padukone's iconic style and persona, it said in a statement. "Gaming has become a cultural phenomenon in India, and I'm excited to connect with the incredible energy of the gaming community. It's an honour to be a part of something so dynamic and engaging. I look forward to seeing how my fans react to the in-game avatar and exclusive items," Padukone said in a statement. The move marks the firm's latest attempt to further localise BGMI in India, aiming to attract more players and establish a stronger presence in the country's gaming community. "This collaboration is an endeavour to push boundaries and deliver fresh experiences for BGMI fans. By bringing together the worlds of gaming and entertainment with the biggest star Deepika Padukone at its forefront, we aim to create a truly immersive and engaging world within BGMI," Krafton India CEO Sean Hyunil Sohn said. The development follows similar collaborations with celebrities such as Bollywood superstarÂRanveer Singh, who is also Padukone's husband, cricketer Hardik Pandya and the popular IPL cricket team Mumbai Indians. Krafton has been actively deepening its presence in India over the past couple of years, aiming to capitalise on the country's growing potential as a global gaming hub. BGMI is among India's top grossing mobile applications across Google Play Store and Apple App Store. In August 2023, KraftonÂpledged to invest $150 million in Indian gaming and interactive entertainment startups over the next two to three years. This brings its total commitment to the Indian market to about $290 million, making it one of the most prolific strategic investors in the country in recent years. The company has alsoÂlaunched a gaming incubator, Krafton India Gaming Incubator, aimed at boosting game development in the country. The incubator hasÂselected four startups as part of its inaugural cohort. Krafton has also released several games in the India market in recent years. This includes Bullet Echo India, Garuda Saga, Road To Valor: Empires, and Defense Darby, besides the flagship title BGMI. | 2024-09-16 12:07 | 2024-09-16 | 12:07 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/buy-gravita-indial-target-of-rs-3265-icici-securities-12822541.html | Buy Gravita Indial; target of Rs 3265: ICICI Securities | Buy.Related stories. | ICICI Securities research report onGravita India Despite surging 2x in the last three months, we see further steam in Gravita India (GRAV) stock on the back of: 1) Regulatory tailwinds aiding availability of scrap in domestic market; 2) planned expansion in Europe; and 3) increased use of recycled material across products and geographies. In our view, the positive impact of regulatory tailwinds and benefits from planned capacity expansion as per 2028 plan is likely to be visible in earnings in medium term. Outlook Hence, we shift our valuation methodology to DCF (earlier P/E) in order to adequately capture the growth path. Our revised TP works out to INR 3,265 (earlier INR 1,750 on 30x P/E), implying 28% upside on CMP. We retain BUY rating on GRAV stock. For all recommendations report,Âclick here Gravita India - 16092024 - isec | 2024-09-16 12:06 | 2024-09-16 | 12:06 |
moneycontrol.com | https://www.moneycontrol.com/news/business/india-shelter-finance-stock-tanks-9-as-nearly-6-equity-changes-hands-12822483.html | India Shelter Finance stock tanks 9% as nearly 6% equity changes hands | India Shelter Finance Corporation's stock price has gained 30 percent since the start of the year..Related stories. | India Shelter Finance Corporationshares dropped by 9 percent to Rs 719 in afternoon trade on September 16, marking the steepest decline since its listing in December 2023, following a significant trade on the bourses. Around 65 lakh shares, representing nearly 6 percent of the company's total equity, were exchanged in this large transaction on Monday. The shares were traded at an average price of Rs 490 each, with the total value of the transaction amounting to Rs 756 crore. Follow our LIVE blog for all the latest market updates Although the identities of the buyers and sellers were not disclosed, CNBC-TV18, citing sources reported that a major venture capital fund likely offloaded its stake. As of the June 2024 quarter, India Shelter Finance's promoters held 48.22 percent of the company's shares, while the remainder was publicly owned. Indian mutual funds held 14.03 percent of the company, SBI Life Insurance had a 1.94 percent stake, and Goldman Sachs India Equity Portfolio owned 1.09 percent. Nexus Ventures is another significant shareholder, holding a combined 20 percent stake through Nexus Ventures III Limited (15.89 percent) and Nexus Opportunity Fund II LTD (5.43 percent). Before this decline, the stock had surged 60 percent from its IPO price of Rs 493. At about 12:05 am, shares of the company were trading at Rs 741, down 6.3 percent from the last close on the NSE. India Shelter Finance Corporation's stock price has gained 30 percent since the start of the year. | 2024-09-16 12:05 | 2024-09-16 | 12:05 |
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