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moneycontrol.com

https://www.moneycontrol.com/news/business/earnings/cieindia-standalone-september-2024-net-sales-at-rs-1135-96-crore-down-4-4-y-o-y-2-12878295.html

CIEINDIA Standalone September 2024 Net Sales at Rs 1,135.96 crore, down 4.4% Y-o-Y

Reported Standalone quarterly numbers for CIE Automotive India are: Net Sales at Rs 1,135.96 crore in September 2024 down 4.4% from Rs. 1,188.19 crore in September 2023. Quarterly Net Profit at Rs. 123.61 crore in September 2024 up 0.6% from Rs. 122.87 crore in September 2023. EBITDA stands at Rs. 204.70 crore in September 2024 up 1.52% from Rs. 201.63 crore in September 2023. CIEINDIA EPS has increased to Rs. 3.26 in September 2024 from Rs. 3.24 in September 2023. CIEINDIA shares closed at 483.15 on November 26, 2024 (NSE) and has given -10.43% returns over the last 6 months and 2.81% over the last 12 months.

2024-11-28 09:23

2024-11-28

09:23

moneycontrol.com

https://www.moneycontrol.com/news/business/earnings/mayur-floorings-standalone-september-2024-net-sales-at-rs-1-79-crore-up-83-88-y-o-y-2-12878300.html

Mayur Floorings Standalone September 2024 Net Sales at Rs 1.79 crore, up 83.88% Y-o-Y

Reported Standalone quarterly numbers for Mayur Floorings are: Net Sales at Rs 1.79 crore in September 2024 up 83.88% from Rs. 0.98 crore in September 2023. Quarterly Net Profit at Rs. 0.03 crore in September 2024 up 89.57% from Rs. 0.02 crore in September 2023. EBITDA stands at Rs. 0.12 crore in September 2024 up 50% from Rs. 0.08 crore in September 2023. Mayur Floorings EPS has increased to Rs. 0.07 in September 2024 from Rs. 0.04 in September 2023. Mayur Floorings shares closed at 19.72 on November 18, 2024 (BSE)

2024-11-28 09:23

2024-11-28

09:23

moneycontrol.com

https://www.moneycontrol.com/news/business/earnings/tembo-global-standalone-september-2024-net-sales-at-rs-163-85-crore-up-50-31-y-o-y-12878299.html

Tembo Global Standalone September 2024 Net Sales at Rs 163.85 crore, up 50.31% Y-o-Y

Reported Standalone quarterly numbers for Tembo Global Industries are: Net Sales at Rs 163.85 crore in September 2024 up 50.31% from Rs. 109.01 crore in September 2023. Quarterly Net Profit at Rs. 14.04 crore in September 2024 up 196.73% from Rs. 4.73 crore in September 2023. EBITDA stands at Rs. 23.76 crore in September 2024 up 206.58% from Rs. 7.75 crore in September 2023. Tembo Global EPS has increased to Rs. 12.65 in September 2024 from Rs. 4.26 in September 2023. Tembo Global shares closed at 724.00 on November 27, 2024 (NSE)

2024-11-28 09:23

2024-11-28

09:23

moneycontrol.com

https://www.moneycontrol.com/news/business/earnings/one-point-one-s-standalone-september-2024-net-sales-at-rs-49-08-crore-up-23-07-y-o-y-12878298.html

One Point One S Standalone September 2024 Net Sales at Rs 49.08 crore, up 23.07% Y-o-Y

Reported Standalone quarterly numbers for One Point One Solutions Ltd. are: Net Sales at Rs 49.08 crore in September 2024 up 23.07% from Rs. 39.88 crore in September 2023. Quarterly Net Profit at Rs. 7.15 crore in September 2024 up 20.13% from Rs. 5.95 crore in September 2023. EBITDA stands at Rs. 16.50 crore in September 2024 up 11.26% from Rs. 14.83 crore in September 2023. One Point One S EPS has increased to Rs. 0.33 in September 2024 from Rs. 0.30 in September 2023. One Point One S shares closed at 62.73 on November 26, 2024 (NSE) and has given 7.97% returns over the last 6 months and 23.97% over the last 12 months.

2024-11-28 09:23

2024-11-28

09:23

moneycontrol.com

https://www.moneycontrol.com/news/business/earnings/madhav-copper-standalone-september-2024-net-sales-at-rs-25-73-crore-up-327-58-y-o-y-12878297.html

Madhav Copper Standalone September 2024 Net Sales at Rs 25.73 crore, up 327.58% Y-o-Y

Reported Standalone quarterly numbers for Madhav Copper are: Net Sales at Rs 25.73 crore in September 2024 up 327.58% from Rs. 6.02 crore in September 2023. Quarterly Net Profit at Rs. 0.94 crore in September 2024 up 189.15% from Rs. 1.06 crore in September 2023. EBITDA stands at Rs. 1.62 crore in September 2024 up 374.58% from Rs. 0.59 crore in September 2023. Madhav Copper EPS has increased to Rs. 0.35 in September 2024 from Rs. 0.39 in September 2023. Madhav Copper shares closed at 42.44 on November 26, 2024 (NSE) and has given 6.10% returns over the last 6 months and 37.12% over the last 12 months.

2024-11-28 09:23

2024-11-28

09:23

moneycontrol.com

https://www.moneycontrol.com/news/business/earnings/surbhi-ind-standalone-september-2024-net-sales-at-rs-11-11-crore-up-103-89-y-o-y-2-12878296.html

Surbhi Ind Standalone September 2024 Net Sales at Rs 11.11 crore, up 103.89% Y-o-Y

Reported Standalone quarterly numbers for Surbhi Industries. are: Net Sales at Rs 11.11 crore in September 2024 up 103.89% from Rs. 5.45 crore in September 2023. Quarterly Net Profit at Rs. 2.72 crore in September 2024 up 611.19% from Rs. 0.53 crore in September 2023. EBITDA stands at Rs. 3.76 crore in September 2024 up 571.43% from Rs. 0.56 crore in September 2023. Surbhi Ind EPS has increased to Rs. 7.91 in September 2024 from Rs. 1.55 in September 2023. Surbhi Ind shares closed at 6.49 on November 08, 2024 (BSE)

2024-11-28 09:23

2024-11-28

09:23

moneycontrol.com

https://www.moneycontrol.com/news/business/real-estate/greater-noida-integrated-township-to-launch-first-group-housing-plots-scheme-eyes-over-rs-1100-cr-revenue-12878147.html

Greater Noida integrated township to launch first group housing plots scheme, eyes over Rs 1,100-cr revenue

IITGNL to launch its first group housing plots scheme, eyes revenue of over Rs 1100 crore.Related stories.

The Integrated Industrial Township Greater Noida Limited (IITGNL) will soon roll out its first group housing scheme where four plots of different sizes will be on the block. The sale is expected to fetch anything above Rs 1,100 crore for the authorities, officials said. IITGNL is a joint venture between Delhi Mumbai Industrial Corridor (DMIC) and Greater Noida Industrial Development Authority (GNIDA) and is designed as a smart township equipped with plug-and-play infrastructure and an automatic solid waste management system. The IITGNL officials said that instructions to launch the first group housing scheme were issued at a recent meeting of the board. The four plots will be allotted though an e-auction. “The board meeting of IITGNL was held last week, in which the allotment rate was approved. The reserve price for the group housing plots in this township has been fixed at Rs 44,400 per square metres. We are hoping to roll out the group housing plot scheme in around a month’s time,” a GNIDA official toldMoneycontrol. IITGNL, which was set up under the Centre’s flagship DMIC plan, has planned the township over 750 acres near the Bodaki railway station in Greater Noida. IITGNL Director Prerna Singh said that out of the four housing plots, one measures 34,500 square metres, the second 54,400 square metres, the third 70,000 square metres and the fourth or the largest one measures 94,000 square metres. “On the basis of the reserve price, the total price of these four plots has been fixed at approximately Rs 1,123 crore. So, even if these plots are sold at the base price, the board will earn at least Rs 1,123 crore,” she said. She said that many big builders in NCR and from other parts of the country interested in investing in the IITGNL project. In such a situation, a large number of developers are likely to participate in the e-auction. All the processes of the group housing scheme - be it registration, application, fee deposit or e-auction - will be online. Besides deciding allotment rates for group housing plots, the IITGNL board has also fixed the rates for industrial and commercial land parcels for 2024-25. The allotment rate for industrial plots will be Rs 23,900 per square metres and the rate for commercial plots will be Rs 75,400 per square metres. A dozen big companies are setting up their plants in this township. Companies like Haier Electronics, Forme Mobile, Satkriti Infotainment, Chenfeng (LED company) and J World Electronics are also operating in this township.

2024-11-28 09:20

2024-11-28

09:20

moneycontrol.com

https://www.moneycontrol.com/news/business/gold-prices-were-0-76-higher-at-rs-75953-00-on-november-27-mcx-data-12878288.html

Gold prices were 0.76% higher at Rs 75,953.00 on November 27: MCX data

Gold prices were below the Rs 79362.00 mark set on October 30, 2024..

On November 27, gold closed at Rs 75953.00, a 0.76 percent increase from the previous day, according to MCX. The spot market has seen a 20.36 percent rise in gold prices since the start of the year. Additionally, gold prices are up by 21.82 percent year-over-year, based on Moneycontrol's analysis. Gold prices were below the Rs 79362.00 mark set on October 30, 2024. For December 5, 2024, gold futures closed at Rs 75760.00 per 10 grams on November 27, 2024, showing a 0.73 percent jump from the previous day. Gold price rate varied city-wise on November 27: Gold price in Delhi The price of 24-carat gold in Delhi on November 27 was Rs 75650.00, while the gold rate for 22-carat was Rs 72050.00. The Delhi rate was 0.34 percent higher on November 27. Gold price in Mumbai In Mumbai, 24-carat gold was Rs 75440.00, while 22-carat was Rs 71850.00. The Mumbai rate was 0.35 percent higher. Gold price in Chennai In Chennai, 24-carat gold cost was 0.35 percent higher at Rs 74600.00, and 22-carat gold traded at Rs 71050.00. Gold price in Bengaluru In Bengaluru, 24-carat gold cost Rs 75810.00, and 22-carat gold was Rs 72200.00. The Bengaluru rate was 0.34 percent higher. For information on more cities, you can visit ourgold page. Outlook In the second quarter of 2024, gold demand decreased by 6 percent to 929 tonnes, driven primarily by a decline in jewellery consumption. World Gold Council notes technology use of gold also increased during this period.

2024-11-28 09:20

2024-11-28

09:20

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/agri-picks-report-november-28-2024-geojit-financial-services-12878279.html

Agri Picks Report November 28, 2024: Geojit Financial Services

commodities.

Geojit Financial Services's report on Daily Agri Picks Farmers in Rajasthan have sown rabi crops over 8.65 million hectares as of Monday, up nearly 8% from 7.97 million hectares sown in the same period last year, according to a report released by the state agriculture department. The acreage under chana in the state rose 12.8% to 1.85 million hectares from 1.64 million hectares last year, the report showed. Wheat acreage was up 28.6% at 1.85 million hectares from 1.44 million hectares a year ago. The total area sown under pulses as of Monday was 1.89 million hectares, up from 1.68 million hectares sown last year, the report said. The total acreage under cereals rose to 2.14 million hectares from 1.67 million hectares sown last year. The area sown under barley rose to 289,330 hectares from 226,090 hectares a year ago, according to the report. On the other hand, rapeseed and mustard acreage in the state fell to 3.16 million hectares from 3.39 million hectares in the previous year. The total area under all oilseeds was 3.25 million hectares, down from 3.51 million hectares in the corresponding period last year. Rabi crops are sown during Oct-Nov after the monsoon rains are over, and the crops are harvested between April and June. Barley, wheat, gram or desi chana, and oil seeds such as rapeseed and mustard, are the key crops grown in the state during the rabi season. Rajasthan's target for rabi sowing this season is 12.0 million hectares. For all commodities report,click here 28104024 - co

2024-11-28 09:00

2024-11-28

09:00

moneycontrol.com

https://www.moneycontrol.com/news/india/ministries-at-work-to-thrash-out-aviation-revamp-with-tax-cuts-regulatory-relaxations-report-12878258.html

Ministries at work to thrash out aviation revamp with tax cuts, regulatory relaxations: Report

A key focus of the package will be reduced user charges, route optimization, and regulatory relaxations..Related stories.

The government is working on a comprehensive package for the aviation sector that would reduce user fees, ease regulations, and offer tax concessions, according to a report byMint. The initiative, led by federal think tank Niti Aayog, involves consultations with several ministries, including aviation, commerce, finance, home, petroleum, and environment, the report cited government officials familiar with the development. The report added that the civil aviation ministry is focusing on regulatory relaxations and route allocations, while the commerce ministry aims to align the package with India’s trade goals and attract foreign investment. The finance ministry is expected to review tax concessions, especially concerning aviation turbine fuel (ATF), while the petroleum ministry is engaging with states to rationalise value-added tax (VAT) on jet fuel. The environment ministry will ensure that the package meets sustainability norms, and the home ministry will work on improving immigration and security protocols. Additionally, state governments are expected to support the development of regional airports, sources toldMint. An official announcement on the package is expected in the coming months, with the Niti Aayog providing policy guidance to ensure economic viability. Several rounds of inter-ministerial discussions have taken place, and another round of talks is planned soon. Other proposals under consideration include minimising procedural delays in permitting new airlines, aircraft acquisition, and route additions. The package may also ease restrictions on hiring foreign pilots, as well as relax norms on digital ticketing, security checks, and customer services to enhance passenger convenience. A key focus of the package will be reduced user charges, route optimisation, and regulatory relaxations. Officials also stressed on the importance of rationalising the ATF prices, as current rates are still higher than global standards. Consultations with states and oil marketing companies are underway to align prices, the official said. Queries emailed byMintto spokespersons of the Niti Aayog and the ministries of aviation, commerce, finance, petroleum, home, and environment remained unanswered, andMoneycontrolcould not independently verify the details of the report.

2024-11-28 08:53

2024-11-28

08:53

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/goldman-sachs-downgrades-amber-enterprises-after-2024-stock-surge-12878251.html

Goldman Sachs downgrades Amber Enterprises after 2024 stock surge

Amber Enterprises India Ltd.Related stories.

Goldman Sachs has downgradedAmber Enterprises Indiato 'Neutral' from 'Buy' following a recent surge in its stock price. At the same time, the brokerage has raised its target price on Amber to Rs 6,300 from Rs 4,550. In the previous session, Amber Enterprises' shares closed at Rs 6,469, nearly 3 percent below Goldman Sachs' revised target. The stock has more than doubled in value year-to-date, significantly outperforming the Nifty 50, which has risen 12 percent over the same period. Amber Enterprises has posted strong monthly returns since August, with the highest gains seen in October (25 percent), and has gained over 7 percent so far in November. Follow our live blog for all the market action Founded in 1956, Amber Enterprises holds a 29 percent share of the Room Air Conditioner market in India. The company serves over 20 Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM) customers, including LG, Hitachi, Mahindra, Daikin, and Blue Star. Goldman Sachs said that Amber Enterprises is a key beneficiary in the air conditioners, electronics sector in India and with new growth drivers emerging for the company, the seasonality dependence is reducing for the stock. The market has already rewarded Amber Enterprises for its entry into electronics and its presence in the AC segment, as the stock has risen 107 percent so far in 2024. In Q1FY25, Amber Enterprises expanded its product portfolio by adding tower ACs, window top throw inverter series, and high-efficiency tropical split ACs, among other innovations. The company also introduced bare Printed Circuit Boards (PCBs) in its electronics division. Amber Enterprises reported a consolidated net profit of Rs 19.2 crore in Q2FY25, compared to a net loss of Rs 7 crore in the same quarter last year. Revenue from operations grew to Rs 1,684.7 crore from Rs 927 crore year-over-year.

2024-11-28 08:51

2024-11-28

08:51

moneycontrol.com

https://www.moneycontrol.com/news/world/hindu-american-groups-seek-sanctions-against-bangladesh-over-attacks-on-minorities-12878262.html

Hindu American groups seek sanctions against Bangladesh over attacks on minorities

Things took a turn for the worse this week after Hindu spiritual leader Chinmoy Krishna Das was arrested in a sedition case..

Condemning attacks on minorities in Bangladesh, several Hindu American groups have sought that US aid for the South Asian country be made contingent on its government taking measurable action to protect these populations. Bangladesh’s minority Hindus, which constitute only about 8 percent of the 170 million population, have faced over 200 attacks in 50-odd districts since the fall of Sheikh Hasina’s Awami League government on August 5. Things took a turn for the worse this week after Hindu spiritual leader Chinmoy Krishna Das was arrested in a sedition case. He was later denied bail by a court, triggering protests by community members in various locations, including the capital Dhaka and the port city of Chattogram. Das was a member of the International Society for Krishna Consciousness (ISKCON) and was recently expelled. Vishva Hindu Parishad America (VHPA) president Ajay Shah said the news of Das’ arrest, vandalism of Kali Mandir in Chittagong and the rising attacks on Hindus across Bangladesh are disconcerting. "Is this the human rights legacy the Biden administration wants to be remembered for," he asked. VHPA general secretary Amitabh Mittal said, "The silence of global media regarding the ongoing atrocities against minorities in Bangladesh is deafening. The recent arrest of an ISKCON priest and the violent attacks on Hindu temples underscore the alarming rise in religious intolerance." These incidents are part of a "broader pattern of discrimination", he alleged. "The lack of international condemnation only further emboldens the perpetrators and threatens the safety and freedom of minority communities in Bangladesh," Mittal said. In an open letter to President-elect Donald Trump, Hindus for America First (HFAF) recommended halting US funding for projects in Bangladesh tied to Beijing's ambitions and prioritising initiatives that benefit America and its allies directly. "Hindu, Buddhist, and Christian communities in Bangladesh have faced systemic violence and discrimination. We humbly ask that your administration make US aid contingent on the Bangladeshi government taking measurable action to protect these populations. Taxpayer dollars should never support governments that fail to safeguard their most vulnerable citizens," said HFAF Founder and Chairman Utsav Sanduja. He claimed certain Bangladeshi officials have ties to extremist groups like Jamaat-e-Islami and Hefazat-e-Islam, and these connections pose a threat to US security. "We respectfully recommend visa restrictions and tighter oversight to prevent these ideologies from taking root on American soil," Sanduja said in his letter. Observing that Bangladesh's garment exports rely heavily on US markets, he said that by imposing strategic tariffs, the Trump administration can prioritise American manufacturing and ensure that our workers, not foreign economies, benefit from American commerce. "Access to US defence technology and intelligence-sharing programmes should be reserved for nations aligned with America’s security priorities. We recommend pausing defence cooperation with Bangladesh until it aligns with US interests," Sanduja said. A representative of Hindu temples across the USA, Tejal Shah, also condemned the violence against minorities in Bangladesh. "I very strongly condemn putting Shree Krishna Das Prabhu Ji in jail, vandalism and destruction of Hindu temples in major cities of Bangladesh," she said. "The minorities are living in constant fear, being harassed and the world is silently watching. This suffering must stop, the rights of Hindus, who are minorities, must be protected... the expectations of American Hindus... should not be undermined by the administration," she said.

2024-11-28 08:48

2024-11-28

08:48

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/foods-to-weigh-less-on-cpi-as-consumption-patterns-shift-reducing-inflation-volatility-report-12878250.html

Foods to weigh less on CPI as consumption patterns shift, reducing inflation volatility: Report

The 2023-24 Economic Survey had previously suggested excluding food from India’s inflation-targeting framework..Related stories.

Food products are likely to weigh less on the Consumer Price Index (CPI) by as much as 6.5 percentage points in rural areas and 3.4 percentage points in cities, according to the Household Consumption Expenditure Survey (HCES) 2022-23, theEconomic Timesreported. A government panel is reviewing the CPI basket and the base year revision of the inflation series. The CPI was last revised in 2011-12, as the HCES conducted in 2017-18 was discarded because of inaccuracies, theETreport said. Officials told the daily that the panel is likely to propose a reduction in the weight of food items, aligning with the findings of the Household Consumption Expenditure Survey, which indicates lower spending on food. Foods and beverages now carry a weightage of 45.9 percent in the CPI, with urban areas accounting for 36.3 percent and rural areas 54.2 percent. These figures are expected to decrease significantly, in line with changes in consumption patterns observed in the survey. Reducing the weight of food in the CPI basket could help lower retail inflation and reduce its volatility, as food prices often cause sharp fluctuations in inflation data. The 2023-24 Economic Survey had previously suggested excluding food from India’s inflation-targeting framework. Food inflation hit a 15-month high of 10.9 percent in October, pushing retail inflation to a 14-month peak of 6.2 percent. With the Reserve Bank of India maintaining interest rates amid rising inflation, there have been calls for a rate cut to stimulate economic growth. The exercise to update the CPI base year is expected to conclude by the end of the year, with the revamped CPI basket slated to roll out by FY26, according to officials. In its 2023-24 report, the Economic Survey noted that vegetables contributed 30.6 percent to food inflation, a significant rise from 7.3 percent the previous year. Other major contributors to food inflation included cereals at 33.3 percent, spices at 18.3 percent, milk at 14.3 percent, pulses at 11.9 percent, and fruits at 5.1 percent. Reducing the weight of volatile items like vegetables could help stabilise inflation, Sakshi Gupta, principal economist at HDFC Bank toldET.

2024-11-28 08:32

2024-11-28

08:32

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/hdfc-securities-confirms-closure-of-franchisee-business-denies-compliance-concerns-12878252.html

HDFC Securities confirms closure of franchisee business, denies compliance concerns

HDFC Securities.Related stories.

HDFC Securities, the wholly owned stockbroking subsidiary of HDFC Bank, has confirmed that it has decided to close its franchisee business, while denying any compliance issues. The firm clarified that the decision was initiated earlier this year as a strategic step to streamline operations and enhance service quality, and not due to compliance issues as suggested in rumours circulating on WhatsApp and social media. "We are aware of inaccurate messages circulating on WhatsApp and social media that suggest HDFC Securities is closing its franchisee business due to compliance issues," the company said. "We want to clarify that our decision to pause partnerships was a strategic move made earlier this year to streamline operations and enhance service quality rather than being related to compliance concerns," it added. Also read |This fund manager anticipates positive earnings trend in BFSI to persist, sees interest rate cut in Q4FY25 The brokerage firm said that it remains focused on consistent growth across its business lines, including its low-cost broking platform HDFC SKY, and its investment advisory service HDFC TRU. "HDFC Securities continues to demonstrate consistent growth across all business lines. We remain committed to delivering high-quality financial solutions and appreciate the trust and support of our clients and stakeholders," the company added. Earlier, last month, HDFC Securities announced the launch of its new Wealth Advisory offering, aimed at catering to High-Net-Worth Individuals (HNIs), Ultra-High-Net-Worth Individuals (UHNIs), Family Offices, and Corporate Treasuries. The move comes as the brokerage, with over 20 years of experience and a client base of more than 5.7 million across its digital platforms and 250+ branches, seeks to expand its service portfolio to address the growing demand for wealth advisory solutions in India.

2024-11-28 08:30

2024-11-28

08:30

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/ubs-predicts-paytm-to-hit-adjusted-ebitda-breakeven-by-q4-doubles-price-target-12878236.html

UBS predicts Paytm to hit adjusted EBITDA breakeven by Q4, doubles price target

Paytm's share price has surged nearly 70 percent in the past three months..Related stories.

International brokerage UBS Securities raised its price target forPaytmby more than double to Rs 1,000 as the stock gets a sharp re-rating after the resolution of its regulatory issues. The brokerages believes the new price target prices in significant improvement in the company's share price as its growth narrative turns optimistic. On that account, UBS also expects Paytm to hit adjusted-EBITDA breakeven by Q4 of FY24. UBS Securities’ move follows Bernstein’s recent price target hike for Paytm, marking a shift in discussions from survival risks to debates over the firm's bull and bear case scenarios. Even though UBS sharply raised its price target for the stock, it still retained its 'neutral' rating. Paytm's share price has surged nearly 70 percent in the past three months as the company overcame regulatory setbacks earlier this year, regaining financial health through innovative products, cost optimisation, and improved earnings. Follow our live blog to catch all the live updates Furthering this, UBS Securities foresees the next leg of Paytm's business improvement to be driven by a rise in revenue, noting that a large part of cost optimisation has already taken place. Basis on this, UBS also expects Paytm's FY24 revenue to be at the level seen in FY24. It's worth noting that Paytm suffered a big blow earlier this year after the Reserve Bank of India barred its payments bank from offering services like accepting deposits and accessing UPI payments, which was a major source of revenue for the company. The payments aggregator reported a net profit of Rs 930 crore in the July-September quarter, a sharp turnaround from a net loss of Rs 290.50 crore in the year ago period. However, the profit was primarily driven by a one-time gain of Rs 1,345 crore from the sale of its movie ticketing business to Zomato. On Tuesday, shares of Paytm surged nearly 4 percent to close at Rs 918.95 on the NSE. Also Read |Bernstein reaffirms bullish outlook on Paytm, hikes target price to Rs 1,000 per share

2024-11-28 08:28

2024-11-28

08:28

moneycontrol.com

https://www.moneycontrol.com/news/world/israel-has-told-icc-it-will-appeal-against-arrest-warrants-netanyahu-says-12878216.html

Israel has told ICC it will appeal against arrest warrants, Netanyahu says

Israeli PM Benjamin Netanyahu.

Israel has informed the International Criminal Court that it will appeal against arrest warrants for Prime Minister Benjamin Netanyahu and his former defence minister Yoav Gallant over their conduct of the Gaza war, Netanyahu’s office said on Wednesday. Netanyahu also said that U.S. Republican Senator Lindsey Graham had updated him "on a series of measures he is promoting in the U.S. Congress against the International Criminal Court and against countries that would cooperate with it”, Netanyahu said. The ICC issued arrest warrants last Thursday for Netanyahu, his former defence chief, and Hamas military leader Ibrahim Al-Masri, known as Mohammed Deif, for alleged war crimes and crimes against humanity in the Gaza conflict. "Israel today submitted a notice to the International Criminal Court of its intention to appeal to the court, along with a demand to delay the execution of the arrest warrants,” Netanyahu said.

2024-11-28 08:25

2024-11-28

08:25

moneycontrol.com

https://www.moneycontrol.com/news/india/railways-ensures-monthly-blanket-washing-adds-extra-bedsheet-for-hygiene-ashwini-vaishnaw-12878249.html

Railways ensures monthly blanket washing, adds extra bedsheet for hygiene: Ashwini Vaishnaw

The minister also detailed the measures taken to improve passenger satisfaction and maintain bedding hygiene..

Railway Minister Ashwini Vaishnaw, on Wednesday, informed the Lok Sabha that the Indian Railways washes blankets provided to passengers at least once a month. Additionally, an extra bedsheet is now included in the bedroll kit, serving as a quilt cover for enhanced hygiene, he stated. The minister was responding to a query raised by Congress MP Kuldeep Indora, who asked whether woollen blankets are washed only once a month, despite passengers paying for bedding that should meet basic hygiene standards. In a written reply, Vaishnaw explained that Indian Railways uses lighter, easy-to-wash blankets that provide good insulation, ensuring passenger comfort. He also detailed the measures taken to improve passenger satisfaction and maintain bedding hygiene. "The blankets used in Indian Railways, as per current specifications, are lighter, easy to wash and provide good insulation to passengers for an overall comfortable journey experience," he noted. He mentioned several measures taken to ensure passenger comfort and safety, including procurement of new linen sets with improved BIS specifications to ensure better quality, mechanised laundries to ensure supply of hygienic linen sets, use of standard machines and specified chemicals for washing of linen, and monitoring linen washing activities. Some key steps include the procurement of new linen sets with improved BIS specifications, ensuring higher quality. "Whito-meters are used to check the quality of washed linen items, and the codal life of linen items has been reduced from the previously prescribed duration to allow quicker induction of fresh items," Vaishnaw said. "War rooms have been established at zonal headquarters and divisional levels to monitor and prompt action on complaints lodged on the RailMadad portal, including complaints on linen and bedroll," he added. "Besides eco-friendly packaging of bedrolls, improved logistics are used for storing, transportation, loading, and unloading of linen and bedrolls at stations and on trains," the minister further noted. The minister reiterated the Railways’ commitment to providing hygienic and high-quality bedding, along with continuous improvements to ensure a more comfortable travel experience for passengers.

2024-11-28 08:24

2024-11-28

08:24

moneycontrol.com

https://www.moneycontrol.com/news/india/shiv-sena-faces-growing-clamour-to-quit-mva-after-drubbing-in-maharashtra-polls-report-12878247.html

Shiv Sena faces growing clamour to quit MVA after drubbing in Maharashtra polls: Report

Leaders have also criticised the lack of unity within the MVA, pointing to issues such as delays in seat-sharing arrangements and instances of Congress backing independent candidates over Sena (UBT) nominees, as seen in Solapur South..Related stories.

Tensions are rising within the Maha Vikas Aghadi (MVA) alliance after the Shiv Sena (UBT) suffered a humiliating defeat in the Maharashtra Assembly elections, according to a report byThe Indian Express. A majority of the 20 Shiv Sena (UBT) MLAs have reportedly urged the party to quit the alliance, expressing dissatisfaction with the MVA’s effectiveness, TheIndian Expressreport said. This sentiment was voiced in a meeting convened by Uddhav Thackeray on November 25. Sources told the daily that the grassroots cadre of the Sena (UBT), overshadowed by Eknath Shinde’s faction, is questioning the value of remaining in the alliance. However, party leaders like Uddhav Thackeray, Aaditya Thackeray, and Rajya Sabha MP Sanjay Raut are reportedly keen on maintaining the MVA to present a united opposition against the BJP. Despite this, many MLAs, including Leader of Opposition Ambadas Danve, argue that the party should forge an independent path and contest elections on its own, adhering to the ideology of its founder, Bal Thackeray. Since the 2022 split, when most Sena leaders joined Shinde’s camp, the Sena (UBT) has struggled with a loss of support and its identity, with accusations of betraying Hindutva by aligning with the Congress and NCP. Party leaders now feel that leaving the MVA and going solo is necessary to reconnect with its base, which is increasingly shifting towards the Shinde faction. A Sena (UBT) candidate who lost in the recent elections expressed concern that the party’s secular alliances were diluting its core Hindutva values, the report added. There are growing fears that the BJP’s narrative, accusing the Sena (UBT) of betraying its roots, is gaining traction. Leaders have also criticised the lack of unity within the MVA, pointing to issues such as delays in seat-sharing arrangements and instances of Congress backing independent candidates over Sena (UBT) nominees, as seen in Solapur South.

2024-11-28 08:21

2024-11-28

08:21

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/brokerage-radar-colgate-gets-mixed-ratings-hsbc-highlights-need-for-new-land-acquisitions-in-real-estate-12878240.html

Brokerage Radar | Colgate gets mixed ratings, HSBC highlights need for new land acquisitions in real estate

Brokerage Radar.Related stories.

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Colgate, real estate stock, and auto stocks. Colgate Goldman Sachs On ColgateSell Call, Target At `2,750/ShMgmt Presented Update On Growth Strategy, Which Has Remained Consistent In Last Past 12 MthsGrowth Story Includes Driving Per Capita Consumption For Toothpaste By Increased Double BrushingCo Has Made Progress On Most Of Key Drivers Over Past 12 MonthsThere Are Several Lined Up Initiatives Going Ahead For The Company Jefferies On ColgateBuy Call, Target At `3,570/ShCEO Focus Was Firmly On Growth As Aim Is To Grow Ahead Of Category & FMCG PeersSegments Beyond Oral Are Also A Focus, With Plans To Bring Products From Parent's StableInterventions Cover The Entire Value Chain (Product, Packaging, Ads, Distribution & More)Concern Is On Consumption Trends With Weakening Urban & Flattening Rural Growth Citi On ColgateSell Call, Target At `3,000/ShMgmt Presentation Alluded To Softening Category Growth In Urban Markets In Near-termOver Long-term, Mgmt Reiterated Focus On Market Development In Oral Care In IndiaKey Initiatives Include Digital Dental Screening Driving Increased Awareness Towards Oral HealthExpect Earnings Growth To Moderate In Near-term Given Soft Demand TrendsNear-term Earnings Growth Expected On Advertising Invsts & High Profitability In The Base HSBC On Real EstateQ2 Appeared Bit Slow On Bookings, Not On Account Of Demand But On Lack Of InventoryApprovals Remain Key To Meet FY25 GuidanceNew Land Acquisitions A Necessity To Sustain Growth MomentumMaintain Buy Call On Godrej Properties, DLF, Prestige Estates & SobhaMaintain Hold Call On Oberoi Realty HSBC On AutosWorking Towards Decarbonisation, India’s PV Industry Is Likely To Be Multi-powertrainSubsidy (Lower Tax) Burden On EVs Is Too High For Government, Hence UnsustainableHybrids’ WTW Emissions Are Lower Than EVs, Which May Take 7-10 Years For Break Even

2024-11-28 08:09

2024-11-28

08:09

moneycontrol.com

https://www.moneycontrol.com/news/india/ajmer-court-issues-notices-in-hindu-senas-lawsuit-over-dargah-site-claim-report-12878245.html

Ajmer court issues notices in Hindu Sena’s lawsuit over Dargah site claim: Report

The legal battle is set to continue in December, with both sides preparing for a prolonged legal confrontation..

A court in Ajmer, Rajasthan, issued notices on November 27 to the Union Ministry of Minority Affairs and the Archaeological Survey of India (ASI) on a lawsuit filed by the Hindu Sena, according to a report by theTimes of India. The civil suit claims that a Shiva temple once stood on the site of the dargah of Khwaja Moinuddin Chishti, alleging the Sufi shrine was built over the temple’s remains. TheTOIreport added that the case will be heard next on December 20. The Hindu Sena’s petition, filed by president Vishnu Gupta, cites a 1911 book by academic Har Bilas Sarda, which reportedly mentions remnants of a Shiva temple being used in the construction of the dargah. Advocate Yogesh Suroliya, representing the Hindu Sena, told the court that there were continuous religious rituals at the temple before its demolition, according to theTOIreport. They also requested a survey by the ASI to verify claims that parts of the temple are embedded in the dargah’s structure, including its dome and basement. This lawsuit mirrors the Gyanvapi dispute in Varanasi, where a mosque is claimed to have been built over a destroyed Hindu temple. Similar issues are being contested in Mathura over the Krishna Janmabhoomi (birthplace of Lord Krishna) site. TheTOIreport adds that the case was delayed earlier due to jurisdictional issues, but the district court transferred it to the munsif court (west). The hearing was further delayed when the court asked for the petition to be translated into Hindi, along with supporting evidence and an affidavit. Syed Sarwar Chishty, secretary of the Anjuman Moinia Fakhria, which manages the dargah, dismissed the Hindu Sena’s claims as baseless. He argued that the assertions are an attempt to harm India’s communal harmony and are disrespectful to millions of Muslim devotees who consider the dargah a holy site.

2024-11-28 08:09

2024-11-28

08:09

moneycontrol.com

https://www.moneycontrol.com/news/business/morning-scan-all-the-big-stories-to-get-you-started-for-the-day-823-12878243.html

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

Morning Scan.Related stories.

#1. State-run banks secure approval to raise Rs 25,000 crore by March 2025 by diluting equity Public sector banks have received approval from the finance ministry to raise Rs 25,200 crore in the current financial year from the equity market, the Business Standard reported. So far, the government-owned lenders have raised Rs 8,500 crore through QIPs in 2024-25, data from Prime Database show. Why it’s important:The fundraising will help the state-owned banks fund further business growth and meet the regulatory requirement of 25 percent minimum public shareholding by August 2026. #2. LIC in discussions to acquire up to 50 percent stake in ManipalCigna Health Insurance Life Insurance Corporation of India is in talks to buy half the stake in ManipalCigna Health Insurance to enter the fast-growing market for medical expenses coverage, the Economic Times reported. The deal could value the health insurer around Rs 4,000 crore. Manipal Education & Medical Group holds a 51 percent stake in the standalone health insurance firm and Us-based Cigna Corporation owns the remaining. Why it’s important:If a deal is finalized, it will allow state-run LIC to diversify and tap into the increasing demand for health cover, which constitutes a third of the Rs 3 lakh crore general insurance industry. #3. Antitrust watchdog unlikely to move against quick commerce firms as competition is high The Competition Commission of India is unlikely to intervene in complaints against quick commerce platforms over predatory pricing, the Hindu Businessline reported. The All India Consumer Products Distributors Federation has reiterated concerns about what it has called predatory pricing by quick commerce platforms such as Zepto, Blinkit and Swiggy’s Instamart. Why it’s important:The rapidly growth quick commerce industry is seen as highly competitive and still evolving, which could preclude intervention by the competition regulator. Complaints of predatory pricing is not new in online commerce, often with some justification. #4. Stellaris Venture launches $300 million fund to back 25-30 early-stage technology startups Stellaris Venture Partners, which has backed new enterprises such as personal care brand Mamaearth and SaaS startup Whatfix, has announced the launch of its largest-ever fund with a corpus of $300 million, the Mint reported. The new fund will continue backing early-stage tech startups and will invest in 25-30 startups over the next three years. Why it’s important:The intended deployment of Stellaris’ largest ever fund reflects the growing opportunity in India’s early-stage startup ecosystem. This is another indication that the long funding winter is ending in the country and those with viable business plans will again receive financial backing. #5. Bankruptcy regulator may suggest mandatory mediation before insolvency proceedings The country’s bankruptcy regulator and the central government will consider making mediation mandatory between defaulting companies and their creditors before moving proceedings into bankruptcy courts, the Mint reported. Currently, work is underway to offer mediation as a voluntary option for operational creditors like vendors and service providers under the rules of Insolvency and Bankruptcy Board of India. Why it’s important:The move is being considered as policymakers seek to leverage the bankruptcy ecosystem in an optimal way. If mediation is made a compulsory step, admission of bankruptcy cases to tribunals will decline, easing pressure on the authorities. #6. Satcom providers divided over licensing rules for satellite earth station gateways Amazon’s Kuiper, Canada’s Telesat and Tata’s Nelco have supported a separate authorization regime for satellite earth station gateways that connect space communications with land-based networks, the Economic Times reported. Bharti Group-backed Eutelsat OneWeb and Apple partner Globalstar have said this does not require any separate licensing because they merely carry traffic and do not install any baseband equipment. Why it’s important:Under the current regime, firms who want to set up satellite earth station gateways and acquire satellite spectrum to provide bandwidth to terrestrial telcos instead of direct-to-customer services are required to obtain a universal license. The government is yet to take a decide on this. #7. Government plans massive aviation package to lower user fees and ease regulations The central government is working on a package for the aviation sector involving lower user fees, relaxed regulations and tax concessions, the Mint reported. The Niti Aayog is leading the initiative, holding consultations with the ministries of aviation, commerce, finance, home, petroleum and environment. Why it’s important:India is already the world’s third-largest domestic aviation market. A business-friendly package will further boost the sector and led to the country emerging as an aviation hub. #8. Local steel industry under pressure as prices fall below that of landed cost of metal Domestic steel prices have dropped below imports, raising concerns for large companies that recently added fresh capacity, the Hindu Businessline reported. Companies including Tata Steel, JSW Steel and JSPL recently completed major brownfield expansion, and more capacity will come on stream before March. Why it’s important:India’s steel consumption is still showing robust growth. However, margins of steel companies may come under pressure with an increase in raw material prices and lower prices for the alloy. #9. Edtech firms and test-prep centers entice IIT graduates with lucrative offers India’s edtech sector has hired several thousand graduates from the storied Indian Institutes of Technology, both from campuses and laterally, as teachers over the past five years, the Mint reported. The edtech sector pays IIT grads a starting salary of Rs 10-12 lakh per year, with a path to a Rs 60 lakh-1 crore package in a few years. Traditional industries don’t offer as much on average. Why it’s important:The salaries on offer are much higher than what the industry offers. The rush to test-prep centers continues on extremely high demand and quality teachers come with a premium. #10. Tepid corporate wage growth starts impacting consumer demand in India The slowdown in consumer demand in recent quarters can be traced to a slowdown in salary and wage growth across India Inc, the Business Standard reported. Listed companies are now reporting wage growth in the low single digits, a sharp fall from the double-digit increases seen until the last financial year. Why it’s important:The slowdown in salary and wage expenses is evident in sectors like IT services and the financial sector. A pickup is unlikely unless there is an improvement in the overall business environment.

2024-11-28 08:06

2024-11-28

08:06

moneycontrol.com

https://www.moneycontrol.com/news/world/saudi-arabia-likely-to-join-gcap-jet-fighter-project-italy-says-12878225.html

Saudi Arabia likely to join GCAP jet fighter project, Italy says

GCAP jet fighter project.

A partnership involving Italy, Britain and Japan to build an advanced front-line fighter jet will likely be extended to Saudi Arabia, the Italian foreign minister said on Wednesday. The three countries agreed in December 2022 on the Global Combat Air Programme (GCAP), the first major defence industry collaboration merging the separate next-generation fighter efforts of the countries. ”The deal we have with Britain and Japan … I think will now be extended to Saudi Arabia,” Foreign Minister Antonio Tajani said. Earlier this month, the three countries said they were discussing a broadening of the project, following a meeting in Brazil between Italian Prime Minister Giorgia Meloni and her Japanese and British counterparts Shigeru Ishiba and Keir Starmer. The partners aim to see the combat aircraft in flight around the middle of the next decade. Firms including Leonardo, BAE Systems and Mitsubishi Heavy Industries have been involved in the project. Reuters previously reported that Saudi Arabia was among the candidates to become a junior partner in the GCAP, as it would bring money and a lucrative market to a project expected to cost tens of billions of dollars.

2024-11-28 08:02

2024-11-28

08:02

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/nbcc-hudco-to-develop-10-acre-noida-plot-at-rs-600-crore-project-cost-12878238.html

NBCC shares to track pact with HUDCO for 10-acre Noida plot at Rs 600 crore project cost

NBCC and HUDCO signed an MoU to develop the industrial, with NBCC as the 'Project Management Consultant' for the institutional plot at Noida sector-62..

State-run NBCC will be developing a 10-acre industrial plot in Noida at a tentative project cost of approximately Rs 600 crore in partnership with HUDCO, the company informed on November 27. NBCC and HUDCO signed an MoU to develop the industrial, with NBCC as the 'Project Management Consultant' for the institutional plot at Noida sector-62. NBCChas secured business valued at Rs 22,300 crore in the first half of the year on a standalone basis, which is one of the highest ever in six months. It is developing a satellite township spread over 406 acres at Srinagar, J&K valuing of Rs 15,000 crore, and in the first phase work for six projects in Goa at Rs 1,726 crore. There is a redevelopment of land parcel of MTNL worth Rs 1,600 crore being undertaken by NBCC along with the redevelopment of two land parcels in Jhansi at Rs 700 crore. Work on its Amrapali Phase 2 project in NCR is on fast track, tendering a valuing of Rs 8,400 crore, with six projects uploaded and to be awarded in upcoming months. NBCC said this project will start contributing to its revenue from the fourth quarter. NBCC has an order book of around Rs 84,000 crore, and the company is targetting to take it to Rs 1 lakh crore by the end of this financial year. Shares of NBCC are higher by 75% on YTD basis and have more than doubled in the last one year.

2024-11-28 08:02

2024-11-28

08:02

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/waaree-renewable-in-focus-on-order-worth-rs-1233-5-crore-for-solar-pv-project-12878228.html

Waaree Renewable in focus on order worth Rs 1,233.5 crore for solar PV project

Waaree Renewable Technologies.Related stories.

Waaree Renewable Technologiesshare price will remain in focus on November 28 has received an order worth Rs 1,233 crore for construction of ground mount solar PV project. "..... received a term sheet for the execution of engineering, procurement and construction (EPC) works for ground mount solar PV project of 2012.47 MWp DC capacity," company said. Catch all the market action on our live blog Earlier in this month, the company received an order worth Rs 146.77 crore to set up solar power project of 41.6 MW DC capacity at Cuddalore District in Tamil Nadu In the quarter ended September 2024, the company had reported a muted 1 percent increase in revenue to Rs 3,574.37 crore. The net profit, however, surged 15 percent to Rs 361 crore. Last month, Waaree Energies made a strong stock market debut after listing at Rs 2,500, commanding a solid premium of 66.3 percent over the issue price of Rs 1,503 per share on the National Stock Exchange (NSE). Waaree Energies, one of the major players in the solar energy industry in India, is focused on PV module manufacturing with an aggregate installed capacity of 12 GW as of June 30, 2023. It operates five manufacturing facilities, with one factory each located at Surat, Tumb, Nandigram, and Chikhli in Gujarat, and the IndoSolar Facility in Noida, Uttar Pradesh. The share touched a 52-week high of Rs 3,037.75 and a 52-week low of Rs 270.22 on 26 April, 2024 and 30 November, 2023, respectively. Currently, the stock is trading 53.15 percent below its 52-week high and 426.72 percent above its 52-week low.

2024-11-28 07:57

2024-11-28

07:57

moneycontrol.com

https://www.moneycontrol.com/news/world/trump-places-high-risk-high-reward-bet-on-tariffs-to-stem-fentanyl-12878226.html

Trump places high-risk, high-reward bet on tariffs to stem fentanyl

A Reuters investigation earlier this year found most of the chemicals are shipped to the U.S. disguised as low-cost goods to evade detection..

U.S. President-elect Donald Trump’s vow to impose tariffs on China and Mexico unless they stem the flow of fentanyl and migrants across the U.S. border could impel deeper cooperation from those governments on drug policing, experts said. But the threat also carries risk, particularly concerning U.S.-Chinese collaboration on fighting fentanyl, which has improved this year after bilateral negotiations between U.S. President Joe Biden and Chinese President Xi Jinping. In social media posts on Monday, Trump promised to impose additional 10% tariffs on Chinese imports and 25% tariffs on Mexican and Canadian goods – the United States’ three largest trading partners – and asserted that not enough was being done to stop drugs and migrants from entering the country. Nearly 75,000 Americans died from synthetic drug overdoses in 2023, most from fentanyl, according to government figures. Overdoses from fentanyl, which is about 50 times more potent than heroin, are the leading cause of death for Americans ages 18 to 45. Trump intends to pursue a more muscular approach than Biden has, but it’s unclear whether his planned shift in strategy will yield results. The Biden administration has spent the last year working with Beijing to address the crisis, with some modest advances. Some experts welcomed Trump’s announcement. ”We need bold action,” said Paul Martin, the founder and CEO of United Against Fentanyl, a bipartisan nonprofit. ”This kind of crisis – public health and national security, in my view – requires boldness, something more than the status quo.” ”Whether they work or not remains to be seen, but we must do something,” he added. The vast majority of chemical precursors used to manufacture fentanyl, a synthetic opioid, originate in China, and Chinese money launderers are key players in the global drug trade, U.S. authorities say. A Reuters investigation earlier this year found most of the chemicals are shipped to the U.S. disguised as low-cost goods to evade detection. The ingredients are then routed to Mexico by traffickers, where cartels manufacture fentanyl and smuggle it back into the U.S., mostly via American citizens at ports of entry. Synthetic opioid deaths dropped by nearly 19% in the 12 months ending in June, according to government data. The White House has taken credit for the decline, stating that the administration has seized hundreds of millions of doses of fentanyl at the U.S. border, made overdose-reversal medication widely available and renewed law enforcement collaboration with the Chinese to slow production of precursor chemicals. Ray Donovan, former chief of operations for the Drug Enforcement Administration, said China’s steps toward halting the flow of chemicals have been too limited. He added that Mexico dramatically decreased its collaboration with the U.S. under former President Andres Manuel Lopez Obrador, seizing fewer drugs and restricting cooperation with U.S. law enforcement. ”One way to immediately impact an illicit economy is to increase the cost of doing business,” he said. With the new tariffs, he added, ”finally the Trump administration is saying, ’Enough is enough.’” ’AN EPIDEMIC’ Not everyone agreed. Vanda Felbab-Brown, an expert on drug policy at the Brookings Institution, said tariffs would likely backfire by impelling China to pull back on cooperation should a trade war erupt. But the mere threat of tariffs could prove successful as a negotiating tactic, she acknowledged. The possibility of trade penalties may pressure China to take steps such as regulating precursors more strictly and ramping up prosecution of money laundering networks in exchange for avoiding new taxes, an outcome that will require a delicate balance, as neither China nor Trump is willing to be seen as capitulating to the other. ”I think the prospect of further tariffs is an inducement for more cooperation from both countries,” she said of China and Mexico. ”Potentially there is quite a bit to work with, as long as the threat doesn’t become an actual act.” Both countries bristled at Trump’s promise of tariffs, with China warning that ”no one will win a trade war” and Mexican President Claudia Sheinbaum suggesting retaliatory taxes. Reducing the supply of fentanyl is not enough on its own to combat the crisis. Margaret Williams, a physician and addiction specialist in Columbus, Ohio, said there are policies beyond tariffs that are needed, such as increasing access to methadone and buprenorphine, which are very effective in treating opioid addiction but highly regulated, and addressing the root causes of addiction, such as untreated psychiatric disease and socio-economic factors. ”This is really an epidemic, and I think we need a multi-pronged, full-court press approach on how to get people into treatment,” she said.

2024-11-28 07:56

2024-11-28

07:56

moneycontrol.com

https://www.moneycontrol.com/news/world/trump-cabinet-picks-targeted-with-bomb-threats-swatting-spokesperson-says-12878227.html

Trump cabinet picks targeted with bomb threats, 'swatting', spokesperson says

Several of Donald Trump’s cabinet and administration picks were targeted in recent hours with actions including bomb threats.

Several of Donald Trump’s cabinet and administration picks were targeted in recent hours with actions including bomb threats and ”swatting,” a spokesperson for the U.S.-president elect said on Wednesday. The threats were made Tuesday night and Wednesday morning, and law enforcement acted quickly to ensure the safety of those targeted, spokesperson Karoline Leavitt said in a statement. Leavitt did not say who exactly was targeted, and did not elaborate on the nature of the apparent threats. Spokespeople for the FBI and the Justice Department did not immediately respond to requests for comment. Leavitt said the attacks ”ranged from bomb threats to ’swatting’” – when a false crime is reported to induce a heavy, armed police response at someone’s home. ”With President Trump as our example, dangerous acts of intimidation and violence will not deter us,” Leavitt said. Trump has been announcing picks for his cabinet and other high-ranking administration positions following his Nov. 5 election victory. Trump has not commented on the apparent threats. They come months after Trump was wounded on an ear in an assassination attempt in Pennsylvania in July. In a separate incident, a man was charged with attempted assassination in September after allegedly positioning himself with a rifle outside one of Trump’s Florida golf courses.

2024-11-28 07:50

2024-11-28

07:50

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/world-street-microsoft-probe-unusual-machines-shares-soar-ikea-profits-dive-and-more-12878224.html

World Street | Microsoft probe, Unusual Machines shares soar, Ikea profits dive, and more

World Street offers a sneak peek into the world of business and economy..Related stories.

The FTC launches an antitrust probe into Microsoft, while Unusual Machines sees its stock soar following Donald Trump Jr.'s appointment to its advisory board. Ikea's profits dip as price cuts take a toll, and South Korea makes a surprise interest rate cut to stimulate its economy. Meanwhile, U.S. consumer spending shows continued resilience, although inflation progress stalls. All this and more on the November 28 edition of World Street. FTC Probes Microsoft The U.S. Federal Trade Commission (FTC) has launched a wide-ranging antitrust investigation into Microsoft, focusing on its software licensing practices and cloud computing operations, Reuters reported. The FTC is investigating claims that Microsoft may be leveraging its market dominance in productivity software to enforce restrictive licensing terms, discouraging customers from migrating data from its Azure cloud service to competitors. Unusual Machines Soars as Trump Jr. Joins Board Shares of Unusual Machines, a small U.S. drone and drone component manufacturer, surged nearly 85 percent by the close of trading on November 27. The rally followed the announcement that Donald Trump Jr., the eldest son of President-elect Donald Trump, had joined its advisory board. The stock briefly climbed over 100 percent during the session before settling at $9.89 per share. Ikea Sees Profit Slump Ingka Group, the largest IKEA franchisee, reported a significant decline in annual net profit after cutting prices to attract cost-conscious shoppers. Ingka Group's net profit for the financial year ending August 31 came in at 800 million euros (or $841.3 million) , down from 1.5 billion euros the year before. The furniture pioneer has warned that trade barriers from US president-elect Donald Trump would hurt its push to cut prices. South Korea Cut Interest Rate South Korea unexpectedly reduced its benchmark interest rate by 25 basis points to 3 percent on November 28, aiming to stimulate its sluggish economy. This marks the first consecutive rate cuts by the Bank of Korea since 2009, following a similar 25 bps reduction in October. U.S. Consumer Spending U.S. consumer spending rose slightly more than expected in October, signalling the economy maintained strong growth momentum early in the fourth quarter. However, progress in curbing inflation appears to have stalled in recent months. Consumer spending, which drives over two-thirds of U.S. economic activity, increased 0.4 percent in October following a revised 0.6 percent rise in September. Inflation-adjusted spending grew just 0.1 percent, down from the 3.5 percent pace recorded in the third quarter, which contributed to the economy's 2.8 percent growth rate.

2024-11-28 07:46

2024-11-28

07:46

moneycontrol.com

https://www.moneycontrol.com/news/world/us-urges-ukraine-to-lower-fighting-age-to-18-to-bolster-ranks-official-says-12878222.html

US urges Ukraine to lower fighting age to 18 to bolster ranks, official says

US urges Ukraine to lower fighting age to 18.

Ukraine should consider lowering the age of military service for its soldiers to 18 years old, a senior U.S. administration official said on Wednesday, putting pressure on Kyiv to bolster its fighting forces in the country’s war with Russia. Speaking to reporters, the official said Ukraine was not mobilizing or training enough new soldiers for the conflict. ”The need right now is manpower,” he said. ”The Russians are in fact making progress, steady progress, in the east, and they are beginning to push back Ukrainian lines in Kursk … Mobilization and more manpower could make a significant difference at this time as we look at the battlefield today.”

2024-11-28 07:45

2024-11-28

07:45

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/first-tick-here-are-the-top-global-cues-for-todays-trade-2-12877834.html

First Tick: Here are the top global cues for today’s trade

Market Today.Related stories.

Indian benchmark indices Sensex and Nifty 50 are likely to open flat on November 28, tracking cues from GIFT Nifty trading around 24,313.5, a short while ago this morning. Track the latest updates onGIFT Nifty right here on Moneycontrol. After a choppy trading session, India's benchmark indices closed slightly higher on November 27. Meanwhile, Adani Group stocks surged. The Sensex gained 230.02 points (0.29%) to close at 80,234.08, while the Nifty advanced 82.20 points (0.34%) to settle at 24,276.7. Here is how financial markets across the globe fared overnight: GIFT Nifty (Flat) The GIFT Nifty is trading flat, indicating a muted opening for the day. Nifty futures were trading at 24,313.5 at 07:00 am IST. Asian Equities (Flat) Asian markets traded with little change on Thursday after Wall Street's rally stalled overnight, even as inflation data came in line with expectations.Change From Previous Close (%)MTD (%)YTD (%)Topix0.18-0.196.60Nikkei-0.17-1.837.48Hang Seng-0.23-3.4216.89Taiwan0.06-2.8619.28Kospi0.19-2.57-11.17US Equities (Down) Wall Street's main indexes closed lower on Wednesday, with the Nasdaq leading the declines. Technology stocks slumped on Thanksgiving Eve on worries the Federal Reserve may be cautious about rate cuts after stubbornly strong U.S. inflation data. Data showed consumer spending increased solidly in October, suggesting the U.S. economy maintained its strong pace of growth, but progress on lowering inflation appeared to have stalled. According to preliminary data, the S&P 500 lost 22.85 points, or 0.38%, to end at 5,998.78 points, while the Nasdaq Composite lost 113.80 points, or 0.59%, to 19,061.78. The Dow Jones Industrial Average fell 136.31 points, or 0.31%, to 44,723.23.Change From Previous Close (%)MTD (%)YTD (%)Dow Jones-0.317.5520.43S&P500-0.385.6027.65Nasdaq-0.595.8028.87US Bond Yield (Flat) The US 10-year Treasury yields and the US 2-year bond yield were trading flat.Current PriceMTDYTDUS 10-Year Treasury4.264.284.32US 2-Year Treasury4.224.134.73Dollar Index (Up) The US dollar steadied against major peers on Wednesday as investors continued to take stock of President-elect Donald Trump's tariff pledges while keeping an eye on a key inflation figure out of the U.S. later in the day.Current PriceMTDYTDDollar Index106.20104.31102.74Asian currencies (Down) Asian currencies were trading mostly lower in the early trade on Thursday. On year-to-date basis, except the Malaysian Ringgit (up 3 percent), all other currencies depreciated led by South Korean Won, followed by the Japanese Yen, Philippines Peso and Taiwan Dollar.Change From Previous Close (%)MTD (%)YTD (%)Indonesian Rupiah-0.339-1.32-3.36South Korean Won-0.239-0.698-7.43Japanese Yen-0.3301.09-6.96Philippines Peso-0.017-0.793-5.69Thai Baht-0.104-2.26-0.891Taiwan Dollar0.172-1.27-5.87China Renminbi0.069-1.60-2Malaysian Ringgit0.011-1.813.40Singapore Dollar-0.119-1.44-1.62Crude (Flat) Oil was little changed as trading thinned before the US Thanksgiving holiday, with the focus on this weekend’s OPEC+ meeting.Change From Previous Close (%)MTD (%)YTD (%)US West Texas-0.06-0.85-4.15Brent Crude-0.08-0.48-5.54Gold (Down) Gold prices slipped on Thursday, as investors assessed the outlook for US interest rates following inflation data that supported the case for a cut next month. Silver Prices also shed more than a percent.Change From Previous Close (%)MTD (%)YTD (%)Gold-0.45-4.2827.28Silver-1.33-8.8424.88Fund Flow Action Foreign institutional investors (FIIs) bought equities of Rs 7.78 crore on November 27  and domestic institutional investors purchased equities of Rs 1,301 crore on the same day.27th NovMTDYTDFII Net Flows7.7829,849.88-2,65,031.09DII Net Flows1,301.9730,042.225,01,028.39Hope you're all set for today's trade, we wish you a profitable day ahead.

2024-11-28 07:40

2024-11-28

07:40

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/short-call-fiis-love-affair-with-india-is-far-from-rekindled-ola-prestige-estates-in-focus-12878231.html

Short call | FIIs' love affair with India is far from rekindled; Ola, Prestige Estates in focus

Short call gives a deeper insight to markets.Related stories.

Foreign institutional investors (FIIs) may have broken their 38-day selling streak in Indian markets over the past three days, aided by MSCI index rebalancing and political stability following the BJP-led NDA's Maharashtra victory. However, on Dalal Street, the message is clear: the romance between FIIs and India remains uncertain. Despite the recent inflow, market watchers remain skeptical as active FIIs still continue to remain negative on India. Expensive valuations and a higher "asking price" from corporate India are also expected to deter sustained FII engagement. According to Bernstein, the MSCI India index's price-to-earnings (PE) ratio dipped from 23.4x to 22.6x during the pullback but still trades at a hefty 58 percent premium to emerging markets, up from 53 percent in September. Adding to the discomfort is the Street’s outlook on earnings. Analysts forecast mid-teens growth for Nifty companies in the latter half of FY25 and early FY26, which experts believe leaves room for further earnings downgrades. Sanjeev Prasad, MD at Kotak Institutional Equities, echoed this sentiment onCNBC-TV18, pointing out that Nifty's valuations remain misleading. "Even after the correction, the index trades at 21x forward earnings. Outside of banks, valuations across sectors remain steep," Prasad warned. Global headwinds further complicate this narrative. A strengthening US dollar and rising bond yields make the US markets more enticing for FIIs. And with Donald Trump set to return to the White House in January, uncertainty around his policy plans adds another layer of hesitation for foreign investors eyeing India. So, while FIIs may have temporarily flirted with Indian equities, a durable comeback looks unlikely anytime soon. For now, the rekindling of this relationship remains a story of unrequited love. Ola Electric Mobility (Rs 88.10, +20%) Shares rose and were locked in the upper circuit after launching two scooters. Citi also initiated coverage with 'buy'. Bull Case: Ola's dominant 38 percent market share, extensive product portfolio, strong R&D, and vertical integration, including Li-ion cell manufacturing, bodes well. Upcoming launches in motorcycles and electric three-wheelers (E3Ws) are seen as potential volume drivers. Bear Case: Key risks include weak EV penetration, rising competition, product quality concerns, and continued losses. Prestige Estates Projects (Rs 1,629.45, -4.5%) Stock fell sharply after Morgan Stanley's downgrade to 'underweight.' Bear Case: High IP business capex and weaker pre-sales momentum compared to peers could hamper stock returns, notes Morgan Stanley. The company has achieved only 29 percent of its FY25 target in the first half of the fiscal year. Bull Case: Despite the slower pre-sales growth in H1 FY25, the company remains confident of meeting its full-year target on the back of high-value projects in Mumbai and Delhi NCR, as it expands its presence beyond South India. The BJP's win in Maharashtra can also kickstart stalled infra project which may aid prospects. (with inputs from Veer and Vaibhavi)

2024-11-28 07:37

2024-11-28

07:37

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/kec-international-shares-in-focus-on-order-win-from-power-grid-corp-12878229.html

KEC International shares in focus on order win from Power Grid Corp

KEC International.Related stories.

KEC Internationalshare price will remain in focus on November 28 after the company has secured turnkey orders of Rs 1,704 crore in its Transmission & Distribution (T&D) business for design, supply and installation of 765 kV Transmission Lines and GIS Substations from Power Grid Corporation of India Limited (PGCIL). “We are delighted with the continuous inflow of orders, especially in our T&D business. These 765 kV orders from PGCIL have further strengthened our India T&D order book, reaffirming our confidence in the continued strong growth of this business. With these orders, our YTD order intake now stands at Rs. 16,300 crores, reflecting an impressive growth of over 60% compared to last year," said Vimal Kejriwal, MD & CEO, KEC International. Catch all the market action on our live blog On November 25, the company has secured new orders of Rs 1,114 crore across its various businesses. Its Transmission & Distribution (T&D) business secured orders for T&D projects in Middle East and Americas including 400 kV Transmission line in Oman and supply of towers, hardware and poles in Americas. The Civil business has secured orders in the industrial segment in India and Railways business secured an order for Metro Overhead Electrification (OHE) works in the technologically enabled segment in India. The Cables business has secured orders for supply of various types of cables in India and overseas. The company had reported 53 percent jump in its quarterly net profit at Rs 85.41 crore in September 2024. The share touched a 52-week high of Rs 1,074.95 and a 52-week low of Rs 575.25 on 07 November, 2024 and 30 November, 2023, respectively. Currently, the stock is trading 4.79 percent below its 52-week high and 77.91 percent above its 52-week low. The share price rose 80 percent in the last one-year.

2024-11-28 07:35

2024-11-28

07:35

moneycontrol.com

https://www.moneycontrol.com/news/business/personal-finance/beyond-college-funds-why-parents-need-to-invest-for-a-skills-first-future-12877795.html

Beyond college funds: Why parents need to invest for a skills-first future

Skills in fields like artificial intelligence, cybersecurity, digital marketing, and data science are growing exponentially..Related stories.

The world of work is shifting, and so should our approach to financial planning for our children. While education funds have been the default vehicle to secure our children's future, it’s time to expand that vision. Investing in skill-building can not only boost employability but also offer a quicker, more adaptable return on investment. Here’s why and how parents should consider pivoting to a skill-based investment strategy that can pay dividends for their children's future. Degrees are yesterday’s gold, Skills is today’s currency It used to be that a college degree was the golden ticket to a stable career. But today, employers are looking beyond traditional qualifications, searching instead for hands-on skills in high-demand areas like coding, digital marketing, data analysis, and artificial intelligence. A college degree alone is no longer enough to stand out; the job market favours candidates who bring immediate, practical value. From a financial standpoint, skill-based learning is often quicker and more cost-effective than a full-fledged degree program. Rather than spending years—and huge sums of money—waiting for the payoff of a college degree, skills training can open doors to lucrative opportunities in a matter of months. For parents, this means that funding skills-based learning can be like planting seeds that will yield faster, more reliable returns. Micro-investing in skills: Small sums, big potential Think of skill-based investments as a series of small, strategic bets rather than a one-time financial windfall. Just as in stock portfolios, diversification is key. By allocating small amounts in funds suitable as per risk appetite and time horizon toward targeted, high-impact skills, parents can create a diversified “talent portfolio” for their children. Imagine allocating a fraction of your education fund towards a coding bootcamp or a digital marketing course. Not only is this a relatively low-risk, short-term investment but it also equips your child with market-ready skills that employers crave. Skills-focused investments offer the added benefit of adaptability; they enable your child to pivot between careers or industries as the job market evolves. Also read |Tomorrow's investors: How children are learning about personal finance Striking the perfect balance: Blending traditional and skill funds Why choose between a college fund and a skill fund when you can have both? Rather than a zero-sum choice, consider a “hybrid” model—one that retains the stability of a traditional college savings plan while building in the flexibility of a skills-based fund. This strategy might look like allocating a modest percentage of your overall savings—say 10-15 percent—toward skill-building programs. That Rs 1 lakh set aside in a dedicated fund for skill building for a data analytics course might, in some fields, lead to lucrative internships or entry-level jobs immediately upon completion. Meanwhile, the rest of the education fund can stay committed to traditional university goals. A hybrid fund, in essence, is a plan that secures both the foundation and the edges, giving your child a toolkit to thrive in the real world. Also read |Investing In Education: Here’s how to save for your child's studies Skill goldmines: Where the financial returns are brightest Not all skills are created equal. Some industries offer higher returns, greater stability, and more rapid advancement. Skills in fields like artificial intelligence, cybersecurity, digital marketing, and data science are growing exponentially. For parents, this translates into a high-value investment area, as these skills are more resilient to economic downturns and future-proofed against job market disruptions. Investing in these high-demand skills is akin to buying into the “blue-chip stocks” of the job market. The ROI isn’t just financial—it’s also about stability, adaptability, and a level of job security that traditional roles may not provide. Children armed with these specialised skills enter the workforce not as novices but as valuable assets who can hit the ground running. Also read |NPS Vatsalya: Why children’s pension cannot be priority over education or parents' retirement plans Building the dual financial arsenal: SIPs and skills The idea of a dual financial arsenal isn’t as intimidating as it sounds. Start with a systematic investment plan (SIP) in a suitable fund to build a stable foundation for your child’s traditional education. This portion of the fund acts as the bedrock, ensuring that college aspirations remain achievable. Then, create a secondary, flexible skill fund—a more agile pool of resources dedicated to short-term, high-impact courses. For this, you can park your money in a suitable fund. It varies from case to case. Equities for long term with high risk, hybrids for medium to long term with moderate risk. This secondary skill fund can be dynamic; its allocations can be adjusted as your child’s interests and the job market evolve. For instance, if your child develops an interest in data science, a quick reallocation of resources toward a data analytics workshop could provide a valuable head start. This approach not only builds financial security but also offers your child the freedom to experiment and find their passion. Also read |How to impart money lessons at a young age Actionable steps for parents: Making the move to skill-based investments Survey the skillscape:Start by researching in-demand skills. Look for those that align with future job trends, such as artificial intelligence, digital marketing, and data science. Choose courses with a proven return on investment, focusing on those that offer practical training and certification. Flex your financial plan:Designate a portion of your education savings for skill-based learning. This doesn’t have to be a drastic split—consider a modest allocation that gives you room to adjust as needed. Blend stability with agility:Traditional education funds provide long-term stability, while skill-based funds offer short-term career readiness. Create a balance that maximises both, ensuring a solid educational foundation while keeping up with market demands. Stay in the know:Keep an eye on emerging job trends. Adjust allocations if needed to keep your child’s skill set relevant to industry changes and future-proofed. Look beyond just earnings:Skill-based learning isn’t just about money. Consider the intangible benefits: resilience, adaptability, confidence, and the ability to learn independently—all traits that are crucial for success in today’s fast-paced economy. The ultimate strategy: Empowering a resilient generation In an era where careers are increasingly fluid, financial planning for our children must evolve. A dual approach—balancing college funds with targeted skill investments—ensures that children are well-prepared for both traditional career paths and the rapidly evolving industries of the future. By blending long-term education funds with agile, skill-based investments, parents can provide their children with not just the security of education, but the versatility to thrive. This approach ensures that they are not merely participants in the job market but valuable, adaptable players ready to seize opportunities as they arise. The writer is co-founder at EduFund.

2024-11-28 07:15

2024-11-28

07:15

moneycontrol.com

https://www.moneycontrol.com/news/business/lic-targets-50-in-manipalcigna-to-enter-health-insurance-space-report-12878218.html

LIC targets 50% in ManipalCigna to enter health insurance space: Report

This potential acquisition aligns with LIC’s plans to diversify beyond its life insurance portfolio..Related stories.

The Life Insurance Corporation of India (LIC) is in advanced discussions to acquire up to a 50 percent stake in ManipalCigna Health Insurance, according to a report byThe Economic Times. ManipalCigna is a joint venture between the Bengaluru-based Manipal Education & Medical Group, which holds 51 percent in it, and the US-based Cigna Corporation, which owns the remaining 49 percent, the report added. Sources familiar with the matter toldETthat the deal could value ManipalCigna Health Insurance at approximately Rs 4,000 crore. Preliminary discussions suggest that both the existing shareholders—Manipal Group and Cigna Corporation—would proportionally reduce their stakes to facilitate LIC’s entry. This potential acquisition aligns with LIC’s plans to diversify beyond its life insurance portfolio. “Both parties have signed a non-disclosure agreement and are progressing with talks for LIC to acquire around 50 percent of the venture,”ETquoted a source as saying. Moneycontrolcould not independently verify the report. WhenETreached for comments, representatives from ManipalCigna declined to address what they described as "market speculation" while LIC officials did not respond to inquiries. LIC’s interest in health insurance was hinted at earlier by Siddhartha Mohanty, the managing director and chief executive of the country's largest insurance company, during a November 8 earnings call. “Our groundwork is underway, and within this financial year, we expect to acquire a stake in an existing standalone health insurance provider,” he had said, without naming specific targets.

2024-11-28 07:06

2024-11-28

07:06

moneycontrol.com

https://www.moneycontrol.com/news/world/russia-says-it-will-respond-if-us-places-missiles-in-japan-12878214.html

Russia says it will respond if US places missiles in Japan

She said the West should have no doubts about Russia’s potential after it launched a new hypersonic intermediate-range missile, the Oreshnik, at a target in Ukraine last week..Related stories.

Russia said on Wednesday that if the United States stationed missiles in Japan, this would threaten Russian security and prompt Moscow to retaliate. Japan’s Kyodo news agency reported on Sunday that Japan and the U.S. aim to compile a joint military plan for a possible Taiwan emergency that includes deploying missiles. It cited unnamed U.S. and Japanese sources as saying that under the plan, the U.S. would deploy missile units to the Nansei Islands of Japan’s southwestern Kagoshima and Okinawa prefectures, and to the Philippines. Russian Foreign Ministry spokeswoman Maria Zakharova accused Japan of escalating the situation around Taiwan to justify the expansion of military ties with Washington. ”We have repeatedly warned the Japanese side that if, as a result of such cooperation, American medium-range missiles appear on its territory, this will pose a real threat to the security of our country and we will be forced to take the necessary, adequate steps to strengthen our own defense capability,” she said. Zakharova said Tokyo could get an idea of what such steps would entail by reading Russia’s updated nuclear doctrine, published last week, which expanded the list of scenarios under which it would consider using nuclear weapons. On Monday, Deputy Foreign Minister Sergei Ryabkov said Russia would consider deploying short- and intermediate-range missiles in Asia if the United States deployed such missiles to the continent. Asked about that statement, Zakharova declined to discuss where Russia might site such weapons, but noted that half its territory is in Asia so any Russian missiles potentially deployed east of the Urals would be in that region. She said Moscow had sent a clear signal to the United States and its ”satellites” that Russia would respond decisively and in symmetrical fashion to the placing of land-based medium and shorter-range missiles in various parts of the world. She said the West should have no doubts about Russia’s potential after it launched a new hypersonic intermediate-range missile, the Oreshnik, at a target in Ukraine last week.

2024-11-28 07:03

2024-11-28

07:03

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/wall-street-stocks-end-lower-after-inflation-data-tech-stocks-push-nasdaq-down-12878217.html

Wall Street stocks end lower after inflation data, tech stocks push Nasdaq down

According to preliminary data, the S&P 500 lost 22.85 points, or 0.38%, to end at 5,998.78 points, while the Nasdaq Composite lost 113.80 points, or 0.59%, to 19,061.78..

Wall Street's main indexes closed lower on Wednesday, with the Nasdaq leading declines, as technology stocks slumped on Thanksgiving eve on worries the Federal Reserve may be cautious about rate cuts after stubbornly strong US inflation data. Data showed consumer spending increased solidly in October, suggesting the U.S. economy maintained its strong pace of growth, but progress on lowering inflation appeared to have stalled. Traders added to bets the Fed will lower borrowing costs by 25 basis points at its December meeting, according to CME's FedWatch. However, they anticipate the central bank leaving rates unchanged at its January and March meetings. Investors were still gauging the impact of President-elect Donald Trump's pledge on Monday to impose duties of 25% on imports from Mexico and Canada and 10% on Chinese goods unless they halt flows of the deadly opioid fentanyl and illegal migrants into the U.S. Goldman Sachs said in a note this week an escalation in tariff policy risks delaying the return to 2.0% inflation target. According to preliminary data, the S&P 500 lost 22.85 points, or 0.38%, to end at 5,998.78 points, while the Nasdaq Composite lost 113.80 points, or 0.59%, to 19,061.78. The Dow Jones Industrial Average fell 136.31 points, or 0.31%, to 44,723.23. Dell slumped 12% and HP dropped almost 6% after downbeat quarterly forecasts, weighing on the Information Technology sector, which dropped 1.2%. The sentiment spread to megacaps such as Nvidia and Microsoft, while the Philadelphia SE Semiconductor Index ended 1.8% lower. The Russell 2000 index was sluggish after hitting a record high earlier in the week. It ended 0.1% higher. Investors also assessed data earlier in the day which showed the economy grew at a solid clip in the third quarter. Weekly jobless claims fell again last week, leaving the door open for another rate cut from the Fed in December. "Inflation has proven to be a little stickier than the Fed would have liked, which may give them pause with respect to cutting rates," said Scott Welch, chief investment officer at Certuity. "There are questions around the effects of Trump's stated tariff policy, which, if implemented could be pretty inflationary and so the Fed is going to have to balance itself between the economic data and the incoming administration's policy agenda." Minutes from the Fed's November meeting, released on Tuesday, showed policymakers were uncertain about the outlook for interest-rate cuts and how much the current rates were restricting the economy. The benchmark S&P 500 was on track for its biggest one-month rise in a year and its sixth month of gains out of seven, as markets price in the view that Trump's policies will benefit local businesses and the overall economy. Workday slipped 6.2% after forecasting fourth-quarter subscription revenue below expectations, hit by weaker client spending on its human capital management software. Advancing issues outnumbered decliners by a 1.64-to-1 ratio on the NYSE. There were 406 new highs and 54 new lows on the NYSE. The S&P 500 posted 79 new 52-week highs and no new lows while the Nasdaq Composite recorded 136 new highs and 71 new lows. Volume on U.S. exchanges was 11.40 billion shares ahead of the holiday, compared with the 14.92 billion average for the full session over the last 20 trading days.

2024-11-28 06:59

2024-11-28

06:59

moneycontrol.com

https://www.moneycontrol.com/news/world/no-expectations-of-a-swift-deal-for-gaza-after-lebanon-ceasefire-12878215.html

No expectations of a swift deal for Gaza after Lebanon ceasefire

Reflecting the gulf in positions, Dichter said it was unthinkable that Hamas could have any future role in Gaza, or that the Israeli military might soon quit the territory..Related stories.

Following a deal to end more than a year of fighting between Israel and Lebanon’s Hezbollah, attention has swung back to the battered Gaza Strip, but any hopes of a rapid end to the war there look likely to be dashed. A ceasefire between Israel and Hezbollah took effect before dawn on Wednesday, bringing a halt to hostilities that had escalated sharply in recent months and overshadowed Israel’s parallel conflict in Gaza against Palestinian Hamas militants. Announcing the Lebanon accord on Tuesday, U.S. President Joe Biden said he would now renew his push for an elusive agreement in Gaza, urging Israel and Hamas to seize the moment. However, there was no sign that Israeli leaders want to ease up on the Islamist Hamas, which triggered the conflagration last year by attacking southern Israel, with ministers making clear their war aims for Gaza were very different than those for Lebanon. ”Gaza will never be a threat to the state of Israel again…We will reach a decisive victory there. Lebanon is different,” said Israel’s Agriculture Minister Avi Dichter, a member of the inner security cabinet and a former head of the Shin Bet intelligence agency. ”Are we at the beginning of the end (of the Gaza campaign)? Definitely not. We still have a lot to do,” he told a group of foreign correspondents this week. Some 101 Israeli hostages remain captive in Gaza and Israeli Prime Minister Benjamin Netanyahu has vowed both to bring them all home and to eradicate Hamas. Negotiations between the two sides have long stalled, with each side blaming the other for the impasse. Hamas official Sami Abu Zuhri on Wednesday accused Israel of being inflexible, saying his group still wanted a deal. ”We hope that this agreement (with Hezbollah) will pave the way to reaching an agreement that ends the war of genocide against our people in Gaza,” he told Reuters. Israel and the United States have accused Hamas of failing to negotiate in good faith. DAILY ATTACKS The war in Gaza has gone on much longer than most people expected. Over 14 months, much of Gaza has been laid to waste and 44,000 Palestinians have been killed, with Israeli forces still launching daily attacks across swathes of the coastal enclave looking to wipe out Hamas. News that Hezbollah had decided to stop fighting was met with gloom by many Gazans, who feel abandoned and forgotten, although some held hopes that their luck might change. ”They say if it rains in one place, it foretells good things for people in another place. We hope that after Lebanon, efforts will be focused on Gaza to end the war,” said Aya, 30, a displaced woman who now lives with her family in a tent in the central Gaza Strip. Faint optimism also surfaced in Egypt, which plays a central role in mediating between Israel and Hamas. Two Egyptian security sources said Israel had informed Cairo that if the Lebanese ceasefire held, they would work again on a Gaza deal. U.S. national security adviser Jake Sullivan said that Biden would start a renewed push for a Gaza ceasefire on Wednesday by having his envoys engage with Turkey, Qatar, Egypt and other actors in the region. However, Donald Trump takes over as U.S. President in January. He has said he would work to end the war but has offered no plan on how he intends to do so. Palestinians are not optimistic given previous experience with Trump, a strong supporter of Israel. DELINKING CONFLICTS Both Israeli and U.S. officials have hailed the Lebanese accord because it had forced Hezbollah, which, like Hamas, is backed by Iran, to decouple itself from the Gaza conflict. However, Ofer Shelah, a senior researcher at Tel Aviv University’s Institute for National Security Studies (INSS) think tank, said this delinking might ultimately make it harder to end the bloodshed in Gaza. ”There’ll be no real pressure now on Israel over Gaza,” Shelah told Reuters. He added that it might not serve Netanyahu’s purposes to make peace with Hamas any time soon because it could tear apart his government, which is packed with war hawks – some of whom have denounced the Lebanon deal and want to take over Gaza. ”I think it’s in his political interest for the war to go on because the end of the war in Gaza could really threaten this coalition,” said Shelah. The families of the Israeli hostages also expressed anger that Netanyahu had agreed to a separate ceasefire in Lebanon, saying Hezbollah, which has suffered huge losses over the past year, might have applied pressure on Hamas to free the hostages in return for an end to the fighting. Hamas wants Israel to release Palestinian prisoners in return for the remaining hostages – seized in the Oct.7, 2023, Hamas-led attack which also killed about 1,200 people in southern Israel. It has also demanded that Israeli forces withdraw from the enclave, and flatly rejects demands that it disarm and disband. Reflecting the gulf in positions, Dichter said it was unthinkable that Hamas could have any future role in Gaza, or that the Israeli military might soon quit the territory. ”We are going to stay in Gaza for a long time,” he predicted.

2024-11-28 06:58

2024-11-28

06:58

moneycontrol.com

https://www.moneycontrol.com/news/world/asia-likely-to-benefit-from-cheaper-canadian-mexican-oil-if-trump-imposes-tariffs-12878212.html

Asia likely to benefit from cheaper Canadian, Mexican oil if Trump imposes tariffs

The United States accounts for 61% and 56% of crude exports from Canada and Mexico, respectively, ship tracking data from Kpler showed..Related stories.

Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if U.S. President-elect Donald Trump imposes 25% import tariffs on crude imports from the two countries, traders and analysts said. Two sources familiar with Trump’s plan told Reuters that oil would not be exempted from potential tariff hikes on imports from Canada and Mexico, despite the U.S. oil industry’s warnings that the policy could hurt consumers, industry and national security. The United States accounts for 61% and 56% of crude exports from Canada and Mexico, respectively, ship tracking data from Kpler showed. Canadian crude exports have jumped 65% to about 530,000 barrels per day (bpd) in 2024, the data showed, after the opening of the expanded Trans-Mountain pipeline increased shipments to the U.S. and Asia. ”The Canadian producers, if they face export constraints, if they’re not able to re-route their barrels that previously were exported to U.S. to other markets, may face deeper discounts and may also suffer some revenue losses,” Daan Struyven, co-head of global commodities research at Goldman Sachs said. Canada and Mexico export mainly heavy high-sulphur crude that is processed by complex refineries in the U.S. and most of Asia. ”The impact is all on the heavy grades. What are the U.S. refiners going to do? Even Saudi Arabian Heavy crude is limited,” a Singapore-based trader said, adding that some U.S. refiners can only receive crude via pipelines, limiting their options for imports. ”Either the producer or the refiner will have to absorb the tariffs,” he said, adding that Canadian producers will have to discount their oil more to attract demand from Asian refiners and cover long-distance shipping costs. Refining sources in Asia and analysts said they expect to see more Canadian and Mexican oil heading to Asia if Trump imposes the tariffs. ”We are likely to see quite some volume going to China and India, where refiners’ configurations are able to refine the crude,” said LSEG analyst Anh Pham. TMX exports to Asia have risen in recent months as Asian refiners led by Chinese processors test the new grades. However, Mexican exports are down 21% to about 860,000 bpd this year. European refiners are less likely to pounce on cheaper Mexican and Canadian cargoes, Energy Aspects analyst Christopher Haines told Reuters. Tariffs on Mexico ”would potentially free up some crude for Spanish refiners that take Maya, but Asia could easily absorb any volumes not sold into the U.S. Gulf, so there will be competition,” he said, adding that European refiners typically don’t import much Canadian crude. Exports of Mexican crude to Europe have averaged around 191,000 bpd so far this year, 81% of which was delivered to Spain, according to Kpler. Canadian flows are lower at 85,000 bpd. Still, some traders and Goldman Sachs analysts remain sceptical that Trump would actually impose the tariffs, which he has previously used as a negotiating tool, as doing so would drive inflation for U.S. consumers and refiners.

2024-11-28 06:34

2024-11-28

06:34

moneycontrol.com

https://www.moneycontrol.com/news/world/trump-nominates-retired-gen-keith-kellogg-as-special-envoy-to-ukraine-and-russia-12878213.html

Trump nominates retired Gen Keith Kellogg as special envoy to Ukraine and Russia

“I am very pleased to nominate General Keith Kellogg to serve as Assistant to the President and Special Envoy for Ukraine and Russia,” Trump said..

US President-elect Donald Trump on Wednesday announced the nomination of retired American general Keith Kellogg as special envoy to Russia and Ukraine. “I am very pleased to nominate General Keith Kellogg to serve as Assistant to the President and Special Envoy for Ukraine and Russia,” Trump said. “Keith has led a distinguished Military and Business career, including serving in highly sensitive National Security roles in my first Administration. He was with me right from the beginning! Together, we will secure PEACE THROUGH STRENGTH, and Make America, and the World, SAFE AGAIN!” said the president-elect. A former retired lieutenant general in the United States Army, Kellogg served as the National Security Advisor to the former Vice President Mike Pence, and as the Executive Secretary and Chief of Staff of the United States National Security Council in the first Trump administration. He served as National Security Advisor on an acting basis following the resignation of Michael T. Flynn.

2024-11-28 06:21

2024-11-28

06:21

moneycontrol.com

https://www.moneycontrol.com/news/world/biden-administration-advancing-680-million-arms-sale-to-israel-source-says-12878211.html

Biden administration advancing $680 million arms sale to Israel, source says

The legislation was shot down in the Senate..Related stories.

The Biden administration is pushing ahead with a $680 million arms sales package to Israel, a U.S. official familiar with the plan said on Wednesday, even as a U.S.-brokered ceasefire in Lebanon between Israel and Hezbollah has come into effect. The package, which was first reported by the Financial Times, includes thousands of joint direct attack munition kits (JDAM) and hundreds of small-diameter bombs, according to the official, speaking on condition of anonymity. The news comes less than a day after the ceasefire agreement ended the deadliest confrontation in years between Israel and the Iran-backed militant group Hezbollah, but Israel is still fighting its other arch foe, the Palestinian militant group Hamas in the Gaza Strip. However, the package has been in the works for several months. It was first previewed to the congressional committees in September then submitted for review in October, the official said. The package follows a $20 billion sale in August of fighter jets and other military equipment to Israel. Reuters reported in June that Washington, Israel’s biggest ally and weapons supplier, has sent Israel more than 10,000 highly destructive 2,000-pound bombs and thousands of Hellfire missiles since the start of the Gaza war in October 2023. The conversations about the latest arms package had been going on even as a group of progressive U.S. senators including Bernie Sanders introduced resolutions to block the sale of some U.S. weapons to Israel over concerns about the human rights catastrophe faced by Palestinians in Gaza. The legislation was shot down in the Senate. Biden, whose term ends in January, has strongly backed Israel since Hamas-led gunmen attacked in October 2023, killing 1,200 people and taking more than 250 hostages, according to Israeli tallies. Most of Gaza’s population of 2.3 million people has been displaced and the enclave is at risk of famine, more than a year into Israel’s war against Hamas in the Palestinian enclave. Gaza health officials say more than 43,922 Palestinians have been killed in Israel’s offensive.

2024-11-28 06:18

2024-11-28

06:18

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/daily-voice-this-fund-manager-anticipates-positive-earnings-trend-in-bfsi-to-persist-sees-interest-rate-cut-in-q4fy25-12878201.html

Daily Voice: This fund manager anticipates positive earnings trend in BFSI to persist, sees interest rate cut in Q4FY25

Anil Rego is the Founder and Fund Manager of Right Horizons.Related stories.

Anil Rego of Right Horizons anticipates the positive earnings trend in BFSI (banking, financial services, and insurance) to persist. "The Q2FY25 corporate earnings performance was subdued overall, but excluding the commodities, earnings growth aligned with expectations. The growth was primarily fueled by BFSI," said the fund manager in an interview to Moneycontrol. After recent market correction, he sees reasonable valuations in largecaps and overvaluation in the broader markets. He does not expect the RBI to cut policy rates in December meeting. "We expect RBI to cut interest rates from the last quarter of FY25," said the Founder of Right Horizons, who is a seasoned investor with over three decades of experience. Which sectors are likely to see high earnings visibility in 2025? The Q2FY25 corporate earnings performance was subdued overall, but excluding the commodities, earnings growth aligned with expectations. The growth was primarily fueled by BFSI, with technology, healthcare, utilities, and capital goods also making notable contributions. On the other hand, global cyclicals like oil & gas, as well as cement, chemicals, and consumer sectors, weighed down earnings growth. We anticipate the positive earnings trend in BFSI to persist. Is it the right time to have exposure to textile exporters? India's textile industry is projected to reach USD 350 billion by 2030, reinforcing its position as a global leader in textile exports, spanning from traditional handwoven fabrics to modern mass-produced materials. The sector benefits significantly from government support through programs like the Technology Upgradation Fund Scheme and the PLI scheme. Additionally, the industry is well-equipped to leverage the global trend toward sustainability, with manufacturers increasingly embracing eco-friendly practices, sustainable sourcing, and ethical production. To further boost the sector, the government has allocated funds to revitalize the industry. Has the recent dual correction (in both price and time) made market valuations more attractive for foreign portfolio investors? After reaching the milestone of 26,277 in September 2024, the Nifty has experienced a correction driven by geopolitical tensions in the Middle East, weak Q2FY25 corporate performance, and record-high monthly selling by FIIs, triggered by capital outflows following China's monetary stimulus. Corporate earnings, which had seen robust double-digit growth for four consecutive years, are moderating due to headwinds in the commodities. We see reasonable valuations in largecaps and overvaluation in the broader markets. Do you foresee significant disruption in the retail space? The retail space is witnessing disruption, driven by several transformative trends: E-commerce Expansion, Omnichannel Retailing & Consumer Preferences. The demand environment in Q2 faced challenges due to unfavourable weather conditions, such as floods and heavy rains in some regions, along with persistent inflation that weighed on urban demand. Volume growth for most companies was disappointing, following a modest improvement in Q1FY25. Do you think the RBI will refrain from starting a rate cut cycle for the rest of FY25? Several major global central banks have started a cycle of cutting interest rates limiting pressure on rupee. While GDP growth moderated in Q1 and recent high-frequency indicators point to a slight slowdown in momentum, the overall growth remains robust. Real GDP growth is projected at 7.2 percent for FY25. RBI has maintained its status quo on policy interest rates and has changed the stance to 'neutral' from 'withdrawal of accommodation'. We expect RBI to cut interest rates from the last quarter of FY25. Do you expect a pick-up in government spending and a recovery in the rural segment in the second half of FY25? Capital expenditure in FY25 had a slow start due to elections. Rural demand and government expenditure are expected to be pivotal in driving India's economic growth during the second half of FY25. The Centre has reached 37 percent of its budgeted capital expenditure target in H1, while 20 major states, collectively, have achieved only 28 percent of theirbudgeted target. We expect demand in H2FY25 will be greater than H1FY25 due to pent up of construction activities, increased government spending.

2024-11-28 06:14

2024-11-28

06:14

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/stellaris-closes-its-third-fund-at-300-million-ropes-in-naman-lahoty-as-new-partner-12878142.html

Stellaris closes its third fund at $300 million, ropes in Naman Lahoty as new partner

(L-R) Alok Goyal, Ritesh Banglani, Rahul Chowdhri, Naman Lahoty.Related stories.

Stellaris Venture Partners has announced closing its $300 million Fund III to back 25-30 startups over the next 3-4 years, signaling renewed confidence in India’s startup ecosystem after a tough startup funding winter this past year. Stellaris’ Fund III saw repeat investments from existing limited partners as well as new commitments from global investors including university endowments, foundations, pension funds, and reputed Fund of Funds (FoF), the firm said in a media statement on November 28. Stellaris has more than $600 million in assets under management. The firm will back startups within the AI, SaaS and fintech category, the firm added. Stellaris, founded by three former partners of Helion Ventures- Ritesh Banglani, Alok Goyal and Rahul Chowdhri, counts software firms Cisco and Infosys as well as the World Bank’s International Finance Corporation (IFC) as its Limited Partners (LPs) or backers, among others. “With this new fund, we’re excited to back founders using technology to solve deep problems in large markets. Our team, consisting of former entrepreneurs and business builders, brings deep expertise and global networks in key sectors like consumer tech, AI, SaaS and financial services to support our portfolio companies throughout their journey,” said Rahul Chowdhri, Partner at Stellaris Venture Partners. As part of the launch, Stellaris also announced some leadership appointments. Naman Lahoty, who was previously a Principal with the firm, has been appointed as Partner. Additionally, Vardhan Dharnidharka, an AI/ML engineering leader previously based in New York, has joined as an Investment Principal and relocated to Bangalore. Stellaris has backed 44 tech startups across two funds, 60 percent of which were inception-stage businesses. The firm participates as a lead investor in Seed and Series A rounds of startups. The VC firm is an early investor in consumer brand Mamaearth which went public last year, and in Whatfix, a digital adoption platform that recently raised a $125 Million Series E round. End of 2023 and the year 2024 has been a pivotal year for Indian IPOs, with startups like Mamaearth, Ola Electric as well as Swiggy entering public markets. Despite a challenging global economic environment, these companies managed to navigate market dynamics. The current public markets' euphoria in India is akin to what the private markets experienced in 2021, when India minted a record 45 unicorns, or startups valued at or over a billion dollars, in a span of 12 months. Stellaris has also backed EV financing startup Turno, credit-on-UPI provider Kiwi, AI SaaS companies Orbitshift and CARPL.ai, credit improvement platform Goodscore and D2C consumer brand Nestasia. Stellaris' new fund launch comes at a time when top venture capital firms like Peak XV  have downsized their fund. In October, Peak XV Partners reduced the size of its $2.85 billion fund by 16 percent or $465 million, as it looks to deploy capital more judiciously and return uninvested monies to its sponsors or limited partners (LPs), amid a buoyant public market and its rub-off effect on private market valuations.

2024-11-28 06:06

2024-11-28

06:06

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/trading-plan-can-nifty-50-break-the-24100-24350-range-on-monthly-fo-expiry-bank-nifty-defend-52100-12878209.html

Trading Plan: Can Nifty 50 break the 24,100-24,350 range on monthly F&O expiry, Bank Nifty defend 52,100?

Nifty Trading Plan.Related stories.

The Nifty 50 closed 0.3 percent higher after volatility on November 27, but overall remained within a 250-point range for the third consecutive session, possibly awaiting fresh triggers. If the index manages to sustain above 24,350, it may advance towards 24,550 (near the November high) and then 24,800 (the 50% Fibonacci retracement from the record high to the November low). However, below 24,100, the 24,000–23,900 zone is crucial to watch, according to experts. For the Bank Nifty, as long as it holds the 50% Fibonacci retracement (around 52,100), the possibility of the index climbing above 52,600 is high, with 52,000 as immediate support. On Wednesday, November 27, the Nifty 50 climbed 80 points to 24,275, while the Bank Nifty jumped 110 points to 52,302, with positive market breadth. About 1,729 shares advanced, against 743 falling shares on the NSE. Nifty Outlook and Strategy Jatin Gedia, Technical Research Analyst at Mirae Asset Sharekhan On the daily charts, we can observe that the Nifty is broadly consolidating within the range of 24,100–24,350 for the past three trading sessions. This consolidation is expected to continue, as the hourly momentum indicator still shows a negative crossover and remains away from the equilibrium line. On the downside, 24,160–24,140 is a strong support zone. On the upside, 24,350–24,400 is the immediate hurdle. Key Resistance: 24,500, 24,540 Key Support: 24,160, 24,140 Strategy: Buy Nifty Futures with a stop-loss at 24,160, targeting 24,540. Vidnyan Sawant, Head of Research at GEPL Capital After a pullback from its all-time high, the Nifty has shown a strong recovery over the past couple of weeks and is currently trading near its three-week high. On the daily charts, the index formed a breakaway gap on Monday, which it has sustained, signaling strengthening bullish momentum. Additionally, it is holding above the 20-day EMA (exponential moving average), reinforcing a positive undertone. A decisive move above 24,600 (strong resistance) could mark a trend reversal from neutral to positive, potentially propelling the index toward the 25,200 mark. Conversely, immediate strong support is seen at 23,900. If this level is breached, the Nifty could retest its recent lows around 23,300. Key Resistance: 24,600, 25,200 Key Support: 23,900, 23,300 Strategy: Buy Nifty Futures above 24,600 with a stop-loss at 24,300, targeting 25,200. Shitij Gandhi, Senior Research Analyst (Technicals) at SMC Global Securities Technically, the Nifty is now facing a hurdle at its 100-day EMA on the daily charts, which is positioned around the 24,300 mark. However, a decisive move above this could provide further momentum, as bulls may respond to a fresh breakout. The overall trend is currently expected to remain in favour of the bulls, and any dip in prices due to a technical pullback should be used as an opportunity to create fresh long positions. Key Resistance: 24,350, 24,500 Key Support: 24,200, 24,000 Strategy: Buy on dips near 24,150, with a stop-loss below 24,000, targeting 24,400. Bank Nifty - Outlook and Positioning Jatin Gedia, Technical Research Analyst at Mirae Asset Sharekhan The Bank Nifty is also consolidating within a range. The hourly momentum indicator has a negative crossover, so we expect the consolidation to continue over the next few trading sessions. A dip towards the support zone of 52,000–51,800 should be considered a buying opportunity. On the upside, the immediate hurdle zone is between 52,600–52,800. Key Resistance: 52,600, 52,800 Key Support: 52,000, 51,800 Strategy: Buy Bank Nifty Futures with a stop-loss at 51,800, targeting 52,800. Vidnyan Sawant, Head of Research at GEPL Capital The Bank Nifty has been consolidating within a broad range of 49,600 to 52,600 for the past eight weeks. On the daily charts, the index is holding above its 20-day EMA but is currently trading near a key resistance zone. A decisive breakout above the 52,600 level could signal the beginning of a fresh bullish phase, with the next resistance expected in the 53,500–54,200 range. On the downside, support is positioned within the 50,800–49,600 zone. For now, the sentiment for the Bank Nifty remains neutral. Key Resistance: 52,600, 53,500 Key Support: 50,800, 49,600 Strategy: Buy Bank Nifty Futures above 52,600, with a stop-loss at 51,900, targeting 53,500. Shitij Gandhi, Senior Research Analyst (Technicals) at SMC Global Securities Technically, the Bank Nifty is facing a strong hurdle around the 52,500 level, while major support is positioned at 51,200. Bullish momentum is likely to pick up once the index breaches this key resistance level of 52,500. Until then, we can expect further consolidation within the index. Key Resistance: 52,500, 52,700 Key Support: 52,100, 51,800 Strategy: Buy Bank Nifty Futures on dips near 52,000, with a stop-loss below 51,800, targeting 52,400.

2024-11-28 01:24

2024-11-28

01:24

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/trade-spotlight-how-should-you-trade-pvr-inox-ccl-products-trent-bharat-electronics-beml-firstsource-and-others-on-thursday-12878186.html

Trade Spotlight: How should you trade PVR INOX, CCL Products, Trent, Bharat Electronics, BEML Firstsource, and others on Thursday?

Top Buy Ideas.Related stories.

The market rebounded and recouped all its previous day's losses, closing the rangebound session on a positive note on November 27, with breadth consistently favouring bulls. About 1,729 shares gained, compared to 743 declining shares on the NSE. The rangebound trade is expected to continue in the upcoming session, though the overall trend remains positive. Below are some trading ideas for the near term: Jatin Gedia, Technical Research Analyst, Mirae Asset Sharekhan Exide Industries| CMP: Rs 445 Exide Industries has broken out of a falling channel on the upside and has been accompanied by above-average volume. It has closed above the short-term moving average, indicating strength. We expect the upmove to continue towards Rs 483–485, which is the 20-week average. A stop-loss of Rs 433 should be maintained for long positions. Strategy: Buy Target: Rs 483, Rs 485 Stop-Loss: Rs 433 PVR INOX| CMP: Rs 1,514 PVR INOX has broken out of a falling wedge pattern on the daily charts. The breakout has been accompanied by above-average volume. The daily momentum indicator has a positive crossover, which is a buy signal. The target on the upside is placed at Rs 1,552–1,589. A stop-loss of Rs 1,460 should be maintained for long positions. Strategy: Buy Target: Rs 1,552, Rs 1,589 Stop-Loss: Rs 1,460 Vidnyan Sawant, Head of Research at GEPL Capital Firstsource Solutions| CMP: Rs 362 Firstsource Solutions has exhibited strong relative strength amid market volatility. On the weekly chart, the stock maintains its upward trajectory, trading consistently above the key 12-week and 26-week EMAs (exponential moving averages). The ratio line on the weekly scale remains stable above a multi-year high, signaling continued outperformance. Strategy: Buy Target: Rs 424 Stop-Loss: Rs 330 CCL Products| CMP: Rs 793.3 CCL Products has shown a strong chart pattern on the weekly scale, with consistent higher tops and higher bottoms. On the daily scale, the stock is forming a base pattern, reinforcing the bullish sentiment. Additionally, the MACD (moving average convergence divergence) momentum indicator has recently witnessed a bullish crossover, signaling potential upside. Strategy: Buy Target: Rs 917 Stop-Loss: Rs 740 Trent| CMP: Rs 6,845 Trent has been in a strong bullish phase since 2023, consistently forming higher tops and higher bottoms. In the recent week, the stock witnessed a bullish mean reversion from its 26-week EMA, signaling a healthy trend and setting the stage for another leg of upward movement. On the daily chart, the stock has shown a significant bottoming formation at the 61.8 percent Fibonacci retracement level (Rs 4,955–8,345), further reinforcing the bullish outlook based on price action. Strategy: Buy Target: Rs 8,220 Stop-Loss: Rs 6,300 Angel One| CMP: Rs 2,911 Angel One is forming higher bottoms on the weekly chart and is trading comfortably above its key 12-week and 26-week EMAs, indicating strong relative strength amid market volatility. The stock recently formed a bullish candlestick, with the open equal to the low, signaling buying interest. Additionally, both the RSI (relative strength index) and MACD momentum indicators are in buy mode, suggesting that positive price action is supported by strong bullish momentum. Strategy: Buy Target: Rs 3,437 Stop-Loss: Rs 2,679 Shitij Gandhi, Senior Research Analyst (Technicals) at SMC Global Securities Bharat Electronics| CMP: Rs 307.4 Bharat Electronics has been consolidating in a broader range of Rs 260–300, with prices witnessing sideways moves around its 200-day EMA on the daily time frame. Technically, the stock has formed a triple bottom pattern around the Rs 260 level and has given a fresh breakout after a period of prolonged consolidation. Therefore, one can accumulate the stock in the range of Rs 300–305 for the expected upside to Rs 340–345 levels. Strategy: Buy Target: Rs 340, Rs 345 Stop-Loss: Rs 275 BEML| CMP: Rs 4,188.8 BEML has been consolidating in the broader range of Rs 3,500–4,000 for the past three months, with prices hovering around its 200-day EMA on daily charts. Currently, the stock has picked up fresh bullish momentum beyond its defined range after a period of prolonged consolidation. The positive divergences on secondary oscillators, along with positive price action, point towards the next upside in the stock. Therefore, one can accumulate the stock in the range of Rs 4,150–4,200 for the expected upside to Rs 4,900–4,950. Strategy: Buy Target: Rs 4,900, Rs 4,950 Stop-Loss: Rs 3,600 Thirumalai Chemicals| CMP: Rs 347.4 Thirumalai Chemicals has been consolidating in the broader range of Rs 290–330, with prices managing to take support at its 200-day EMA on daily charts. Technically, the stock has formed an Inverted Head and Shoulders pattern on the daily charts, with a breakout observed above the neckline of the pattern formation. Therefore, one can accumulate the stock in the range of Rs 340–345 for the expected upside to Rs 380–390 levels. Strategy: Buy Target: Rs 380, Rs 390 Stop-Loss: Rs 315

2024-11-28 00:17

2024-11-28

00:17

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/bulk-deals-aditya-birla-mf-buys-a-0-81-stake-in-zf-commercial-12878187.html

Bulk deals : Aditya Birla MF buys a 0.81% stake in ZF Commercial

representative image.

Aditya Birla Sun Life Mutual Fund bought a 0.81 percent stake in ZF Commercial Vehicle Control Systems India via  a bulk deal on November 27. It bought 16 lakh shares for an average price of Rs 12,400 per share. On the sellers side, promoter Wabco Asia Private Limited sold a 4.32 percent stake in ZF Commercial Vehicle Control Systems India for an average price of Rs 12465.19 per share. As of September the promoter had a 67.49 percent stake in the company. Motilal Oswal Mutual Fund bought a 0.51 percent stake in Shaily Engineering Plastics for an average price of Rs 1251.69 per share. Beacon Stone VCC Capital VCC Beacon Stone I sold a 0.81 percent stake in Manaksia Coatings Metal and Industries for an average price of Rs 69.93 per share.

2024-11-27 23:49

2024-11-27

23:49

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/stock-radar-lic-integrated-proteins-adani-green-energy-kec-international-ironwood-education-manaksia-coated-metals-and-industries-in-focus-12878185.html

Stock Radar : LIC, Integrated Proteins, Adani Green Energy, KEC International, Ironwood Education, Manaksia Coated Metals and Industries in focus

representative image.Related stories.

Let's catch up on the latest news from the stock market. From significant investments to major deals, quarterly earnings, order wins, appointments, and fund-raising, here’s a quick look at which stocks will be in focus in today's trade: LIC– The company has filed an appeal before the GST Appellate Authority, Tamil Nadu, against the order demanding GST of Rs 104 crore for FY 2019-20, along with interest of Rs 45 lakh and a penalty of Rs 11 crore. Integrated Proteins– The company has issued and allotted up to 2 crore convertible equity warrants in one or more tranches on a preferential basis to a non-promoter entity in the public category for a cash consideration of Rs 11.25. Adani Green Energy– The company's subsidiary, Adani Saur Urja (KA) Limited, a wholly-owned subsidiary of the company, has incorporated two wholly-owned subsidiaries: Adani Hydro Energy Two Limited and Adani Hydro Energy Three Limited, on November 27, 2024. KEC International– The company has received turnkey orders worth Rs 1,704 crore in its transmission and distribution business for the design, supply, and installation of 765 kV transmission lines and GIS substations from Power Grid Corporation of India. Ironwood Education– The company will meet on December 2 to decide on a proposal for raising funds by way of a preferential issue, private placement, or other means. Manaksia Coated Metals and Industries– The company will meet on December 2 to decide on a proposal for raising funds by way of a preferential issue, private placement, or other means. Hathway Cables and Datacom– The company has acquired the remaining 61.15 percent equity stake of Hathway Cable MCN Nanded Private Limited, a subsidiary of the company, for an aggregate consideration of Rs 11. Waree Renewables– The company has received a term sheet for the execution of EPC works for a ground-mounted solar PV project with a 2012.47 MWp DC capacity. Yes Bank– Binu Soman has been appointed as Chief Vigilance Officer of the bank for a period of three years, effective from December 14. Canara Bank– The company has appointed Hemant Buch as a shareholder director of the bank.

2024-11-27 23:29

2024-11-27

23:29

moneycontrol.com

https://www.moneycontrol.com/news/india/next-cm-will-choose-maharashtra-cabinet-mahayuti-stands-united-devendra-fadnavis-12878159.html

Next CM will choose Maharashtra cabinet; Mahayuti stands united: Devendra Fadnavis

Senior BJP leader Devendra Fadnavis (Courtesy: PTI photo).Related stories.

Senior BJP leader Devendra Fadnavis said on Wednesday that the decision on selecting the Maharashtra cabinet will be taken by the next Chief Minister after his name is finalised. Tipped as a front-runner for the CM post, Fadnavis stressed that the Mahayuti coalition of Shiv Sena, BJP, and NCP remains united in forming the government. "Once a chief minister is decided, that person will finalise the state cabinet," the outgoing deputy chief minister told reporters in Chhatrapati Sambhajinagar. Later, speaking in Nagpur, Fadnavis said the constituents of the Mahayuti are united. "All decisions will be made collectively, and we will hold meetings with our top leaders. If anyone has doubts, Eknath Shinde has made it clear," he said. Fadnavis was referring to Shinde's press conference in Thane wherein the outgoing CM rejected reports of his disappointment over not getting a second term despite the Mahayuti alliance winning a thumping victory under his leadership. "(Eknath) Shinde Saheb, (Deputy CM and NCP leader) Ajitdada Pawar and I are together. There is no dispute in the Mahayuti alliance. Before the elections, we had said that all decisions would be taken jointly with our senior leadership. We will take joint decisions," he said. Shindeji has cleared all doubts of "ifs and buts", he added. According to sources, Maharashtra NDA leaders are likely to meet the top BJP brass in Delhi on Thursday, indicating that the formula of one chief minister and two deputy CMs representing the three major 'Mahayuti' constituents, will be followed in the new government in the state. While the BJP is tipped to get the chief ministerial post, its two allies -- Shiv Sena Nationalist Congress Party -- are expected to be given the post of two deputies. Fadnavis also slammed the Opposition parties for their objection to using Electronic Voting Machines (EVMs) in the election process. "The Supreme Court has already stated its position on the EVM issue. The top court indicated that the blame for losses should not be shifted to EVMs. The EVMs will continue to operate," he added. A day earlier the apex court dismissed a plea seeking to revert to paper ballot voting in elections in the country, saying allegations of tampering with electronic voting machines (EVM) raked up only when people lose polls.

2024-11-27 23:00

2024-11-27

23:00

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/trade-setup-for-thursday-top-15-things-to-know-before-the-opening-bell-72-12878150.html

Trade setup for Thursday: Top 15 things to know before the opening bell

Nifty Trade Setup.Related stories.

The Nifty 50 remained rangebound within the 24,100–24,350 zone for the third consecutive session and closed 0.3 percent higher on November 27, ahead of the monthly expiry of derivative contracts scheduled for November 28. The momentum indicator RSI (Relative Strength Index at 52) showed a positive bias. The index may find direction only after breaking this range on either side. On the higher side, 24,550 is the target to watch, followed by 24,700. However, below 24,100, the 24,000–23,900 zone may act as a support level, according to experts. Here are 15 data points we have collated to help you spot profitable trades: 1)Key Levels For TheNifty 50(24,275) Resistance based on pivot points: 24,338, 24,388, and 24,467 Support based on pivot points: 24,179, 24,129, and 24,050 Special Formation:The Nifty 50 formed a bullish candlestick pattern with upper and lower shadows on the daily charts, indicating rangebound movement and volatility. The 100-day EMA (Exponential Moving Average) remains a key hurdle for the index for the third straight session, although it decisively traded above the 10-day and 20-day EMAs. There is an upward bias in the momentum indicator RSI, which is trading in the upper band at the 52 level. Additionally, the index has sustained in the upper band of the Bollinger Bands, which is a positive sign. 2)Key Levels For TheBank Nifty(52,302) Resistance based on pivot points: 52,418, 52,518, and 52,680 Support based on pivot points: 52,093, 51,993, and 51,830 Resistance based on Fibonacci retracement: 52,686, 53,469 Support based on Fibonacci retracement: 51,254, 50,280 Special Formation: The Bank Nifty also formed a bullish candlestick pattern with upper and lower shadows on the daily timeframe, indicating volatility and rangebound trade. The index has sustained not only above all key moving averages but also above the 50 percent Fibonacci retracement (from the record high to the November low), which is a positive sign. The RSI at 57 also shows a positive bias. 3)Nifty Call Options Data According to the monthly options data, the 25,000 strike holds the maximum open interest (with 1.21 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 24,500 strike (98.46 lakh contracts), and the 24,300 strike (74.92 lakh contracts). Maximum Call writing was observed at the 24,600 strike, which saw an addition of 11.23 lakh contracts, followed by the 24,800 and 24,550 strikes, which added 8.33 lakh and 7.17 lakh contracts, respectively, while the maximum Call unwinding was seen at the 24,200 strike, which shed 11.69 lakh contracts, followed by the 24,900 and 24,000 strikes, which shed 8.52 lakh and 6.09 lakh contracts, respectively. 4)Nifty Put Options Data On the Put side, the maximum open interest was seen at the 24,000 strike (with 95.45 lakh contracts), which can act as a key support level for the Nifty. It was followed by the 23,500 strike (95.09 lakh contracts), and the 24,200 strike (70.73 lakh contracts). The maximum Put writing was placed at the 24,000 strike, which saw an addition of 30.6 lakh contracts, followed by the 24,200, and 24,100 strikes, with 26.4 lakh, and 16.66 lakh contracts added, respectively, while the maximum Put unwinding was seen at the 24,800 strike, which shed 2.15 lakh contracts, followed by the 24,900 and 23,450 strikes which shed 1.88 lakh and 1.49 lakh contracts, respectively. 5)Bank Nifty Call Options Data According to the monthly options data, the 54,000 strike holds the maximum Call open interest, with 10.67 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 53,000 strike (8.38 lakh contracts) and the 52,500 strike (7.62 lakh contracts). Maximum Call writing was visible at the 54,000 strike (with the addition of 5.61 lakh contracts), followed by the 52,500 strike (4.23 lakh contracts) and the 53,000 strike (3.37 lakh contracts), while the maximum Call unwinding was seen at the 51,500 strike, which shed 30,240 contracts, followed by the 50,500 and 51,200 strikes, which shed 3,165 and 885 contracts, respectively. 6)Bank Nifty Put Options Data On the Put side, the maximum open interest was seen at the 52,000 strike (with 8.47 lakh contracts), which can act as a key support level for the index. This was followed by the 51,000 strike (7.73 lakh contracts) and the 50,500 strike (7.16 lakh contracts). The maximum Put writing was observed at the 50,500 strike (which added 5 lakh contracts), followed by the 52,500 strike (3.32 lakh contracts) and the 52,000 strike (3.14 lakh contracts), while there was hardly any Put unwinding seen. 7)Funds Flow (Rs crore) 8)Put-Call Ratio The Nifty Put-Call ratio (PCR), which indicates the mood of the market, rose to 1.12 on November 27, from 1.04 level in the previous session. The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market. 9)India VIX Volatility has dropped but remains in higher zones. The India VIX, the fear index, declined by 4.44 percent to the 14.63 level. Bulls may gain strength if it drops decisively below the 14 mark. 10)Long Build-up (48 Stocks) A long build-up was seen in 48 stocks. An increase in open interest (OI) and price indicates a build-up of long positions. 11)Long Unwinding (31 Stocks) 31 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding. 12)Short Build-up (41 Stocks) 41 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions. 13)Short-Covering (62 Stocks) 62 stocks saw short-covering, meaning a decrease in OI, along with a price increase. 14)High Delivery Trades Here are the stocks that saw a high share of delivery trades. A high share of delivery reflects investing (as opposed to trading) interest in a stock. 15)Stocks Under F&O Ban Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit. Stocks added to F&O ban: Nil Stocks retained in F&O ban: Nil Stocks removed from F&O ban: Nil Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

2024-11-27 22:59

2024-11-27

22:59

moneycontrol.com

https://www.moneycontrol.com/news/economy/agriculture/centre-taking-steps-to-boost-domestic-supply-of-di-ammonium-phosphate-fertilisers-12878160.html

Centre taking steps to boost domestic supply of Di-ammonium Phosphate fertilisers

At present, approximately 60 percent of the DAP availability is met by the imported supplies. (representative image).Related stories.

The Centre on Wednesday said it is taking steps to boost the domestic supply of Di-ammonium Phosphate (DAP) fertilisers and address issues of availability at local levels. "The Government of India is taking necessary action in coordination with the States, Railways and Fertilisers Companies to resolve local availability issues to ensure expeditious supplies of DAP," an official statement said. Despite challenges, the Department of Fertilizers said it has taken numerous steps to maintain adequate supplies of DAP to states. "This year, due to the prevailing geo-political situations, such as less export to India by major suppliers and the Red Sea Crisis, the DAP supplies were affected," the department said. India is dependent upon the imported supplies of DAP to meet the demand of states. At present, approximately 60 percent of the DAP availability is met by the imported supplies. Moreover, domestic production also depends upon the import of raw materials. The department pointed out that the Red Sea crisis led to the diversion of vessels, including Phosphoric Acid via Cape of Good Hope, thus resulting in longer voyage time and associated supply chain disruptions. In this Rabi 2024-25 season, quantities exceeding 17 lakh tonnes of DAP arrived at various ports and were sent to states in October and November 2024. Almost 6.50 lakh tonnes of domestic production were further made available to states. "Therefore, imported and domestic DAP supplied to the states in October and November 2024 so far has become approximately 23 lakh tonnes, excluding buffer stock available in the states," the statement said. In addition, major states like Uttar Pradesh and Madhya Pradesh used NPKS of various grades to the extent of 5 lakh tonnes more compared to last the Rabi season, which is a significant development. In the entire country, states have consumed 10 lakh tonnes of NPKS more than the previous Rabi season. "Intensive efforts of the government resulted in the total availability of 34.81 lakh tonnes of DAP and 55.14 lakh tonnes of NPKS during the ongoing Rabi season till date," the statement said.

2024-11-27 22:56

2024-11-27

22:56

moneycontrol.com

https://www.moneycontrol.com/news/india/rains-continue-in-tamil-nadu-standing-crops-hit-in-cauvery-delta-areas-12878154.html

Rains continue in Tamil Nadu, standing crops hit in Cauvery delta areas

According to IMD, the cyclonic storm will reach the Tamil Nadu-Puducherry coasts by November 30 morning. (Courtesy: PTI photo).

Intermittent rains continued on Wednesday in the state's Cauvery delta areas affecting standing paddy crops, and the India Meteorological Department said cyclonic storm will form soon and later weaken and reach the Tamil Nadu-Puducherry coasts as a deep depression by November 30 morning. Crops were submerged partially and completely at several places, including those in and around Tiruvarur, Thiruthuraipoondi, Muthupettai, Mayiladuthurai, and Vedaranyam, and according to farmers' rough estimates, crops on at least 2,000 acres were affected. Also, huge acreage of salt pans in the districts of Nagapattinam (Vedaranyam) and Villupuram (Marakkanman) came under water. AIADMK general secretary Edappadi K Palaniswami expressed shock over reports that 1,500 acres of paddy crop have been affected in Thiruthuraipoondi (Tiruvarur district) and demanded that officials inspect rain-hit areas and urged the DMK regime to provide appropriate relief to farmers. Farmers leader PR Pandian alleged that canals and rivers were not properly desilted in the delta areas. The IMD said the deep depression over Southwest Bay of Bengal moved slowly north-northwestwards with a speed of 3 kmph. It is 320 km southeast of Nagappattinam, 420 km southeast of Puducherry and 500 km south-southeast of Chennai. Further, the update posted on 'X' at 9.29 pm on Wednesday said: "It is very likely to continue to move north-northwestwards skirting Sri Lanka coast and intensify into a cyclonic storm during next 12 hours. Thereafter, it will continue to move north-northwestwards and reach near north Tamil Nadu-Puducherry coasts as a deep depression around morning of 30th November." Ministers TRB Rajaa and Anbil Mahesh Poyyamozhi made spot inspections. District officials inspected the affected localities and senior state officials coordinated rain-related relief work. Rain-related incidents, including the collapse of an old house at Tarangampadi and the wall of a Dharga's tank at Jambuvanodai in Tiruvarur district have been reported. Trees were uprooted and some fell on nearby electricity poles causing power failure and many localities were inundated. According to an IMD's rainfall update, very heavy rainfall was recorded in several areas, including Nagapattinam (19 cm) and Chennai (13 cm), from 8.30 am on November 26 until 8.30 am the following day. Also, there was widespread heavy rainfall, including in the delta areas, and the rest of the state experienced mild to moderate showers. NDRF and state teams have been deployed in delta districts and Chennai as well. Given the rains, November 27 was declared a holiday for schools and colleges, including Tiruvarur, Cuddalore, Nagapattinam, and Mayiladuthurai districts. A holiday has been declared only for schools in Chennai, Chengelpet, Ariyalur, and Kanchipuram.

2024-11-27 22:42

2024-11-27

22:42

moneycontrol.com

https://www.moneycontrol.com/news/world/a-trip-to-maldives-is-likely-to-pinch-your-pocket-more-from-december-heres-why-12878138.html

A trip to Maldives is likely to pinch your pocket more from December. Here's why

A tax, based on the class of travel, levied on passengers departing from the Maldives from an airport in the Maldives.Related stories.

Maldives which is one of the most expensive holiday destinations in the world is going to increase the 'departure tax' on the international tourists who will visit Maldives starting from 1 December.  The Indian Ocean archipelago nation has increased its exit fees. The tax is levied on tourists who are flying out of Maldives and is a kind of exit fee for international tourists. Departure Tax: What is it Departure Tax (DPT) is levied on passengers departing from Maldives from an airport in the Maldives. Departure Tax New Rates From December Maldives increased the departure tax from $12 to $50 for passengers travelling in economy class. Passengers travelling in business class will have to pay  $120 instead of $60 and passengers travelling in first class will have to shell out $240 instead of an earlier $90. Passengers travelling in private jets will have to pay now $480 instead of $120 earlier. Who collects the Departure Tax Airlines that operate scheduled flights to Maldives and airport operators are required to register with MIRA for ADF and DPT. It is the responsibility of airlines that operate scheduled flights to the Maldives to collect ADF and DPT from passengers departing from an airport in the Maldives via that airline. It is the responsibility of airport operators to collect ADF and DPT from passengers departing from the Maldives from that airport on flights operated by persons other than airlines that operate scheduled flights to the Maldives. For example, charter flights and private jets. Who are exempted from Departure tax Passengers with diplomatic immunity, transit passengers and children below the age of 2 years are exempt from Departure tax. Departure Tax must be paid to MIRA in USD irrespective of the currency in which they were collected from the passengers. Indian Tourists in Maldives According to the latest statistics published by the Maldivian Tourism Ministry, as of October 22, there were a total of 16,08,953 international visitors in 2024 and India – with 97,049 tourists – ranked sixth. According to the Maldives Tourism Ministry statistics, over 17 lakh tourists visited the island nation in 2023, out of which more than 2,09,198 visitors were Indians followed by Russians (2,09,146) and China (1,87,118). *With Agency Inputs

2024-11-27 22:22

2024-11-27

22:22

moneycontrol.com

https://www.moneycontrol.com/news/india/centre-sanctions-rs-28229-crore-to-build-arunachal-frontier-highway-along-lac-12878143.html

Centre sanctions Rs 28,229 crore to build Arunachal Frontier Highway along LAC

The highway will start from Bomdila and pass through Nafra, Huri and Monigong towns, which are closer to the LAC or the McMahon Line. (Courtesy: Reuters file photo).Related stories.

The Centre has sanctioned Rs 28,229 crore for constructing the 1,637 km Arunachal Frontier Highway connecting 12 districts of the state along the Line of Actual Control (LAC) on the India-China international border, a top official said. The ambitious project to be built at an estimated cost of Rs 40,000 crore is seen as a move to counter China's aggression in Arunachal Pradesh, besides contributing to the socio-economic development of the border state. The highway is being constructed along the 'India-Tibet-China-Myanmar' border and the road project will be as close as 20 km from the LAC and international borders. It will start from Bomdila and pass through Nafra, Huri and Monigong towns, which are closer to the LAC or the McMahon Line, and conclude in Vijaynagar near the India-Myanmar border. "The Centre has sanctioned Rs 28,229 crore for the Arunachal Frontier Highway, which will connect 1,683 villages. The national highway being built parallel to the MacMohan Line will be completed by 2027," chief engineer of Border Roads Organisation (BRO) and head of Project Brahmank, Subhash Chandra Lunia, said. He said work is under progress for constructing the 198 km stretch (Tato-Tuting) of the Arunachal Frontier National Highway-913. After 2014, thebudgetfor BRO's work in various states has been doubled for road development and maintenance as compared to the previous years, the official said. Stating that work is underway on projects under the Brahmank Project in Arunachal Pradesh, Lunia said construction and maintenance of road infrastructure is being done in Siang, Upper Siang, West Siang and Shi-Yomi districts along with maintenance of four roads in Assam's Dhemaji district. In 2022-23 and 2023-24, the Brahmank Project constructed a 100-metre span arch bridge on Siom River on Along-Yingkiong road. The construction of Siom bridge was completed in a record time of 180 days and opened for traffic, he said. Lunia also said that from the day of establishment of the Brahmank Project till today, construction of 17 roads has been completed, whose total length is 496 km. Along with this, the construction of 42 permanent bridges and 11 modular bridges has also been completed. The official also said the BRO has always been at the forefront of construction of roads/bridges in favourable and unfavourable weather conditions for the last many years in the state. Under Brahmank Project, BRO is committed to provide all-weather connectivity to the soldiers as well as the public.

2024-11-27 22:20

2024-11-27

22:20

moneycontrol.com

https://www.moneycontrol.com/news/business/uber-announces-uberone-membership-programme-in-india-12878144.html

Uber announces UberOne membership programme in India

The membership programme is available across all Uber ride options.

Ride-hailing app Uber on November 27 announced the launch of UberOne, its membership programme in India that offers savings, benefits, and preferential access to the highest-rated drivers. UberOne Membership Program aims to bring savings and benefits to millions of riders across the country, the company said in a press release. Announcing the roll-out of UberOne membership programme in India, the company said one of its key features is preferential access to the highest-rated drivers. "By prioritising quality and reliability, members can expect an elevated experience every time they ride with Uber, ensuring their safety and convenience," it said. Additionally, UberOne provides premium, round-the-clock customer support exclusively for members, Uber said, adding that this dedicated support team ensures quick and efficient resolution to any issue, enhancing the overall experience for riders. UberOne membership is available in two plans — Rs 149 per month or Rs 1,499 annually. "The membership programme is available across all Uber ride options, including UberGo, Premier, XL, Reserve, Auto, Moto, Intercity, Rental, Shuttle and Package – making it accessible for a wide range of travel preferences," the release said.

2024-11-27 21:52

2024-11-27

21:52

moneycontrol.com

https://www.moneycontrol.com/news/india/railways-now-allows-easy-name-date-changes-on-train-tickets-no-cancellation-required-12878125.html

Railways now allows easy name, date changes on train tickets; no cancellation required

Railways has introduced a solution that allows passengers to change the name or journey date on an existing ticket without the need for cancellation.Related stories.

Train travel is often regarded as a budget-friendly and convenient mode of transport, however, one of the common challenges passengers face is securing a confirmed seat. Many times, a ticket is booked in one’s name, but the traveller may be unable to use it, leading to the need to transfer the ticket to a family member or change the journey date. In such cases, passengers typically cancel their tickets and rebook, which often results in the difficulty of finding another confirmed seat. However, Railways has introduced a solution that allows passengers to change the name or journey date on an existing ticket without the need for cancellation. Changing the Name on the Ticket The option to change the name on a ticket is available only for offline tickets booked at the reservation counter. The name can be altered to that of a close family member, such as a parent, sibling, or child. Additionally, if the ticket was booked for a group (such as a student or officer group), the name of a member in the group can be changed. Process for Changing the NameVisit the nearest railway reservation counter at least 24 hours before the train departure.Submit a written application requesting the name change.Provide valid ID proof of both the original passenger and the person to whom the ticket is being transferred.Once the necessary documents are verified, the railway officer will update the ticket with the new passenger’s name.Note: A name can only be changed once per passenger, and the change is limited to family members or group bookings. Changing the Journey DateIf you wish to change the date of travel, this facility is also available for offline tickets booked at the reservation counter. However, it is important to note that this option is not available for online tickets. Process for Changing the Journey DateVisit the reservation counter at least 48 hours before your train’s departure.Submit your original ticket along with a request to change the travel date.Provide the new date for your journey, and the railway employee will issue a new ticket for the updated travel date.Important Details The date change option is available only for confirmed or RAC tickets. Tatkal tickets are excluded from this facility.The date of travel can be changed only once per passenger and is subject to seat availability.Railways aims to offer passengers more flexibility by eliminating the need for cancellations when making such changes, enhancing convenience and reducing booking hassles.

2024-11-27 21:31

2024-11-27

21:31

moneycontrol.com

https://www.moneycontrol.com/news/business/need-stronger-political-directions-to-conclude-fta-with-eu-early-india-tells-france-12878130.html

Need stronger political directions to conclude FTA with EU early: India tells France

Piyush Goyal, Union Minister of Commerce and Industry.Related stories.

Commerce Minister Piyush Goyal, in a meeting with his French counterpart, highlighted the need for stronger political directions for early conclusion of the proposed foreign trade agreement (FTA) between India and European Union (EU). Goyal on November 27 held discussions with Sophie Primas, Minister Delegate of France for Foreign Trade and French Nationals Abroad on trade, investment and other issues of mutual interest. India's trade minister's comments were part of the deliberations between the two nations on the progress made so far with respect to the ongoing negotiations for the FTA, Investment Protection Agreement and Agreement on Geographical Indications. This was the first meeting between the ministers under Prime Minister Modi’s third term and the formation of the French government led by President Emmanuel Macron. Last month, Goyal pointed out that India could fast-track the process of negotiating a FTA with the European Union, if the focus remains on business and trade issues. India and EU relaunched negotiations for a Free Trade Agreement in June 2022, while separate talks for an Investment Protection Agreement and an Agreement on Geographical Indications (GIs) were also initiated. Goyal in the meeting with Primas on November 27 also called for greater sensitisation towards the principle of Common but Differentiated Responsibility (CBDR) and better understanding for India’s development path among the EU countries while implementing its sustainability and social measures. This is not the first time Goyal has raised concerns around EU's sustainability measures. In October, Goyal also highlighted issues surrounding the EU’scarbon tax regulations and deforestation initiatives, which are expected to increase the cost of Indian exports. France is India's third largest trading partner in the EU, after the Netherlands and Germany. Bilateral trade between the two nations rose 34 percent to $15.11 billion in 2023-24 from $11.26 billion in 2019-2020.

2024-11-27 21:28

2024-11-27

21:28

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/us-gdp-grows-at-solid-2-8-pace-helped-by-consumer-spending-12878128.html

US GDP grows at solid 2.8% pace, helped by consumer spending

The revised GDP data show third-quarter growth was restrained by volatile trade figures, which showed net exports subtracted 0.57 percentage point..Related stories.

The US economy expanded at a solid pace in the third quarter, largely powered by a broad-based advance in consumer spending and steady business investment. Gross domestic product increased at a 2.8% annualized pace in the third quarter, the second estimate of the figures from the Bureau of Economic Analysis showed Wednesday. The economy’s primary growth engine — consumer spending — advanced 3.5%, the most this year. While still strong, household spending was revised modestly lower from the initial reading, reflecting slightly less robust outlays for merchandise. At the same time, business investment in research and development was revised higher. The GDP report showcases the durability of an economic expansion that’s been tested by lingering price pressures, high borrowing costs and political uncertainty. While progress on inflation has leveled out more recently, the Federal Reserve has started reducing interest rates. With Donald Trump sealing his return to the White House, American businesses and consumers now await the roll-out next year of his economic agenda. The government’s other main gauge of economic activity — gross domestic income — rose 2.2%, after a revised 2% annualized pace in the second quarter. Whereas GDP measures spending on goods and services, GDI measures income generated and costs incurred from producing those same goods and services. The average of the two growth measures in the third quarter was 2.5%. The GDI data include figures on corporate profits. After-tax profits were little changed. Profits as a share of gross value added for non-financial corporations, a measure of aggregate profit margins, edged up to 15.6% last quarter from 15.5% in the prior three-month period. Trump’s win has added fuel to a recent rally in stock prices, in part because many traders believe his economic agenda will keep boosting corporate profits. The president-elect has vowed to slash corporate taxes as well as hit Chinese shipments with punitive tariffs, on top of tasking Wall Street executives with leading the departments of Treasury and Commerce. On the flip side, some economists are concerned that Trump’s fiscal plans will put upward pressure on inflation. Tamer InflationThe GDP report showed the Fed’s preferred metric — the personal consumption expenditures price index — rose at an unrevised 1.5% annualized rate in the third quarter. Excluding food and energy, the core PCE gauge climbed 2.1%, versus 2.2% in the previous estimate. Economists are looking ahead to the release of monthly PCE data, due later this morning. It’s currently projected to show the metric, excluding food and energy, rose 2.8% in October from a year ago. The monthly report is also expected to show resilient household demand at the start of the fourth quarter. Some Fed officials have indicated they’re in no rush to cut interest rates so long the labor market remains resilient and the economy continues to power ahead. While job growth has been softening somewhat, other indicators point to a resilient economy and declining odds of a recession. Jobless ClaimsSeparate figures from the Labor Department Wednesday showed initial jobless claims were little changed at a historically low level. However, continuing applications, a proxy for the number of people receiving benefits, rose to the highest since 2021. That suggests those who are unemployed are having trouble finding another job. Stock-index futures were little changed and Treasury yields remained lower after the data, with investors awaiting October inflation figures later this morning. The revised GDP data show third-quarter growth was restrained by volatile trade figures, which showed net exports subtracted 0.57 percentage point. Inventories also subtracted 0.11 percentage point. Other government data out Wednesday showed the merchandise trade deficit narrowed in October to $99.1 billion from a more than two-year high. Economists see businesses stocking up on imports in anticipation of new tariffs next year. According to the GDP report, a measure of underlying growth trends favored by economists that combines consumer spending and business investment, known as final sales to private domestic purchasers, advanced 3.2%, the most this year. Government spending rose an annualized 5%, helped by a nearly 14% annualized advance in national defense outlays. Nonresidential fixed investment rose an annualized 3.8%, the slowest this year and dragged down by spending on structures. However, business spending on equipment climbed at a solid 10.6% rate — the most in over a year. That included an 39% annualized increase in outlays on computers and peripheral equipment, the largest advance since 2020. October shipments of non-defense core capital goods, which exclude aircraft and are a proxy for business investment in equipment, increased 0.2%, separate data out Wednesday showed. That was the first gain since April. Orders for all durable goods rose at a similar pace.

2024-11-27 21:14

2024-11-27

21:14

moneycontrol.com

https://www.moneycontrol.com/news/india/india-cannot-address-problem-of-pollution-without-cutting-fossil-fuels-import-nitin-gadkari-12878124.html

India cannot address problem of pollution without cutting fossil fuels import: Nitin Gadkari

Nitin Gadkari.

India cannot address the problem of pollution without reducing import of fossil fuels, Union Minister Nitin Gadkari said on Wednesday. Addressing ’Times Drive Green Conclave & Awards 2024’ event, Gadkari further said a bio-fuel economy is very import today and it is in good position in India. He said 40 per cent of air pollution in the country is because of the transport sector. ”Pollution is a big concern in India.. without reducing import of fossil fuels, we cannot reduce pollution in the country. In the transport sector, we need to find out alternative for fossils fuels… We need to develop sustainable development model,” Gadkari said. The road transport and highways minister also noted that India is facing problems in the agriculture sector due to surplus production of wheat, rice and sugar. In this context, he said the government has taken decision to diversify agriculture into energy sector. ”Today there are 400 projects in Punjab, Haryana, and Maharashtra where they are making bio-CNG from rice straw.” In most cases, due to burning of rice straw in Punjab and Haryana, Delhi is facing pollution, the minister said. Gadkari pointed out India is the fastest growing major economy in the world and Prime Minister Narendra Modi’s mission is to make India a USD 5 trillion economy. Gadkari said his dream is to make India’s automobile industry number one in the world.

2024-11-27 20:22

2024-11-27

20:22

moneycontrol.com

https://www.moneycontrol.com/news/brand-connect/ipo-mobikwik-meet-upasana-taku-the-force-behind-one-of-indias-leading-digital-payment-platforms-bracing-for-rs-700-crore-listing-12877934.html

IPO MobiKwik | Meet Upasana Taku, the force behind one of Indias leading digital payment platforms bracing for Rs700-crore listing

Upasana Taku, Co-Founder, MobiKwik.

Upasana Taku, a visionary in fintech, co-foundedMobiKwik, one of India’s largest mobile wallet and digital payments companies. Driven by her mission to simplify financial inclusion for millions, MobiKwik was founded in 2009 to enable quick, easy, and mobile-based transactions. Today, it is a frontrunner in transforming India’s payments landscape. MobiKwikis the only profitable fintech to be hitting the public markets this year. Upasana is among the few female co-founders in India’s fintech sector, inspiring aspiring women entrepreneurs in a male-dominated industry. It is the only female co-founded fintech sector company to go public amid a rush of tech IPOs in India. Promoters are the largest shareholders in the company. Born in Gandhidham, Gujarat, to a Kashmiri family, Upasana graduated from Stanford University with a Master's Degree in Management Science and Engineering. She left a high-paying job in the U.S., at PayPal, where she developed her expertise in payments technology and gave up her green card to return to India and create an impact at the grassroots level. After returning, in November 2008, she joined Drishtee, a small NGO in Delhi - Drishtee - that focused on rural Business Process Outsourcing (BPO) and microfinance. It was here that she got a chance to travel to rural areas in the northern states of Uttar Pradesh and Bihar, witnessing the significant work done by the NGO in India. In December 2008, her path crossed with Bipin Preet Singh, through common friends. He was working with a Noida-based semiconductor company then, and together, they shared a vision for a mobile wallet platform. Started as a website,MobiKwikwas founded by Bipin Preet Singh and Upasana Taku in August 2009. Later in 2012, Upasana launched Zaakpay, a digital payment gateway for e-commerce businesses. The company became profitable in the financial year 2023-24. It recorded a Profit After Tax (PAT) of ₹14.08 crore, a remarkable turnaround from the ₹83.81 crore loss it reported in FY23. MobiKwikhas now filed papers to raise ₹700 crore via an initial public offering. The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

2024-11-27 20:17

2024-11-27

20:17

moneycontrol.com

https://www.moneycontrol.com/news/india/air-india-pilot-srishti-tuli-kills-self-in-andheri-flat-family-blames-boyfriend-12878102.html

Air India pilot Srishti Tuli kills self in Andheri flat; family blames boyfriend

Courtesy: X/@Daily_Chattan.

A woman pilot, 25, who was found dead at her rented flat behind Marol Police Camp in Andheri (East) on Monday, allegedly died by suicide, police said. Police said the boyfriend of the deceased Air India pilot Srishti Tuli has been arrested on charges of abetment to suicide, according to reports in media. Her boyfriend, identified as Aditya Pandit (27), has been remanded in police custody till November 29. According to The Indian Express, her family alleged that Aditya abused Srishti in public and stopped her from eating non-vegetarian food. Her family, based in Gorakhpur, in their complaint to the police alleged that Pandit's frequent misbehavior drove her to take this extreme step. A detailed investigation is underway, police added.

2024-11-27 19:47

2024-11-27

19:47

moneycontrol.com

https://www.moneycontrol.com/technology/global-foldable-phones-market-declines-samsung-retains-number-one-position-article-12877986.html

Global foldable phones market declines, Samsung retains number one position

Foldable phones.Related stories.

The global foldable smartphone declined for the first time after six consecutive quarters of growth. According to a report by Counterpoint Research, the foldable phone shipments saw a 1% YoY decline in Q3 2024. Samsung retained its position as the leader in the foldable smartphone market, capturing a commanding 56% market share, largely fuelled by the launch of its Z6 series. However, the brand experienced a 21% year-over-year decline in unit shipments, as per the report. Among its latest offerings, the book-style Galaxy Z Fold 6 delivered average sales figures, while the clamshell Galaxy Z Flip 6 underperformed compared to its predecessor. The global market share dip can be attributed in part to the rising demand for foldable devices in China, a market where Samsung holds a modest 8% share as of Q3 2024, claims the report. This contrasts sharply with its dominance outside China, where it commands an impressive 82% foldable market share. Furthermore, as per Counterpoint, Samsung is increasingly facing strong competition from in North America from Moto with its full range of sub-$1000 Razr flip foldables, and in Western Europe from Honor with its thin Magic V series book-type foldables. Huawei continued its year-over-year growth in foldable smartphone shipments, driven by the success of the Mate X5 and Pocket 2 in the Chinese market. However, its recent experimental launches, such as thebudget-friendly Nova Flip and the groundbreaking tri-fold Mate XT, saw more limited uptake compared to its established models. Meanwhile, Honor and Motorola emerged as two of the fastest-growing brands in the foldable segment, propelled by the strong performance of their flagship devices released earlier this year in June and July. Xiaomi, however, stole the spotlight with an impressive 185% year-over-year growth in foldable shipments — the highest among all brands. This surge was fuelled by the launch of its first clamshell foldable, the Mix Flip, and the brand’s expansion into international markets. Xiaomi’s global shipment share climbed to 6% this quarter, marking its highest point since entering the foldable market in early 2021.

2024-11-27 19:41

2024-11-27

19:41

moneycontrol.com

https://www.moneycontrol.com/news/business/foreign-portfolio-investors-holdings-in-10-year-far-bonds-rise-in-november-12877848.html

Foreign portfolio investors' holdings in 10-year FAR bonds rise in November

Bonds.Related stories.

Foreign portfolio investors (FPIs) have increased their holdings in 10-year benchmark government bonds in November, despite a decline in the overall invested amount in Fully Accessible Route (FAR) securities. Experts attribute the rise in FPI holdings of 10-year benchmark bonds, which are part of the JP Morgan bond index, to their high liquidity in the secondary market compared to other tenured securities. This liquidity makes these bonds more attractive to FPIs and other institutional investors, who trade in the market on a daily basis. According to the Clearing Corporation of India Ltd data, the holdings of FPI in the new 10-year benchmark bond 6.69 percent stood at 0.68 percent on November 27 compared to 0.54 percent on October 31. Similarly, holdings of FPI in the old 10-year benchmark bond 7.10 percent 2034 stood at 8.79 percent on November 27 compared to 8.39 percent on October 31. “FPIs have shifted most of their investment to benchmark 10-year paper, that’s why despite their holdings going down, the percentage of holding in benchmark has risen,” said Gopal Tripathi, head of treasury at Jana Small Finance Bank. FAR enables non-residents to invest in specified Government of India dated securities without any investment ceilings. Experts said that the higher investment in the benchmark bond will lead to a fall in yield on that security. Currently, the yield on 10-year benchmark bond 6.79 percent 2034 stands at 6.8162 percent. Pressure on the total invested amount The fall in overall invested amount in the FAR securities is because of a sharp jump in yields on US treasury notes and pressure on the Indian rupee. When the yield on US treasury notes goes up and Indian bond yields remain stable, it reduces the spread between both and leads to FPI pulling money from India and investing in their home country for better returns. In the last one month, the yield on the 10-year US treasury notes has surged more than 40 basis points. One basis point is one-hundredth of a percentage point. FPI holdings in Indian government securities under the FAR route have witnessed the second biggest reduction so far this month since the start of this calendar after a heavy decrease in April. So far this month, Rs 6,472.921 crore holding has reduced from FAR securities, which was the second highest since the Rs 9,436.483 crore drop in April. On November 27, FPI holdings in FAR securities stood at Rs 2.38 lakh crore compared to Rs 2.45 lakh crore on October 25. The way ahead Money market experts say that the spread between the Indian and US 10-year bonds has compressed substantially and the demand for the Indian bond will be tepid particularly when the rupee is witnessing a weakening bias. However, another two bond inclusions next year are expected to increase flows in these bonds. Bloomberg is set to include Indian bonds in the Bloomberg Emerging Market Local Currency Government Index and related indices from January 2025. This will be followed by Indian bonds inclusion in the FTSE Russell bond index from September 2025.

2024-11-27 19:29

2024-11-27

19:29

moneycontrol.com

https://www.moneycontrol.com/elections/assembly-election/maharashtra/will-back-fadnavis-as-next-maharashtra-cm-but-will-go-by-bjp-leaderships-decision-ramdas-athawale-article-12878061.html

Will back Fadnavis as next Maharashtra CM but will go by BJP leadership's decision: Ramdas Athawale

Ramdas Athawale.Related stories.

Union minister and RPI (A) leader Ramdas Athawale on Wednesday voiced support for Devendra Fadnavis as the next chief minister of Maharashtra but stressed that he would abide by the BJP "high command's" decision on the matter. He also said the RPI (A) will respect the high command's decision if it picks Eknath Shinde as the chief minister. Athawale said despite serving as the chief minister between 2014 and 2019, Fadnavis had accepted the post of Deputy CM in the Mahayuti government under Eknath Shinde. "The RPI (A), which is a BJP ally, feels Devendra Fadnavis should get an opportunity to become the Chief Minister again. However, if the high command decides to make Eknath Shinde the CM, we will back it," Athawale told reporters. A day earlier, Athawale had suggested that Shinde could become the deputy chief minister or shift to the Centre and join the government led by Prime Minister Narendra Modi. The BJP-led Mahayuti won a landslide victory in the Maharashtra Assembly elections winning 230 seats in the 288-member House. The BJP won 132 seats, followed by the Shinde-led Shiv Sena (57) and Ajit Pawar-led NCP (41). Smaller parties, who are part of the alliance, won five seats. Earlier in the day, the caretaker chief minister Shinde made it clear that he had assured PM Modi of abiding by whatever decision the BJP takes on naming his successor. Addressing a press conference at his house in Thane, Shinde said he will “fully support” BJP leadership’s decision to name the next CM, and won’t be a hurdle in the process.

2024-11-27 19:14

2024-11-27

19:14

moneycontrol.com

https://www.moneycontrol.com/news/world/namibia-votes-could-have-its-first-female-leader-12878004.html

Namibia votes, could have its first female leader

Netumbo Nandi-Ndaitwah is the ruling SWAPO party's candidate for president. (Courtesy: Reuters photo).Related stories.

A woman who joined Namibia's underground independence movement in the 1970s is a strong contender to become its first female leader as the country voted Wednesday in a presidential election. Netumbo Nandi-Ndaitwah, 72, is the current vice president and the ruling SWAPO party's candidate for president. She's already in the lead after special voting among citizens overseas and the armed forces. But SWAPO, which has governed the southern African country and held the presidency for 34 years since independence from apartheid South Africa in 1990, faces growing frustration caused by high unemployment and economic hardship, especially among young people. That is a common theme that has led to momentous election upsets in other countries in the region this year. Voters elsewhere in southern Africa have rejected parties that liberated their nations from colonial or white minority rule in favour of era-ending change to address new problems. In neighbouring South Africa, the African National Congress that ruled for three decades since the end of the racist system of apartheid lost its majority in a landmark election result in June. Botswana's ruling party lost in a landslide last month after 58 years in power since independence from Britain, and Mauritius delivered a surprising heavy defeat for its incumbent party this month. Mozambique's long-ruling Frelimo party was declared the winner of an election in October, prompting claims of vote rigging and sparking ongoing violent protests against the party. About 1.4 million people — approximately half the Namibian population — are registered to vote to decide the president and the makeup of Parliament for a five-year term. The country on the southwestern coast of Africa is a former German colony that came under South African control after World War I and its Black majority was later subjected to some of South Africa's apartheid policies. SWAPO was at the forefront of the battle for independence. While Namibia's population is 85% Black, its colonial history is illustrated by large white and biracial communities, and English, German and South Africa's Afrikaans language are all spoken. Nandi-Ndaitwah voted at an elementary school in the capital, Windhoek. She told reporters that one of her party's key focuses to fight poverty was attracting more foreign investment to a country with diamond and uranium resources, and untapped oil and gas off its coast that is being explored by international energy companies. “There should be a balance to make sure that the Namibian people, who are the owners of these resources, benefit from them,” she said. Fourteen other candidates are also running for president, including Panduleni Itula, a former dentist who was SWAPO's closest challenger four years ago when he ran as an independent. He is representing the Independent Patriots for Change party this year. A runoff will be held if a candidate fails to win more than 50% of the votes, which has never happened before in Namibia. Polls close at 9pm (1900 GMT) and results are expected by the weekend. President Hage Geingob died in office in February and his vice president, Nangolo Mbumba, became head of state. While Nandi-Ndaitwah represents the rare chance for a female leader in Africa, SWAPO's popularity has slipped and it won the presidency with its lowest share of the vote ever in the last national election in 2019. Nandi-Ndaitwah, who received part of her education in the then-Soviet Union while in exile during the fight for independence, has promised to create more jobs and tackle the 20% unemployment rate for young people and graduates. She has pledged to spend approximately 85 billion Namibian dollars ($4.7 billion) over the next five years to create more than 500,000 jobs, a goal that her critics call unrealistic. Opposition candidate McHenry Venaani, the leader of the second biggest party in Parliament, said Namibians should recognise it's time for change. “Botswana has done it, South Africa has done it, Mauritius has done it. Namibia can also bring about change," he said. “People have no water, people have no houses, people have no electricity. For 34 years." Issues affecting women, including reproductive rights, equal pay and health care, are also likely to rank high for voters in a country that has the Kalahari Desert running through its centre and the Namib Desert along its coast and has one of the sparsest populations in the world. Just over 3 million people live in Namibia, which is more than twice the size of Germany. Those deserts make it one of the driest countries in southern Africa that's vulnerable to climate shocks, like an El Nino-induced drought that parched the region this year. As a result, Namibian authorities announced they would kill hundreds of wild animals to provide food for hungry people.

2024-11-27 19:13

2024-11-27

19:13

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/bpcl-to-commission-its-first-green-jet-fuel-production-facility-by-2027-in-line-with-govts-blending-mandate-12877999.html

BPCL to commission its first green jet fuel production facility by 2027 in line with govt’s blending mandate

The capacity of the facility and investment required by BPCL for setting up of the plant are yet to be finalised.Related stories.

State-run Bharat Petroleum Corporation Limited (BPCL) is planning to commission the company’s first sustainable aviation fuel (SAF) facility by 2027, in line with the government’s blending mandate, a source with direct knowledge of the matter told Moneycontrol. The company is currently evaluating the technology for SAF production, such as oil-to-jet or ethanol-to-jet. “The talks are in the preliminary stage as of now. We are looking at the technology (for production),” the source said. BPCLwould set up the upcoming SAF production facility at its existing refinery locations either in Kochi or Mumbai. The capacity of the facility and investment required for setting up of the plant are yet to be finalised. Queries sent to BPCL remain unanswered at the time of publishing. SAF, or bio-jet fuel, is a low-carbon fuel used in aircraft and made from non-petroleum products such as ethanol, which results in lower emissions compared with conventional jet fuel. The blending of SAF with aviation turbine fuel (ATF) has the potential to reduce greenhouse gas emissions by up to 80 percent, compared to traditional jet fuel. The government is yet to set rigorous SAF blending targets but mandates are expected to kick in from 2027. The assumption is that the government will mandate 1 percent SAF blending with ATF for domestic airlines beginning 2027. For 1 percent blending of SAF in jet fuel, India would require around 140 million litres of SAF per year. Focus on SAF As India aims to achieve the target of net-zero emissions by 2070, the government has been focused on shifting towards a green economy. The adoption of SAF is a move in that direction.Globally, the aviation sector contributes to around 12 percent of carbon dioxide emissions from transportation. SAF could help reduce these emissions. By the SAF initiative, the government also expects to boost the rural economy and help farmers get additional income as the anticipated 1 percent SAF blending mandate would benefit more than 5 lakh farmers supplying sugarcane as feedstock. The move also promises to create over 1 lakh green jobs, according to government data. In a similar move, the government has set the target of achieving 20 percent ethanol blending with petrol by 2025. BPCL expansion plans The state-owned oil marketing company currently operates three refineries, in Mumbai, Kochi and Bina in Madhya Pradesh, and is also working on setting up a new refinery to meet the country's rising energy needs. Chairman and managing director G Krishnakumar has said that BPCL plans to invest Rs 1.7 lakh crore over the next five years in the core oil refining, fuel marketing, petrochemical and clean energy businesses. Of the total investment, the company has earmarked Rs 75,000 crore for refineries and petrochemicals, Rs 8,000 crore for pipeline projects, and Rs 20,000 crore for its marketing business. BPCL has planned an investment of Rs 25,000 crore for its gas business, Rs 10,000 crore for green energy and Rs 32,000 crore in upstream production, mainly in Mozambique and Brazil.

2024-11-27 19:06

2024-11-27

19:06

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/canada-mexico-tariff-could-open-doors-for-india-12877975.html

Trump's tariffs on Canada, Mexico could open doors for India, shows MC analysis

Trump's eyeing more tariffs on Canada and Mexico.Related stories.

President-elect Donald Trump’s decision to impose a 25 percent tariff on Canada and Mexico after assuming office in January 2025 could end up helping India, among other countries, especially on items that are India’s top exports to the United States, aMoneycontrolanalysis of US trade data for last 10 years shows. A list of top 25 commodities account for 75 percent of India’s merchandise exports to the US. While India has a 2.9 percent share of the US imports of these categories, Canada and Mexico have a 28.7 percent share of US' imports of these items. Anytariff on Canada and Mexico's exports to UScould put India in an advantageous position when it comes to items such as gems and jewellery, where America's neighbours together have a larger share of the pie. Read More:Mexico hints at retaliation to Trump’s tariff threats While gems and jewellery was India’s top exports to the United States in 2023, its share in US imports, at 13.6 percent, was lower than that of Canada and Mexico combined, at 21 percent. Similarly, while India had just a 6.8 percent share in iron and steel and associated industries, Canada and Mexico had a combined share of 64.4 percent in US imports. Read More:Trump's 60% China tariff unlikely, Beijing may negotiate, says Chris Wood India could also take advantage of US' demand for processed food, which already has a 9 percent share in US imports, in contrast to Canada and Mexico having a 20.5 percent share in US import under this category. Canada and Mexico were already losing ground in 43 percent of these categories that US imports, as per aMoneycontrolanalysis. President-elect Trump’s decision to threaten to impose further 10 percent tariff on China could also aid India. Categories where Trump levied a 7.5 percent tariff on China, witnessed a drop of 24 percent in imports between 2018 and 2023. In contrast, categories where a 25 percent tariff was imposed witnessed a 47 percent decline in imports to the US. An earlier analysis byMoneycontrolfound that only a fifth of India’s $25 billion of additional exports to the US between FY19-24 came from traditional categories like medicine and jewellery, while the rest was from new avenues such as smartphones. Trump's Tariff Threat Trump's proposed tariffs are also expected to reduce America’s growing reliance on Canada and Mexico for its imports. While both the countries accounted for 26 percent of the US imports in 2016 when Trump first came to power, their share in the US imports had increased to 29 percent in 2023.

2024-11-27 19:05

2024-11-27

19:05

moneycontrol.com

https://www.moneycontrol.com/news/india/bjps-twist-to-congresss-charge-kharge-ji-there-is-an-evm-at-pm-modis-house-it-stands-for-12877746.html

BJP's twist to Congress's charge: 'Kharge ji, there is an EVM at PM Modi's house, it stands for...'

BJP MP Sambit Patra (Image: X).

Bharatiya Janata Party (BJP) MP Sambit Patra attacked Congress president Mallikarjun Kharge over his criticism of electronic voting machines (EVMs). Addressing a press conference in Delhi, the BJP national spokesperson reinterpreted the EVM acronym to deliver a sharp response amid the ongoing political debate. In his response, Patra stated that E stands for Energy, V for Vikas, and M for Mehnat. “Mallikarjun Kharge ji there is an EVM machine in the home of PM Modi. ‘E- Energy V- Vikas M- Mehnat’… PM Modi works like a machine…Yes, we (BJP) are working because of EVM. Whereas they (Congress) are losing because of RBM. ‘R- Rahul’s B- Bekar M- Management’,” Patra said in the national capital. On Tuesday, Kharge demanded the return of ballot paper in elections, alleging tampering with the EVMs. Speaking at the 'Samvidhan Rakshak Abhiyaan' function at Talkatora stadium, he even said Prime minister Narendra Modi fears a caste census. He said Modi is afraid that if he allows a caste census then all sections of society will demand their share. Referring to the recent Maharashtra Assembly elections, which the NDA swept, Kharge alleged that billionaire businessman Gautam Adani had a lot to do with the election as his wealth was at stake. "We should all unite and move forward together and push them aside. I do not wish to speak about elections, but I would surely say the votes of all the poor and oppressed communities are going to waste. They should all demand voting by ballot paper," he said. "Let them keep EVMs with them. We don't want EVMs, we want voting on ballot paper. Then they will know what their position is and where they stand,” Kharge added. Meanwhile, the Supreme Court on Tuesday dismissed a public interest litigation (PIL) seeking the reintroduction of the physical/paper ballot voting system in elections, along with several other electoral reforms.

2024-11-27 18:57

2024-11-27

18:57

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/diis-net-buy-shares-worth-rs-1302-crore-fiis-net-buy-rs-7-78-crore-shares-12877983.html

DIIs net buy shares worth Rs 1,302 crore, FIIs net buy Rs 7.8-crore shares

Among sectors, IT, pharma, realty, healthcare sector saw selling while buying was seen in the auto, bank, energy, FMCG, metal, and media names..Related stories.

On November 27, domestic institutional investors (DIIs) net bought shares worth Rs 1,302 crore, whileforeign institutional investors (FIIs)net bought shares worth Rs 7.78 crore, provisional data from NSE showed. During the trading session, DIIs bought Rs 10,230-crore equities and sold shares worth Rs 8,928 crore, and FIIs purchased shares worth Rs 13,027.8 crore while offloading equities worth Rs 13,020 crore. For the year so far, FIIs have net sold Rs 2.83 lakh crore, while DIIs have net bought Rs 5.55 lakh crore worth of shares. Market View On November 27, the Sensex gained 230.02 points (0.29%) to close at 80,234.08, while the Nifty advanced 82.20 points (0.34%) to close at 24,276.7. Adani Enterprises, Adani Ports, Bharat Electronics, Trent and NTPC were among the top gainers on the Nifty, while losers included Apollo Hospitals, Titan Company, Shriram Finance, Wipro and IndusInd Bank. Among sectors, IT, pharma, realty, healthcare sector saw selling while buying was seen in the auto, bank, energy, FMCG, metal, and media sectors. On today's market, Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher noted that the Indian equity markets displayed strong resilience. "Adding to the optimism, NTPC Green Energy made a stellar debut. Meanwhile, US markets continued their upward trajectory, with the S&P 500 reaching its 52nd record high in 2024. However, Asian markets opened on a more muted note, reflecting a more cautious global sentiment," he said. Kasat added that as the focus turns to derivative rollovers ahead of Thursday’s expiry of November contracts, the Indian market is expected to remain volatile in the short term.

2024-11-27 18:54

2024-11-27

18:54

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/rbi-detects-300-jump-in-counterfeit-rs-500-notes-between-fy19-to-fy24-govt-says-12877996.html

RBI detects 300% jump in counterfeit Rs 500 notes between FY19 to FY24, Govt says

FY22 witnessed the sharpest annual spike in counterfeit Rs 500 notes, doubling from 39,453 million pieces in FY21 to 79,669 million pieces.

The Reserve Bank of India recorded a 300 percent jump in counterfeit Rs 500 notes in the banking system during FY 2018-19 to FY 2023-24, according to a parliament paper shared by Union Minister of State for Finance, Pankaj Chaudhary. Counterfeit Rs 500 (Mahatma Gandhi New Series) notes detected in the banking system rose from 21,865 million pieces in 2018-19 to 85,711 million pieces in 2023-24, Chaudhary said in a written reply to a lawmaker’s query in the Lok Sabha on November 25. FY22 witnessed the sharpest annual spike in counterfeit Rs 500 notes, doubling from 39,453 million pieces in FY21 to 79,669 million pieces—a 102 percent surge in a single year, the data showed. Rs 2,000 notes, which were discontinued from printing with effect from September 30, 2023 also saw a 166 percent jump in FY24, from 9,806 million counterfeit pieces in FY23 to 26,035 million pieces.

2024-11-27 18:51

2024-11-27

18:51

moneycontrol.com

https://www.moneycontrol.com/news/world/france-says-israels-netanyahu-has-immunity-will-continue-working-with-him-12877988.html

France says Israel's Netanyahu has immunity, will continue working with him

Related stories.

France said on Wednesday that Israeli Prime Minister Benjamin Netanyahu had immunity given his country was not party to the statutes of the International Criminal Court that has sought his arrest, and Paris would continue working closely with him. France has taken almost a week to come up with a clear position on the matter, after the court in The Hague issued arrest warrants on November 21 for Netanyahu, his former defence chief and a leader of the Hamas Palestinian militant group. After initially saying it would adhere to the ICC statutes, France's foreign ministry fine-tuned that in a second statement on November 22 amid concerns that Israel could scupper efforts for a ceasefire in Lebanon, saying it noted that the court's decision merely formalised an accusation. On Wednesday, the ministry said France would respect its international obligations, it being understood that the Rome Statute that established the ICC provided that a country cannot be required to act in a manner incompatible with its obligations "with respect to the immunities of States not party to the ICC". "Such immunities apply to Prime Minister Netanyahu and other relevant ministers and will have to be taken into consideration should the ICC request their arrest and surrender." A ceasefire between Israel and Lebanese armed group Hezbollah came into effect on Wednesday after both sides accepted an agreement brokered by the US and France. France's foreign minister Jean-Noel Barrot spoke to his counterpart in the aftermath of the ICC arrest warrant on Thursday and President Emmanuel Macron spoke with Netanyahu on Friday to outline Paris' position, diplomatic sources said. The French ministry statement, referring to what it called the historic friendship between two democracies committed to the rule of law, said France intended to continue to work closely with Netanyahu and other Israeli authorities "to achieve peace and security for all in the Middle East."

2024-11-27 18:49

2024-11-27

18:49

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/godrej-properties-announces-qip-at-floor-price-of-rs-2727-44-per-share-12877928.html

Godrej Properties seeks to raise up to Rs 4,000 crore via QIP, indicative price at Rs 2,595 per share: CNBC-TV18

Godrej Properties announces QIP at floor price of Rs 2,727.44 per share.Related stories.

Godrej Properties seeks to raise up to Rs 4,000 crore through a Qualified Institutional Placement (QIP) with indicative price at Rs 2,595 per share, reported CNBC-TV18 on November 27. Earlier on November 27, the real estate firm announced a QIP at floor price of Rs 2,727.44 per share. Citing sources, CNBC-TV18 reported that the company seeks to sell 5.5% equity (1.54 crore shares). The indicative price represents 5% discount to the floor price. Last month, Godrej Properties' board has approved a proposal toraise up to Rs 6,000 crorein fresh funds through a variety of instruments, as part of its broader capital-raising strategy. In a stock exchange filing, the real estate firm said its QIP Placement Committee authorised opening of the issue on November 27. On November 27,Godrej Properties' shareson BSE closed 2.44% lower at Rs 2,831 apiece. The latest fundraising proposal comes in continuation to Godrej Properties' capital-raising efforts. Earlier, in July 2024, the company raised Rs 1,275.40 crore by issuing non-convertible debentures (NCDs) on a private placement basis. This issuance included 93,540 unsecured redeemable NCDs valued at Rs 935.40 crore, as well as 34,000 additional NCDs amounting to Rs 340 crore, which were allotted to select investors. The company has an aggressive project launch pipeline. According to its guidance, Godrej Properties is targeting Rs 30,000 crore worth of inventory for FY25, with about 30 percent of this already available in the market. Last month, the company had reported a five-fold jump in its consolidated net profit to Rs 335.21 crore for the quarter ended September on higher income. Its net profit stood at Rs 66.80 crore in the year-ago period. Total income more than doubled to Rs 1,346.54 crore in the second quarter of this fiscal from Rs 605.11 crore in the corresponding period of the previous year, according to a regulatory filing. The company has set a target of Rs 27,500 crore worth of sales bookings in the current 2024-25 financial year as against Rs 22,527 crore in the preceding year. The real estate sector has emerged as the second highest in Qualified Institutional Placements (QIP) after renewable energy in India, with developers raising around Rs 12,801 crore in the first nine months of 2024,reportedMoneycontrol on October 31. Six realty firms collectively raised Rs 5,275 crore via IPOs since 2021. Macrotech Developers (Lodha Group) alone raised nearly Rs 2,500 crore.

2024-11-27 18:43

2024-11-27

18:43

moneycontrol.com

https://www.moneycontrol.com/technology/huawei-introduces-mate-70-series-with-a-new-operating-system-and-competitive-pricing-article-12877776.html

Huawei introduces Mate 70 series with a new operating system and competitive pricing

Mate 70.

Chinese tech giant Huawei has launched its new Mate 70 series smartphone lineup, which will be the first smartphone series offered with the company’s new HarmonyOS Next operating system (OS). It is touted to offer several interesting features, including a gesture-operated file transfer feature, and runs without Google’s Android support or its apps. Therefore, this new OS still requires some time to fully mature and gain widespread adoption. Huawei Mate 70 series: All the details Starting with the vanilla Mate 70, it has a 6.7-inch OLED FHD+ display with 120Hz LTPO adaptive refresh rate. It is equipped with the Kirin 9010 SoC, while the Huawei Mate 70 Pro and Huawei Mate 70 Pro+ have the Kirin 9020. Further, the Huawei Mate 70 series features up to 50MP+40MP+48MP camera sensors and up to 5,700mAh battery with 100W wired and 80W wireless charging support. Huawei has also introduced the Mate X6, featuring a 7.63-inch foldable display. The company has also provided a choice between Android-based HarmonyOS 4.3 and HarmonyOS NEXT. However, from next year, all phones and tablets from Huawei will ship with HarmonyOS NEXT by default. The Mate 70 has a starting price of 5,499 yuan (approximately Rs 64,000), while the Mate 70 Pro and the Mate 70 Pro Plus are priced at 6,499 yuan (approximately Rs 75,667) and 8,499 yuan (approximately Rs 98,952), respectively. The Mate X6 foldable starts at 12,999 yuan (approximately Rs 1,51,345).

2024-11-27 18:38

2024-11-27

18:38

moneycontrol.com

https://www.moneycontrol.com/news/world/imran-khans-party-suspends-protest-in-islamabad-at-least-4-dead-in-overnight-crackdown-12877978.html

Imran Khan's party suspends protest in Islamabad; at least 4 dead in overnight crackdown

Smoke billows from tear gas shells fired by secuurity forces to prevent an anti-government protest by supporters of former Pakistan PM Imran Khan's party Pakistan Tehreek-e-Insaf on November 26. (Courtesy: Reuters photo).Related stories.

Jailed former prime minister Imran Khan's party on Wednesday formally suspended its protest here blaming the midnight crackdown by the authorities that left at least four dead and over 50 injured even as the PTI earlier claimed “hundreds” were killed in the violent clashes with security personnel. Amid concerns about the whereabouts of Khan's wife Bushra Bibi and Khyber Pakhtunkhwa chief minister Ali Amin Gandapur, – who were leading the march to Islamabad – the party said they were at Mansehra town, near Abbottabad, of the northwestern Khyber Pakhtunkhwa province. Authorities began reopening roads and cleaning all major thoroughfares vandalised during the three-day protest by Khan's Pakistan Tehreek-e-Insaf (PTI) party. The midnight crackdown forced Khan's supporters to evacuate the D-Chowk and its adjacent main business district of the capital, ending their protest, which his party described as a “massacre” under the “fascist military regime” even as police sources said about 450 protestors were arrested in the crackdown. “In view of the government’s brutality and the government’s plan to turn the capital into a slaughterhouse for unarmed citizens, (we) announce the suspension of the peaceful protest for the time being,” Khan's PTI said in a press release shared on its official X account. Future plans would be announced “in light of directions” from Khan after the party’s political and core committees presented their “analyses of the state brutality” to him. The party statement also condemned the alleged “killing” and “terror and brutality against peaceful protesters in the name of an operation”. The PTI urged the chief justice to take suo motu notice of the alleged “brutal murder of martyred (party) workers” and order legal action against the prime minister, interior minister and police chiefs of Islamabad and Punjab for “attempt to murder.” Meanwhile, Gandapur addressed the media in Mansehra later, and said that the protest “sit-in is still ongoing” and it would continue until called off by party founder Khan. "Dharna is going on. Because it is only in the power of Imran Khan to end the protest…Dharna is a movement and it will continue… it will go on until reversed by Khan,” he said. Earlier on Tuesday evening, PTI supporters battled law enforcement agencies and succeeded in reaching D-Chowk for a sit-in as part of their protest march that started on Sunday. Their clash with police killed at least six security personnel and injured dozens since Monday midnight. Bushra Bibi and Gandapur had announced that the protesters would not go away until Khan, who had given the 'final call' for protest, was released from jail even as security personnel continued their efforts to move them from the D-Chowk, which is located close to several important government buildings: the Presidency, the PM Office, the Parliament, and the Supreme Court. In the wee hours of Wednesday, police and Rangers launched an operation to clear the Blue Area business area, forcing the protesters to move away along with Bibi and Gandapur. The 72-year-old former premier Khan, who has been in jail since August last year, issued a 'final call' on November 13 for nationwide protests on Sunday, denouncing what he termed as the stolen mandate, the unjust arrests of people and the passage of the 26th amendment, which he said has strengthened a “dictatorial regime”. The clashes with security personnel left at least four dead. Polyclinic Hospital in Islamabad received two bodies and 26 gunshot wounds, while the Pakistan Institute of Medical Sciences reported two dead and 28 injured, Geo News reported. Earlier, PTI, in reaction to the midnight crackdown, blamed the government for using violence and killing hundreds of its workers. “A massacre has unfolded in Pakistan at the hands of security forces under the brutal, fascist military regime led by the Shehbaz-Zardari-Asim alliance. The nation is drowning in blood,” it said in a post on X referring to the ruling coalition headed by Prime Minister Shehbaz Sharif, President Asif Ali Zardari and Gen Asim Munir, the Chief of Army Staff (COAS). Building on the party's narrative, Gandapur claimed several PTI members were killed in the crackdown. “We were going peacefully, talking peacefully, and in the end, the government came in our path and inflicted violence on us. Why were bullets rained down on us?” he asked. The PTI alleged that the armed security forces launched a violent assault on PTI protesters, firing live rounds with the intent to kill as many people as possible. “With hundreds dead and countless injured, the interior minister’s threat to kill and then the declaration of ‘victory’ over slaughtered innocents is enough evidence of the regime’s inhumanity,” it said in the post. The party also shared videos and photos from the violent crackdown on its social media accounts. Interior Minister Mohsin Naqvi responded, dismissing the claims of deaths as an effort to cover up the failure of the protest. “These people are looking for dead bodies, even visiting hospitals, but there is none,” he said.   Separately, Information Minister Atta Tarar said that the Gandapur and other leaders ran away as their protest had failed. “No to hide their embarrassment, he is saying that people were killed when there is no evidence so far,” he said. He added those injured were hit by the firing of the protestors. Inspector General of Police Ali Nasir Rizvi said the protesters were armed and supported by Afghan nationals trained in sabotage. "We recovered 39 weapons," he said, adding that 27 Afghans, including 19 on Tuesday, were arrested. He also announced that after December 31, no Afghan nationals would be allowed to stay in Islamabad without a no-objection certificate. Rizvi said that seven FIRs had been filed against protesters and their leaders for law violations and violence. Earlier, addressing a press conference at D-Chowk after the midnight crackdown, Naqvi said Gandapur and Bushra Bibi had fled away, a claim echoed by Information Minister Tarar, who also mocked Khan's ‘final call’ for the protest and said: “Sadly I must say, this was not a final call but a missed call.” “You will not believe how they’ve run away from here. They’ve abandoned their cars, sandals and some even their clothes here,” he claimed. He alleged that documents were also found detailing a plan to enter the Red Zone to attack parliament and government property and target state officials. Meanwhile, life was turning to normal in Islamabad and neighbouring Rawalpindi as Islamabad Deputy Commissioner Irfan Memon directed all assistant commissioners to ensure the immediate reopening of all closed routes across the city. In addition, the deputy commissioner also instructed that cleaning arrangements be made across all major thoroughfares. According to motorway authorities, all motorways across the country have been reopened for traffic after four days of closure. The aviation authorities said the PTI protest caused significant disruption in the flight operation as the main Srinagar Highway to the airport was blocked, with eight flights cancelled and 17 delayed due to protest. Separately, the Pakistan stock exchange made a surprise recovery at the end of the protest and gained more than 3,000 points after crashing by 3,600 points on Tuesday.

2024-11-27 18:17

2024-11-27

18:17

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sonata-software-bags-multi-million-dollar-modernisation-deal-in-australia-12877979.html

Sonata Software bags 'multi-million dollar' modernisation deal in Australia

Sonata Software has made significant investments in Australia over the years to leverage the workforce and business environment..Related stories.

IT services company Sonata Software has bagged a 'multi-million dollar' modernisation deal in Australia from a global leader in access solutions, the company said on November 27. This deal will 'integrate and standardize' the client’s Asia Pacific business processes, finance, and supply chain across 13 countries to ensure real-time engagement. Sonata will migrate data from legacy systems, optimize warehousing processes, and conducting pilots in Australia, New Zealand, and China. Additionally, an intelligence layer will be built into their systems using Microsoft Fabric, which will accelerate their data-to-decision journey seamlessly. This deal was secured in Q1FY25 and mentioned during the July 2024 earnings call. In July, Sonata had mentioned about a deal from the manufacturing and services industry in Australia, where a client chose the company to migrate legacy systems to latest Microsoftplatform for standardization. Earlier in November, the company mentioned a mid-sized deal from Australia where the company bagged a multi-year data modernization programme as a strategic partner. Anthony Lange, Chief Revenue Officer atSonata Softwaresaid, “Our efforts will focus on automating end-to-end processes, harnessing Microsoft's comprehensive technology stack to improve scalability and facilitate adoption for the client.” Sonata Software has made significant investments in Australia over the years to leverage the workforce and business environment. It recently announced a new Centre of Excellence, in partnership with a regional government to cater to the rising demand for generative AI.

2024-11-27 18:12

2024-11-27

18:12

moneycontrol.com

https://www.moneycontrol.com/news/companies-2/mahindra-to-pump-rs-4500-crore-for-development-of-two-new-electric-brands-12877972.html

Mahindra to pump Rs 4,500 crore for development of two new electric brands

The Mumbai-based auto major on Tuesday unveiled two models — BE 6e and XEV 9e.Related stories.

Mahindra & Mahindra has committed Rs 4,500 crore on the overall development, including the creation of production capacity, for the two new ground-up electric brands, a top company executive said on Wednesday. The Rs 4,500 crore investment is part of the Rs 16,000 crore capex the company has announced for the electric vehicle business between the FY22-27 cycle. The Mumbai-based auto major is creating production of capacity of 90,000 units per annum at its Chakan-based plant for the two ground-up 'Born Electric' models — BE 6e and XEV 9e. "We have allocated Rs 4,500 crore investment for the two models. The investment would go into the overall development of the electric vehicles," Mahindra & Mahindra (M&M) Executive Director and CEO for auto and farm sectors Rajesh Jejurikar told reporters in Chennai. He noted that the production capacity at Chakan could be further scaled up to 1.2 lakh units per annum. The Mumbai-based auto major on Tuesday unveiled two models — BE 6e and XEV 9e— with deliveries expected to commence in the February-March period next year. The entry-level variants of BE 6e and XEV 9e are priced at Rs 18.9 lakh and Rs 21.9 lakh, respectively (ex-showroom). The prices of other variants of the two models will be announced later. The company said that the BE 6e comes with a range of 682 km while the XEV 9e features a range of 656 km. While acknowledging that there is growing demand for EVs, Jejurikar noted that the company is looking to create lifestyle products, which are also accessible. "We believe volume will come out of accessibility. So, our strategy is always to create a good combination of aspiration and access," he added. "We know there will be some time for people to get used to the idea (EVs), but we are breaking all barriers. In a way, pricing can be a barrier," Jejurikar said. He pointed out that the company is eyeing markets across the globe for the two electric models after establishing the brand in the domestic market. "As for the overseas markets, we first want to go to the right-hand drive markets… later left-hand drive markets can be covered as well," he stated. The company's priority, however, is to first stabilise and focus on establishing the brands in India, Jejurikar said. The automaker plans to roll out a go-to-market strategy for the two electric SUVs in a phased manner in the latter part of January 2025. Deliveries are expected to commence towards the end of February or early March 2025. The company said it is bringing on board 500 specialists from luxury and premium brands to provide a pre-purchase drive experience. Besides, it will put around 400 tech experts for customer experience with dedicated support from Chennai-based Mahindra Research Valley (MRV). Mahindra, currently, sells XUV400 in the electric passenger vehicle segment.

2024-11-27 18:08

2024-11-27

18:08

moneycontrol.com

https://www.moneycontrol.com/news/business/cci-probe-exceeds-mandate-e-retailers-on-amazon-flipkart-argue-before-karnataka-hc-12877833.html

CCI probe exceeds mandate: e-retailers on Amazon, Flipkart argue before Karnataka HC

CCI initiated a probe against Amazon and Flipkart in 2020.Related stories.

A group of e-retailers on leading e-commerce platforms such as Amazon and Walmart-backed Flipkart argued before the Karnataka High Court (HC) on Wednesday that the ongoing Competition Commission of India (CCI) investigation against them exceeds the statutory body's original mandate. The e-retailers, including Rocket Kommerce LLP and Sane Retail, have sought exclusion from the ongoing probe, which the court temporarily stayed earlier this month. A single bench of the Karnataka HC, which is headed by Justice Hemant Chandangoudar, is hearing the case. Under the CCI's scanner In 2020, the CCI had launched its investigation to examine alleged anti-competitive practices by Amazon and Flipkart such as favouring select e-retailers. During the probe, the CCI’s Director- General (DG) had purportedly discovered links between the platforms and these e-retailers, prompting their inclusion as “opposite parties”. The e-retailers had argued that this expansion violated procedural norms because the DG had failed to obtain the CCI’s approval before altering their status from third parties to opposite parties in the investigation. The CCI has powers either to take suo-moto cognisance of a violation or it can also receive references from other regulators. Rules stipulate that the DG cannot go beyond what the CCI has put out in its probe reference. E-mails seeking comments from the CCI, Amazon, and Flipkart remained unanswered at the time of the publication of this article. Why is this case significant? The case has gained prominence following recent raids conducted by the Enforcement Directorate (ED) on some of these e-retailers, who are facing the probe. The ED has opened a separate investigation under the Foreign Exchange Management Act (FEMA). Amazon and Flipkart, as foreign-owned entities find themselves in the dock for indirectly controlling these e-retailers and as a result violating restrictions on foreign ownership in the retail sector. The ED claims that the e-commerce platforms circumvented rules by exerting indirect control over their preferred e-retailers. No major relief for e-retailers? Legal experts maintained that the e-retailers may not receive substantial relief, as other Indian courts, including the Bombay and Delhi HCs, have  upheld the CCI’s authority in similar cases in the past. “Even if procedural violations are established, courts are likely to direct the DG to seek proper approval rather than dismiss the investigation altogether,” said a competition law expert. Online marketplaces such as Amazon and Flipkart are required to treat all e-retailers equally under competition laws, which prohibit any form of favouritism. Alleged links between the platforms and preferred e-retailers are considered vertical agreements under these laws, further bolstering the CCI’s case. As scrutiny of e-commerce giants intensifies, the outcome of this case could have far-reaching implications for their business practices in India. The CCI has issued orders against some other technology platforms, including food and hotel aggregators and also Google play services for allegedly providing preferential access to certain e-retailers.

2024-11-27 18:07

2024-11-27

18:07

moneycontrol.com

https://www.moneycontrol.com/news/india/one-nation-one-subscription-explained-what-is-onos-and-how-will-it-benefit-1-8-crore-students-12877977.html

One Nation One Subscription explained: What is ONOS and how will it benefit 1.8 crore students?

Set to launch on January 1, 2025, the One Nation One Subscription platform will aim to empower students from remote and rural institutions.

The Union Cabinet on Monday approved the launch of the ‘One Nation One Subscription’ (ONOS) initiative, with a budgetary allocation of Rs 6,000 crore for three years. This scheme seeks to centralize access to academic resources for nearly 6,300 government-run institutions, including higher education institutions (HEIs) and research and development (R&D) organizations. What is ONOS? “The most important thing for good research is access to high-quality publications, which are expensive,” said Union Minister Ashwini Vaishnaw. “In college, as students, it is often difficult to access even one good publication,” he added during a press briefing in Delhi. The ONOS initiative aims to provide equitable access to approximately 13,000 scholarly journals published by 30 international publishers. By consolidating subscriptions under a single national platform, the scheme will enable 1.8 crore students, faculty members and researchers from diverse disciplines, including those in Tier 2 and Tier 3 cities, to access world-class academic resources. The scheme will be coordinated by the Information and Library Network (INFLIBNET), an autonomous inter-university center under the University Grants Commission (UGC). At present, access to academic journals for higher education institutions is managed through ten separate library consortia under various ministries, with individual institutions also maintaining their own subscriptions. The One Nation One Subscription (ONOS) initiative will help in streamlining this fragmented system by providing unified access to national and international journal publications across all academic disciplines. Under ONOS, all government higher education institutions — including universities, colleges, and Institutions of National Importance — will have seamless access to these resources on a single platform. How will ONOS benefit India’s R&D infra? The initiative offers several key features. It will provide unified access to national and international journal publications for all government higher education institutions (HEIs), universities, colleges and Institutions of National Importance through a single platform. This centralization will eliminate duplication of subscriptions, significantly reducing unnecessary expenditures on overlapping resources. Additionally, a single national subscription will enhance the government’s bargaining power with publishers, securing better deals. The scheme will also enable data-driven insights by tracking journal usage patterns across the education ecosystem, supporting informed decision-making. ONOS may turn out to be a game-changer in addressing critical gaps in India’s research infrastructure. By democratizing access to premium academic resources, it will empower students and researchers from under-resourced institutions and rural areas. The initiative is set to promote research excellence by exposing users to cutting-edge global research that will in turn lead to innovation and improved quality of output across disciplines. A unified platform will also encourage interdisciplinary studies. Furthermore, aligned with the National Education Policy (NEP) 2020, ONOS emphasizes the role of research as a driver of educational and national development. The ONOS initiative stems from recommendations in the NEP 2020, which proposed the establishment of a National Research Foundation (NRF) to nurture and promote research and development (R&D) across India’s academic ecosystem. According to NEP 2020, “If India is to become a leader in these disparate areas, and truly achieve the potential of its vast talent pool to again become a leading knowledge society in the coming years and decades, the nation will require a significant expansion of its research capabilities and output across disciplines.” Building on this vision, the central government constituted a core committee of secretaries in 2022, chaired by the Principal Scientific Advisor, to negotiate favorable terms with publishers for the ONOS initiative. Earlier this year, the Anusandhan National Research Foundation (ANRF) was established to oversee research funding and policy implementation. The cost negotiation panel successfully secured agreements with major international publishers, paving the way for the scheme’s rollout. Making an impact Set to launch on January 1, 2025, the One Nation One Subscription platform will aim to empower students from remote and rural institutions by providing free access to premier journals and enhancing their global competitiveness. The initiative is also expected to strengthen academia-industry connections by facilitating access to the latest research, fostering innovations with practical applications. Moreover, by offering researchers top-tier resources, ONOS will enhance India’s research output, driving the nation closer to its aspiration of becoming a global leader in knowledge and innovation.

2024-11-27 18:06

2024-11-27

18:06

moneycontrol.com

https://www.moneycontrol.com/news/business/india-france-trade-quite-suboptimal-can-grow-better-faster-piyush-goyal-12877907.html

India, France trade 'quite suboptimal', can grow better, faster: Piyush Goyal

Commerce Minister Piyush Goyal.

Commerce Minister Piyush Goyal on November 27 said that bilateral trade between India and France though balanced, is still at a "suboptimal level" and needs to grow better and faster. Goyal was speaking at the 2024 Asia-Pacific Forum of the French Foreign Trade Advisors He said that trade between the two countries reached $15 billion in FY24, with Indian exports at about $7 billion and imports at $8 billion..."pretty much a balanced trade, yet if I may dare say something which is quite suboptimal given the strength of our two economies, something which we should collectively work towards to make it grow much bigger, better, much faster." Goyal urged France and Asia Pacific partners to deepen collaboration on trade through bilateral agreements and multilateral platforms and strengthen technological cooperation to address challenges like climate change. India and France can also look at co-manufacturing Rafale fighter jets in a bid to make them more attractive for India and the world. "France has provided us with a large number of Rafale fighter jets, which now I think has all been supplied into the country, in the next stage we can look at co-manufacturing them," Goyal said. The minister listed out several sectors where India and France can collaborate on including technologies related to electric vehicles, renewable energy and food security.

2024-11-27 18:00

2024-11-27

18:00

moneycontrol.com

https://www.moneycontrol.com/news/india/national-mission-on-natural-farming-centres-initiative-to-promote-sustainable-agriculture-12877925.html

National Mission on Natural Farming: Centre's initiative to promote sustainable agriculture

Natural farming relies on traditional knowledge, avoiding chemical fertilizers and pesticides. (Courtesy: PTI photo).Related stories.

Prime Minister Narendra Modi-led Union Cabinet on November 25 approved the National Mission on Natural Farming (NMNF) as a standalone Centrally Sponsored Scheme under the Ministry of Agriculture and Farmers' Welfare. With a financial outlay of Rs 2,481 crore for the 15th Finance Commission period (2025–26), the initiative has set its eyes on revolutionizing Indian agriculture by promoting sustainable, chemical-free farming practices. Of the totalbudget, the central government will contribute Rs 1,584 crore, while Rs 897 crore will be provided by the states. However, this is not a new initiative. The proposed NMNF builds upon the Bhartiya Prakritik Krishi Paddhti (BPKP), which was introduced during the second term of the NDA government. Initially launched as part of the broader Paramparagat Krishi Vikas Yojna (PKVY), the BPKP aimed to encourage sustainable farming practices. Following its return to power in June after the Lok Sabha elections, the NDA government prioritized natural farming by launching NMNF within its first 100 days. Building on the lessons learned from BPKP, the government decided to scale up these efforts under the NMNF in a mission-driven approach. Natural farming & mission objectives - Explained Natural farming relies on traditional knowledge, avoiding chemical fertilizers and pesticides. It emphasizes on indigenous methods such as crop diversification and livestock integration, tailored to local agro-ecological conditions. The mission builds on successful experiments conducted between 2019 and 2023 and seeks to transform 15,000 clusters across gram panchayats into hubs of chemical-free agriculture. Describing the initiative as 'path-breaking', Information and Broadcasting Minister Ashwini Vaishnaw said this will help "maintain soil quality and public health". The mission aims to expand natural farming to an additional 7.5 lakh hectares. "In the next two years, NMNF will be implemented in 15,000 clusters in gram panchayats, which are willing, and reach 1 crore farmers and initiate natural farming in 7.5 lakh Ha area. Preference will be given to areas having prevalence of practising natural farming farmers, SRLM / PACS / FPOs, etc," the official statement read. NMNF: Implementation plan The National Mission on Natural Farming will establish 10,000 Bio-Input Resource Centres (BRCs) to provide farmers with easy access to natural farming inputs such as Jeevamrit and Beejamrit, which are derived from livestock waste and other natural resources. To promote practical learning, around 2,000 demonstration farms will be developed at Krishi Vigyan Kendras (KVKs), Agricultural Universities and farmers' fields, supported by expert Farmer Master Trainers. The mission also aims to train over 18.75 lakh farmers and mobilize 30,000 Krishi Sakhis and Community Resource Persons to support and guide farmers in adopting these practices. A simplified certification process and a common branding initiative will help farmers market their produce effectively, securing premium value in domestic and international markets. Moreover, to ensure smooth implementation, a geo-tagged online portal will monitor the mission’s progress, while robust market linkages will be established through farmers' markets, APMC Mandis, and other channels to connect producers directly to consumers. How will it benefit farmers, environment? Natural farming practices promise reduced cultivation costs by cutting dependence on expensive fertilizers and pesticides. These methods will rejuvenate soil fertility, enhance water-use efficiency and improve biodiversity, contributing to climate resilience against floods, droughts and other environmental challenges. Farmers' families stand to benefit directly through healthier food production, while the long-term environmental benefits include improved soil carbon content and a more sustainable farming ecosystem for future generations. The NMNF will collaborate with existing central and state government schemes, as well as national and international organizations, to enhance its impact. Efforts include improving livestock populations, developing demonstration farms, and building market linkages. Students will also be engaged through the RAWE (Rural Agricultural Work Experience) programme and dedicated academic courses, ensuring the next generation is well-versed in sustainable farming practices.

2024-11-27 17:58

2024-11-27

17:58

moneycontrol.com

https://www.moneycontrol.com/news/opinion/a-rate-cut-by-rbi-will-squeeze-profitability-of-banks-12877971.html

A rate cut by RBI will squeeze profitability of banks

It took the intervention of the RBI to moderate growth in these segments..Related stories.

With monetary policy being a perennial tossup between growth and inflation, current data has not been good on both counts queering the pitch for the RBI. While Q1 real growth slowed down the October CPI inflation shot up to 6.21 percent, the highest in 14 months. Earlier, the Monetary Policy Committee (MPC) in October had voted to keep rates unchanged believing that both the growth drivers, namely, private consumption and investment were “resilient” giving headroom to the RBI to focus on inflation. But with inflation showing no signs of abating, growth supporters have become restless and the din on interest rate reduction has become louder. Both the commerce minister and the finance minister have suggested that RBI should bring down policy rates even if food prices- driven inflation was running high. The targeting of food prices through interest rates, it was argued, is a flawed theory while the FM was more explicit in calling the current cost of borrowing as “stressful” and inhibiting credit offtake by industry. Credit growth puzzle There is no arguing the fact that lower cost of credit spurs consumption and investment, both drivers of GDP. But data seems to be at odds which leaves some open questions for policy making. If higher cost of credit inhibits credit offtake, how should we explain the uptick in credit growth of 15 percent in 2022-23 and 20 percent in 2023-24, post the RBI’s policy rate hike of 250 basis points? One explanation was that the transmission was delayed and also partial (banks raised their lending rates by only 174 bps) but the spike in growth under personal loans (24 percent) and lending to NBFCs (22 percent) is still sizeable. This suggests that credit was impervious to cost which appears counterintuitive, especially if credit had gone to finance consumption, not investment as believed. The growth came mainly in home loans (25 percent) and from unsecured loans, gold loans and credit card debt, which together grew at an average 24 percent in the two years. It took the intervention of the RBI to moderate growth in these segments. As to the impact of credit on consumption, the composition of consumption expenditure, 40 percent on essentials (food and other non-durables) and 50 percent on services (largely transportation, housing and miscellaneous services), and the constituents of personal credit – nearly half is under long-term home loans- suggest that the linkages are not so straightforward. In fact, the impact of home loans on GDP growth is through gross capital formation than consumption, as can be seen from gross capital formation data.  To be sure, the rest of the of banks’ personal credit could be said to be consumption-oriented, but the point is that rate hikes did not deter consumption credit, which grew by 27 percent and 19 percent in the two years post the rate hikes. It has also been argued that credit grew precisely to counter the effects of inflation on consumption. This is plausible since spending on essentials and services such as transportation, health etc. is sensitive to inflation. But the drop to 4 percent in consumption growth in 2023-24 after growing at an average 9 percent earlier years, is more likely the effect of inflation and falling incomes. If rate hikes did not deter consumption credit, will a rate cut spur more growth? Possibly yes but for the RBI’s discomfort which seems to be keeping this segment on a leash for now. Criticality of credit-output linkage Though bank credit’s linkages with growth work both though the demand and output sides, it is the latter which is crucial because of its impact on job creation and income growth. The imponderable here has been industry and manufacturing in particular. This sector was expected to borrow, undertake capex to expand capacities and create more jobs in the economy. Unfortunately, industry was a laggard averaging a growth of only 6 percent in the past three years even as agriculture (15 percent) services (17 percent) and personal loans (21 percent) grew rapidly. Though some segments such as MSMEs did absorb credit that was more on the back of government guarantees. Long term industrial finance is sensitive to cost of credit, but the problem on hand is inadequate demand coupled with excess capacities, not so much credit. More importantly the capacity issue with banks also weighs on them. Banks are more risk averse now Banks are more risk averse now with their prior experience in infrastructure and project lending and their asset liability profiles continue to be unfavourable for long term financing. Not surprisingly then, over half of the bank credit to industry is made up of working capital and medium-term loans. It is unlikely therefore that a rate reduction would significantly alter the scenario. Government also benefits from low interest rates given its large debt. But the larger issue with government debt is the so called crowding out effect.  Bank deposits (46 percent), insurance and pension funds (25 percent) together form 71 percent of household savings, of which nearly 27 percent of bank deposits and 40 percent of insurance and pension funds are pre-empted by government to finance the fiscal deficit. This has been one of the major causes for the absence of a well-developed debt market that would not only have taken the burden off banks, but also aided better rate transmission in the financial system. There is also the question of whether banks have the headroom to reduce lending rates.  When their incremental lending rates went up by 174 points between March 2022 and Sept 2024, their incremental rupee deposit rates shot up by 242 points. Despite deposits continuing to be under pressure, they managed to remain profitable. Though a rate cut looks unlikely now, if and when it happens it may perhaps be their turn to experience stressful borrowing costs.

2024-11-27 17:58

2024-11-27

17:58

moneycontrol.com

https://www.moneycontrol.com/news/india/one-dead-two-critical-after-inhaling-toxic-fumes-in-andhra-pharma-factory-12877970.html

One dead, two critical after inhaling toxic fumes in Andhra pharma factory

Anakapalli district Collector Vijaya Krishnan noted that up to 400 litres of HCL leaked from the reactor-cum-receiver tank (GLR-325) in liquid form and fell on the floor (Image for representation).

One person died and two more are in critical condition after inhaling toxic fumes in a pharma company here, said a police official on Wednesday. The incident occurred at the private company located at Parawada Pharma City in Anakapalli district around 4.30 pm on Tuesday and the affected workers started displaying symptoms around midnight, said the official. "Without taking any precautions, the workers cleaned fumes emanating from a reactor which underwent heavy pressure build up while mixing Hydrochloric Acid (HCL) and chloroform. In that process, they inhaled those fumes," the official told PTI. Anakapalli district Collector Vijaya Krishnan noted that up to 400 litres of HCL leaked from the reactor-cum-receiver tank (GLR-325) in liquid form and fell on the floor. However, the affected workers did not display symptoms immediately but started exhibiting them from around midnight in the form of cough and breathing issues, police said. Nine workers have been hospitalised. Superintendent of Police Tuhin Sinha observed that no worker was injured during the industrial incident. Initially, the pharma company management admitted the nine workers at a private hospital in Gajuwaka and later shifted three of the critical ones to a corporate hospital in Vizag. Besides the single death and two critical cases on ventilator support, the remaining six are normal, said the Collector. Krishnan identified the deceased person as Amit, a 23-year-old helper in the factory from Odisha. He died at 12.30 pm today. According to police, the company management did not alert the workers over the dangers of inhaling the toxic fumes. Police said that a case will be registered over the incident, while the Collector asserted that a complaint is being taken from the affected workers for necessary action against the management.

2024-11-27 17:57

2024-11-27

17:57

moneycontrol.com

https://www.moneycontrol.com/news/india/reading-between-the-lines-eknath-shinde-sends-strong-signals-amid-maharashtra-cm-post-tussle-12877930.html

Reading between the lines: Eknath Shinde sends strong signals amid Maharashtra CM post tussle

“I thank the people and voters of Maharashtra once again for this landslide victory,” Shinde saida..Related stories.

Eknath Shinde on Wednesday kept the political pot burning in Maharashtra as he left the final call on the next chief minister to Prime Minister Narendra Modi and the NDA high command. During a widely tracked media briefing, the caretaker chief minister of Maharashtra and Shiv Sena supremo said that he willnot act as a "roadblock"and will abide by whatever decision the BJP and PM Modi take. Maharashtra government formation: Live updates "I called PM Modi yesterday and told him that I, and Shiv Sena, will abide by whatever decision you take. I conveyed the same to home minister Amit Shah. Shiv Sena will accept the BJP leadership's decision," he said, adding that there is no speed breaker from his side. Shinde added that the final decision will be taken during a meeting of the Mahayuti leaders with Union home minister Amit Shah on Thursday. Shinde, however, did not openly endorse former deputy chief minister Devendra Fadnavis—the BJP frontunner —for the top post. Reading between the lines, Shinde has signaled that he will not play spoilsport when BJP decides to press its claim for the CM's post. In fact, his press conference appeared quite like a farewell speech where he recalled his tenure as chief minister and described himself as a "common man" CM. "Since becoming chief minister, I did not take a single day off ... I am not one who cries, I fight... I will work for Maharashtra till my last breath," he said. Earlier in the day, Shiv Sena MP Naresh Mhaske said that Shinde was not upset over Fadnavis' likely return as CM and pointed out that they are not like Uddhav Thackeray - a reference to 2019 when the then president of undivided Shiv Sena walked out of NDA due to differences over CM post. Though Shinde has put the ball in BJP's court, his decision to not openly cede the top post also reflects a sense of political grit and an opportunity to put forth some demands on the table. If he gives up the CM post, Shinde is expected to push for some berths in the Union Cabinet and seek plum portfolios in the incoming Maharashtra Cabinet. Political posturing aside, Shinde's media briefing now gives BJP the power to officially coronate its own chief minister and ends speculations of any rift within Mahayuti. The BJP-led faction scripted a historic victory in the Maharashtra election last week. The BJP won 132 seats, Shiv Sena Sena 57 and Ajit Pawar's NCP 41 in the 288-member assembly. BJP's best-ever performance in the state has put the party in a sweet spot, giving it strong bargaining privileges ahead of government formation. It has also ensured that the party may not have to suffer the fate of 2019, when former ally Uddhav Thackeray joined hands with Congress and NCP to form a government despite BJP being the single largest party.

2024-11-27 17:53

2024-11-27

17:53

moneycontrol.com

https://www.moneycontrol.com/technology/gen-ai-quantum-computing-set-to-create-over-10-lakh-jobs-by-2030-says-report-article-12877918.html

Gen AI, Quantum Computing set to create over 10 lakh jobs by 2030, says report

Representative image.Related stories.

Emerging technologies such as Generative AI (Gen AI) and Quantum Computing are set to create over 10 lakh jobs by 2030, according to a report released by staffing firm Quess Corp on November 27. "While demand for traditional programming languages persists, there has been a significant movement towards Cybersecurity, DevOps (development operations), and analytics, indicating a dynamic and evolving information technology (IT) landscape," the report said while painting a cautiously optimistic picture within the country's IT sector. Cybersecurity and DevOps lead demand with 58 percent and 25 percent growth in the quarter ended September 30 (Q2FY25), respectively. The report also brought to light that development skills dominated tech hiring with over 40 percent share, while demand for Artificial Intelligence/Machine Learning (AI/ML) positions saw 30 percent sequential growth. Meanwhile, Global Capability Centres (GCCs) have emerged as the powerhouse of tech hiring in India during Q2FY25. While Java is being utilised to develop Electronic Health records in healthcare, BFSI companies are leveraging DevOps practices to enhance their digital banking platforms. When asked whether GCCs are open to hiring freshers than laterals, which is against the norm, Kapil Joshi, CEO of Quess IT Staffing, said he has observed that GCCs are not shying away from building talent supply through fresher intake, because of demand and supply gap. "We have seen the inclination of hire and deploy model also. It also allows them (GCCs) to have a diverse workforce where you have Gen Z and millennial workforce under them," Joshi toldMoneycontrol. In Q2FY25, technology talent demand saw a distinct trend across various IT services firms leading by 37 percent, followed by Hi-Tech (11 percent), Consulting (11 percent), Manufacturing (9 percent), and BFSI (8 percent) firms. The office market is seeing continued growth due to both domestic and international companies seeking to expand their operations in the industry. There has been a surge in talent demand across various cities due to the expansion of GCCs in India. These companies focus on hiring skilled professionals from fields like engineering, IT, finance, and analytics. This advancement has led to companies looking to hire from the promising talent pools of Tier-2 and Tier-3 cities. Nonetheless, Bengaluru unsurprisingly leads tech hiring with nearly 44 percent share, followed by Hyderabad at 13 percent.

2024-11-27 17:52

2024-11-27

17:52

moneycontrol.com

https://www.moneycontrol.com/technology/claude-ai-introduces-google-docs-integration-styles-and-profile-preferences-article-12877809.html

Claude.ai Introduces Google Docs Integration, Styles, and Profile Preferences

Claude.ai.

Claude.ai has announced updates to enhance its functionality with the introduction of Google Docs integration, customisable styles, and global profile preferences. These features aim to improve how Claude adapts to user needs, enhancing relevance and usability. Google Docs Integration The newly launched Google Docs integration allows Claude to reference content directly from user-provided documents in chats and Projects. This feature helps users improve the relevance and accuracy of Claude’s responses. By uploading Google Docs, users can enable Claude to summarize lengthy documents, draw on historical context, and provide informed support for decision-making and strategic planning. The integration is available for users on Claude Pro, Team, and Enterprise plans. Customisable Styles Claude now offers a range of response styles to match users’ communication preferences and work requirements. Users can select from preset options, including: Formal: For polished and clear responses. Concise: For shorter, direct replies. Explanatory: For educational and detailed responses. Additionally, users can create custom styles. By uploading sample content and specifying instructions, Claude can generate responses tailored to individual communication needs. Preferences can also evolve and be adjusted over time. Profile Preferences The new profile preferences feature allows users to set global instructions for Claude. This ensures that Claude consistently aligns with specific user requirements, such as preferred coding languages or other contextual information. Profile preferences apply across all chats and Projects, supplementing per-chat style settings and project instructions. Availability These updates are part of Claude’s ongoing effort to adapt to diverse user requirements across industries. The features are available to users on eligible plans and can be accessed through the Claude.ai interface. The updates reinforce Claude’s position as a customizable and context-aware tool, enabling users to integrate broader company knowledge, personalize communication styles, and streamline workflows.

2024-11-27 17:36

2024-11-27

17:36

moneycontrol.com

https://www.moneycontrol.com/news/business/why-india-inc-is-upbeat-about-wedding-season-for-a-rebound-in-demand-12877277.html

Why India Inc is upbeat about wedding season for a rebound in demand

File photo.Related stories.

After a subdued second quarter, consumer-facing sectors are gearing up for a surge in demand during the ongoing wedding season, which runs from October to December. Analysts estimate approximately 48 lakh weddings will take place during this period, fuelling growth in sectors such as jewellery, retail, hospitality and automobiles. Weakened urban demand and the fact that key festivals fell on different dates this year affected discretionary spending in the second quarter, with categories like quick-service restaurants (QSRs), footwear and apparel seeing sluggish sales. However, analysts feel that the value segment has begun to recover, reflecting cautious consumer preferences for affordable options. Companies are optimistic about a demand revival in the third quarter, supported by an increase in auspicious dates for weddings and favourable policy changes, such as a reduction in customs duty on gold. Although the growth is expected to be robust, sustainance of growth beyond the wedding season is important, said Preeyam Tolia, FMCG & Retail vertical at Axis Securities. "It will be good for sectors like jewellery, apparels and luxury segments like luxury watches but the growth will be limilted to in and around the wedding season," said Tolia. Jewellery sector upbeat Jewellery brands are already witnessing a significant uptick. According to brokerage Motilal Oswal, the reduction in customs duty on gold has spurred wedding jewellery demand, which is expected to remain robust over the next two quarters. "We are witnessing healthy demand for bridal jewellery across all our stores in India. Pre-booking numbers are also encouraging. We expect a robust bridal jewellery season, better than last fiscal year," said MP Ahammed, chairman, Malabar Gold and Diamonds. Titan, which owns jewellery brands Tanishq and Mia by Tanishq, shared similar optimism. Ajoy Chawla, CEO of Titan's jewellery division, highlighted the impact of gold price corrections following the customs duty cut. "Many fence-sitters have now made purchases. Given the kind of business we've seen in October, we are quite happy with the performance and expect decent growth over the next two quarters," Chawla said. A Rs 6-lakh crore market According to industry estimates, the November-December period will generate Rs 6 lakh crore in business, up from Rs 4.7 lakh crore during the same period last year, when 38 lakh weddings were held, according to the Confederation of All India Traders (CAIT). The increase in wedding dates over these two months to18 this year compared to 11 last year—is driving this growth. Delhi alone is expected to host 4.5 lakh weddings, contributing an estimated Rs 1.5 lakh croreto the economy. Popular wedding attire brand Manyavar, owned by Vedant Fashions, is also preparing for strong demand. CEO Vedant Modi said, "With decent dates in November, December and the fourth quarter, we are positive about the overall business trajectory. We are fully geared up with the best inventory, world-class auto replenishment system, and robust back-end dynamics." Footwear company Metrobrands echoed this sentiment. "Sales are in line with expectations, and with a strong lineup of wedding dates in November and December, we anticipate continued momentum," said CEO Nissan Joseph during the company’s October 24 earnings call. As businesses align their strategies and inventory for the wedding season, the anticipated demand spike offers hope for a strong recovery, especially in discretionary spending categories. With weddings fuelling a wide range of industries, India Inc is banking on the season to revive growth after a challenging start to the year.

2024-11-27 16:54

2024-11-27

16:54

moneycontrol.com

https://www.moneycontrol.com/news/companies-2/sbi-fundraise-touches-rs-50000-cr-in-fy25-12877892.html

SBI fundraise touches Rs 50,000 cr in FY25

The investors were across provident funds, pension funds, insurance companies, mutual funds, banks etc, SBI said.

With the raising of Rs 10,000 crore from infra bonds, SBI's total fundraise has touched Rs 50,000 crore so far during the current financial year. The country's biggest lender State Bank of India earlier this month had raised Rs 10,000 crore through its seventh infrastructure bond issuance. The bank garnered Rs 5,000 crore AT1 Bonds, Rs 15,000 crore Tier 2 Bonds and Rs 30,000 crore Long Term Bonds till date during FY25 at a very competitive rate, SBI said in a statement. All these issues have attracted overwhelming responses from investors and were oversubscribed by more than 2 times against the respective base issue size, it said. SBI Chairman CS Setty said that wider participation and heterogeneity of bids demonstrated the trust investors place in the country’s largest bank. The investors were across provident funds, pension funds, insurance companies, mutual funds, banks etc, it said. These bonds are of 15 years tenor except for the AT1 Bonds which is perpetual. Last month, SBI mobilised fund via Additional Tier 1 bonds.

2024-11-27 16:38

2024-11-27

16:38

moneycontrol.com

https://www.moneycontrol.com/news/business/apple-misses-out-on-big-2024-smartphone-market-rebound-idc-says-12877891.html

Apple misses out on big 2024 smartphone market rebound, IDC says

Apple iPhone 16 Plus. Photographer: Victor J. Blue/Bloomberg.Related stories.

Global smartphone sales rebounded strongly in 2024 after two successive years of decline, but Apple Inc. barely managed growth, an independent study showed, underscoring the speed with which Android-based rivals are gaining ground in China and emerging markets. Apple and its rivals will ship 6.2% more phones or an estimated 1.24 billion units in 2024, according to market tracker IDC. But iPhone volumes likely edged just 0.4% higher. Still, Apple remains by far the profit leader with an average selling price surpassing $1,000, while Android rivals collectively came in at around $295, IDC estimates. The latest study highlights the uneven recovery of the smartphone market, which slumped in the post-Covid era despite the advent of AI. Much of that 2024 growth came from pent-up demand and regions with lower smartphone penetration, IDC said. More affordable devices from Android vendors helped Chinese brands better capture that opportunity, while Apple is forecast to fare better next year. The addition of artificial intelligence enhancements, a big theme among the likes of Samsung Electronics Co., Apple and Alphabet Inc.’s Google, failed to excite consumers. “While GenAI continues to be a hot topic and top priority for many vendors, it is yet to impact demand significantly and drive early upgrades,” said Nabila Popal, research director at IDC. “More investments are needed to increase consumer awareness and introduce a ‘must have’ feature that will rush consumers to the store and create that super cycle which everyone is waiting for.” Brands like Xiaomi Corp. and Huawei Technologies Co. are pouring investment into hardware and designing their own processors — in a bid to mitigate the threat or effects of US sanctions while customizing their designs for AI use cases. Huawei on Tuesday introduced its latest smartphone powered by its made-in-China chips, while Xiaomi is preparing an in-house semiconductor for 2025 devices. In China’s highly competitive market, where a half-dozen companies trade the top spot each quarter, large and prolonged discounts stimulated sales. Those had more of an effect than in the previous year, though concern about the country’s ailing economy is likely to persist. Globally, shipments have yet to return to pre-pandemic levels, and IDC doesn’t expect anything more than low-single-digit growth for years to come. Lengthening times between upgrades, market saturation in developed economies and a rapidly growing trade in used smartphones are seen as the major factors contributing to stagnation.

2024-11-27 16:37

2024-11-27

16:37

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/maharashtras-capex-to-take-a-hit-on-welfare-politics-how-will-infra-cement-other-players-fare-12877812.html

Maharashtra's capex may take a hit on welfare politics: How will infra, cement, other players fare?

After a muted start, benchmark indices Nifty and Sensex rallied on November 27 led by energy, auto, metal and bank stocks..Related stories.

The BJP-led Mahayuti alliance swept Maharashtra elections, clinching over 200 seats in the 288-member Assembly, which investors and experts have taken as a signal of continuity in policy and development agendas. However, with lofty promises of direct cash handouts to almost 26 million women, there are concerns on the state’s fiscal spends, especially capex plans, which have already been lagging. EPC or engineering, procurement and construction stocks with a heavy focus on Maharashtra are likely to be among those impacted negatively if state capex slows. During the first seven months of the current financial year, the government had awarded projects worth Rs 1.5 lakh crore, across roads, railways, real estate and other sectors. L&T, HG Infra, J Kumar Infra, Ashoka Buildcon and GR Infra are key players in this market, especially in the Maharashtra region. Among all the listed players, the Maharashtra government had awarded key orders to these companies, as shared by Emkay Global: GR Infra ( Rs 5,300 crore), J Kumar (Rs 6,000 crore), HG Infra (Rs 4,100 crore), Ashoka Buildcon (~ Rs 4,000 crore), Welspun Enterprises (Rs 3,800 crore) and Afcons Infrastructure (Rs 3,500 crore). However, there is some concern about delay in projects awards, noted analysts at Emkay Global. If the number of orders available to bid for goes down, these EPCs will face topline pressure. As the previously awarded infrastructure projects kick-start, the demand for cement will rise. According to a report by Prabhudas Lilladher, cement prices in Mumbai remained flat in November, with demand subdued due to the Maharashtra Assembly elections. The absence of government projects has also impacted volumes. “However, dealers anticipate an improvement in demand in December, driven by the formation of a stable government focused on infrastructure development,” said the brokerage. Cement companies which have a heavy base in Maharashtra are among those expected to benefit from rising demand. However, if the infrastructure theme fails to play out in a substantial manner, the cement sector, which is already seeing low demand, will face further pressures. With the election-related uncertainty, even the real estate sector is lagged. However, real estate developers’ key issue was not slacking demand, instead it was launching new projects, as approval from government authorities would take time. With consolidated centre and state politics, the sentiment for realty players with a focus on Maharashtra regions is bolstered. Real estate firms have a strong launch pipeline skewed towards H2FY25, in track to meet their full FY25 guidance. Lodha, DLF, or Oberoi Realty are all expected to see gains on approval. As a second-order effect, the demand for sectors closely linked to real estate and infrastructure, such as pipes, steel, or paint shall also rise. Maharashtra's capex While positive on the policy front, this victory could put pressure on the fiscal situation in Maharashtra. The state will move to implement the pre-election promises, which includes raising the aid on the Ladki Bahin scheme from Rs 1,500 to Rs 2,100 per month. This change is likely to increase thebudgetallocation by 40 percent, from Rs 46,000 crore (1.1 percent of the GSDP) to Rs 64,400 crore (1.5 percent of the GSDP), according to Emkay Global. In comparison, the state’s entire allocation towards agricultural spending is Rs 35,600 crore for FY25. Also Read|Poll promises could cost over Rs 35,000 crore extra in Maharashtra in the coming fiscal: MC Analysis If the current promises are implemented, Maharashtra’s fiscal deficit is likely to widen to 4.8 percent of GSDP, significantly higher than earlier estimates of 2.6 percent, according to estimates by analysts at Elara Capital. With committed expenditure (salaries, pension, and interest payments) already accounting for 55 percent of revenue, only 26 percent of revenue is available for discretionary spending, including capex, noted Emkay Global. Maharashtra’s capex is already relatively low, and this will further dampen it. “The rising trend of welfare politics doesn’t bode well for state’s fiscal consolidation path and shall likely challenge the pace of capital expenditure as resources have to be diverted for freebies,” added Elara Capital. This bodes as a concern for the state, as data from Ministry of Statistics and Programme Implementation (MoSPI) shows that Maharashtra’s GSDP growth is likely to fall to 5.5 percent, down from 10.9 percent in FY24.

2024-11-27 16:32

2024-11-27

16:32

moneycontrol.com

https://www.moneycontrol.com/technology/police-ahead-google-maps-has-you-covered-with-its-latest-feature-article-12877816.html

Police ahead? Google Maps has you covered with its latest feature

Google Maps.

Google Maps is pretty much the king amongst most apps for navigation, and its incident reporting is no exception. Users can report minor roadblocks and even other major accidents to share real-time updates for users traveling on the same route. These features make it much easier to report various incidents along the road, including construction, lane closures, and crashes. Google Maps’ new ‘Police’ tag: Here’s how it works The revamped incident reporting system was initially launched in July across Google Maps mobile apps and later extended to Android Auto and CarPlay. However, according to a new report by Android Authority, Google is expanding the category to cover all kinds of police activities. The option has also moved higher up on the list of incident reporting. It ensures that users can report any type of police presence they encounter on the road. This helps other drivers stay informed but also promotes transparency and accountability for everyone involved. Further, this feature is also now available on smartphones for accurate and up-to-date information on road conditions and incidents. Furthermore, this feature adds another layer of functionality, making it a valuable tool for navigating roads safely. By allowing users to report police presence, Google Maps is empowering drivers to make informed decisions while driving. However, it is unclear if the change is now visible in Android Auto or Apple CarPlay.

2024-11-27 16:27

2024-11-27

16:27

moneycontrol.com

https://www.moneycontrol.com/news/business/technicals/technical-view-nifty-closes-above-24250-in-rangebound-session-may-move-toward-24550-12877796.html

Technical View: Nifty closes above 24,250 in rangebound session, may move toward 24,550

Market Today.Related stories.

The Nifty 50 index erased all the previous session losses on November 27 and ended on a positive note with index comfortably closing above 24,250, led by auto, energy, metal and media stocks. Amid mixed global cues, the index opened flat, and witness rangebound trading in the first half, however, buying in the second hour helped the index to cross 24,350, intraday, while selling at higher level erased some of the day's gain. Adani Enterprises, Adani Ports, Bharat Electronics, Trent and NTPC were among the top gainers on the Nifty, while losers included Apollo Hospitals, Titan Company, Shriram Finance, Wipro and IndusInd Bank. Broader indices outperformed the main indices with Nifty Midcap index rising 0.6 percent and Nifty smallcap index adding 1.3 percent. Among sectors, selling was seen in the IT, pharma, realty, healthcare, while buying was seen in the auto, bank, energy, FMCG, metal, and media names. "The markets remained range-bound for the third consecutive session, closing slightly higher and continuing the ongoing consolidation phase. After an initial uptick, the Nifty traded within a narrow range during the first half. However, a late surge in select heavyweight stocks lifted the index, which eventually settled at 24,274.90," said Ajit Mishra – SVP, Research, Religare Broking. "The Nifty has demonstrated resilience throughout this consolidation phase, and the upcoming monthly expiry of November derivatives contracts on Thursday could potentially trigger a breakout above the 24,350 level, paving the way for a move toward 24,550. Notably, rotational buying in select heavyweight stocks across sectors is helping sustain a positive market sentiment." "On the downside, a close below 24,100 could put pressure on the bulls and prolong the consolidation phase. In this environment, traders should prioritise prudent stock selection and effective trade management," he added. The Bank Nifty index also opened flat around 52,150, but buying at lower levels helped to test high of 52,444 intraday before settling at 52,301.80, up 0.21 percent. "Bank Nifty also consolidated after a flat start. The hourly momentum indicator has a negative crossover and thus we expect the consolidation to continue over the next few trading sessions. A dip towards the support zone 52,000 – 51,800 should be considered as a buying opportunity. On the upside, immediate hurdle zone is placed at 52,600 – 52,800," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

2024-11-27 16:25

2024-11-27

16:25

moneycontrol.com

https://www.moneycontrol.com/news/business/working-in-a-bank-and-nbfc-is-no-different-thanks-to-regulatory-scrutiny-sudipto-roy-md-ceo-lt-finance-12877771.html

Working in a bank and NBFC is no different, thanks to regulatory scrutiny: Sudipto Roy, MD & CEO, L&T Finance

Sudipto Roy, managing director and chief executive officer of L&T Finance.Related stories.

At a time when the Reserve Bank of India (RBI)  is keeping a close eye on banks and non-banking financial companies (NBFCs), Sudipto Roy, managing director and chief executive officer of L&T Finance, who has switched sides from bank to NBFC, does not find any difference in working for the latter because the scrutiny for both is on similar lines. "Working in a bank and working in an NBFC is no difference because of the regulatory scrutiny, all upper-layer NBFCs are scrutinised as well as banks. The upper-layer NBFCs also conduct themselves like banks so, for me, there is absolutely no difference between a bank and an NBFC," Roy told Moneycontrol in an exclusive interview. Roy, who was associated with lenders such as ICICI Bank, Deutsche Bank and Citibank, where he handled portfolios such as consumer finance, cards and retail loans, lending, and payments technology systems, among others, joined L&T Finance over a year ago when the company was trying to turn its business to 100 percent retail NBFC. Roy was appointed MD and CEO of L&T Finance on January 23 but complete charge was handed over in April after the superannuation of predecessor Dinanath Dubhashi. In the July-September quarter of the current financial year, the company achieved around 96 percent retailisation and reduced its wholesale book by around 56 percent on-year to Rs 4,040 crore. During the interview, Roy said that the company would not do big-ticket loans and will remain focused on retail loans. "Wholesale is more or less a closed business. Big wholesale loans, big-ticket loans, lumpy loans—we will not do it," Roy said. Edited excerpts: You have almost completed one year as CEO. How has the transition been from bank to NBFC? I didn't feel any difference. You do the same products on the asset side. We do not manage people's cash. In a way, NBFCs are like half a bank, on the asset side. Working in a bank and working in an NBFC is no different because of the regulatory scrutiny, all upper-layer NBFCs are scrutinised as well as banks. The upper-layer NBFCs also conduct themselves like banks so, for me, there is absolutely no difference between a bank and an NBFC. How do you want to position L&T Finance in the next three years? We are trying to position ourselves as a digital first, digital native lender. If you are a good customer with a great credit standing, L&T Finance will give you the best loan. We want to position ourselves as a digital native lender which actually underwrites the customer holistically and gives the customer the best possible offers, much better than anyone else. On the servicing side, we would probably work much better than many others because of service stack digitisation as well. Overall, we want to position ourselves as a standout digitally native NBFC, what we have originally defined as fintech at scale. Fully native digital means digital in all our processes and systems. All our processes, whether its interacting with customers, collecting from customers, servicing our customers—there should not be a single piece of paper flowing around and it should be a completely digitised NBFC, and the term probably is digital native. Do you have any plans for reorienting the business and look at wholesale loans again? For us, wholesale is more or less a closed business. We have decided that it will be a fully diversified retail NBFC. We will do business loans and we will do supply chain finance, which are the closest to wholesale. Big wholesale loans, big-ticket loans, lumpy loans—we will not do it. As NBFCs are regulated mostly like banks now, what challenges do you face? There is a slight difference. Because we are all on the ECL (expected credit loss)  model (a framework under the IFRS accounting standard), the financial compliance on NBFCs is probably far tougher than that on banks. The ECL model puts far more stress on management as well as on the teams that run businesses to be far sharper. NBFCs in India, especially the upper-layer NBFCs are probably conducting themselves at a level equal to banks. Do you think there is a need for more tightening of norms from RBI for NBFCs? The RBI's actions are not NBFC-specific, the actions are financial services industry-specific. The RBI has picking up themes and those themes apply to banks, NBFCs as well as fintechs, all participants in the financial ecosystem. The RBI is generally trying to sort of align the financial services industry to certain core principles of theirs and whoever is involved in those businesses, whether it be a bank or NBFC, have to get aligned. There is no stringent regulations required for NBFCs. Whatever is there is very much enough for supervision of NBFCs and I don't think any separate stringency is required for NBFCs separately. After three large partnerships, what's the way forward for the consumer lending business? We termed these partners as mega partners. Rather than working with too many partners, we would like to work with a few large partners. Amazon, (the partnership) which we launched now, is a major one. CRED and PhonePe are also big ones. We want to work with mega partners because most they have a lot of data on customers who transact on their platform and they are able to profile these customers better. When the customer comes to us, it is as qualified customers. If I want to lend to salaried customers or want to build a prime or a prime-plus book, these partners are able to slice and dice their portfolios better and give us those customers with whom we would like to underwrite. It gives me a much safer portfolio and allows for a larger speed of scale-up in a safe manner. The prime portion of the personal loans portfolio is operating well. We haven't seen signs of stress in the prime and the prime-plus portfolio of personal loans and we want to expand in this segment. I believe 15 - 20 percent year-on-year growth in this business is achievable and it can be done in a safe and a sound manner. Would you extend your partnership to other loans also? Partnerships are multi-loan products. With PhonePe, we launched with mortgages and a few more products are getting added soon. With PhonePe, we are live on two-wheelers loans also. On Amazon, we will go live on personal loans soon. We are also focused on doing mortgages, LAP (loans against property), SME (small and medium enterprise) loans and two-wheeler loans. What could be the ratio between your partners and your own platform? In about two years from now, 40 percent of our business will come from our partner channels and 60 percent will be originated by L&T Finance. How do you see net interest margins (NIMs)  playing out? Margins have improved from when we started defocusing wholesale. From 9.5 percent in Q1FY24 it has gone up to almost 10.86 percent in the last quarter (Q2Fy25). For two quarters (Q1FY25 and Q2FY25), it had hit 11 percent-plus because we have MFI (microfinance)  loans, which is a high-yield business. We are balancing between secured and unsecured (loans) and have guided the markets that our NIMs plus fees should be 10.5 - 11 percent. We are already at 10.86 percent. We are hopeful that the downward rate of the RBI rate cycle will probably start from January or February of next year and we are hopeful that as the edge on the cost of funds increases, we will be able to sustain our guidance on margins. MFI loans account for over 5 percent of your loan book. What is the guidance on this front? We had 5.4 percent of the total loan book as of September-end. In October the share fell to 5 percent, which is LTF plus 4. LTF plus 4 means borrowers having loans with associates other than L&T Finance. Starting January this year, we had put in the guardrail of LTF plus 2, that means if anyone has more than two loans other than our loan, we will not lend to them, whether it's a fresh or a repeat loan. Because of this, most of the leverage portfolio has reduced. By end-November, we expect this proportion to fall further. In six months, we expect that this particular portion of the book will wash away. Probably by the end of this financial year, we will be close to maybe 2 percent or so because from January of 2024, we are not disbursing to anyone who is LTF plus 2. We have tempered down our MFI disbursement because it is tough to disburse when the industry is seeing stress. If you see on a quarter-on-quarter basis, the growth rate has reduced by about 7 percent. When your mainline business witnesses a bit of a slowdown, it can impact revenues, which is possible in Q3. By Q4, I expect MFI disbursements to go up slightly, but still muted. Full normalcy is expected only by Q1FY26. Do you think that an interest rate cap is required for MFIs to bring down the stress? The industry is working on bringing down the rates. I do not think the interest rate cap is required.

2024-11-27 16:23

2024-11-27

16:23

moneycontrol.com

https://www.moneycontrol.com/news/business/japanese-lenders-mufg-smbc-may-have-walked-off-from-yes-bank-deal-12877831.html

Japanese lenders MUFG, SMBC may have walked off from Yes Bank deal

Yes Bank.Related stories.

State Bank of India’s plans to sell its 24 percent stake in Yes Bank seems to have hit a snag. According to sources, two prominent Japanese lenders, MUFG and Sumitomo Mitsui Banking Corporation (SMBC), who had evinced interest in picking up a majority stake in Yes Bank, may no longer be interested in the deal. "Since September, there has virtually been no sign of a transaction brewing internally on the stake sale front and it seems that talks with both the Japanese lenders have been stalled at the moment," a source with the knowledge of the matter said. Possible differences in control-related issues between the potential buyers and regulators in India could have derailed the transaction, at least for now, people involved in the deal said. India restricts a promoter’s voting rights in a bank at 26 percent. So, even if the potential buyers were to acquire a 51 percent stake inYes Bank, their voting rights would be capped at 26 percent. Moneycontrolwrote on October 17 thatthe Reserve Bank of India wasn’t willing to budge, though potential investorsmaderepresentationsfor easing restrictions on voting rights. “If voting rights are capped at 26 percent, it doesn’t make a case for any investor to take51percent stake in Yes Bank. Without owning a 51 percent stake, Yes Bank cannot becategorisedas a subsidiary for the potential buyers,” said another person involved in the deal who didn’t wish to be identified. According to bankers, SMBC and MUFG’s apprehensions on how they would consolidate Yes Bank as part of their group financials, given the voting rights cap, also led to stake-sale talks being put on hold. Emails sent to Yes Bank, MUFGandSMBC remained unanswered till the publishing of the article.“We categorically deny any developments in this matter,” an official spokesperson forSBIsaid in an emailed response. Regulator’s concern Sources said the structures proposed by buyers did not cut ice with the regulator. The central bank is said to have expressed concerns about how foreign banks could acquire a controlling stake in an Indian bank given their current status in India. “The RBI was clear that if a foreign bank should acquire a bank in India, it must be through a wholly owned subsidiary (WOS) structure, as it enforces a certain amount of commitment from the foreign entity to remain invested in India,” a person aware of the deal talks said. “However, the potential buyers may not have seen merit in this, as they already have a presence in the country either through non-bank operations or branch offices.” SMBC acquired nearly a 100 percent stake in Fullerton India Credit in 2021. It also has branch operations for its banking business in Delhi, Mumbai, ChennaiandGIFT City. Similarly, MUFG has branch operations in Mumbai and Chennai. SMBC and MUFC would have to seek fresh approvals from the RBI to convert their existing banking operations into wholly owned subsidiaries to acquire a controlling stake in Yes Bank. "Given that Yes Bank is a listed entity, converting the existing operations into WOS and acquiring a stake in Yes Bank would have been a cumbersome process," said another source. In March 2020, when the RBI put Yes Bank under a moratorium, an SBI-led consortium of banks infused Rs 10,000 crore to revive the distressed bank. According to reports, India’s largest bank, which holds a 23.98 percent stake,initially planned to exit Yes Bank by December 2024 or thelatest bythe end of FY25. These timelines seem tough to meet under the current circumstances. The State Bank of India stock ended the day at Rs 835 on the National Stock Exchange, down 0.5 percent from the previous close. Yes Bank closed at Rs 20.27, up 0.65 percent.

2024-11-27 16:22

2024-11-27

16:22

moneycontrol.com

https://www.moneycontrol.com/news/business/welspun-one-upsizes-investment-in-port-warehousing-project-to-rs-2700-crore-12877846.html

Welspun One upsizes investment in port warehousing project to Rs 2,700 crore

The warehousing park has an annual throughput capacity of 36,000 TEUs, and can accommodate over 400,000 pallet positions along with parking provision for over 600 trucks, Welspun One said..Related stories.

Welspun One - a new-age logistics and industrial real estate management company - said it is investing Rs 2,700 crore in India's largest, single-location warehouse at the Jawaharlal Nehru Port Authority (JNPA) Special Economic Zone (SEZ) in Navi Mumbai. Initially planned as a 1.2 million sq ft park at aninvestment of Rs 700 crore, the project has now been upscaled to 4.45 million sq ft of built-up area. Out of this, 3.95 million sq ft is warehousing space, 0.25 million sq ft is office space, and 0.25 million sq ft is for industrial projects, in an attempt to cater to the rising export-import demand at the JNPA Port. The port is India's largest container port in terms of throughput. This is roughly the size of 60 football fields, and about four times larger than initially planned.  Welspun One now has 11 projects across India, with three in Maharashtra alone, as it aims to manage $1 billion worth of assets by 2025-end, as against current $854 million. "Our recent Rs 2,275 crore equity fundraise reaffirms the confidence of investors in our strategy to create demand-led, logistics-anchored developments. With nearly 70 per cent of the fund already committed and 45 per cent drawn down, we are executing at a scale and speed that sets us apart," Balkrishan Goenka, Chairman, Welspun World said. The warehousing park has an annual throughput capacity of 36,000 TEUs, and can accommodate over 400,000 pallet positions along with parking provision for over 600 trucks, Welspun One said. Warehouse developers are seeing a surge in demand as businesses invest in India to diversify supply chains beyond China. Spread over 55-acre, the logistics project is expected to generate direct and indirect employment for over 5,000 people, the company said. As more manufacturing bases emerge across India, warehousing companies are looking to capitalize in anticipation of a strong cargo movement. An estimate by consulting firm IMARC Group shows that India's warehousing business is projected to exceed $37 billion by 2032, up from an earlier estimate of $16.4 billion in 2023.

2024-11-27 16:15

2024-11-27

16:15

moneycontrol.com

https://www.moneycontrol.com/news/business/earnings/taking-stock-sensex-nifty-edge-higher-amid-volatile-trading-adani-group-stocks-lead-recovery-12877829.html

Taking Stock: Sensex, Nifty edge higher amid volatile trading; Adani Group stocks lead recovery

European markets and US equity futures declined as investors evaluated recent US cabinet appointments and awaited key economic data for insights on interest rate trends..Related stories.

India's benchmark indices closed slightly higher on November 27 after a choppy trading session. Meanwhile, Adani Group stocks surged. TheSensexgained 230.02 points (0.29%) to close at 80,234.08, while the Nifty advanced 82.20 points (0.34%) to settle at 24,276.7. Market breadth remained positive, with 2,470 stocks advancing, 1,302 declining, and 105 remaining unchanged. Adani Group shares surged up to 12% after Adani Green Energy Ltd said the conglomerate's chairman Gautam Adani and his aides have not been charged under the US Foreign Corrupt Practices Act. The recovery added Rs 1.2 lakh crore to the collective market capitalisation of the conglomerate's listed firms. Ola Electric shares jumped as much as 20 percent after Citi initiated coverage with a "Buy" rating and a target price of Rs 90, signaling a 23% upside potential from its previous close of Rs 73. Globally, European markets and US equity futures declined as investors evaluated recent US cabinet appointments and awaited key economic data for insights on interest rate trends. The Stoxx 600 index in Europe slipped 0.3%, while S&P 500 futures dipped 0.2%. US Treasury yields fell, with the 10-year benchmark yield dropping four basis points to 4.27%. New appointments in Donald Trump’s administration fueled speculation about trade policies, with Jamieson Greer named US Trade Representative and Kevin Hassett appointed to lead the National Economic Council. Greer played a pivotal role in Trump’s first-term trade strategies. Outlook for November 28 Vinod Nair, Head of Research, Geojit Financial Services Indian indices continue to exhibit positive upside as a result of healthy consolidation and the likelihood of strong H2FY25 earnings forecasts. In Asia, market sentiment was mixed due to the potential tariff impositions by the US. Meanwhile, the Chinese market rebounded on expectations of additional stimulus measures. The global sentiment is positive as the US FOMC minutes and a truce in the Middle East were optimistic. Decelerating inflation and robust growth prospects could lead to continued rate cuts by the Federal Reserve. Aditya Gaggar Director of Progressive Shares With the help of Banking and select heavyweights, the Index breached its thin range to end the session higher at 24,274.90 with gains of 80.40 points. Among the segments, Energy and Media gained by 1.45 percent and 0.98 percent and outperformed whereas the Pharma sector fell by 0.61 percent and registered itself as a major laggard. Mid and Smallcaps advanced by 0.64 percent & 1.30 percent and outshined the Frontline Index. From the past 3 trading days, the Index is seen oscillating in a tight range of 24,140-24,350, a breakout on either side is necessary for a directional trend. Ajit Mishra – SVP, Research, Religare Broking Ltd The markets remained range-bound for the third consecutive session, closing slightly higher and continuing the ongoing consolidation phase. After an initial uptick, the Nifty traded within a narrow range during the first half. However, a late surge in select heavyweight stocks lifted the index, which eventually settled at 24,274.90. Sector-wise, the trend remained mixed, with energy and metal stocks leading the gains, while pharma and realty sectors showed minor weakness. Broader indices outperformed during the consolidation, registering gains of 0.7% to 1.35%. The Nifty has demonstrated resilience throughout this consolidation phase, and the upcoming monthly expiry of November derivatives contracts on Thursday could potentially trigger a breakout above the 24,350 level, paving the way for a move toward 24,550. Notably, rotational buying in select heavyweight stocks across sectors is helping sustain a positive market sentiment. On the downside, a close below 24,100 could put pressure on the bulls and prolong the consolidation phase. In this environment, traders should prioritize prudent stock selection and effective trade management. Ameya Ranadive Chartered Market Technician, CFTe, Sr Technical Analyst, StoxBox Indian benchmark equity indices experienced a positive closing, influenced by mixed global cues. The Sensex increased by 230 points to reach 80,240, while the Nifty rose by 80.40 points to attain 24,300. The broader market indices have observed a notable rally over the past four sessions, with the Nifty Small-cap 100 advancing nearly 5% as FIIs mitigated their selling pressure and transitioned into marginal buyers. Overall, the market exhibited stability, with the VIX stabilising. Sectoral indices presented varied trends, reflecting both gains and losses across different sectors. The Nifty Energy and Metal indices demonstrated strong performances, whereas the Nifty IT and pharmaceutical sectors lagged behind. On a stock-specific basis, shares of Ola Electric surged by 20%, reaching the upper circuit limit of Rs 88.10, following the company's introduction of its most affordable electric scooters to date—the S1 Z and Gig range. The benchmark index opened quietly and experienced a lackluster trading session. It fluctuated within a range of 209 points, staying close to the previous trading levels, which suggests a period of volatility compression. Overall market breadth remained pessimistic; however, broader indices outperformed the benchmark index for the second consecutive session. In terms of sector performance, the action was mixed, with Energy, Commodities, and the PSE index outperforming their peers, closing up by more than 1%.

2024-11-27 16:14

2024-11-27

16:14

moneycontrol.com

https://www.moneycontrol.com/news/india/those-who-strangled-constitution-now-talking-about-saving-it-yogi-adityanath-slams-opposition-12877842.html

Those who 'strangled' Constitution now talking about saving it: Yogi Adityanath slams opposition

Uttar Pradesh CM Yogi Adityanath (Courtesy: PTI file photo).Related stories.

Uttar Pradesh Chief MinisterYogi Adityanathon Wednesday hit out at the opposition parties, accusing them of "strangling" the Constitution while in power and now making a noise about saving it. His remarks came a day after the country celebrated the 75th anniversary of the adoption of the Constitution on Tuesday. Addressing the 136th convocation of the Allahabad University, Adityanath argued that the original Constitution, drafted by the BR Ambedkar-led panel on November 26, 1949, did not include the words 'secular' or 'socialist'. "These words were added when Parliament was dissolved, the powers of the judiciary were nullified, and democracy was attacked," he said in an apparent attack at the Congress. "Those who had strangled the Constitution are today making a noise that the Constitution is in danger, democracy is in danger. The question arises when will the society evaluate such people who are a threat to democracy. "They not only made a malicious attempt to tamper with the Constitution but also tried to paralyse democracy completely," he said. Targeting the Samajwadi Party, he said those who promote nepotism under the garb of socialism can never be the role model for the country's youths. "What did Ram Manohar Lohia say? A true socialist can work without having any attachments. Aren't these (SP) people flattering a particular family by becoming their slaves?" he said. At the convocation ceremony, the chief minister honoured famous litterateur, poet and alumnus of the university Kumar Vishwas with an honorary degree. He also awarded gold medals to eight students, including seven girls and presented degrees to 144 students who have passed out this year.

2024-11-27 16:08

2024-11-27

16:08

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/shilpa-medicare-zydus-jv-gets-usfda-nod-for-oral-solution-in-cancer-treatment-12877828.html

Shilpa Medicare-Zydus JV gets USFDA nod for oral solution in cancer treatment

IMKELDI is the first oral liquid form of imatinib to treat certain forms of cancers..

Shilpa Medicare’s equal joint venture with Zydus group - Oncosol - along with its partner company Shorla Oncology, has announced USFDA's approval for IMKELDI, the first oral liquid form of imatinib to treat certain forms of cancers, the company said on November 27. IMKELDI is a liquid formulation of cancer drug imatinib, and can help slow or prevent the growth of specific types of cancers and gastrointestinal tumors (GIST). Despite proven clinical benefits of imatinib, patient adherence was an issue, said Shilpa Medicare, underscoring the need for a oral solution delivery system. “Oral solutions may ensure more precise and consistent dosing, offering a convenient alternative to compounding for patients who have difficulty swallowing or require dosing tailored to body surface area,” Sharon Cunningham, chief executive officer of Shorla said in a separate press release. The company recently posted strong September quarter results, clocking aconsolidated net profit rise of 28 percent sequentially, and an 1014 percent on-year to Rs 18 crore. Revenue from operations rose 17.5 percent on-quarter and 10 percent on-year to Rs 344 crore.Shilpa Medicaresaw eight consecutive quarters of sequential improvement in EBITDA.Read More The H1FY25 revenue growth was majorly driven by emerging markets as well as licensing in formulation segment and biological business.

2024-11-27 15:47

2024-11-27

15:47

moneycontrol.com

https://www.moneycontrol.com/news/india/cabinet-reshuffle-is-cms-prerogative-in-consultation-with-congress-high-command-parameshwara-12877820.html

Cabinet reshuffle is CM's prerogative in consultation with Congress high command: Karnataka HM Parameshwara

Karnataka Home Minister G Parameshwara (Courtesy: PTI file photo).Related stories.

Amid speculation that a cabinet reshuffle was on the cards, Karnataka home minister G Parameshwara on Wednesday said it is the prerogative of the chief minister and he would take a decision in consultation with the state Congress president and the high command. Deputy CM and state Congress chief DK Shivakumar's statement on Tuesday indicating the possibility of a cabinet reshuffle in the days ahead, noting that few ministers have been given a "message" about their term, has further fueled the speculations about the rejig. "I don't know about it. Cabinet reshuffle is the chief minister's prerogative. He will consult the Pradesh Congress Committee president and go about it, this has been the practice. I don't know what decisions they make. It has to be done in consultation with the high command," Parameshwara told reporters. To a question on Shivakumar's statement, he said, "He (Shivakumar) is the party state president, I don't know what messages he has sent (to some Ministers)." Speculations are rife about a cabinet reshuffle and evaluation of the performance of the ministers ever since the Lok Sabha poll results. There has also been demand from a section of MLAs, who are Ministerial aspirants, to be inducted into the cabinet. Some have openly expressed their wish to become ministers. To a question on a seer's comments that the voting rights of Muslims should be revoked, the home minister said, making remarks contrary to the Constitution is not right, and no one should speak or go against it. "Probably he (seer) has not properly seen the principles of the Constitution and the rights and opportunities provided in it for every community and religion. It is clear in the Constitution," he said. Asked about Congress MLA HR Gaviyappa publicly asking the CM to drop at least two of the five ‘guarantee’ schemes to provide money for development works, the state Home Minister said, "Any legislator asking for funds to his constituency is not wrong, so Gaviyappa is not wrong in asking for funds for his constituency." "But unfortunately he has expressed his personal opinion regarding the guarantee schemes. That has been taken by the party and the government. We had promised the people of the state that we will full the promises, so we are implementing them. We cannot go back on that," he added. Deputy CM Shivakumar had on Tuesday said he would issue a showcause notice to Gaviyappa and warned party leaders against making such statements regarding guarantee schemes. Responding to a question on an Assamese girl found murdered at a serviced apartment in east Bengaluru, Parameshwra said such incidents in a way bring bad name to the city. "It (alleged murder) is on very personal grounds. Both of them (suspect and victim) knew each other and were in love. They had stayed in a hotel room and he has stabbed her there. Both of them are outsiders. She is from Assam and he is from Kerala. Police keep watch on such things, but when such incidents occur, it in a way brings a bad name to the city," he said. Asked about the suicide of a woman, who is a suspect in the alleged scam in Karnataka Bhovi Development Corporation, the minister said investigation is on, can't say anything further until the probe is over. On the protest by prisoners against the jail authorities at Kalaburagi central prison, alleging lack of facilities there, Parameshwara said he will speak to DG (Director General) Prisons about it. "Already we have reviewed all the jails. If there are any necessities there it will be fulfilled. I will give instructions to the DG," he said.

2024-11-27 15:45

2024-11-27

15:45

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sensex-nifty-close-with-modest-gains-after-yo-yoing-autos-in-action-led-by-ola-adani-stocks-rebound-12877715.html

Sensex, Nifty close with modest gains in a volatile session amid rebound in Adani stocks; autos in action led by Ola

Titan Company, Apollo Hospitals, Shriram Finance, Wipro and Hindalco were the major laggards..Related stories.

After a muted start, benchmark indices Nifty and Sensex rallied on November 27 led by energy, auto, metal and bank stocks. Adani Group stocks also staged a sharp recovery, gaining as much as 12 percent. At close, the Sensex was up 230.02 points or 0.29 percent at 80,234.08, and the Nifty was up 82.20 points or 0.34 percent at 24,276.70. About 2470 shares advanced, 1302 shares declined, and 105 shares unchanged. Follow our LIVE blog for all the latest market updates "We've seen a decent pullback in the last couple of sessions. We saw an uptick in today's session as there is a feeling that FIIs are turning net buyers" Ruchit Jain, Vice President of Technical Research at Motilal Oswal said in a conversation with Moneycontrol. "Technical indicators also suggest that markets have been in the oversold territory and I believe it is a good opportunity to slowly enter," Jain added. Today's blockbuster stock was Ola Electric, rising as much as 20 percent after the company unveiled its most affordable electric scooters — the S1 Z and Gig range — with prices starting at Rs 39,000. Furthermore, Citi initiated coverage on Ola Electric with a 'Buy' rating and a target price of Rs 90. This implies an upside potential of 23 percent from the last close of Rs 73. Adani Group stocks surged up to 12 percent on November 27 following a clarification from Adani Green Energy Ltd that refuted bribery and corruption charges under the US Foreign Corrupt Practices Act (FCPA) against founder Gautam Adani and other executives. Today's rise added Rs 1.2 lakh crore in market value. NTPC Green Energy rallied nearly 13 percent following a muted debut on November 27. NTPC Green Energy has joined the Rs 1 trillion market cap club, and its IPO was the third-largest after Hyundai Motor India and Life Insurance Corporation. Heavyweights from the Nifty mainly Reliance, ICICI Bank, and SBI traded in the negative while India's largest private lender HDFC Bank edged over a percent higher. Nifty Bank, Auto and Energy lifted the markets. Experts believe that the banking and financial sector is trading at attractive valuations and can perform well in the short-to-medium term. From the auto space, M&M gained ground following the launch of new SUV models, while Hyundai Motor India rose nearly 2 percent after JPMorgan initiated coverage with an 'overweight' call. Energy stocks rallied led by NTPC, Adani Power, Adani Green and Tata Power. Also read:Merchant bankers get a miniscule Rs 7 crore to manage Rs 10,000-crore NTPC Green Energy IPO Nifty Pharma and Realty sectors were the top losers, each sliding 0.5 percent. Nifty Realty faced profit-taking following a nearly 8 percent surge last week. Read more:India, Japan less exposed to Trump's tariff risks on structural tailwinds, right policy mix: Morgan Stanley The broader market, comprising mid and small-cap indices, showcased a strong performance with gains of 0.3 and 1.2 percent, respectively. The two have outperformed the frontline indices posting gains of 21 percent since the start of the year. The NSE Nifty has gained just over 11 percent over the same period. "Given the lack of negative news and markets performing well, we could see outperformance in the coming weeks," Jain said. "The bias is maintained with a cautiously positive approach with the 50EMA zone of 24,000 level maintained as the crucial near-term support zone which needs to be sustained," says Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher. "Sensex has been hovering near the important 50EMA zone of 80,200 levels finding resistance near the 80,500 zone since the last 2 sessions and would need a decisive breakout above this level to confirm a fresh upward move in the coming days with 79,500-79,600 band maintained as the near-term support zone," she added. Adani Enterprises, Adani Ports, Trent, Bharat Electronics, and NTPC were the top gainers on the Nifty. Titan Company, Apollo Hospitals, Shriram Finance, Wipro and Hindalco were the major laggards.

2024-11-27 15:43

2024-11-27

15:43

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/pocket-fms-fy24-revenue-tops-rs-1000-crore-losses-narrow-to-21-12877785.html

Pocket FM's FY24 revenue tops Rs 1,000 crore; losses down 21%

United States accounts for 70 percent of Pocket FM's revenues, followed by India at 15 percent.Related stories.

Pocket FM surpassed the Rs 1,000-crore revenue milestone in the financial year 2023-24 on a robust growth in microtransactions and advertising, the audio series platform said on November 27. Pocket FM’s revenue came in at Rs 1,051.97 crore, a nearly six-fold increase from Rs 176.36 crore in the previous year. The growth was primarily driven by a 484 percent year-on-year (YoY) increase in microtransaction-led subscription revenue, which rose to Rs 934.73 crore in FY24. The Bengaluru-based startup narrowed its losses by 21 percent to Rs 165 crore, it said. In an interview to Moneycontrol, Pocket FM CFO Anurag Sharma said the United States accounts for 70 percent of the firm's revenues followed by India at 15 percent. The remaining 15 percent comes from other parts of the world, where the customer acquisition efforts have been minimal. Pocket FM, which previously offered its content through various subscription plans, moved to a microtransactions-led model in early 2022. The platform now offers consumers free access to a few episodes every 24 hours. To access more episodes, users can purchase virtual coins to unlock them, a model that is commonly seen in popular mobile games. Advertising revenue grew more than seven-fold to Rs 89.34 crore in FY24. Pocket FM said it alsofocused on optimising costsand improving operational efficiency in its push for profitability. The firm's expense-to-earnings ratio improved to 1.16 in FY24, down from 2.18 in the previous year. Pocket FM spent Rs 1.16 for every rupee earned in FY24 compared to Rs 2.18 for every rupee earned in FY23. Sharma said the overall cash flow is negative, largely due to the firm's investments in content creation as it expands into new markets across Europe, Latin America (LATAM), Canada, Australia, and New Zealand. "We've been focusing on European expansion in a big way. We have been able to make some impact in English-speaking countries such as the United Kingdom. We want to replicate our model in other languages and new geographies," Sharma said. The company has started creating content in Spanish and German languages and plans to expand to two or three more countries in 2025. "Our focus will always remain on growth first. I think profitability is a by choice definition for us. Even if we were to remove or lower our marketing spends, we could be profitable at any given point of time," Sharma said. "We are focusing more on user engagement, their experience, retention on our platform, and creating more diverse content to target different sets of users. Profitability will be a byproduct of our growth." Surging user consumption Founded in 2018 by Rohan Nayak, Prateek Dixit, and Nishanth Srinivas, Pocket FM offers more than 75,000 audio series on its platform spanning genres such as romance, drama, thriller, fantasy and science fiction. The series are offered in English and several Indian languages such as Hindi, Tamil, Telugu, Malayalam, Bengali, Kannada and Marathi. The app claims to have more than 200 million listeners who have streamed more than 100 billion minutes of content, with an average daily listening time of over 115 minutes. It also claims to have registered more than 45 million transactions, so far, in 2024. Over 30 audio series have surpassed the Rs 10-crore revenue mark, including seven that have crossed the Rs 100-crore mark, the company said. In June, Pocket FM partnered with the artificial intelligence (AI) voice cloning startup ElevenLabs tolaunch a feature called AI Audio Series, which allows writers to turn their stories into audio series on the platform with a single click. The firm said more than 40,000 AI audio series have generated more than Rs 25 crore in revenue, so far, in 2024. "In the content business, one of the important elements is how do you identify blockbuster shows. AI is helping us in launching many shows on our platform. We see this as a testing ground for us," Sharma said. This approach will help the startup run a lean model, as it won't have to burn money on discovering shows in new markets. Although the technology is still in the nascent stage, Sharma said AI has been a "great enabling tool for our writers, helping them think outside the box, offering suggestions, and providing different show cliffhangers". Sharma said they have been mindful of not changing the human experience that the company's users currently have while keeping the momentum alive. Pocket FM counts Lightspeed, Tencent, Tanglin Venture Partners, Goodwater Capital, Stepstone Group, Times Group and South Korean internet giant Naver among its investors. The company was last valued at $750 million when itraised $103 millionled by Lightspeed in March. It has raised $196.5 million financing to date. Cross-town rival Kuku FM reported a revenue of Rs 87.95 crore for FY24, a two-fold jump from Rs 41.2 crore in the previous year. It also trimmed its losses by 17.8 percent to Rs 95.8 crore.

2024-11-27 15:42

2024-11-27

15:42

moneycontrol.com

https://www.moneycontrol.com/technology/softbanks-masayoshi-son-goes-all-in-on-ai-during-lunch-meeting-with-founders-in-india-article-12877794.html

SoftBank’s Masayoshi Son goes all in on AI during lunch meeting with founders in India

SoftBank founder and chief Masayoshi Son.Related stories.

SoftBank CEO Masayoshi Son emphasised the importance of artificial intelligence (AI) during a meeting with portfolio company founders in New Delhi on November 27, people with direct knowledge of the matter told Moneycontrol. Son told founders that success in the future will be determined by humans who have AI vs humans who don't have AI. Founders have to become part of that five percent who have AI to be successful, he added while speaking in a room packed with top Indian founders. "Always amazing to meet Masayoshi Son. Such an energising discussion on AI, AGI, Energy and India. We will make the future here in India together," Bhavish Aggarwal, founder of Ola, posted on X (formerly Twitter). The meeting was all about “AI, more AI and most AI. Masa has indicated that he will invest more and more in AI in India,” a founder who had lunch with Masa toldMoneycontrol. “Masa also said that he will invest more in India in the coming years than all previous years combined,” the founder added. This year's attendees werenot very different from the ones from last time. Naveen Tewari from InMobi, Ritesh Agarwal of OYO, Bhavish Aggarwal from Ola, Paytm’s Vijay Shekhar Sharma and Flipkart chief Kalyan Krishnamurthy were all in attendance. Along with them, Peyush Bansal from Lenskart, OfBusiness’ Ashish Mohapatra and Ruchi Kalra, Khadim Batti from Whatfix, Krishna Depura of Mindtickle, Vikram Chopra from Cars24, Albinder Dhindsa of Blinkit, ElasticRun’s Saurabh Nigam and Supam Maheshwari of Firstcry were present for lunch with Son, or Masa as he is popularly called, sources said. This is Masa’s first trip to India in about 19 months. He had last come to New Delhi to attend OYO founder Ritesh Agarwal’s wedding in March 2023. Masa is visiting India during a crucial time for SoftBank. The Tokyo-based company earned a profit of ¥1.18 trillion ($7.7 billion) in the July-September quarter, ahuge improvement compared with a net loss of ¥931 billion during the same period last year, and its highest in over two years, thanks to a strong IPO market in India. During the period, FirstCry and Ola Electric went public and delivered returns to SoftBank. The tech investor stands to earn more as more companies, such as OfBusiness and others, from its stable go public over the coming months. Back-to-back IPOs for SoftBank in India underscores how far it has come over the past decade or so. The company’s first set of major internet bets in India came in late 2014 and 2015 when it led and participated in massive rounds of funding in startups like Snapdeal, Ola, Oyo, Housing.com and Grofers (now Blinkit). At the time, Son had declared that SoftBank would invest $10 billion in India over the years. As things stand, he has outdone his own commitment and invested around $15 billion in Indian companies so far, of which $11 billion have been in the last six years. Masayoshi Son had earlier said that while SoftBank’s initial internet investments in the country around 2015 were made on the basis of his instincts, it has now turned into a core belief in India During his current visit, Masa also has meetings scheduled withPrime Minister Narendara Modi in New Delhi.Son reportedly met Reliance Industries Limited chief Mukesh Ambani in Mumbai on November 26, where they discussed what lies ahead for the Japanese investor and how he plans to double down on the country's growing internet ecosystem. With inputs from Tushar Goenka.

2024-11-27 15:37

2024-11-27

15:37

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sp-500-to-gain-over-8-by-end-of-next-year-after-strong-2024-poll-12877811.html

S&P 500 to gain over 8% by end of next year after strong 2024: Poll

Continued U.S. economic health will boost earnings growth, and some strategists cited financials as among their top sector picks going into 2025.Related stories.

The S&P 500 will rise over 8% between now and end-2025 as U.S. interest rate cuts and potentially less regulation under President-elect Donald Trump extend the market's strong run, according to a Reuters poll of equity strategists. Continued U.S. economic health will boost earnings growth, and some strategists cited financials as among their top sector picks going into 2025, partly because of prospects for deregulation under Trump. Some market participants expect Trump's agenda of tax cuts and deregulation will propel economic growth and further gains in the market. The benchmark S&P 500 will end 2025 at 6,500 points, according to the median forecast of 48 equity strategists, analysts, brokers and portfolio managers collected Nov. 15-26. That's up about 8.5% from its 5,987.37 close on Monday. The latest end-2025 forecast is sharply higher than the 5,900 forecast in a Reuters poll in August. Stocks rallied to record highs following the Nov. 5 presidential election which Republican Trump won, four years after being voted out of the White House. Overall, the S&P 500 has surged about 26% so far in 2024, fueled in part by sharp gains in Nvidia, Microsoft and other U.S. heavyweights dominating the race for artificial intelligence technology. David Kostin, chief U.S. equity strategist at Goldman Sachs, forecast in his recent 2025 equity outlook that the "Magnificent 7" group of high-performing stocks - which include Nvidia and Microsoft - are likely to outperform next year but "by a much smaller magnitude." He sees higher earnings growth overall for the S&P 500 pushing the index to 6,500 by the end of next year. Analysts expect earnings growth of 14.2% in 2025 for the entire S&P 500, up from 10.2% this year, according to LSEG. Following this year's rally, the S&P 500 is trading at 22.6 times expected earnings, compared with a 10-year average of about 18, according to LSEG. "We're not concerned about valuations" because of the expected growth in earnings and the economy, Mary Ann Bartels, chief investment strategist at Sanctuary Wealth said. Also, she said, the Trump administration may be positive for business. Worries remain over a potential inflationary rebound, which would change how much the Federal Reserve is able to keep cutting rates. The Fed embarked on its policy easing cycle with a large half-percentage-point rate cut in September, its first reduction in borrowing costs since 2020. Some of Trump's plans, especially those for higher tariffs, could drive up consumer prices. On Monday, Trump, who takes office on Jan. 20, pledged big tariffs on the United States' three largest trading partners - Canada, Mexico and China. Turmoil in the Middle East is also still a concern for investors. When asked whether a stock market correction of at least 10% is likely early next year, eight of 17 poll participants who answered an additional question said it is likely and two said it is highly likely. Six said it was unlikely and one said highly unlikely. Among sectors, financials are up about 35% for the year to date, leading gains among S&P 500 sectors, with technology up 33%. Bank stocks have benefited in part from prospects for increased merger activity. Deutsche Bank strategists wrote in an outlook report this week they remain overweight financials "where a multitude of tailwinds are converging." The poll has the Dow Jones industrial average finishing next year at 46,600. The index closed at 44,736.57 on Monday.

2024-11-27 15:33

2024-11-27

15:33

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/mid-small-cap-indices-outperform-benchmarks-by-rising-up-to-5-in-4-sessions-what-lies-ahead-12877627.html

Mid-, small-cap indices outperform benchmarks by rising up to 5% in 4 sessions; what lies ahead

The change in FII stance is seen as a positive signal, especially for small and midcap stocks that are typically more sensitive to liquidity flows..Related stories.

Broader market indices have witnessed a sharp rally in the last four sessions, with the Nifty Smallcap 100 advancing nearly 5 percent as foreign institutional investors (FIIs) eased their selling pressure and turned marginal buyers. The rise has outperformed the movement in benchmark indices, which have shown signs of consolidation. TheNifty Smallcap 100climbed 5 percent in four straight sessions till November 27, outperforming the headline Nifty 50, which gained 4.21 percent in the same period. In contrast, theNifty Midcap 100posted a 3.32 percent rise. On November 27, the Nifty Smallcap 100 touched an intraday high of 18,474.35, up 1.14 percent, while the Nifty climbed over half a percent to reach an intraday high of 24,341.15. Manish Chowdhury, Head of Research at StoxBox believes that markets seemingly are pricing in a much better earnings performance by small and mid-cap companies in H2FY25 compared to H1FY25. "While we do see a sea-change in fundamentals, our sense is that the kind of correction witnessed in small-cap and mid-cap stocks from their tops has led to bargain hunting in these stocks," he said. Despite the broader market strength, the Nifty closed marginally in the red on November 26, slipping 0.11 percent, marking a divergence from the Smallcap and Midcap indices, which remained in the green for three straight sessions. Market experts attributed the rally in broader indices to easing concerns over relentless selling by FIIs. "A major market concern from relentless FII selling is receding since they have turned buyers, though marginally," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. The change in FII stance is seen as a positive signal, especially for small and midcap stocks that are typically more sensitive to liquidity flows. The broader market's performance comes as investors digest the implications of Donald Trump's victory in the US presidential election. While India's trade dynamics with the US might not face immediate disruptions, analysts warn of potential challenges ahead. "India is unlikely to be impacted in the initial phase of Trump’s tariff plan but may come under Trump’s radar soon since India has a trade surplus with the US," Vijayakumar added. "From a medium to long term perspective, we believe that select PSU stocks in defense, shipping, power and railways offer a favorable risk-reward opportunity after the recent sharp correction. As far as Nifty 50 benchmark is concerned, we believe that the broad underperformance by Reliance Industries along with the recent Adani saga has weighed on the performance," noted Chowdhury.

2024-11-27 15:30

2024-11-27

15:30