Datasets:

LogeshChandran

/

money_control_news

like 0

moneycontrol.com

https://www.moneycontrol.com/technology/boat-launches-airdopes-loop-an-open-ear-earbuds-with-ambient-mode-at-rs-1999-article-12875683.html

Boat launches Airdopes Loop, an open-ear earbuds with Ambient mode at Rs 1,999

Boat Airdopes Loop.

Boat has expanded its audio portfolio with the launch of its open-ear earbuds – Airdopes Loop – in India. These new wireless earbuds come with up to 50 hours of battery life with quick charge support, Quad Mic with ENX technology, IPX4 rating and a clip-on accessory. Boat Airdopes Loop price and availabilityBoat has priced the open ear earbuds at Rs 1,999 and is available for purchase via company’s official website along with leading online storefronts as well as offline stores. The earbuds are available in three colour options – Pearl White, Lavender Mist and Cool Grey. Boat Airdopes Loop: FeaturesBoat Airdopes Loop features a Quad Mic with ENX technology for clear calls. Boat claims that this technology helps users take clear calls even in noisy surroundings. Apart from this, the earbuds are rated to deliver up to 50 hours of battery life with Type-C charging port with fast charging support. The earbuds also support an Ambient Sound feature that users stay aware when outdoors. Apart from that, the earbuds also come with dual EQ modes and a dedicated Private listening more. Boat claims that the Airdopes has 40ms low latency for lag-free listening experience and gaming. The earbuds are also IPX4 splash and sweat resistance.

2024-11-25 21:50

2024-11-25

21:50

moneycontrol.com

https://www.moneycontrol.com/news/world/israeli-cabinet-to-convene-on-november-26-to-discuss-ceasefire-with-lebanon-officials-say-12875681.html

Israeli cabinet to convene on November 26 to discuss ceasefire with Lebanon, officials say

US news website Axios reported earlier that Israel and Lebanon had agreed to the terms of a deal to end the Israel-Hezbollah conflict..

The Israeli cabinet will convene on Tuesday to approve a Lebanon ceasefire deal, a senior Israeli official told Reuters on Monday. Another Israeli official told Reuters the cabinet would convene to discuss a deal that could be cemented in the coming days. US news website Axios reported earlier that Israel and Lebanon had agreed to the terms of a deal to end the Israel-Hezbollah conflict.

2024-11-25 21:47

2024-11-25

21:47

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/cabinet-approves-continuation-of-atal-innovation-mission-till-march-2028-12875679.html

Cabinet approves continuation of Atal Innovation Mission till March 2028

The continuation of AIM will directly contribute to creating better jobs, innovative products, and high-impact services across sectors.Related stories.

The Cabinet on Monday approved the continuation of Niti Aayog's flagship initiative Atal Innovation Mission (AIM), with an enhanced scope of work and allocated budget of Rs 2,750 crore, till March 31, 2028. According to an official statement, AIM 2.0 is a step towards Viksit Bharat that aims to expand, strengthen, and deepen India's already vibrant innovation and entrepreneurship ecosystem. The statement said while building on the accomplishments of AIM 1.0, such as Atal Tinkering Labs (ATL) and Atal Incubation Centers (AIC), AIM 2.0 marks a qualitative shift in the mission’s approach. "Whereas AIM 1.0 involved implementing programmes that built new innovation infrastructure to strengthen India's then-nascent ecosystem, AIM 2.0 involves piloting new initiatives designed to fill gaps in the ecosystem and scaling successes through central and state governments, industry, academia and community," it added. AIM 2.0 is designed to strengthen India’s innovation and entrepreneurship ecosystem in three ways by increasing input, by improving the success rate or 'throughput', and by improving the quality of 'output', it noted. With India at 39th rank on the Global Innovation Index and home to the world's third-largest startup ecosystem, the statement said the next phase of AIM 2.0 is expected to further enhance India's global competitiveness. The continuation of AIM will directly contribute to creating better jobs, innovative products, and high-impact services across sectors, it added. AIM 2.0 aims to break the language barrier through the Language Inclusive Program of Innovation (LIPI) and 30 vernacular innovation centres. The statement said AIM 2.0's frontier programme will create customized templates for the innovation and entrepreneurship ecosystems of Jammu and Kashmir (J&K), Ladakh, the North Eastern states (NE), aspirational districts and blocks where 15 per cent of India’s citizens live. "2,500 new ATLs will be created for template development," it added.

2024-11-25 21:45

2024-11-25

21:45

moneycontrol.com

https://www.moneycontrol.com/news/india/cabinet-approves-two-hydro-power-projects-in-arunachal-pradesh-with-rs-3700-crore-investment-12875669.html

Cabinet approves two Hydro power projects in Arunachal Pradesh with investment of Rs 3,700 crore

Ashwini Vaishnaw.Related stories.

Union Minister Ashwini Vaishnaw announced on November 25 that the Cabinet has approved an investment proposal for the construction of the 186 MW Tato-I Hydro Electric Project in Shi Yomi District of Arunachal Pradesh with an outlay of Rs 1750 crore and a completion period of 50 months. The project with an installed capacity of 186 MW (3 x 62 MW) would produce 802 million units (MU) of energy. Power generated from the two projects will help improve the power supply position in Arunachal Pradesh and will also help in balancing the national grid, Vaishnaw said. The project will be implemented through a joint venture between North Eastern Electric Power Corporation Ltd (NEEPCO) and the Government of Arunachal Pradesh. The Centre will extend Rs 77.37 crore asbudgetary support for the construction of roads, bridges, and associated transmission lines under enabling infrastructure besides Central Financial Assistance of Rs 120.43 crore towards the equity share of the state. “The state would benefit from 12 percent free power and another 1 percent towards Local Area Development Fund (LADF), besides significant infrastructure improvement and socio-economic development of the region,” the govt release stated. “There will be a significant improvement in infrastructure, including the development of around 10 kilometres of roads and bridges, for the project which shall be mostly available for local use. The district will also benefit from the construction of essential infrastructure such as hospitals, schools, vocational training institutes like ITIs, marketplaces, playgrounds, etc. to be financed from dedicated project funds of Rs.15 crore. Local populace shall also be benefitted from many sorts of compensations, employment, and CSR activities,” it added. The CCEA, chaired by Prime Minister Narendra Modi, also approved an investment of Rs 1,939 crore for another Heo Hydro Electric Project (HEP) that will come up in Shi Yomi District of Arunachal Pradesh. The project with an installed capacity of 240 MW (3 x 80 MW) would produce 1000 MU of energy. This too will be implemented through a joint venture between the state government and NEEPCO. The Government of India shall extend Rs 127.28 crore as budgetary support for the construction of roads, bridges, and associated transmission lines under enabling infrastructure, besides the Central Financial Assistance of Rs 130.43 crore towards the equity share of the state. The project, which aligns with Aatmanirbhar Bharat Abhiyan goals, would provide various benefits to local suppliers/ enterprises/ MSMEs. During the construction phase, it will require approximately 200 personnel from NEEPCO and around 400 workers from the contractor. Additionally, the project will create significant indirect employment opportunities for the local community through various small contracts and services during its execution. It would also employ people for operation and maintenance. Furthermore, its development would create employment in sectors such as transportation, tourism, and small-scale businesses.

2024-11-25 21:33

2024-11-25

21:33

moneycontrol.com

https://www.moneycontrol.com/news/india/pan-card-with-qr-code-soon-as-govt-approves-rs-1400-crore-revamp-project-12875665.html

PAN card with QR code soon as govt approves Rs 1,400-crore revamp project

The new project, worth Rs 1,435 crore, will enable technology driven transformation of taxpayer registration services and has significant benefits.

The Central government has approved PAN 2.0 project to enhance the digital experience of taxpayers, Union minister Ashwini Vaishnaw announced during Cabinet meet briefing on November 25. The new project, worth Rs 1,435 crore, will enable technology driven transformation of taxpayer registration services and has significant benefits including, ease of access and speedy service delivery with improved quality; single source of truth and data consistency; eco-friendly processes and cost optimization; and security and optimization of infrastructure for greater agility, a government press release said. Under PAN 2.0, a new card will be issued to taxpayers with a QR code, Vaishnaw said, adding that the whole upgradation exercise will be free of cost. The new project is an “e-Governance project” for re-engineering the business processes of taxpayer registration services through technology driven transformation of PAN/TAN services for enhanced digital experience of the taxpayers, the statement added. “This will be an upgrade of the current PAN/TAN 1.0 eco-system consolidating the core and non-core PAN/TAN activities as well as PAN validation service.”

2024-11-25 21:18

2024-11-25

21:18

moneycontrol.com

https://www.moneycontrol.com/technology/global-ai-conclave-capital-needed-for-robotics-and-ai-startups-huge-india-doesnt-have-that-kind-of-funds-today-says-artpark-co-founder-umakant-soni-article-12875658.html

Global AI Conclave: Capital needed for Robotics and AI startups huge, India doesn’t have that kind of funds today, says ARTPARK co-founder Umakant Soni

IISc panel at the event.Related stories.

Umakant Soni, chairman of AI Foundry and Co-founder of IISc’s ARTPARK, highlighted the challenges faced by robotics and artificial intelligence startups as they struggle to find enough funding support in India. ARTPARK is the research and entrepreneurial hub of IISc (Indian Institute of Science) Bengaluru, focused on robotics and AI startups. Started in 2020, ARTPARK has received several grants till date including seed funding from the Department of Science and Technology (DST) for over five years, Rs 60-crore grant from the Karnataka Government for five years and another Rs 78-crore from the Ministry of Heavy Industries. Speaking at CNBC-TV18 and Moneycontrol’s Global AI Conclave, Soni said, “These are critical grants. Without these seed grants you can’t get ARTPARK started. While these grants are great to start, but the capital requirement of the companies in AI and robotics are huge…That kind of capital we don’t have in India today, like a fund of funds focused on that area. Lot of things might change with the India AI Mission.” “Creating a guidance fund of Rs 10,000 crore or more will have a trickledown effect for startups. At ARTPARK, robotic startups have taken Rs 3-4 crore in grants to just find product-market fits,” he added. Need for building foundational models Both Soni and Bharadwaj Amrutur, the executive director of ARTPARK and professor at IISc spoke about the need for building foundational large language models (LLMs) in India, even as existing LLMs from global tech giants continue to provide a huge opportunity to build applications over it and is still untapped. This comes at a time when some of the biggest tech world voices in India including Infosys co-founders Narayana Murthy and Nandan Nilekani have said that India should focus on building use cases instead of trying to develop another LLM after spending billions of dollars. Amrutur explained, “LLM is actually a repository of knowledge which then provides it in an actionable form. If you don’t have control over it and if you start using that for your applications to take decisions, you are relying on someone else for curating that knowledge. This could be okay for a bulk of things but there could be a lot of specific strategic use cases where you don’t want to lose that control. Then there is of course the issue of bias.” He also noted another interesting area of bringing physical intelligence in Robotics that is yet to happen. “Creating foundational models in this area, LQMs (large quantitative models), is a huge opportunity where we should not be left behind. A lot of this data will come from simulations and computations like scientific AI, calculations, giving data etc.” Soni too addressed the risks of not having country’s own LLMs or foundational layers. Citing examples of “level 3” and “level 4” cars moving 1.4 billion Indians, he said there could always be the risk of the vehicles going rogue or facing technical glitches. And not having access to foundational models could mean risking data leaks and control over such incidents.

2024-11-25 21:15

2024-11-25

21:15

moneycontrol.com

https://www.moneycontrol.com/news/india/cabinet-launches-national-mission-on-natural-farming-with-investment-outlay-of-rs-2500-crore-12875667.html

Cabinet launches National Mission on Natural Farming with investment outlay of Rs 2,500 crore

Ashwini Vaishnaw.

The government on Monday announced a national mission to promote natural farming among one crore farmers across the country with a budget outlay of Rs 2,481 crore. The decision, taken in the Cabinet meeting headed by Prime Minister Narendra Modi, aims to create an ecosystem for sustainable farming. The scheme has a total outlay of Rs.2481 crore (Government of India share – Rs.1584 crore; State share – Rs.897 crore) till the 15th Finance Commission (2025-26). "There is a need to improve the quality of soil and maintain the health of the people with chemical-free food...The National Mission on Natural Farming is a path-breaking decision," Information and Broadcasting Minister Ashwini Vaishnav said in a media briefing after the meeting. The mission, with abudgetoutlay of Rs 2,481 crore, will cover 1 crore farmers across the country, he added. "NMNF aims at promoting NF practices for providing safe & nutritious food for all. The Mission is designed to support farmers to reduce input cost of cultivation and dependency to externally purchased inputs. Natural farming will build & maintain healthy soil ecosystems, promote biodiversity and encourage diverse cropping systems to enhance resilience as suitable to the local agroecology are the benefits of natural farming. NMNF is launched as a shift to scientifically revive and strengthen agriculture practices towards sustainability, climate resilience and healthy food for farmer families and consumers," according to a statement. In the next two years, NMNF will be implemented in 15,000 clusters in gram panchayats, which are willing, & reach 1 crore farmers and initiate natural farming (NF) in 7.5 lakh Ha area. Preference will be given to areas having prevalence of practising NF farmers, SRLM / PACS / FPOs, etc. Further, need-based 10,000 Bio-input Resource Centres (BRCs) will be set-up to provide easy availability and accessibility to ready-to-use NF inputs for farmers. Under NMNF, around 2000 NF Model Demonstration Farms shall be established at Krishi Vigyan Kendras (KVKs), Agricultural Universities (AUs) and farmers’ fields, and shall be supported by experienced and trained Farmer Master Trainers. The willing farmers will be trained in Model Demonstration Farms on the NF package of practices, preparation of NF inputs, etc. near their villages in KVKs, AUs and practising NF farmers’ fields. 18.75 lakh trained willing farmers will prepare inputs like Jeevamrit, Beejamrit, etc. by using their livestock or procure from BRCs. 30,000 Krishi Sakhis/ CRPs will be deployed for awareness generation, mobilisation and handholding of willing farmers in the clusters. Natural Farming practices will help farmers to reduce input cost of cultivation and dependency on externally purchased inputs while rejuvenating soil health, fertility & quality and building resilience to climate risks like waterlogging, flood, drought, etc. Farmers will be provided with an easy simple certification system and dedicated common branding to provide access to market their natural farming produce. Real time geo-tagged & referenced monitoring of NMNF implementation shall be done through an online portal. Convergence with existing schemes and support structures of the Government of India/ State Governments/ National & International Organisations shall be explored for enhancing local livestock population, development of NF Model Demonstration Farms at Central Cattle Breeding Farms/ Regional Fodder Stations, provide market linkages at district/ block/ GP levels through convergence for local farmers’ markets, APMC (Agricultural Produce Market Committee) Mandis, Haats, Depots, etc. Additionally, students will be engaged in NMNF through the RAWE program and dedicated Undergraduate, Postgraduate & Diploma courses on NF.

2024-11-25 21:15

2024-11-25

21:15

moneycontrol.com

https://www.moneycontrol.com/news/business/moneycontrol-consolidates-no-1-position-in-business-news-widens-gap-with-over-36-percent-bigger-audience-than-et-in-october-as-per-comscore-12875670.html

Moneycontrol consolidates No 1 position in business news, widens gap with over 36 percent bigger audience than ET in October as per Comscore

Earlier in October, Moneycontrol Pro, the platform’s subscription offering, crossed 1 million paying subscribers.

Moneycontrol has bolstered its position as India’s top destination for business, markets, and finance news, beating The Economic Times yet again, according to October readership data released by global digital audience measurement agency Comscore. Moneycontrol clocked 53.94 million unique visitors in October, as per Comscore, compared to 39.61 million unique visitors on ET. This gives Moneycontrol a commanding audience-share lead, bigger than ET by over 36 percent in unique visitors per month. Moneycontrol is ahead of ET on every major digital measurement metric. According to Comscore, the platform logged nearly twice as many page views in October 2024, at 491.5 million - compared with ET’s 250.8 million page views. Readers also spent significantly more time engaging with Moneycontrol’s content, cumulatively spending 458.6 million minutes on the platform in October, as per Comscore. This is over 50 percent higher than the time-spent by users on ET - 294.8 million minutes during the month. This huge gap highlights the depth of Moneycontrol’s audience connection and engagement. The latest Comscore numbers cement Moneycontrol’s position as India’s largest financial platform and go-to destination for trusted business news and insights. They are also a testament to its unwavering commitment to delivering high-quality, authoritative content that resonates with India’s investor and business community. Earlier in October, Moneycontrol Pro, the platform’s subscriptionoffering, crossed 1 million paying subscribers, bolstering its position as India’s largest news subscription platform and emerging among the top 15 worldwide.

2024-11-25 21:07

2024-11-25

21:07

moneycontrol.com

https://www.moneycontrol.com/news/india/cabinet-okays-one-nation-one-subscription-scheme-to-help-students-access-international-research-articles-12875668.html

Cabinet okays ‘One Nation One Subscription’ scheme to help students access international research articles

The initiative will open a goldmine of knowledge available in top quality scholarly journals to nearly 1.8 crore students, faculty, researchers and scientists of all disciplines, the government said.Related stories.

The Union Cabinet approved ‘One Nation One Subscription’, a new Central Sector Scheme for providing country-wide access to scholarly research articles and journal publications, with a total investment of Rs 6,000 crore over next three calendar years, 2025, 2026 and 2027. The scheme will provide country-wide access to international scholarly research articles and journal publications to students, faculty and researchers of all Higher Education Institutions managed by the central government and state governments and Research & Development Institutions of the central government, according to government statement released after the cabinet briefing on November 25. “The initiative will open a goldmine of knowledge available in top quality scholarly journals to nearly 1.8 crore students, faculty, researchers and scientists of all disciplines, including those in tier 2 and tier 3 cities, thereby encouraging core as well as interdisciplinary research in the country,” the statement added. "The initiative will expand access to scholarly journals to a vast diaspora of students, faculty, researchers and scientists of all disciplines, including those in tier 2 and tier 3 cities, thereby promoting core as well as interdisciplinary research in the country." ALSO READ:Cabinet launches National Mission on Natural Farming with investment outlay of Rs 2,500 crore A total of 30 major international journal publishers have been included under 'One Nation One Subscription', and nearly 13,000 e-journals published by these publishers will now be accessible to more than 6,300 government Higher Education Institutions and central government R&D institutions, the government said. "Access to journals will be provided through a national subscription coordinated by the Information and Library Network (INFLIBNET), an autonomous inter-university centre of the University Grants Commission (UGC) through an entirely digital process," it added.

2024-11-25 21:03

2024-11-25

21:03

moneycontrol.com

https://www.moneycontrol.com/news/world/bangladesh-detains-iskcon-monk-krishna-das-prabhu-bars-him-from-leaving-country-12875640.html

Bangladesh detains ISKCON monk Krishna Das Prabhu, bars him from leaving country

A file photo of missionaries and followers of International Society for Krishna Consciousness (ISKCON) temple during a protest against the attacks on Hindu minorities in Bangladesh, in New Delhi, in 2021. (Photo: PTI).Related stories.

Bangladeshi authorities on November 25 detained Hindu religious leader and ISKCON monk Chinmoy Krishna Das Brahmachari, aka Krishna Das Prabhu, at the Dhaka Airport. He has reportedly been barred from leaving Bangladesh and is currently at an undisclosed location, CNN-News18 reported. Information and Broadcasting Ministry official Kanchan Gupta took to social media platform X to announce the prominent Bangladeshi Hindu religious leader’s arrest and informed that the International Society for Krishna Consciousness (ISKCON) monk has been detained on sedition charges. Gupta, a senior advisor to the Ministry of Information and Broadcasting, wrote, “Hindu leader and ISKCON monk Chinmoy Krishna Das Brahmachari is reported arrested in Dhaka by Yunus (Nobel laureate and economist Muhammad Yunus) regime Police. Chinmoy Krishna Das Brahmachari was charged with sedition after he led a massive rally of Hindus protesting targeted hate attacks and demanding protection from Islamists. Tallest leader of the Hindu community, Chinmoy Krishna Das Brahmachari is believed to have been taken to Detective Branch of Yunus Regime.”Hindu leader and ISKCON monk Chinmoy Krishna Das Brahmachari is reported arrested in Dhaka by Yunus Regime Police.Chinmoy Krishna Das Brahmachari was charged with sedition after he led a massive rally of Hindus protesting targeted hate attacks and demanding protection fromKanchan Gupta (@KanchanGupta)November 25, 2024The CNN-News18 report cited sources as saying that a “few FIRs and investigations were pending against him (Krishna Das Prabhu)”. Meanwhile, Bengal BJP leader Suvendu Adhikari has urged External Affairs Minister S Jaishankar to take cognizance of the issue and take “urgent steps”. “Renowned firebrand Hindu Leader; Shri Chinmoy Krishna Das Prabhu has been abducted by the Detective Branch at Dhaka Airport in Bangladesh. He is leading the fight for the survival & dignity of the Hindu Minorities of Bangladesh. The Bangladeshi Sanatani Community fear that Md Yunus's 'Radical' Regime may stoop to any level, even eliminate 'perceived threats' to its authority. I urge Dr S Jaishankar to kindly take note of the matter and take urgent steps,” he wrote on X. Adhikari also shared a video of the Bangladeshi ISKCON monk in which he can be heard saying, “I request to all, anytime I would be arrested. You unitedly keep this movement alive.”Renowned firebrand Hindu Leader; Shri Chinmoy Krishna Das Prabhu has been abducted by the Detective Branch at Dhaka Airport in Bangladesh.He is leading the fight for the survival & dignity of the Hindu Minorities of Bangladesh.The Bangladeshi Sanatani Community fear that Mdpic.twitter.com/n5Bb6Zk2JMSuvendu Adhikari (@SuvenduWB)November 25, 2024

2024-11-25 20:36

2024-11-25

20:36

moneycontrol.com

https://www.moneycontrol.com/news/business/nfra-approves-various-auditing-standards-for-limited-liability-partnerships-12875654.html

NFRA approves various auditing standards for limited liability partnerships

Once the central government approves the proposals, the recommended standards will come into effect from April 1, 2026.Related stories.

The National Financial Reporting Authority (NFRA) on Monday said it has decided to recommend various auditing standards for Limited Liability Partnerships (LLPs). The 40 Standards of Auditing (SAs) and related Standards on Quality Management (SQM), which were finalised by the regulator earlier this month for audit of companies will be "applicable to the audit of LLPs on a mutatis mutandis basis," a press release said. During its meeting on November 11-12, the watchdog approved 40 SAs and related Standards on Quality Management. However, the Institute of Chartered Accountants of India (ICAI) members had opposed some of them. Eight members of NFRA attended the meeting on Monday. Out of them, seven members, including the representatives of the CAG, RBI, two independent experts — Narayanswamy, Retired Professor IIM Bangalore, and Sanjay Kallapur, Professor ISB, Hyderabad — supported the proposals. NFRA's chairperson and two full-time members also supported the proposals, the release said. Among the ICAI representatives, its president was present at the meeting, while two others conveyed their views through emails, according to the release. ICAI members expressed their reservations to "SQMs, SA 299, SA 600 and SA 800, 810, 805, as expressed by them earlier in respect of the SAs and SQMs finalised in the last meeting and which were reiterated in respect of the proposal under consideration for the audit of LLPs", the release noted. NFRA has a total of 12 members. While SA 299 relates to the liability of joint auditors, SA 600 pertains to the audit of group companies. SA 800 pertains to audits of financial statements prepared in accordance with special purpose frameworks, and SA 810 relates to engagements to report on summary financial statements. SA 805 pertains to audits of single financial statements and specific elements, accounts or items of a financial statement. Once the central government approves the proposals, the recommended standards will come into effect from April 1, 2026.

2024-11-25 20:12

2024-11-25

20:12

moneycontrol.com

https://www.moneycontrol.com/technology/nvidia-rolls-out-new-ai-model-which-creates-audio-from-text-article-12875655.html

Nvidia rolls out new AI model which creates audio from text

Nvidia.Related stories.

Continuing its charge in AI innovation, Nvidia has rolled out a new AI model which can create audio from text prompts. Called Fugatto, (Foundational Generative Audio Transformer Opus), it generates or transforms any mix of music, voices and sounds described with prompts using any combination of text and audio files. “While some AI models can compose a song or modify a voice, none have the dexterity of the new offering,” said Nvidia in a blog post. How will the model work? Fugatto can create a music snippet based on a text prompt, remove or add instruments from an existing song, change the accent or emotion in a voice. Furthermore, it can even let people produce sounds never heard before. “We wanted to create a model that understands and generates sound like humans do,” said Rafael Valle, a manager of applied audio research at Nvidia. Nvidia said that Fugatto was made by a diverse group of people from around the world, including India, Brazil, China, Jordan and South Korea. “Their collaboration made Fugatto’s multi-accent and multilingual capabilities stronger,” said the company. Who can use Fugatto? According to Nvidia, music producers could use Fugatto to prototype or edit an idea for a song, trying out different styles, voices and instruments. They could also add effects and enhance the overall audio quality of an existing track. Video game developers could use the model to modify prerecorded assets in their title to fit the changing action as users play the game. Also, Nvidia believes ad agencies could apply Fugatto to target an existing campaign for multiple regions or situations, applying different accents and emotions to voiceovers.

2024-11-25 20:12

2024-11-25

20:12

moneycontrol.com

https://www.moneycontrol.com/news/india/four-cheers-at-madhya-pradeshs-kuno-park-cheetah-neerva-gives-birth-to-cub-quartet-12875644.html

Four cheers at Madhya Pradesh’s Kuno park; cheetah Neerva gives birth to cub quartet

In the afternoon, the forest department had informed about the birth of cheetah cubs at the KNP without specifying their exact number.

Cheetah Neerva has given birth to four cubs at the Kuno National Park in Madhya Pradesh’s Sheopur district, Chief Minister Mohan Yadav said on Monday and hailed their arrival as a boost to the project that restored a species which vanished from India decades ago. Prior to this, 17 cheetah cubs had been born at the KNP, where the fastest land animal on Earth was translocated from Namibia more than two years ago. With 12 of those cubs surviving, the count of cheetahs was last reported to be 24. With the birth of four more cubs, their count has gone up to 16.”Today the Cheetah Project has achieved great success. In Kuno National Park of our – Cheetah State Madhya Pradesh – the female cheetah Neerva has given birth to four cubs, which is a great achievement not only for the state but also for the country,” Yadav stated in a post on X in the evening. He lauded forest department personnel involved in the Cheetah Project for their efforts in making the programme a success.In the afternoon, the forest department had informed about the birth of cheetah cubs at the KNP without specifying their exact number.”Good news from Kuno. Female cheetah Neerva has given birth to cubs in Kuno National Park located in Sheopur district,” the MP forest department said in a post on X.Last month, Chief Minister Yadav had shared information that a female cheetah at the park was pregnant and was expected to deliver cubs soon. On September 17, 2022, Prime Minister Narendra Modi released eight Namibian cheetahs – five females and three males – into enclosures at the KNP as part of the world’s first intercontinental translocation of the big cats, seven decades after they became extinct in India due to hunting and habitat loss.In February 2023, a dozen more cheetahs were translocated to the national park from South Africa as part of the central government’s project to reintroduce the big cats in the country.

2024-11-25 20:09

2024-11-25

20:09

moneycontrol.com

https://www.moneycontrol.com/news/business/personal-finance/health-insurance-hacks-heres-a-list-of-dos-and-donts-when-buying-a-medical-policy-12875621.html

Health Insurance Hacks: Here’s a list of dos and don’ts when buying a medical policy

Leaving the task of entering health details to agents can lead to omission of ailments, which can lead to claim rejection in future.Related stories.

Mis-selling in the insurance space has been a long-standing grievance of many a customer, and it has come under the spotlight once again due to concerns expressed by Finance Minister Nirmala Sitharaman and IRDAI (Insurance Regulatory & Development Authority of India) Chairman Debasish Panda at the recent State Bank of India conclave. Buying an unsuitable life insurance policy can result in your funds being locked in an illiquid instrument, or cause monetary losses if you were to make a premature exit. In the case of health insurance, a wrong choice of policy can lead to claim rejection when you are hospitalised with a critical illness or injury. Likewise, a significantly lower payout due to room rate restrictions in your policy will also be a major setback. Therefore, it is best to tread carefully and do your homework before buying a health policy. Here is a broad checklist that you can refer to before signing your health insurance contract. Cheapest may not be the best While the premium is a key parameter in your choice of policy, it should not be the prime consideration. Rising premiums are no doubt a cause for consternation among policyholders, but buying the cheapest policy is not a solution. For one, acheaper policy may not fulfil all your requirements— it could come with sub-limits on room rate, co-pay, and other restrictions, which means that you could end up with sub-optimal cover and  shell out a higher amount from your pocket at the time of claim settlement.  Moreover, your insurer might hike the premiums in future depending on their claim experience, your age,  and the prevailing healthcare inflation. Ergo, what seems cheap now may turn out to be expensive in future. Also read:How to pick the health insurance policy that really matters Not disclosing ‘benign’ health conditions Do not assume that your occasional blood sugar spikes or consistently higher-than-normal cholesterol levels are ‘regular’ health conditions that do not need to be disclosed. It is best to be completely transparent when it comes to declaring your health history at the time of policy purchase. Also, never make the mistake of letting your agent fill up your proposal form to prevent inadvertent omission of ailments. Either due to the desire to conclude the sale or out of ignorance, agents might not disclose the nuts and bolts of your health story. Ensure that you are equally careful with these disclosures while porting your policy — switching from one insurer to another. Do not assume that your existing insurance company will pass on your health records to the new company. This might come back to haunt you later at the time of settlement. Not only can it lead to claim rejection even if you are hospitalised for an unrelated ailment, the company can also cancel your policy citing breach of contract terms. However, they will not be able to reject claims on the grounds of suchnon-disclosure after the moratorium period of five years. Also read:How not disclosing pre-existing ailments can affect your claim, policy renewal Claim settlement recordIf your agent is focussing solely on premiums and features, make it a point to enquire about the insurance company’s claims paid and rejected record. Though other parameters also play a role, the claims paid ratio deserves substantial weightage in your assessment of an insurer. In general, the higher the claims paid ratio, the better the chances of your claims being settled. Study the clauses yourself Finally, do not be satisfied with your agents’ description of your policy features and restrictions. Make the effort to study the key clauses. If going through the entire set of policy wordings seems like a cumbersome affair, refer to the more concise customer information sheet (CIS), which insurers have to mandatorily issue as per IRDAI rules. They have to list all exclusions, besides sub-limits such as room rate caps, proportionate deduction, co-pay (where the policyholder has to bear a part of the claim burden), deductibles (the initial expense limit up to which the policy will not pay the claim), and so on.

2024-11-25 20:03

2024-11-25

20:03

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/orbimed-backed-suraksha-diagnostic-files-rhp-ipo-to-hit-dalal-street-on-november-29-12875631.html

OrbiMed-backed Suraksha Diagnostic files RHP, IPO to hit Dalal Street on November 29

Suraksha Diagnostic IPO.Related stories.

OrbiMed-backed diagnostic services provider Suraksha Diagnostic has filed red herring prospectus on November 25, opening its maiden public issue for subscription on November 29. The price band details will be disclosed on November 26. The IPO consists of entirely an offer-for-sale of 1.91 crore equity shares by the existing shareholders, with no fresh issue component. Thus, the entire issue proceeds (excluding offer expenses) will go to promoters and investor. Promoters Somnath Chatterjee, Ritu Mittal, and Satish Kumar Verma will be selling 21.32 lakh shares each in the offer-for-sale, while investor OrbiMed Asia II Mauritius will be offloading 1.06 crore shares. The remaining 21.32 lakh shares will be sold by Munna Lal Kejriwal, and Santosh Kumar Kejriwal. The anchor book of the IPO for institutional investors will be opened for a day on November 28, while the bidding for IPO by all categories of investors will close on December 3. Global investor OrbiMed Asia II Mauritius is the largest shareholder in the company with a 33.35 percent stake, while promoters of the company - Dr Somnath Chatterjee, Ritu Mittal and Satish Kumar Verma - own 44.02 percent stake. Suraksha Diagnostic that competes with listed entities like Dr Lal PathLabs, Metropolis Healthcare, Thyrocare, and Vijaya Diagnostic operates diagnostic chain in West Bengal, Bihar, Assam, and Meghalaya, offering pathology and radiology testing, and medical consultation services. Click Here To ReadAll IPO News Its operational network consists of flagship central reference laboratory, 8 satellite laboratories, and 215 customer touchpoints (including 49 diagnostic centres, and 166 sample collection centres (primarily franchised)) in the above-mentioned states. The Kolkata-based diagnostic services provider has recorded consolidated net profit at Rs 23.6 crore for the year ended March 2024, increasing sharply by 262.6 percent compared to Rs 6.5 crore in FY23, with healthy operating numbers. Revenue during the fiscal grew by 15 percent to Rs 218.7 crore compared to previous fiscal, while EBITDA (earnings before interest, tax, depreciation and amortisation) jumped 59.5 percent to Rs 70 crore with margin expanding by 893 bps to 32.03 percent during the same period. Its profit in three months period ended June 2024 stood at Rs 7.94 crore on revenue of Rs 60.73 crore. Suraksha Diagnostic shares will be available for trading on the BSE and NSE, effective December 6. The merchant bankers handling the public issue are ICICI Securities, Nuvama Wealth Management, and SBI Capital Markets.

2024-11-25 19:53

2024-11-25

19:53

moneycontrol.com

https://www.moneycontrol.com/sports/sport-giant-real-madrid-seeks-to-open-door-for-outside-investors-article-12875622.html

Sport giant Real Madrid seeks to open door for outside investors

Real Madrid chairman Florentino Pérez. Bloomberg.Related stories.

Real Madrid, the 15-time European football champion, is seeking a major corporate shake-up that would hand over ownership to club members, effectively opening the door to third-party investors. Under the proposal, members will become “the true owners of the club,” Chairman Florentino Pérez said during Real Madrid’s general assembly Sunday, without providing further details. “We have 100,000 members and we can distribute an asset that I believe is worth more than €10 billion ($10.5 billion)” among them, he said, adding that the proposal will be put up to a members’ vote. Real Madrid is currently a non-profit club formed by hundreds of fee-paying fans — a system that blocks private investors from owning stakes in it as the fans don’t own shares. While this fan ownership set-up is a rarity among Europe’s top football teams, Real Madrid’s main rival Barcelona is also a non-profit club. Under Pérez, who has chaired the club since 2009 and also held the job between 2000 and 2006, Real Madrid cemented its position as Europe’s most successful club. But during his tenure, Pérez has also clashed with football officials in Spain and Europe and at rival clubs over how the business of the sport should be managed. Pérez, a billionaire construction businessman, was one of the masterminds behind a failed attempt in 2021 by a group of European teams to create a new tournament outside the control of UEFA, the continent’s governing football body. Most teams ended up pulling out of the project amid protests from fans, but Pérez continues to defend it and says it’s necessary to improve the way revenues are generated and split among teams. There are currently four clubs owned by members in the Spanish top-tier league — Real Madrid, Barcelona, Athletic Club de Bilbao, and Osasuna. In 2021, the non-profit clubs held out against a league deal to sell its broadcast rights to buyout firm CVC Partners for 50 years. Most of Europe’s largest teams are owned by private investors, corporations or sovereign wealth funds. In Germany it’s common to have a hybrid model in which fans own a majority of a club and investors hold a minority. Because he doesn’t own a stake in Real Madrid, Pérez doesn’t put any of his own money into the club — unlike other investors who run teams across Europe who can cover expenses out of their own pocket. Pérez is elected by members and the club must cover expenses with the funds it generates.

2024-11-25 19:52

2024-11-25

19:52

moneycontrol.com

https://www.moneycontrol.com/technology/hmd-fusion-launched-with-smart-outfits-right-to-repair-108mp-camera-and-more-at-an-introductory-price-of-rs-15999-article-12875428.html

HMD Fusion launched with Smart Outfits, right to repair, 108MP camera, and more at an introductory price of Rs 15,999

HMD Fusion.Related stories.

HMD Global has introduced the HMD Fusion, a smartphone with attachable Smart Outfits that transform its functionality and design. Priced at Rs 17,999, the device will be available at a limited-time launch price of Rs 15,999 on Amazon starting November 29, 12:01 PM. It includes complimentary HMD Casual, Flashy, and Gaming Outfits worth Rs 5,999. HMD Fusion: Features The HMD Fusion features a 108MP rear camera, a 50MP selfie camera, and photography tools such as Night Mode 3.0, gesture-based selfies, and Flash Shot 2.0. Powered by the Snapdragon 4 Gen 2 processor, the phone comes with 8GB RAM, expandable storage up to 256GB, and a 6.56-inch HD+ HID display with a 90Hz refresh rate. A standout feature is its Right to Repair - Gen2, allowing users to replace parts like the display or battery with basic tools, promoting sustainability. It packs a 5000mAh battery with an in-box 33W fast charger. Smart Outfits enhance customization and utility: • Gaming Outfit: Features physical buttons and joysticks for improved gameplay.• Flashy Outfit: A foldable RGB LED flash ring with 16 million color options for selfies.The phone runs Android 14 and includes two years of OS updates and three years of security patches. HMD has partnered with Digital Turbine and Aptoide to offer an enhanced gaming experience, with a dedicated “Play with your HMD Gaming Outfit” section in the Aptoide store.Ravi Kunwar, CEO & VP, India & APAC, HMD Global, said, “The HMD Fusion adapts to the needs of its users, making it more than just a smartphone. Whether you’re a gamer or a content creator, it transforms effortlessly to match your lifestyle.”

2024-11-25 19:33

2024-11-25

19:33

moneycontrol.com

https://www.moneycontrol.com/news/india/railways-recruited-5-lakh-employees-since-2014-ashwini-vaishnaw-12875620.html

Railways recruited 5 lakh employees since 2014: Ashwini Vaishnaw

Railway Minister Ashwini Vaishnaw.

Railway Minister Ashwini Vaishnaw on Monday said the department recruited five lakh employees in the last decade – a number slightly higher than the previous decade. He made the statement at the national convention of the All India SC/ST Railway Employees Association, held on Ajani Railway Ground in Nagpur. The minister said the recruitment number between 2004 and 2014 was 4.4 lakh. He also highlighted the introduction of an annual recruitment calendar for the first time in Indian Railways’ history.According to a press release, the event was attended by the association president B L Bhairava, Central Railway General Manager Dharamveer Meena, and South East Central Railway General Manager Neenu. It said Vaishnaw also appreciated Prime Minister Narendra Modi’s gesture of giving a bow to the Constitution before entering Parliament. ”Respect for the Constitution goes beyond symbolism; it is reflected in action,” he said ahead of the Constitution Day on Tuesday.The minister said 12,000 general coaches are currently under production.Vaishnaw at the event unveiled a souvenir commemorating the association’s efforts and earlier paid his tributes to Dr BR Ambedkar at the Central Memorial in Deekshabhoomi. The two-day convention will conclude tomorrow on Constitution Day.

2024-11-25 19:08

2024-11-25

19:08

moneycontrol.com

https://www.moneycontrol.com/news/india/google-maps-fatal-accident-google-india-says-cooperating-with-authorities-12875267.html

Google Maps fatal accident: Google India says cooperating with authorities

The incident occurred on November 24 at around 10 a.m. on the Khalpur-Dataganj road.

Tech giant Google said it is cooperating with authorities after a tragic incident in Uttar Pradesh’s Bareilly district, where three individuals lost their lives.The victims’ car reportedly followed a Google Maps route leading to an under-construction bridge, which resulted in the vehicle plunging into the Ramganga river. “Our deepest sympathies go out to the families. We are working closely with the authorities and providing our support to investigate the issue,” a Google India spokesperson said in a statement to Moneycontrol. The incident occurred on November 24 at around 10 a.m. on the Khalpur-Dataganj road. The victims were traveling from Bareilly to Dataganj when the car drove off the damaged section of the partially constructed bridge. Police suspect the navigation system directed the driver to the unsafe route. “Floods earlier this year caused the front portion of the bridge to collapse into the river, but this change was not reflected in the navigation system,” said Circle Officer Ashutosh Shivam. He further noted that the lack of safety barriers and warning signs near the bridge contributed to the fatal accident. Emergency response teams from Faridpur, Bareilly, and Dataganj police stations recovered the vehicle and the victims’ bodies from the river. The bodies have been sent for post-mortem, and an investigation is ongoing. Authorities are examining the lack of updates in the navigation system and the absence of proper safety measures at the accident site

2024-11-25 19:05

2024-11-25

19:05

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/eqt-backed-indira-ivf-is-said-to-weigh-400-million-mumbai-ipo-12875612.html

EQT-backed Indira IVF is said to weigh $400 million Mumbai IPO

A share sale could value the IVF clinic operator at about $2.5 billion.

EQT AB is considering an initial public offering for Indira IVF that could raise about $400 million, according to people familiar with the matter. The Stockholm-based investment firm is working with arrangers to help prepare for an IPO in Mumbai as soon as next year, the people said, asking not to be identified because the matter is private. A share sale could value the IVF clinic operator at about $2.5 billion, they said. Considerations are preliminary and no final decisions have been made, the people said. Details such as size, value and timing may change, they said. A representative for EQT declined to comment, while Indira IVF didn’t immediately respond to a request seeking comment. Indira IVF runs more than 150 fertility centers across India with over 290 IVF specialists, according to its website. EQT acquired a controlling stake in Indira IVF last year from TA Associates and the company’s founders, who retained a minority stake and continued leading the business. Founded in 1988 by Ajay Murdia, Indira IVF says it is India’s biggest provider of fertility services, completing about 40,000 IVF cycles annually. India is one of the world’s fastest-growing markets for assisted reproductive technology services and significantly under-served compared with more developed markets. Infertility rates in India are about 15% and expected to rise, EQT said in a statement when it acquired its stake in Indira IVF in 2023.

2024-11-25 19:04

2024-11-25

19:04

moneycontrol.com

https://www.moneycontrol.com/news/india/creditors-recover-rs-3-55-lakh-crore-till-sept-under-insolvency-law-12875611.html

Creditors recover Rs 3.55 lakh crore till September under insolvency law

Representative image.

Creditors have recovered around Rs 3.55 lakh crore through resolution of 1,068 cases under the insolvency law till September this year, the government said on Monday. In a written reply to the Lok Sabha, Minister of State for Corporate Affairs Harsh Malhotra also said that a total of 1,963 CIRP cases are ongoing and out of them, 1,388 have exceeded the time limit of 270 days. CIRP refers to the Corporate Insolvency Resolution Process. The minister emphasised that realisation under the IBC is market driven and dependent on the quality of assets at the time of resolution. "A total of 1,068 cases have been resolved under the Insolvency and Bankruptcy Code, 2016 (IBC) leading to a recovery of about Rs 3.55 lakh crore to the creditors since the inception of IBC till September 2024," he said. So far, six amendments have been made to the IBC to strengthen the resolution process and to ensure proper implementation of provisions of the law. The Insolvency and Bankruptcy Board of India (IBBI) has made more than 100 amendments to regulations since the inception of the IBC.

2024-11-25 19:01

2024-11-25

19:01

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/fiis-turn-net-buyers-after-38-consecutive-sessions-buy-shares-worth-rs-9948-crore-12875605.html

FIIs turn net buyers after 38 consecutive sessions, buy shares worth Rs 9,948 crore

During the trading session, DIIs bought Rs 17,625 crore and sold shares worth Rs 24,533 crore, and FIIs purchased Rs 85,252 crore in shares while offloading equities worth Rs 75,305 crore..Related stories.

After 38 consecutive sessions of selling, FIIs turned net buyers on November 25 after both benchmark indices gained on positive market sentiment post the elections in Maharashtra and the MSCI rejig. Domestic institutional investors (DIIs) net sold shares worth Rs 6,908 crore, while on the other hand, foreign institutional investors (FIIs) net bought shares worth Rs 9,948 crore, provisional data from NSE showed. DIIs turned net sellers after consistently buying for 13 straight sessions. During the trading session, DIIs bought Rs 17,625 crore and sold shares worth Rs 24,533 crore, and FIIs purchased Rs 85,252 crore in shares while offloading equities worth Rs 75,305 crore. For the year so far, FIIs have net sold Rs 2.84 lakh crore, while DIIs have net bought Rs 5.56 lakh crore worth of shares. FIIs sold Rs 11,414 crore worth shares in the last week passing by, taking the total selling to Rs 1.55 lakh crore since October. Also read:Taking Stock: Sensex gains 993 pts, Nifty above 24,200 on clear mandate in Maharashtra Market view At close, the Sensex was up 992.74 points or 1.25 percent at 80,109.85, and the Nifty was up 314.60 points or 1.32 percent at 24,221.90. HDFC Bank was one of the biggest gainers today post the MSCI (Morgan Stanley Capital International) index rejig due to the much anticipated increase in its weightage, which was expected to bring in an estimated $1.88 billion of passive inflows. MSCI had announced this weightage adjustment earlier this year, implementing it in two stages. The August rejig was estimated to bring in $1.8 billion in foreign inflows. Shares for HDFC closed at Rs 1,785.6, up 2.3 percent. Other stocks expected to bring in flows include Kalyan Jewellers, Alkem Laboratories and Oberoi Realty. ONGC, BPCL, Bharat Electronics, SBI, and L&T were among the top gainers on the Nifty, while losers were JSW Steel, Infosys, Bajaj Auto, Tech Mahindra, and Asian Paints. Amidst sector, the biggest gainers included oil & gas, realty, capital goods, and PSU bank indices, which closed 2-4 percent higher. In a report on November 24, analysts at Motilal Oswal had hinted that the BJP-led NDA's electoral win could help boost investor sentiment. “This poll result, coupled with improving rural demand post a good monsoon and expected strong Kharif output, could set the stage for a mini risk-on rally,” Motilal Oswal said. In a conversation with Moneycontrol, Kotak AMC's Nilesh Shah had noted that the election results could boost the confidence in the government's ability to push through reforms. "It could also help restore foreign investor confidence, as many foreign investors had been aggressively selling over the past two years and were underweight on India," he had said.

2024-11-25 18:57

2024-11-25

18:57

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/loss-making-thyssenkrupp-steel-to-slash-11000-jobs-by-2030-12875610.html

Loss-making Thyssenkrupp Steel to slash 11,000 jobs by 2030

Germany's largest steelmaker is under pressure from cheaper Asian competitors, high power prices and a cooling global economy, leading to operating losses in four of the past five years..

Thyssenkrupp Steel plans to cut 5,000 jobs by 2030 and an additional 6,000 jobs through the sale of business activities or transfer to external service providers, the company said on Monday. Germany's largest steelmaker is under pressure from cheaper Asian competitors, high power prices and a cooling global economy, leading to operating losses in four of the past five years. "Urgent measures are required to improve Thyssenkrupp Steel's own productivity and operating efficiency and to achieve a competitive cost level," the company said in a statement.

2024-11-25 18:52

2024-11-25

18:52

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/wipro-announces-new-ceo-for-europe-strategic-market-unit-12875320.html

Wipro appoints Omkar Nisal as Europe CEO, succeeding Pierre Bruno

Omkar last served as the senior vice president and managing director of the UK and Ireland, managing a regional P&L of over a billion dollar.Related stories.

Information technology major Wipro on November 25 appointed Omkar Nisal as its new Europe Chief Executive Officer, succeeding Pierre Bruno. "Pierre Bruno shall cease to be Chief Executive Officer for Europe Strategic Market Unit and as Senior Management Personnel with effect from close of business hours of November 25, 2024," the company said in an exchange filing. Bruno is the fourth big departure from the Wipro stable after SrinivasPallia took charge on April 6from Thierry Delaporte. While Chief Technology Officer Subha Tatavarti resigned on August 12, Chief Operating Officer Amit Choudhary and Asia Pacific, India, Middle East, and Africa (APMEA) president Anis Chenchah resigned in May. Interestingly, Choudhary, Chenchah, and Delaporte have all worked in the France-headquartered Capgemini. Moreover, Bruno, Tatavarti, Choudhary, and Chenchah were all appointed during Delaporte's tenure at the helm of Wipro. Meanwhile,  Omkar will report to CEO and MD Srini Pallia and will also join the Wipro Executive Board, and will continue to be based in London. Omkar has been with Wipro since 2012, and successfully ran the Bengaluru-based company's Banking-EMEA business, working closely with large and niche financial institutionsacross UKI, Europe, the Middle East, and Africa. "This included enabling them through their digital transformation with a significant focus on customer journey redesign, enterprise engineering, ways of working, and AI-led automation," the company said in a release. He most recently served as the Senior Vice President and Managing Director of the UK andIreland, managing a regional accounting book of over a billion dollars. “Omkar’s strategic vision, combined with a strong understanding of the European marketdynamics, well positions him to lead our ambitious plans for growth and expansion. With astrong customer-centric approach, Omkar will help build a resilient and adaptable organizationpoised for sustainable growth in the region,” Pallia was quoted as saying in the release. “I would like to thank Pierre for his leadership over the last four years, during which we madesignificant inroads into the European market. He will continue through the coming months,working closely with Omkar and me to ensure a smooth transition,” Pallia added. Omkar, an honors graduate in Computer Science, continues to be a deep technologist at heart,having applied for patents in the areas of channels, anti-money laundering, and fraud detection. In 2023, the company saw another high-profile exit in the form of its Chief Financial Jatin Dalal. He joined Cognizant Technology Solutions soon after, only to be sued by his former employer. However, both parties settled the non-compete lawsuit, filed by Wipro, on July 9. Accordingly, Cognizant paid $505,087 to Dalal to settle the lawsuit and related arbitration. In 2023 alone, Wipro lost over 10 of its senior leaders including chief growth officer Stephanie Trautman, chief financial officer Jatin Dalal, chief operations officer Sanjeev Singh, among others. Also read:Srinivas Pallia’s ascent to Wipro CEO will ensure smooth transition, say industry experts

2024-11-25 18:38

2024-11-25

18:38

moneycontrol.com

https://www.moneycontrol.com/news/business/kia-india-aims-to-double-ckd-exports-by-2030-eyes-middle-east-africa-markets-12875608.html

Kia India aims to double CKD exports by 2030; eyes Middle East, Africa markets

Kia India is one of the key export hubs for the South Korea-based Kia corporation.

Kia India on Monday said it is eyeing markets in the Middle East and Africa as it aims to double the export of completely knocked down (CKD) units by 2030. To date, the automaker has exported one lakh units of CKD vehicles since it began shipments in June 2020 from its manufacturing facility at Anantapur in Andhra Pradesh. Kia India is one of the key export hubs for the South Korea-based Kia corporation, accounting for 50 percent of its CKD exports worldwide. In a statement, Kia India Chief Sales Officer Joonsu Cho said the automaker is grateful for the government's export-friendly policies, which have played a crucial role in strengthening country's position within the global automotive value chain. "Looking ahead, we aim to expand our CKD footprint to the Middle East and Africa, to double our export volume by 2030," he noted. The company is looking to export over 38,000 CKD units across Uzbekistan, Ecuador, and Vietnam markets this year, the automaker said. Cumulatively, the company has exported 3.67 lakh units so far from the country.

2024-11-25 18:36

2024-11-25

18:36

moneycontrol.com

https://www.moneycontrol.com/news/business/earnings/acme-solar-holdings-q2-profit-plunges-60-to-rs-15-crore-12875597.html

ACME Solar Holdings Q2 profit plunges 60% to Rs 15 crore

Total income also declined to Rs 295.14 crore from Rs 356.95 crore..

ACME Solar Holdings on Monday reported over 60 per cent fall in consolidated net profit at Rs 15.29 crore for September quarter FY25 mainly due to lower revenues. It had logged a net profit of Rs 38.63 crore in the year-ago period, as per a BSE filing by the company. Total income also declined to Rs 295.14 crore from Rs 356.95 crore. ACME Solar Holdings has a diversified portfolio across solar, wind, hybrid and Firm and Dispatchable Renewable Energy (FDRE) projects. The company is one of the top 10 renewable energy independent power producers in India with an operational capacity of 2,540 MW and under construction capacity of 4,180 MW. PTI KKS KKS ANU ANU

2024-11-25 18:32

2024-11-25

18:32

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/grid-equipments-offers-8-38-in-ge-vernova-td-via-ofs-at-rs-1550-floor-price-12875606.html

Grid Equipments offers 8.38% in GE Vernova T&D via OFS at Rs 1,550 floor price

For the September quarter, GE Vernova T&D saw an order book of Rs 4,680 crore, up 333% on year..

Grid Equipments, one of promoter entities of GE Vernova T&D, will be selling up to 8.38% stake in the transmission and distribution company through an Offer For Sale (OFS) at a floor price of Rs 1,550 per share. GE Vernova T&Dinformed investors through an exchange filing on November 25 that the number of shares being offered under the OFS is 1.40 crore, or 5.47% of the paid up equity capital, with a green shoe option of 2.91% of the total paid up capital, totalling up to 2.14 crore equity shares. JP Morgan India is the broker the the Offer For Sale, and the issue will open on November 26, lasting over two trading days. Only non-retail investors shall be allowed to place their bids on November 26. GE T&D said 10% of the offer shares shall be reserved for allocation to retail investors. The company, part of the GE Vernova group, is the listed entity of GE’s Grid Solutions business in India. GE Vernova's 2023 revenue was $33 billion, employing over 75,000 people, and present in over 100 countries. For the September quarter, GE T&D saw an order book of Rs 4,680 crore, up 333% on year.

2024-11-25 18:28

2024-11-25

18:28

moneycontrol.com

https://www.moneycontrol.com/technology/apple-to-sell-its-macbook-pro-speakers-separately-with-repairs-about-to-get-cheaper-all-the-details-article-12875458.html

Apple to sell its MacBook Pro speakers separately, with repairs about to get cheaper: All the details

Apple-MacBook-Pro-M4-lineup.

Most Apple users in recent years have complained of excessive repair costs by the company, especially if anyone wants to repair MacBook Pro speakers. Previously, a damaged speaker on a MacBook Pro meant an upper body replacement as Apple replaced a significant portion of the laptop’s chassis to replace and install a new one. Apple to sell MacBook speakers as standalone components However, according to a new report by MacRumors, Apple is now offering speakers as individual repair parts for its latest MacBook Pro models with the M4, M4 Pro, and M4 Max chips. This change comes as Apple faces increasing pressure to improve the repairability and make repair of its products more affordable. The Cupertino-based tech giant has recently expanded its self-service repair program and introduced tools and resources to make repairs more accessible to customers. Apple has also shared speaker repair manuals for the new MacBook Pro models on its website or self-repair store. Therefore, making the standalone speaker parts available means that repairing speakers will not be limited to technicians at Apple-authorized service providers. This is also the first time Apple has released separate MacBook Pro speaker parts separately since 2015. Whether this new approach for repairing or replacing speakers will extend to other Mac models, such as the MacBook Air, remains to be seen. However, this initial step suggests a positive direction for Mac users and Apple’s commitment to make its products more affordable.

2024-11-25 18:19

2024-11-25

18:19

moneycontrol.com

https://www.moneycontrol.com/news/india/ndas-performance-dismal-in-jharkhands-tribal-belt-only-one-of-28-nominees-wins-12875595.html

NDA’s performance dismal in Jharkhand’s tribal belt, only one of 28 nominees wins

Both Hemant Soren and Kalpana managed to create a wave of sympathy among the tribal electorate.Related stories.

The BJP-led NDA faced a major setback in Jharkhand’s 28 tribal constituencies, winning only one seat, even after fielding as many as 21 new faces in the just-concluded assembly polls. The JMM-led coalition, on the other hand, succeeded in igniting a strong tribal sentiment and emerged victorious in the rest of the 27 seats. This was the second consecutive setback for the BJP after the Lok Sabha polls when it faced a crushing defeat in all five tribal seats out of the state’s total 14 parliamentary constituencies. Hemant Soren's JMM-led alliance on Saturday stormed to power in Jharkhand for a second consecutive term, winning 56 seats in the 81-member assembly, despite an all-out blitz by the NDA, which managed only 24 seats. In the assembly elections, the JMM and Congress registered victory in 27 seats, while BJP managed to secure only Seraikela, which was won by former chief minister Champai Soren, who switched to BJP ahead of the assembly polls accusing JMM of disrespecting and humiliation. In the present assembly polls, JMM alone clinched 20 seats riding on a “sympathy wave by highlighting perceived injustices against Chief Minister Hemant Soren”, besides on the poll plank of populist schemes. Its ally Congress which failed to make its presence felt on any of the tribal seats in 2014 assembly seats and could win six in 2019, increased its share to seven seats this time. On the other hand, JMM’s influence on tribal seats has been on the rise since 2014. The party had won 13 seats that year, which rose to 19 in 2019. In 2014, the BJP had grabbed 11 tribal seats, which was reduced to only two seats in 2019. It was for the first time since Jharkhand’s creation in November 2000 that BJP lost the Khunti seat. BJP’s five-time legislator Neelkanth Singh Munda, who won the seat in 2000, 2005, 2009, 2014, and 2019, lost to JMM’s Ram Surya Munda by a margin of 42,053 votes. Champai’s son Babulal Soren who contested from Ghatshila seat and former union minister Arjun Munda’s wife Meera Munda who was fielded from Potka faced defeat. Babulal was defeated by JMM’s Ramdas Soren by a margin of 22, 446 votes while Meera lost to JMM’s Sanjib Sardar by 27,902 in Potka. Former Congress MP Geeta Kora, who embraced the saffron party ahead of Lok Sabha polls, also had to bite the dust at the hands of Congress’ Sona Ram Sinku, by a margin of 7,383 votes in the Jaganathpur seat. Besides, BJP’s former Lok Sabha MP Sudarshan Bhagat was defeated in Gumla by JMM’s Bhusan Tirkey by 26,301 votes, while BJP’s ex-Rajya Sabha MP Samir Oraon lost to JMM’s Chamra Linda by 32,756 votes in Bishunpur seat. Despite the BJP's campaign focusing on “Bangladeshi infiltration”, corruption as well as law and order issues, the JMM through its aggressive campaigns both by Hemant Soren and his wife Kalpana instilled faith in the 32 tribes of the state including eight PVTG (particularly vulnerable tribal groups) that they could take welfare measures in their interest. JMM’s populist schemes like Maiyan Samman Yojna, which provides financial assistance of Rs 1,000 to women in the 18-50-year age bracket and promises to increase it to Rs 2,500 post results, went well with the masses across the state. Soren waived farm loans up to Rs 2 lakh aimed at benefiting over 1.75 lakh farmers. Additionally, his government waived outstanding electricity bills and introduced a scheme providing free electricity for up to 200 units besides introducing welfare schemes like a universal pension. Both Hemant Soren and Kalpana managed to create a wave of sympathy among the tribal electorate, and despite the anti-incumbency sentiment, the BJP failed to capitalise on it, according to poll analysts. Political observer and head of political science department of Ranchi University Dr Bagish Chandra Verma told PTI, “The welfare schemes like Maiyan Samman Yojana helped INDIA bloc to galvanize tribal votes in its favour. On the other hand, BJP’s ‘mati, beti, roti (land, daughter and bread) slogan and infiltration issue could not connect to them, as these issues were raised only ahead of the election.” Insiders suggest that infighting within the BJP also contributed to their poor performance.

2024-11-25 18:10

2024-11-25

18:10

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/hul-approves-demerger-of-ice-cream-business-into-an-independent-listed-entity-12875567.html

HUL approves demerger of ice cream business into an independent listed entity

HUL.Related stories.

The board of Hindustan Unilever has granted an in-principle approval to the demerger of its ice cream business into a separate entity which will be listed independently, the company informed stock exchanges on November 25. "The decision to demerge is subject to approval of the Board and the shareholders to the scheme of demerger to be placed before the Board early next year. The Board considered different modes of separation of the Ice Cream business and after due consideration, with a view to maximise value for all the shareholders, the board has accorded in-principle approval to demerge the business," the company said. Shareholders will receive shares in the new entity in proportion to their shareholding inHUL, the statement added. The demerger is subject to approval of the board and the shareholders, and the scheme will be placed before the Board early next year. The board said it had considered different modes of separation of the ice cream business, and after due consideration, an in-principle nod was given to demerge the business, with a view to maximise value for all shareholders. In September, HUL had set up a committee to evaluate the way forward for the business. Based on the recommendations of this panel, the board had announced theseparation of the ice cream business in October. This is being updated.

2024-11-25 18:07

2024-11-25

18:07

moneycontrol.com

https://www.moneycontrol.com/news/business/tata-doubles-down-on-ev-ambitions-amid-market-slowdown-12875571.html

Tata doubles down on EV ambitions amid market slowdown

Despite a slowdown in the EV market, the company will continue to ramp up the Tata.ev showrooms in phases and is banking on the outlets to boost sales of battery-powered vehicles.Related stories.

Tata Motors Ltd is doubling down on its electric vehicle (EV) ambitions with the rollout of Tata.ev showrooms designed to offer an improved experience for customers, even as the EV market has hit a speed bump. These dedicated retail outlets, initially launched in six locations – two each in Gurgaon and Kochi and one each in Thrissur and Kannur, are designed to address the specific needs of electric vehicle buyers in a crowded market. Despite a slowdown in the EV market, the company will continue to ramp up the Tata.ev showrooms in phases and is banking on the outlets to boost sales of battery-powered vehicles. “The Tata.ev showrooms have been designed keeping in mind the specific needs of EV customers. We have added many elements in the store that would support us in addressing customer queries end to end, helping pass on learning and understanding of the EV technology, thereby enabling faster EV adoption,” stated Vivek Srivatsa, chief commercial officer of Tata Passenger Electric Mobility, the Electric Passenger Vehicle arm of Tata Motors. While the company’s franchisee partners started retailing the electric variants of Punch, Tiago, Tigor and Nexon at its EV outlets, it recently accommodated Currv EV (also available in the ICE version) since November. Srivatsa said this new retail strategy is allowing the company to make the EV purchase as a “high involvement” process. “It is the beginning of a relationship where, throughout the customer ownership cycle, we will be in touch with them. The focus here is more on the overall experience, and higher conversions are just an outcome of the same,” Srivatsa said. His comments come at a time when Tata Motors’ EV sales have been declining. Last month, the company sold 5,355 units of electric vehicles (including international business) compared with 5,465 in October 2023. Furthermore, its EV retail market share fell from 74 percent in October 2023 to 58 percent in October 2024, according to the data provided by the Federation of Automobile Dealers Associations (FADA). As per the data available on the Vahan website, 73,269 units of EVs were sold last year and around 78,308 units registered this year (YTD).Tata Motorsregistered 51,591 units of EVs last year and 50,047 units this year, according to Vahan data. Mixed views by analysts Puneet Gupta, Director (India & ASEAN Markets), Sales & Powertrain forecast, S&P Global, said Tata.ev is a strategic step towards future mobility and running dedicated EV-focused channels will enable car manufacturers to address those forward-looking customers more as compared to traditional ICE buyers. In his view, “The EV market is still evolving with many uncertainties, necessitating prompt and decisive action and, especially as India approaches its inflection point in EV adoption.” However, Avik Chattopadhyay, founder of brand consultancy firm Expereal and an auto industry expert, expressed scepticism about the effectiveness of this strategy. In his view, “Unless you have a new brand that demands a new experience, creating a new channel is not prudent. That is because it is the Tata brand that you want people to experience, so why should the experience differ irrespective of whether you explore a diesel or CNG or electric vehicle?” According to Real estate consultant Anarock Group, starting an EV franchise involves making a substantial financial commitment upfront. Apart from the initial investment in store rental and franchise fees, they need to set up specific in-store infrastructure.  It also believes that the timeframe for recovering the investment can range from two to three years in a favourable market. “An EV franchise store will deliver revenue streams from EV sales and related products and services as the franchisees contribute to the EV company’s infrastructure growth and market reach. Handled well, such a store becomes a successful and very effective brand ambassador and can also function as a hub for boosting awareness and trust toward embracing EV technology,” said Prashant Thakur, Regional Director & Head - Research, Anarock Group.

2024-11-25 18:00

2024-11-25

18:00

moneycontrol.com

https://www.moneycontrol.com/news/india/inoperative-epf-accounts-total-amount-up-5-fold-to-rs-8505-cr-in-6-years-12875417.html

Inoperative EPF accounts' total amount up 5 fold to Rs 8,505 cr in 6 years

The EPFO administers three social security schemes namely — Employees' Provident Fund Scheme 1952, Employees' Pension Scheme 1995 and Employees' Deposit Linked Insurance Scheme 1976.Related stories.

The total amount in inoperative employees' provident fund (EPF) has jumped over five fold to Rs 8,505.23 crore in financial year 2023-24 from Rs 1,638.37 crore in fiscal year 2018-19, Parliament was informed on Monday. In a written reply to Lok Sabha, the Minister of State Shobha Karandlaje stated that there are no unclaimed accounts in EPF scheme run by retirement fund body Employees' Provident Fund Organisation (EPFO). However, she stated that as per Para 72(6) of the Employees' Provident Fund Scheme, 1952, certain accounts are classified as 'Inoperative accounts'. She informed the House that as many as 21,55,387 inoperative EPFO accounts had Rs 8,505.23 crore in 2023-24. In 2018-19, there were 6,91,774 inoperative accounts which had Rs 1,638.37 crore. Similarly, in 2022-23, as many as 17,44,518 inoperative accounts had Rs 6,804.88 crore. She told the House that the EPFO will return the amount held in the inoperative accounts to the beneficiaries concerned. In 2023-24, the total amount of Rs 2,632.29 crore was settled, compared to Rs 2,673.97 crore in 2022-23, while it was Rs 2,881.53 crore in 2018-19. All such inoperative accounts have definite claimants and whenever such a member files a claim in EPFO, the same is settled after scrutiny, she stated. Several steps are being taken to raise awareness and improve the utilization of EPFO funds by employees through multimedia activities like educational videos, webinars, social media, print media, etc, the minister told the House. The EPFO administers three social security schemes namely — Employees' Provident Fund Scheme 1952, Employees' Pension Scheme 1995 and Employees' Deposit Linked Insurance Scheme 1976.

2024-11-25 17:59

2024-11-25

17:59

moneycontrol.com

https://www.moneycontrol.com/news/india/nsui-makes-comeback-at-helm-of-dusu-after-7-years-12875580.html

NSUI makes comeback at helm of DUSU after 7 years

The win marked a revival of the party's presence in the influential student body after a near-decade-long of domination by the ABVP.

Congress-backed National Students' Union of India (NSUI) staged a comeback in the Delhi University Students' Union (DUSU) elections after seven years, clinching the president and joint secretary positions. NSUI's Rounak Khatri emerged victorious in the presidential race, defeating RSS-backed Akhil Bharatiya Vidyarthi Parishad's candidate Rishabh Chaudhary by over 1,300 votes. Khatri got 20,207 votes while Chaudhary trailed with 18,864 votes. Celebrations erupted as the results were announced, with the Congress's student wing members gathering in large numbers, raising slogans, and cheering for their leaders. The win marked a revival of the party's presence in the influential student body after a near-decade-long domination by the ABVP. While NSUI swept two key posts, the ABVP managed to secure the vice president and retained the secretary position, securing a foothold inside the union. ABVP's vice president candidate Bhanu Pratap Singh secured 24,166 votes, while NSUI's Yash Nandal got 15,404 votes. Its Mitravinda Karanwal won the secretary's post securing 16,703 votes and defeating NSUI's Namrata Jeph Meena.

2024-11-25 17:58

2024-11-25

17:58

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/global-ai-conclave-2024-indian-saas-founders-talk-about-their-genai-strategy-12875482.html

Global AI Conclave 2024: Indian SaaS founders talk about their GenAI strategy

SaaS founders (From Left to Right) - Arvind Parthiban, cofounder SuperOps; Srividhya Srinivasan, cofounder Amagi, Aakrit Vaish, advisor IndiaAI Mission; Khadim Batti,cofounder Whatfix.Related stories.

From customer support service to specific functions like workflow automation, the generative artificial intelligence revolution isn't just knocking at the door of SaaS companies – it's already transformed their businesses, said multiple SaaS founders at the Moneycontrol Global AI Conclave held on November 22 in Bengaluru. As generative AI reshapes the software landscape, leading SaaS firms are racing to adapt, facing crucial decisions about everything from talent acquisition to their fundamental business models. "We were investing in building vision models even before ChatGPT was rolled out because we saw value in that. We looked at our current software stack and how we could involve AI in all those functions. We created training modules for all our key engineers to help them see how we can integrate AI in all our engineering functions," said Khadim Batti, cofounder and CEO of Whatfix. Softbank-backed Whatfix, a business-to-business digital adoption platform,is building its own generative artificial intelligence (Gen AI) vision modelfor its customers, which will be disruptive. The firm is also building AI Labs to train its engineers to innovate their existing functions with AI. “We created a separate environment itself to learn and use AI. We set up AI Lab and within that AI teams started working on some moonshots within AI that we can take advantage of,” Batti added. Similarly,SuperOps, an IT services automation and remote management startup, is using AI to drive value to its customers, which is helping in their monetisation strategies. "We are positioning our AI products as a value-add for our users, instead of straightaway introducing separate pricing. Rather than positioning it as an AI cost, we are letting our customers try it and see how they can drive value. Then we charge them, which they are happy to pay," said Arvind Parthiban, cofounder of SuperOps. MediaTech SaaS unicornAmagiis also experimenting and introducing AI functions into its offerings. "For a media-based company, we cover all functions from when content gets captured on camera to what you see on television. When we look at AI, our generative AI investments should either result in cost optimization for customers or revenue addition for us. For example, we can use predictive AI analysis for advertising," said Srividhya Srinivasan, cofounder of Amagi. Amagi was founded by Baskar Subramanian, Srinivasan KA and Srividhya Srinivasan in 2008. Other areas of implementing AI include automating workflows like scheduling ads and programs etc, Srinivasan added. Aakrit Vaish who is the advisor to IndiaAI Mission as well as an investor at PeerCheque said that SaaS is getting rebranded. "Every function is now getting rebranded as agents. I don't see anything getting killed, but everything is getting adapted and rebranded as AI-first or Agent-first. India has a massive opportunity for services-led AI, which we are seeing play out now," said Vaish at the conclave.

2024-11-25 17:58

2024-11-25

17:58

moneycontrol.com

https://www.moneycontrol.com/news/business/earnings/niva-bupa-swings-to-rs-13-crore-net-profit-in-q2-fy25-recently-listed-stock-gains-3-today-12875577.html

Niva Bupa swings to Rs 13 crore net profit in Q2 FY25; recently-listed stock gains 3% today

Niva Bupa swings to Rs 13 crore net profit in Q2 FY25; recently-listed stock gains 3% today.Related stories.

Recently-listed Niva Bupa Health Insurance Company turned profitable in the second quarter of FY2025, reporting a net profit of Rs 13 crore under I-GAAP standards, compared to a net loss of Rs 7.6 crore in the same quarter last year. The company’s performance under IFRS standards was even stronger, with a net profit of Rs 24 crore, driven by operational improvements and investment income growth. The gross written premium (GWP) rose to Rs 1,777.3 crore, with the retail health segment contributing significantly, achieving a market share of 9.9 percent. The insurance firm showed efficiency improvements, with the combined ratio falling to 101.3 percent from the previous quarter. Its claim settlement ratio also improved to 91.4 percent. Niva Bupa’s quarterly results follow its recent listing on Indian stock exchanges. The company’s shares debuted on November 14, 2024, at Rs 78.14 per share on the NSE, a 5.59 percent premium over its issue price of Rs 74. The Rs 2,200-crore IPO, which closed with a 1.80 times subscription, raised Rs 990 crore from anchor investors. Niva Bupa share price jumped nearly 3 percent today to end at Rs 75.77. The stock is marginally above its IPO price of Rs 74, and has a market capitalisation of Rs 14,000 crore. Rajat Sharma, Company Secretary and Compliance Officer, said in the earnings call presentation that the company’s profitability reflects its disciplined underwriting and continued investment in digital and automated processes. Niva Bupa said that 99.9 percent of new policies were processed via digital channels and that 87.6 percent of cashless claims were adjudicated in under 30 minutes. The company, formerly Max Bupa Health Insurance, also expanded its assets under management (AUM) to Rs 5,965.2 crore, delivering an annualised investment yield of 7.5 percent. It has maintained a solvency ratio of 2.25x, comfortably above regulatory requirements. Going ahead, the company expects to build on its growth momentum by expanding its hospital network, which stood at 10,190 hospitals.

2024-11-25 17:53

2024-11-25

17:53

moneycontrol.com

https://www.moneycontrol.com/news/business/centres-borrowing-via-green-bonds-so-far-at-only-8-5-of-fy25-budget-12875561.html

Centre's borrowing via green bonds so far at only 8.5% of FY25 budget

In 2022-23 and 2023-24, the Government of India had raised Rs 16,000 crores and Rs 20,000 crore, respectively, through the issuance of Sovereign Green Bonds (SGrBs)..

The central government has so far raised Rs 1,697.398 crore (8.5 percent) via issuances of green bonds out of the budgeted amounts of Rs 20,000 crore in 2024-25, the finance ministry said in a written response in the lower house of the Parliament on November 25. In 2022-23 and 2023-24, the Government of India had raised Rs 16,000 crore and Rs 20,000 crore, respectively, through the issuance of Sovereign Green Bonds (SGrBs). The proceeds from these bonds are allocated under the eligible green schemes or projects of the various ministries and departments, which help in reducing the economy’s carbon intensity, as per the Framework of Sovereign Green Bonds. Out of the gross market borrowing of Rs 14.01 lakh crore budgeted for 2024-25, Rs 6.61 lakh crore (47.2 percent) is planned to be borrowed in the second-half of the current fiscal through issuance of dated securities, including Rs 20,000 crore of Sovereign Green Bonds.

2024-11-25 17:53

2024-11-25

17:53

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/indias-formal-employment-had-a-better-showing-in-the-first-half-of-fy25-12875554.html

India’s formal employment had a better showing in the first half of FY25

More formal jobs in H1FY25.Related stories.

India’s formal job creation kept pace in the first half of the year, with new additions across the three social security schemes rising compared with the previous year's similar period, despite September numbers showing a further dip in formal job additions. New enrollments to the Employees’ Provident Fund scheme, which applies to larger organisations and better-paid employees, rose 2.3 percent in H1FY25 from a similar period last year, adding 6.1 million employees. New subscriptions to Employees' State Insurance Corporation, which applies to smaller organisations and lower-paying cohorts, grew even faster with 9.3 million additions in H1FY25, up 5.2 percent from 8.8 million in the previous fiscal. Subscriptions to the National Pension System were also 6.8 percent higher. Worrying trend for September While the formal job additions show a strong economy in the first half, data from the July-September quarter indicates a slight slowdown. HSBC data released in August and September showed a weakening in service and manufacturing activity, which was also characterised by a slowing job market. New enrollments to the EPF scheme were flat in the second quarter of FY25 compared with Q2FY24, with the additions dipping to the lowest level of 0.95 million in September from 0.98 million in the previous month. New enrollments at the ESIC scheme were also the lowest in five months, at 1.5 million, compared with 1.52 million the previous month. The Indian economy grew at a slightly slower pace of 6.5 percent in the second quarter compared with the 6.7 percent growth witnessed in Q1FY25. However, new enrollments to ESIC were up 6.8 percent in the second quarter of FY25 compared with the second quarter of FY24, indicating a better market for low-paying jobs or growing formalisation. Urban unemployment data released by the ministry a fortnight ago showed unemployment declining to its lowest level of 6.4 percent in urban areas in the second quarter of FY24. The trend also coincided with a rise in people doing wage or salaried work.

2024-11-25 17:47

2024-11-25

17:47

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/dont-see-us-actions-as-having-material-impact-on-adani-group-businesses-gqg-partners-12875560.html

Don't see US actions having material impact on Adani Group businesses: GQG Partners

Don't see US actions as having material impact on Adani Group businesses: GQG Partners.Related stories.

GQG Partners, which has a near 20% stake inAdani Group companies, said in a memo that it does not see recent US actions on Adani Group having a material impact on the conglomerate's businesses. "Except for Adani Green Energy, we understand that the Adani companies do not need to raise more capital at this point," said the investment firm whose shares are listed in Australia. GQG Partners holds a combined stake of nearly 20% in four Adani firms. Gautam Adani, the chairman of Adani Group, has been indicted in New York over his role in a $265-million bribery scheme, according to U.S. prosecutors. US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay the bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project. "On November 20, federal prosecutors in New York charged three employees of Adani Green Energy Ltd, including Gautam Adani, with conspiracy to commit securities fraud, securities fraud, and wire fraud in connection to two syndicated loans and two bond offerings involving US financial institutions and US investors. The indictment is of the employees and not the company," said GQG. "The allegations relate only to AGEL, not other Adani companies. While the allegations are serious, there are many examples of global companies and their executives who have faced significant government action, including Foreign Corrupt Practices Act (FCPA) violations. Some notable examples include Wal-Mart, Oracle, Thales, Siemens, Glencore, Petrobras, Pfizer, Toyota, Honeywell, Airbus, and SAP," added GQG. GQG said, as of November 21, its total exposure to Adani Group companies was $$8.1 billion on total assets of $$156.7 billion, which represent 5.2% of total assets. "We believe this level of exposure is manageable, even given the volatility in Adani Group stocks," it said.

2024-11-25 17:37

2024-11-25

17:37

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/mc-explains-why-sebi-wants-to-overhaul-ownership-of-clearing-corporations-12875469.html

MC Explains: Why SEBI wants to overhaul ownership of clearing corporations

Clearing corporations play a crucial role which should not be compromised only for commercial considerations, according to the regulator..Related stories.

The market regulator has proposed a more diversified shareholding of clearing corporations (CCs), even suggesting an ownership structure in which stock exchanges may not have a stake at all in CCs.The latter would be a complete overhaul of the current regulations under which a CC has to be majority owned by a stock exchange.The consultation paper was issued by the Securities and Exchange Board of India (SEBI) on November 22. Here is a look at why the regulator has suggested this overhaul. What are clearing corporations? The main function of a clearing corporation is to settle trade. That is, it ensures that the buyer has released the money to buy securities and the seller has transferred the securities. It also has other functions such as maintaining a fund—the settlement guarantee fund (SGF)—to settle trades in case either party (buyer/seller) is not able to complete their end of the obligation. Also read:Stock exchanges, MIIs to resolve whistleblower complaints within 60 days, use suptech; SEBI issues new governance guidelines What do the current regulations say about CCs' ownership? They have to be majority owned by one or more stock exchanges. Under Regulation 18 of the Securities Contracts (Regulation) (Stock Exchanges and CCs) Regulations, 2018 (or SECC Regulations), at least 51 percent of the paid-up equity share capital of a regulated CC needs to be owned by one or more stock exchanges. What is being proposed? The market regulator has proposed diversification of the CCs' ownership. It has put two options forward. One is to continue to allow a stock exchange to own the majority stake—51 percent—in a CC and distribute the remaining shares (pro-rata) among other shareholders of the exchange. This 51 percent shareholding would then be brought down to 15 percent or lower by selling down the stake to other exchanges. Under this first approach, CCs would continue to be majority owned by exchanges, since the sale would be made to other exchanges. Therefore, this approach would be in line with the current regulations, even if the ownership becomes more diversified. Two is to allot the entire shareholding of the CC to existing shareholders of the exchange and these shareholders can then trade their shares. This would mean a clean break of the CC from the parent exchange, said the consultation paper, and would need an amendment to Regulation 18 of the SECC Regulations. Why this need to diversify? The SEBI consultation paper gives two reasons. One is to ensure that the risk-management role of the CCs is not compromised for commercial, profit-making considerations. In India, CCs are subsidiaries of the parent exchanges, which own nearly 100 percent of the respective CCs. This means that CCs can be governed by the commercial interest of the shareholders of the exchanges. But with the changing nature of the capital markets, the CCs may have to invest a lot in their infrastructure and operations, and their settlement guarantee fund. These investments have less to do with improving the CCs' profit and more with the CCs' function as public infrastructure, and therefore may not have the shareholders' backing. While CCs are prohibited from listing, considering their sensitive role, they are "vicariously listed" by being subsidiaries of listed exchanges, noted the consultation paper. The second reason is to ensure no conflict of interest when clearing trades, particularly after the interoperability of exchanges. In 2019, interoperability of exchanges was introduced so that trades that came in through one exchange could be settled even by a CC owned by the competing exchange. Earlier trades that came in through the National Stock Exchange (NSE) would be cleared by the exchange owned NSE Clearing Ltd and those that came in through BSE Ltd would be cleared by BSE-owned Indian Clearing Corp. As the consultation paper said, the CC owned by the major exchange clears a significant majority of trades across two of the largest equity exchanges in India. It added, "In this context, CCs need to be, and need to be seen to be, truly independent of exchanges particularly in such interoperable segments." Could there be any hitches in this overhaul? There could be one, in implementing the second proposal. Under the second proposal, a CC may not be majority owned by a stock exchange. If that happens, a CC that is not majority owned by a stock exchange may not continue to be excluded from the Payment and Settlement Systems (PSS) Act 2007. The PSS Act brings all the payment and settlement solutions providers under the Reserve Bank of India's (RBI) ambit. However, stock exchanges and CCs are not covered under this Act. If the ownership of the CC is not concentrated in the hands of a SEBI-regulated entity (exchange) then the question arises whether the CC should be regulated by the RBI. As the consultation paper states, SEBI is discussing the matter with the RBI. If SEBI gets a confirmation that CCs would continue to be excluded from RBI's supervision, even if they are not majority exchange-owned, then the second option would be preferred, said the consultation paper.

2024-11-25 17:32

2024-11-25

17:32

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/technical-view-bullish-bias-to-remain-till-nifty-holds-24000-bank-nifty-above-52000-with-robust-volumes-12875557.html

Technical View: Bullish bias to remain till Nifty holds 24,000; Bank Nifty above 52,000 with robust volumes

Nifty Upward Journey.Related stories.

The Nifty 50 had a strong gap-up opening after a landslide victory of the BJP-led Mahayuti in the Maharashtra assembly elections, jumping into the upper band of Bollinger Bands with 24,000 acting as a support level henceforth, signaling a healthy uptrend. The immediate resistance for the index is 24,400, which coincides with the 50-day EMA (Exponential Moving Average), followed by 24,550 (the high of the current month). However, on the lower side, below 24,000, the 23,950-23,850 range can act as a support zone, according to experts. The Nifty 50 opened 350 points higher at 24,254 and remained in positive territory throughout the session before closing at 24,222, up 315 points or 1.32 percent, with robust volumes. The index formed a small red candle with upper and lower shadows, resembling a High Wave kind of pattern on the daily charts, indicating indecision. The momentum indicator RSI (Relative Strength Index) jumped above the 50 mark with a positive crossover, signaling an upward movement in the index. "The index has moved above the 21-day EMA, indicating improving sentiment. The RSI is in a bullish crossover and trending upward. The sentiment is expected to remain positive in the short term, with buying on dips likely to favour traders," said Rupak De, Senior Technical Analyst at LKP Securities. According to him, on the higher side, 24,500 is expected to act as a crucial resistance; a decisive move above this level could trigger a further rally. "Support on the lower side is placed at 23,950–24,000," he added. According to monthly options data, the Nifty 50 may face immediate resistance at 24,500, followed by 25,000, which forms a key resistance zone, with support at 24,000. The maximum Call open interest was seen at the 25,000 strike, followed by the 24,500 and 24,300 strikes, with maximum Call writing at the 24,300 strike, and then the 25,200 and 25,000 strikes. On the Put side, the 23,000 strike holds the maximum open interest, followed by the 23,500 and 24,300 strikes, with maximum writing at the 24,300 strike, and then the 24,200 and 24,000 strikes. Bank Nifty The Bank Nifty also had a strong gap-up opening of 911 points and extended the momentum towards the 52,300 zone in the first half of the session. Later, it remained consolidative near the 52,000 zone and ended at 52,208, up 1,072 points or 2.10 percent, with robust volumes. The index formed a small bullish candlestick pattern with a lower shadow on the daily charts, while it climbed above all key moving averages in the rally of the last couple of sessions, with a positive crossover in the RSI, indicating an uptrend. "The banking index has to hold above the 52,000 zone for an up move towards 52,750, then 53,000 levels, while support is seen at the 51,750 and 51,500 zones," said Chandan Taparia, Senior Vice President and Analyst-Derivatives at Motilal Oswal Financial Services. Meanwhile, the India VIX, the fear indicator, fell by 4.94 percent to 15.30 after a four-day run-up, but it is still in the higher zones.

2024-11-25 17:31

2024-11-25

17:31

moneycontrol.com

https://www.moneycontrol.com/news/companies-2/maruti-looks-to-diversify-export-markets-aims-to-touch-7-5-lakh-unit-mark-by-2030-31-12875563.html

Maruti looks to diversify export markets; aims to touch 7.5 lakh unit mark by 2030-31

Maruti Suzuki.Related stories.

Maruti Suzuki India on Monday said it is looking to diversify export markets as it aims to clock 7.5 lakh units to overseas locations by 2030-31. The auto major has already exported 30 lakh units to various markets across the globe. The 3 millionth vehicle export was part of a shipment of 1,053 units that sailed from Gujarat's Pipavav port comprising models like Celerio, Fronx, Jimny, Baleno, Ciaz, Dzire, and S-Presso,Maruti Suzuki Indiasaid in a statement. "Aligned with the Government of India's flagship 'Make in India' initiative, Maruti Suzuki is committed to deep localisation and multiplying exports," Maruti Suzuki India (MSI) MD & CEO Hisashi Takeuchi said in a statement. Today, 40 percent of passenger vehicles exported from India are from the auto major, he added. "Our exports from India have grown by three times from four years ago. Inspired by this global demand, the company is determined to diversify and ramp-up vehicle exports to 7.5 lakh units by 2030-31," Takeuchi said. The government's encouraging policies and enabling trade agreements with some markets are augmenting export growth, he noted. The auto major exported 1,81,444 units in the April-October period this fiscal year, marking a growth of 17 per cent over the same period the previous year. The company exported 2.83 lakh units in the last fiscal year. Currently, the company exports 17 models to nearly 100 countries in Latin America, Africa, Asia, and the Middle East. Fronx, Jimny, Baleno, Dzire, and S-Presso are the top export models from Maruti Suzuki. MSI commenced vehicle export in 1986. The first large consignment of 500 cars was shipped to Hungary in September 1987. The company clocked 10 lakh unit mark in vehicle exports in 2012-13, followed by the next million in little less than 9 years in 2020-21. The progression from 20 lakh units to 30 lakh units in cumulative exports was achieved in three years and nine months, making it the fastest million for the company.

2024-11-25 17:27

2024-11-25

17:27

moneycontrol.com

https://www.moneycontrol.com/news/business/real-estate/piyush-goyal-to-credai-discourage-cash-transaction-embrace-formalisation-12875548.html

Piyush Goyal wants realtors to discourage cash deals, embrace 'greater formalisation'

I appeal CREDAI and the real estate sector to not encourage cash payments and do not accept cash payments and provide salaries in digital payments only: Piyush Goyal.Related stories.

Commerce Minister Piyush Goyal has urged the real estate body CREDAI to help enhance 'greater formalisation' in the sector to boost growth, and discourage cash transactions. Minister Piyush Goyal, speaking at the 25th Foundation Day event of Confederation of Real Estate Developers' Associations of India (CREDAI) in New Delhi, said realtors and industry associations should encourage digital payments only, and embrace bringing more employees into the EPFO fold. "It’s time that we look at greater formalisation of real estate sector such as digital payments and enrolling employees under EPFO, as it will help the sector grow much faster," Goyal said. "I appeal to CREDAI and the real estate sector, do not encourage cash payments and do not accept cash payment, and provide salaries as digital payments only," Minister Goyal added. He also said that greater formalisation will help the sector, which contributes tremendously to India's GDP, to grow much faster. Recalling that when the government introduced RERA, there was 'quite a bit of opposition', Piyush Goyal said steps like RERA and GST registration have contributed to the organised growth of the real estate sector. "In last 10 years, there has been a concentrated effort to clean up processes and to make it easier to do business, and encourage honest business persons to grow," Piyush Goyal added. Holistic Development Goyal said the industry should look at holistic development when planning a project, as vehicle parking in some urban centres is becoming a major issue. The realtors should also factor in the need for EV charging infrastructure and eco-friendly construction processes in the projects that they are undertaking. An MP from North Mumbai, Piyush Goyal added that the results of state elections in Haryana and Maharashtra endorse the role of good governance.

2024-11-25 17:17

2024-11-25

17:17

moneycontrol.com

https://www.moneycontrol.com/news/world/israel-moving-towards-hezbollah-ceasefire-but-issues-remain-spokesperson-says-12875552.html

Israel moving towards Hezbollah ceasefire but issues remain, spokesperson says

Israel's offensive has forced more than 1 million people from their homes in Lebanon..Related stories.

Israel is moving towards a ceasefire in the war with Lebanon's Hezbollah but there are still issues to address, the government said on Monday, while the Israeli ambassador to the United States was quoted saying a deal could transpire within days. Efforts to clinch a truce appeared to be advancing last week when US mediator Amos Hochstein declared significant progress after talks in Beirut before holding meetings in Israel and then returning to Washington. Hostilities have intensified in parallel with the diplomatic movement, however: over the weekend, Israel carried out powerful airstrikes, one of which killed at least 29 people in central Beirut – while the Iran-backed Hezbollah unleashed one of its biggest rocket salvoes yet on Sunday, firing 250 missiles. "We are moving in the direction towards a deal, but there are still some issues to address," Israeli government spokesperson David Mencer said, without elaborating. Michael Herzog, the Israeli ambassador to the United States, told Israel's GLZ radio an agreement was close and "it could happen within days … We just need to close the last corners", according to a post on X by GLZ senior anchorman Efi Triger. But far-right National Security Minister Itamar Ben-Gvir said Israel must press on with the war until "absolute victory". Addressing Prime Minister Benjamin Netanyahu on X, he said "it is not too late to stop this agreement!" The conflict between Israel and Hezbollah spiralled into full-scale war in September, when the Israeli military went on the offensive, pounding wide areas of Lebanon with airstrikes and sending troops into the south. Israel has dealt major blows to Hezbollah, killing its leader Sayyed Hassan Nasrallah and other top commanders and inflicting massive destruction in areas of Lebanon where the group holds sway, including Beirut's southern suburbs. Israel carried out further airstrikes on the southern suburbs known as Dahiyeh on Monday, saying it struck Hezbollah military headquarters and that it had issued advance warnings for residents to evacuate the area, which is largely deserted. Hezbollah leader Sheikh Naim Qassem said last week that the group had reviewed and given feedback on the U.S. ceasefire proposal, and any truce was now in Israel's hands. Branded a terrorist group by the United States, the heavily armed, Shi'ite Muslim Hezbollah has endorsed Parliament Speaker Nabih Berri of the Shi'ite Amal movement to negotiate. Israel says its aim is to secure the return home of tens of thousands of people evacuated from its north due to rocket attacks by Hezbollah, which opened fire in support of Hamas at the start of the Gaza war in October 2023. Israel's offensive has forced more than 1 million people from their homes in Lebanon. Diplomacy has focused on restoring a ceasefire based on U.N. Security Council Resolution 1701, which ended a 2006 Hezbollah-Israel war. It requires Hezbollah to pull its fighters back around 30 km (19 miles) from the Israeli border, and the regular Lebanese army to deploy into the border region.

2024-11-25 17:16

2024-11-25

17:16

moneycontrol.com

https://www.moneycontrol.com/news/business/pm-internship-scheme-applications-nearly-5-times-more-than-vacancies-12875544.html

PM internship scheme applications nearly 5 times more than vacancies

Prime Minister Narendra Modi.

The number of applications till date for the Prime Minister’s Internship Scheme is nearly five times more than the 1.27-lakh internship opportunities on offer. "As on date (November 25), 1.27 lakh Internship Opportunities have been posted by companies. Against these approximately 6.21 lakh applications have been received and selection process by the companies is ongoing," the corporate affairs ministry said in a written response in the lower house of the Parliament. ThePrime Minister’s Internship Schemeannounced in theBudget 2024-25,aims to provide internship opportunities to one crore youth in top 500 companiesfor a period of five years. The Ministry of Corporate Affairs launched a Pilot Project for the scheme on October 3, 2024, which is targeted to provide internship opportunities to 1.25 lakh youth in 2024-25. The portal was opened for registrations from October 12 to November 15, 2024; a total of 4.87 lakh eligible applicants completed their KYC and registered themselves during this time period. "An amount of Rs 2,000 crore was allocated in the Budget for 2024-25. An amount of Rs 6.04 crores have been spent till November 20, 2024," as per the response.

2024-11-25 17:16

2024-11-25

17:16

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/capex-outlook-improves-post-elections-as-government-private-sectors-gear-up-for-h2-fy25-rebound-12875475.html

Capex outlook improves post-elections as government, private sectors gear up for H2 FY25 rebound

The listed corporate capex hit nearly Rs 10 trillion in the trailing twelve months ending September 2024..Related stories.

India's capital expenditure outlook has brightened with the conclusion of key state elections, paving the way for a rebound in government and private sector spending in the second half of FY25. Experts said that post-election clarity is expected to drive public infrastructure investments, while private capex could pick up momentum after Q1 2025 amidst improving economic conditions. The government had set an ambitious capex target of Rs 11.11 lakh crore for FY25 in theUnion Budget, significantly higher than the Rs 9.5 lakh crore spent last year. While there may be some under-shooting of this target, it is still expected to mark a substantial year-on-year increase, according to Department of Economic Affairs Secretary Ajay Seth. “Even last year's budgeted capex of Rs 10 lakh crore was achieved at 95 percent, and we should be around the same percentage this year,” he said at an event in Delhi last week. Seth added that any election-related delays in spending will be compensated by growth in other sectors. Government to get into driving gear, with election worries behind The first half of FY25 witnessed a 17 percent year-on-year decline in public capex, largely attributed to the election cycle. Vikas Khemani, Founder of Carnelian Asset Management and Advisors, explained: “This is typical around election cycles. It takes time for the government to get back into action. I believe the capex cycle in the second half will be far better than in the first half.” In a separate note, Motilal Oswal Research also said that with the elections now behind, the government is expected to refocus on spending. The next state election is in Delhi, due in February, and then in Bihar, due in October-November 2025. Private capex: Green shoots visible… Meanwhile, private capex may have seen some early indicators of an impending pick up. The listed corporate capex hit nearly Rs 10 trillion in the trailing twelve months ending September 2024, said ICICI Securities in a note. This was 18 percent higher from a year ago, and was driven by old-economy sectors such as energy, metals, and industrials, said the note. Further, there was a shift from maintenance capex to discretionary capex, with the capex-to-depreciation ratio climbing from a cyclical low of 1.78x, indicating the early stages of a broader upcycle. The brokerage also drew parallels with the 2001-04 phase, which preceded a period of exponential growth in capex. With capacity utilisation levels reaching an inflection point and industry credit growth at a cyclical low, there is ample room for re-leveraging. “The cycle-low gross NPAs and robust financial savings provide a conducive environment for private investment,” said the note. … Yet, challenges abound A sustained pick up in private capex hinges upon broad-based economic recovery, said Shantanu Sengupta, Chief India Economist at Goldman Sachs. The near-term growth is constrained by global uncertainties, he said in an interaction with CNBC TV18. “It’s difficult to imagine private capex picking up significantly over the next two or three quarters. However, we may begin to see recovery potential after Q1 of the next calendar year, especially if it becomes broad-based rather than concentrated in specific sectors,” said Sengupta. Further, he flagged constraints on state-level capex due to rising revenue expenditures. Experts see India’s domestic savings as a crucial driver for funding infrastructure projects. ICICI Securities said that gross financial savings and net foreign inflows provide key support for capital formation. Further, Sengupta said that quasi-sovereign entities like NABFID and potential foreign bond index inclusions could be leveraged to channel funds into infrastructure development. The overall economic outlook remains positive, with the government confident of achieving its fiscal deficit target of 4.9 percent for FY25. Economic growth estimates of 6.5-7 percent for FY25 also remain intact.

2024-11-25 17:05

2024-11-25

17:05

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/sebi-approves-ipo-papers-of-kalpataru-unimech-aerospace-12875467.html

Sebi approves IPO papers of Kalpataru, Unimech Aerospace

Mumbai-based Kalpataru had filed draft red herring prospectus with the regulator on August 14..Related stories.

Kalpataru and Unimech Aerospace have received approval from the capital markets regulator Sebi to go ahead with their IPO plans, while the issuance of observations on the draft papers of Rs 4,000-crore JSW Cement offer remained in abeyance. The regulator has issued observation letter on the preliminary papers of Unimech Aerospace and Manufacturing on November 21 and Kalpataru on November 22. The issuance of observation letter means the company can launch its initial share sale for fund raising, within the next one year. Mumbai-based Kalpataru had filed draft red herring prospectus with the regulator on August 14. It plans to raise Rs 1,590 crore through its IPO which consists of entirely fresh issue. This means the entire issue proceeds (excluding offer expenses) will be received by the company. The real estate developer may consider raising Rs 318 crore through pre-IPO placement before the IPO launch. If it undertakes the pre-IPO placement, the said amount will be reduced from the fresh issue. The Munot family promoted company had completed 113 projects with more than 24.10 million square feet of developable area in Maharashtra (Mumbai, Thane, Panvel and Pune), Hyderabad, Indore, Bengaluru, and Jodhpur. As of March 2024, it had 25 ongoing projects, 10 forthcoming projects, and 5 planned projects. Click Here To Read AllIPO Related News Kalpataru intends to utilise Rs 1,192.5 crore out of the net fresh issue proceeds primarily for repaying debt, and the reminder for general corporate purposes. It had total borrowings of Rs 10,747.7 crore as of June 2024. ICICI Securities, JM Financial, Nomura Financial Advisory and Securities (India) are acting as the merchant bankers to the issue. Meanwhile, Unimech Aerospace and Manufacturing, which had filed draft papers on August 19, plans to raise Rs 500 crore via initial public offering. The IPO is a combination of fresh issue and an offer-for-sale of Rs 250 crore each. Promoters will be selling shares in the offer-for-sale. The book running lead managers handling the IPO are Anand Rathi Advisors, and Equirus Capital. Unimech Aerospace is a precision engineering solutions company that specialises in manufacturing of complex products for the aerospace, defence, energy and semi-conductor industries. It is a leading manufacturer of complex tooling, mechanical assemblies, electro-mechanical turnkey systems and precision components, which are used in the aeroengine and airframe tooling for production, MRO and line maintenance activities. The Bangalore-based company intends to utilise net fresh issue funds for purchase of machineries and equipment, working capital requirements, repaying debt, and general corporate purposes.

2024-11-25 17:01

2024-11-25

17:01

moneycontrol.com

https://www.moneycontrol.com/news/business/paint-companies-ramp-up-sales-team-hires-to-regain-the-lost-lustre-12875360.html

Paint companies ramp up sales team hires to regain the lost lustre

File photo.Related stories.

Indian paint players are on a hiring spree in a bid to protect whatever incremental market share they can gain amid weak growth and increased competition. Dealing with a protracted slowdown in demand and sluggish volumes, paints manufacturers are ramping up sales and marketing teams, raising their costs by as much as 15 percent. Declining performance numbers have compelled companies like Asian Paints, Berger Paints, Indigo Paints and Kansai Nerolac to ramp up their staffing investments, taking on more sales personnel to penetrate smaller and untapped retail markets. This strategic shift highlights their battle to secure incremental market share amid heightened competition. These companies raised their employee spends by between 5 percent and 15 per cent in the second quarter of FY25. The slowdown for most paint players likely started in Q4FY24 and intensified through the early quarters of FY25, amid rising crude prices and weakness in demand for the decorative paints segment, especially in the rural market. The second quarter results confirmed continued challenges, with most companies reporting moderate revenue and profit growth compared to prior years, as they battled rising input costs and weak volume growth. Powering the frontline for dealers Staff costs in Q2FY25 rose significantly for the larger paint companies, with spending on employees at Kansai Nerolac up by 15 percent to Rs 124.57 crore, 5 percent at Akzo Nobel to Rs 868 crore and 16 percent at Berger Paints to Rs 221.13 crore. Asian Paints, which operates a direct-to-retail model, requires a robust network of dealers to reach customers effectively. Its chief executive officer Amit Syngle flagged that the company is adding 5,000 to 8,000 new retailers annually, which necessitates a significant increase in the frontline workforce to manage and support these relationships. Its employee expenses surged 13.5 percent to Rs 676.50 crore in the second quarter of this financial year. "In Q2, the employee costs are also looking high given the fact that we have a depressed top line, which is not in league with what we had planned to that extent. And that is why the employee cost is looking higher in terms of what we see. But I think the moment the value growth comes back, I think it would fall in line in terms of what we see," Syngle said in a post-earnings call with analysts held earlier this month. Similarly, Indigo Paints also saw a sharp year-on-year increase in costs due to a significant increase in recruiting sales personnel (35-40 percent) in Q2FY25. The country's fifth-largest decorative paints maker saw its core earnings margin for the first six months of the fiscal decline to 15.2 per cent  from 16.4 percent a year earlier due to the slightly elevated employee expense pursuant to the ramp-up in our sales force in both Q1 and Q2 of this fiscal, and sharp price cuts taken by the industry", it said in an investor presentation. Rising competition in the paint industry has led Elara Securities to maintain a negative outlook for market leader Asian Paints, as stated in its October 9 note. The brokerage highlighted that the battle for incremental market share is expected to persist in the near to medium term, driven by intensified distribution expansion efforts fromestablished rivals like Berger Paints and new entrants. Smaller dealers are also prioritising margin-focused partnerships, further challenging the leader’s dominance.  Additionally, while crude oil price fluctuations had minimal impact on margins previously, their influence is likely to grow as companies aggressively focus on capturing market share. "New entrants, such as JSW Paints and Birla Opus, have captured a portion of the industry's incremental growth, slowing Asian Paints sales," the Elara note added. Higher discounting activities All major paint players—Asian Paints, Akzo Nobel, Kansai Nerolac and Indigo Paints, acknowledged the intensified competition in the quarter and flagged higher discounting activity with the entry of new companies such as Grasim, JSW Paints and Pidilite. According to Elara, new competitors are capitalising on dissatisfaction among the smaller dealers, who are shifting their alliance in search of better returns. "Whenever the demand scenario becomes a little weak and the underlying demand growth is not what the industry has been used to, there is a tendency to marginally up the trade channel discounts, et cetera, to try and grab a little share of the pie. And although that is not in a very large way responsible for the marginal drop in the gross margin, but it may have contributed also in infinitesimally towards that," said Hemant Jalan, chairman and managing director of Indigo Paints.

2024-11-25 17:00

2024-11-25

17:00

moneycontrol.com

https://www.moneycontrol.com/news/business/president-of-ghana-commissions-447-million-railway-line-built-by-afcons-infra-12875484.html

President of Ghana commissions $447-million railway line built by Afcons Infra

President of Ghana commissions $447-million railway line built by Afcons Infra.Related stories.

Afcons Infrastructure Ltd said on November 25 that the President of Ghana, Nana Addo Dankwa Akufo-Addo, commissioned the first ever Tema-Mpakadan Standard Guage Railway Line, executed by the company, last week. The project cost is approximately $447 million. “We are proud to have executed the largest railway project in Ghana. This project will play a pivotal role in revamping and modernising the country's railway infrastructure. The construction of a bridge over Volta River is a classic example of extreme engineering,” said S Paramasivan, Managing Director,Afcons. Speaking at the event, President Akufo-Addo, said, “Today, we gather to celebrate the completion of the Tema-Mpakadan railway line. A vital component of Ghana's first multimodal transport system, to drive the economic growth of our nation. This 100-kilometer railway line complements a visionary transport system that integrates rail, road, and inland water transport, connecting TemaPort to Buipe Port via the Volta Lake.” The 100km rail network project includes seven passenger stations, a 300-meter railway bridge over the Volta River, which is the first-of-its-kind in the country, two rail head facilities, four rail bridges, 11 road under bridges and 22 road over bridges. "The project will help decongest roads and will enhance the enhance efficiency of port operations at Tema, reducing the heavy dependency on the road transport, and long-distance freight and passenger movement," said Afcons Infra. The project was financed through India Exim Bank credit. Afcons Infrastructure Ltd is flagship infrastructure engineering and construction company of the Shapoorji Pallonji Group. On November 25, Afcons Infra's shares on BSE closed 6.29% higher at Rs 528.55 apiece.

2024-11-25 16:59

2024-11-25

16:59

moneycontrol.com

https://www.moneycontrol.com/news/india/protesters-clash-with-police-during-anti-ropeway-agitation-in-jks-katra-12875541.html

Protesters clash with police during anti-ropeway agitation in J&K's Katra

Protests.Related stories.

A march by shopkeepers and labourers against a proposed ropeway project along the trek route leading to the Vaishno Devi shrine took an ugly turn on Monday as some protesters clashed with police at the Katra base camp in Jammu and Kashmir's Reasi district. Police said the law and order situation had escalated and talks were being held to defuse the situation. Officials said one policeman was injured after being manhandled by the protesters. Amid slogans of "Bharat Mata ki Jai", hundreds of protesters held a march and sit-in in Katra town, the base camp for pilgrims visiting the shrine atop Trikuta hill. The protesters, who had initially called a 72-hour strike, extended it by 24 hours late on Sunday. The strike called by shopkeepers and pony and palanquin owners began on November 22 after the Shri Mata Vaishno Devi Shrine Board announced plans to proceed with the Rs 250-crore ropeway project between Tarakote Marg and Sanji Chhat along the 12-kilometre route. The shopkeepers and labourers are fearful that the project, proposed to be completed in two years, would render them jobless. During Monday's protest, tension escalated when a Central Reserve Police Force (CRPF) vehicle attempted to pass through the town while the protesters were holding the dharna. Some protesters turned violent, hitting the vehicle and breaking its windshield, the officials said.The vehicle was moved back with police intervention, prompting clashes during which some protesters threw bricks at the cops, they added. Senior Superintendent of Police (Reasi) Paramvir Singh said, "The law and order situation has become challenging and we are trying to handle it. Officers are in talks with the protesters to resolve the issue." The protesters are demanding that the project be shut down or compensation for all those likely to be affected.

2024-11-25 16:59

2024-11-25

16:59

moneycontrol.com

https://www.moneycontrol.com/technology/global-ai-conclave-bengaluru-traffic-management-to-fully-shift-to-ai-based-systems-says-traffic-police-chief-article-12875447.html

Global AI Conclave: Bengaluru traffic management to fully shift to AI-based systems, says traffic police chief

Joint Commissioner of Police (Traffic) MN Anucheth was speaking at the CNBC TV18 - Moneycontrol Global AI Conclave, moderated by Moneycontrol Deputy Executive Editor Chandra R Srikanth, in Bengaluru on November 22..Related stories.

Traffic management in Bengaluru will fully shift to AI-based systems in the coming years, according to Joint Commissioner of Police (Traffic) MN Anucheth. The techie-turned-traffic police chief described this shift as "irreversible" and said that AI would not only handle traffic management but also congestion monitoring. “Traffic management will completely shift towards AI in a couple of years. I think we are already on that path, and it’s irreversible,” he said. Also, read:MC Interview: Bengaluru's techie-turned-traffic chief bets on AI to ease congestion Anucheth was speaking at the CNBC TV18 -MoneycontrolGlobal AI Conclave, moderated byMoneycontrolDeputy Executive Editor Chandra R Srikanth, in Bengaluru on November 22. He said that 96 percent of traffic violation cases are being booked through contactless enforcement. “Under the Intelligent Traffic Management System (ITMS) project, we have deployed AI-based cameras at 50 junctions to detect seven types of violations, including over-speeding, mobile phone use while driving, not wearing seat belts, not wearing helmets, triple riding on two-wheelers, red light violations, and stop-line violations,” Anucheth explained. “Helmet violations are the most common, accounting for 70 percent of the cases.” Also, read:Bengaluru now books 96% traffic violations through AI-powered cameras He said that AI cameras are significantly more efficient than human officers, with one AI-based camera able to detect 3,000 to 4,000 violations at a junction in the time it would take 10 constables working in four shifts to cover. “We are now expanding AI-based enforcement system, incorporating 9,000 Safe City cameras. We are also building an AI platform that will detect 19 types of violations, up from existing seven from January 1. We will also expand it from 250 junctions to 1,000 junctions within a year,” he said. Also, read:Bengaluru Traffic Police to use AI for 13 different violations, up from seven Anucheth said that Bengaluru has already implemented AI-based traffic signals.“At present, we have two types of AI-based signalling systems in place: C-DAC (Centre for Development of Advanced Computing)’s indigenously developed CoSiCoSt ATCS application, which is installed at 72 junctions and will reach 165 junctions by the end of February. We also have Japanese MODERATO technology at 28 junctions. In a couple of months, we will have roughly 200 junctions covered across the city,” he said. “AI-based signals adjust timings based on traffic flow, which has helped reduce travel time by 17-22 percent, as shown by GPS tracking through a third-party audit,” Anucheth said. Also, read:AI-powered signals reduce travel time by 20-33% across three road sections: Bengaluru Traffic Police Bengaluru's vehicle population has surged from 5.6 million in 2013 to 12.4 million in 2023. On AI avatars being used by the Bengaluru police on social media, Anucheth said: "We are using AI to create videos that replicate my voice and appearance. This will help us to engage with the public in a more effective, appealing way than traditional press releases." Also, read:AI Cops! Bengaluru police pilots AI-generated avatars for social media outreach On the misuse of AI avatars, he said, “There are many checks and balances in place, with approvals required for the final cut. We ensure that only after our approval is the content used. As with any new technology, misuse is possible, but we are guarding against it by implementing strong safeguards.” ASTraM app launch Bengaluru traffic police will soon launch ASTraM (Actionable Intelligence for Sustainable Traffic Management) mobile application, which will provide real-time traffic and weather updates. “This app will help citizens plan their routes for 6 to 24 hours in advance. It will also include live updates on road conditions, traffic congestion, accidents, and road closures.” he said. Also, read:Bengaluru traffic police launches AI-powered ASTraM; to provide congestion alerts Anucheth said that AI is not only improving traffic flow but also helping with congestion prediction and monsoon management. “It will predict and monitor congestion in real-time, leveraging data from CCTV cameras, travel aggregators, and even weather services. We can now predict where waterlogging might occur, allowing us to issue travel advisories,” he said. Trevor Noah impact Bengaluru traffic police faced flak after comedian Trevor Noah cancelled his September 27, 2023 show in Bengaluru, citing "technical issues," with many attendees blaming traffic congestion on Outer Ring Road as one of the contributing factors. “It was a perfect storm that day—heavy rainfall, a long weekend, and six vehicles breaking down on the Outer Ring Road, causing hours of delays,” said Anucheth. “This gridlock highlighted the importance of monsoon management in Bengaluru’s traffic strategy, leading to the development of ASTraM platform." Also, read:5 reasons why Bengaluru's ORR faced unusual traffic congestion on September 27 ASTraM uses real-time data from multiple sources, including CCTV cameras, travel aggregators, and weather data from the IMD, to predict congestion and waterlogging. He explained how the traffic monitoring system has evolved: "We now track congestion at a granular level, making real-time decisions, such as staggering bus timings during peak periods." He added that while AI can’t solve all problems, it’s been crucial for improving traffic management outside of monsoon-related issues. He said that Wednesdays are the most congested day of the week: “Business as usual peaks on Tuesday, Wednesday, and Thursday in Bengaluru, but congestion is significantly higher on Wednesdays between 6:30pm and 7:30pm.” Anucheth said that AI and technology will play a key role in managing Bengaluru’s traffic but stressed the need for public transport adoption, stating, “No amount of AI or infrastructure will solve congestion unless we integrate public transport into our daily lives.” Also, read:Why Wednesdays and Thursdays are the most congested in Bengaluru

2024-11-25 16:56

2024-11-25

16:56

moneycontrol.com

https://www.moneycontrol.com/news/india/devendra-fadnavis-or-eknath-shinde-maharashtra-cm-impasse-continues-as-nov-26-deadline-looms-12875451.html

Devendra Fadnavis or Eknath Shinde? Maharashtra CM impasse continues as Nov 26 deadline looms

The Mahayuti emerged victorious in 230 of the 288 Assembly seats in Maharashtra. (File photo: PTI).Related stories.

Maharashtra could see the imposition of President’s rule if the Mahayuti of the BJP, Shiv Sena and the NCP fail to arrive at a consensus on the alliance’s pick as the new chief minister of the state. The term of the current Assembly expires on Tuesday, November 26, marking the end of the tenure of the ruling alliance in the state. “The term of the current Assembly concludes on November 26 and with it, the legal validity of the government that is in place at the moment. The new Assembly has been elected. However, the swearing-in of the chief minister is the minimum prerequisite for the new government to take charge,” constitutional expert and former secretary general of the Lok Sabha PDT Achary told Moneycontrol. “In the event of a new Chief Minister not taking oath by November 26, President’s rule will have to be imposed in the state,” he added. The deadlock within the Mahayuti over the new chief ministerial pick continues with no announcement yet on who the new Maharashtra Chief Minister will be. BJP’s Devendra Fadnavis, the outgoing deputy CM and former two-time chief minister of the state, is believed to be the frontrunner for the post. With the highest number of seats (132) in the alliance and the state and an impeccable strike rate (BJP contested 148 seats), the BJP believes its claim to the chief ministerial position is justified. The party also honoured Shiv Sena by appointing Eknath Shinde as the Chief Minister despite the BJP being the senior partner in the alliance. On the other hand, the Shiv Sena is unwilling to cede ground and allow the BJP to run away with the CM’s post on the basis of brute numbers. The ally claims that it was the CM’s brainchild, the ‘Ladki Bahin’ scheme, that proved to be the game-changer for Mahayuti in the polls. Besides, the party has also cited his track record as CM and claimed that several development works were taken up during his tenure. Meanwhile, a report by CNN-News18, citing sources, claims that the decision on the CM face, and the subsequent government formation, may be delayed by a few days and that the oath ceremony could take place on November 28 or 29. As per the report, Shinde will resign as Chief Minister latest by Tuesday and may be asked to continue as the caretaker Chief Minister till the new government takes charge. In the meantime, both Fadnavis and Shinde are expected to be present in the national capital on Monday to attend the wedding ceremony of Lok Sabha Speaker Om Birla’s daughter. An unofficial meeting of both top Maharashtra leaders with Union Home Minister Amit Shah is also expected on the sidelines. Elections in Maharashtra were held on November 20 and the results were declared on November 23. The Mahayuti emerged as the clear winner winning 230 of the 288 seats in the state Assembly. The Maha Vikas Aghadi, on the other hand, could only win 48 seats, leaving them ineligible to claim the post of Leader of Opposition in the Maharashtra Assembly.

2024-11-25 16:56

2024-11-25

16:56

moneycontrol.com

https://www.moneycontrol.com/news/india/next-maharashtra-cm-eknath-shindes-diminished-bargaining-power-12875459.html

Next Maharashtra CM: Eknath Shinde’s diminished bargaining power

While the newly elected MLAs chose Eknath Shinde as their legislative party leader on Sunday, they also insisted that he should continue as Chief Minister..

Eknath Shinde surprised everyone in June 2022 by becoming Maharashtra's Chief Minister with just forty Shiv Sena MLAs, who rebelled against Uddhav Thackeray. The largest alliance partner, the BJP, had 105 seats—more than double the number of MLAs Shinde had. However, after the recent Vidhan Sabha election results, political pundits believe Shinde's bargaining power has diminished, making it unlikely he will retain the top job. While the newly elected MLAs chose Shinde as their legislative party leader on Sunday, they also insisted that he should continue as Chief Minister. Their argument is that the people of Maharashtra gave such a sweeping mandate to the Mahayuti alliance when Shinde was the face of the government. They credit Shinde with the game-changing "Mukhyamantri Majhi Ladki Bahin Yojana," claiming it was his brainchild. The scheme’s name underscores Shinde’s role by including the prefix "Mukhyamantri." On Sunday, Shinde sent a subtle message to the BJP by inviting over one thousand women to his official residence, Varsha. It was claimed that the women met Shinde to "congratulate and thank him." Shinde's camp is lobbying for his continuation as CM, citing the example of Bihar, where the BJP supported Nitish Kumar as Chief Minister despite JD(U) having far fewer seats than the BJP. Shiv Sena workers also claim they adhered to the "alliance dharma" by sincerely campaigning for BJP candidates. On the other hand, BJP leadership and cadres find it imprudent to forfeit the Chief Minister's seat, given their thumping majority. The BJP has won more than twice the number of seats as Shinde’s Sena (57). BJP leaders argue that the situation in June 2022 was different when Shinde became Chief Minister despite having fewer seats. At that time, the BJP "rewarded" Shinde for leading a rebellion against Uddhav Thackeray and needed a Maratha face to lead the government. The BJP anticipated potential challenges from Maratha quota activists during the Lok Sabha and Vidhan Sabha elections and viewed Shinde as a strong Maratha leader who could address such issues. However, this strategy did not pay off in the Lok Sabha elections, as the BJP faced losses due to the Maratha agitation. Numerically, the BJP, with 132 seats, can form the government without Shiv Sena's support. Ajit Pawar's NCP, with 41 seats, has already expressed willingness to support a BJP Chief Minister. In this scenario, if the BJP insists on the Chief Minister's post, Shinde would have no option but to accept the Deputy Chief Minister's position. BJP cadres across Maharashtra have already put up banners congratulating Devendra Fadnavis as the next Chief Minister. However, the final decision is likely to be made by the BJP central leadership by Tuesday.

2024-11-25 16:51

2024-11-25

16:51

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/hdfc-bank-stock-hits-all-time-high-above-rs-1800-as-trading-volumes-surge-on-msci-rejig-inflows-12875473.html

HDFC Bank stock hits all-time high above Rs 1,800 as trading volumes surge on MSCI rejig inflows

HDFC Bank's current market capitalisation stands at Rs 13.63 lakh crore..Related stories.

HDFC Bank share price climbed above Rs 1,800 to hit a fresh all-time high on 25 November, as trading volumes saw an extraordinary surge with the MSCI November rebalancing coming into effect. More than 21.5 crore HDFC Bank shares were traded across NSE and BSE — nearly 8.6 times its 20-day moving average volume of 2.5 crore shares. The bulk of the trading activity occurred in the final half-hour of the session, with 19 crore shares sold after 3:00 pm. The share price ofHDFC Bankclimbed above Rs 1,800 during the trading session, hitting an all-time high of Rs 1,803.55. It settled at Rs 1,785.6, up 2.3 percent from the previous close. The stock has gained over 16 percent in the past year, though it has underperformed the benchmark Nifty index, which is up 22 percent during the same period. HDFC Bank's current market capitalisation stands at Rs 13.63 lakh crore. Today’s activity comes as part of the Morgan Stanley Capital International (MSCI) indices' quarterly rebalancing, with Indian equities expected to see net inflows of $2.5 billion from foreign institutional investors (FIIs). Also read |Nifty, Sensex close strong on BJP-led Mahayuti alliance win but shed partial gains HDFC Bank, in particular, was in focus due to the anticipated increase in its weightage, which was expected to bring in an estimated $1.88 billion of passive inflows. MSCI had announced this weightage adjustment earlier this year, implementing it in two stages. Today’s activity marks the second and final tranche of HDFC Bank's inclusion in MSCI indices this year, following the first adjustment in August 2024, when the Foreign Inclusion Factor (FIF) for the stock was partially raised from 0.37 to 0.56. The August rejig alone was estimated to have drawn in $1.8 billion (approximately Rs 15,000 crore) in foreign inflows, as HDFC Bank met the required foreign ownership thresholds. Analysts had projected that the final adjustment in November would unlock further inflows, contingent on the bank maintaining adequate FPI headroom above the critical 20 percent threshold. HDFC Bank's foreign ownership, as of the latest data, remains above the crucial thresholds required for MSCI inclusion at full market-cap weight.

2024-11-25 16:50

2024-11-25

16:50

moneycontrol.com

https://www.moneycontrol.com/news/india/avoid-ruckus-in-name-of-protests-in-parliament-om-birla-to-parties-12875481.html

Avoid ruckus in name of protests in Parliament: Om Birla to parties

Lok Sabha Speaker Om Birla.

Lok Sabha Speaker Om Birla on Monday asked political parties to avoid ruckus in the House in the name of protests as the Winter Session of Parliament got off to a stormy start. Parliamentary sources said the Lok Sabha speaker flagged the issue of disruptions during a meeting of the Business Advisory Committee and urged the floor leaders of political parties to convey their dissent in a constructive manner. The speaker’s remarks came on a day when opposition members raised slogans and trooped to the Well of the Lok Sabha and the Rajya Sabha demanding discussion on the issue of indictment of industrialist Gautam Adani in a US court on bribery charges. The sources said that the speaker urged members to follow the highest traditions of debate and dialogue in the House. Birla referred to 75 years of adoption of the Constitution and recalled the glorious traditions of ”high quality debates by our founding fathers in the constituent assembly”, they said. In view of the Constitution Day celebrations in Samvidhan Sadan on Tuesday, Birla urged the members of various political parties to engage in a meaningful dialogue. President Droupadi Murmu is scheduled to start the year-long celebrations to mark the 75th anniversary of adoption of the Constitution at a joint sitting of the Lok Sabha and the Rajya Sabha in the Central Hall of the Samvidhan Sadan.

2024-11-25 16:49

2024-11-25

16:49

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/hdfc-life-reports-data-theft-says-investigation-underway-12875455.html

HDFC Life says 'unknown source' shared customers' data with 'mala fide intent'

An unknown source shared certain data of customers with mala fide intent: HDFC Life.Related stories.

HDFC Life has on November 25 alerted about an incident of data theft, informed by an 'unknown source' who shared 'certain data fields' of its customers with a mala fide intent. "We wish to inform that we have received communication from an unknown source, who has shared certain data fields of our customers with us, with mala fide intent," the insurer informed exchanges through a statement on November 25. The insurer said that an assessment has been initiated and remedial action will be taken as needed. "We value the data privacy of our customers and as an immediate measure, we have initiated an information security assessment and data log analysis,"HDFC Lifesaid. HDFC Life is engaged in the business of life insurance, and offers a range of individual and group insurance plans. The company has reached out to information security experts to conduct an assessment and for remedial action. "A detailed investigation is underway in consultation with information security experts to assess the root cause and take remedial action, as necessary," said HDFC Life. The insurer is still examining the incident for any potential impact, and has assured customers of action. "We continue to investigate this further to assess potential impact and are making this disclosure as a matter of good governance. We will take utmost care to handle concerns of our customers and take actions to safeguard their interest." This September quarter, HDFC Pension crossed the AUM size of Rs 1 lakh crore, with a 43.6% market share in H1FY25. For Q2FY25, HDFC Life'snet profit jumped 15 percent on-year to Rs 433 crore, led by healthy premium collections. The net premium income for the July-September quarter rose 12.3 percent on-year to Rs 16,570 crore. For Q2FY25, it outperformed the sector with a growth rate of 28%, at a market share of 16.3%, higher by 60 bps. The insurer has Rs 3.25 lakh crore worth of Assets Under Management as on September 30, higher by 23 percent in the first half of the current financial year. For the September quarter, the number of policies sold rose by 22%, with a 7% ticket size expansion.

2024-11-25 16:48

2024-11-25

16:48

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/c2c-adavanced-listing-to-be-postponed-after-sebi-asks-the-company-to-appoint-independent-auditor-12875439.html

C2C Adavanced listing to be postponed after SEBI asks company to appoint independent auditor

representative image.Related stories.

The listing of C2C Advanced Systems will be postponed until the company appoints an independent auditor and the auditor submits the report to NSE or SEBI, said people in the know. The regulator has asked the company to appoint independent auditors plus get an independent report of financial accounts as per the notice.  C2C Adavnced Systems was set to get listed on November 29. "The reason for the appointment of an independent auditor was because the regulator received a complaint from an investor," said a person directly aware of the development to Moneycontrol. We couldn't source what the complaint exactly was about and will update the story later. The notice also said that the company has to give an option to the investors (including anchors) to withdraw their applications if they want, before the share allocation. It also said that no new subscription is bound to happen. The notice also mentioned that NSE will have a monitoring agency set up on usage of funds post listing. The company had planned to raise Rs 99.07 crore through an public issue of 43.83 lakh shares at a share price of Rs 226 per share. The New Delhi-based company had mobilised Rs 28.23 crore via anchor book on November 21, out of the Rs 99-crore IPO. Aarth AIF, Bengal Finance, J4S Venture Fund, Kingsman Wealth Fund, LC Radiance Fund, NAV Capital, Negen Undiscovered Value Fund, and Shine Star Build Cap bought 12.49 lakh shares at the upper price band. The company specialises in delivering customised software and software-enabled systems that control mission-critical defence applications for military and security apparatus. It will use the IPO funds to purchase fixed assets (both hardware and software) for its existing operations and the proposed set up of an Experience Centre at Dubai.

2024-11-25 16:43

2024-11-25

16:43

moneycontrol.com

https://www.moneycontrol.com/news/india/close-contests-in-maharashtra-polls-saw-58-candidates-losing-despite-securing-1-lakh-plus-votes-12875456.html

Close contests in Maharashtra polls saw 58 candidates losing despite securing 1 lakh plus votes

Representative image.Related stories.

The fiercely-contested Maharashtra assembly elections where two coalitions and six major players vied for power saw 58 candidates losing despite securing more than one lakh votes, with the NCP (Sharadchandra Pawar) bearing the brunt. Prominent such politicians include former Chief Minister Prithviraj Chavan, and senior Congress leaders Balasaheb Thorat and Dhiraj Deshmukh among others, the ECI data shows. Sunil Tingre (NCP), Sangram Thopte and Dhiraj Deshmukh (both from Congress), and Ram Shinde (BJP) also narrowly missed out on victory despite substantial voter support. Each assembly constituency has around 2.80 lakh voters or more. The Mahayuti coalition, comprising the Shiv Sena, BJP and Ajit Pawar-led NCP, retained power by winning 230 of the 288 assembly seats in the recently concluded state polls, leaving the opposition Maha Vikas Aghadi with just 46 seats. Districts like Pune and Chhatrapati Sambhajinagar witnessed an exceptionally high number of such close contests. The Sharad Pawar-led Nationalist Congress Party (SP) has the largest share of defeated candidates who garnered over one lakh votes, with 22 such instances. The Congress came next, with 16 candidates in a similar position. The Uddhav Thackeray-led Shiv Sena (UBT) accounted for seven of these candidates, while the BJP saw four of its nominees losing despite garnering over one lakh votes. The Ajit Pawar-led NCP faction has two candidates on this list and Eknath Shinde-led Shiv Sena one. Among the high-profile losses, Congress stalwart Prithviraj Chavan failed to clinch a victory from the home turf of the Karad South constituency. Chavan polled 1,00,150 votes while the BJP winner Atul Bhosale bagged 1,39,505 votes. Similarly, former Maharashtra Congress president Balasaheb Thorat bit dust by a margin of 10,560 votes against Shiv Sena's Amol Khatal, who polled 1,12,386 votes. Congress stalwart Dhiraj Deshmukh was defeated from the Latur Rural constituency by a thin margin of 6,595 votes. The BJP winner Ramesh Karad polled 1,12,051 votes and Deshmukh, a sitting MLA, secured 1,05,456 votes. Sunil Tingre of NCP lost to NCP (SP) rival from the Vadgaon Sheri assembly segment in Pune district despite a substantial voter base. Sangram Thopte of Congress and Rahul Kalate, who belongs to NCP(SP), lost to NCP and BJP candidates from Bhor and Chinchwad constituencies, respectively, despite securing one lakh plus votes.

2024-11-25 16:33

2024-11-25

16:33

moneycontrol.com

https://www.moneycontrol.com/technology/oppo-find-x8-pro-vs-find-x8-what-you-get-for-paying-rs-30000-more-article-12875362.html

Oppo Find X8 Pro vs Find X8: What you get for paying Rs 30,000 more

Oppo Find X8.

Oppo recently launched its flagship smartphones – Find X8 Pro and Find X8 – globally at an event in Bali, Indonesia. The phones come as the most premium offerings from the company. Both the devices are packed with top-notch features like a flagship processor, a powerful Hasselblad camera setup and high high-capacity battery with 80W fast charging support.In this comparison, we will compare both phones and tell you everything you need to make an informed decision in case you are planning to buy one of Oppo’s flagship phones. Oppo Find X8 Pro vs Find X8: Price comparison Oppo has launched the Find X8 at a starting price of Rs 69,999. The Find X8 comes in two variants. The base variant featuring 12GB RAM and 256GB storage is priced at Rs 69,999 and the top of the line featuring 16GB RAM and 512GB storage is priced at Rs 10,000 premium over the base variant. In comparison, the Find X8 Pro comes for Rs 99,999 for the single variant with 16GB RAM and 512GB storage. Now, the price difference between the Pro and non-Pro models is around Rs 30,000 and here’s what you get for paying that extra amount for the Oppo Find X8 Pro.Oppo Find X8 Pro vs Find X8: Notable differences Design The first and most notable difference between the Find X8 Pro and Find X8 is the design. The Find X8 Pro features a more premium-looking curved display design. The phone has got a curved display at the front and a slightly curved back panel too in order to match the entire design language. Moreover, the Find X8 Pro also features a curved display with a 120Hz refresh rate. The phones also get both IP68 and IP69 rating that protects the phone against water, dust as well as pressure and hot water. Display Another major difference is in terms of the camera. However, the Find X8 features a camera setup and the Find X8 Pro has a camera setup. But, three of them – the 50MP main, 50MP ultra-wide and 50MP 3X telephoto are the same sensors on both phones. The difference is in the fourth lens – a 50MP 6X telephoto sensor with newly developed triple prism technology that helps Oppo keep the camera housing slim without compromising on optical zoom levels. Battery Both Oppo Find X8 and Find X8 Pro feature a silicon-carbon anode technology for batteries. According to the company, the technology has allowed them to pack a bigger battery capacity in a slimmer overall profile and put them into these two phones without increasing the thickness. The Find X8 is backed by a 5630mAh battery while the Find X8 Pro packs a 5910mAh battery. Performance There’s not much difference when it comes to performance. Both phones are powered by the same MediaTek Dimensity 9400 chip which is one of the most powerful chips available in the Android ecosystem. The performance difference can be noticed in case you choose the 12GB variant marginally and all due to the difference in RAM and nothing else. Here’s a spec comparison in table format SpecificationsOPPO Find X8 ProOPPO Find X8Display6.78-inch AMOLED Infinite View Display, 120Hz dynamic refresh rate6.59-inch AMOLED Infinite View Display, 120Hz dynamic refresh rateScreen ProtectionGorilla Glass 7i, IP68 + IP69 RatingGorilla Glass 7i, IP68 + IP69 RatingWeight & Profile215g, 8.24mm (Space Black), 8.34mm (Pearl White)193g, 7.98mmRear Camera Setup- 50MP Sony LYT808 with OIS - 50MP Ultra-Wide Samsung 5KJN5 with AutoFocus - 50MP Sony LYT600 3X Telephoto with OIS - 50MP Sony IMX858 6X Periscope Telephoto with OIS- 50MP Sony LYT700 with OIS - 50MP Ultra-Wide Samsung 5KJN5 with AutoFocus - 50MP Sony LYT600 3X Telephoto with OISFront Camera32MP Sony IMX615 sensor32MP Sony IMX615 sensorAI FeaturesAI Telescope Zoom, AI LinkBoost, AI Clarity Enhance, AI Unblur, AI Reflection Remover, AI Studio, AI Summary, AI Speak, AI Writer, AI DocumentSame as Find X8 ProProcessorMediaTek Dimensity 9400MediaTek Dimensity 9400RAM & Storage- 16GB LPDDR5X (+12GB RAM expansion) - 256GB/512GB UFS 4.0- 12GB/16GB LPDDR5X (+12GB RAM expansion) - 256GB/512GB UFS 4.0Battery5910mAh silicon carbon battery 80W SUPERVOOCTM Wired Charging, 50W AIRVOOCTM Wireless Charging5630mAh silicon carbon battery 80W SUPERVOOCTM Wired Charging, 50W AIRVOOCTM Wireless ChargingSIM SupportDual SIM, NFC, Bluetooth 5.4Dual SIM, NFC, Bluetooth 5.4Microphones4 Mics4 MicsIR BlasterYesYesColor VariantsSpace Black, Pearl WhiteStar Grey, Space BlackOperating SystemColorOS 15 based on Android 15, 5 years OS updates, 6 years security updatesColorOS 15 based on Android 15, 4 years OS updates, 6 years security updates

2024-11-25 16:30

2024-11-25

16:30

moneycontrol.com

https://www.moneycontrol.com/news/india/ed-attaches-assets-worth-rs-219-crore-in-fairplay-portal-case-12875445.html

ED attaches assets worth Rs 219 crore in 'Fairplay' portal case

The agency had earlier attached properties worth more than Rs 100 crore in this case.Related stories.

The Enforcement Directorate has attached fresh assets worth around Rs 219 crore in a money laundering case against a website that allegedly indulged in online betting on 2023 Lok Sabha election results apart from an illegal broadcast of IPL cricket matches, the agency said on November 25. A provisional order under the Prevention of Money Laundering Act (PMLA) was issued last week (November 22) to attach demat account holdings and immovable assets like land plots, flats and commercial warehouses located at Ajmer (Rajasthan), Kutch (Gujarat), Daman, Thane and Mumbai (Maharashtra) in the case against the portal named Fairplay, it said in a statement. The central agency said Fairplay was involved in "illegal broadcasting of cricket/IPL matches and various online betting activities including results ofLok Sabha Elections2024." The total value of these assets is Rs 219.66 crore, the ED said. The agency had earlier attached properties worth more than Rs 100 crore in this case. The total attachment now stands at over Rs 331 crore. The money laundering case stems from an FIR of the Mumbai police cyber cell which was filed on the complaint of Viacom18 Media Pvt Limited against Fairplay Sport LLC and others for causing loss of revenue of more than Rs 100 crore. The probe found that Krish Laxmichand Shah (the key person behind Fairplay) registered various companies such as Play Ventures N.V and Dutch Antilles Management N.V at Curacao, Fair Play Sport LLC and Fairplay Management DMCC in Dubai and Play Ventures Holding Limited at Malta for the operations of 'Fairplay'. Fairplay is primarily operated by Shah from Dubai, with the help of his associates, including Siddhant Shankaran Iyer alias Joe Paul, who looked after the financial aspects of Fairplay, and Chirag Shah and Chintan Shah, who took care of technological and software development aspects of Fairplay. Shah and his associates "acquired" movable and immovable assets from the "proceeds of crime" either in their names or in the name of their relatives or family members, the ED said.

2024-11-25 16:11

2024-11-25

16:11

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/property-share-investment-trusts-rs-353-crore-ipo-to-open-on-december-2-price-band-rs-10-10-5-lakh-per-unit-12875432.html

Property Share Investment Trust's Rs 353-crore IPO to open on December 2, price band Rs 10-10.5 lakh per unit

Property Share Investment Trust IPO.Related stories.

The initial share sale of Property Share Investment Trust is set to hit Dalal Street on December 2, with a price band of Rs 10 lakh to Rs 10.5 lakh per unit. It targets to raise Rs 353 crore at the upper price band. It is India’s first registered small and medium real estate investment trust, having commercial office spaces in Bangalore. The REIT aims to make investment or re-investments in completed and revenue generating real estate properties under schemes through SPVs (special purpose vehicles). PropShare Platina, the first scheme launched by Property Share Investment Trust, has no operating history. Its SPVs are newly incorporated entities with no established operating history and no historical financial information. A significant portion of its revenues will be derived from a proposed single tenant. The investment trust has reserved up to 75 percent of the total offer size for institutional investors, and the remainder 25 percent for non-institutional investors. They can bid for a minimum of 1 unit and in multiples of 1 unit thereafter. The public issue will close for subscription on December 4, while the units of the schemes of the Property Share Investment Trust will be available for trading on the BSE and NSE effective December 9. Axis Trustee Services is acting as trustee for PropShare Platina, while PropShare Investment Manager is the investment manager. Currently, there are no comparable listed schemes under the small and medium real estate investment trusts in India. ICICI Securities is the sole book running lead manager to the issue, while KFin Technologies is the registrar to the offer.

2024-11-25 16:07

2024-11-25

16:07

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/global-ai-conclave-llms-vs-applications-lightspeed-premji-invest-accel-and-peak-xv-partners-weigh-in-12875423.html

Global AI Conclave: LLMs vs applications? Lightspeed, Premji Invest, Accel and Peak XV Partners weigh in

Even Prayank Swaroop, Partner at Accel, agreed with Peak XV's Lakhani and Premji Invest' Pahwa and said LLMs are only doing what is done, there’s nothing new currently..Related stories.

At a time even tech leaders, founders and investors are divided between India joining the large language models (LLMs) race or should it focus on building applications, the country’s top fund managers weighed in on the debate while speaking at the CNBC-TV18 & Moneycontrol Global AIConclave 2024. Peak XV Partners’ managing director, Shailesh Lakhani, said, “There are so many new things possible with AI and applications so for most founders that seems like the most straightforward place to start. In applications, there are so many ideas from grating vegetables to processing an insurance claim faster. There’s a zillion problems to solve and we should have way more people trying to do those things today.” Similarly, Manjot Pahwa, head of early stage technology investments, said, “The most obvious thing to start with is applications. There are too many picks and shovels and barely any applicants to be using those picks and shovels.” “The next generation of companies I am really excited about is the application layer. There are a lot of revenue pools and efficiencies that can be gained by the sensible application of AI. We should learn to leverage some of our strengths (services) and continue to build things that are easily winnable in the short term,” she added. Even Prayank Swaroop, Partner at Accel, agreed with Lakhani and Pahwa and said LLMs are only doing what is done, there’s nothing new currently. “People who are finding what is going to happen seven years from now and trying to invest in that is what I am going to find. Whether it’s going to be LLMs, applications or some other new technology, that’s what we’re searching for. Otherwise, we’re just playing second fiddle to Silicon Valley all the time,” he said. ALSO READ:Global AI Conclave: Unlikely to invest in companies that are building LLMs, says Premji Invest’s TK Kurien Contrarian view Hemant Mohapatra, Partner, Lightspeed India said India has the data sets available to build the next big foundational model. From the audio data available with T-Series to the large video corpus that Bollywood owns, it should be relatively easy for India to build its own foundational models. “India should be building these models but we’re not seeing enough of it happening. We don’t have the talent existing in the market today, we can pull from other markets but we don’t have that talent today,” Mohapatra said. “My advice to founders is play the wars you are capable of winning today. If you’re amazing at raising billions of dollars today, go raise that money and build that model. But, if you’re not, that’s a big boy’s game,” he added. Peak XV’s Lakhani also agreed that building LLMs is very capital intensive and may not be for everyone. “The global race for models may only be won by hyperscalers who have large free cashflow machines and other businesses that let them invest in (LLMs)...If scaling laws are truly holding and you need $100 billion…that may just not be available in the private markets for a startup company,” Lakhani concluded. ALSO READ:Global AI Conclave: India will be at a disadvantage if it doesn’t join the LLM race, says General Catalyst’s Hemant Taneja

2024-11-25 16:06

2024-11-25

16:06

moneycontrol.com

https://www.moneycontrol.com/news/india/sambhal-violence-fir-against-sp-mp-zia-ur-rehman-barq-sp-mlas-son-25-arrested-12875441.html

Sambhal violence: FIR against SP MP Zia-ur-Rehman Barq, SP MLA's son; 25 arrested

Security personnel deployed to maintain law and order, a day after clashes between police and protesters opposing the survey of the Jama Masjid, in Sambhal, Uttar Pradesh.Related stories.

Police have lodged seven FIRs in connection with the violence over a court-ordered survey of a Mughal-era mosque here, naming Samajwadi Party MP Zia-ur-Rehman Barq and local SP MLA Iqbal Mehmood’s son Sohail Iqbal as accused, officials said on Monday. The district administration has already imposed prohibitory orders and barred the entry of outsiders into Sambhal till November 30. Internet services are suspended in Sambhal tehsil and Monday was declared a holiday for all schools. A magisterial probe has also been ordered into the violence.Three people were killed and scores of others, including security personnel and administration officials, injured on Sunday as protesters opposing the survey of the Shahi Jama Masjid clashed with police. A fourth injured person died on Monday.Asked about their autopsy reports, Divisional Commissioner Aunjaneya Kumar Singh said that prima facie, it appears that gunshots from countrymade weapons were the cause of death. However, he did not go into further details.Addressing a press conference on Monday, Superintendent of Police Krishan Kumar said seven FIRs have been lodged in connection with the violence. Six people, including Barq and Iqbal, were named and 2,750 others have been mentioned as unidentified, he said.”Due to Barq’s statement earlier, the situation worsened. He was given a notice earlier for this,” he added. The official said that Barq’s ”Jama Masjid ki hifazat” (protection of Jama Masjid) remark mobilised the mob.When asked about the MP being in Bengaluru and not Sambhal on Sunday, Kumar said Barq’s name was included in the FIR based on his previous statements.He also said that those who tried to damage the mosque by hurling stones would also be identified and rumour mongers would be taken care of.Among the seven FIRs, Kumar said two were registered at the Nakasa police station and the rest at the Sambhal Kotwali.The officer said 25 people have been arrested so far in the case and attempts are on to identify others involved in the violence. He added that there was peace in the city and people have opened their shops.District Magistrate Rajender Pensiya said late on Sunday that the prohibitory orders had been issued under provisions of the Bharatiya Nyaya Sanhita (BNS).”No outsiders, other social organisations or public representatives will enter the district border without the permission of the competent officer,” said the order, which came into force with immediate effect.Violation of the order will be punishable under Section 223 (disobedience to order duly promulgated by public servant) of the BNS.Earlier in the day, Muniraj told reporters that Naeem, Bilal and Nauman — the three men who died in Sunday’s violence — had been buried. All three were aged about 25.Asked about the role outsiders played in the violence, Pensiya said that according to the probe, people gathered here from places 10-15 kilometres away.Traffic movement in the city is normal and despite the weekly closure, some shops have opened, he said, adding that only the area near the mosque wore a deserted look. A local shopkeeper said that the number of people coming to buy daily items increased in the afternoon.Several houses in the area were seen locked and no one was ready to talk to the media. Heavy police force was deployed in the entire area and patrolling was underway.Tension had been brewing in Sambhal since November 19 when the Jama Masjid was first surveyed on the court’s orders following a petition claiming that a Harihar temple had stood at the site.On Sunday, trouble started early when a large group of people gathered near the mosque and started shouting slogans as the survey team began its work.District officials said the survey could not be completed on Tuesday and was planned for Sunday to avoid interference with afternoon prayers. Supreme Court lawyer Vishnu Shankar Jain, who is a petitioner in the case, had earlier said the Court of Civil Judge (Senior Division) ordered the constitution of an ”advocate commission” to survey the mosque.The court has said a report should be filed after conducting a videography and photography survey through the commission, he had said.On Sunday, Jain urged the Archaeological Survey of India to take control of the ”temple”.Gopal Sharma, a local lawyer for the Hindu side, had earlier claimed the temple that once stood at the site was demolished by Mughal emperor Babur in 1529.

2024-11-25 15:57

2024-11-25

15:57

moneycontrol.com

https://www.moneycontrol.com/news/india/consider-restarting-physical-classes-in-schools-colleges-in-delhi-ncr-sc-to-caqm-12875438.html

Consider restarting physical classes in schools, colleges in Delhi-NCR: SC to CAQM

Representative Image.

The Supreme Court on November 25 asked the Commission for Air Quality Management (CAQM) in the national capital region and adjoining areas to consider restarting physical classes in schools and colleges noting many students lacked mid-day meals and infrastructure to attend online classes. A bench of Justices Abhay S Oka and Augustine George Masih said a large number of students did not have air purifiers at home and therefore there may not be a difference between children at home and those attending schools. The top court, however, refused to relax the anti-pollution GRAP-4 restrictions in Delhi-NCR and said unless it was satisfied that there was a consistent decrease in AQI levels, it could not order curbs below GRAP-3 or GRAP-2. Noting that several sections of society, especially labourers and daily wagers, were adversely affected due to GRAP-4, the bench directed the state governments, where construction has been banned, to use funds collected as labour cess for subsistence to them. GRAP-4 restrictions specifically relate to restricting entry of trucks carrying non-essential goods into the national capital. First implemented in 2017, the Graded Response Action Plan (GRAP) was a set of anti-air pollution measures followed in the capital and its vicinity according to the severity of the situation.

2024-11-25 15:54

2024-11-25

15:54

moneycontrol.com

https://www.moneycontrol.com/news/india/air-quality-improved-in-97-of-130-cities-under-ncap-since-2017-18-environment-minister-12875425.html

Air quality improved in 97 of 130 cities under NCAP since 2017-18: Environment minister

Financial backing under the 15th Finance Commission's Air Quality Performance Grants has been instrumental, with Rs 11,211.13 crore allocated between 2019-20 and 2023-24..Related stories.

Ninety-seven of the 130 cities targeted under the National Clean Air Programme have shown improvement in air quality as compared to 2017-18, with 55 recording more than 20 per cent reduction, the Environment Ministry said on Monday. Responding to a question in the Lok Sabha, Environment Minister Bhupendra Yadav said the National Clean Air Programme (NCAP) aims to reduce particulate matter (PM10) pollution by up to 40 per cent or achieving national air quality standards by 2025-26. As of 2023-24, 97 of the 130 cities targeted have shown improvement in air quality as compared to 2017-18, with 55 recording reduction exceeding 20 per cent, the minister said. However, concerns about pollution remain in the coal mining regions, particularly in Jharkhand, he added. Launched in January 2019 by the Ministry of Environment, Forest and Climate Change, NCAP covers 130 cities across 24 states and Union Territories. The programme has seen notable successes, with cities like Varanasi and Dhanbad achieving PM10 reductions of 68 per cent and 56 per cent, respectively, the ministry said. These improvements have been supported by city-specific action plans targeting the sources of pollution such as vehicular emissions, road dust, and industrial pollution. Financial backing under the 15th Finance Commission's Air Quality Performance Grants has been instrumental, with Rs 11,211.13 crore allocated between 2019-20 and 2023-24. This funding has been complemented by resources from Central and state government initiatives, including the Smart City Mission and the Swachh Bharat Mission. In Jharkhand, the government has undertaken specific measures to combat pollution caused by coal mining operations. These include constructing greenbelt-protected coal transport roads, installing mechanised transportation systems, and implementing continuous air quality monitoring. However, despite these efforts, the challenges persist. For example, the key mining hubs of Dhanbad, Ranchi and Jamshedpur continue to struggle with pollution levels despite the allocation of Rs 279.44 crore under the NCAP for targeted interventions. Steps like intensified regulatory oversight, installation of fog cannons, and dissemination of weekly air quality bulletins aim to enhance public awareness and accountability among the mining players. However, more rigorous implementation of environmental compliance measures and public engagement will be critical to sustaining these gains.

2024-11-25 15:53

2024-11-25

15:53

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/upi-transactions-in-april-september-grow-35-to-rs-122-lakh-crore-12875412.html

UPI transactions in April-September grow 35% to Rs 122 lakh crore

UPI transactions in value in the current year have grown by 34.5 percent.Related stories.

UPI transactions grew 34.5 percent in value in the April-September to Rs 122 lakh crore from Rs 90.7 lakh crore in the year-ago period. The volume grew 46 percent at 8,566.52 crore, minister of state for finance Pankaj Chaudhary told the Lok Sabha on November 25. As many as 6.32 lakh UPI fraud cases whose value was at Rs 485 crore were reported during the period, the minister said in a written reply. The government, Reserve Bank of India and National Payments Corporation of India (NPCI), which operates the real-time payments system, have taken various steps to prevent payment frauds, including UPI transactions. These includes “device binding” between customer mobile number and the device, two factor authentication through PIN, daily transaction limit, limits and curbs on use cases, etc. NPCI provides a fraud-monitoring solution to all the banks to enable them to alert and decline transactions for fraud mitigation by using AI/ML based models, the minister said. RBI and banks have also launched awareness campaigns through SMS and radio as well as making public aware of cybercrime and their prevention. The central bank is collaborating with various stakeholders to expand the outreach of UPI by linking it to Fast Payment System (FPS) of other countries for personal remittances on reciprocal basis, acceptance of UPI apps via QR codes at merchant locations abroad and vice-versa and deployment of UPI-like infrastructure in other countries, the written reply said.

2024-11-25 15:48

2024-11-25

15:48

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/taking-stock-sensex-gains-993-pts-nifty-above-24200-on-clear-mandate-in-maharashtra-12875319.html

Taking Stock: Sensex gains 993 pts, Nifty above 24,200 on clear mandate in Maharashtra

Market Today.

The Indian equity market continued the previous session's rally and ended on a strong note on November 25 with Nifty above 24,200 after the BJP-led Mahayuti alliance secured a clear mandate in the Maharashtra elections. At close, the Sensex was up 992.74 points or 1.25 percent at 80,109.85, and the Nifty was up 314.60 points or 1.32 percent at 24,221.90. On the back of positive global cues, the Indian indices opened a gap-up on November 25 with Nifty around 24,250 and extended the gain in the first half. However, selling at higher levels erased some of the intraday gains, before closing in positive territory. Also Read -Maharashtra Election win to boost market sentiment in the near-term, govt spending will be key to growth, state fiscal concerns persist ONGC, BPCL, Bharat Electronics, SBI, and L&T were among the top gainers on the Nifty, while losers were JSW Steel, Infosys, Bajaj Auto, Tech Mahindra, and Asian Paints. The BSE midcap index rose 1.6 percent while the smallcap index added nearly 2 percent. Among sectors, oil & gas, realty, capital goods, and PSU bank went up 2-4 percent.

2024-11-25 15:46

2024-11-25

15:46

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/nifty-sensex-close-strong-on-bjp-led-mahayuti-alliance-win-but-shed-partial-gains-12875105.html

Nifty, Sensex close strong on BJP-led Mahayuti alliance win but shed partial gains

ONGC, Bharat Electronics, L&T, Shriram Finance, and SBI were the top gainers on the Nifty..Related stories.

Benchmark indices Nifty and Sensex ended the session on a robust note, fueled by a decisive BJP-led Mahayuti Alliance victory in Maharashtra and robust short covering, driving broad-based gains across all sectors despite paring some intraday highs. Not just that, resilient Asia and US markets also fuelled the rally in today's session. At close, the Sensex was up 992.74 points or 1.25 percent at 80,109.85, and the Nifty was up 314.60 points or 1.32 percent at 24,221.90. About 2523 shares advanced, 1327 shares declined, and 140 shares unchanged. Follow our LIVE blog for all the latest market updates "Today's sharp upswing was assisted by the super NDA performance in Maharashtra. The political message from this election is huge and highly positive from the market perspective," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. As a result, PSU stocks traded in the positive following a triumphant victory in the Maharashtra Assembly elections. Shares of PFC, IRFC, BEL, Central Bank of India, RVNL, Bharat Dynamics, NBCC (India), GAIL, Concor Corporation of India, and SAIL, among others, surged in trade. As early as last week, the share of public sector companies (PSUs) in India’s total stock market capitalisation declined to an 11-month low in November amid sharp corrections. Also read:Broader market shines amid rally in PSU stocks; Smallcap, midcap indices surge 2% Major sectoral gainers included the PSU Bank index, Nifty Bank, Realty, Infra, and Energy, rising to 4 percent. Public sector lenders like SBI, Canara Bank, PNB, and Central Bank lifted the index higher. Market experts suggest that the sector has fair valuations and reasonable growth prospects. Realty stocks, especially those based out of Maharashtra, rallied in trade on November 25 and surged as much as 7 percent amid hopes of infrastructure getting back in focus after the BJP-led Mahayuti alliance's landslide victory in the state. Names like Godrej Properties, DLF, Mahindra Life, Prestige Estates, Man Infra and Raymond led gains in the sector. Although the markets rejoiced about the win, Aishvarya Dadheech, Founder of Fident Asset Management said that underlying factors such as persistent foreign outflows, a possibly shaky Q3, and expensive valuations may worry the market in the short to medium term. Read more:Maharashtra, UP, Rajasthan, Bihar: How ‘Super Saturday’ changes the script for BJP beyond just numbers Individual stocks such as M&M, and Reliance Industries rallied in trade today. Shares of Reliance Industries soared as much as 3 percent after Citigroup analysts upgraded their rating for the stock to a ‘buy’. The brokerage believes the risk-reward dynamics for the stock have shifted favourably, fueled by multiple tailwinds. M&M shares rose after Jefferies and HSBC gave bullish calls on the counter, expressing optimism on market share gains in the auto and tractor business. JSW Steel declined over 3 percent after BSE announced it would add Zomato to its benchmark index Sensex from December 23 and drop JSW Steel. BSE also said that Zomato, HAL, Ashok Leyland, PI Industries, IDFC First Bank, IRCTC, UPL, and APL Apollo Tubes will be dropped from its BSE Sensex Next 50 index. The broader market, comprising mid-small cap indices, also mirrored robust overall trends with gains of 1.6 and 1.9 percent, respectively. Domestic brokerage Motilal Oswal suggests that recent market corrections, driven by weak earnings, foreign outflows of $14 billion since October, and geopolitical risks, have left large-cap valuations relatively attractive. Yet, midcaps and small-caps remain expensive. The broader market has rallied up to 19 percent since the beginning of the year, sharply outpacing Nifty's 9 percent growth during the same duration. "The Nifty has shown a strong recovery after hitting a key support level on the weekly chart, suggesting a potential rise to a target of 25,262. However, after Friday's big gains, the rise might slow down or even dip slightly when it enters the range of 24,030 to 24,420. If the stock manages to stay above 23,800 during any dips, it could continue its upward journey, facing minor hurdles at 24,420 and 24,770 along the way," Anand James of Geojit Financial Services, said. ONGC, Bharat Electronics, L&T, Shriram Finance, and BPCL were the top gainers on the Nifty. JSW Steel, Infosys, Tech Mahindra, Maruti Suzuki and Bajaj Auto were the key laggards.

2024-11-25 15:43

2024-11-25

15:43

moneycontrol.com

https://www.moneycontrol.com/news/india/delhi-pollution-grap-iv-restrictions-to-continue-says-sc-12875414.html

Delhi pollution: GRAP IV restrictions to continue, says SC

The AQI score slightly improved and was recorded in the ‘poor’ category in many parts of Delhi on Monday.

The Supreme Court on Monday ordered that the GRAP IV restrictions will continue in the national capital until further orders. Delhi's average air quality index (AQI) was in the "very poor" category on Sunday. The AQI score slightly improved and was recorded in the "poor" category in many parts of Delhi on Monday, according to an ANI post on X.

2024-11-25 15:42

2024-11-25

15:42

moneycontrol.com

https://www.moneycontrol.com/news/india/coast-guard-seizes-vessel-carrying-6000-kg-methamphetamine-12875421.html

Coast Guard seizes vessel carrying 6,000 kg methamphetamine

Coast Guard seizes vessel carrying 6,000 kg methamphetamine.

In a major anti-narcotics operation, the Indian Coast Guard (ICG) seized a vessel with six Myanmarese crew carrying 6,000 kg of contraband Methamphetamine near Andaman and Nicobar Islands, an official said on Monday. The drugs were found packed in around 3,000 packets of 2 kg each, which are worth several crores of rupees in the international market. On November 23, the pilot of a Coast Guard Dornier aircraft while on routine patrolling noticed a suspicious movement of a fishing trawler near Barren Island which is nearly 150 km from Port Blair, the Defence official said. "The trawler was warned and asked to lower its speed and in the meantime, the pilot alerted the Andaman and Nicobar Command. Immediately, our nearby fast patrolling vessels rushed towards Barren Island and towed the fishing trawler to Port Blair on November 24 for further investigation," the official said. "We have arrested six Myanmarese nationals from the fishing trawler and it is believed that the Methamphetamine was meant for India and its neighbouring countries. We have informed the Andaman and Nicobar Police for joint interrogation," the defence official said. This is not the first time that such banned contraband was seized on Indian waters in Andaman and Nicobar Islands. In 2019 and 2022, similar drugs were seized from foreign vessels while they tried to enter Indian waters. Methamphetamine is mainly used as a recreational or performance-enhancing drug.

2024-11-25 15:41

2024-11-25

15:41

moneycontrol.com

https://www.moneycontrol.com/news/business/commodities/rupee-posts-best-day-in-over-five-months-boosted-by-inflows-softer-dollar-12875424.html

Rupee posts best day in over five months boosted by inflows, softer dollar

While dollar sales were dominated by foreign banks early in the session, it was pretty broad based in the latter half, a trader at a private bank said.Related stories.

The Indian rupee logged its strongest one-day gain since June on Monday, aided by dollar inflows related to the rebalancing of MSCI's global equity indexes, alongside softness in the dollar and lower US bond yields. The rupee closed at 84.2875 against the US dollar, up 0.2% from its previous close, its biggest single-day gain since June 3.The currency rose to 84.2550 during the session, its highest since Nov 7. The dollar index =USD and Treasury yields kicked off Asia trading on the backfoot as markets reacted to U.S. President-elect Donald Trump's nomination of investor Scott Bessent for the post of Treasury secretary. Bessent, who has spent his career in finance, is seen as a comforting choice for markets and expected to keep a steady hand on government finances.The dollar index was last quoted at 106.8, down 0.5% from its closing level on Friday. U.S. Treasury yields were lower with the 10-year yield down 7 basis points at 4.34%. "It looks like geopolitics and the diverging US-eurozone macro story will keep the dollar bid into year-end after all," ING Bank said in a note, pegging the dollar index in a 106.5-107.5 range for the week. The rupee was also helped by dollar inflows likely related to the rebalancing of MSCI's global equity indexes, which will be effective after markets close on Monday.While dollar sales were dominated by foreign banks early in the session, it was pretty broad based in the latter half, a trader at a private bank said. Benchmark Indian equity indexes BSE Sensex  and Nifty 50 .NSEI ended higher by more than 1% each. Investors now await the minutes of the Federal Reserve's November meeting and core U.S. PCE inflation figures, both due on Wednesday.

2024-11-25 15:41

2024-11-25

15:41

moneycontrol.com

https://www.moneycontrol.com/news/india/aaditya-thackeray-elected-shiv-sena-ubt-legislature-party-leader-12875420.html

Aaditya Thackeray elected Shiv Sena (UBT) legislature party leader

Aaditya Thackeray, son of former Maharashtra CM Uddhav Thackeray.

Former Maharashtra minister Aaditya Thackeray was on Monday elected the Shiv Sena (UBT) legislature party leader at a meeting of the party legislators in Mumbai. Aaditya, son of party president Uddhav Thackeray, defeated Milind Deora of the Eknath Shinde-led Shiv Sena in the recent assembly elections from Worli constituency by 8,801 votes. His winning margin dipped compared to the last elections in 2019, where it was 67,427 votes. Senior party leader Ambadas Danve told reporters after the meeting of party legislators that former minister Bhaskar Jadhav was elected the party group leader in the state assembly, while Sunil Prabhu was named the party’s chief whip.

2024-11-25 15:39

2024-11-25

15:39