URL
stringclasses 1
value | Article url
stringlengths 62
259
| title
stringlengths 0
214
| subtitle
stringlengths 0
6.35k
⌀ | content
stringlengths 1
29.9k
| article datetime
stringlengths 16
16
⌀ | article date
stringclasses 78
values | article time
stringlengths 5
17
|
|---|---|---|---|---|---|---|---|
moneycontrol.com | https://www.moneycontrol.com/news/india/dont-assemble-eknath-shinde-urges-supporters-not-assemble-at-his-residence-varsha-over-cm-post-12875861.html | 'Don't assemble' : Eknath Shinde urges supporters not to assemble at his residence 'Varsha' over CM post | As the Maharashtra assembly election results were declared on November 23, reports also suggested that the new chief minister would be sworn in as early as November 26.. | Maharashtra Chief Minister Eknath Shinde on Tuesday asked supporters not to throng his official residence "Varsha" in south Mumbai to pitch for his continuation as CM. "After the great victory of the Mahayuti alliance, our government will be formed once again in the state. As a grand alliance, we contested the election together and are still together today,” Shinde said on X, asking his supporters not to assemble outside the Varsha bungalow, or any other location in his support. “Out of love for me, some people have appealed to everyone to gather together and come to Mumbai. I am deeply grateful for your love. But I appeal that no one should come together in my support in such a manner," Shinde said.. . , .Eknath Shinde - (@mieknathshinde)November 25, 2024 Despite the BJP-led Mahayuti alliance securing a massive victory, winning 230 seats in the 288-member assembly, consensus has eluded the ruling combine’s leaders so far on who should be the next CM. Shinde’s supporters have been saying that he should continue as CM as the landslide win was achieved under his leadership. Leaders of the BJP, which recorded its highest ever tally in the state assembly elections, have been pitching for Deputy CM Devendra Fadnavis to take oath at the CM for a third time. On Monday, several Shiv Sainiks organised prayer meets across temples in Thane to ensure Eknath Shinde gets a second term on the top post. Prayers were held at the Siddhi Vinayak Temple in Kashish Park locality, with many women claiming the Mahayuti sweep was due to Shinde’s connect with the masses, his accessibility and the ‘Ladki Bahin Yojana’. Puja was also held in Daulat Nagar in Thane East, PTI reported. The report also quoted Lok Sabha MP Naresh Mhaske as saying that all Shiv Sainiks believe Shinde should be given a second term as the chief minister. He expressed hope that Mahayuti leaders would follow the strategy applied in other states, such as Bihar, where leaders have been given opportunities based on merit, regardless of previous positions. Thane district is the home turf of Shinde and he won the recent assembly polls from Kopri-Pachpakhadi by a margin of more than 1.2 lakh votes. In the recent assembly elections, the BJP secured 132 seats, while allies Shiv Sena and NCP won 57 and 41 seats respectively. The counting of votes for the November 20 polls was held on Saturday. (With PTI inputs) | 2024-11-26 09:53 | 2024-11-26 | 09:53 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/ge-vernova-td-india-shares-locked-in-5-lower-circuit-as-promoter-plans-to-sell-up-to-8-38-stake-12875859.html | GE Vernova T&D India shares locked in 5% lower circuit as promoter plans to sell up to 8.38% stake | GE Vernova T&D India shares locked in 5% lower circuit as promoter plans to sell up to 8.38% stake. | Shares of GE Vernova T&D India were locked in the 5 percent lower circuit on Tuesday as its promoter, Grid Equipments Private Ltd, announced plans to divest up to 8.38 percent of the company’s paid-up equity share capital. The stock dropped to Rs 1,823.50 apiece on the National Stock Exchange (NSE), its lower price band for the day. The promoter has set a floor price of Rs 1,550 per share for the offer for sale (OFS), according to a regulatory filing. The sale comprises a base offer of 1.4 crore equity shares, representing 5.47 percent of the company’s paid-up equity, with an option to oversubscribe up to an additional 74.51 lakh shares, equivalent to 2.91 percent of the equity. GE Vernova T&D India is a prominent player in the power transmission and distribution solutions segment. | 2024-11-26 09:52 | 2024-11-26 | 09:52 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/fiis-build-bullish-bets-as-nifty-hovers-above-24200-shows-f-check-support-resistance-12875881.html | FIIs build bullish bets as Nifty hovers above 24,200, shows F&O positioning; check support, resistance | Nifty faces immediate resistance at 24,350, while the support is at 24,200..Related stories. | The futures and options (F&O) market setup for Tuesday, 26 November, showed a continuation of bullish momentum as foreign institutional investors (FIIs) increased their preference for long positions, with a rise in the long-short ratio to 36.74 from Monday’s 33.58. However, the Nifty index faces immediate resistance at the 24,350 level, while support zones are seen at 24,200 and 24,100. Nifty futures show long build-up, options signal key levels Nifty November futures saw a 1.62 percent surge in open interest (OI) on Monday, indicating a long build-up as the index closed at 24,222. Analysts said there was a sustained bullish activity in derivatives, with cumulative OI across current, next, and far-month series rising 2.37 percent, further indicating long positions. Sudeep Shah, Head of Technical & Derivatives Research at SBICAP Securities, said, “The 100-day EMA zone of 24,320–24,350 is an immediate hurdle for Nifty. A breakout above 24,350 could push the index towards 24,550 in the short term.” On the downside, Nifty has immediate support at 24,130–24,100, with a further cushion at 23,980. Options data shows significant call OI at the 24,300 and 24,400 strikes, marking these levels as resistance. Meanwhile, heavy put writing at 24,200 and 24,000 establishes these strikes as strong support zones. The put-call ratio (PCR) for the November series is at 1.03, showing a balanced but slightly bullish sentiment. Bank Nifty: Focus on resistance at 52,500 Bank Nifty surged over 2 percent on Monday, outperforming the broader market. The banking index futures saw a 17.6 percent drop in cumulative OI across series, signalling a robust short-covering rally. Immediate resistance is seen at 52,450–52,500; a breakout may potentially drive the banking index to 52,900. Support lies at 51,800 and 51,700. Shivangi Sarda, Derivatives & Quantitative Research Analyst at Motilal Oswal Financial Services, said there was a significant call OI at the 54,000 strike, and put OI at the 51,000 strike. The Bank Nifty PCR stands at 1.28, showing a very strong bullish bias. Market indicators and sectoral outlook India VIX fell 5 percent on Monday to settle at 15.3, indicating reduced market volatility. Support for VIX is seen at 14–13.8, with resistance at 16.8–17. Sectorally, Nifty PSU Bank has rebounded 10 percent in three sessions. Nifty IT and Nifty Realty are also expected to maintain outperformance in the short term, according to analysts. FII / DII activity highlights bullish bias FIIs purchased Rs 9,947.55 crore worth of equities on Monday, while DIIs sold to the tune of 6907.97 cr. FIIs' long-short ratio in index futures rose to 36.74 from 33.58, reflecting increased long positions. On the stock futures front, FIIs bought 69,861 contracts, further solidifying bullish sentiment. Outlook for today With FIIs strengthening their long positions and Nifty’s support at 24,200, traders are closely watching the 24,350 level for a breakout. Sustained movement above this resistance could drive the index higher, while any breach of immediate support levels may trigger a corrective move. | 2024-11-26 09:52 | 2024-11-26 | 09:52 |
moneycontrol.com | https://www.moneycontrol.com/news/india/constitution-day-2024-from-presidents-parliament-address-to-centres-year-long-campaign-heres-how-india-is-celebrating-samvidhan-diwas-12875873.html | Constitution Day 2024: From President’s Parliament address to Centre’s year-long campaign, here’s how India is celebrating Samvidhan Diwas | the Constitution will also be released in Sanskrit and Maithili as a part of celebrations.Related stories. | “Constitution is not a mere lawyers’ document, it is a vehicle of life and its spirit is always the spirit of Age.” - Dr Bhimrao Ramji Ambedkar India is celebrating a historic milestone this year — 75 years since the adoption of its Constitution. The central government has declared a yearlong celebration to honor the architects of the Constitution, particularly Dr BR Ambedkar, who played a pivotal role as the Chairman of the Drafting Committee. Law Minister Arjun Ram Meghwal recently announced the yearlong campaign ‘Hamara Samvidhan, Hamara Swabhiman’, that aims to deepen citizens’ understanding of the Constitution’s principles and its monumental journey in shaping modern India. The campaign will focus on educating the public about the makers of the Constitution and the lesser-known but invaluable contributions of the 15 women involved in the drafting process. President Droupadi Murmu and Vice President Jagdeep Dhankhar will address a joint session at the Central Hall of Samvidhan Sadan on Tuesday to observe the 75th anniversary of the adoption of the Constitution. A commemorative coin and stamp marking the occasion will be released during the event. Additionally, two books, titled "Making of the Constitution of India: A Glimpse" and "Making of the Constitution of India & Its Glorious Journey", will also be unveiled. Moreover, the Constitution will also be released in Sanskrit and Maithili as a part of celebrations, the Ministry of Culture said in a release. Prime Minister Narendra Modi, on the other hand, will mark the occasion by participating at an event organised at the Supreme Court Auditorium. At the event, PM Modi will release the Indian Judiciary's annual report for 2023-24 and also deliver a speech on the judiciary's role in upholding constitutional values. The event will also see Chief Justice of India Sanjiv Khanna, among other judges and senior lawyers. Centre declares year-long celebrations Launched earlier this year at Delhi’s Dr BR Ambedkar International Centre, the ‘Hamara Samvidhan, Hamara Swabhiman’ campaign will be the central element of the celebrations. According to the Law Minister, the objective of the initiative is to deepen public understanding of the Constitution’s pivotal role in shaping Indian society and to make citizens' aware of their rights and responsibilities. The campaign further seeks to demystify key constitutional principles such as justice, equality, liberty and fraternity through accessible workshops, seminars and regional events. It also aims to promote legal literacy, educating citizens about their Fundamental Rights and their duties under the Constitution. The three sub-themes of the campaign ‘Sabko Nyay, Har Ghar Nyay’ that will advocate for accessible justice for all, ‘Nav Bharat, Nav Sankalp’ to encourage democratic engagement and participation and ‘Vidhi Jagriti Abhiyaan’ for spreading legal awareness, particularly in underserved communities, Ministry of Culture stated in an official release. History and significance of Samvidhan Diwas Observed annually on November 26 as Samvidhan Divas, Constitution Day commemorates the adoption of the Indian Constitution in 1949. The document came into effect two months later, on January 26, 1950, when India declared itself a republic. What sets this year apart is that it also coincides with the 133rd birth anniversary of Dr BR Ambedkar. Dr Ambedkar’s contributions extend beyond the Constitution; he was a relentless advocate for the rights of the marginalized and a visionary statesman. Under his leadership, the Drafting Committee meticulously crafted the Constitution — a process spanning 2 years, 11 months, and 17 days. Initially celebrated as Law Day, the occasion was officially renamed Constitution Day in 2015 by the Ministry of Social Justice and Empowerment. Making of the Constitution The need for a governing framework became apparent during India’s freedom struggle. This need culminated in the formation of the Constituent Assembly in December 1946. The Assembly initially comprised 389 members, including first Prime Minister of Independent India Jawaharlal Nehru, Sardar Patel and Dr Ambedkar. But its membership was reduced to 299 after the Partition of India. The assembly convened its first session on December 9, 1946, under the chairmanship of Dr Rajendra Prasad. Over 11 sessions, the assembly debated fundamental issues, including the official language, the name of the country, and provisions for citizenship. Among the 17 committees, the Drafting Committee, chaired by Dr Ambedkar, played a pivotal role. Tasked with sifting through approximately 7,600 amendments, the committee synthesized diverse ideas into a cohesive document. What topics were debated during the making of the Constitution? The process of drafting the Constitution went through several spirited debates on myriad topics. One such discussion centered around the mechanism for amending the Constitution. India’s first Agriculture Minister PS Deshmukh, argued then for a simpler amendment process to keep the document relevant and adaptable. However, Dr Ambedkar maintained that while flexibility was essential, allowing frequent changes based on legislative whims could jeopardize the Constitution’s stability. Women who wrote the Constitution While Dr Ambedkar’s leadership in drafting the Indian Constitution is widely celebrated, this year’s Constitution Day campaign goes beyond his legacy to shed light on the invaluable contributions of 15 remarkable women in the Constituent Assembly. These members, including Durgabai Deshmukh, Hansa Kumari, Dakshayani Velayudhan, Begum Aziaz Rasul, Annie Mascarene, Hansa Jivraj Mehta, Amrit Kaur, Ammu Swaminathan and Vijaya Lakshmi Pandit, envisioned an India that reflected the aspirations of both men and women alike. According to several records, these women members of the Constituent Assembly courageously championed economic, social and political equality for all. Their persistent advocacy for justice and inclusion helped shape the foundation of India. Unfazed by prejudices or derogatory remarks from some members of the Assembly, these women articulated bold visions and played a decisive role in crafting the blueprint for a democratic nation. | 2024-11-26 09:50 | 2024-11-26 | 09:50 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/vodafone-idea-skyrockets-15-as-cabinet-likely-clears-bank-guarantee-wavier-for-telcos-12875845.html | Vodafone Idea skyrockets 15% as cabinet likely clears bank guarantee waiver for telcos | Despite today's gains, Vodafone Idea shares are currently nearly half of its value three months ago..Related stories. | Vodafone Idea shares were buzzing in trade, surging as much as 15 percent on November 26 after reports suggested that the Union Cabinet approved the waiver of bank guarantees for telecom operators. The wavier will be applied to spectrum acquired by telecom operators in auctions held before 2022, reports said. This move, aimed to reduce the financial burden on the telecom sector stands to benefit Vodafone Idea the most as it owns the government over Rs 24,700 crore on bank guarantees (BG),Moneycontrolhad previously reported. Indian telecom operators, including Airtel and Vodafone Idea, collectively hold more than Rs 30,000 crore in bank guarantee obligations. At 09.40 am, shares ofVodafone Ideawere trading at Rs 8 on the NSE. The same trigger also lifted shares forBharti Airtelover one percent higher. Follow our market blog to catch all the live action Burdened by hefty spectrum fees and adjusted gross revenue (AGR) dues, Vodafone Idea has repeatedly highlighted its financial struggles, urging the government to waive the bank guarantee (BG) requirement to ease its spectrum payment obligations. The company argued that such relief would allow banks to extend additional credit, providing the much-needed financial support. The telecom firm recently defaulted on its second BG payment of approximately Rs 350 crore, due on November 1, for spectrum acquired in a 2012 auction. This follows an earlier missed payment of over Rs 4,600 crore for a BG related to a 2016 spectrum auction in September. In order to sustain its competitiveness in the industry and hold up against Bharti Airtel and Jio, Vodafone Idea has recently raised Rs 24,000 crore through equity and is now seeking to secure an additional Rs 25,000 crore in loans and Rs 10,000 crore in bank guarantees or letters of credit. This funding is crucial to maintain its capital expenditure plans and stay in the race. Also Read |Cabinet clears waiver of bank guarantee on pre-2022 spectrum deals; Vodafone Idea to gain | 2024-11-26 09:49 | 2024-11-26 | 09:49 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/is-the-ipo-party-over-nearly-40-of-2024-entrants-dip-below-issue-price-12875876.html | Is the IPO party over? Nearly 40% of 2024 entrants dip below issue price | Overall, 75 companies have collectively raised more than Rs 1.2 lakh crore through IPOs this year..Related stories. | The year 2024 may well be a record year in terms of funds raised through initial public offers (IPOs) but in terms of returns, it has been a mixed bag with around 40 percent of the companies falling below their respective issue prices. Data shows that more than two dozen companies that made their debut on the bourses in the current calendar year have fallen below their respective issue prices following a market correction that began in October. More importantly, the list includes companies that made a stellar debut in terms of listing day gains. New entrants like ECOS India Mobility, Apeejay Surrendra Park Hotels, Saraswati Saree Depot, Northern ARC Capital, and Ola Electric Mobility among others are all currently trading below their respective issue prices. For instance, ECOS India Mobility & Hospitality, which surged over 33 percent on its debut, is now trading 1 percent below its issue price. Similarly, Apeejay Surrendra Park Hotels and Saraswati Saree Depot advanced more than 31% each on debut and are now trading at 4 percent and 25 percent discount to issue price, respectively. Other firms such as Northern ARC Capital and Ola Electric Mobility gained 23% and 20% respectively on listing day but are now over 10 percent lower to their issue price. Shree Tirupati Balajee Agro Trading and Akums Drugs & Pharmaceuticals rose over 17 percent each on listing but are now trading 13 percent and 6 percent below their issue price respectively. Overall, 75 companies have collectively raised more than Rs 1.2 lakh crore through IPOs this year. Apurva Sheth, Head of Market Perspectives & Research at SAMCO Securities, says that the performance of the primary market is closely linked to that of the secondary market. After hitting record highs in September 2024, the benchmark indices -- Nifty and Sensex -- have experienced significant downturns. This shift in market sentiment, coupled with aggressive IPO pricing and diminishing listing gains, has contributed to subdued post-listing performances, he says. Since October, both the Sensex and Nifty have dropped more than 10%, with the BSE MidCap and BSE SmallCap indices have lost 8-9%. Meanwhile, the reversal of Foreign Portfolio Investors (FPI) activity since October has further compounded the issue. Rising US 10-year bond yields have made US markets more attractive, prompting FPIs to withdraw from both primary and secondary markets. This, coupled with lofty valuations in India, has dampened market sentiment and reduced IPO listing gains and Grey Market Premiums (GMP), say experts. Among the biggest losers, Popular Vehicles & Services, which listed with a 6% discount to its issue price, is now trading down by over 46%. It is followed by Capital Small Finance Bank and Akme Fintrade India, both of which are down by 38% and 32%, respectively, from their listing prices. Other notable losers include Western Carriers (down 31%), R K Swamy (down 29%) and Deepak Builders & Engineers India (down 26%), and Saraswati Saree Depot (down 25%), all of which are trading below their issue prices. On the other hand, few firms, including Entero Healthcare, Vraj Iron & Steel, Arkade Developers, Swiggy, Afcons Infrastructure, and Gopal Snacks, are trading marginally higher to their issue prices. Prashanth Tapse, Sr VP Research – Research Analyst, Mehta Equities believes investors currently fear losing money and hence are staying away from both, primary and secondary markets. The ongoing market turbulence is giving a feverish feeling to the primary market, which is being reflected in the lower than expected demand and subscriptions from almost all types of investors, followed by poor listing due to the downtrend scenario in secondary market, he says. | 2024-11-26 09:48 | 2024-11-26 | 09:48 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/accumulate-maruti-suzuki-india-ltd-target-of-rs-14250-asit-c-mehta-12875872.html | Accumulate Maruti Suzuki India Ltd; target of Rs 14250: Asit C Mehta | accumulate.Related stories. | Asit C Mehta report onMaruti Suzuki India Ltd Maruti Suzuki India Limited (MARUTI), a subsidiary of the Japanese automaker Suzuki Motor Corporation, is the leading automobile manufacturer in India. Established in 1981, the company revolutionized the Indian car market with the launch of its first car, the Maruti 800, in 1983, which became one of the most iconic vehicles in the country. Over the decades, They have maintained their dominant position in the passenger vehicle segment, offering a wide range of cars including hatchbacks, sedans, SUVs, and vans. Known for its focus on affordability, fuel efficiency, and widespread service network, Maruti Suzuki has consistently been the market leader, with a significant share of the Indian automotive market. The company has a vast production capacity with multiple manufacturing plants in India, and it has a robust distribution and after-sales service network. They have been at the forefront of adopting new technologies, including CNG and hybrid options, and is expected to enter the electric vehicle (EV) segment in the coming years. Outlook As the market leader in the passenger segment, with visible entry into the EV market by FY25, we recommend an ACCUMULATE rating with an expected revenue CAGR of 7.2% for FY24-FY27E. We estimate a forward P/E multiple of 25x based on FY27E EPS of Rs 570, resulting in a target price of Rs 14,250 per share. For all recommendations report,click here Maruti Suzuki India - 26112024 - asit | 2024-11-26 09:45 | 2024-11-26 | 09:45 |
moneycontrol.com | https://www.moneycontrol.com/news/business/andhra-pradesh-mulls-next-steps-on-adani-if-power-deal-can-be-scrapped-12875877.html | Andhra Pradesh mulls next steps on Adani, if power deal can be scrapped | Andhra Pradesh mulls next steps on Adani, if power deal can be scrapped.Related stories. | India's Andhra Pradesh state is reviewing government files and will explore if it is possible to cancel a power supply contract linked to the Adani Group, whose billionaire founder has been indicted in the United States, a top official told Reuters. U.S. authorities have charged Gautam Adani and seven others with agreeing to pay bribes of $265 million to unnamed Indian government officials to obtain solar power-supply contracts in Odisha, Tamil Nadu, Chhattisgarh, Andhra Pradesh and the federal territory of Jammu and Kashmir, between 2021 and 2022. Most of the alleged bribes – $228 million – were paid to a government official to get Andhra Pradesh's state electricity distribution companies to agree to purchase power, stated the U.S. indictment. Adani has said the allegations are baseless. Andhra Pradesh's state government was "digging into all the internal files" from the previous administration, under which the alleged misconduct took place, state Finance Minister Payyavula Keshav told Reuters on Monday. "We will also examine what can be done next, like is there a possibility to cancel the contract … state government is looking into this issue closely," Keshav said. A spokesperson for the Adani Group did not immediately respond to a request for comment outside regular business hours. The previous Andhra Pradesh ruling party, YSR Congress Party, last week denied any wrongdoing. The U.S. indictment document said that following payment of alleged bribes to Indian officials, Andhra Pradesh's electricity distribution companies entered into a power supply agreement to purchase "approximately seven gigawatts of solar power – by far the largest amount of any Indian state or region." The U.S. charges are the biggest setback for billionaire Adani, whose company shares and bonds have fallen sharply since the indictment. French oil major TotalEnergies, which has a 20% stake in Adani Green, halted further investment into the Adani Group on Monday. | 2024-11-26 09:43 | 2024-11-26 | 09:43 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/nifty-sensex-extend-gains-for-third-day-as-it-realty-stocks-rally-12875799.html | Nifty, Sensex extend gains for third-day as IT, realty stocks rally | Infosys, BEL, Tech Mahindra, Asian Paints, and Tata Steel were the top gainers on the Nifty..Related stories. | Benchmark indices Nifty and Sensex opened the trading session on a strong note, extending their gains for a third trading session on the bourses as uptick in IT, Realty and FMCG stocks helped bolster sentiment. The two mirrored robust trends from the US market where the small-cap Russell 2000 index hit an all-time high after Scott Bessent was nominated U.S. Treasury Secretary. At about 9:30 am, the Sensex was up 250.53 points or 0.31 percent at 80,360.38, and the Nifty was up 81.90 points or 0.34 percent at 24,303.80. About 2137 shares advanced, 758 shares declined, and 103 shares unchanged. Follow our LIVE blog for all the latest market updates "The staggering victory of the ruling NDA alliance in Maharashtra should bring the undercurrents back in the markets. With elections now behind, we expect the government to focus on spending after it came down 17 percent on-year in the first half, " Narendra Solanki, Head of Fundamental Research at Anand Rathi Shares and Stock Brokers. "We need to see how the recovery takes place as investors are aware of all negatives in the market. Geo-political risks still linger and we need to see how those unfold," he added. In a remarkable reversal, foreign institutional investors turned net buyers for the first time in 38 days and lapped up almost Rs 10,000 crore in the cash markets yesterday. However, traders suggest that most of the buying came due to the Morgan Stanley Capital International (MSCI) quarterly rejig. According to experts, Indian equities are expected to witness a net inflow of around $2.5 billion in FII passive flows. Also read:JPMorgan initiates 'overweight' call on HAL, Bharat Electronics; Mazagon Dock bags 'neutral' rating All sectoral indices traded in the positive with Nifty and Realty rising over a percent each. A sharp rise in realty stocks comes after Jefferies said it remains optimistic about the real estate sector, citing a six-month high in residential sales during October, driven by robust festive demand. According to the firm, value sales are trending 20 percent higher, supported by favourable pricing and an improved mix. Nifty Metal and FMCG followed next. Major names such as Hindalco, Tata Steel and Adani Enterprises lifted the index higher. The mid and smallcap indices, also known as the broader market, outperformed the benchmarks and posted gains of 0.5 and 0.6 percent, respectively. The two have outperformed the headline indices by posting gains of 21 percent since the start of the year. The NSE Nifty has gained just over 11 percent over the same period. Solanki suggests that the small-midcap space has seen a decent fall and now slight buying could emerge although it will be stock-specific. Defence stocks like BEL surged in trade after JPMorgan initiated coverage on Indian defence stocks foreseeing a long runway of structural growth for the sector. While the firm assigned 'overweight' calls for Bharat Electronics and Hindustan Aeronautics, industry peer Mazagon Dock Shipbuilders received a 'neutral' rating. JPMorgan also anticipates strong growth in defence production as well as exports, which make these stocks an even lucrative bet. Premier Energies also darted up over 2 percent after the company received multiple orders aggregating Rs 1,087 crore from two large Independent Power Producers (IPP) and one other customer. Last month, the company's subsidiaries Premier Energies International Private Ltd and Premier Energies Photovoltaic Private Ltd — secured multiple orders, cumulatively worth Rs 765 crore. Read more:Cabinet clears waiver of bank guarantee on pre-2022 spectrum deals; Vodafone Idea to gain "Over the last two sessions, Nifty has staged a robust recovery, retesting its 100-day EMA near 24,350. A decisive close above this level could pave the way for further upside toward the 24,550-24,750 zone. On the downside, the 23,850-24,000 range is expected to provide strong support in case of any pullback," Ajit Mishra, Senior Vice President at Religare Broking said. "Traders and investors are advised to focus on sectors showing relative strength, such as IT and Banking while remaining selective in others," he added. Infosys, BEL, Tech Mahindra, Asian Paints, and Tata Steel were the top gainers on the Nifty. Bajaj Finserv, IndusInd Bank, Axis Bank, Bajaj Auto and L&T were the top laggards. | 2024-11-26 09:41 | 2024-11-26 | 09:41 |
moneycontrol.com | https://www.moneycontrol.com/news/india/rbi-guv-shaktikanta-das-hospitalised-12875851.html | RBI Guv Shaktikanta Das hospitalised in Chennai | RBI Governor Shaktikanta Das. | Reserve Bank of India Governor Shaktikanta Das has been admitted to Apollo Hospital, Chennai, RBI spokesperson said on November 26. He was admitted experiencing acidity and was admitted for observation, the spokesperson added. “Reserve Bank of India Governor Shri Shaktikanta Das experienced acidity and was admitted in Apollo Hospital, Chennai for observation. He is now doing fine and will be discharged in the next 2-3 hours. There is no cause for concern," RBI spokesperson said. | 2024-11-26 09:37 | 2024-11-26 | 09:37 |
moneycontrol.com | https://www.moneycontrol.com/news/business/gold-prices-hold-steady-after-trumps-tariff-pledge-12875858.html | Gold prices hold steady after Trump's tariff pledge | US gold futures edged 0.3 percent higher to $2,625.80.. | Gold prices held steady on Tuesday after a 3 percent drop in the previous session, supported by increased safe-haven demand following President-elect Donald Trump’s pledge to impose tariffs on all imports from Canada, Mexico, and China. Spot gold was steady at $2,625.48 per ounce, as of 0259 GMT, after hitting its lowest since November 18 earlier in the session. US gold futures edged 0.3 percent higher to $2,625.80. "Despite the extended sell-off yesterday, gold is holding up relatively well, which suggests some safe-haven demand," said Matt Simpson, senior analyst at City Index, adding "we could see more turbulence ahead, especially with Trump back in focus." Trump vowed hefty tariffs on Canada, Mexico, and China — risking trade wars. Gold is traditionally considered a safe-haven investment during periods of economic and geopolitical uncertainty, including trade wars and other conflicts. Meanwhile, Federal Reserve Bank of Minneapolis President Neel Kashkari, typically on the hawkish end of the U.S. central bank’s policy spectrum, said he is open to cutting rates again next month. According to the CME Group’s FedWatch Tool, markets currently estimate a 55.9 percent chance of a 25-basis-point US Federal Reserve rate cut in December. Traders will keep a close eye on US consumer confidence data and the minutes from the Fed’s November meeting later today, as well as the first revision of GDP and core PCE figures are set to be released later this week. "I expect gold to trade in a narrow range in the short term, with a slight upward drift," Simpson added. On the geopolitical front, US President Joe Biden and French President Emmanuel Macron are set to announce a ceasefire in Lebanon between Hezbollah and Israel, according to four senior Lebanese sources. Spot silver was flat at $30.29 per ounce, platinum shed 0.2 percent to $937.05 and palladium was up 0.3 percent at $975.65. | 2024-11-26 09:37 | 2024-11-26 | 09:37 |
moneycontrol.com | https://www.moneycontrol.com/technology/nokia-phone-maker-hmd-shifting-manufacturing-hub-from-china-to-india-urges-suppliers-to-follow-in-article-12875716.html | Nokia phone maker HMD shifting manufacturing hub from China to India, urges suppliers to follow in | HMD Management.Related stories. | Finnish handset maker HMD, known for producing Nokia-branded feature phones, is moving a substantial part of its manufacturing operations from China as part of its broader strategy to make India its global manufacturing hub. The company has also begun discussions with its electronic component suppliers across geographies to encourage them to set up factories in the country to support its export goals. The company hopes to benefit if the new US administration under President Donald Trump levies stricter tariffs on China, extending the trade war between the two of the largest economies in the world. "A bulk of what we used to do out of China is being moved to India, whether it is our supply chain, sourcing or logistics hub. Slowly and gradually, we have been strengthening our India leg, helping us build onto our robust export strategy for India," Ravi Kunwar, CEO and VP for India and Asia Pacific at HMD, toldMoneycontrol. “Whatever we have been exporting out of China, that percentage is going down and increasing in favour of exporting out of India.” The top executive said that HMD has shifted a significant part of its manufacturing infrastructure, including critical resources such as the supply chain sourcing team. “They used to operate out of China but are now based out of India to support exports… This is just in sync with our strategy to make India a very viable alternative to China from an export perspective.” He, however, said that shifting HMD’s entire manufacturing operations from China will take some time, suggesting that doing so would be a complex process. “It also depends on how competitive India becomes as a destination. For exports, we need cost, quality and consistency in delivery. As long as India continues to improve on these fronts, a higher percentage of China manufacturing will shift here.” HMD exports Nokia feature phones and smartphones to West Asia and Africa from India. “With the changing geopolitical scenario and the focus on security linked with supply chain, exports to the US and Europe will be in larger focus now,” he said. The company has urged its parts suppliers from other countries to set up shop in India. “The component makers realise the potential for domestic consumption in India and export opportunity… A big shift will happen once we have a clear policy from the government. We have given our input on what can help drive the transformation of local sourcing and component ecosystem,” he said. The Ministry of Electronics and Information Technology (MeitY) is thrashing out a cabinet note for the long-pending electronics component manufacturing scheme, which will cost around Rs 40,000 crore.Moneycontrolreported on November 25 that the note is expected to be floated by mid-December. HMD's majority of feature and smartphone production is done by Dixon Technologies, an electronics manufacturing services provider. It has also started working with Zet Town India, a subsidiary of Zetwerk, to expand its capacity for Indian-made feature phones. The Finnish handset major, which stopped using the Nokia brand for its smartphones and relaunched a new brand identity earlier this year, has renewed its focus on the mid-range segment with its latest Fusion smartphone, which comes with attachable accessories called Smart Outfits for gaming and photography. The executive said that the new brand identity and new smartphones will help the brand garner value and volume market share in the Indian market. “We continue to focus on the Rs 10,000-Rs 15,000 price segment and probably sub-Rs 10,000 next year.” HMD, which owns the licence to make and sell Nokia mobile phones until the end of 2026, has earmarked three pillars as part of its India strategy for 2025: secure devices, offering detox devices, which means non-smartphones and feature phones, and device financing. “Security is not just limited to government or military but concerns consumers as well. This segment is growing rapidly,” Kunwar said. | 2024-11-26 09:32 | 2024-11-26 | 09:32 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/jpmorgan-sees-erd-growth-revival-in-2025-but-telecom-challenges-to-cap-valuation-upside-12875829.html | JPMorgan sees ER&D growth revival in 2025 but telecom challenges to cap valuation upside | JPMorgan's target of Rs 6,400 for Tata Elxsi is 7 percent below its last close, while the Rs 800 target for Tata Tech implies a 16 percent downside from the previous session's close..Related stories. | JPMorgan, in its latest research report, highlighted a slowdown in the growth of Engineering Research & Development (ER&D) services, which has compressed the valuation premium over IT. The firm, however, expects this premium to expand next year as the automobile sector recovers from cyclical weakness. Nevertheless, persistent challenges in the telecom space may keep the premium from returning to earlier highs. JPMorgan's top picks in the ER&D space includeKPIT TechandPersistent Systemsfor their strong growth prospects, whileL&T Technology ServicesandCyientare identified as key recovery plays. The brokerage's preferred ranking for ER&D stocks places KPIT Tech and Persistent at the forefront, followed by L&T Tech, Cyient,Tata Elxsi, andTata Tech. Follow our live blog for all the market action The firm reiterated an overweight rating on KPIT Tech, with a target price of Rs 1,900, indicating a 39 percent upside from its last closing price. Persistent Systems is assigned a target of Rs 6,100, reflecting a modest 3 percent upside. Similarly, L&T Tech has a target price of Rs 6,300, offering a 15 percent potential upside, while Cyient's target of Rs 2,250 implies a 21 percent gain. Conversely, Tata Elxsi and Tata Tech are rated 'Underweight'. JPMorgan's target of Rs 6,400 for Tata Elxsi is 7 percent below its last close, while the Rs 800 target for Tata Tech implies a 16 percent downside from the previous session's close. | 2024-11-26 09:28 | 2024-11-26 | 09:28 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/ashoka-buildcon-shares-gain-2-on-winning-project-worth-rs-1391-crore-from-nhai-12875632.html | Ashoka Buildcon shares gain 2% on winning project worth Rs 1,391 crore from NHAI | Ashoka Buildcon.Related stories. | Ashoka Buildconshare price rose more than 2 percent in the opening trade on November 26 after the company received Letter of Award (LOA) for the project of Rs 1,391 crore. At 09:21am, Ashoka Buildcon was quoting at Rs 239.10, up Rs 6.00, or 2.57 percent, on the BSE. National Highways Authority of India (NHAI) has awarded the project for development of 4 lane economic corridor from Bowaichandi to Guskara-Katwa Road Section Km 89.814 to Km 133.000 of NH 116A (Package-3) in the state of West Bengal under Hybrid Annuity Mode (HAM) to be executed in 910 days including monsoon. Catch all the market action on our live blog The highway developer reported four-fold year-on-year (YoY) jump in net profit to Rs 462 crore in Q2FY25 from Rs 106 crore in the year-ago period. The company's revenue from operations also increased by 15.5 percent YoY to Rs 2,489 crore in Q2FY25. Recently, the company was declared lowest bidder for a project worth Rs 312.13 crore from Maharashtra State Electricity Transmission Co. The said contract is for establishment of 400/220 kV substation at Nandgaon Peth Dist., Amravati alongwith associated transmission lines under Amravati Zone MSETCL, Maharashtra and to be completed in 18 months. Last month, the company announced its acquisition of an additional 34 percent stake in Ashoka Concessions (ACL) for Rs 1,526 crore. This acquisition will make ACL a wholly-owned subsidiary of Ashoka Buildcon. The share touched a 52-week high of Rs 284.75 and a 52-week low of Rs 130.95 on 06 September, 2024 and 21 December, 2023, respectively. Currently, the stock is trading 16.03 percent below its 52-week high and 82.59 percent above its 52-week low. The share price rose 75 percent in the last one-year. | 2024-11-26 09:25 | 2024-11-26 | 09:25 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/kec-international-gains-2-as-it-secures-new-orders-worth-rs-1114-crore-12875848.html | KEC International gains 2% as it secures new orders worth Rs 1,114 crore | In Q2FY25, KEC International demonstrated robust top-line growth.Related stories. | Shares of KEC International surged 2 percent to Rs 1,064 on November 26 after the company secured new orders worth Rs 1,114 crore across its transmission and distribution (T&D), civil, railways, and cable segments. The T&D division bagged a 400 kV transmission line project in Oman and supply orders for towers, hardware, and poles in the Americas. In the civil segment, contracts were secured for industrial projects within India. The railways division won a Metro Overhead Electrification (OHE) project in India, while the cable business received orders to supply a variety of cable types to domestic and international clients. Expressing optimism, Vimal Kejriwal, MD and CEO of KEC International, stated, "We are pleased with the various orders secured across our business verticals. The order in Oman along with the previous orders from Saudi Arabia and UAE, has further strengthened our leadership position in the Middle East. With these new orders, our YTD order intake stands at Rs 14,600 crore, reflecting a healthy growth of 50 percent compared to last year." Catch all the market action on our LIVE blog Despite these positives, analysts at Prabhudas Lilladher maintained a 'hold' rating on the stock with a target price of Rs 997. They noted the stock is trading at a price-to-earnings ratio of 33.8x/20.0x/16.1x for FY25/26/27 estimates. In Q2FY25, KEC International demonstrated robust top-line growth, overcoming execution challenges such as labor shortages and weather disruptions. The T&D segment continued to perform strongly, supported by rising government capital expenditure. The management reiterated its EBITDA margin target of 7.5 percent for FY25, with the second half expected to deliver approximately nine percent margins to meet this goal. | 2024-11-26 09:25 | 2024-11-26 | 09:25 |
moneycontrol.com | https://www.moneycontrol.com/news/business/cbdt-black-money-report-flags-repeat-penalties-for-non-disclosure-of-foreign-assets-12875853.html | CBDT black money report flags repeat penalties for non-disclosure of foreign assets | Under the current framework, each year’s income-tax return is treated as a fresh obligation.. | A group of income-tax officials has presented a detailed report to the Central Board of Direct Taxes (CBDT), recommending changes to improve enforcement of the black money law, calling for rationalisation of penalties for non-disclosure of foreign assets and a focussed approach on “large evasions”. A government official toldMoneycontrolthat the report emphasises the need for better case prioritisation, enhanced clarity on penalties, and rationalised procedures to avoid “repetitive penalisation” for the same omissions. “Currently, if the same foreign asset is disclosed in one year but not in subsequent years, penalties are imposed annually for each year of non-disclosure. The internal report on Black Money Act explores some rationalisation on that,” the official said on condition of anonymity. Under the current framework, each year’s income-tax return is treated as a fresh obligation. Failure to disclose a foreign asset in subsequent years can lead to penalties for every year of non-compliance. This approach results in disproportionate punishment unless intentional concealment is proven. “Whether the same default can be penalised every year needs further clarity, the report has suggested,” the official said. The report, which looked into the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, also highlights instances where taxpayers disclosed income or assets in their returns but failed to report them in the "schedule of foreign assets." This oversight attracts penalties. “If a person has done disclosure in the return filing but not in the schedule, a penalty is imposed. The report suggests more clarity to the taxpayer on the issue,” the official said. Large evasions and filtering information The report also underscores the need for a targeted approach in enforcement. “Information on undisclosed assets is already there but it should be better filtered to focus more on red-flag cases. If there are too many cases on one official, focus is lost. The focus should be on large evasion and large assets,” the official said. The report recommends a strategy to prioritise significant cases of evasion and assets of higher value, allowing for more efficient use of resources, he added. Earlier this year, the disclosure threshold for foreign assets was raised from Rs 5 lakh to Rs 20 lakh to reduce the compliance burden on smaller taxpayers. | 2024-11-26 09:24 | 2024-11-26 | 09:24 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/indigo-shares-set-to-fly-as-it-tops-market-share-in-october-joins-hands-with-japan-airlines-12875797.html | IndiGo shares gain as it tops market share in October, joins hands with Japan Airlines | So far this year, shares of IndiGo have surged over 40 percent.Related stories. | Shares of InterGlobe Aviation, operator of IndiGo, gained over a percent to Rs 4,295 apiece on November 26 after achieving its highest market share of the year at 63.3 percent in October. IndiGo also announced a new codeshare partnership with Japan Airlines (JAL), set to commence on December 16. The partnership will allow JAL to expand its reach to 18 domestic destinations in IndiGo’s network. Under the agreement, tickets can be booked on one airline’s flight number, even if operated by the other, enabling both carriers to extend their services across each other’s networks. Currently, JAL operates daily flights between Tokyo (Haneda) and Delhi, and five weekly flights between Tokyo (Narita) and Bengaluru, with codesharing to begin on domestic routes connecting these cities. Catch all the market action on our LIVE blog IndiGo, which already has codeshare agreements with major carriers like British Airways, Turkish Airlines, Qatar Airways, and Air France-KLM, carried 86.40 lakh passengers in October, as per DGCA data. India’s domestic air traffic overall grew by 5.3 percent year-on-year, reaching 1.36 crore passengers in October compared to 1.26 crore a year ago. Meanwhile, struggling carrier SpiceJet had a market share of 2.4 percent, flying 3.35 lakh passengers, while Akasa Air transported 6.16 lakh passengers, capturing a 4.5 percent market share in October. In the recently concluded September quarter, IndiGo reported net loss of Rs 986 crore owing to increased fuel expenses and a record number of groundings. However, its revenue from operations surged 13.6 percent YoY to Rs 16,969 crore in Q2FY25. So far this year, shares of IndiGo surged over 40 percent, significantly outperforming benchmark Nifty 50's 10 percent rise. However, over the past 3 months, the stock has declined nearly 10 percent. | 2024-11-26 09:18 | 2024-11-26 | 09:18 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/bhel-hitachi-energy-india-stocks-rally-up-to-8-on-securing-khavda-nagpur-renewable-energy-project-12875836.html | BHEL, Hitachi Energy India stocks rally up to 8% on securing Khavda-Nagpur renewable energy project | Hitachi Energy is sitting on its highest-ever backlog of Rs 8,910 crore, providing strong revenue visibility over the next ~24–26 months..Related stories. | Bharat Heavy Electricals Ltd. (BHEL) and Hitachi Energy India shares soared in early trade on November 26, after a consortium between the firms bagged a contract from the Power Grid Corporation of India. The consortium has been awarded the contract for the establishment of over eight hundred 6000 MW high voltage direct current (HVDC) terminal stations at Khavda Pooling Station-2 (HVDC) and Nagpur (HVDC) for the evacuation of renewable power from the Khavda region in Gujarat to Nagpur in Maharashtra. At 9.15 am,Hitachi Energy Indiashares were quoting Rs 12,595.45 on the NSE, up 8.02 percent, whileBHELshares were trading higher by 1.23 percent at Rs 244.19 apiece. Follow our live blog to catch all the updates Scope of work includes converter transformers, AC/DC control and protection, gasinsulated high-voltage switchgear, thyristor valves, 765kV/400kV substation and auxiliary systems to be delivered by Hitachi Energy India along with its consortium partner BHEL. India's ambitious push for 8GW of renewable energy from the Khavda region is part of a broader plan to expand the interstate transmission system under phase V, part A. Expected to be ready by 2029, this project plays a key role in the country’s 500-gigawatt renewable energy goal. It also marks a milestone as the first HVDC project awarded through tariff-based competitive bidding. HVDC technology is the most efficient and economical way to transmit clean energy over long distances, with the flexibility of two-way flow, thus making it a core technology in India’s ambition to have a strong and responsive grid for renewable energy. Nuvama Institutional Equities expects Hitachi Energy India's share of the order inflow to be around Rs 4,000-6,000 crore. The brokerage added that Hitachi Energy is sitting on its highest-ever backlog of Rs 8,910 crore, providing strong revenue visibility over the next ~24–26 months. A month ago, the firm also announced its plan to invest about Rs 2,000 crore to expand capacity, portfolio, and talent base in order to support accelerating global demand for clean energy solutions (both domestic as well as exports). The brokerage reiterated its buy call on Hitachi Energy India, setting a target price of Rs 16,500 per share, which indicates an upside of 41.5 percent from current levels. | 2024-11-26 09:16 | 2024-11-26 | 09:16 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/agri-picks-report-november-26-2024-geojit-financial-services-12875849.html | Agri Picks Report November 26, 2024: Geojit Financial Services | commodities. | Geojit Financial Services's report on Daily Agri Picks Farmers in Gujarat have sown rabi crops across 1.2 million hectares as of Monday, down 42.5% on year from 2.0 million hectares sown in the same period last year, according to a report released by the state agriculture department. Chana acreage in the state was 183,973 hectares, down 41.5% on year from 314,359 hectares, according to the report. The total area under all pulses fell to 230,387 hectares, from 344,806 hectares last year. Rabi crops are sown between October and November, after the monsoonal rains are over, and harvested between April and June. Wheat, barley, peas, gram or chana, and mustard are the major rabi crops grown in the state. The normal area under rabi crops in the state, which is an average of the last three years, is 4.6 million hectares. The acreage under wheat as of Monday was 211,946 hectares, down from 394,901 hectares last year, the report showed. Maize acreage in the state fell to 61,299 hectares from 66,982 hectares a year ago. The area sown with mustard in the state as of Monday was 132,730 hectares, down from 221,028 hectares last year. The total acreage under all oilseeds fell to 134,531 hectares from 221,119 hectares a year ago, the report said. Sugarcane acreage fell to 86,639 hectares from 95,244 hectares last year, the report showed. On the other hand, the area under tobacco rose to 46,725 hectares from 42,822 hectares a year ago. The area sown with cumin fell sharply to 57,915 hectares from 244,639 hectares in the corresponding period last year, according to the report. Coriander acreage also fell to 15,955 hectares from 56,737 hectares a year ago. Similarly, the area under fennel was 9,323 hectares, down from 68,623 hectares sown last year, the report said. Onion acreage in the state as of Monday was 24,838 hectares, down from 29,240 hectares sown in the previous year, the report showed. The area under potato also fell to 66,655 hectares from 74,430 hectares last year. The acreage under vegetables was 51,686 hectares, down from 69,461 hectares sown a year ago. For all commodities report,click here 26104024 - co | 2024-11-26 09:11 | 2024-11-26 | 09:11 |
moneycontrol.com | https://www.moneycontrol.com/news/world/hong-kongs-top-court-rules-in-favour-of-equal-inheritance-housing-benefits-for-same-sex-couples-12875831.html | Hong Kong's top court rules in favour of equal inheritance, housing benefits for same-sex couples | Hong Kong does not recognise same-sex marriage, prompting some couples to marry elsewhere.. | Hong Kong’s top court on Tuesday upheld earlier rulings that favoured subsidised housing benefits and equal inheritance rights for same-sex married couples, in a landmark victory for the city’s LGBTQ+ community. The Court of Final Appeal’s dismissal of the government’s appeals ended some years-long legal battles over the differential treatment facing same-sex couples married overseas under Hong Kong’s Housing Authority policies and two inheritance laws. The decisions are expected to have a far-reaching impact on the lives of same-sex couples, who have traditionally had fewer rights compared to their heterosexual counterparts in the global financial hub. Hong Kong does not recognise same-sex marriage, prompting some couples to marry elsewhere. Currently, the city only recogniSes same-sex marriage for certain purposes such as taxation, civil service benefits and dependent visas. Many of the government’s concessions were won through legal challenges, and the city has seen a growing social acceptance toward same-sex marriage. In September 2023, the top court ruled that the government should provide a framework for recognizing same-sex partnerships. In separate judgements handed down in 2020 and 2021, a lower court had ruled that the housing policies involved in Tuesday’s cases violated the constitutional right to equality, and that excluding same-sex spouses from inheritance law benefits constituted unlawful discrimination. The government had challenged these decisions at the Court of Appeal but subsequently lost in October 2023. It then took the cases to the top court. The top court’s rulings concluded a long legal journey taken by Henry Li and his late partner, Edgar Ng. After they married in Britain in 2017, Ng bought a subsidized flat as his matrimonial home with Li. The Housing Authority, however, said Li could not be added as an authorized occupant of the flat in the capacity of Ng’s family member because same-sex married partners do not fall within its definition of “spouse.” Ng was also concerned that if he died intestate, his proprieties would not be passed to Li, the court heard. Ng died in 2020 after suffering years of depression. After the Court of Appeal’s ruling last year, Li wrote on his Facebook that he hoped the government would respect the judgment. “It added insult to injury— that the government repeatedly argued in open court I am not Edgar’s husband and should be treated as a stranger to him, while I was still mourning,” he wrote at that time. | 2024-11-26 09:01 | 2024-11-26 | 09:01 |
moneycontrol.com | https://www.moneycontrol.com/news/business/google-meta-urge-australia-to-delay-bill-on-social-media-ban-for-children-12875813.html | Google, Meta urge Australia to delay bill on social media ban for children | The law would force social media platforms, and not parents or children, to take reasonable steps to ensure age-verification protections are in place..Related stories. | Google and Facebook-owner Meta Platforms urged the Australian government on Tuesday to delay a bill that will ban most forms of social media for children under 16, saying more time was needed to assess its potential impact. Prime Minister Anthony Albanese’s centre-left government wants to pass the bill, which represents some of the toughest controls on children’s social media use imposed by any country, into law by the end of the parliamentary year on Thursday. The bill was introduced in parliament last week and opened for submissions of opinions for only one day. The age-verification system may include biometrics or government identification to enforce a social media age cut-off. "In the absence of such results, neither industry nor Australians will understand the nature or scale of age assurance required by the bill, nor the impact of such measures on Australians," Meta said. "In its present form, the bill is inconsistent and ineffective." The law would force social media platforms, and not parents or children, to take reasonable steps to ensure age-verification protections are in place. Companies could be fined up to A$49.5 million ($32 million) for systemic breaches. The opposition Liberal party is expected to support the bill though some independent lawmakers have accused the government of rushing through the entire process in around a week. A Senate committee responsible for communications legislation is scheduled to deliver a report on Tuesday. Bytedance’s TikTok said the bill lacked clarity and that it had ”significant concerns” with the government’s plan to pass the bill without detailed consultation with experts, social media platforms, mental health organisations and young people. "Where novel policy is put forward, it’s important that legislation is drafted in a thorough and considered way, to ensure it is able to achieve its stated intention. This has not been the case with respect to this Bill," TikTok said. Elon Musk’s X raised concerns that the bill will negatively impact the human rights of children and young people, including their rights to freedom of expression and access to information. The U.S. billionaire, who views himself as a champion of free speech, last week attacked the Australian government saying the bill seemed like a backdoor way to control access to the internet. | 2024-11-26 08:49 | 2024-11-26 | 08:49 |
moneycontrol.com | https://www.moneycontrol.com/news/business/fitch-places-some-adani-bonds-on-negative-watch-after-us-bribery-charges-report-12875805.html | Fitch places some Adani bonds on negative watch after US bribery charges: Report | Fitch places some Adani bonds on negative watch after US bribery charges: Report.Related stories. | Ratings agency Fitch has put some of Adani Group's bonds on watch for a possible downgrade after some of the firm's key executives were indicted by U.S. authorities on bribery charges. Adani Energy Solutions Ltd, Adani Electricity Mumbai and some ofAdani Ports and Special Economic Zone(APSEZ) rupee and dollar bonds are now on "watch negative", the ratings agency said. Fitch said it would monitor the U.S. investigation for any impact on Adani's financial position, "particularly any material deterioration in near- to medium-term funding access, including their ability to roll over existing credit lines or access new facilities, as well as potentially higher credit spreads". Ratings on four Adani subsidiary senior unsecured dollar bonds were downgraded from stable to negative, the agency added. Also Read |TotalEnergies says it will halt new investments in Adani Group companies US prosecutors have charged Gautam Adani with criminal indictmentover involvement in a plan that promised to pay over $250 million, or Rs 2,100 crore in bribes to Indian government officials for solar energy contracts. The Adani Group hasdenied bribery chargesby US Justice Department and US SEC against the chairman and group officials, calling all allegations 'baseless'. The group issued a statement attributed to a spokesperson on November 21, stating that it will seek all possible legal recourse, and the company is 'fully compliant' with all the laws. Adani dollar bonds steadied on Tuesday and prices rose slightly after three days of heavy falls. Prices on some of the more liquid APSEZ debts maturing between 2027 and 2041 were up between half a cent and 1.5 cents on the dollar. They have fallen about 8-12 cents since news of the indictment, news agency Reuters reported. With inputs from Reuters | 2024-11-26 08:46 | 2024-11-26 | 08:46 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/lt-foods-forays-into-saudi-arabia-12875778.html | LT Foods forays into Saudi Arabia, plans $49.3 million investment over five years | The new Saudi office will act as a hub
for LT Foods’ regional operations, said the company..Related stories. | LT Foods has forayed into Saudi Arabia with a new office in Riyadh, in an effort to tap into the $2 billion rice and rice-based food market in Saudi Arabia, the company said. The rice exporter will invest SAR 185 million ($49.3 million) over the next five years in Saudi Arabia, and targets revenue worth SAR 435 million ($116 million) in the next five years. Saudi Agricultural and Livestock Investment Company (SALIC) has been onboarded as a strategic shareholder, and LT Foods said it is also preparing to set up local manufacturing facilities in the Kingdom. LT Foods has in the past stated ambitions to expand to newer geographies, and generates $1 billion in global revenue. "We are now very excited to expand our footprint in Saudi Arabia. Our trusted brands, Daawat, Hadeel and Mufaddal, have long been a part of the Kingdom of Saudi Arabia (KSA). With SALIC being a strategic shareholder in LT Foods, we are now expanding our footprint in the KSA with warehouses and are prepared to establish local manufacturing," Vijay Arora, Chairman & Managing Director, LT Foods said. Saudi Arabia is one of the largest importers of rice, and LT Foods considers it as a key market with 'tremendous potential' for growth. "With our Riyadh office, we aim to deepen our connections with local consumers and partners, tailoring our offerings to meet their specific preferences," Gursajan Arora, CEO - Middle East Business, LT Foods said. The company said it is improving its market share in Dubai's premium segment, which has gone to 9.8% from 6.2% as per Nielsen. The market share in Kuwait, Qatar, Muscat and Iraq too are improving, the company said in October. LT Foods has a market capitalisation of Rs 12,300 crore, and the shares are higher by 75% on YTD basis. The company had a consolidated revenue of around Rs 7,822 crore as of FY24. | 2024-11-26 08:28 | 2024-11-26 | 08:28 |
moneycontrol.com | https://www.moneycontrol.com/news/india/gold-prices-ended-1-33-lower-at-rs-76487-on-nov-25-mcx-data-12875800.html | Gold prices ended -1.33% lower at Rs 76,487 on Nov 25: MCX Data | Gold prices ended -1.33% below at Rs 76,487 on Nov 25: MCX Data.Related stories. | On November 25, gold prices saw a -1.33 percent decrease, closing at Rs 76,487 according to MCX data. This marks a higher percent rise in gold’s spot market value from the start of the year. Year-over-year, gold prices have climbed 24.92 percent, as analysed by Moneycontrol. However, the current price remains below the Rs 79,362 peak reached on October 30, 2024. The second quarter of 2024 witnessed a 6 percent decline in gold demand, due to reduced appetite from the jewellery sector. For gold futures expiring on December 5, the price was Rs 75,419 per 10 grams on November 25, which is -2.83 percent lower than the previous day’s price. There were city-wise variations in gold price on November 25. Gold price in Mumbai 24-carat gold in Mumbai on November 25 cost Rs 76,440, and the cost of gold for 22-carat was Rs 72,800. In the financial capital, 24-carat gold was -1.36 percent lower, compared with the previous day. Gold price in Delhi In Delhi, Rs 76,650 was the price for 24 carat gold and Rs 73,000 was the price of 22 carat of gold. The price was -1.35 percent lower compared with the previous day. Gold price in Chennai In Chennai, 24-carat gold traded -1.37 percent lower at Rs 75,600. And, 22-carat gold was priced at Rs 72,000. Gold price in Bengaluru In Bengaluru, 22-carat gold was Rs 73,150. Price was -1.35 percent lower for 24-carat gold at Rs 76,810. You can access more information on city-wise prices onour gold page. Outlook Central banks' gold buying was higher in the previous quarter, and so was technology use, according to the World Gold Council. | 2024-11-26 08:27 | 2024-11-26 | 08:27 |
moneycontrol.com | https://www.moneycontrol.com/news/business/vedanta-sells-dollar-bonds-after-a-brief-pause-due-to-market-volatility-12875798.html | Vedanta sells dollar bonds after a brief pause due to market volatility | Vedanta.Related stories. | Vedanta Resources Ltd. priced its third dollar-bond sale in two months, with Monday’s deal occurring just days after the US indictment of Adani Group founder Gautam Adani. A unit of Vedanta, a London-based mining company with most of its operations in India, sold $800 million of callable notes in 3.5- and 7-year tranches. Vedanta plans to use the proceeds from the current offering to refinance outstanding bonds due in 2028, according to people familiar with the matter who asked not to be identified. Vedanta, controlled by Indian billionaire Anil Agarwal, paused the deal last week amid market volatility after the Adani indictment. That conglomerate, which has denied the bribery allegations in the case, itself scrapped a dollar bond sale priced just hours before the indictment became public. Both tranches of Vedanta’s recent offering tightened 12.5 basis points from their initial pricing at 10.25% and 11.25%, receiving combined orders of over $1.19 billion, the people said. Demand was less than twice the issue size, in line with its bond sales recently: Its 5-year, $900 million callable debt in September received more than $1.45 billion of bids, while those for a $300 million tap of the same security in October exceeded $500 million. The debt priced at 10.875%. Still, Vedanta going ahead with its offering shows confidence in its prospects. The company extended due dates on some of its dollar bonds in January, seeking to improve its capital structure and overall financial position. That was in addition to the bond sales in the last two months. Investors have rewarded the moves so far. Vedanta Resources Finance II Plc’s notes due in April 2026 have climbed nearly to par after touching a low of about 60.4 cents in January, according to data compiled by Bloomberg. With a 77% gain this year, the notes are one of the best-performing junk bonds in Asia. | 2024-11-26 08:18 | 2024-11-26 | 08:18 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/jpmorgan-initiates-overweight-call-on-hal-bharat-electronics-mazagon-dock-bags-neutral-rating-12875781.html | JPMorgan initiates 'overweight' call on HAL, Bharat Electronics; Mazagon Dock bags 'neutral' rating | Shares of Bharat Electronics, Hindustan Aeronautics, and Mazagon Dock have plummeted 14-28 percent from their record highs in recent months..Related stories. | International brokerage JPMorgan has initiated coverage on Indian defence stocks foreseeing a long runway of structural growth for the sector. While the firm assigned 'overweight' calls for Bharat Electronics and Hindustan Aeronautics, industry peer Mazagon Dock Shipbuilders received a 'neutral' rating. JPMorgan also anticipates strong growth in defence production as well as exports, which make these stocks an even lucrative bet. The cherry on top being the recent stock price correction amid heavy profit booking, which according to JPMorgan, presents an opportunity to lap up defence stocks at lower valuations. To quantify, shares of Bharat Electronics, Hindustan Aeronautics, and Mazagon Dock have plummeted 14-28 percent from their record highs in recent months. Follow our market blog to catch all the live action Despite that, forecasting strong growth, JPMorgan assigned a price target of Rs 340 for shares of Bharat Electronics, implying an over 16 percent upside potential from Monday's closing price. The stock was also JPMorgan's preferred pick with the defence pack, largely due to its exposure to structural growth. As for Hindustan Aeronautics, the brokerage rolled out a price target of Rs 5,135, reflecting the scope for a near 20 percent upside from the previous closing level. However, Mazagon Dock Shipbuilders got a target price of Rs 4,248, meaning a mere 2 percent upside potential from Monday's close. Now while JPMorgan might have turned optimistic over prospects of the defence pack, most others on the Street are yet to turn their heads around. Analysts argue that despite the sharp correction in defence stocks--once the darlings of the Street-- valuations continue to run beyond fundamentals, hampering their risk-reward. Independent market analyst Ambareesh Baliga stated that while stock prices have surged up to 15x, profits have grown only 3–4x, underscoring the disconnect between fundamentals and valuations. Hemant Shah, fund manager at Seven Islands PMS, highlighted the role of execution over sheer order book size. He pointed out that smaller players in the sector could outpace giants like HAL and BEL by executing faster and addressing backlogs efficiently. | 2024-11-26 08:15 | 2024-11-26 | 08:15 |
moneycontrol.com | https://www.moneycontrol.com/news/business/essar-group-co-founder-shashi-ruia-dies-at-80-12875792.html | Essar Group co-founder Shashi Ruia dies at 80 | Related stories. | Essar Group's co-founder Shashi Ruia died on November 25, 2024. He was 80 years old. Shashi Ruia's mortal remains will be at Ruia House to offer prayers from 1 pm to 3 pm on Tuesday, November 26. The funeral procession will leave from Ruia House at 4 pm towards Hindu Worli Crematorium. Shashi, a first-generation entrepreneur industrialist, started his career in 1965 under the guidance of his father Nand Kishore Ruia. He, along with his brother Ravi, laid the foundation of Essar and planned its business strategy, growth and diversification. Shashi was also on several national bodies and industry associations. He was part of the managing committee of the Federation of Indian Chambers of Commerce and Industry (FICCI). He was also the chairman of the Indo-US Joint Business Council and the former president of the Indian National Shipowners Association. He was also a member of the Prime Minister's Indo-US CEO's Forum and India – Japan Business Council. Essar Global Fund Ltd, which owns the businesses co-founded by the Ruia brothers, owns various assets diversified across the core sectors of infrastructure, energy, metals and mining, technology and services. The Fund's portfolio companies generate aggregate revenues of $14 billion, as per Essar Group's website. Meanwhile, Essar's portfolio businesses in the telecom, BPO and oil and gas sectors have gained over $40 billion monetisation proceeds from global majors such as Vodafone, Brookfield, Rosneft and Trafigura, the website stated. | 2024-11-26 08:12 | 2024-11-26 | 08:12 |
moneycontrol.com | https://www.moneycontrol.com/technology/global-microsoft-outage-as-teams-and-outlook-go-down-what-happened-what-microsoft-said-and-more-article-12875671.html | Global Microsoft outage as Teams and Outlook go down: What happened, what Microsoft said, and more | Microsoft.Related stories. | Microsoft 365 and Teams experienced a significant global outage on November 25, 2024, disrupting services for users worldwide. The outage affected key Microsoft applications such as Outlook, Exchange, and Teams, causing issues with email access, calendar functionality, and video calls. When did the outage begin? The outage began around 4 a.m. Eastern Time and quickly escalated, with thousands of users reporting problems on platforms like DownDetector. What caused the outage? Microsoft identified a recent change in their system as the root cause and began reverting the change to fix the issue. “We’ve identified a recent change which we believe has resulted in impact. We've started to revert the change and are investigating what additional actions are required to mitigate the issue,” said Microsoft. What problems did users face? Teams users were unable to create or update Virtual Events, including webinars and Town Halls. Furthermore, users were unable to create chat, add users, and create or edited meetings. Several Outlook users were also unable to send and receive mails. Has Microsoft fixed the issue? Yes, more or less the outage has been fixed but some issues still linger for users. “Our fix has reached approximately 98% of the affected environments, and our targeted restarts required for mitigation are being performed as quickly as possible,” said Microsoft. On its support page, Microsoft said that its monitoring indicates that a large portion of affected users and services are seeing recovery following its mitigation efforts. “We're working on addressing the lingering regions that are still seeing small impact to fully restore service availability, which we still expect to complete by Tuesday, November 26, 2024, at 3:00 AM UTC.” | 2024-11-26 08:09 | 2024-11-26 | 08:09 |
moneycontrol.com | https://www.moneycontrol.com/news/podcast/will-nifty-sensex-extend-their-gains-or-slip-back-into-correction-territory-market-minutes-12875789.html | Will Nifty, Sensex extend their gains or slip back into correction territory? Market Minutes | 2024-11-26 08:08 | 2024-11-26 | 08:08 |
||
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/jefferies-bullish-on-realty-as-sales-touch-6-month-high-in-oct-godrej-properties-macrotech-dlf-top-picks-12875785.html | Jefferies bullish on realty as sales touch 6-month high in Oct; Godrej Properties, Macrotech, DLF top picks | Residential sales reach six-month high during October.Related stories. | Global brokerage Jefferies remains optimistic about the real estate sector, citing a six-month high in residential sales during October, driven by robust festive demand. With the Nifty Realty index currently down 11 percent from its all-time highs, Jefferies identified Godrej Properties, Macrotech Developers, and DLF as its top picks. According to the firm, value sales are trending 20 percent higher, supported by favorable pricing and an improved mix. Despite a weaker Q2 performance, Jefferies expects strong offtake to propel listed developers to achieve a 25 percent pre-sales growth in FY25. The sector is gearing up for significant activity, with large-scale new launches and an active project pipeline scheduled for the second half of the fiscal year. However, Q2FY25 saw a mixed performance in the real estate sector. Residential pre-sales bookings declined by four percent year-on-year, primarily due to DLF’s 69 percent drop, attributed to the absence of new launches, according to a review note by Sharekhan. ALSO READ:BJP's Maharashtra win lifts Nifty Realty 3%; Macrotech Developers, Prestige Estates, Godrej Prop surge 1-4% Nevertheless, the broader real estate universe posted robust financial performance, with 45.5 percent revenue growth, 41.7 percent growth in operating profit, and a 51.8 percent rise in net profit YoY. This growth was driven by strong revenue booking across most developers, except for Mahindra Lifespaces and Oberoi Realty. Sharekhan remained positive on DLF, Macrotech Developers, and Sunteck Realty, citing a strong launch pipeline heavily weighted toward the latter half of FY25. Investor sentiment toward real estate stocks has turned increasingly positive in recent days. Over the past six trading sessions, the Nifty Realty index has risen by 10 percent, outperforming the Nifty 50, which gained just two percent during the same period. This uptick reflects growing confidence in the sector’s resilience and potential for recovery, especially with a slew of new launches on the horizon. | 2024-11-26 08:08 | 2024-11-26 | 08:08 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/hul-shares-in-focus-as-board-greenlights-ice-cream-arm-spin-off-12875786.html | HUL shares in focus as board greenlights ice cream arm spin-off | Hindustan Unilever shares have traded flat over the past year, slipping about 1.4 percent..Related stories. | India's largest consumer staples player Hindustan Unilever Ltd. (HUL) will see its shares in focus on November 26, after its board granted an in-principle approval to the demerger of its ice cream business into a separate entity. The ice business will eventually 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 in HUL, the statement added. "A separate listed entity will unlock fair value for HUL shareholders and give them the flexibility to stay invested in ice cream’s growth journey,"Hindustan Unileversaid in the statement. Also Read|Ice cream business is high growth but also high investment & low margin: HUL CEO Rohit Jawa After the September quarter earnings, HUL CEO Rohit Jawa too had mentioned about the two primary options before the company for separating the business - selling it, or demerging and listing it as a separate entity. "These are both the options that the board is evaluating and the board has appointed an independent committee to review the way forward. The committee will work upon and then guided by committees' reviews, the board will decide to mode of separation between these two lead options," Jawa had said in October. For HUL, the ice cream business is a high-growth segment with strong brands like KwalityWall’s, Cornetto and Magnum operating with 'mid to high-single digit profitability'. The ice cream category has maintained its volume vis-à-vis last year, during the September quarter. The demerger will create a "leading listed ice cream company in India, which will have afocused management with greater flexibility to deploy strategies suited to its distinctive business model and market dynamics," HUL said. Hindustan Unilever shares have traded flat over the past year, slipping about 1.4 percent, as the depressed sentiment for the consumer staples sector weighed. In contrast, the Nifty 50 recorded a 12 month run of around 22 percent. | 2024-11-26 07:57 | 2024-11-26 | 07:57 |
moneycontrol.com | https://www.moneycontrol.com/news/business/personal-finance/youre-doing-sips-but-are-you-doing-it-smartly-12875609.html | You're doing SIPs, but are you doing it smartly? | SIPs comes with its benefit of rupee cost averaging being one the most affordable source of investments..Related stories. | SIPs or systematic investment plans have become everyone’s favourite way to build wealth bit by bit. It’s easy, automatic and you don’t need a lump-sum investment amount to kick it off—one can start with as little as a few hundred rupees a month. However, while SIPs are a great way to grow your money, there’s a better way to do it that can give you even better returns. A smart SIP approach helps you make the most out of your investments by tweaking how much and when you invest, making your SIP strategy work even harder for you. Let’s understand the interplay between regular SIP and smart SIP to frame a better choice. Regular SIP A regular SIP is the classic approach where you contribute a fixed amount every month or your desired interval towards your investment, marked by the ease of accumulating your desired corpus over time without worrying about market fluctuations. Also read |How to build ₹1 crore in 15 years with a ₹10,000 monthly SIP However, regular SIPs don’t account for changes in your disposable income. As you progress in your career and your income grows, your SIP amount stays the same, which means you might not be fully utilising your increased financial capability to build wealth. Smart SIP This is where the two concepts of a smart SIP comes into play. Step-up SIP:The step-up SIP approach is all about gradually increasing your investment amount according to your financial growth. With this method, you top up your SIP by a certain percentage each year. Say, you start with Rs 5,000 a month. In the second year, with a 10 percent step-up, that amount becomes Rs 5,500, and so on. This strategy aligns your SIP with your annual income increases, putting your extra disposable income to work and helping you grow your wealth faster. Trigger SIP:Trigger SIPs take advantage of specific market events, which require a bit more tactical approach. This method allows you to invest additional amounts when a particular market event occurs, like a dip of 5 percent or 10 percent, for example. By buying more units when prices are down, you lower your average cost, which can boost your returns in the long run. But this approach requires a close watch to be kept on market movements, making it better suited for investors who are comfortable tracking the market. Also read |Can energy-focused mutual funds power up your investment portfolio? Let’s now see how smart SIPs can create a difference and boost your returns. For the purpose of illustration, assume that investor A and investor B started investing Rs 10,000 monthly from the age of 25 years, and that we track their record till the age of 50. Investor A went in for the regular SIP model while investor B opted for the 10 percent step-up in his SIP. In this scenario, we can see B created a corpus of Rs 4.27 crore, which is Rs 2.4 crore higher than that of A because by adopting the smart SIP, and his net gain was also derived at 90 percent higher than A. This example highlights how a step-up SIP can drastically improve outcomes with the same initial investment. Optimal asset allocation for SIPs at a portfolio level For a well-balanced portfolio, it is essential to allocate assets wisely. A recommended equity-to-debt allocation is 80:20, targeting an estimated 12 percent return over the long term. Additionally, diversify across market capitalisations with a mix of large-cap, mid-cap and small-cap funds in a ratio of about 55:20:25. This allocation minimises concentration risk and allows you to capture growth across different segments of the market. Apart from this, you can also consider diversifying across diversified categories of mutual funds to get to the desired market capitalisation exposure. Also read |Here are the top small-cap stock picks of PMS firms amid market correction SIPs come with the benefit of rupee cost averaging being one the most affordable investments, allowing a relative amount of flexibility to investors. Moreover, you do not need to time the market and yet you can get a return of 12-13 percent in the long run. Investors should not simply wait for the right time to invest; instead, simply set your goals and asset allocation strategy based on risk and return appetite level. To wrap up, SIPs are a great way to start building wealth without needing a huge sum up front. They are convenient, automatic and get you in the habit of consistent investing. But if you are looking to get the most out of your money, a smart SIP approach could really step up your game and get to a brighter financial future. The author is the Deputy CEO of Anand Rathi Wealth Limited | 2024-11-26 07:53 | 2024-11-26 | 07:53 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/brokerage-radar-jefferies-has-a-buy-call-on-ril-hsbc-sees-slowdown-in-aum-growth-12875784.html | Brokerage Radar: Jefferies has a 'Buy' call on RIL, HSBC sees slowdown in AUM growth | Brokerage Radar. | Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes RIL, real estate, consumer staples, and more. Jefferies On Reliance IndustriesBuy Call, Target At `1,700/ShExpect Singapore Gross Refining Margin To Improve YoY In CY25Expect Singapore GRM To Improve As With 1 mbpd Of Closures Announced, Aiding O2C ProfitabilityJio's Strong Traction In Home Broadband Subscription Additions Position It Well For 5G MonetisationSee The Likelihood Of A Public Listing Of Jio In CY25Retail Saw A Strong October But Sustained Recovery Could Be 2 Quarters AwayCurrent Valuation Imputes $57 Bn For Retail- Pessimistic In Our View HSBC On MFILimits Announced By Microfinance Ind On MFI Lending Will Likely Lead To Slowdown In AUM GrowthLimits Announced By Microfinance Ind Will Lead To High Credit Costs In Near-termExpect Q3 To Provide ClarityBelieve Bank Owned Microfinance (MFI) Lenders Will Be Better Placed Hereon HSBC On Credit CardPost Recovery In Sep’24, Credit Card Spending Growth Moderated In Oct’24Net Credit Card Issuance For The Industry Declined 54% YoY In Oct’24Net Credit Card Issuance Declined As Lenders Remain Conservative Following Stress Build-upTop Three Issuers Added 78% Of Net Card IssuanceSBI Card’s Net Issuance Improved Versus Its Recent Run-Rate Jefferies On Real EstateResidential Markets Have Seen Festive Upmove With Sales In October Rising To A 6-mth HighValue Sales Are Trending 20%+ Helped By Mix And PricingLarge New Launches Are Planned & There Are Ongoing Launches By The Listed Developers In H2Expect Good Offtake To Help The Listed cos Post Nearly 25% Pre-sales Growth For FY25Realty Index Is Down Nearly 11% From Peak, With Select Stocks Down MorePrefer Godrej Properties, Macrotech Developers (Lodha) And DLF Jefferies On Consumer StaplesQ2 Was A Largely Muted Quarter Marked By Slower Revenue Growth And Margin PressureWeak Performance Was Also Evident With 6 Out Of 12 Companies Missing EstimatesKey Misses- Honasa & Dabur (Inventory Correction), Nestle (Weak Vols) & Britannia (Margin Miss)Concerns Persist On Demand, Especially In Urban, Which Has Also Weighed On The StocksColgate, Marico, GCPL Are Now Our Top Picks | 2024-11-26 07:52 | 2024-11-26 | 07:52 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/pine-labs-picks-bankers-for-1-bn-ipo-gears-up-to-go-public-in-first-half-of-fy26-12875709.html | Pine Labs picks bankers for $1-bn IPO, gears up to go public in first half of FY26 | Amrish Rau, CEO, Pine Labs.Related stories. | Fintech major Pine Labs has picked five investment banks as advisors for its $1-billion initial public offering (IPO) slated to be launched in the first half of financial year 2026, people briefed on the matter toldMoneycontrol. “Axis Capital, Morgan Stanley, Citigroup, JP Morgan and Jefferies will run Pine Labs’ IPO mandate,” one of the persons cited above said. Axis Capital is the only domestic banker because it enjoys Pine Labs’ confidence, given the banking connection between the company and Axis Bank (same group), the person added. The company plans to list in the first half of FY26 and the IPO preparation is underway, a second person toldMoneycontrol,confirming the list of chosen bankers. Pine Labs did not respond toMoneycontrol’squeries. Emails sent to Axis Capital, Morgan Stanley, Citigroup, JP Morgan and Jefferies remained unanswered. A secondaries transaction, where existing backers will sell shares in the company and make way for new investors, to the tune of around $100 million is also being planned in a pre-IPO round and final details will be available closer to time, the first person cited above said. Peak XV Partners, Mastercard Inc, Sofina, Madison India Capital are some of the firm’s early backers. Flipping back Pine Labs, which is based in Singapore, is in advanced stages of flipping its base back to India and list on the domestic bourses here. The company had secured initial approval from the National Company Law Tribunal (NCLT) to merge its domestic and Singapore entities,Moneycontrolhad reported in August. Pine Labs is likely to seek a valuation of more than $6 billion for its upcoming IPO, slightly higher than $5 billion, the valuation it commanded during its private fundraise in March 2022, as per data available on Tracxn. In the run-up to the IPO, around April this year, US-based investment firms such as Baron Funds and Invesco had marked up the valuation of Pine Labs. While Baron increased the company’s valuation to $5.8 billion as of April, up from $5.3 billion in September 2023. Similarly, Invesco, which led a$100-million round in Pine Labsin September 2021, pegged the company’s valuation at around $4.8 billion as of December 2023, up from $3.9 billion as of October last year. If Pine Labs successfully manages to raise $1 billion in its IPO, it will make one of the largest public market debuts for a new-age company after the likes ofSwiggy at $1.35 billion in 2024and Paytm at $2.5 billion in 2021. Financial performance At the group level, which includes its international businesses and subsidiaries,Pine Labs saw consolidated revenue increase 9.8 percent from Rs 1,588 crore in FY23 to Rs 1,743 crore in FY24, with a majority of its business coming from the India entity, per the unaudited consolidated results of the firm. Despite this growth, the company's net loss widened due to higher operating and finance costs. The Group's net loss after tax increased to Rs 339 crore, compared to Rs 227 crore in FY23. The India unit of fintech firm Pine Labs reported nearly flat revenue at Rs 1,317 crore for the fiscal year ending March 2024, while its losses surged threefold from Rs 56 crore in FY23 to Rs 187 crore in FY24. | 2024-11-26 07:50 | 2024-11-26 | 07:50 |
moneycontrol.com | https://www.moneycontrol.com/news/india/end-of-the-line-bengaluru-suburban-rails-whitefield-kengeri-corridor-likely-to-be-scrapped-12875641.html | End Of The Line: Bengaluru suburban rail's Whitefield-Kengeri corridor likely to be scrapped | Bengaluru suburban rail project.Related stories. | The 35-km Whitefield-Kengeri suburban rail corridor, known as the Parijatha line, is likely to be scrapped, sources privy to the development toldMoneycontrol. This corridor, part of the 148-km Bengaluru suburban rail project, is now under review due to concerns about its alignment with Namma Metro’s 43-km Purple line, which connects Whitefield (Kadugodi) in the east to Challaghatta in the west. “A recent meeting chaired by Union Minister of State for Railways V Somanna and Karnataka Minister for Commerce and Industries MB Patil reportedly decided, in principle, to scrap the Whitefield suburban rail corridor,” a source said. Also, read:Two Bengaluru suburban rail corridors to be ready by Dec 2026: Railways MoS V Somanna Proposed alternatives Instead of the Parijatha line, authorities are considering alternative routes to enhance suburban rail connectivity. Options include connecting Chikkabanavara to Tumakuru via Dobbaspet, Chikkabanavara to Magadi, and Rajanukunte to Gauribidanur via Doddaballapur. Also, read:Bengaluru suburban rail expansion plans to satellite towns stalled as South Western Railway raises red flags “These routes would better serve Bengaluru’s outskirts and align with plans to enhance connectivity to emerging hubs likeKnowledge, Wellbeing, and Innovation (KWIN) City, spanning 5,800 acres in Doddaballapur and Nelamangala taluks,” said the source. Approved in October 2020, the suburban rail project comprises four corridors totalling 148 km. Construction has commenced on two of these: the Mallige Line — 24 km from Byappanahalli to Chikkabanavara, and the Kanaka Line — 46 km from Heelalige to Rajanukunte. Meanwhile, the Sampige line, a 41-km stretch from KSR Bengaluru to Devanahalli, via Yelahanka and the airport, is at the tendering stage. Also, read:Eye on Bengaluru ahead of Karnataka polls: Suburban rail project moving at a snail’s pace Prime Minister Narendra Modi, who laid the foundation stone in June 2022, stated that the project, first proposed in 1983, would be completed within 40 months. However, things are progressing slowly. Experts emphasise the need for multiple transit options, noting that suburban rail is both cheaper and faster than the metro. While the metro has stations roughly every km, the suburban rail will have fewer, more strategically placed stations for long-distance commute. It may be recalled that K-RIDE (Karnataka Railway Infrastructure & Development Company) had promised that phase 2 of Bengaluru's suburban rail project would cover 452 km, connecting satellite towns and cities such as Kolar, Tumakuru, Mysuru, Bangarapet, Hosur, and Gauribidanur. In response to K-RIDE's plans, the South Western Railway (SWR) had urged the Karnataka government to prioritise the faster execution and completion of works already undertaken by K-RIDE, highlighting that progress has been "extremely slow and behind schedule.'' Also, read:First-person account: A 43-km Metro ride from Bengaluru's tech hub Whitefield for Rs 60 K-RIDE’s double-decker flyover proposal K-RIDE, the agency overseeing the project, opposes scrapping the Parijatha line and has proposed a double-decker flyover from KSR Bengaluru City to Kengeri. This structureis to have an elevated suburban rail corridor on the upper deck and a vehicular road on the lower deck. “K-RIDE has not received any directive to drop the corridor,” an official said. “Suburban rail and the metro cater to different catchment areas. This issue was deliberated upon before the project was sanctioned by the Cabinet Committee on Economic Affairs (CCEA) and approved by the Karnataka government. Once sanctioned, why should it be scrapped?” Also, read:Bengaluru Metro's extension to outskirts, double-decker flyovers; contracts awarded for feasibility studies A similardouble-decker flyoverspanning 3.35 km between Ragigudda and the Central Silk Board on Marenahalli Road was inaugurated in June 2024. K-RIDE is also planning another double-decker flyover along a 1.5-km stretch between Mathikere and Lottegollahalli. “A double-decker flyover between KSR Bengaluru City and Kengeri will provide a signal-free vehicular corridor and an efficient suburban rail line,” the official added. Challenges on the Whitefield-KSR Bengaluru route The SWR is planning to lay an additional track between KSR Bengaluru City and the cantonment. Earlier, K-RIDE proposed integrating the suburban rail with SWR’s third track, possibly as an elevated line. However, the Bengaluru division of SWR is yet to approve this. Also, read:Bengaluru Metro's Whitefield line chokes after return-to-office mandates, more trains only next year Similarly, K-RIDE had also proposed sharing the tracks between Bengaluru Cantonment and Whitefield, which are being quadrupled by SWR. In July 2024, a proposal was submitted by K-RIDE to use single track on either side of existing tracks. However, issues such as different signalling systems—CBTC (Communications Based Train Control) for K-RIDE and automatic signalling for Indian Railways—have raised feasibility concerns. “Tunnelling on this section may not be viable as the metro runs underground near Tannery Road,” a source said. Heavy rail traffic further complicates operations, with 85 trains crossing daily. “Running suburban trains at 15-minute intervals, let alone every five minutes, is not feasible. A fully elevated corridor between Bengaluru Cantonment and Whitefield is an alternative,” the source explained. Also, read:Bengaluru's traffic conundrum: Metro rail to the outskirts, suburban rail confined to city limits, and tunnel vision | 2024-11-26 07:48 | 2024-11-26 | 07:48 |
moneycontrol.com | https://www.moneycontrol.com/news/india/presidents-rule-unlikely-to-be-imposed-in-maharashtra-shinde-could-be-caretaker-cm-12875783.html | President's Rule unlikely to be imposed in Maharashtra, Shinde could be caretaker CM | Eknath Shinde.Related stories. | Despite no party or alliance staking a claim for government formation three days after the declaration of Vidhan Sabha poll results, the President's rule will not be imposed on Maharashtra. The tenure of the present Legislative Assembly ends today. It was feared that if the government is not formed by this date, then the Governor would put the state under President's rule. In the last decade, there have been two instances of the President's rule in Maharashtra. In 2014, the President's rule was imposed for 32 days, from 28 September to 30 October. In 2019, it was imposed for 11 days, from 12 November to 23 November. The President's rule was withdrawn minutes before the early morning, secret swearing-in ceremony of Devendra Fadnavis as CM and Ajit Pawar as Deputy CM. After election results are declared and the tenure of Vidhan Sabha ends, a Governor of the state could send a report to the central government recommending President's rule in the state. However, such a report is sent only when the Governor is convinced that there is political instability in the state and no alliance or party is in a position to form the government. However, the post-poll circumstances in Maharashtra do not merit a President's rule. The mandate is clear for the Mahayuti alliance, with it getting many more numbers than required to gain a majority in Vidhan Sabha. In the past, there have been two instances where President's rule was not imposed despite delays in government formation. As the tenure of Vidhan Sabha ends today, Eknath Shinde will visit Raj Bhavan and submit his resignation to Governor Ramesh Bais. Bais, as per convention, is likely to ask him to continue as a "Caretaker CM," till the next CM is sworn in. While in the role of caretaker CM, Shinde cannot take any major decisions. The deadlock over the CM choice could end today. Union Home Minister Amit Shah is likely to visit Mumbai and conduct meetings with leaders of Mahayuti. He is likely to take a final call by Tuesday night. The swearing-in ceremony is likely to happen at Wankhede Stadium in the next three-four days. | 2024-11-26 07:48 | 2024-11-26 | 07:48 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/premier-energies-shares-in-focus-after-arms-bag-multiple-orders-worth-rs-1087-crore-12875634.html | Premier Energies shares in focus after arms bag multiple orders worth Rs 1,087 crore | Premier Energies.Related stories. | Premier Energiesshare price will remain in focus on November 26 after the company received multiple orders aggregating to Rs 1087 crore from two large Independent Power Producers (IPP) and one other customer. Premier Energies Global Environment, Premier Energies International, Premier Energies Photovoltaic, the subsidiaries of the company, have received and accepted multiple orders aggregating to Rs 1087 crore, including Rs 964.00 crore for Solar Modules and Rs 123 core for Solar Cells. The supply of these modules is scheduled to commences from January 2025. Catch all the market action on our live blog Earlier in this month, the company's subsidiaries received orders totalling Rs 560 crore from two major Independent Power Producers (IPPs) and others. Last month, company's subsidiaries Premier Energies International Private Ltd and Premier Energies Photovoltaic Private Ltd — secured multiple orders, cumulatively worth Rs 765 crore. The company made market debut on September 3, listed at Rs 991, a premium of 120 percent over the IPO issue price of Rs 450 per share. Premier Energies specializes in solar solutions, manufacturing solar cells, monofacial and bifacial modules, and providing EPC and O&M services. The company runs five production units in Hyderabad, Telangana. The share touched a 52-week high of Rs 1,264.90 and a 52-week low of Rs 801.60 on 10 September, 2024 and 03 September, 2024, respectively. Currently, the stock is trading 13.65 percent below its 52-week high and 36.25 percent above its 52-week low. | 2024-11-26 07:44 | 2024-11-26 | 07:44 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/ashoka-buildcon-shares-in-focus-on-winning-project-worth-rs-1crore-from-nhai-12875632.html | Ashoka Buildcon shares in focus on winning project worth Rs 1crore from NHAI | Ashoka Buildcon.Related stories. | Ashoka Buildconshare price will remain in focus after the company received Letter of Award (LOA) for the project of Rs 1,391 crore. National Highways Authority of India (NHAI) has awarded the project for development of 4 lane economic corridor from Bowaichandi to Guskara-Katwa Road Section Km 89.814 to Km 133.000 of NH 116A (Package-3) in the state of West Bengal under Hybrid Annuity Mode (HAM) to be executed in 910 days including monsoon. Catch all the market action on our live blog The highway developer reported four-fold year-on-year (YoY) jump in net profit to Rs 462 crore in Q2FY25 from Rs 106 crore in the year-ago period. The company's revenue from operations also increased by 15.5 percent YoY to Rs 2,489 crore in Q2FY25. Recently, the company was declared lowest bidder for a project worth Rs 312.13 crore from Maharashtra State Electricity Transmission Co. The said contract is for establishment of 400/220 kV substation at Nandgaon Peth Dist., Amravati alongwith associated transmission lines under Amravati Zone MSETCL, Maharashtra and to be completed in 18 months. Last month, the company announced its acquisition of an additional 34 percent stake in Ashoka Concessions (ACL) for Rs 1,526 crore. This acquisition will make ACL a wholly-owned subsidiary of Ashoka Buildcon. The share touched a 52-week high of Rs 284.75 and a 52-week low of Rs 130.95 on 06 September, 2024 and 21 December, 2023, respectively. Currently, the stock is trading 18.14 percent below its 52-week high and 78.01 percent above its 52-week low. | 2024-11-26 07:44 | 2024-11-26 | 07:44 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/world-street-dollar-rallies-on-trumps-tariff-plans-kashkaris-hint-at-december-rate-cut-and-more-12875774.html | World Street | Dollar rallies on Trump’s tariff plans, Kashkari's hint at December rate cut, and more | World Street offers a sneak peek into the world of business and economy..Related stories. | U.S. markets saw optimism on November 25 as President-elect Trump's tariff plans sparked a dollar rally, while his Treasury Secretary pick fueled stock gains. Meanwhile, Federal Reserve President Neel Kashkari hinted at a potential rate cut, and discussions around a ceasefire between Hezbollah and Israel made significant strides, further affecting global markets. All this and more on the November 26 edition of World Street. Trump Tariffs Spark Dollar Rally U.S. President-elect Donald Trump announced plans to impose a 25% tariff on all imports from Mexico and Canada starting his first day in office, along with an additional 10% tariff on goods from China. He cited concerns over illegal immigration and the trade of illicit drugs as reasons for the move. The announcement triggered a rally in the U.S. dollar, which gained 1% against the Canadian dollar and 2 percent against the Mexican peso, while U.S. stock futures and Asian markets saw declines. Trump Picks Bessent as Treasury Secretary US stocks rose on November 25 driven by optimism surrounding President-elect Donald Trump's pick of Scott Bessent as Treasury Secretary. The Dow climbed 0.9 percent to a new record high, while the S&P 500 and Nasdaq Composite each added 0.3 percent, despite a more than 4 percent drop in Nvidia. The benchmark 10-year Treasury yield slipped below 4.3 percent. Kashkari Hints at December Rate Cut Federal Reserve Bank of Minneapolis President Neel Kashkari, known for his hawkish stance, signalled openness to another rate cut in December during a Bloomberg TV interview on November 25. The Fed started reducing rates in September, confident in inflation's downward trend and concerned about high borrowing costs affecting the job market. Hezbollah-Israel Ceasefire U.S. President Joe Biden and French President Emmanuel Macron are set to announce a ceasefire between Hezbollah and Israel in Lebanon, four senior Lebanese sources told Reuters on November 25. The French presidency confirmed significant progress in ceasefire talks. In Jerusalem, an Israeli official stated that Israel's cabinet will meet on November 26 to approve the truce with Hezbollah. Oil Dips Oil prices edged lower on November 26, extending losses as a potential Israel-Hezbollah ceasefire eased risk premiums. Brent crude dropped 0.4 percent to $72.73 per barrel, while U.S. WTI crude fell 0.5 percent to $68.62. Gold Slides as Risk Appetite Surges Gold prices (XAU/USD) tumbled during November 25's North American session, sliding over 3 percent to $2,620. The drop followed news of a ceasefire between Lebanon and Israel, which bolstered risk appetite. The shift toward riskier assets pressured the non-yielding metal, pushing it below its 50-day Simple Moving Average (SMA) of $2,664. | 2024-11-26 07:41 | 2024-11-26 | 07:41 |
moneycontrol.com | https://www.moneycontrol.com/news/business/its-reasonable-to-consider-rate-cut-next-month-says-feds-neel-kashkari-12875780.html | It’s reasonable to consider rate cut next month, says Fed’s Neel Kashkari | It’s reasonable to consider rate cut next month, says Fed’s Neel Kashkari.Related stories. | Federal Reserve Bank of Minneapolis President Neel Kashkari said it is still appropriate to consider another interest-rate cut at the central bank’s December meeting. “It’s still a reasonable consideration,” Kashkari said Monday on Bloomberg Television in response to a question about whether policymakers should reduce borrowing costs by a quarter point at their last meeting of the year. “Right now, knowing what I know today, still considering a 25-basis-point cut in December — it’s a reasonable debate for us to have.” Kashkari said the economy’s resilience in the face of higher interest rates suggests that the neutral rate, where policy neither weighs on nor stimulates growth, may be higher now. That raises questions about how much monetary policy is helping to cool demand in the economy, he said. The longer that resiliency continues, the more he thinks that shift might be structural and not merely temporary. “This is what I’m trying to understand right now, is how much downward pressure are we putting on the economy, and what is the path for inflation,” Kashkari said. Policymakers have lowered interest rates by three quarters of a percentage point in recent months, including a larger-than-usual half-point cut in September. They meet again Dec. 17-18. Some officials have signaled support for a more gradual pace of rate reductions going forward. Fed officials will receive more data, both on inflation and the labor market, before their December meeting. The latest update on the Fed’s preferred price gauges will be released Wednesday. Progress on inflation, which has been inching closer to the central bank’s 2% target, has slowed in recent months. “I have some confidence that it’s gently trending down, and right now the labor market remains strong,” Kashkari said. Kashkari said that while one-off tariffs would likely lead to a one-time price hike, a situation where there is retaliation by foreign countries could drive up prices. | 2024-11-26 07:32 | 2024-11-26 | 07:32 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/short-call-is-bjps-thumping-maharashtra-win-the-elixir-that-psus-needed-astral-dixon-tech-in-focus-12875776.html | Short Call | Is BJP's thumping Maharashtra win the elixir that PSUs needed? Astral, Dixon Tech in focus | Short Call.Related stories. | The BJP's resounding win in Maharashtra came as a glimmer of fresh air for the equity markets, shaking off the lull caused by muted Q2 earnings. The landslide victory not only ends years of political instability in India’s most industrialised state but also signals a continuation of BJP's policies, consolidating power between the centre and state, as noted by MOFSL. In the stock market, public sector undertakings (PSUs) stole the spotlight, rebounding sharply after recent months of correction as investors bet big on government-led capex revival. With the elections behind, analysts predict a shift in focus toward unblocking stalled infrastructure projects and boosting spending—a lifeline for sectors like urban development and manufacturing, highlighted Kotak Institutional Equities. But here’s the twist: while the PSU pack has rallied on renewed hopes, the needle might not move much for all players just yet. Even though sectors like capital goods, construction, and realty are gearing up for a sentiment boost, darlings of the past—like defence and railways—may not find their glory days just around the corner. The bone in their neck being sky-high valuations that still run ahead of fundamentals, leaving investors chewing over whether the risk-reward is worth it. For now, it’s cautious cheer—some sectors are poised for a turnaround while others might need more than just a BJP win to reignite their spark. Dixon Technologies (Rs 15,711, +2.4%) Shares gained after Motilal Oswal Financial Services said that improved wallet share, new segment additions, and backward integration would drive growth. Bull Case: Beyond FY27 consolidated revenue is likely to grow at 16 percent CAGR driven by new client additions in mobile through the Longcheer partnership, increasing wallet share with existing clients to 30-40 percent, and a shift towards premium mobiles. Segments such as IT hardware, telecom, wearable, and hearable to gain scale and contribute to incremental revenues. Bear Case: Slower-than-expected market growth and loss of key client relationships could pose risk. Increased competition could pressure margins and market share. Astral (Rs 1,789.55, +2%) Goldman Sachs reiterated “buy” but trimmed its target price on the pipes player. Bull Case: As the industry leader, Astral is currently exhibiting pricing power and margin discipline, said the brokerage. China PVC prices remain subdued, which points to a more gradual margin recovery for the pipes sector. Bear Case: The pipes sector is seeing an impact on volumes a result of extended monsoons and sharp fall in PVC prices, which has also led to dealer destocking. (Inputs from Neeshita and Zoya) | 2024-11-26 07:29 | 2024-11-26 | 07:29 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/zen-technologies-granted-indian-patent-for-t90-crew-simulator-12875773.html | Zen Technologies granted Indian patent for T90 crew simulator | The simulator provides an immersive, interactive experience replicating real-world battlefield conditions through its T-90 Containerized Crew Gunnery Simulator (T90 CGS).. | Shares of Zen Technologies will be in focus after the company secured an Indian patent for its advanced T-90 simulator on November 25. The training system aims to enhance the gunnery proficiency of T-90 tank commanders and gunners, the company informed through a stock exchange filing. The simulator provides an immersive, interactive experience replicating real-world battlefield conditions through its T-90 Containerized Crew Gunnery Simulator (T90 CGS). The system replicates battlefield conditions with realistic targets with AI reactions,Zen Techsaid. The company said the simulator replicates the interior of the T-90 turret, with two dedicatedstations for the gunner and commander, with realistic controls, ensuring a lifelike experience during firing exercises. Zen Tech added that the simulator offers customization for instructors. This is being updated | 2024-11-26 07:21 | 2024-11-26 | 07:21 |
moneycontrol.com | https://www.moneycontrol.com/news/world/oil-falls-on-potential-deal-to-end-israel-hezbollah-conflict-12875777.html | Oil falls on potential deal to end Israel-Hezbollah conflict | Oil falls on potential deal to end Israel-Hezbollah conflict.Related stories. | Oil prices slipped in early trade on Tuesday, extending declines from the previous session as investors took stock of a potential ceasefire between Israel and Hezbollah, weighing on oil's risk premium. Brent crude futures fell 28 cents, or 0.38%, to $72.73 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures were at $68.62 a barrel, down 32 cents, or 0.46%. Both benchmarks settled down $2 per barrel on Monday following reports that Lebanon and Israel had agreed to the terms of a deal to end the Israel-Hezbollah conflict, which triggered a crude oil selloff. "A ceasefire in Lebanon reduces the likelihood that the incoming U.S. administration will impose stringent sanctions on Iranian crude oil," ANZ analysts said. Iran, which backs Hezbollah, is an OPEC member with production of around 3.2 million barrels per day, or 3% of global output. If President-elect Donald Trump's administration returned to a maximum-pressure campaign on Tehran, Iranian exports could shrink by 1 million bpd, analysts have said, tightening global crude flows. In Europe, Ukraine's capital of Kyiv was under a sustained Russian drone attack on Tuesday, Mayor Vitali Klitschko said. Hostilities between major oil producer Russia and Ukraine intensified earlier this month after U.S. President Joe Biden allowed Ukraine to use U.S.-made weapons to strike deep into Russia in a significant reversal of Washington's policy in the Ukraine-Russia conflict. Elsewhere, OPEC+ may consider leaving its current oil output cuts in place from Jan. 1 at its next meeting on Sunday, Azerbaijan's Energy Minister Parviz Shahbazov told Reuters, as the group had already postponed hikes amid demand worries. U.S. President-elect Donald Trump said he would sign an executive order imposing a 25% tariff on all products coming in to the U.S. from Mexico and Canada. It was unclear whether this would include crude oil imports. The vast majority of Canada's 4 million barrels per day (bpd) of crude exports go to the U.S., and analysts have said it is unlikely Trump would impose tariffs on Canadian oil, which cannot be easily replaced since it differs from grades that the U.S. produces. | 2024-11-26 07:21 | 2024-11-26 | 07:21 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/first-tick-top-10-global-cues-for-todays-trade-84-12875324.html | First Tick: Top 10 global cues for today’s trade | Market Today.Related stories. | Indian benchmark indices Sensex and Nifty 50 are likely to see a negative start on November 26, tracking cues from GIFT Nifty trading around 24,297, a short while ago this morning. Track the latest updates onGIFT Nifty right here on Moneycontrol. 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. Here is how financial markets across the globe fared overnight: GIFT Nifty (Down) The GIFT Nifty is trading lower, indicating a lower opening for the day. Nifty futures were trading at 24,297 at 07:00 am IST. Asian Equities (Slip) Asian markets were trading lower on Tuesday, failing to track gains on Wall Street as U.S. benchmarks notched record highs following President-elect Donald Trump's choice for Treasury secretary.Change From Previous Close (%)MTD (%)YTD (%)Topix-1.48-1.734.98Nikkei-1.73-3.435.73Hang Seng-0.50-0.1013.64Taiwan-1.15-1.8220.57Kospi-0.56-3.09-11.64US Equities (Up) Wall Street's main indexes ended higher on Monday, with the small-cap Russell 2000 index hitting an all-time high after Scott Bessent's nomination as U.S. Treasury secretary helped push bond yields lower. The S&P 500 gained 17.81 points, or 0.30%, to end at 5,987.15 points, while the Nasdaq Composite gained 51.50 points, or 0.27%, to 19,055.15. The Dow Jones Industrial Average 439.02 points, or 0.99%, to 44,735.53.Change From Previous Close (%)MTD (%)MTD (%)Dow Jones0.997.3820.24S&P5000.305.2027.16Nasdaq0.275.5628.58US Bond Yield (Up) The US 10-year Treasury yields added 27 basis points to 4.28%, while US 2-year bond yield was down marginally at 4.26%.Current PriceMTDYTDUS 10-Year Treasury4.284.234.38US 2-Year Treasury4,264.104.88Dollar Index (Up) The US dollar rose broadly against major rivals on Tuesday after President-elect Donald Trump said he would sign an executive order imposing a 25% tariff on all products coming in to the United States from Mexico and Canada.Current PriceMTDYTDDollar Index107.41104.25103.19Asian currencies (Down) Except Japanese Yen, all other Asian currencies were trading lower in the early trade on Tuesday, with Malaysian Ringgit leading the losers, followed by Thai Baht, South Korean Won and Singapore Dollar.Change From Previous Close (%)MTD (%)YTD (%)Indonesian Rupiah-0.038-1.47-3.03South Korean Won-0.292-1.41-8.12Japanese Yen0.221-0.403-8.37Philippines Peso0.005-1.23-6.11Thai Baht-0.308-2.75-1.41Taiwan Dollar-0.086-1.33-5.93China Renminbi-0.025-1.72-2.01Malaysian Ringgit-0.309-2.342.85Singapore Dollar-0.259-1.97-2.17Crude (Down) Oil prices declined nearly 0.5 percent in the early trade on Tuesday.Change From Previous Close (%)MTD (%)YTD (%)US West Texas-0.48-0.90-4.21Brent Crude-0.40-0.59-5.58Gold (Flat) Gold prices was little changed at around USD 2631 an ounce, while Silver price down marginally at around USD 30.30 an ounce.Change From Previous Close (%)MTD (%)YTD (%)Gold0.08-4.2727.30Silver-0.16-7.4126.94LME Commodities No trading in the LME commodities segment.Change From Previous Close (%)MTD (%)YTD (%)Aluminium-1.3211.24Copper--4.845.68Nickel-3.09-2.41Lead-0.47-1.91Zinc--0.3013.62Fund Flow Action After remaining seller for the last 38 sessions, the Foreign institutional investors (FIIs) turned net buyers on November 25 as they purchased equities of more than Rs 9,900 crore. On the other hand, domestic institutional investors turned net sellers after 13 sessions, as they sold equities of Rs 6,907 crore on the same day.25th NovMTDYTDFII Net Flows9,947.55-1,24,209.07-2,66,196.57DII Net Flows-6,907.971,96,053.575,01,637.28Hope you're all set for today's trade, we wish you a profitable day ahead. | 2024-11-26 07:17 | 2024-11-26 | 07:17 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/dollar-gains-after-trump-vows-tariffs-against-mexico-and-canada-12875772.html | Dollar gains after Trump vows tariffs against Mexico and Canada | The dollar rose over 2 percent against the Mexican peso and 1 percent against its Canadian counterpart.. | The US dollar rose broadly against major rivals on Tuesday after President-elect Donald Trump said he would sign an executive order imposing a 25 percent tariff on all products coming in to the United States from Mexico and Canada. The dollar rose over 2 percent against the Mexican peso and 1 percent against its Canadian counterpart. The dollar has been on the back foot in the past few days as U.S. Treasury markets cheered Trump’s pick of hedge fund manager Scott Bessent for U.S. Treasury secretary. "It’s almost as if Trump wants to remind markets who is in control, after nominating Scott Bessent as Treasury Sec – a man markets expected to cool Trump’s potency," said Matt Simpson, senior market analyst at City Index. "But with the Canadian dollar rising against the Mexican Peso, markets are assuming this will hit Mexico the hardest." While traders saw Bessent as an old Wall Street hand and fiscal conservative, he has also openly favoured a strong dollar and supported tariffs. The dollar index, which measures the U.S. currency against six rivals, was last at 107.37. The euro fell 0.6% to $1.043175, while sterling was last down 0.4% at $1.2516. The euro zone’s single currency had taken a hit on Friday as European manufacturing surveys showed broad weakness, while U.S. surveys surprised on the high side. On China, the president-elect said Beijing was not taking strong enough action to stop the flow of illicit drugs crossing the border into the U.S. from Mexico by curbing the export of drugmaking ingredients. "Until such time as they stop, we will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America," Trump said in a social media post. China has previously denied the allegations. The Australian dollar fell 0.75% to $0.64555, while the New Zealand dollar touched a one-year low and was last at $0.58075. Turning to cryptocurrencies, bitcoin was trading at $93,577, well below the record high of $99,830 it touched over the weekend. Bitcoin met profit-taking ahead of the symbolic $100,000 barrier, having climbed more than 40% since the U.S. election earlier this month on expectations Trump will loosen the regulatory environment for cryptocurrencies. | 2024-11-26 07:00 | 2024-11-26 | 07:00 |
moneycontrol.com | https://www.moneycontrol.com/news/business/cabinet-clears-bank-guarantee-waiver-for-telcos-vodafone-idea-to-benefit-sources-12875729.html | Cabinet clears waiver of bank guarantee on pre-2022 spectrum deals; Vodafone Idea to gain | Telecom.Related stories. | The Union Cabinet has approved the waiving of bank guarantee for telecom operators on spectrum purchased before 2022, sources said. The move has come as a relief to Vodafone Idea, which owes the government over Rs 24,700 crore on bank guarantees (BG), sources said. Indian telecom operators, including Airtel and Vodafone Idea, collectively hold more than Rs 30,000 crore in BG obligations. This decision follows the 2021 Cabinet reforms, which eliminated the requirement for bank guarantees on spectrum acquired in the future. By extending this relief to older spectrum holdings as well, the government aims to reduce financial stress in the telecom sector and strengthen its stability. In August, the Cellular Operators Association of India (COAI) urged Telecom Secretary Neeraj Mittal to revoke BG requirements for pre-2022 spectrum purchases. The COAI said the move would enhance the operators' cash flow, enabling greater investment in network expansion. The industry body contended that the same logic should apply to existing spectrum holdings if future spectrum dues no longer required securitisation. The 2021 telecom reforms had removed the BG requirement for spectrum acquired in auctions starting from 2022. However, operators were still obligated to provide BGs for deferred payments on spectrum bought before 2022. The original rule was meant to ensure that telcos fulfilled their annual payment obligations for spectrum. Vodafone Idea has repeatedly highlighted its financial struggles, urging the government to lift the BG requirement to ease its spectrum payment burden. The company argued that such a waiver would enable banks to extend additional credit, offering much-needed financial relief. The telecom company failed to pay its second BG of approximately Rs 350 crore, which was due on November 1, for the spectrum acquired in a 2012 auction. This incident follows the company missing a payment of over Rs 4,600 crore for a BG related to a 2016 spectrum auction in September. Vodafone Idea has recently raised Rs 24,000 crore through equity and is now seeking to raise an additional Rs 25,000 crore in loans and another Rs 10,000 crore in bank guarantees or letters of credit. This funding is essential for continuing its capital expenditure plans to compete with Airtel and Jio. Banks are cautious and are in a wait-and-watch mode due to Vodafone Idea's stressed financial condition. They are requesting more corporate guarantees before extending any credit. The issue regarding the submission of BGs surfaced after the Department of Telecommunications (DoT) returned all BGs in late 2021 as no installment was due for 35 months. The telecom reforms introduced in September 2021 allowed telecom companies to access a four-year moratorium on spectrum fees and adjusted gross revenue (AGR) dues. | 2024-11-26 06:50 | 2024-11-26 | 06:50 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/daily-voice-uncertainties-around-earnings-growth-and-inflation-persist-says-indmoneys-ashish-kashyap-12875761.html | Daily Voice: Uncertainties around earnings growth and inflation persist, says INDmoney's Ashish Kashyap | Ashish Kashyap is the Founder & CEO of INDmoney.Related stories. | "Uncertainties around earnings growth and inflation persist," Ashish Kashyap, the Founder & CEO of INDmoney said in an interview to Moneycontrol. Investors will need to take a wait-and-watch approach over the next few quarters, keeping an eye on both local and global economic trends, he advised. Given the elevated inflation, he expects the RBI to continue their approach of keeping rates unchanged and focusing on ensuring inflation stability before pivoting to a rate-cutting cycle. After the recent 75 bps fed funds rate cut, "it’s possible the US Federal Reserve will take a more cautious approach, allowing time to assess how the economy responds before the next cut. Market expectations for a December rate cut by the Fed also seem to have tempered," said Ashish Kashyap who holds a Master of Management degree from McGill University and an Economics degree from Delhi University. Do you think all eyes will remain on the US at least until Donald Trump takes charge as US President? Every change in government typically ushers in policy shifts and induces some uncertainty in macroeconomics. When it comes to the US, the world’s largest economy, such transitions naturally garner significant global attention. The US plays a pivotal role in shaping global economic and market trends, so most investors will be closely watching the potential changes the Trump administration may bring. The coming months promise to be interesting! Do you see any slowdown in the Fed funds rate cut cycle after the 75 bps cuts in the last couple of policy meetings? The Fed’s dual mandate is to promote growth while keeping inflation in check. The recent 75 bps rate cuts were aimed at stimulating the economy, but large, rapid cuts can sometimes overheat the economy and drive inflation higher. Recent data in the US already shows a slight uptick in inflation, so it’s possible the Fed will take a more cautious approach, allowing time to assess how the economy responds before the next cut. Market expectations for a December rate cut by the Fed also seem to have tempered. Do you see any impact on Powell’s commentaries considering the possibility of inflationary policies from the Trump administration? The US Fed appears to have adopted a more cautious stance recently, particularly as it aims to keep inflation around its long-term 2 percent target. While most economists still expect inflation in the US to continue cooling off, the Trump administration’s inclination towards tariffs and deportations could lead to temporary inflationary pressures. Hence you could expect the Fed to remain in a wait and watch mode. Where can money be made among sectors from here on? The Indian economy is currently benefiting from strong domestic demand and resilient economic growth. The consumer goods and retail sectors are thriving, driven by an expanding middle class and rising discretionary spending. Meanwhile, the financial services sector is capitalizing on increasing financial inclusion and the rapid adoption of digital banking. These could be sectors that will benefit immensely from continued economic growth and domestic demand in India. Do you see any major risks for the Indian equity and growth story in 2025? While Indian company earnings and markets have remained strong, India isn’t immune to challenges in the global macroeconomic environment. A slowdown in major economies could affect foreign investments, disrupt trade, and pressure the rupee. This would impact corporate earnings and widen India’s fiscal deficit. Additionally, escalating geopolitical tensions remain an overhang, potentially driving risk aversion among global investors. These factors will play a role in shaping how Indian markets perform relative to the global landscape. Do you think the earnings pressure will persist in India? India’s corporate earnings saw a slowdown in the last quarter, partly due to reduced government spending during the election period. This contributed to over Rs 1 lakh crore selloff by FIIs in October 2024, as money shifted to markets like China, which benefited from recent stimulus measures. Uncertainties around earnings growth and inflation persist however, and investors will need to take a wait-and-watch approach over the next few quarters, keeping an eye on both local and global economic trends. Despite these challenges, India’s longer term economic fundamentals remain strong, and targeted efforts to strengthen domestic industries, manage inflation, and boost exports will be critical for long-term growth. Are you bullish on emerging markets, as most experts expect it to be a theme for the next few years, especially with the possibility of tariff hikes for China? Global trade is undergoing a shift, with many companies diversifying supply chains in anticipation of tariff hikes for China. India stands out as a strong alternative due to its competitive manufacturing base and supportive policies like the PLI schemes. That said, the country still has work to do in improving infrastructure and ease of doing business to fully capitalize on these opportunities. While India’s domestic demand and manufacturing push provide long-term potential, other Southeast Asian markets are also stepping up, adding to the competition. For India to really strengthen its position, it’ll need to focus on clear policies and making things easier for investors in the near future Do you see the interest rate cut cycle starting in India only in FY26? The RBI has maintained an extremely cautious approach given inflationary pressures and global market uncertainty. Even recently October saw retail inflation hit a 14-month high of 6.2 percent driven by food prices. Given this trend, we can expect the RBI to continue their approach of keeping rates unchanged and focusing on ensuring inflation stability before pivoting to a rate-cutting cycle. | 2024-11-26 06:44 | 2024-11-26 | 06:44 |
moneycontrol.com | https://www.moneycontrol.com/news/world/judge-tosses-trump-2020-election-case-after-prosecutors-request-12875766.html | Judge tosses Trump 2020 election case after prosecutors' request | The criminal case against Trump in Georgia state court involving the 2020 election is stalled.. | A US judge on Monday dismissed the federal criminal case accusing Donald Trump of attempting to overturn his 2020 election defeat after prosecutors moved to drop that prosecution and a second case against the president-elect, citing Justice Department policy against prosecuting a sitting president. The order from US District Judge Tanya Chutkan puts an end to the federal effort to hold Trump criminally responsible for his attempts to hold onto power after losing the 2020 election, culminating in the Jan. 6, 2021 attack on the US Capitol by a mob of his supporters. The move came after Special Counsel Jack Smith, the lead prosecutor overseeing both cases, moved to dismiss the election case and end his attempt to revive a separate case accusing Trump of illegally retaining classified documents when he left office in 2021 after his first term as president. It represents a big legal victory for the Republican president-elect, who won the Nov. 5 U.S. election and is set to return to office on Jan. 20. The Justice Department policy that the prosecutors cited dates back to the 1970s. It holds that a criminal prosecution of a sitting president would violate the U.S. Constitution by undermining the ability of the country’s chief executive to function. Courts will still have to approve both requests from prosecutors. The prosecutors in a filing in the election subversion case said the department’s policy requires the case to be dismissed before Trump returns to the White House. "This outcome is not based on the merits or strength of the case against the defendant," prosecutors wrote in the filing. Prosecutors in the documents case signaled they will still ask a federal appeals court to bring back the case against two Trump associates who had been accused of obstructing that investigation. Trump spokesman Steven Cheung hailed what he called ”a major victory for the rule of law.” Trump had faced criminal charges in four cases – the two brought by Smith and two in state courts in New York and Georgia. He was convicted in the New York case while the Georgia case, which also relates to his efforts to overturn the 2020 election, is in limbo. In a post on social media, Trump railed on Monday against the legal cases as a "low point in the History of our Country." The moves by Smith, who was appointed in 2022 by U.S. Attorney General Merrick Garland, represents a remarkable shift from the special prosecutor who obtained indictments against Trump in two separate cases accusing him of crimes that threatened U.S. election integrity and national security. Prosecutors acknowledged that the election of a president who faced ongoing criminal cases created an unprecedented predicament for the Justice Department. Chutkan left open the possibility that prosecutors could seek to charge Trump again after he leaves office, but prosecutors would likely face challenges bringing a case so long after conduct involved in the case happened. Trump pleaded not guilty in August 2023 to four federal charges accusing him of conspiring to obstruct the collection and certification of votes following his 2020 loss to Democrat Joe Biden. Trump, who as president will again oversee the Justice Department, was expected to order an end to the federal 2020 election case and to Smith’s appeal in the documents case. Florida-based Judge Aileen Cannon, who Trump appointed to the federal bench, had dismissed the classified documents case in July, ruling that Smith was improperly appointed to his role as special counsel. Smith’s office had been appealing that ruling and indicated on Monday that the appeal would continue as it relates to Trump personal aide Walt Nauta and Carlos De Oliveira, a manager at his Mar-a-Lago resort, who had been previously charged alongside Trump in the case. Both Nauta and De Oliveria have pleaded not guilty, as did Trump. In the 2020 election case, Trump’s lawyers had previously said they would seek to dismiss the charges based on a U.S. Supreme Court ruling in July that former presidents have broad immunity from prosecution over official actions taken while in the White House. Trump denied wrongdoing in all cases and argued that the U.S. legal system had been turned against him to damage his presidential campaign. He vowed during the campaign that he would fire Smith if he returned to the presidency. Trump in May became the first former president to be convicted of a crime when a jury in New York found him guilty of felony charges relating to hush money paid to a porn star before the 2016 election. His sentencing in that case has been indefinitely postponed. The criminal case against Trump in Georgia state court involving the 2020 election is stalled. | 2024-11-26 06:31 | 2024-11-26 | 06:31 |
moneycontrol.com | https://www.moneycontrol.com/news/world/trump-pledges-tariffs-on-canada-and-mexico-more-on-china-too-12875765.html | Trump pledges tariffs on Canada and Mexico, more on China too | Trump said the tariffs would remain in place until the two countries clamp down on drugs, particularly fentanyl, and migrants crossing the border illegally..Related stories. | US President-elect Donald Trump said on Monday that on his first day in office he would impose a 25 percent tariff on all products from Mexico and Canada, and an additional 10 percent tariff on goods from China, citing concerns over illegal immigration and the trade of illicit drugs. "On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25 percent Tariff on ALL products coming into the United States, and its ridiculous Open Borders," Trump said in a post on Truth Social. Trump said the tariffs would remain in place until the two countries clamp down on drugs, particularly fentanyl, and migrants crossing the border illegally. On China, the president-elect accused Beijing of not taking strong enough action to stop the flow of illicit drugs crossing the border into the U.S. from Mexico. "Until such time as they stop, we will be charging China an additional 10 percent Tariff, above any additional Tariffs, on all of their many products coming into the United States of America," Trump said. Trump has previously pledged to end China's most-favored-nation trading status and slap tariffs on Chinese imports in excess of 60 percent - much higher than those imposed during his first term. The Chinese economy is in a much more vulnerable position given the country's prolonged property downturn, debt risks and weak domestic demand. The dollar rose more than 2 percent against the Mexican peso after Trump posted on his social media platform. Mexico's foreign ministry and its economy ministry did not have an immediate comment when contacted by Reuters. The Chinese embassy in Washington, the office of Canadian Prime Minister Justin Trudeau and the Canadian foreign ministry did not immediately respond to separate requests for comment. | 2024-11-26 06:22 | 2024-11-26 | 06:22 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/stock-radar-hul-ge-vernova-premier-energies-ashoka-buildcon-bhel-sbfc-finance-zomato-sagility-india-in-focus-on-tuesday-12875754.html | Stock Radar: HUL, GE Vernova, Premier Energies, Ashoka Buildcon, BHEL, SBFC Finance, Zomato, Sagility India in focus on Tuesday | Stocks in News.Related stories. | Let's catch up on the latest news from the stock market. From significant investments to major deals, quarterly earnings, order wins, appointments and fund raising, here’s a quick look at which stocks will be in focus in today's trade: Results Today Siemens, Ansal Properties & Infrastructure, and Unistar Multimedia will announce their quarterly earnings on November 26. Quarterly Earnings ACME Solar HoldingsQ2 (Consolidated YoY) Profit plunges 60.4% to Rs 15.3 crore Vs Rs 38.6 crore Revenue declines 19.7% to Rs 259.6 crore Vs Rs 323.3 crore Sagility IndiaQ2 (Consolidated YoY) Profit zooms 235.6% to Rs 117.3 crore Vs Rs 35 crore Revenue grows 21.1% to Rs 1,325 crore Vs Rs 1,094.1 crore Stocks To Watch GE Vernova T&D India Promoter Grid Equipments will sell up to an 8.38% stake in GE Vernova via an offer-for-sale, including a base issue of 5.47% equity and a greenshoe option of 2.91% equity. The issue will open for non-retail investors on November 26 and for retail investors on November 27. Hindustan Unilever(HUL) The board has given its approval to demerge the ice cream business into an independent listed entity. Shareholders of HUL will receive shares in the new entity in proportion to their shareholding in HUL. The ice cream business will be listed as a separate entity. Premier Energies The company's subsidiaries—Premier Energies Global Environment, Premier Energies International, and Premier Energies Photovoltaic—have received multiple orders worth Rs 1,087 crore from two large independent power producers (IPP) and one other customer. These orders include Rs 964 crore for solar modules and Rs 123 crore for solar cells. The supply of these modules is scheduled to commence in January 2025. Ashoka Buildcon The infrastructure company has received a letter of award for a road project worth Rs 1,391 crore from NHAI. The project involves the development of a 4-lane economic corridor from Bowaichandi to Guskara-Katwa road section of NH 116A (Package-3) in West Bengal under the Hybrid Annuity Mode. Bharat Heavy Electricals BHEL has received a notification of award for the Khavda-Nagpur HVDC project from Power Grid Corporation of India. A consortium of BHEL and Hitachi Energy India has been awarded the contract for the establishment of +800, 6000MW high voltage direct current (HVDC) terminal stations at Khavda Pooling Station-2 (HVDC) & Nagpur (HVDC) for the evacuation of renewable power from the Khavda region in Gujarat to Nagpur in Maharashtra. Power Grid Corporation of India The company has been declared as the successful bidder to establish an inter-state transmission system in Uttar Pradesh and Rajasthan. The project comprises the establishment of 765/400kV substations in Uttar Pradesh, 765kV & 400kV transmission lines traversing Rajasthan & Uttar Pradesh, along with augmentation and bay extension works at under-construction and existing substations in Rajasthan & Uttar Pradesh. Wipro The technology services and consulting company has appointed Omkar Nisal as the Chief Executive Officer of the Europe Strategic Market Unit (SMU), effective immediately. Omkar will report to CEO and MD Srini Pallia and will also join the Wipro Executive Board. Omkar succeeded Pierre Bruno, who is stepping down. Positron Energy The company has executed a master agreement with HPCL LNG for a 5-year tenure for regasification services on a spot basis at the Chhara LNG Terminal in Gujarat. HPCL LNG Limited is the owner and operator of LNG receiving and regasification facilities at Chhara, whereas Positron Energy intends to purchase and import LNG into India and has approached HPCL LNG to receive and regasify such LNG at HPCL LNG’s facilities. Gulf Oil Lubricants India Gulf Oil and Piaggio Vehicles (Piaggio India, a 100% subsidiary of the Italian Piaggio Group) have renewed their strategic partnership agreement to extend collaboration in delivering co-branded lubricants across Piaggio's commercial vehicle segment. This exclusive partnership, renewed until 2030, will focus on high-performance, customized lubricant solutions and set the foundation for further growth across retail, factory-fill, and export markets. HDFC Life Insurance Company The company has received communication from an unknown source who has shared certain data fields of its customers with malicious intent. The company has initiated an information security assessment and data log analysis. Stove Kraft The company has commissioned its newly constructed cast iron foundry at the Harohalli factory. The foundry was built at a cost of Rs 40 crore. Its current installed capacity is 2.2 million pieces per annum and has been designed to reach 4.4 million pieces per annum in the future. Allcargo Logistics The LCL (Less than Container Load) volume in October increased YoY for the fourth consecutive month, up by 5% YoY and flat MoM, while FCL (Full Container Load) volume grew by 7% MoM and increased 14% YoY. LT Foods The FMCG company has announced its official entry into Saudi Arabia with the inauguration of a new office in Riyadh to tap the $2 billion rice and rice-based food market in the Kingdom of Saudi Arabia. It plans to invest SAR 185 million in warehousing, stocks, and people over the next five years in the Kingdom. The company is eyeing a revenue of SAR 435 million over the next five years. MRP Agro The board will meet on November 29 to consider fundraising via the issue of equity shares on a preferential basis. SBFC Finance The Insurance Regulatory and Development Authority of India has issued a Certificate of Registration to the company to act as a ‘Corporate Agent (Composite)’ under the Insurance Act. Zomato The food delivery giant has opened its qualified institutions placement (QIP) issue on November 25. It has fixed the floor price at Rs 265.91 per share. Meanwhile, it has announced the liquidation of its step-down subsidiary, Zomato Internet LLC, which did not have any active business operations. InterGlobe Aviation IndiGo's market share increased to 63.3% in October, up from 63% in September. SpiceJet The low-cost airline has improved its market share to 2.4% in October, up from 2% in September. IDFC First Bank Neeraj Naidu has resigned as the Chief Information Security Officer of the bank, effective November 25, to explore new opportunities. New India Assurance Company The Income Tax Department has passed various orders for Assessment Years 2013-14, 2014-15, 2015-16, 2016-17, 2017-18, 2018-19, and 2019-20, ruling in favour of the company. As a result, the company has received a tax refund of Rs 1,945.08 crore, including total interest of Rs 489.22 crore. Bulk Deals Alkem Laboratories UBS Principal Capital Asia sold a 0.82% stake in the pharma company at an average price of Rs 5,468.99 per share, amounting to Rs 541.16 crore. BSE UBS Principal Capital Asia offloaded a 1.04% stake in the stock exchange at an average price of Rs 4,670.56 per share, valued at Rs 657.86 crore. Kalyan Jewellers India UBS Principal Capital Asia sold a 0.7% stake in the jewellery maker at an average price of Rs 698.56 per share, amounting to Rs 508.06 crore. Oberoi Realty UBS Principal Capital Asia offloaded a 0.72% stake in the Mumbai-based real estate developer at an average price of Rs 1,943.3 per share, valued at Rs 508.4 crore. Voltas UBS Principal Capital Asia sold a 1.17% stake in the air conditioning system supplier at an average price of Rs 1,642.67 per share, amounting to Rs 635.38 crore. GMM Pfaudler Amansa Holdings bought an additional 3.1% shareholding in GMM at an average price of Rs 1,200 per share, valued at Rs 167.37 crore. However, Blend Fund 2 and Unifi Capital sold a 2.28% stake in the company at the same price, amounting to Rs 123.35 crore. Orient Technologies Pine Oak Global Fund offloaded a 0.76% stake in Orient at an average price of Rs 399.69 per share, valued at Rs 12.7 crore. Sansera Engineering iShares Core MSCI Emerging Markets ETF bought a 0.68% stake in Sansera at an average price of Rs 1,573.04 per share, amounting to Rs 66.74 crore. Niyogin Fintech Alchemy Capital Management sold a 1.3% stake in Niyogin at an average price of Rs 51 per share, while Think India Opportunities Master Fund LP bought a 1.52% stake in the company at the same average price of Rs 51 per share. Stocks Trade Ex-Dividend Gillette India, Dev Information Technology, Dolat Algotech, Elpro International, Ganesha Ecosphere, GPT Infraprojects, Intelligent Supply Chain Infrastructure Trust, Kaveri Seed Company, Morganite Crucible, Polyplex Corporation, Sun TV Network Stocks Trade Ex-Date for Rights UPL, NHC Foods F&O Ban Aarti Industries, GNFC, Granules India | 2024-11-26 02:26 | 2024-11-26 | 02:26 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/trading-plan-can-nifty-defend-24000-bank-nifty-hold-52000-amid-likely-consolidation-post-sharp-rally-12875753.html | Trading Plan: Can Nifty defend 24,000, Bank Nifty hold 52,000 amid likely consolidation post sharp rally? | Nifty Trading Plan.Related stories. | The market sentiment improved after a back-to-back rally and a strong gap-up opening on November 25, as the benchmark Nifty and Bank Nifty decisively entered the upper band of the Bollinger Bands, accompanied by a positive crossover in the momentum indicator, the Relative Strength Index (RSI). Hence, as long as the Nifty holds the 24,000 level (a strong support zone), the upward journey towards the 24,300-24,550 range is expected after a likely period of consolidation, according to experts. The Bank Nifty is likely to face a hurdle at 52,600; above this level, a new leg of the rally cannot be ruled out. However, 52,000 may serve as immediate support, followed by 51,500, which is considered a key support zone. On Monday, November 25, the Nifty 50 closed at 24,222, up by 315 points or 1.32 percent, while the Bank Nifty surged by 1,072 points or 2.1 percent to 52,208, with breadth favouring the bulls. A total of 1,783 shares advanced, compared to 744 shares that declined on the NSE. Nifty Outlook and Strategy Mehul Kothari, DVP – Technical Research at Anand Rathi In our previous interaction, we maintained a bullish stance on the market despite the panic we witnessed. In line with this view, the Nifty has respected the support around 23,300-23,200, with RSI divergence, leading to a rally of over 1,000 points in just two trading sessions. Going forward, there may be some consolidation in the range of 24,000-24,500, while stock-specific action is expected during this time. A move above 24,300 in the coming session could pull the index towards the 24,500 mark, where a strong hurdle is likely. Key Resistance: 24,300, 24,500 Key Support: 24,200, 24,000 Strategy: Buy Nifty Futures above 24,365, with a stop-loss at 24,265, targeting 24,550. Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities Technically, the Nifty 50 has bounced back above its 200-DMA (day moving average), which is currently placed at 23,605 levels, making it an intermediate support. The index couldn't close above the 24,300 level, where there is a higher Call base, as the PCR (Put Call Ratio) at the 24,300 strike is 0.79. Therefore, 24,300 remains a key hurdle, and a close above this level could push the index toward 24,500, the next hurdle. The next swing resistance is at 24,537, and the 24,500 level has the second-highest Call base for the monthly series. A further short-covering move is expected until the end of this monthly settlement, as well as in the December series. The momentum indicator MACD (Moving Average Convergence Divergence) has moved into buy mode on both the hourly and daily charts, suggesting that the bounce may have more legs. Hence, the strategy should be to buy on dips until the bounce is over. Key Resistance: 24,300, 24,500 Key Support: 24,000, 23,900 Strategy: Buy Nifty Futures on dips in the range of 24,100-24,000, with a stop-loss of 23,900, targeting 24,300 and 24,500. Pravesh Gour, Senior Technical Analyst at Swastika Investmart The Nifty is set to open above its 20-DMA (24,000), with 24,500-24,550 identified as key resistance zones. A move above 24,550 could face the next hurdle at 24,730, while the 20-DMA around 24,000 will serve as a strong support level. Key Resistance: 24,500, 24,550 Key Support: 24,000, 23,800 Strategy: Consider buying Nifty Futures on dips near 24,000-24,100, with a stop-loss of 23,800, targeting 24,500 and 24,550. Bank Nifty - Outlook and Positioning Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities The Bank Nifty has reached the upper end of its range, which has been between 52,500 and 50,000, forming a 2,500-point range. A breakout in HDFC Bank could lead to a breakout in the Bank Nifty as well. It has reversed exactly from its 200-DMA (49,879), and now, with increased volumes and a reversal in its short-term momentum indicators, the probability of an upside is high. The MACD is in buy mode on both hourly and daily charts, further supporting the bullish outlook. From a derivatives perspective, the PCR has risen to 1.31, and there has been a clear unwinding of Calls at lower levels. Therefore, a close above 52,000 indicates higher upside potential. Above 52,500, short-covering could take the index toward 53,000, and thereafter, possibly to 53,500 levels. The index has closed above its maximum pain and modified maximum pain levels of 52,000 and 51,562, respectively. Key Resistance: 52,500, 53,000, 53,500 Key Support: 52,000, 51,500 Strategy: Buy Bank Nifty Futures above 52,500, with a stop-loss at 51,850, targeting 53,000 and 53,500. Mehul Kothari, DVP – Technical Research at Anand Rathi At this point, the Bank Nifty is trading near its strong hurdle at 52,500. A sustainable move above this level could trigger short-covering, which may pull the index towards the 54,000 mark in the coming weeks. On the downside, support is placed at 51,000 on a positional basis. Key Resistance: 52,500, 53,000 Key Support: 52,000, 51,500 Strategy: Buy Bank Nifty Futures above 52,300, with a stop-loss at 51,800, targeting 53,300. Pravesh Gour, Senior Technical Analyst at Swastika Investmart The Bank Nifty has closed above key moving averages (50 and 100-DMA), with 52,600 identified as a critical hurdle. A move above 52,600 could face the next resistance at 53,300, while 51,800-51,200 will serve as a strong support zone. Key Resistance: 52,600 Key Support: 51,800, 51,200 Strategy: Consider buying Bank Nifty Futures on dips near 52,000-52,100, with a stop-loss at 51,700, targeting 52,600. | 2024-11-26 00:40 | 2024-11-26 | 00:40 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/trade-spotlight-how-should-you-trade-tcs-hdfc-bank-cie-automotive-afcons-infrastructure-eris-lifesciences-and-others-on-tuesday-12875734.html | Trade Spotlight: How should you trade TCS, HDFC Bank, CIE Automotive, Afcons Infrastructure, Eris Lifesciences, and others on Tuesday? | Buy Ideas for Short Term.Related stories. | Bulls maintained their control over Dalal Street for another session, driving the Nifty 50 higher by 1.3 percent on November 25, with a positive market breadth. About 1,783 shares gained on the NSE, compared to 744 declining shares. The momentum is expected to remain positive, but considering the 1,000-point rally over the last two sessions, some consolidation cannot be ruled out. Below are some trading ideas for the near term: Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities TCS Futures| CMP: Rs 4,319 Tata Consultancy Services (TCS) has confirmed higher tops and higher bottoms on the daily charts. The stock has moved above its 200 DMA (Day Moving Average). The momentum indicator MACD (Moving Average Convergence Divergence) has provided a buy crossover on the daily charts. The stock is progressing in an upward-sloping parallel channel and is expected to inch toward the upper end of the channel. Its PCR (Put-Call Ratio) is above 1, at 1.08, which is bullish for the short term. The stock is trading well above its maximum pain and modified maximum pain levels of Rs 4,150 and Rs 4,227, respectively. TCS has witnessed significant Call unwinding from Rs 4,000 to Rs 4,300, as well as good Put buildup at these levels, indicating that the bulls are in control and the short-term trend is upward. Strategy: Buy Target: Rs 4,440, Rs 4,515 Stop-Loss: Rs 4,254 HDFC Bank| CMP: Rs 1,785.6 HDFC Bank has provided a breakout above its consolidation, forming an ascending triangle pattern. Although the breakout coincided with the MSCI rebalancing, the probability of an upside remains high. The MACD indicator is in a buy mode on the daily charts, indicating a positive short-term trend. As per derivatives data, there is substantial Call unwinding from Rs 1,720 to Rs 1,760, along with good Put additions from Rs 1,740 to Rs 1,780, suggesting the likelihood of further buying. However, Rs 1,800 remains a key resistance level, with significant Call open interest. Only above Rs 1,800 can we expect further momentum to build. Strategy: Buy Target: Rs 1,860, Rs 1,900 Stop-Loss: Rs 1,747 Piramal Enterprises| CMP: Rs 1,107.75 Piramal Enterprises has broken out from a sideways consolidation, with a bullish crossover on the MACD on daily charts, indicating a positive short-term trend. In options, the stock has witnessed good Call unwinding at lower levels, with strong Put support between Rs 1,000 and Rs 1,100 strikes. However, Rs 1,120 has seen significant Call open interest, and only above this level will there be further upward momentum. Based on the technical breakout, there is a higher chance of the stock surpassing Rs 1,120. Additionally, the futures data shows a clear long buildup in the November series, reinforcing the positive short-term outlook. Strategy: Buy Target: Rs 1,150, Rs 1,170 Stop-Loss: Rs 1,088 Mehul Kothari, DVP – Technical Research at Anand Rathi Hindustan Zinc| CMP: Rs 498.5 Hindustan Zinc rallied from Rs 475 to Rs 575 before the announcement of the offer-for-sale, after which the stock retreated below Rs 500. However, it has found support at the 200 DEMA (Daily Exponential Moving Average), and technically, most indicators remain bullish for the coming weeks. Traders are advised to buy the stock above Rs 502, with an upside target of Rs 535. Strategy: Buy Target: Rs 535 Stop-Loss: Rs 483 CIE Automotive India| CMP: Rs 464.55 CIE Automotive has declined 27 percent over the past 3-4 months, from its peak of Rs 622. It has formed a Bullish Crab pattern in the Rs 460-470 range, aligning with the 0.618%-0.707% Fibonacci retracement levels of its previous uptrend. A bullish divergence on the daily chart suggests a potential reversal. A buying opportunity is recommended in the Rs 460-470 range, with a target of Rs 518 and a stop-loss at Rs 438 on a daily closing basis. Strategy: Buy Target: Rs 518 Stop-Loss: Rs 438 Pravesh Gour, Senior Technical Analyst at Swastika Investmart Afcons Infrastructure| CMP: Rs 528.25 Afcons has recently emerged from a prolonged consolidation phase, supported by strong volume, and has broken out of an ascending triangle pattern. The overall chart structure is bullish, suggesting an immediate target of Rs 550+, with the potential for further upside towards Rs 600+. On the downside, Rs 475 serves as key support. The current strength is reinforced by the MACD indicator, while the RSI (Relative Strength Index) is also showing positive momentum on the hourly charts. Strategy: Buy Target: Rs 604 Stop-Loss: Rs 475 Capacite Infraprojects| CMP: Rs 392.35 Capacite Infraprojects has witnessed a breakout from a triangle pattern formation on the daily chart. It has formed a base around the Rs 360-370 levels. The stock is trading above all of its significant moving averages, and the overall structure is very promising. On the upside, Rs 414 is an immediate psychological resistance level, and above this, a move towards Rs 480+ is expected. On the downside, Rs 370 remains the key support. Strategy: Buy Target: Rs 500 Stop-Loss: Rs 370 Eris Lifesciences| CMP: Rs 1,473.75 On a longer horizon, Eris Lifesciences is exhibiting traditional bullish momentum, forming higher highs and higher lows. On the shorter horizon, it recently broke out of a longer consolidation phase with large volume, and on the weekly chart, it broke from a triangular formation. The stock is trading above all of its key moving averages, with the RSI positively poised and the MACD witnessing a centerline crossover to the upside. On the higher side, Rs 1,550 is an important psychological level; above this, we can expect a move towards Rs 1,600+. On the downside, Rs 1,375 serves as major support during any corrections. Strategy: Buy Target: Rs 1,594 Stop-Loss: Rs 1,375 | 2024-11-25 23:43 | 2024-11-25 | 23:43 |
moneycontrol.com | https://www.moneycontrol.com/news/india/cabinet-approves-3-rail-projects-12875719.html | Cabinet approves 3 rail projects | The projects are the Jalgaon-Manmad fourth line (160 km), Bhusawal-Khandwa third and fourth lines (131 km) and Prayagraj (Iradatganj)-Manikpur third line (84 km)..Related stories. | The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, approved three projects of the Ministry of Railways on Monday with a total cost of Rs 7,927 crore. The projects are the Jalgaon-Manmad fourth line (160 km), Bhusawal-Khandwa third and fourth lines (131 km) and Prayagraj (Iradatganj)-Manikpur third line (84 km).”The proposed multi-tracking projects will ease operations and reduce congestion, providing the much-required infrastructural development on the busiest sections between Mumbai and Prayagraj,” according to a government statement. ”The projects are in line with Hon’ble Prime Minister Shri Narendra Modiji’s vision of a New India, which will make people of the region ’Atmanirbhar’ by way of comprehensive development in the area, which will enhance their employment/self-employment opportunities,” the statement said.The government said these projects are the result of the PM-Gati Shakti National Master Plan for multi-modal connectivity, which have been possible through integrated planning, and will provide seamless connectivity for the movement of people, goods and services. The press note said these projects will cover seven districts in three states — Maharashtra, Madhya Pradesh and Uttar Pradesh — and expand the existing network of the Indian Railways by about 639 kilometres.Besides, the proposed multi-tracking projects will also enhance connectivity to two aspirational districts — Khandwa and Chitrakoot — serving approximately 1,319 villages and about 38 lakh people.”The proposed projects will enhance connectivity along the Mumbai-Prayagraj-Varanasi route by enabling the operation of additional passenger trains, benefitting pilgrims travelling to Jyotirlingas in Nashik (Trimbakeshwar), Khandwa (Omkareshwar) and Varanasi (Kashi Vishwanath), as well as religious places in Prayagraj, Chitrakoot, Gaya and Shirdi,” the press note said. ”Additionally, the projects will promote tourism through improved access to various attractions, such as Khajuraho UNESCO World Heritage Site, Ajanta and Ellora Caves UNESCO World Heritage Site, Devgiri Fort, Asirgarh Fort, Rewa Fort, Yawal Wildlife Sanctuary, Keoti Falls and Purwa Falls etc.,” it added.According to the government, since these are essential routes for transportation of commodities, such as agricultural products, fertiliser, coal, steel, cement, containers etc., the capacity augmentation works will result in additional freight traffic of a magnitude of 51 MTPA (million tonnes per annum). Talking about the benefits to the environment, the press note said the railways being an environment-friendly and energy-efficient mode of transportation will help both in achieving climate goals and minimising the logistics cost of the country, and lower CO2 emissions (by 271 crore kg), which is equivalent to planting 11 crore trees. | 2024-11-25 22:53 | 2024-11-25 | 22:53 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/bulk-deals-ubs-principal-capital-sales-1-03-stake-in-bse-limited-12875706.html | Bulk Deals: UBS Principal Capital sales 1.03% stake in BSE limited | Notable buyers include Amansa Holdings Private, Think India Opportunities Master Fund LP, and iShares Core MSCI Emerging Markets ETF..Related stories. | UBS Principal Capital Asia Limited sold its stake in many Indian companies in today’s trading session. This included 9.89 lakh shares in Including Alkem Laboratories Ltd at Rs 5,468.99, 14.08 lakh shares in BSE Ltd at Rs 4,670.56, 72.73 lakh shares in Kalyan Jewellers Ind Ltd at Rs 698.56, 26.16 lakh shares in Oberoi Realty Ltd at Rs 1,943.3, and 38.67 lakh shares in Voltas Ltd at Rs 1,642.67. Amansa Holdings Private Ltd bought 13.94 lakh shares of GMM Pfaudler Ltd at Rs 1,200, while Blend Fund 2 and Unifi Capital Private Ltd sold 4.32 lakh and 5.95 lakh shares of the company, respectively, at Rs 1200 each. Paradise Moon Investment Fund-I sold 40,000 shares of Mcon Rasayan India Ltd at Rs 156.72 and Vikasa India EIF I Fund-Incube Global Opportunities sold 37,000 shares at Rs 154.76. Pine Oak Global Fund sold 3.18 lakh shares of Orient Technologies at Rs 399.69. iShares Core MSCI Emerging Markets ETF purchased 4.24 lakh shares of Sansera Engineering Ltd at Rs 1,573.04. Alchemy Capital Management Private Ltd offloaded 1,280,859 shares of Niyogin Fintech Ltd at Rs 51 each, while Think India Opportunities Master Fund LP acquired 14.47 lakh shares of the company at the same price. | 2024-11-25 22:34 | 2024-11-25 | 22:34 |
moneycontrol.com | https://www.moneycontrol.com/technology/linkedin-shuts-down-its-audio-events-features-all-the-details-article-12875643.html | LinkedIn shuts down its Audio Events features: All the details | LinkedIn. | LinkedIn has announced the discontinuation of its Audio Events feature, effective December 2, 2024. LinkedIn becomes one of the many social media platforms to have shut down audio only feature over the last couple of years. Users will now need to use LinkedIn Live, which supports both video and audio broadcasting through third-party streaming tools. The move to unify Audio Events and LinkedIn Live aims to streamline the event creation experience. While users will no longer be able to create native Audio Events, those scheduled before December 31, 2024, will still be supported. For events planned after this date, users must transition to LinkedIn Live by December 15, 2024, said LinkedIn in a blog post. LinkedIn Live offers a few advantages over the standalone Audio Events. For instance, attendees can comment in real-time to ask questions or add their perspectives at any time on LinkedIn Live. However, to speak live at an event, speakers need to access the streaming tool of their choice. LinkedIn Live allows eligible members and Pages to broadcast live video content to a LinkedIn profile, LinkedIn Page, or Event. LinkedIn's move follows similar decisions by other platforms, such as Facebook and Reddit. Facebook shuttered its Live Audio Rooms almost two years back whereas Reddit ended Reddit Talk in 2023. | 2024-11-25 22:30 | 2024-11-25 | 22:30 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/buffett-donates-1-14-billion-in-berkshire-shares-to-charities-12875712.html | Buffett donates $1.14 billion in Berkshire shares to charities | Warren Buffett has a net worth of $150.2 billion, making him the seventh-richest person in the world, according to the Bloomberg Billionaires Index..Related stories. | Warren Buffett is donating roughly $1.14 billion of Berkshire Hathaway Inc. shares to four family foundations as part of a charitable pledge the billionaire made nearly two decades ago. The 94-year-old investor will convert 1,600 of Berkshire’s Class A shares into 2.4 million Class B shares, the Omaha, Nebraska-based conglomerate said in a statement Monday. He’ll then give 1.5 million of those shares to the Susan Thompson Buffett Foundation, named for his late wife, and 300,000 to each of his children’s foundations, the Sherwood Foundation, the Howard G. Buffett Foundation and NoVo Foundation. In 2010, Buffett started the Giving Pledge with his friends Bill Gates and Melinda French Gates, saying he would donate his fortune either in his lifetime or at his death. Four years earlier, he had started making massive donations to the Gates’s foundation, as well as foundations tied to his children. In June, Buffett announced that the Bill & Melinda Gates Foundation won’t receive any more donations after his death, with his daughter and two sons overseeing a new charitable trust. At the time, he pledged 13 million Berkshire Class B shares to the four family foundations, and the Gates Foundation. “Susie and I had long encouraged our children in small philanthropic activities and had been pleased with their enthusiasm, diligence and results,” Buffett said in a letter to shareholders Monday. “At her death, however, they were not ready to handle the staggering wealth that Berkshire shares had generated. Nevertheless, their philanthropic activities were dramatically increased by the 2006 lifetime pledge that I subsequently made and later expanded.” The donations reduce Buffett’s holdings in Berkshire Class A shares to 206,363, down almost 57% since the 2006 pledge, he said in the letter. He has a net worth of $150.2 billion, making him the seventh-richest person in the world, according to the Bloomberg Billionaires Index. | 2024-11-25 22:28 | 2024-11-25 | 22:28 |
moneycontrol.com | https://www.moneycontrol.com/news/world/can-the-world-unite-to-end-the-plastic-pollution-crisis-12875680.html | Can the world unite to end the plastic pollution crisis? | A mound of plastic waste in Gorakshep, Sagarmatha Region, Nepal. Photographer: Mailee Osten-Tan/Getty Images.Related stories. | The final round of United Nations-brokered talks aimed at tackling plastic pollution opened in South Korea with deep divisions over the need to stem the rising flood of the material, a rift that threatens to scupper a two-year long quest for a deal. The tension at the heart of negotiations, which began Monday in Busan and were on full display during the opening plenary, is whether to agree to binding limits on certain classes of chemicals and on plastic production, or to settle on a package of funding aimed at improving trash collection and recycling. “I don’t expect, as you’ve seen from this morning, necessarily that negotiations will be easy,” said Inger Andersen, executive director of the United Nations Environment Programme, during a press briefing between the morning and afternoon sessions. Plastic production will jump about 60% to 736 million tons a year by 2040, according to the Organization for Economic Co-operation and Development, dramatically increasing volumes as research shows how toxic the materials are as they accumulate in the natural environment and in human bodies. A coalition of nearly 70 nations, including Rwanda, Norway and the UK, is pushing for a “high ambition” treaty to regulate dangerous chemicals and phase out the most polluting single-use plastic products, like cutlery. But Saudi Arabia, Iran, Russia and some other petrostates — plastics are made from chemicals derived from fossil fuels — ardently disagree. They have argued that plastics are an important material for sustainable growth, since, for example, they’re lighter than many substitutes and can cut transportation fuel use, and that plastic pollution arises not from the material itself but from the way it is consumed and disposed of. In previous rounds of talks, they have opposed binding provisions and used levers in the diplomatic process to prevent voting by the negotiating committee. “Some elements do not belong to this treaty, such as chemicals of concern and supply,” the Russia delegation said during the plenary session. That has left high-ambition representatives frustrated. And some are now warning that unless real progress can be made on adding those binding limits, the talks could end in stalemate. “The production side is a red line for many countries. It needs to be addressed,” Anne Beathe Tvinnereim, head of Norway’s delegation to Busan and the country’s minister for international development, said before the talks started. “Unless we address chemicals [and] the most littering items, then it’s really no use just looking at the waste management side,” she said. That would be like “mopping the floor while the tap is open.” Microplastics on Mt. Everest The rising toll of plastic in the environment is impossible to ignore. In the developing world, plastic waste is clogging beaches and rivers and choking wildlife. A glut of trash in the Democratic Republic of Congo this month even shut down a hydroelectric dam, forcing power cuts. Plastics are also responsible for about 4% of global greenhouse gas emissions, according to the UN. As plastic items break down, they become microplastics. These have now been found in human breast milk, brain tissue and blood. Research has linked a chemical used in some plastics, bisphenol F, to lower IQs in children. Microplastics are ubiquitous across ecosystems, detected everywhere from the depths of the Pacific Ocean’s Mariana Trench to the snow on Mt. Everest. One recent study found that aerosolized plastic particles could even affect cloud formation and induce heavier rainfall. Polls suggest there is broad public support for restrictions to limit plastic pollution. On average across 32 countries, 90% of people surveyed this year by Ipsos backed global rules banning chemicals used in plastic that are hazardous to human health and the environment. And 87% said it’s important to reduce the amount of plastic produced globally. But there are powerful interests for producing more plastic. Industry groups have been lobbying hard against caps. They say the problem is that 2.7 billion people live without access to adequate waste management, and finding more money for that should be the focus of Busan. A global agreement should be “anchored in circularity, treating used plastics as valuable resources rather than waste,” Benny Mermans, chairman of the World Plastics Council and vice president of sustainability at Chevron Phillips Chemical, said in a statement ahead of the talks. About half of new plastic items are used just once and then thrown away. Globally, just 9.5% of plastic is recycled. Petrochemical companies such as Exxon Mobil Corp. back more recycling, including “advanced recycling” for goods that are hard to break down, like candy wrappers. Recycling plastic can be expensive and polluting, and some efforts to scale it up have struggled. Read more: Inside Big Plastic’s Faltering $1.5 Billion Global Cleanup Effort As renewable energy and electrification sap demand for oil, growth in petrochemicals is expected to help offset that, making the sector an important backstop for oil-producing countries and the fossil fuel industry. Petrochemicals’ share of total oil demand could nearly double by 2050, according to research firm BloombergNEF. “The oil and gas industry is looking at this as a Plan B, or an escape hatch, for surviving the energy transition,” said Dharmesh Shah, a senior campaigner for the Center for International Environmental Law, a nonprofit with headquarters in Washington, DC, and Geneva. Where do the US and China stand?As the world’s largest economy and biggest oil producer, the US could exert a lot of influence in negotiations, but whether it will in Busan and to what end is uncertain. In August, it was reported that the Biden administration would support a global target to limit plastic production. Advocates celebrated while industry leaders condemned the stance. But then came the election. Donald Trump, who campaigned on promises to drill for more fossil fuels and pull the US back out of the Paris climate accord, won the presidency. And Republicans gained control of the US Senate, which would have to ratify the treaty with a two-thirds majority for it to be legally binding. A week later the US negotiating team held a briefing for nonprofits pushing for stringent action on plastic and told them there was “no landing zone” for hard caps on production, according to members of the Break Free From Plastic coalition who were on the call. The White House Council on Environmental Quality said in a statement that the US remains committed to “securing an ambitious, legally binding global instrument to tackle plastic pollution based on a comprehensive approach that addresses the full lifecycle of plastic.” “This attitude simply isn’t good enough,” said Sarah Martik, the executive director of the Center for Coalfield Justice, a Pennsylvania advocacy group. She said she worries it could “derail” the talks. The vagueness of the current US position and the Republicans’ election victory have led delegates to place their energies elsewhere. Moving forward with an ambitious, legally binding treaty, they say, will likely hinge on the influence of growing economies like China, India, Brazil and South Africa, which are major buyers of oil and natural gas. “If you’re a big consumer, that means you have the muscle to dictate what you want to consume,” said Juliet Kabera, director general of the Rwanda Environment Management Authority and a key negotiator at the Busan talks. “That is going to also push the producers to give you exactly that, because they need your market.” China is the world’s biggest producer of plastic and has a close trading relationship with Saudi Arabia, the source of much of its imported oil. State oil company Saudi Aramco is investing in plants in China that can process its crude into petrochemicals. But China’s National Development and Reform Committee earlier this year gave guidance that prioritized specialty chemicals while looking to limit the development of small plants that make more common types of plastic, environmental advocates note. They argue it could make sense for China to agree to a global deal to cut capacity. Competing roadmaps During the first plenary session on Monday, delegates approved using a “non-paper” released at the end of October by the negotiating committee chair, Luis Vayas Valdivieso of Ecuador, as the foundation to facilitate conversations this week. An earlier 70-page document that was the result of previous negotiations can continue to be used as a source by delegates. The non-paper had been excoriated by some NGOs for having no binding limits, but others say it represents the best path forward. “It is a great starting point because not one community is happy about it,” said Erin Simon, vice president and head of plastic waste and business at the World Wildlife Fund, adding that it would be “feasible to finish” in a week of talks. African nations have spearheaded efforts to curb single-use plastic, and dozens of countries on the continent have instituted or pledged policies to reduce consumption. A treaty could make those bans international and also create design imperatives so that single-use plastics follow a set of universal chemical blueprints, making them easier to recycle. The tallest hurdle, however, is the possible regulation of chemical compounds and additives used in plastics that research shows are harmful. These include BPA and other bisphenols, phthalates and PBDE flame retardants. High-ambition advocates would like to set out a target list of chemicals that have a history of leaching into the environment or a high likelihood of causing human harm, and then to ban them one by one. All of this is not likely to be resolved in one week in Busan, of course. The best-case scenario, some delegates say, would be if nations could agree to a binding framework for ongoing dialogue on plastic, the way the world now has an ongoing dialogue on climate at annual COP summits. “We know we are not going to get everything we want and everything the world needs,” said Simon. It’s essential, she added, that “whatever we lock in” in Busan “can be strengthened over time, so that we can build.” | 2024-11-25 22:24 | 2024-11-25 | 22:24 |
moneycontrol.com | https://www.moneycontrol.com/news/india/hazrat-nizamuddin-bound-vande-bharat-express-gets-delayed-by-11-hours-passengers-protest-12875704.html | Hazrat Nizamuddin-bound Vande Bharat Express gets delayed by 11 hours; passengers protest | Vande Bharat Express train. | High drama was witnessed at Rani Kamalapati railway station in Bhopal after the Vande Bharat Express for Hazrat Nizamuddin in Delhi was delayed on Monday by nearly 11 hours due to a technical snag, officials and eyewitnesses said. Before the premium train, which otherwise departs from Rani Kamalapati station at 5.40 am, left for its destination in the evening, angry passengers staged a protest on railway tracks alleging they had not been intimated about the delay.As a result of the delay, the Vande Bharat Express (20172) from Hazrat Nizamuddin to Rani Kamalapati station was cancelled on Monday evening. Similarly, the Vande Bharat Express (20171) from Kamalapati to Nizamuddin stands cancelled on Tuesday, Jabalpur-based West Central Railway (WCR) Chief Public Relation Officer Harshit Shrivastava told PTI when contacted over phone.The semi-high speed train left for its destination in the evening instead of its scheduled time in the morning, WCR’s Acting Public Relation Officer (Bhopal Division) Naval Agrawal confirmed to PTI.Agrawal, however, maintained he does not know the exact departure time, but eyewitnesses said the train left for Hazrat Nizamuddin at around 4.30 pm, nearly 11 hours late.The train was delayed due to technical reasons, he said, adding passengers were kept in the loop via different mediums, including train-related apps, about the delay.Many passengers boarded the Vande Bharat Express (20171) headed to Nizamuddin, he said. The Railways did not cancel the train on Monday keeping the interest of passengers in mind, the acting PRO emphasised.Agrawal said the rail yard at Rani Kamalapati station (formerly Habibganj) was well equipped and has the expertise to repair and do maintenance work of the new-age Vande Bharat trains.According to eyewitnesses, passengers who turned up at Rani Kamalapati station protested after the train did not depart for Hazrat Nizamuddin at its scheduled time of 5.40 am.Some of the passengers, after a long wait, tried to entered the Shatabdi Express (which goes to New Delhi) at around 3.10 pm, but were pushed back by Railway Protection Force personnel, they said. A group of angry passengers with backpacks then squatted on the tracks in protest, the eyewitnesses added. The Vande Bharat Express (20172), upon returning from Hazrat Nizamuddin to Rani Kamlaapati station at around 10.20 pm on Sunday, suffered a technical malfunction as a spring of C11 coach went kaput, sources said.The train was taken to the yard for repair, but the snag could not be fixed in time, thus delaying its early morning departure, they explained. | 2024-11-25 22:15 | 2024-11-25 | 22:15 |
moneycontrol.com | https://www.moneycontrol.com/news/india/knives-out-in-bengal-bjp-after-by-poll-rout-calls-for-leadership-change-intensify-12875693.html | Knives out in Bengal BJP after bypoll rout; calls for leadership change intensify | BJP lost in all six contested Assembly seats during the November 13 by-polls.Related stories. | Knives are out in the West Bengal BJP unit following its dismal performance in the recent by-elections, with several prominent leaders calling for a drastic change in leadership to counter the ruling TMC. Senior BJP leader Agnimitra Paul led the charge, demanding the appointment of a dynamic, combative state president who could provide a strong opposition to the ruling party led by Mamata Banerjee. "We need a fighter as the next state president—someone who can provide a tough challenge to Mamata Banerjee’s government. The situation demands strong leadership that can stand up to the TMC’s growing dominance,” Paul said, reflecting the growing frustration within the party. “Our party cadres are getting beaten up every day, slapped with false cases. We need someone who has an uncompromising approach when it comes to fighting against the TMC,” she said. Paul’s plea comes after the BJP’s loss in all six contested Assembly seats during the November 13 by-polls, including Madarihat, a constituency that had elected BJP representatives in both 2016 and 2021. The TMC's clean sweep in the by-elections, which also included Sitai (SC), Naihati, Haroa, Midnapore, and Taldangra, has raised alarm within the saffron party, with many seeing this as a serious blow to its hopes of making a comeback in Bengal after its loss in the Lok Sabha polls when its tally came down to 12 from 18 seats in 2019 Lok Sabha polls. Amid the internal turmoil, former state president Tathagata Roy also criticised the current leadership. Roy, who has long been an outspoken figure within the BJP, attributed the party’s failure in the by-polls to a lack of coordination and oversight. He specifically targeted the leadership of state president Sukanta Majumdar, calling him a "part-time president" and arguing that his dual role as a Minister of State at the Centre has severely impacted his ability to manage the party in Bengal. Roy’s criticism went further, highlighting the BJP’s inability to tackle corruption allegations against TMC leaders. Roy claimed that the lack of action on these issues had led to the public perception that there was a tacit understanding between the Mamata Banerjee-led TMC and the central BJP leadership. “Unless this is addressed, the BJP has no future in Bengal,” Roy warned. He emphasised the need for a counter-narrative to Mamata Banerjee’s portrayal of the BJP as a Hindi-speaking, anti-Bengali party. Echoing Roy’s concerns, BJP leader Jitendra Tiwari also called for introspection, urging party members to look within for the reasons behind the failures. “If you look for the reason for failure in others, you will lose again and again. If you look for the reasons for your failure within yourself, you will definitely win by improving yourself next time,” Tiwari posted on X, apparently stressing the need for self-reflection in the face of electoral setbacks. The poor by-election results have sparked intense debates about the BJP’s strategy in Bengal, with party leaders pushing for a leadership overhaul to reinvigorate the organization. | 2024-11-25 22:05 | 2024-11-25 | 22:05 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/trade-setup-for-tuesday-top-15-things-to-know-before-the-opening-bell-66-12875673.html | Trade setup for Tuesday: Top 15 things to know before the opening bell | Nifty Trade Setup.Related stories. | The Nifty 50 extended its strong northward journey for another session, posting a more than one percent rally on November 25 and entering the upper band of the Bollinger Bands, indicating a positive trend. The index may experience some volatility due to the F&O expiry week, but the overall trend now seems positive. It is likely to march towards the 24,400-24,500 range in the upcoming sessions, with support placed at the 24,000 mark, followed by the 23,950-23,850 support zone, according to experts. Here are 15 data points we have collated to help you spot profitable trades: 1)Key Levels For TheNifty 50(24,222) Resistance based on pivot points: 24,319, 24,370, and 24,453 Support based on pivot points: 24,154, 24,103, and 24,020 Special Formation:The Nifty 50 formed a small bearish candlestick pattern with both upper and lower shadows, resembling a High Wave pattern on the daily charts, indicating indecision, especially after the 1,000-point rally in the last two trading sessions. The index climbed above the 20-day EMA (Exponential Moving Average) and entered the upper band of the Bollinger Bands. Meanwhile, the momentum indicator RSI (Relative Strength Index) at 51 maintained a positive crossover and entered the upper band, which is a positive sign. 2)Key Levels For TheBank Nifty Resistance based on pivot points: 52,317, 52,448, and 52661 Support based on pivot points: 51,892, 51,760, and 51,547 Resistance based on Fibonacci retracement: 52,679, 53,458 Support based on Fibonacci retracement: 51,262, 50,266 Special Formation:The Bank Nifty outperformed the benchmark Nifty, rising 2.1 percent to 52,208, and formed a bullish candlestick pattern on the daily charts. The index not only climbed above all key moving averages but also traded above the 50 percent Fibonacci retracement (from the record high in September to the November low), with robust volumes, signaling a healthy trend. Additionally, there was a positive crossover in the RSI, which reached 56.7. 3)Nifty Call Options Data According to the monthly options data, the 25,000 strike holds the maximum Call open interest (with 1.03 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 24,500 strike (77.33 lakh contracts), and the 24,300 strike (72.84 lakh contracts). Maximum Call writing was observed at the 25,200 strike, which saw an addition of 36.59 lakh contracts, followed by the 24,300 and 25,000 strikes, which added 34.78 lakh and 29.66 lakh contracts, respectively, while the maximum Call unwinding was seen at the 24,000 strike, which shed 20.36 lakh contracts, followed by the 23,900 and 23,800 strikes, which shed 15.35 lakh and 13.32 lakh contracts, respectively. 4)Nifty Put Options Data On the Put side, the maximum open interest was seen at the 23,000 strike (with 84.6 lakh contracts), which can act as a key support level for the Nifty. It was followed by the 23,500 strike (82.45 lakh contracts), and the 24,300 strike (59.39 lakh contracts). The maximum Put writing was placed at the 24,300 strike, which saw an addition of 46.64 lakh contracts, followed by the 24,200, and 24,000 strikes, with 29.07 lakh, and 25.35 lakh contracts added, respectively, while the maximum Put unwinding was seen at the 22,950 strike, which shed 4.38 lakh contracts, followed by the 23,050 and 23,300 strikes which shed 4.14 lakh and 3.44 lakh contracts, respectively. 5)Bank Nifty Call Options Data According to the monthly options data, the 54,000 strike holds the maximum Call open interest, with 32.81 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 53,000 strike (24.2 lakh contracts) and the 54,500 strike (24.31 lakh contracts). Maximum Call writing was visible at the 54,500 strike (with the addition of 13.28 lakh contracts), followed by the 52,200 strike (9.59 lakh contracts) and the 52,600 strike (7.69 lakh contracts), while the maximum Call unwinding was seen at the 51,500 strike, which shed 11.99 lakh contracts, followed by the 51,000 and 52,000 strikes, which shed 7.54 lakh and 4.52 lakh contracts, respectively. 6)Bank Nifty Put Options Data On the Put side, the maximum open interest was seen at the 50,000 strike (with 38.34 lakh contracts), which can act as a key support level for the index. This was followed by the 49,500 strike (26.85 lakh contracts) and the 51,000 strike (24.43 lakh contracts). The maximum Put writing was observed at the 50,000 strike (which added 18.56 lakh contracts), followed by the 51,500 strike (13.28 lakh contracts) and the 52,000 strike (12.31 lakh contracts), while the maximum Put unwinding was seen at the 54,000 strike, which shed 29,820 contracts, followed by the 53,000 and 53,500 strikes, which shed 29,280 and 23,580 contracts, respectively. 7)Funds Flow (Rs crore) 8)Put-Call Ratio The Nifty Put-Call ratio (PCR), which indicates the mood of the market, fell to 1.11 on November 25, from 1.19 level in the previous session. The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market. 9)India VIX The India VIX, the fear index, snapped its four-day winning streak and fell by 4.94 percent to 15.30 from 16.10 levels, but it is still in the higher zones. Bulls may gain further strength if the VIX drops decisively below the 14 mark. 10)Long Build-up (75 Stocks) A long build-up was seen in 75 stocks. An increase in open interest (OI) and price indicates a build-up of long positions. 11)Long Unwinding (4 Stocks) 4 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding. 12)Short Build-up (20 Stocks) 20 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions. 13)Short-Covering (83 Stocks) 83 stocks saw short-covering, meaning a decrease in OI, along with a price increase. 14)High Delivery Trades Here are the stocks that saw a high share of delivery trades. A high share of delivery reflects investing (as opposed to trading) interest in a stock. 15)Stocks Under F&O Ban Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit. Stocks added to F&O ban: Nil Stocks retained in F&O ban: Aarti Industries, GNFC, Granules India Stocks removed from F&O ban: Adani Enterprises, Hindustan Copper, Indraprastha Gas, National Aluminium Company Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary. | 2024-11-25 21:58 | 2024-11-25 | 21:58 |
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/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/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/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 |