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moneycontrol.com

https://www.moneycontrol.com/news/india/jaishankar-meets-bangladesh-foreign-affairs-advisor-in-first-bilateral-talks-post-hasina-ouster-12828987.html

Jaishankar meets Bangladesh Foreign Affairs Advisor in first bilateral talks post-Hasina ouster

The conversation focused on bilateral ties, as per the EAM..

External Affairs Minister S Jaishankar met with Bangladesh's Foreign Affairs Advisor, Md Touhid Hossain, in New York on Tuesday during his official visit to the United States. This marks the first bilateral meeting between India and Bangladesh following the ousting of Prime Minister Sheikh Hasina. Taking to microblogging site X, Jaishankar shared a picture from the meeting and stated, “Had a meeting with Foreign Affairs Adviser Md. Touhid Hossain of Bangladesh in New York this evening. The conversation focused on our bilateral ties.”Had a meeting with Foreign Affairs Adviser Md. Touhid Hossain of Bangladesh in New York this evening.The conversation focussed on our bilateral ties.pic.twitter.com/UNtNyHGHyQDr. S. Jaishankar (@DrSJaishankar)September 24, 2024 The meeting comes amidst rising anti-India sentiment in Bangladesh following Hasina's resignation on August 5, triggered by a mass uprising against government job quotas that escalated into violence. This was the first encounter between Jaishankar and Hossain after the interim government led by Muhammad Yunus Khan assumed power, with Yunus taking office on August 8. Although Prime Minister Narendra Modi and Yunus did not meet on the sidelines of the UN General Assembly due to conflicting schedules, India’s Foreign Secretary Misri confirmed that PM Modi had to depart before Yunus arrived. Despite this, Yunus reportedly met with several world leaders, including Pakistan's Prime Minister, during the assembly. On September 21, Hossain had reportedly expressed that while Yunus would not be meeting PM Modi, he aimed to advance the bilateral relationship through discussions with Jaishankar. He acknowledged existing tensions in relations with India but had stressed the need to address and resolve these issues, aiming to foster a more collaborative partnership going forward.

2024-09-25 07:23

2024-09-25

07:23

moneycontrol.com

https://www.moneycontrol.com/news/world/china-cuts-one-year-rate-withdraws-cash-from-banking-system-12828997.html

China cuts one-year rate, withdraws cash from banking system

The moves followed Governor Pan Gongsheng’s announcement the previous day for a decrease of 30 basis points at a rare briefing in Beijing, as part of a broad stimulus package to revive the world’s second-largest economy..Related stories.

China’s central bank lowered the interest rate charged on its one-year policy loans while net withdrawing liquidity via the lending facility, as the monetary authority shifts toward a short-term tool in an overhaul of its policy framework. The People’s Bank of China cut the rate of the medium-term lending facility to 2% from 2.3%, according to a statement on Wednesday. It also withdrew a net 291 billion yuan ($41.4 billion) via the MLF, the biggest drainage since December 2021. The moves followed Governor Pan Gongsheng’s announcement the previous day for a decrease of 30 basis points at a rare briefing in Beijing, as part of a broad stimulus package to revive the world’s second-largest economy. The central bank chief also revealed a plan to unleash 1 trillion yuan in long-term liquidity with a 50-basis-point reduction of the reserve requirement ratio, the amount of cash lenders must keep in reserve. The PBOC has been downplaying the role of the MLF as a key rate while transitioning to using seven-day reverse repurchase notes as the main policy lever. The outstanding MLF loans are widely expected to be gradually replaced by other tools like RRR cuts. The new policy framework allows the PBOC to influence market borrowing costs more effectively and aligns it with global practices. “Looking ahead, there is room for further replacement of MLF liquidity with RRR cut-induced liquidity given heavy MLF maturity in the coming months,” said Frances Cheung, a strategist at Oversea-Chinese Banking Corp. The rate cut on the one-year lending Wednesday “renders the facility more aligned with the funding costs” in the interbank market, she added.

2024-09-25 07:22

2024-09-25

07:22

moneycontrol.com

https://www.moneycontrol.com/news/world/saudi-arabia-urges-pakistan-to-tackle-rising-issue-of-beggars-disguised-as-pilgrims-12828990.html

Saudi Arabia urges Pakistan to tackle rising issue of beggars disguised as pilgrims

Saudi Arabia urges Pakistan to address rising numbers of beggars disguised as pilgrims. Pakistan introduces an "Umrah Act" and cracks down on trafficking networks to protect legitimate pilgrims and its national reputation..Related stories.

Saudi Arabia has expressed growing concerns about the increasing number of Pakistani nationals arriving in the Kingdom under the guise of religious pilgrimage, only to engage in begging activities. This issue has prompted Saudi authorities to call on Islamabad to take immediate action to curb this trend, warning that failure to do so could have negative consequences for legitimate Pakistani Umrah and Hajj pilgrims. According to sources within Pakistan's Ministry of Religious Affairs, PTI reports that the Saudi Ministry of Hajj has formally warned about the increasing number of beggars entering Saudi Arabia on Umrah visas. These visas are meant for religious pilgrims, but Saudi officials are concerned that the actions of these individuals are damaging the reputation of Pakistani pilgrims. In response to Saudi Arabia's concerns, Pakistan's Ministry of Religious Affairs has announced plans to introduce an "Umrah Act." This new legislation aims to regulate travel agencies that facilitate Umrah trips, ensuring that they operate under legal oversight. The Ministry is also collaborating with other government bodies to find effective ways to prevent beggars from exploiting religious visas to enter Saudi Arabia. Interior Minister Mohsin Naqvi has assured Saudi Ambassador Nawaf bin Said Ahmed Al-Malki that strict measures will be implemented against the criminal networks responsible for sending beggars to Saudi Arabia. The Federal Investigation Agency (FIA) has been tasked with leading this crackdown, targeting the mafias that facilitate the illegal entry of beggars into the Kingdom. These networks have not only damaged Pakistan's image abroad but have also caused significant embarrassment to the country. This is not the first time the issue has come to light. Last year, Secretary of Overseas Pakistanis Arshad Mahmood pointed out that several Gulf countries had expressed concerns about the behavior of some Pakistani nationals, particularly in relation to work ethics, attitudes, and involvement in criminal activities. The Ministry of Overseas Pakistanis and Human Resource Development has reported that a staggering 90% of beggars apprehended in foreign countries are of Pakistani origin. In recent months, the FIA has taken action by preventing several alleged beggars from traveling to Saudi Arabia. For instance, just a month ago, 11 individuals were offloaded from a Saudi Arabia-bound flight at Karachi airport after they admitted that their purpose for visiting the Kingdom was to beg. Similarly, last September, 16 beggars disguised as pilgrims were arrested while attempting to travel to Saudi Arabia. Adding to the concerns, a significant number of pickpockets arrested within Mecca’s Grand Mosque have been identified as Pakistani nationals, further tarnishing the image of Pakistani pilgrims. (With inputs from agencies)

2024-09-25 07:19

2024-09-25

07:19

moneycontrol.com

https://www.moneycontrol.com/news/business/oil-prices-steady-as-china-stimulus-hopes-fade-u-s-crude-stockpiles-fall-12828983.html

Oil prices steady as China stimulus hopes fade, U.S. crude stockpiles fall

Oil prices steady after China stimulus buzz fades, U.S. stockpile drop offers support.

Oil prices steadied on Wednesday after rising in the previous session on fading excitement for the economic stimulus in China, the world’s biggest crude importer, though an industry report showing falling U.S. crude and fuel inventories supported the market. Brent crude futures gained 3 cents at $75.20 a barrel by 0004 GMT. U.S. West Texas Intermediate crude lost 2 cents at $71.58 per barrel. Prices rose about 1.7% on Tuesday after China announced its most aggressive economic stimulus since the COVID-19 pandemic, with interest rate cuts and government funding. Analysts, however, warned that more fiscal help was needed to boost confidence in the world’s second-largest economy, which reduced the initial impact on oil prices from the announcement. Still, declining U.S. crude oil and fuel stockpiles provided some support for the market, which has generally risen since prices fell to their lowest since 2021 on Sept. 10. U.S. oil stockpiles dropped by 4.34 million barrels last week while gasoline inventories fell by 3.44 million barrels and distillate stocks fell by 1.12 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday. An intensifying conflict in the Middle East between Iran-backed Hezbollah in Lebanon and Israel also supported crude prices, with cross-border rockets launched by both sides increasing fears of a broadening war in the key producing region. Hezbollah on Wednesday confirmed that senior commander Ibrahim Qubaisi was killed by Israeli airstrikes on the Lebanese capital as Israel announced earlier. Israel said Qubaisi headed the group’s missile and rocket force. A hurricane threatening the U.S. Gulf Coast has changed course towards Florida and away oil and gas-producing areas near Texas, Louisiana and Mississippi. (Reporting by Laila Kearney in New York; Editing by Christian Schmollinger)

2024-09-25 06:42

2024-09-25

06:42

moneycontrol.com

https://www.moneycontrol.com/technology/genai-is-changing-how-we-code-but-coding-is-not-going-away-says-googles-gabe-monroy-article-12828935.html

GenAI is changing how we code, but coding is not going away, says Google's Gabe Monroy

Gabe Monroy, Vice President of Developer Experience at Google Cloud..Related stories.

Generative artificial intelligence (AI) is dramatically changing the way developers code, but coding itself isn't going away, a senior Google executive toldMoneycontrol. "I think the landscape is changing significantly. The way developers wrote code before generative AI, how they code now, and how they will in the coming years is likely to change significantly" said Gabe Monroy, vice-president of Developer Experience at Google Cloud. Monroy said that the composition of software teams and the roles one would typically have in a software team are also likely to change over time, due to the rising adoption of coding assistants such as Google's Gemini Code Assist. "There will be less need for specialisation, testing, DevOps practices and distinct back-end versus front-end developments. You could have fewer developers who could be more generalist, thanks to artificial intelligence providing the knowledge of adjacent areas in the software process," he said. For example, a back-end expert could get assistance with front-end tasks from assistants such as Gemini Code Assist, he said. Monroy noted that as generative AI makes development easier, more applications are expected to be built. "There are far more applications that need to be developed than there are developers to build them," he said. Read:ÂGoogle Cloud's Q2 revenue crosses $10 billion, operating profit $1 billion Gemini Code Assist, previously called Duet AI for Developers, acts as an AI-powered collaborator within a developer's environment, helping developers write, review, and debug code more efficiently. It was first announced in May 2023 and was made available to all developers in December 2023. Developers can use Gemini Code Assist across many popular IDEs (integrated development environments) such as Visual Studio Code, Cloud Workstations, Cloud Shell Editor or JetBrains IDEs such as IntelliJ, PyCharm. It competes with other AI coding assistants such as Microsoft's GitHub Copilot, Amazon's Q Developer (previously CodeWhisperer), and GitLab Duo. Monroy said Gemini Code Assist is still "in its early days". However, the product has garnered significant interest and traction from developers, particularly due to its support for a large context window, which allows the code assistant to process up to 100,000 lines of code. With Gemini Code Assist, Monroy claimed to have seen up to 50 percent productivity gains across the software development lifecycle, particularly in areas such as software requirements development, UI/UX design, and test automation in startups, and about 20-30 percent productivity gains in large companies. Another key reason for the rising adoption of Gemini Code Assist is its support for code customisation, which tailors the coding assistance to private code within enterprises. "Most developers aren't interested in using AI assistants based on publicly available techniques, but they also need AI assistance that maps to their private code base, functions, and how they do logging and testing inside their company" he said. Read:Google woos India's booming AI developer community with new tools, access to latest models Focus on enterprises In August, Google Cloud announced a strategic partnership withinformation technology (IT) services major Wiproto integrate Gemini Code Assist into its development workflows. At the time, Anup Purohit, chief information officer at Wipro, had stated that his company is using conversational AI/Gen AI technology to improve the efficiency, effectiveness, and quality of the work done by associates on an individual basis. "Tools like Google Cloud’s Gemini Code Assist will significantly enhance first party productivity among our developers enabling them to deliver higher quality solutions more efficiently,” he said. Accenture has also integrated Gemini Code Assist to its flagship AI-based automation platform GenWizard to improve the speed and quality of software projects while Capgemini has been using Code Assist to boost software engineering productivity, improve code quality, security, and enhance developer experience. Monroy mentioned: "The Indian system integrator community is one of the largest pools of developers. So, if we can make Gemini Code Assist work for that class of customers and accelerate their productivity, it will benefit people worldwide." He emphasised that a big focus area while rolling out Gemini Code Assist among enterprises and global system integrators (GSIs) is ensuring that it addresses compliance, legal, and risk mitigation concerns. "We need to ensure that there are robust business cases, and validation, along with close arm-in-arm work with partners, so that we can slowly and thoughtfully sequence the rollout to thousands or even hundreds of thousands of developers in an organization." Read:ÂAirtel inks deal with Google Cloud to accelerate cloud adoption, deploy Generative AI solutions Going forward, Monroy highlighted a growing trend toward semi-autonomous agents in software development. For example, instead of a developer simply prompting, 'Please build a function to add an item to a shopping cart,' and receiving the relevant code, one could make more complex requests, such as, 'Help me build an entire shopping cart application with lifecycle management and specific characteristics'. "This would result in a series of automated prompts and responses from the model, orchestrated in a way that reduces developer toil and significantly accelerates productivity" he said.

2024-09-25 06:34

2024-09-25

06:34

moneycontrol.com

https://www.moneycontrol.com/news/business/hsbc-considers-appointing-pam-kaur-as-first-female-cfo-in-banks-history-12828982.html

HSBC considers appointing Pam Kaur as first female CFO in bank’s history

HSBC has said it’s looking for a permanent CFO to succeed Elhedery, who’s set out to stamp his own mark on the lender as its new boss..

HSBC Holdings Plc is considering appointing its first female finance director in its 159-year history, with Pam Kaur emerging as a leading candidate among several senior executives for one of the top jobs in global banking. Chief Risk and Compliance Officer Kaur, 60, is said to be a favourite for the chief financial officer role that became vacant after Georges Elhedery replaced Noel Quinn on Sept. 2 as chief executive officer of Europe’s largest lender, according to people with knowledge of the matter. Other potential candidates include Greg Guyett, head of global banking and markets, Willard McLane, group head of strategy and corporate development, and Kavita Mahtani, CFO of HSBC’s Europe and Western Markets, the people said, declining to be identified discussing non-public information. No final decision has been made and other candidates could still join the race, the people said. A representative for HSBC declined to comment. HSBC has said it’s looking for a permanent CFO to succeed Elhedery, who’s set out to stamp his own mark on the lender as its new boss. As central banks around the world cut interest rates — moves that will eat away at the revenue of big, global lenders like HSBC — Elhedery will have to find a way to shave off $2 billion in costs in order to sustain a key measure of the bank’s profits, according to Bloomberg Intelligence. Kaur has worked for several of the world’s largest banks, including Citigroup Inc., where she held a variety of roles including global director of compliance for consumer banking, and Deutsche Bank AG, where she was global head of group audit.

2024-09-25 06:33

2024-09-25

06:33

moneycontrol.com

https://www.moneycontrol.com/news/india/jaishankar-meets-global-counterparts-on-unga-sidelines-in-new-york-12828975.html

Jaishankar meets global counterparts on UNGA sidelines in New York

EAM Jaishankar speaks at the Global Coalition to Address Synthetic Drug Threats, in New York on September 24..

External Affairs Minister S Jaishankar, on Tuesday, held a series of bilateral meetings on the sidelines of the 79th session of the UN General Assembly (UNGA), engaging with his counterparts from Spain, Cyprus, and Moldova, among others, to discuss key regional issues, including the conflicts in West Asia and Ukraine, while also exploring avenues to enhance bilateral cooperation. Jaishankar, who is in the US to attend the high-level UNGA session, is scheduled to address the General Debate on September 28. During Tuesday's meetings, Jaishankar expressed his pleasure in meeting Spain’s Foreign Minister José Manuel Albares Bueno. They discussed the state of their bilateral cooperation and exchanged views on the ongoing situations in Ukraine and West Asia. "Delighted to meet FM @jmalbares of Spain this afternoon in NY. Good conversation on our bilateral cooperation as well as on Ukraine and West Asia," Jaishankar wrote on microblogging site X. Bueno, in his post, reiterated Spain’s recognition of India as an "essential global player" and a "priority" partner. They also touched on trade, cultural relations, and the evolving dynamics in the Middle East, Ukraine, and the Indo-Pacific region. In another significant meeting, Jaishankar engaged with Cyprus’ Foreign Minister Constantinos Kombos, where they focused on the ongoing conflict in West Asia and its broader implications. The two leaders also discussed enhancing bilateral ties. "A good conversation with FM @ckombos from Cyprus on sidelines of #UNGA79 today. We focused on ongoing developments in West Asia and their larger implications. Also discussed taking our bilateral cooperation forward," the EAM posted. Jaishankar also met Moldova’s Foreign Minister and Deputy Prime Minister Mihai Popșoi. Their discussions covered potential cooperation areas such as investment, education, and tourism, alongside an exchange of views on the Ukraine conflict. "Appreciate meeting FM @MihaiPopsoi of Moldova today. Discussed the potential for cooperation in investment, education and tourism. Also exchanged views on the Ukraine conflict," Jaishankar shared. In addition to these meetings, Jaishankar had discussions with EU Commissioner for Climate Action Wopke Hoekstra. Calling him a "dear friend," Jaishankar highlighted their conversation about deepening the India-EU partnership. Jaishankar also met with Guyana's Foreign Minister Hugh Hilton Todd and Bolivia's Foreign Minister Celinda Sosa Lunda, discussing various aspects of their bilateral relationships and exploring ways to strengthen cooperation. Earlier, Jaishankar had held discussions with his counterparts from France, Panama, and Malta.

2024-09-25 06:29

2024-09-25

06:29

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/buy-calls-are-slowly-vanishing-from-indias-booming-stock-market-12828976.html

Buy calls are slowly vanishing from IndiaŌĆÖs booming stock market

The number of stocks on the NSE Nifty 200 index with a consensus ŌĆśbuyŌĆÖ rating totaled 61 as of Tuesday, the lowest in at least a decade.

Analysts are having a hard time recommending stocks worth buying in IndiaŌĆÖs $5 trillion equity market. The number of stocks on the NSE Nifty 200 index with a consensus ŌĆśbuyŌĆÖ rating totaled 61 as of Tuesday, the lowest in at least a decade, data analyzed byBloombergshow. LIC Housing Finance Ltd., Sun TV Network Ltd. and Dr. Lal PathLabs Ltd. are among stocks that saw multiple downgrades this quarter, putting their average analyst rating at ŌĆśholdŌĆÖ. A dimmer outlook for corporate earnings in one of the worldŌĆÖs most expensive stock markets is making analysts sceptical of further gains in some of the shares that drove a years-long rally in Indian equities, now in its ninth year. ŌĆ£Many stocks have now become obscenely expensive,ŌĆØ said Sahil Kapoor, a strategist at DSP Mutual Fund. Analysts are rolling forward their earnings estimates as sales growth is weak and margins are already at their peak, he said. The Nifty 200 index is valued at about 24 times its 12-month forward earnings estimates, versus last decadeŌĆÖs mean of about 19 times. Corporate profits, which partly drove the valuation multiples, are set to slow. Kotak Institutional Equities estimates earnings for the benchmark Nifty 50 firms to grow at 8.4% in the current fiscal year ending March 2025, against 20% last year. Indian stocks have been hitting successive records, with both domestic and overseas investors betting on the nationŌĆÖs rapid economic expansion. A risk-on sentiment in global markets following the Federal ReserveŌĆÖs jumbo rate cut last week sent Nifty to a fresh peak on Tuesday. While market watchers debate whether the recent returns can be sustained, an investment shift appears to be underway. Some investors are moving to larger stocks, where valuations seem reasonable, while others are rotating funds to sectors like financials, which have trailed the broader market rally. As analysts revise their calls, more than two-third of the Nifty 200 stocks now carry a ŌĆśholdŌĆÖ recommendation, compared to an almost equal split between buy and hold a decade ago. The shift reflects a more cautious stance, even as India remains a bright spot globally despite concerns around expensive valuations. Notably, only five of the 196 stocks under review have a sell rating, little changed from 2015. ŌĆ£India being a growth market, analysts would try to have a buy or hold rating rather than a sell,ŌĆØ said Kapoor.

2024-09-25 06:28

2024-09-25

06:28

moneycontrol.com

https://www.moneycontrol.com/news/world/israel-hezbollah-conflict-hezbollah-commander-killed-after-airstrike-on-southern-beirut-12828974.html

Israel-Hezbollah conflict: Hezbollah commander killed after airstrike on southern Beirut

Since the outbreak of the Gaza war last October, tensions between Hezbollah and Israel have sharply escalated, with near-daily cross-border exchanges, raising fears of a wider conflict..Related stories.

Hezbollah announced on Wednesday the death of its commander, Ibrahim Mohammed Kobeissi, just hours after the Israeli army confirmed his killing in an airstrike on the southern suburbs of Beirut. The attack, which Lebanese authorities reported resulted in six deaths and 15 injuries, marks another escalation in the ongoing conflict between Hezbollah and Israel. In its statement, the Iran-backed group referred to Kobeissi as a "martyr" and commended his contributions to their resistance against Israel. Israel’s military identified Kobeissi as a key figure within Hezbollah's missile and rocket operations, noting that he commanded several rocket units, including a precision-guided missile force. Israeli officials further stated that Kobeissi was an important source of expertise for Hezbollah's missile program and had close ties with senior military leaders in the organization. The strike that killed Kobeissi came a day after another Israeli "targeted strike" in Beirut. Israeli military spokesman Rear Admiral Daniel Hagari confirmed that at least two other Hezbollah commanders were killed in the same operation. Since the outbreak of the Gaza war last October, tensions between Hezbollah and Israel have sharply escalated, with near-daily cross-border exchanges, raising fears of a wider conflict. Earlier on Tuesday, Hezbollah confirmed Kobeissi's death, making him the first high-ranking member of the group to be killed in this latest phase of hostilities. The strike, which hit three floors of a six-story building in southern Beirut, was the third Israeli attack in the city within a week. Israeli military officials accused Kobeissi of orchestrating rocket launches toward Israel and of involvement in a 2000 operation in which three Israeli soldiers were kidnapped and killed. His death is the latest in a series of targeted killings that reflect Israel’s ongoing efforts to undermine Hezbollah, widely regarded as the dominant military and political force in Lebanon.

2024-09-25 06:03

2024-09-25

06:03

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/stock-radar-easy-trip-baazar-style-retail-mcx-delta-corp-apollo-sindoori-hotels-in-focus-on-wednesday-12828972.html

Stock Radar: Easy Trip, Baazar Style Retail, MCX, Delta Corp, Apollo Sindoori Hotels in focus on Wednesday

Stocks in the news.Related stories.

Let's catch up on the latest news from the stock market. From significant investments to major deals, fund raising and appointments, here’s a quick look at which stocks will be in focus in today's trade: Stocks To Watch Easy Trip Planners Promoter Nishant Pitti is likely to sell up to an 8.5% stake, or 15 crore equity shares, in Easy Trip via block deals, according to sources. The floor price per share is expected to be Rs 38, with a total transaction value of nearly Rs 580 crore. Nishant Pitti held a 28.13% stake in Easy Trip at the end of June 2024. KEC International The RPG Group company launched its Qualified Institutions Placement (QIP) issue on September 24. The floor price has been fixed at Rs 976.64 per share. Multi Commodity Exchange of India The commodity exchange has revised transaction fees for Futures and Options contracts effective October 1, with fees of Rs 2.1 per lakh of turnover value for Futures contracts, and Rs 41.8 per lakh of premium turnover value for Options contracts. PC Jeweller The board will meet on September 30 to consider an alteration in the share capital of the company by sub-dividing or splitting the existing equity shares having a face value of Rs 10 each. In the same meeting, the board will also consider the appointment of new directors, if any. Zee Media Corporation The board will meet on September 27 to consider raising funds through the issuance of permissible instruments or securities, in one or more tranches, via private placement, qualified institutional placement, preferential issue, or any other method. Delta Corp The board has approved the demerger of the company’s hospitality and real estate business via a Composite Scheme of Arrangement. Delta Penland, a subsidiary of Delta Corp, is a newly incorporated company that will carry on the hospitality and real estate business. As per the share entitlement ratio, Delta Penland will allot one new equity share for every one equity share held by eligible shareholders in Delta Corp. Gillette India Distributor Procter & Gamble Bangladesh has terminated the Distribution Agreement with Gillette India, effective December 31, 2024. Due to this termination, the company will see a proportionate drop in net sales under this agreement. For FY24, net sales under the said Distributor Agreement accounted for 2% of the company’s total net sales. There is no material impact on the company’s profits due to this termination. HDFC Life Insurance Company The board will meet on September 27 to approve the commercial terms for the proposed issuance of non-convertible debentures (NCDs). In July, the board had approved raising funds through the issuance of NCDs up to Rs 2,000 crore in one or more tranches, on a private placement basis. Tata Power Company The company reported a fire incident in the control room of Unit No. 5 (a 500 MW unit) of the Trombay Plant on September 23. The cause of the fire is currently under investigation, and no injuries or loss of life have been reported. The company is in the process of assessing the actual damage caused by the fire. The plant is adequately insured. Mukta Arts The company has executed an Assignment Agreement and Term Sheet with Zee Entertainment Enterprises for the assignment of satellite and media rights of its 37 films for six years, commencing from August 25, 2027, for 25% more compared to the previous agreement. Hindustan Foods The company has initiated the merger of its soups, spices, and seasoning manufacturing facility in Nashik. Rushil Decor The company has elevated Rushil K Thakkar as its Managing Director, effective September 24. Bulk Deals Apollo Sindoori Hotels Ace investor Porinju Veliyath’s Equity Intelligence India has bought a 1.04% stake in the company at an average price of Rs 1,916.17 per share. Cartrade Tech Mirae Asset Mutual Fund bought a 6.4% stake in Cartrade at an average price of Rs 920 per share, valued at Rs 278.02 crore. However, foreign investor Highdell Investment exited the company by selling its entire 8.64% stake at an average price of Rs 920.3 per share, amounting to Rs 375.16 crore. Balu Forge Industries Ebene Global Opportunity Fund sold a 0.48% stake in the company at an average price of Rs 803.36 per share. SME Listing on September 25 Paramount Speciality Forgings Results Today Baazar Style Retail Stocks Trade Ex-Dividend Bajaj Holdings & Investment, Adtech Systems, Digital Fibre Infrastructure Trust, Maharashtra Scooters, Stocks Trade Ex-Date for Amalgamation Ador Fontech, Deep Energy Resources Stocks Turn Ex-Bonus NDR Auto Components, Starlineps Enterprises Stock Trades Ex-Date for Split Starlineps Enterprises, Swastika Investmart F&O Ban Hindustan Copper, Indian Energy Exchange, Aditya Birla Fashion & Retail, Granules India, Vodafone Idea

2024-09-25 01:32

2024-09-25

01:32

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/trade-spotlight-how-should-you-trade-hdfc-life-cesc-siemens-firstsource-kpr-mill-and-others-on-wednesday-12828961.html

Trade Spotlight: How should you trade HDFC Life, CESC, Siemens, Firstsource, KPR Mill and others on Wednesday?

Top Stock Ideas.Related stories.

Bulls faced a tough battle at record-high levels due to bear pressure, which dragged the Nifty 50 below the 26,000 mark on a closing basis. The index ended with just a 1.4-point gain on September 24. Market breadth was negative, with 1,309 shares declining against 1,168 shares advancing on the NSE. The index is likely to remain rangebound, though the overall trend remains positive. Below are some trading ideas for the near term: Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors KPR Mill| CMP: Rs 1,009 In the previous session, KPR Mill saw a sharp rally of 7.9 percent, reaching a lifetime high of Rs 1,018. The stock has given a breakout from its channel, and prices have also broken above the upper end of the Keltner channel, indicating good momentum. Additionally, the Know Sure Thing (KST) indicator has crossed above its signal line and is now above 0, suggesting increasing momentum in the stock. In summary, the trend for KPR Mill is bullish. Use dips as a buying opportunity with a target of Rs 1,090, as long as Rs 965 holds on the downside. Strategy: Buy Target: Rs 1,090 Stop-Loss: Rs 965 Firstsource Solutions| CMP: Rs 333.5 On the daily chart, Firstsource Solutions has been following the trendline efficiently, repeatedly bouncing upward from it. In the previous session, Firstsource Solutions had a gap-up opening and gained 6 percent, with a spike in volume indicating fresh buying. Currently, prices have closed above the upper Bollinger Band, indicating buying pressure. The Relative Strength Index (RSI) is at 63, leaving room for further upward movement. In summary, the trend for Firstsource Solutions is bullish. A breach above Rs 344 could push the price higher towards Rs 365-370, as long as Rs 330 remains protected on the downside. Strategy: Buy Target: Rs 365, Rs 370 Stop-Loss: Rs 330 Kajaria Ceramics| CMP: Rs 1,548 Kajaria Ceramics rallied 2.5 percent in the previous session. The stock has formed a rounding bottom pattern, and the price has closed above Rs 1,545, confirming the breakout. The Average Directional Index (ADX) suggests strong momentum, with a reading of 36.11, which is above 25. For now, a buy-on-dips approach is recommended to ride the trend. In summary, the trend for Kajaria Ceramics is bullish. Use dips towards Rs 1,525-1,540 as a buying opportunity for a move towards Rs 1,680-1,700, as long as Rs 1,460 holds on the downside. Strategy: Buy Target: Rs 1,680, Rs 1,700 Stop-Loss: Rs 1,460 Om Mehra, Technical Analyst at Samco Securities Siemens| CMP: Rs 7,096 After a significant correction, Siemens has consolidated and formed a strong base around the Rs 6,950 level. The daily RSI stands at 64, indicating healthy momentum, while a double bottom formation adds strength to the stock's recovery potential. Trading above both its 9- and 20-day moving averages suggests a sustained uptrend. Elevated delivery volumes in the past two sessions reflect increased investor interest and potential accumulation. Based on the technical structure, one can initiate a long position at the current market price (CMP) of Rs 7,096. Strategy: Buy Target: Rs 7,480 Stop-Loss: Rs 6,840 Ceat| CMP: Rs 3,000 Ceat is on the verge of a breakout from a Cup and Handle pattern, signaling potential upward momentum. The stock continues to trade above its 20-day moving average, while the daily RSI remains strong above 60, indicating sustained bullish momentum. A minor resistance is noted around the Rs 3,030 level, and a breakout above this could trigger further upside. The Rs 2,950 level is an ideal accumulation zone, offering a favourable entry point. One can initiate a long position at the current market price (CMP). Strategy: Buy Target: Rs 3,300 Stop-Loss: Rs 2,850 CESC| CMP: Rs 201 CESC is forming higher highs and higher lows, indicating a sustained uptrend. The stock is trading well above its 9- and 20-day moving averages. The daily RSI holds comfortably at 55, while a double bottom pattern provides additional bullish confirmation. A notable rise in volume accompanying the stock’s upward movement further supports the positive outlook. Based on the technical structure, one can initiate a long position at the current market price (CMP). Strategy: Buy Target: Rs 223 Stop-Loss: Rs 191 Riyank Arora, Technical Analyst at Mehta Equities Page Industries| CMP: Rs 41,959 Page Industries has successfully tested its anchor VWAP (volume-weighted average price) support level of Rs 42,100 on the daily timeframe, showing resilience above this key threshold. With a positive trend and robust volume activity, the stock is poised to move towards Rs 44,100. To mitigate potential downside risks, a strict stop-loss at Rs 41,800 is recommended. The RSI (14) at 50 indicates a potential acceleration in momentum, supporting a bullish outlook. Strategy: Buy Target: Rs 44,100 Stop-Loss: Rs 41,800 HDFC Life Insurance Company| CMP: Rs 721 HDFC Life is currently trading within its anchor VWAP support band of Rs 710-720, following a successful breakout above Rs 721. This presents a favourable risk-reward scenario for buying. A strict stop-loss at Rs 705 is essential for risk management, with potential upside targets of Rs 760 and above. The RSI (14) at 51 shows an upward trend, suggesting increasing momentum in the stock. Strategy: Buy Target: Rs 760 Stop-Loss: Rs 705 Maruti Suzuki India| CMP: Rs 12,739 Maruti Suzuki has broken through its swing high resistance level of Rs 12,570 and is currently retesting this level. With a positive trend supported by volume on Tuesday, which aligns with the 30-day average, the stock is well-positioned to move towards Rs 13,250 and beyond. A strict stop-loss at Rs 12,400 is advised to protect against any downside movement. Strategy: Buy Target: Rs 13,250 Stop-Loss: Rs 12,400 Sun TV Network| CMP: Rs 830 Sun TV is forming a symmetrical triangle pattern, signaling that any pullback from current levels offers a strong buying opportunity. A momentum surge is expected once the stock surpasses Rs 840, with a potential target of Rs 900 and above. To manage risk effectively, a stop-loss at Rs 815 is recommended. The RSI (14) near 56, combined with rising momentum, supports a favourable outlook for the stock. Strategy: Buy Target: Rs 900 Stop-Loss: Rs 815

2024-09-25 00:32

2024-09-25

00:32

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/trading-plan-will-nifty-bank-nifty-see-rangebound-trade-after-recent-uptrend-to-new-highs-12828957.html

Trading Plan: Will Nifty, Bank Nifty see rangebound trade after recent uptrend to new highs?

Nifty Trading Plan.Related stories.

The Nifty 50 failed to sustain above the 26,000 mark on a closing basis due to profit booking at higher levels, ending flat on September 24. A small-bodied bullish candlestick pattern with a long upper shadow formed on the daily charts, indicating the possibility of consolidation in the coming sessions, with resistance at 26,000 and support at 25,800. Similarly, the Bank Nifty is expected to remain range-bound, facing resistance at 54,200 and support at 53,750, following the end of its 8-day winning streak. On Tuesday, the Nifty 50 reached a new closing high of 25,940, up by 1.4 points, while the Bank Nifty declined by 137 points to close at 53,969, with a negative market breadth. On the NSE, 1,309 shares declined, while 1,168 shares advanced. Nifty Outlook and Strategy Dhupesh Dhameja, Derivative Research Analyst at Samco Securities Bulls continued to dominate the Nifty index, pushing it to a new high of 26,011. Over the past three sessions, the index has shown consistent strength, with no candle closing below the previous day's low, reinforcing a strong bullish trend. The index is trading above its previous week's high of 25,850, demonstrating that the positive structure remains intact. Despite currently trading just below the crucial 26,000 level, which serves as both a psychological barrier and a zone of maximum open interest, 26,000 is acting as a significant resistance level. A strong base has formed around the 25,600-25,700 zone, where Put writers have positioned themselves heavily. A buy-on-dips strategy is advisable as long as the index stays above 25,800. If the index sustains above 26,000, strong upside momentum can be expected. Key Resistance: 26,000, 26,200, 26,300 Key Support: 25,800, 25,700, 25,600. Strategy: Traders should consider a Conditional Long October Futures position if the Nifty falls into the 25,750-25,800 zone, with a stop-loss below 25,550 and targets of 26,000-26,100. Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors For now, the trend for Nifty remains positive, as the index has managed to protect the previous day's low on a closing basis. Key Resistance: 26,100 Key Support: 25,850 Strategy: Long positions can be initiated above 25,990, with a stop-loss at 25,920 and a target of 26,050. Avoid creating short positions. Riyank Arora, Technical Analyst at Mehta Equities Nifty has immediate support at 25,900, with major support at 25,800. On the upside, resistance is placed at 26,000, with the next hurdle at 26,200. The index continues to show a positive outlook, and traders are advised to buy on pullbacks near the 25,900 level for a potential upside towards 26,000 and 26,200. A strict stop-loss at 25,800 is recommended to manage downside risks. Key Resistance: 26,000, 26,200 Key Support: 25,900, 25,800 Strategy: Buy on pullback near 25,900, with a stop-loss at 25,800 and targets of 26,000 and 26,200. Bank Nifty - Outlook and Positioning Dhupesh Dhameja, Derivative Research Analyst at Samco Securities Bulls also asserted their dominance in the Nifty Bank Index, pushing it to a new high of 54,248. Over the last nine trading sessions, the Nifty Bank index has demonstrated remarkable strength, with no candle closing below the previous day’s low, reinforcing a solid bullish structure. The RSI (Relative Strength Index) on the daily chart climbed back above 70 for the first time in six months, signaling robust momentum. The index is currently trading just below the critical 54,000 level, a key psychological barrier, and an area of maximum open interest. This zone is acting as a strong resistance. A solid base has formed around the 53,500-53,700 zone, where Put writers have positioned themselves heavily. A buy-on-dips strategy is advisable as long as the index stays above 53,500. Once the index sustains above 54,200, strong upside momentum could follow, prompting sellers to square off their positions. Key Resistance: 54,000, 54,200, 54,500 Key Support: 53,800, 53,700, 53,500 Strategy: Traders should consider a Conditional Long October Futures position if the index falls into the 53,700-53,800 zone, with a stop-loss below 53,450 and targets of 54,100-54,200. Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors In the previous session, a sharp profit booking of over 300 points from the higher end was seen in the Bank Nifty, resulting in a tiny bearish candle on the daily chart. Key Resistance: 54,200 Key Support: 53,650 Strategy: Long positions can be created if Bank Nifty sustains above 53,850 for an hour, with a stop-loss at 53,650 and targets of 54,150-54,200. Riyank Arora, Technical Analyst at Mehta Equities The Bank Nifty has immediate support at 53,750 and major support at 53,500. On the upside, resistance is seen at 54,200, with the next hurdle at 54,500. The overall trend remains positive, with strong buying momentum. Key Resistance: 54,200, 54,500 Key Support: 53,750, 53,500 Strategy: Traders are advised to buy Bank Nifty on a pullback near 53,900, aiming for targets of 54,200 and 54,500, while keeping a strict stop-loss at 53,750.

2024-09-24 23:38

2024-09-24

23:38

moneycontrol.com

https://www.moneycontrol.com/news/world/sri-lankas-president-anura-kumara-dissanayake-dissolves-parliament-12828958.html

Sri Lanka's President Anura Kumara Dissanayake dissolves parliament

Sri Lanka's new President Anura Kumara Dissanayake.

Sri Lanka's newly appointed President Anura Kumara Dissanayake on September 24 signed the special gazette notification ordering the dissolution of parliament, officials said. The dissolution will be effective from midnight Tuesday and the election will be held on November 14. Dissanayake in the run-up to Saturday’s presidential election said he would immediately dissolve parliament to order a snap poll. The last parliament was convened in August 2020. The dissolution has come 11 months ahead of schedule. Self-avowed Marxist Anura Kumara Dissanayake of the People's Liberation Front (JVP) was sworn into office on Monday after a landslide win in weekend presidential polls. His once-marginal party currently has just three lawmakers in Sri Lanka's 225-member parliament. Sri Lanka's crisis proved an opportunity for Dissanayake, who saw his popularity rise after pledging to change the island's "corrupt" political culture. He beat 38 other candidates to win Saturday's presidential vote, taking more than 1.2 million more votes than his nearest rival. His predecessor Ranil Wickremesinghe, who had imposed steep tax hikes and other unpopular austerity measures under the terms of the $2.9 billion IMF bailout secured last year, came a distant third. (With Agency inputs)

2024-09-24 23:10

2024-09-24

23:10

moneycontrol.com

https://www.moneycontrol.com/news/india/karnataka-cm-siddaramaiah-rejects-opposition-demand-for-resignation-over-hc-verdict-12828955.html

Karnataka CM Siddaramaiah rejects opposition demand for resignation over HC verdict

Karnataka CM Siddaramaiah rejects opposition demand for resignation over HC verdict.Related stories.

Karnataka Chief Minister Siddaramaiah on Tuesday rejected the opposition's demand for his resignation following the High Court dismissing his petition challenging the Governor's approval for an investigation against him in a site allotment case, asserting that he is not going to resign. He said he had done no wrong, and called the allegations against him false. "I have come from the background of struggle. I will never fear false allegations. Will face it. Many people think that Siddaramaiah would resign. I have done no wrong and the situation will not come for me to resign. I will not resign," Siddaramaiah said. Addressing an event here, he said, "I have done nothing wrong and false allegations are being made against me. So I’m not going to resign. I will fight politically. Let your blessings be on me…. Some people are jealous that Siddaramaiah is pro-poor and is for social justice. Let them. I will continue to do my work." The HC today dismissed his petition challenging the Governor's approval for an investigation against Siddaramaiah in the Mysuru Urban Development Authority (MUDA) site allotment case. Addressing a press conference earlier in the day, Siddaramaiah accused the Narendra Modi-led dispensation of indulging in vendetta politics against opposition-ruled state governments, including the one headed by him. Alleging the opposition's conspiracy against him and his government, Siddaramaiah, while asserting that he would face them politically, said he will decide on his next course of action and legal fight after consulting legal experts and party leaders."I still say I have done no wrong….." He repeatedly pointed at the court order which stated that "The order (of HC) is read to be restrictive to an approval (for investigation) under Section 17A of the (Prevention of Corruption) Act and not an order granting Sanction 218 of BNSS (Bharatiya Nagarik Suraksha Sanhita)." "Why should I resign? Has (H D) Kumaraswamy (Union Minister) resigned? He is on bail, ask him….it is only said that an inquiry needs to be done. At the inquiry stage itself resignation is sought? I will answer them…we will face them politically because it is a conspiracy," Siddaramaiah said in response to a question about opposition parties seeking his resignation. Speaking to reporters, he said, he would decide on the next course of action with legal experts, ministers, party's state presidents and others. Accusing the BJP and JD(S) of "conspiracy, misuse of Raj Bhavan", the CM said, he will not be afraid of them as the people of the state are with him and he and his party have their blessings. "All ministers including Deputy CM, MLAs, party leaders, workers and high command are with me. High command will cooperate with me in continuing the legal fight," he said. "Narendra Modi-led govt is doing vendetta politics, not only against me, but against opposition state governments across the country," he further said. Claiming that the BJP and JD(S) have never come to power on the mandate of the people of Karnataka, the CM alleged that the BJP tried to dislodge his government through "money power, operation 'Kamala', but they couldn't succeed." "BJP tried to buy our MLAs for money but were not successful. They are opposed to our government's pro-poor schemes. BJP is against poor and social justice," he said. Siddaramaiah also claimed that the BJP — "like they have done in other parts of the country" — wants to destabilise Congress govt in Karnataka by "bringing a bad name to it."

2024-09-24 22:59

2024-09-24

22:59

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/pc-jeweller-to-hold-board-meet-on-september-30-to-consider-stock-split-12828945.html

PC Jeweller to hold board meet on September 30 to consider stock split

PC Jeweller is yet to announce the ratio for the share split.Related stories.

PC Jeweller Limited on September 24 said its board will meet on September 30 to consider a sub-division or stock split of its existing equity shares. At the meeting, the board will consider and approve the alteration in the share capital by splitting the equity shares having face value of Rs 10 into smaller denominations,PC Jewellersaid in an exchange filing. The exchange filing read, “…A meeting of its Board of Directors will be held on Monday, September 30, 2024, inter-alia, to consider and approve the alteration in the share capital of the company by sub-division / split of existing equity shares having face value of Rs 10 each…” If the board agrees to make the shares cheaper, it will be the LIC-backed multibagger small cap company’s first stock split, according to ET Now. ALSO READ:PC Jeweller gets IndusInd Bank's approval for one-time settlement of outstanding dues At the same meeting , the board will also consider the appointment of new directors of the company, if any. Since the proposed meeting will coincide with the closure of the current quarter, the company will be closing the window for trading / dealing in its shares with immediate effect. The trading window will shut till two days after the un-audited financial results for the quarter and six months ended September 30, 2024, is announced.

2024-09-24 22:48

2024-09-24

22:48

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/get-set-for-indias-biggest-ever-ipo-as-sebi-greenlights-hyundai-motor-cos-issue-of-around-3-bn-launch-likely-in-october-12828943.html

Get set for India's biggest ever IPO as Sebi greenlights Hyundai Motor Co's issue of around $3 bn; launch likely in October

Hyundai Motor India IPO.Related stories.

South Korean auto giant Hyundai Motor Co's Indian arm Hyundai Motor India Limited is one step closer to launching its proposed initial public offer of around $3 billion, with market regulator Sebi giving the go ahead for the mega issue post the filing of draft papers in June, multiple persons in the know told Moneycontrol on the condition of anonymity. "The regulator's final observations have come in. This record breaking IPO is likely to be launched in October," said one of the persons above. Moneycontrol has sent an email query and could not elicit an immediate comment from Hyundai Korea and will update this article as soon as it hears from the firm. If the listing plans fructify, this deal, a pure OFS or offer for sale by the promoter, would be India Inc's biggest-ever IPO and beat the earlier record set by state-owned LIC's $2.7 bn listing in 2022. On June 15, theIndian unit of the auto giant filed its draft red herring prospectus (DRHP)with the regulator, targeting a valuation of around $18 billion-$20 billion. "The objects of the offer are to carry out the Offer for Sale of up to 142,194,700 Equity Shares of the face value of Rs 10 each by the Promoter Selling Shareholder and to achieve the benefits of listing the Equity Shares on the Stock Exchanges," said the DRHP. "Further, our Company expects that listing of the Equity Shares will enhance our visibility and brand image and provide liquidity and a public market for the Equity Shares in India." Hyundai Motor India Limited was India's second largest carmaker after Maruti Suzuki in FY24 in terms of passenger sales volumes. The share price of rival Maruti Suzuki has risen by 20.25 percent in the last one year. The market leader has a market cap of around Rs 4,00,000 crore or nearly $48 billion. Citi, HSBC Securities, JP Morgan, Kotak Mahindra Capital and Morgan Stanley are the i-banks advising on the transaction with law firm Shardul Amarchand Mangaldas acting as the company counsel, Cyril Amarchand Mangaldas as the banks' counsel and Latham and Watkins acting as the international counsel. On May 24,Moneycontrol had reportedthat the filing of draft papers by Hyundai's India unit was expected by the end of June and the firm was looking to raise between $2.5 billion to $3 billion. Citi, JP Morgan and HSBC Securities had been engaged previously for the high-profile deal,Moneycontrol first reported on February 9. A closer look at Hyundai Motor Co's Indian operations The firm sells four-wheeler passenger vehicles and has a portfolio of 13 models acrossmultiple passenger vehicle segments by body type such as sedans, hatchbacks, sports -utility vehicles and battery electric vehicles. It also manufactures parts, such as transmissions and engines. According to its DRHP, the automaker has been the second largest auto OEM in the Indian passenger vehicles market since Fiscal 2009 (in terms of domestic sales volumes). "We have also been India’s largest exporter of passenger vehicles from Fiscal 2005 to the first 11 months of Fiscal 2024, having exported the highest cumulative number of passenger vehicles for the same period, according to the CRISIL Report. Since 1998 and up to March 31, 2024, we have cumulatively sold nearly 12 million passenger vehicles in India and through exports. In CY2023, we were among the top three contributors to HMC’s global sales volumes, and our contribution to HMC’s sales volumes has increased from 15.48% in CY2018 to 18.19% in CY2023," its DRHP added.

2024-09-24 22:29

2024-09-24

22:29

moneycontrol.com

https://www.moneycontrol.com/automobile/foxconn-stellantis-jv-set-up-rd-for-automotive-semiconductors-tech-in-india-article-12828946.html

Foxconn, Stellantis JV set up R&D for automotive semiconductors tech in India

Foxconn, Stellantis JV set up R&D for automotive semiconductors tech in India.Related stories.

Foxconn-backed automotive technology company SiliconAuto has set up its research and development centre in Bengaluru which will focus on semiconductor product design and system-on-chip development for the automotive sector. SiliconAuto is a joint venture between the Netherlands-based Stellantis NV and Hon Hai Technology Group (Foxconn). "This new centre embodies SiliconAuto's commitment to innovation and excellence in the automotive industry. Our India team is set to drive forward our vision of a smarter and safer future for transportation. Bangalore, with its rich talent pool and thriving tech ecosystem, is the perfect location for our new design centre," SiliconAuto CEO, Gene Liu said in a statement. Foxconn India representative V Lee, in a social media post, said the R&D centre is poised to accelerate the company's innovative capabilities in the development of cutting-edge automotive technologies and solutions for the automotive industry, including Stellantis. Foxconn is in process of setting up its electric vehicle manufacturing plant as well as has plans to set up a battery manufacturing unit for electric vehicles. In a statement, SiliconAuto said that the India design centre will focus on the development of next-generation semiconductor solutions for electric vehicles (EVs), autonomous driving and connected car technologies. "With this expansion, SiliconAuto reaffirms its commitment to India as a key market for talent and technological advancements. "The company plans to recruit top engineers and designers, further strengthening its team and contributing to India's rapidly growing automotive ecosystem," the statement said.

2024-09-24 22:16

2024-09-24

22:16

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/trade-setup-for-wednesday-top-15-things-to-know-before-the-opening-bell-64-12828917.html

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

Nifty Trade setup.Related stories.

The Nifty 50 maintained its upward momentum for the fourth consecutive session, ending at a record closing high of 25,940, up 1.4 points, although it failed to close above the 26,000 mark on September 24. According to experts, the index is likely to remain rangebound, with immediate support at 25,800 and resistance at 26,000, though the overall uptrend remains intact. Above 26,000, the next resistance is at 26,200, while below 25,800, crucial support is at 25,500. Below are 15 data points we've gathered to help you identify profitable trades: Here are 15 data points we have collated to help you spot profitable trades: 1)Key Levels For TheNifty 50 Resistance based on pivot points: 25,994, 26,023, and 26,071 Support based on pivot points: 25,899, 25,869, and 25,821 Special Formation: The Nifty 50 recorded a small-bodied bullish candlestick pattern with an upper shadow on the daily charts, indicating selling pressure at higher levels after the recent sharp spike. The index has maintained a higher highs-higher lows formation for four consecutive days. 2)Key Levels For TheBank Nifty Resistance based on pivot points: 54,171, 54,252, and 54,383 Support based on pivot points: 53,909, 53,828, and 53,697 Resistance based on Fibonacci retracement: 54,374, 54,883 Support based on Fibonacci retracement: 53,167, 52,488 Special Formation: The Bank Nifty formed a bearish candlestick pattern on the daily timeframe with above-average volumes after reaching a new intraday record high. However, the higher highs-higher lows formation continued for the ninth consecutive session. Additionally, a Tweezer Top-like pattern (though not an ideal one) seems to have formed, which is a bearish reversal pattern, but confirmation will be needed in the following session. The index snapped its 8-day winning streak, closing down 137 points at 53,969. 3)Nifty Call Options Data According to the monthly options data, the maximum open interest remained at the 27,000 strike (with 1.31 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 26,000 strike (82.62 lakh contracts) and the 26,500 strike (62.81 lakh contracts). Maximum Call writing was observed at the 26,000 strike, which saw an addition of 15.47 lakh contracts, followed by the 27,000 and 26,300 strikes, which added 11.17 lakh and 10.93 lakh contracts, respectively. The maximum unwinding was seen at the 25,600 strike, which shed 5.94 lakh contracts, followed by the 25,000 and 25,700 strikes, which shed 5.73 lakh and 4.83 lakh contracts, respectively. 4)Nifty Put Options Data On the Put side, the 25,000 strike holds the maximum open interest (with 1.07 crore contracts), which can act as a key support level for the Nifty. It was followed by the 25,500 strike (75.59 lakh contracts) and the 25,900 strike (61.31 lakh contracts). The maximum Put writing was observed at the 25,900 strike, which saw an addition of 21.21 lakh contracts, followed by the 26,000 and 26,100 strikes, with 14.29 lakh and 2.49 lakh contracts added, respectively, while the Put unwinding was seen at the 25,000 strike, which shed 11.52 lakh contracts, followed by the 24,900, and 25,700 strikes, which shed 7.57 lakh and 3.29 lakh contracts, respectively. 5)Bank Nifty Call Options Data According to the monthly options data, the maximum open interest was seen at the 55,000 strike, with 31.79 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 54,000 strike (31.73 lakh contracts) and the 54,500 strike (23.9 lakh contracts). Maximum Call writing was visible at the 54,000 strike (with the addition of 12.38 lakh contracts), followed by the 54,100 strike (11.92 lakh contracts) and the 54,500 strike (9.5 lakh contracts), while the maximum unwinding was seen at the 53,000 strike, which shed 1.67 lakh contracts, followed by the 53,900 and 53,600 strikes, which shed 1.19 lakh and 1.06 lakh contracts, respectively. 6)Bank Nifty Put Options Data On the Put side, the 53,000 strike holds the maximum open interest (with 39 lakh contracts), which can act as a key support level for the index. This was followed by the 53,500 strike (28.3 lakh contracts) and the 54,000 strike (27.85 lakh contracts). The maximum Put writing was observed at the 53,000 strike (which added 11.09 lakh contracts), followed by the 54,000 strike (6.61 lakh contracts) and the 53,700 strike (6.02 lakh contracts), while the maximum Put unwinding was seen at the 54,500 strike, which shed 44,550 contracts, followed by the 54,400 and 53,100 strikes which shed 7,890 and 4,740 contracts, respectively. 7)Funds Flow (Rs crore) 8)Put-Call Ratio The Nifty Put-Call ratio (PCR), which indicates the mood of the market, dropped to 1.31 on September 24, from 1.42 levels in the previous session. The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market. 9)India VIX Volatility failed to close above the 14 mark for another session, declining after a brief jump, which favours the bulls. Bulls may become cautious if volatility sustains above the 14 mark. The India VIX fell 2.85 percent, settling at 13.39 levels. 10)Long Build-up (38 Stocks) A long build-up was seen in 38 stocks. An increase in open interest (OI) and price indicates a build-up of long positions. 11)Long Unwinding (46 Stocks) 46 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding. 12)Short Build-up (39 Stocks) 39 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions. 13)Short-Covering (61 Stocks) 61 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: Hindustan Copper, Indian Energy Exchange Stocks retained in F&O ban: Aditya Birla Fashion & Retail, Granules India, Vodafone Idea Stocks removed from F&O ban: Aarti Industries, Biocon, Chambal Fertilisers and Chemicals, GNFC, LIC Housing Finance, NALCO, Oracle Financial Services Software, Punjab National Bank, SAIL Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

2024-09-24 21:54

2024-09-24

21:54

moneycontrol.com

https://www.moneycontrol.com/technology/nothing-ear-open-with-chatgpt-support-30-hour-battery-life-launched-in-india-price-specs-article-12828916.html

Nothing Ear Open with ChatGPT support, 30-hour battery life launched in India: Price, features and more

Nothing Ear Open.

After launching the Nothing Ear and Ear (a), Nothing has officially launched its latest true wireless earbuds in India, the Nothing Ear Open. These true wireless stereo (TWS) earbuds come with an open-ear design, diverging from the more conventional in-ear styles when compared with previous Nothing earphones. Nothing Ear Open: Price and availability The Nothing Ear Open is available for Rs 17,999. It will be sold in a single White colour option. It is currently available for pre-order from the company’s website and will be available globally from October 1st. However, its availability in India has not been revealed. Nothing will be holding some limited drops on September 28 at the Nothing London Soho Store. Nothing Ear Open: Features The Nothing Ear Open features a 14.2mm titanium-coated polyethylene terephthalate driver along with a custom diaphragm. It offers a distinct look when compared with its other audio products but maintains the company's signature transparent aesthetic. The audio drivers are backed by ‘Bass Enhance’ technology. However, the Nothing Ear Open misses out on ANC (Active Noise Cancellation), due to its open design. It comes with two mics and also offers AI-powered Clear Voice 3.0 tech for clear audio quality during calls. Like previous Nothing wireless earphones, Ear Open works with the Nothing X app. You can customize and share your EQ profiles and also update its firmware from the app. Each wireless headset has pinch controls and offers Swift Pair and Google Fast Pair support. In terms of battery backup, each earbud packs a 64mAh unit, while the charging case comes with a 635mAh pack. The company claims that the earbuds can offer up to 30 hours of music playback with the case. Additionally, a ten-minute charge is said to provide two hours of playback. The earbuds support Bluetooth 5.3 connectivity and come with SBC and AAC codec support.

2024-09-24 21:47

2024-09-24

21:47

moneycontrol.com

https://www.moneycontrol.com/news/world/will-continue-to-strengthen-network-of-alliances-partnerships-across-indo-pacific-biden-tells-unga-12828923.html

Will continue to strengthen network of alliances, partnerships across Indo-Pacific: Biden tells UNGA

Joe Biden.Related stories.

In a strong message to China, US President Joe Biden on September 24 told world leaders that Washington will continue to strengthen its network of alliances and partnerships across the Indo-Pacific, which he said are not against any nation, as it seeks to responsibly manage the competition with Beijing. “We also need to uphold our principles as we seek to responsibly manage the competition with China so it does not veer into conflict,” Biden said as he addressed world leaders from the podium of the UN General Assembly. Delivering his last address as President of the United States, Biden told the General Debate of the 79th session of the UN General Assembly that in matters of conviction, the “US is unabashed, pushing back against unfair economic competition, against military coercion of other nations in the South China Sea, and maintaining peace and stability across the Taiwan Straits, protecting our most advanced technologies so they cannot be used against us or any of our partners. “At the same time, we're going to continue to strengthen our network of alliances and partnerships across the Indo-Pacific. These partnerships are not against any nation. There are building blocks for a free, open, secure and peaceful Indo-Pacific,” he said. Biden’s remarks come just days after he hosted leaders of the Quad group - Prime Minister Narendra Modi, Prime Minister Anthony Albanese of Australia and Prime Minister Kishida Fumio of Japan - in Wilmington, Delaware, for the fourth Quad Leaders’ Summit. The Wilmington declaration, asserting that the “Quad is here to stay”, said that “four years since elevating the Quad to a leader-level format, the Quad is more strategically aligned than ever before and is a force for good that delivers real, positive, and enduring impact for the Indo-Pacific.” It added that as four leading maritime democracies in the Indo-Pacific, the Quad nations unequivocally stand for the maintenance of peace and stability across this dynamic region, as an indispensable element of global security and prosperity. “We strongly oppose any destabilizing or unilateral actions that seek to change the status quo by force or coercion,” it said. Biden also said that Washington stands ready to cooperate on “urgent challenges of the good of our people and the people everywhere. We recently resumed cooperation with China to stop the flow of deadly synthetic narcotics. I appreciate the collaboration. It matters for the people of my country and many others around the world.”

2024-09-24 21:36

2024-09-24

21:36

moneycontrol.com

https://www.moneycontrol.com/news/world/biden-in-farewell-un-address-says-peace-still-possible-in-conflicts-in-mideast-ukraine-12828924.html

Biden in farewell UN address says peace still possible in conflicts in Mideast, Ukraine

Biden in farewell UN address says peace still possible in conflicts in Mideast, Ukraine.Related stories.

President Joe Biden declared in his final address to the U.N. General Assembly on Tuesday that the U.S. must not retreat from the world, as Israel and Hezbollah militants in Lebanon edged toward all-out war and Israel's bloody operation against Hamas in Gaza neared the one-year mark. Biden used his wide-ranging address to speak to a need to end the Middle East conflict and the 17-month-old civil war in Sudan and to highlight U.S. and Western allies' support for Kyiv since Russia invaded Ukraine in February 2022. He also raised concern over artificial intelligence and its potential to be used for repression. His appearance before the international body offered Biden one of his last high-profile opportunities as president to make the case to keep up robust support for Ukraine, which could be in doubt if former President Donald Trump defeats Vice President Kamala Harris in November. Biden insisted that despite global conflicts, he remains hopeful for the future. “I've seen a remarkable sweep of history," Biden said. “I know many look at the world today and see difficulties and react with despair but I do not.” “We are stronger than we think” when the world acts together, he added. Biden came to office promising to rejuvenate U.S. relations around the world and to extract the U.S. from “forever wars” in Afghanistan and Iraq that consumed American foreign policy over the last 20 years. “I was determined to end it, and I did,” Biden said of the Afghanistan exit, calling it a “hard decision but the right decision.” He acknowledged that it was "accompanied by tragedy” with the deaths of 13 American troops and hundreds of Afghans in a suicide bombing during the chaotic withdrawal. But his foreign policy legacy may ultimately be shaped by his administration's response to two of the biggest conflicts in Europe and the Middle East since World War II. “There will always be forces that pull our countries apart,” Biden said, rejecting “a desire to retreat from the world and go it alone.” He said, "Our task, our test, is to make sure that the forces holding us together are stronger than the forces pulling us apart.” The Pentagon announced Monday that it was sending a small number of additional U.S. troops to the Middle East to supplement the roughly 40,000 already in the region. All the while, the White House insists Israel and Hezbollah still have time to step back and de-escalate. “Full scale war is not in anyone's interest,” Biden said, and despite escalating violence, a diplomatic solution is the only path to peace. Biden had a hopeful outlook for the Middle East when he addressed the U.N. just a year ago. In that speech, Biden spoke of a “sustainable, integrated Middle East” coming into view. At the time, economic relations between Israel and some of its Arab neighbors were improving with implementation of the Abraham Accords that Israel signed with Bahrain, Morocco and the United Arab Emirates during the Trump administration. Biden's team helped resolve a long-running Israel-Lebanon maritime dispute that had held back gas exploration in the region. And Israel-Saudi normalization talks were progressing, a game-changing alignment for the region if a deal could be landed. “I suffer from an oxymoron: Irish optimism,” Biden told Israeli Prime Minister Benjamin Netanyahu when they met on the sidelines of last year's U.N. gathering. He added, "If you and I, 10 years ago, were talking about normalization with Saudi Arabia … I think we'd look at each other like, Who's been drinking what?'” Eighteen days later, Biden's Middle East hopes came crashing down. Hamas militants stormed into Israel killing 1,200, taking some 250 hostage, and spurring a bloody war that has killed more than 41,000 Palestinians in Gaza and led the region into a complicated downward spiral. Now, the conflict is threatening to metastasize into a multi-front war and leave a lasting scar on Biden's presidential legacy. Israel and Hezbollah traded strikes again Tuesday as the death toll from a massive Israeli bombardment climbed to nearly 560 people and thousands fled from southern Lebanon. It's the deadliest barrage since the 2006 Israel-Hezbollah war. Israel has urged residents of southern Lebanon to evacuate from homes and other buildings where it claimed Hezbollah has stored weapons, saying the military would conduct “extensive strikes” against the militant group. Hezbollah, meanwhile, has launched dozens of rockets, missiles and drones into northern Israel in retaliation for strikes last week that killed a top commander and dozens of fighters. Dozens were also killed last week and hundreds more wounded after hundreds of pagers and walkie-talkies used by Hezbollah militants exploded, a sophisticated attack that was widely believed to have been carried out by Israel. Israel's leadership launched its counterattacks at a time of growing impatience with the Iranian-backed Hezbollah's persistent launching of missiles and drones across the Israel-Lebanon border after Hamas started the war with its brazen attack on Oct. 7. Biden reiterated his call on the parties to agree to a cease-fire and hostage release deal, saying it's time to "end this war" — even as hopes for such a deal are fading as the conflict drags on. Biden, in his address, called for the sustainment of Western support for Ukraine in its war with Russia. Biden helped galvanize an international coalition to back Ukraine with weapons and economic aid in response to Russian President Vladimir Putin's February 2022 assault on Ukraine. “We cannot grow weary," Biden said. "We cannot look away.” Biden has managed to keep up American support in the face of rising skepticism from some Republican lawmakers — and Trump — about the cost of the conflict. At the same time, Ukrainian President Volodymyr Zelenskyy is pressing Biden to loosen restrictions on the use of Western-supplied long-range missiles so that Ukrainian forces can hit deeper in Russia. So far Zelenskyy has not persuaded the Pentagon or White House to loosen those restrictions. The Defense Department has emphasized that Ukraine can already hit Moscow with Ukrainian-produced drones, and there is hesitation on the strategic implications of a U.S.-made missile potentially striking the Russian capital. Putin has warned that Russia would be “at war” with the United States and its NATO allies if they allow Ukraine to use the long-range weapons. Biden and Harris are scheduled to hold separate meetings with Zelenskyy in Washington on Thursday. Ukrainian officials were also trying to arrange a meeting for Zelenskyy with Trump this week. The president also sounded an alarm about the rapid advances in artificial intelligence development, particularly around disinformation, respect for human life and the potential exploitation by totalitarian powers. He told the world leaders, "There may well be no greater test of our leadership than how we deal with A.I." “We must make certain that the awesome capabilities of A.I. will be used to uplift and empower everyday people, not to give dictators more powerful shackles on the human spirit," he added. Biden struck a wistful tone in his remarks, peppering his speech with references to his first time attending the General Assembly more than 50 years ago, and quoting Irish poetry. Biden held up his decision to step aside up as an instructive moment as he addressed a gathering that has no small share of totalitarian and nondemocratic leaders. “Some things are more important than staying in power," Biden said. "It's your people that matter the most. Never forget, we are here to serve the people. Not the other way around.”

2024-09-24 21:34

2024-09-24

21:34

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/zerodhas-nithin-kamath-expects-more-than-40-60-percent-revenue-loss-from-regulatory-changes-12828922.html

Zerodha's Nithin Kamath expects more than 40-60 percent revenue loss from regulatory changes

The increase in STT will have a minimal impact on options trading and a significant impact on futures trading, said the brokerage..Related stories.

One of the largest brokerages in the country Zerodha believes that the proposed regulatory framework for index derivatives is likely to materialise "sometime in the next quarter" and estimates that the new framework could lead to a 30-50 percent dip in the brokerage's revenues. In a blog post to market 14 years, the brokerage's founder and CEO Nithin Kamath wrote that they are "bracing for a big revenue hit this year" and listed the reasons for this including the new regulations that are expected around index derivatives trade and the true-to-label circular issued to the stock exchanges. In total, the revenue hit expected is more than 40 percent to 60 percent. The true-to-label direction, which was given by the Securities and Exchange Board of India (Sebi) through a circular dated July 1 and which is to be operationalised from October 1, means that stock exchanges have to charge all its trading members uniformly and not offer discounts based on trading volumes or activity. Otherwise brokerages were earning the spread between the discounted rates they were paying to the exchanges and the full price they were charging to customers. Also read:ÂSebi releases uniform framework for evaluation of stock exchanges, other MIIs Kamath estimated that this true-to-label direction would cost the brokerage 10 percent of its revenue. The index derivatives framework is still in the consultation process. But Kamath wrote that he believes the regulation will materialise soon. The Sebi consultation paper, released on July 30, has suggested various regulations to to boost market stability and protect small investors, including increasing contract sizes by as much as four times, collecting options premium upfront and reducing the number of weekly contracts. The other risks listed by Zerodha are the stricter norms around referral programme. The post said, "We have run a decent-sized partner and referral program from the very beginning relying on customer word of mouth. Customers referred other customers, and we shared a small percentage of the brokerage as a commission. We have had to stop these payouts because the exchanges issued new guidelines saying a payout can be made only to Authorised Persons (AP) registered on the exchanges. Due to this, thousands of people referring will now be reduced to only a few registered APs, affecting growth." Another "meaningful" drop in revenue would be from the combination of removing account opening fee and the newly introduced limits for basic demat account (BSDA). Brokerages are not allowed to charge account maintenance charge (AMC) for BSDAs. Until now, these accounts could hold only Rs 4 lakh worth of securities. Now they can hold up to Rs 10 lakh, which means that a brokerage stands to lose the revenue from AMC from a wider base of investors. The securities transaction tax (STT) going up from October 1 will only have a minimal impact on options trading but will have a significant impact on futures trading, the blog added.

2024-09-24 21:33

2024-09-24

21:33

moneycontrol.com

https://www.moneycontrol.com/news/india/pm-modi-calls-for-ceasefire-in-west-asia-reiterates-importance-of-two-state-solution-12828911.html

PM Modi calls for ceasefire in West Asia, reiterates importance of two-state solution

Israel-Palestine conflict (File photo).Related stories.

Prime Minister Narendra Modi met with Palestinian President Mahmoud Abbas on the sidelines of the Summit of the Future on September 24 and called for a ceasefire in West Asia. He reiterated his stance on the two-state solution to end volatility in the region and pushed for the release of hostages. He also pushed for a return to the path of dialogue and diplomacy to ensure stability and end the humanitarian crisis unfolding in Gaza alongside the deteriorating security situation in the region. According to a statement released by the Ministry of External Affairs, PM Modi has reaffirmed India's support to the people of Palestine and vowed to provide continued humanitarian assistance. Prime Minister Modi "reiterated India's time-tested principled position on the Israel-Palestine issue, and called for a ceasefire, the release of hostages and return to the path of dialogue and diplomacy", the MEA statement read. Reminding that India was among the first countries to recognise Palestine, he also conveyed the nation’s support for Palestine to become a member of the United Nations. "The two leaders held constructive discussion on various facets of India-Palestine bilateral relations, including India's support to Palestine at the United Nations and ongoing assistance and support to Palestine in the field of education, health, and other capacity building efforts," the statement said. Both leaders reaffirmed their commitment to further deepen India-Palestine bilateral relations, it added. Foreign Secretary Vikram Misri said that President Abbas thanked Prime Minister Modi for the assistance that India had provided and "hoped that India would continue to play its role for bringing peace in the region". "Our fundamental position on the Palestine issue remains what it has long been. In the present context, there's much greater urgency related to issues of humanitarian assistance and support, which we have continued to provide and will continue to provide,” Misri said. He added that Abbas explicitly stated “that he was very appreciative of India's support, not just for humanitarian assistance, but also for India's political support to Palestine on the international stage”. After concluding the bilateral meeting with Abbas, PM Modi wrote on X, "Met President Mahmoud Abbas in New York. Reiterated India’s support for the early restoration of peace and stability in the region. Exchanged views of further strengthening long-standing friendship with the people of Palestine.” (With PTI Inputs)

2024-09-24 20:57

2024-09-24

20:57

moneycontrol.com

https://www.moneycontrol.com/news/business/you-cant-undervalue-your-own-company-religares-rashmi-saluja-questions-ed-sebi-on-baseless-allegations-12828794.html

'You can't undervalue your own company': Religare's Rashmi Saluja questions ED & SEBI on ŌĆśbaseless allegationsŌĆÖ

Religare Executive Chairperson Rashmi Saluja.Related stories.

Dressed in a bright pink salwar-kameez, Dr Rashmi Saluja, Executive Chairperson of Religare Enterprises, seems calm for someone who is caught amidst a fierce takeover battle and has recently been raided by the Enforcement Directorate. Market regulator Securities and Exchange Board of India (SEBI) is investigating her for alleged violations of Insider Trading regulations. Sitting in her office at the Max House in New DelhiŌĆÖs Okhla area, with a photograph in the backdrop of her with the finance minister Nirmala Sitharaman, Saluja seems unfazed as she explains the need for her to tell her side of the story. Saluja is in a high-pitched takeover battle with the 100-year-old Burman Group. Prior to September 2023, the Burmans held 21.5 percent of Religare Enterprises, in September 2023, the Burmans announced that they would increase their stake by 5.27 percent. The Burmans had proposed an open offer to buy 9 crore shares of face value of Rs 10 each at Rs 235 a piece, a price, Saluja says undervalues the company. She insists that it isnŌĆÖt about her against them (the Burmans) who have been part of the Religare turnaround story that has been scripted by Saluja in the last six years when she was called to take charge of the firm after its founders were taken to prison for allegedly diverting funds from the company. ŌĆ£This is a company which got out of ashes. This is a company which actually got the one-time settlement out of complete organic collections of the money. And we actually want partners who are good partners, who would believe in the thought process of the company,ŌĆØ she tellsMoneycontrol. Are Burmans the right kind of partners? We ask. ŌĆ£I have no opinion, good or bad. I have no opinion on them. And why should I have an opinion on them,ŌĆØ she answers. In a freewheeling conversation, Saluja rebuts the allegations made against her. SEBI's allegations: SEBI had passed an order against Religare Enterprises on June 20 saying the shareholders of the company cannot be held by existing management which is ŌĆ£apparently hostile to the acquirers and faces a conflict of interest in facilitating the acquisition of shares /control by the acquirers in an open offer, due to proposed change in controlŌĆØ. This order was in the context of the open offer being declared by the Burman family to acquire controlling stake in Religare and the acquirer had complained that the board of the company did not seek requisite approval from the Reserve Bank of India regarding the acquisition. SalujaŌĆÖs response: ŌĆ£The entire year, the committee of independent directors in the board represented their concerns to SEBI ŌĆ” SEBI said why didnŌĆÖt they (Religare Board) apply to the RBI regarding open offer? So what was the ask of the board? Ask of the board was the investigation into the allegations or the concerns that have been raised. IsnŌĆÖt it a fair point? If there is nothing, (SEBI) should say the boardŌĆÖs allegations are trash. Otherwise, you (SEBI) have a mechanism to investigate, which you do have, because when the erstwhile promoter saga was happening, SEBI appointed a forensic auditor that was needed. Why didnŌĆÖt SEBI do the same and appoint forensic auditor to look into concerns expressed by the board? A 2019 order of SEBI says that you cannot or the company cannot have any direct or indirect association with the erstwhile promoters... it looked like they might be fronting or they could be in association with the erstwhile promoters. EDŌĆÖs allegations: The Enforcement Directorate (ED) has initiated proceedings against Saluja and other board members for violating the Prevention of Money Laundering Rules (PMLA). On September 9, ED filed an FIR against Saluja and two other board members of Religare. SalujaŌĆÖs response: It is really sad that the ED has issued (notices) of PMLA violation on Employee Stock Options (ESOPs). The allocation of ESOP shares is a process that needs several approvals including a nod from the nomination and remuneration committee (NRC), the companyŌĆÖs board and shareholders. After getting all the required approvals, I put my money into the company. One should realise, over the last couple of years, how did Religare get liquidity? We were one of these people who actually put money via ESOPs into the company when it had no value. We wanted the company to grow. Now, I am being told that the ED has conducted searches against one employee who didnŌĆÖt even get the ESOP allotment. ED is registering a PMLA offence on a particular FIR and they conduct searches at my home and give me a clean chit, saying there is no incriminating evidence or device found and then they actually freeze the shares. And they are also calling the independent directors on that predicate offence which has nothing to do with the company, it was regarding ex-promoters of the company. SEBI's insider trading allegations: In a show-cause notice issued against Saluja, SEBI is learnt to have made allegations that Saluja had made certain trades on September 21 and 22, 2023, just days before the open offer announcement by the Burman family for the Religare announcement, which happened on September 25, 2023. Four investment firms linked to the Burman family alleged Saluja sold 1.29 million shares worth Rs 34.71 crore on those dates after being informed about the upcoming offer by a Burman family representative on September 20. SalujaŌĆÖs response: You put insider trading allegations against me on something which is a process driven event. You are alleging that I have done insider trading because the open offer had to come to the board in September. First, you don't even tell me who are part of the meeting in SEBI while making the complaint. You say the letter has reached SEBI through a representative of the Burman family. You didn't even tell the truth that your representative was accompanied by Mr Anand Burman. Let me ask, how do I get the shares? What is the process and does the process conclude in those two days? Nobody on the earth can do it. I have to take permission of my board. I have to then apply for the loan. Then my loan has to be approved and then the transaction should be within the window permitted for insiders under SEBI rules. It is a long process. And why did the transaction happen? Because the maturity of the shares was coming through on September 29, and I and the other employees had to complete the transaction. We are employees and have to avail loans to finance the ESOP shares. We have to take a loan and no company is going to give you loan exactly in an hour. It's a process. So we took loan, we applied, we took permission from the board. The whole process took more than a couple of weeks. And please take a look at my documents regarding when did I apply and how long the process took. And again, the money through which these shares were purchased was brought into the company and it wasnŌĆÖt even like I was getting to take away the money. On allegations made by InGovern regarding the companyŌĆÖs delay in conducting AGM and corporate governance lapses. SalujaŌĆÖs response: There are proper processes in place and the AGM (Annual General Meeting) was postponed after the ROC (Registrar of Companies) approved the same. We had to explain to the ROC why the postponement was needed, and after going through our statements, they allowed our request. They approached the high court regarding the same, which was dismissed. Then they approached the divisional bench where the case is currently pending. In the meantime, a proxy advisory firm comes up with a report on the same making allegations against the company and without taking any responsibility regarding the accuracy of facts. While preparing the note the proxy advisor did not reach out to us or seek explanations from our board. But I am confident that truth will prevail. On who is targeting her: Saluja: So, it is quite obvious that I am getting targeted because I keep hearing and listening to the interviews of Mr Burman, Mr Mohit BurmanŌĆ” and you are being addressed as that woman and that person and that lady, it is definitely not a very sound thing to have said. And you have been very appreciative of the work, so much so that you wanted to take control of the company. And if you ever did feel that there was mismanagement or misappropriation, you never did raise your concern. And you have always been congratulating and sending congratulatory notes to us. You have been part of the journey, 100 percent, until September-end. You have passed each and every resolution. You have not turned down any resolution. You (Burmans) have not turned down any swap. You have not turned down any resolution for that matter of fact. In six years, every resolution was approved by you, 100 percent. WhatŌĆÖs the sense amongst other investors apart from Burmans? Saluja: Let me ask you a question. Somebody who invested at a 17 or a 50 or a 60 or a 90, if your share goes all the way to 300, how would you feel?

2024-09-24 20:34

2024-09-24

20:34

moneycontrol.com

https://www.moneycontrol.com/news/india/what-is-muda-scam-and-whats-next-for-siddaramaiah-after-karnataka-hc-verdict-12828832.html

What is MUDA scam and what’s next for Siddaramaiah after Karnataka HC verdict

Siddaramaiah had challenged legality of Governor's nod to prosecute him.Related stories.

The Karnataka High Court on Tuesday dismissed Chief Minister Siddaramaiah’s plea challenging Governor Thaawarchand Gehlot's nod to an investigation against him over alleged Mysuru Urban Development Authority (MUDA) land case. The court said the Governor can take “independent decisions if exceptional circumstances arise” and his order “does not suffer from non-application of mind”. What is the MUDA case? The controversy revolves around the alleged irregularities in the allotment of compensatory sites. In July, three activists, T J Abraham, Snehamayi Krishna, and Pradeep Kumar, approached the Governor for sanction to file complaints against the CM. They alleged that Siddaramaiah’s wife Parvathi received 14 housing sites from MUDA in exchange for a 3.16-acre plot that was “illegally” acquired in 2021 during the previous BJP regime. This allegedly resulted in a Rs. 55.80 crore loss for the state. The plots were allotted to Parvathi by MUDA under the 50:50 ratio scheme. The case dates back to 23 years ago when land from a Kesere villager named Ninga was officially acquired. Here is a timeline of the case. 1998:The land was denotified from the acquisition process. 2001:The land was utilised to form the third phase of the Devanur Layout, while sites were allotted. November 2003:Land was restored in the name of its original owner. August 2004:Mallikarjunaswamy, brother-in-law of Siddaramaiah, purchased 3.16 acres. July 2005:Mallikarjunaswamy’s land was converted for non-agricultural use. October 2010:The land was gifted by Mallikarjunaswamy to his sister, Parvathi. 2011-2013:MUDA “illegally” acquired Parvathi’s land parcel and distributed sites, developing a park and roads. 2014:Parvati applied for compensation from MUDA. 2017:MUDA admitted using the denotified land for the layout and decided to grant alternative sites to Siddaramaiah’s wife. 2020:MUDA agreed to award alternative sites on a 50:50 basis. 2021:Parvathi sought alternative sites as compensation. 2022:Parvathi was allotted 14 plots in Vijayanagar. 2023:The Karnataka government scrapped the 50:50 scheme. July 4, 2024:Siddaramaiah sought Rs 62 crore compensation. July 14, 2024:The state government set up a one-man inquiry commission to investigate the matter. July 24, 2024:Karnataka Speaker UT Khader denied permission to discuss the alleged MUDA “scam” in the state Assembly. July 26, 2024:The Governor issued a show-cause notice to Siddaramaiah. August 1, 2024:The state cabinet urged the Governor to withdraw the show-cause notice to the CM. August 3, 2024:Siddaramaiah responded to the Governor's notice and denied all the allegations. August 16, 2024:The Governor granted sanction for an investigation against the CM. August 19, 2024:Siddaramaiah filed a plea in the Karnataka High Court challenging the Governor's sanction for prosecution. September 24, 2024:The Karnataka High Court dismissed Siddaramaiah's  petition. ÂWhat’s next for the Karnataka CM? After the high court setback, Siddaramaiah can be booked for corruption and summoned for questioning. The Karnataka chief minister can appeal against the high court order in the Supreme Court. BJP has called for Siddaramaiah's immediate resignation. Following the verdict, Union minister Pralhad Joshi said it was a slap on the Congress government and asked Siddaramaiah to step down from his post. The ruling may also intensify the simmering factionalism within the Congress itself. Siddaramaiah has been locked in an intense power tussle with deputy chief minister DK Shivakumar. A section of Congress leaders could call for Siddaramaiah's resignation as the chief minister fights a long legal battle. Meanwhile, Siddaramaiah has said that he will decide on his next course of action and legal fight after consulting legal experts and party leaders. "I still say I have done no wrong," he said. Accusing BJP and JD(S) of "conspiracy, misuse of Raj Bhavan", the CM said he will not be afraid of them as the people of the state are with him and he and his party have their blessings.

2024-09-24 20:34

2024-09-24

20:34

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/logistics-services-provider-glottis-files-ipo-papers-with-sebi-to-raise-rs-200-crore-via-fresh-issue-12828893.html

Logistics services provider Glottis files IPO papers with SEBI, to raise Rs 200 crore via fresh issue

Glottis IPO.Related stories.

Logistics service provider Glottis, which focuses on energy supply chain solutions, is planning to launch an IPO for fund raising. The company has already filed preliminary papers with capital markets regulator SEBI. The IPO is a combination of fresh issue of equity shares worth Rs 200 crore, and an offer-for-sale of 1.45 crore equity shares by promoters, as per the draft red herring prospectus filed on September 23. Promoters Ramkumar Senthilvel and Kuttappan Manikandan will be selling 72.85 lakh equity shares each in the offer-for-sale. They hold 49.49 percent stake each in the company. With eight branch offices in India, Tamil Nadu-basedGlottisoffers logistics services to customers across multiple industries, with particular emphasis on energy infrastructure and renewable energy projects. More than 42 percent of its total revenue comes from the renewable energy industry and the remaining from other industries. Also read:ÂSwiggy's confidential filing for IPO gets Sebi nod, launch likely in November The company will utilise Rs 53 crore out of the net fresh issue proceeds to purchase goods transportation vehicles, and Rs 38 crore for repaying debt. The remaining IPO funds will be used for inorganic growth through unidentified acquisitions and general corporate purposes. Glottis,w hich competes with listed peers like Allcargo Logistics and Transport Corporation of India, has recorded net profit at Rs 31.5 crore for the fiscal year 2024, increasing from Rs 22.57 crore in the previous year. Revenue from operations for the financial year ended March 2024 stood at Rs 497.4 crore, rising marginally from Rs 478.5 crore in the previous fiscal. Pantomath Capital Advisors has been appointed the book running lead manager to the issue.

2024-09-24 20:25

2024-09-24

20:25

moneycontrol.com

https://www.moneycontrol.com/technology/former-angel-one-and-myntra-exec-prateek-mehta-joins-south-park-commons-as-partner-article-12828886.html

Former Angel One and Myntra exec Prateek Mehta joins South Park Commons as partner

Started by husband-wife duo of Aditya Agarwal and Ruchi Sanghvi, SPC entered India in partnership with Flipkart co-founder Binny Bansal.

Prateek Mehta, a former senior executive of online stockbroking firm Angel One, has joined South Park Commons (SPC), a tech startup community and an early-stage venture fund named after San Francisco’s South Park community, as its founding partner in India. Mehta is a veteran leader in India's tech startup ecosystem, with previous avatars a co-founder of fintech platform Scripbox and a senior-vice president at e-commerce platform Myntra. "As a founder, one does want to build the best company that s/he can. And to do that, the founder(s) have to get to high quality answers to - 'Why this?', 'Why now?' and 'Why me?'," Mehta said in a LinkedIn post on September 24. "I felt that there is a gaping hole in the ecosystem that provides for an intellectually safe and emotionally secure space for founders to do this. It was exactly here that I feel that the tug of the South Park Commons model is the strongest," he added. Started by husband-wife duo of Aditya Agarwal and Ruchi Sanghvi, SPC entered India in partnership with Flipkart co-founder Binny Bansal. Its entry comes at a time when venture funds are sitting on at least $12 billion in capital waiting to be deployed in India, the world’s third-largest startup ecosystem. With over 820 million internet users and more than 100 tech unicorns, India has solidified its position as a global tech powerhouse, which explains SPC’s interest in India. SPC will provide a supportive environment for India's most talented founders, technologists, and researchers to navigate the -1 to 0 stage of their careers, the stage when their primary task is figuring out what to work on next. It is similar to startup incubators, which help nurture and scale businesses. South Park Commons started as an ad-hoc community and did not have a fund during its initial days. Agarwal and Sanghvi wrote angel cheques before setting up a dedicated capital pool, a venture fund. It launched its first fund in 2018 and another one in 2020. Founded in 2015 by Sanghvi, the first female engineer at Facebook and former vice president of operations at Dropbox, and Agarwal, former chief technical officer of Dropbox, SPC has become a destination for technical founders seeking support in the earliest stages of their startup journey. Apart from India, SPC also has seen a lot of interest from founders based in the United Kingdom.

2024-09-24 20:24

2024-09-24

20:24

moneycontrol.com

https://www.moneycontrol.com/technology/why-burden-ourselves-with-investor-expectations-nithin-kamath-on-zerodhas-ipo-holdout-article-12828883.html

Why burden ourselves with investor expectations?: Nithin Kamath on Zerodha's IPO holdout

Nithin Kamath, Founder and CEO, Zerodha.Related stories.

Zerodha founder and CEO Nithin Kamath has revealed that despite the recent wave of companies rushing to go public, Zerodha has held back, prioritising long-term strategies over chasing inflated valuations. Speaking on the latest updates at the stock broking firm in his blog, Kamath explained why the brokerage firm has resisted the temptation to launch an IPO, even though it could have fetched sky-high valuations over the last few years. ŌĆ£An IPO is not the end, but rather a new beginning. When retail investors enter the cap table, the company should be able to predict revenue to some extent. In the last 14 years, I have not once been correct in predicting revenue growth and dips,ŌĆØ Kamath said, citing the unpredictable nature of ZerodhaŌĆÖs business. Kamath made it clear that the company's decision against going public is rooted in the uncertain environment surrounding financial markets and regulation. "Our business, while it looks good based on financials, can change in a heartbeat due to a change in regulation or markets taking a turn for the worse,ŌĆØ he noted, emphasising the need for Zerodha to focus on revenue predictability before considering an IPO. He also questioned the logic of raising excess capital without a meaningful purpose: ŌĆ£Why take on the burden of expectation from investors when there is nothing strategic or material to gain for the business? Once listed, most companies are forced to shift their focus to growing quarter after quarter at all costs.ŌĆØ Key numbers Sharing the latest updates, the CEO mentioned that Zerodha has allocated Rs 680 crore to over 120 companies through Rainmatter, the firmŌĆÖs investment arm focusing on fintech, climate, health, and sports. The company has also committed Rs 1,000 crore to Rainmatter Foundation, which addresses climate action and livelihood issues. Zerodha Capital, the firmŌĆÖs loan arm, currently has a book size of Rs 300 crore, providing Loan-Against-Securities (LAS). Furthermore, Zerodha's Fund House, India's only passive asset management company operating in a joint venture with Smallcase, has surpassed Rs 3,000 crore in assets under management (AUM) in less than a year. Further diversifying into new segments, the company is set to launch Margin Trade Funding (MTF) to offer more diversified products. It is also investing in public markets through proprietary funds in stocks, bonds, and gold, and growing its Loan-Against-Securities offering through Zerodha Capital. The CEO said that the firm is also making strides in the insurance space with Ditto Insurance, a spam-free health and term insurance provider that has already become the second-largest online distributor for its partner insurance companies, Kamath said. "Sensibull, Tijori, Streak, and many other companies that add significant value to the trading and investing experience," he added.

2024-09-24 20:10

2024-09-24

20:10

moneycontrol.com

https://www.moneycontrol.com/technology/tecno-launches-its-most-affordable-5g-smartphone-in-india-with-120hz-display-and-48mp-rear-camera-price-starts-at-rs-8999-article-12828776.html

Tecno launches its most affordable 5G smartphone in India with 120Hz display and 48MP rear camera, price starts at Rs 8,999

Tecno Pop 9 5G launched.

Tecno Mobile has introduced the POP 9 5G in India. The new smartphone is aimed at making 5G accessible to young, first-time smartphone buyers in India. The smartphone features a 48MP Sony AI camera and a 120Hz refresh rate display. Pre-booking is available on Amazon, with sales starting on October 7, 2024. Tecno Pop 9 5G: Price in India The Tecno POP 9 5G is available in two variants: the 4GB + 64GB version is priced at Rs 8,499, while the 4GB + 128GB version costs Rs 8,999. It comes in three colour options: Midnight Shadow, Azure Sky, and Aurora Cloud. Each purchase includes two vibrant mobile skins. Tecno Pop 9 5G: Availability The Tecno Pop 9 5G is available for pre-booking on Amazon, with the sale commencing on October 7. Tecno Pop 9 5G: FeaturesThe Tecno Pop 9 5G includes a 48MP Sony AI camera, which allows users to capture detailed images and share them easily across platforms. The 120Hz refresh rate offers smooth performance during activities like gaming and video streaming. The smartphone is equipped with an all-directional NFC feature, providing users with convenient payment options and contact sharing. This enhances everyday interactions and allows users to stay updated with the latest technology. Additionally, the Tecno Pop 9 5G comes with 5G connectivity, making it accessible to a wider audience interested in upgrading to faster network speeds.

2024-09-24 20:10

2024-09-24

20:10

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/krn-heat-exchanger-and-refrigeration-raises-over-rs-100-crore-from-anchor-investors-ipo-to-open-on-september-25-12828871.html

KRN Heat Exchanger and Refrigeration raises over Rs 100 crore from anchor investors, IPO to open on September 25

KRN Heat Exchanger and Refrigeration IPO.Related stories.

Heat exchangers manufacturerKRN Heat Exchanger and Refrigerationhas raised Rs 100.1 crore from 10 anchor investors on September 24. The said fund raising is ahead the issue opening on September 25. Holani Venture Capital Fund is the largest buyer amongst the participants in the anchor book, buying 8.58 lakh equity shares worth Rs 18.87 crore at the upper price band, followed by Mint Focused Growth Fund, which picked 6.36 lakh shares worth Rs 14 crore. The Rajasthan-based company in its filing to exchanges said it has finalised allocation of 45.5 lakh equity shares to anchor investors at a price of Rs 220 per equity share. Whiteoak Capital Mutual Fund, Bandhan Small Cap Fund, VQ Fastercap Fund, and Ashoka India Equity Investment Trust bought 4.54 lakh shares worth Rs 10 crore each. Saint Capital Fund acquired 4.81 lakh shares worth Rs 10.58 crore. Kotak Iconic Fund, and Ashoka Whiteoak Emerging Markets Trust were also buyers in the anchor book. "Out of the total allocation of 45.50 lakh equity shares, 9.09 lakh shares were allocated to two domestic mutual funds," KRN said. Also read:ÂSwiggy's confidential filing for IPO gets Sebi nod, launch likely in November KRN, which manufactures fin and tube type heat exchangers for the heat ventilation air conditioning and refrigeration industry, aims to mobilise Rs 341.95 crore through its initial public offering of 1.55 crore equity shares which comprised of entirely fresh issue. The public issue will close on September 27. The price band for the offer has been fixed at Rs 209-220 per share. The company will spend Rs 242.46 crore out of the net fresh issue proceeds for setting up a new manufacturing facility at Alwar, Rajasthan by its subsidiary KRN HVAC Products. And the remaining funds will be utilised for general corporate purposes. KRN makes products like condenser coils, evaporator units, evaporator coils, header/copper parts, fluid and steam coils and sheet metal parts, which are used for air conditioning, heating and ventilation, refrigeration, and process cooling applications. Holani Consultants is acting as the merchant banker for the issue.

2024-09-24 19:59

2024-09-24

19:59

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/bulk-deals-mirae-asset-mutual-fund-30-22-shares-in-cartrade-tech-12828878.html

Bulk Deals: Mirae Asset Mutual Fund 30.22 shares in Cartrade Tech

representative image.

Mirae Asset Mutual Fund bought 30.22 lakh shares in Cartrade Tech at an average price of Rs 920 via a bulk deal on September 24. Highdell Investment sold 40.76 lakh shares in Cartrade Tech at an average price of Rs 920.3. Authum Investment & Infrastructure Limited sold 56.31 lakh shares in SpiceJet at an average price of Rs 66.21. Altitude Investment Fund PCC - Cell 1 bought 50 lakh shares in SpiceJet at an average price of Rs 65.95. Equity Intelligence India Private Limited bought 27,000 shares in Apollo Sindoori Hotels at an average price of Rs 1916.17. Ebene Global Opportunity Fund sold 5.3 lakh shares in Balu Forge Industries at an average price of Rs 803.36. Block Deals On September 24, around 10.73 lakh shares were sold via block deals. Dodona Holdings Limited sold 10.73 lakh shares (0.3 percent) in Trent at Rs 7,533 per share. Siddhartha Yog was the buyer. At close, the stock was trading 0.2 percent lower at Rs 7,608.

2024-09-24 19:59

2024-09-24

19:59

moneycontrol.com

https://www.moneycontrol.com/technology/charging-fees-cost-us-market-share-but-weve-fixed-it-nithin-kamath-on-zerodhas-recent-dip-article-12828872.html

Charging fees cost us market share, but we've fixed it: Nithin Kamath on Zerodha's recent dip

Nithin Kamath, Founder & CEO, Zerodha.Related stories.

Zerodha founder and CEO Nithin Kamath opened up about the company's recent decline in market share, attributing the drop to their unique decision to charge account opening fees — a practice they have now reversed. "Our market share of active accounts (clients who traded at least once in the year) has decreased over the last two years. We were the only ones charging account opening fees, which we’ve now made free," Kamath explained, noting that this move is part of their broader efforts to remain competitive while continuing to attract new clients. Unlike many competitors, Zerodha has deliberately avoided pushing clients into trading, even as rivals aggressively target customers through notifications and incentives. "We never induce clients to take a trade by sending push promotional notifications based on random market movements or other things," Kamath emphasised. He added that the company limits itself to a maximum of three product-related push notifications per month, further distancing Zerodha from aggressive marketing practices common among its peers. Despite this, Kamath expressed optimism about the company's growing reach in tier 2 and tier 3 cities. Zerodha is focusing on educating new users and increasing accessibility through Indian-language content. "A lot of recent growth in new users has come from tier 2 and tier 3 cities, so we are hoping our educational content and outreach in Indian languages will make it easier for people to discover us and start investing," he said. This comes at a time when competitors likeGroww have made significant gains in market share. According to latest data by Motilal Oswal, the market share of Groww stood at 25.1 percent and rose 41 bps month-on-month (MoM). At the same time, Zerodha's market share went down by 25 bps to 17.1 percent in July. In terms of the number of NSE active clients, Groww recorded a 4.9 percent MoM rise in its client count to 11.5 million, while Zerodha posted a 1.7 percent MoM increase in its client count to 7.8 million. Sitting on Rs 1,000 crore in unrealized gains Despite the challenges, Kamath emphasised that Zerodha’s financial health remains strong. "As you can see, we continued our tremendous financial track record, and FY 23/24 was a fabulous year in terms of both revenues and profitability," he wrote in the company's blog. Kamath noted that Zerodha’s profits don’t include about Rs 1,000 crore in unrealised gains, which will be reflected in future financials. He highlighted the firm’s solid net worth, which is around 40 percent of the customer funds they manage, making Zerodha "one of the safest brokers in the industry." SEBI rules: Prepared for revenue hit However, Kamath cautioned about several risks on the horizon. "Many risks were around the corner, and they all seem to be materialising simultaneously," he said, mentioning that Zerodha’s revenue and profit growth have plateaued. The company is preparing for a revenue hit later this year, with SEBI’s"true-to-label" circularset to go live on October 1, 2024, expected to cause a 10% drop in revenue. Regulatory changes could pose even greater challenges. Kamath expects SEBI’s upcoming rules on index derivatives, a major revenue source for Zerodha, to reduce revenue by 30-50 percent. "This is that regulation I was referring to in last year’s post that can be … ," he remarked. The rise in Securities Transaction Tax (STT) in October 2024 is also expected to affect futures trading, while changes to the Basic Services Demat Account (BSDA) thresholds will limit how much Zerodha can charge in Annual Maintenance Charges (AMC), further impacting revenue. "Combined with us removing the account opening fee, this would be a meaningful drop in revenue," Kamath added. Kamath also acknowledged the risk of a market downturn but expressed confidence in Zerodha’s ability to weather it. "The risk of the bull market ending at any time and a significant drawdown from all the activity bumps over the last four years is ever-present," he noted. But with a lean team of 1,200 employees and strong financials, Kamath remains optimistic.

2024-09-24 19:46

2024-09-24

19:46

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/atomicwork-secures-an-additional-3-million-in-seed-funding-from-global-tech-leaders-12828864.html

Atomicwork secures an additional $3 million in seed funding from global tech leaders

Atomicwork Founders L to R - Kiran Darisi, Vijay Rayapati and Parasuram Vijaysankar.Related stories.

Atomicwork, a Business-to-Business (B2B) Software-as-a-Service (SaaS) startup, announced on September 24 that it has raised an additional $3 million in its seed funding round. This brings the total raised to approximately $14 million, with the latest investment led by a group of global chief technology officers (CTOs) and chief information officers (CIOs). While there were no new VC investments in the round, global leaders including Abhinav Dhar, ex-CIO of TransUnion, Prasad Ramakrishnan, veteran CIO and technology leader, Avanish Sahai, former ecosystem leader at Salesforce, ServiceNow, and Google Cloud and Rich Waldron, CEO of Tray.ai have participated in the round. The firm's existing investors like  Storm Ventures, Z47 (formerly Matrix Partners), Blume Ventures, and Neon Fund have also participated in the round. The new funding will be utilised for enterprise AI agents technology, and fuel the firm's GTM team expansion in the United States over the next 3 years, Vijay Rayapati, cofounder and CEO toldMoneycontrol. “This strategic round not only brings us the financial resources we need to grow but also invaluable insights and expertise from some of the brightest minds in enterprise IT. We are excited about what the future holds as we continue to innovate and deliver value to our customers,” Rayapati said. In September 2023, the firmraised$11 million in its seed funding round led by Matrix Partners and Blume Ventures. Founded in 2022 by Rayapati, Kiran Darisi and Parsuram Vijayasankar, Atomicwork is an employee success solution that brings employees, IT systems, and HR operations together to drive business impact across any organisation. Rayapati was the founder of SaaS firm Minjar in Bengaluru, which was acquired in 2018 by US-based Nutanix for an undisclosed amount. Darisi and Vijayasankar come from the Freshworks' founding team where Darisi was the VP and engineering and Vijayasankar was the cofounder of Freshworks. The funding comes at a time when India's startup ecosystem is signaling that the funding winter is finally thawing, with investors opening their wallets to back promising startups. On the same day, three startups,M2P Fintech,Nurix AI, andAtlys, have secured substantial investments, totalling millions of dollars. Atomicwork has also made some recent appointments of Lenin Gali as Chief Business Officer and Vandana Rao as Head of Customer Growth. "This strategic round adds established and experienced enterprise IT, business and technology leaders to Atomicwork's advisory board, and strengthens the company's modern service management vision," Rayapati added.

2024-09-24 19:40

2024-09-24

19:40

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/small-investors-losing-from-uncontrolled-growth-in-fo-trade-sebi-should-reveal-big-players-rahul-gandhi-12828875.html

Small investors losing from uncontrolled growth in F&O trade, SEBI should reveal ŌĆśbig playersŌĆÖ: Rahul Gandhi

Rahul Gandhi.Related stories.

Rahul Gandhi, leader of opposition (LoP) and Congress party leader, highlighted the jump in Futures and Options (F&O) trading that has led to heavy losses for small investors, while asking markets regulator SEBI to reveal the ŌĆśbig playersŌĆÖ that are benefitting from the situation. ŌĆ£Uncontrolled F&O trading has grown 45x in 5 years. 90% of small investors have lost Rs 1.8 lakh Cr in 3 years. SEBI must reveal the names of the so called ŌĆ£Big PlayersŌĆØ making a killing at their expense,ŌĆØ Gandhi said in a post on X, formerly Twitter.Uncontrolled F&O trading has grown 45x in 5 years.90% of small investors have lost 1.8 lakh Cr in 3 years.SEBI must reveal the names of the so called Big Players making a killing at their expense.Rahul Gandhi (@RahulGandhi)September 24, 2024 The comment comes days after aSEBI analysis saidindividual traders in the F&O market suffered a staggering Rs 1.8 lakh crore in aggregate losses over the past three fiscal years, with nearly 93 percent of more than 1 crore investors, or nine out of 10 traders, incurring average losses of Rs 2 lakh each. Notably, the top 3.5 percent of loss-makers -- about 4 lakh traders -- suffered an average loss of Rs 28 lakh each over the three years from FY22 to FY24, inclusive of transaction costs. The┬ĀSEBI survey┬Āalso showed that the┬Āfutures and options frenzy has reached far beyond the major metros and larger urban centres, and nearly three quarters of all the F&O trades in FY24 came from B30 cities, or cities beyond the top 30. Sebi data revealed that 72.2 percent of the total F&O traders belonged to the B30 cities, whereas this pool accounted for 61.7┬Āpercent of the mutual funds investors. Indian opposition parties have recently been critical of the SEBI after US short seller Hindenburg alleged conflict of interest against the regulator's chief Madhabi Puri Buch. The Congress partyhas also allegedthat Buch received income from companies her tenure as the capital markets regulator, raising fresh scrutiny about potential conflict of interest.

2024-09-24 19:36

2024-09-24

19:36

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/swiggys-confidential-filing-for-ipo-gets-sebi-nod-launch-likely-in-november-12828844.html

Swiggy's confidential filing for IPO gets Sebi nod, launch likely in November

Swiggy recently upsized its IPO to $1.4 billion, amid intensifying competition in the online grocery delivery space.Related stories.

Food and grocery delivery platform Swiggy has received approval from market regulator Securities and Exchange Board of India (SEBI) after its confidential filing of draft share sale documents, clearing a crucial hurdle to its highly anticipated initial public offering, people familiar with the development said. "Under the confidential filing route, this nod will be followed by the filing of two updated DRHPs (draft red herring prospectus), one responding to Sebi comments and the other seeking public comments for 21 days. Only then will the RHP (red herring prospectus) be filed, and the IPO launch planned," one of the people said, requesting anonymity. "Though no final call has been taken, the Swiggy issue may launch in November. Discussions with anchor investors will begin now," a second person said, also declining to be named. A spokesperson for Swiggy did not immediately respond to an emailed query. This article will be updated as soon as a response is received. SEBI introduced the concept of confidential filings in November 2022. Common in US markets, under this route, the issuer company is allowed to keep its offer document private by the pre-filing route until it firms up its IPO plan. The direct-to-home platform, Tata Play (formerly Tata Sky), was the first firm to file confidential papers with SEBI for an IPO. It later dropped its listing plans. Prosus and Softbank-backed Swiggyrecently upsized its IPO to $1.4 billion, amid intensifying competition in the online grocery delivery space, where its platform Instamart competes with the likes of Zomato-owned Blinkit, Zepto and Tata-owned BigBasket. Prosus (32 percent), SoftBank (8 percent) and Accel (6 percent) are key investors in Swiggy. Elevation Capital, DST Global, Norwest, Tencent, Qatar Investment Authority (QIA), Singapore’s GIC, among several others are also shareholders in the company. Also Read:ÂMadhuri Dixit goes dhak dhak for Swiggy, snaps up shares ahead of IPO

2024-09-24 19:21

2024-09-24

19:21

moneycontrol.com

https://www.moneycontrol.com/technology/google-tv-and-android-tv-os-crosses-270-million-active-users-article-12828709.html

Google TV and Android TV OS crosses 270 million active users

Google TV.

Google announced a series of updates for its new Google TV devices. It has also been updated with several new features on supported devices, including the recently launched Google TV Streamer. Amid these announcements, Google has now revealed a dramatic increase in the user base for its Google TV, and the previously used Android TV OS. Google via its new blog post confirmed that Google TV and Android TV OS are now active on over 270 million devices monthly. This means that the company has seen 80% growth since 2023, as it had only 120 million active users in early 2023. This growth is significantly faster compared to what we’ve seen over the past few years. Google also mentioned in the blog post that Google TV is expanding to more Asian countries, like Thailand, Indonesia, Vietnam, and the Philippines. Moreover, you can access Google TV services from multiple devices, like the new Google TV Streamer, TCL, and Hisense TVs, and other smart projectors as well. The new home panel on Google TV allows users to manage compatible smart home devices, like speakers, cameras, or thermostats, from their remotes. Additionally, Google has introduced a new personalized home screen experience that converts the TV into an art display or showcases memories from Google Photos, when it’s idle for a long time. There’s also a new Sports page in the For You tab, which makes it easy to catch live games or highlights. Google AI is also rolling out to all Google TV devices, helping to analyze and suggest content according to user’s preferences.

2024-09-24 19:13

2024-09-24

19:13

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/supreme-court-disposes-of-573-direct-tax-cases-under-revised-monetary-limits-12828863.html

Supreme Court disposes of 573 direct tax cases under revised monetary limits

It aligns with the government's efforts to reduce tax litigation and promote Ease of Doing Business..Related stories.

In a major step towards reducing tax litigation,the Supreme Courton September 24 disposed of 573 direct tax cases where the tax effect was less than Rs 5 crore. This move is aligned with the revised monetary thresholds for filing tax appeals, which were introduced in the Union Budget 2024-25. The UnionBudget 2024-25 enhanced the monetary limits for filing appeals related to direct taxes, excise, and service tax in various judicial forums. The limits were raised to Rs 60 lakh for the Income Tax Appellate Tribunal (ITAT), Rs 2 crore for the high courts, and Rs 5 crore for the Supreme Court. Following these changes, the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) had issued the necessary orders to implement these amendments. “This significant milestone aligns with the government's efforts to reduce tax litigation and promote Ease of Doing Business,”the Finance Ministrysaid in a statement on Tuesday. The enhanced thresholds are expected to result in the withdrawal of around 4,300 cases from different judicial forums over time including 700 cases from ITAT, 2,800 cases from high courts and 800 cases from the Supreme Court. On the indirect tax front, the limits for filing appeals in legacy central excise and service tax cases were similarly raised to Rs 60 lakh for Customs Excise and Service Tax Appellate Tribunal (CESTAT), Rs 2 crore for high courts, and Rs 5 crore for the Supreme Court. As a result, an estimated 1,050 cases are set to be withdrawn, with 250 appeals from the Supreme Court, 550 appeals from high courts, and 250 appeals from CESTAT. “These measures are expected to significantly reduce the burden of tax litigation and expedite the resolution of tax disputes,” the ministry added, emphasising the focus on simplifying tax procedures and minimising litigation. The Finance Ministry also highlighted the deployment of additional officers dedicated to hearing and resolving cases, particularly those involving substantial tax amounts. This is a clear indication of the government's efforts to create a more conducive business environment and enhance taxpayer services.

2024-09-24 19:10

2024-09-24

19:10

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/fiis-net-sell-shares-worth-rs-2874-crore-diis-net-buy-rs-3868-crore-12828852.html

FIIs net sell shares worth Rs 2,874 crore, DIIs net buy Rs 3,868 crore

At close, the Sensex was down 14.57 points or 0.02 percent at 84,914.04, and the Nifty was up 1.40 points or 0.01 percent at 25,940.40..Related stories.

Domestic Institutional Investors (DII) net bought shares worth Rs 3,868 crore today. On the other hand Foreign institutional investors (FIIs) net sold shares worth Rs 2,874 crore, provisional data from NSE showed on September 24. DIIs bought Rs 15,940 crore worth of shares and sold shares worth Rs 12,071 crore. Meanwhile, FIIs purchased Rs  20,111 crore in shares and offloaded equities worth Rs 22,896 during the trading session. Also read:Taking Stock: Market fails to hold record high; Nifty crosses 26,000, Sensex above 85,000 In the year so far, FIIs have net sold shares worth Rs 1.2 lakh crore, while DIIs have bought 4 lakh crore shares. Market view At close, the Sensex was down 14.57 points or 0.02 percent at 84,914.04, and the Nifty was up 1.40 points or 0.01 percent at 25,940.40. The biggest Nifty gainers of the day were Tata Steel, Hindalco Industries, Power Grid Corp, Tech Mahindra, and Adani Enterprises, while losers included SBI Life Insurance, HUL, Grasim Industries, UltraTech Cement, and Shriram Finance. On the sectoral front, the metal, oil & gas and power index gained while PSU Bank, FMCG, and telecom were down. According to Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd, domestic equities crossed another milestone with Sensex crossing above 85000 & Nifty crossing 26000. "We expect the ongoing momentum to continue in the market with sectorial rotation. Investors would watch out for US Consumer Confidence data that will be released late today," he said.

2024-09-24 18:50

2024-09-24

18:50

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/samsung-defends-indian-wages-as-strike-at-tamil-nadu-plant-enters-3rd-week-12828862.html

Samsung defends Indian wages as strike at Tamil Nadu plant enters 3rd week

Samsung workers' protest at Tamil Nadu plant (file photo).Related stories.

Samsung Electronics workers at a factory in India's Tamil Nadu state are paid almost twice as much as employees in nearby companies, the South Korean group said on September 24, as a strike at the plant entered its third week. More than 1,000 workers have disrupted operations and protested in a makeshift tent close to Samsung's home appliances factory near the city of Chennai since September 9. They are demanding higher wages and union recognition at the plant, which contributes roughly a third of Samsung's annual revenue in India of $12 billion. Commenting on wages for the first time, Samsung said in a statement: "The average monthly salary of our full-time manufacturing workers at the Chennai plant is 1.8 times the average salary of similar workers employed at other companies in the region." The Samsung factory is next to units of global giants such as Foxconn and Dell in an area popular for automobile and electronics manufacturing. "Our workers are also eligible for overtime pay and other allowances and we provide a workplace environment that assures the highest standards of health, safety and welfare," Samsung said, adding it was ready to engage with workers to address their grievances so they can return to work as soon as possible. The Samsung protests cast a shadow over Prime Minister Narendra Modi's drive for more foreign investors to "Make in India" and to triple electronics production to $500 billion in six years. It is the biggest such strike in India in recent years. Veera Raghava Rao, Tamil Nadu's labour secretary, said on Tuesday efforts were ongoing to resolve the dispute. According to labour group CITU, which is leading the strike, Samsung workers earn 25,000 rupees ($300) on average per month, and are demanding a further 36,000 rupees ($430) per month over three years. Samsung last week warned its striking workers they would not receive wages if they continued protesting, Reuters reported.

2024-09-24 18:49

2024-09-24

18:49

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sebi-releases-uniform-framework-for-evaluation-of-stock-exchanges-other-miis-12828858.html

Sebi releases uniform framework for evaluation of stock exchanges, other MIIs

The Independent External Agency shall be appointed with prior No Objection Certificate (NOC) from SEBI , said the circular..Related stories.

The market regulator has released a uniform framework to be followed by independent agencies that evaluate a market infrastructure institution's (MII's) performance. Under the framework, the maximum weightage of 40 percent has been given to resilience in technology and processes of MIIs, in delivery of its core functions; and the minimum weight of 5 percent has been assigned to two parameters which are adequacy of resources, and fair access and treatment to all stakeholders and information disclosure. The current regulations require MIIs such as stock exchanges, clearing corporations and depositories to appoint an external, independent agency to evaluate their performance and the performance of their statutory committees at regular intervals. As of now these evaluations are not done in the same manner. A circular released on September 24 by the Securities and Exchange Board of India (Sebi) stated, "In order to bring consistency and uniformity with respect to evaluations to be done by the external agency, it was felt that basic minimum standards and principles should be developed along with weightages." After discussions with the industry standards forum, the current framework was set. According to the circular, the external evaluation should be done every three years except for the first year. For FY25, when the first such evaluation will be done, the report should be submitted to the governing board of the MII and Sebi by September 30, 2025. Also read:ÂSome I-bankers cut deals with SMEs to inflate valuation, take share of illegal gains The subsequent evaluations shall be done every three years. The circular said, upon completion, a report in this regard shall be submitted to the Governing Board of the MII and SEBI within six months from the end of the third fiscal to be evaluated. To appoint external agency The circular said that the following principles are to be followed: 1.The Independent External Agency shall be appointed with prior No Objection Certificate (NOC) from SEBI and on such terms and conditions, including fees, timelines, etc. as may be approved by the Governing Board of the MII. 2. The Independent External Agency shall have requisite domain knowledge, experience and expertise on matters concerning the securities market and the functioning of the MII. 3. MII shall ensure that there is no conflict of interest in the appointment of the Independent External Agency and the Agency had not been employed/hired by the MII for the evaluation period and till submission of the report.

2024-09-24 18:49

2024-09-24

18:49

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/pg-bangladesh-terminates-distribution-pact-with-gillette-india-12828824.html

P&G Bangladesh terminates distribution pact with Gillette India

One of Gillette India's distributor - Procter & Gamble Bangladesh - has terminated the distribution agreement with the company, effective December 2024..Related stories.

One of Gillette India's distributor - Procter & Gamble Bangladesh - has terminated the distribution agreement with the company, effective December 2024. "As a consequence of this termination, the Company will have an impact of proportionate dropin net sales under this Agreement. For the financial year 2023ŌĆÉ24, the net sales under the saidDistributor Agreement accounted for ~2% of the total net sales of the Company,"┬ĀGillette Indiasaid. The grooming segment accounts for 80% of Gillette India's business.┬ĀGautam Kamath, the CFO of Gillette India recently told analysts that the company has delivered mid-single digit sales growth over past 10 years. It clocked a cumulative annual profit growth of 23%, with return on equity at 5x during this 10-year period. Last financial year, according to MEA data, Bangladesh is IndiaŌĆÖs largest trade partner in South Asia, and India is the second biggest trade partner of Bangladesh in Asia. In FY24, the total bilateral trade between the two nations was at $14.01 billion. Indian businesses in Bangladesh have recently faced some scrutiny from the new interim government, after former PM Sheikh Hasina was ousted in a sudden development.┬ĀThe ties between the two countries too have taken a hit as Hasina had to flee to India after stepping down as the prime minister, following nationwide student protests. According to some news reports,┬ĀWestern textile companies hadtemporarily halted new orders to Bangladeshafter recent┬Āinstances of┬Āviolence.

2024-09-24 18:45

2024-09-24

18:45

moneycontrol.com

https://www.moneycontrol.com/news/india/up-boy-kidnapped-17-years-ago-grows-up-to-become-lawyer-and-puts-abductors-behind-bars-12828853.html

UP boy, kidnapped 17 years ago, grows up to become lawyer and puts abductors behind bars

Representative image.Related stories.

Here’s a revenge story that was indeed served cold. A seven-year-old boy from Agra, Uttar Pradesh, was kidnapped 17 years ago. He grew up to study law and put his kidnappers behind bars. Here’s his story. Harsh Garg, a 24-year-old lawyer was abducted from outside his residence in Agra’s Kheragarh area 17 years ago. According to an NDTV report, he was abducted on February 10, 2007; he was rescued from Madhya Pradesh by the police 26 days later. His abductors had reportedly demanded a ransom of Rs 55 lakh from his family and had even shot his father Ravi Kumar Garg, when he had tried to foil their bid. Cut to 2024, a court in Agra sentenced eight persons to life imprisonment and imposed a fine of Rs 1 lakh on each. The sentence was delivered by Additional District Judge Neeraj Kumar Bakshi a week ago. However, four more people, who were accused in the case, had to be acquitted due to lack of sufficient evidence. What was striking about the case was that Harsh Garg presented his case himself and was successful in prosecuting his abductors. As per the NDTV report, his testimony was crucial role in indicting the perpetrators as he was able to give first-hand accounts of the incident. “We are glad to see that justice has been served, reinstating our faith in the judicial system of the country,” Garg said. Garg had graduated with a law degree in 2022 and had since been actively involved with the case. “I attended every hearing and ensured that all witnesses appeared on their scheduled dates,” he said.

2024-09-24 18:39

2024-09-24

18:39

moneycontrol.com

https://www.moneycontrol.com/technology/dgft-extends-free-import-of-laptop-pcs-tablets-till-december-31-article-12828851.html

DGFT extends free import of laptop, PCs, tablets till December 31

The DGFT on September 24, released a circular extending the import management system for laptops.Related stories.

The Directorate General of Foreign Trade (DGFT) on September 24 released a circular notifying the extension of the existing import management system (IMS) for PCs, laptops, tablets till December 31, 2024. The IMS allows free import of such items. However, from the period starting from January 1, 2025, importers will have to apply for fresh authorisations, and the DGFT will release detailed directions in that regard, the circular said. "Importers would be required to apply for fresh authorisations for the period of 01.01.2025 subject to detailed guidance to be provided shortly," the circular accessed by Moneycontrol read. As Moneycontrol had earlier reported, manufacturers who have already received authorisations for imports, but whose validity was scheduled to end on September 30, will now be valid till the year-end, the circular added. Before the issuance of this circular, the system that allows free import of such items was scheduled to end on September 30. The industry, which includes laptop, and personal computer (PC) manufacturers, has been "waiting with trepidation" for an update on the way ahead. American tech companies raised concerns that going back to the government’s initial proposal of licensing norms for the PC ecosystem would spell the death knell for India's tech dreams. In a statement to the publication, Kumar Deep Banerjee, Country Director ITI Council said “ We thank the government for extending the current import management system. However, industry needs more clarity on the proposed new import authorisation scheme, set to be in place from January 2025. We expect a robust stakeholder consultation before implementing any new requirements." ITI Council's members include laptop, tablet and PC makers such as Apple, Microsoft, Dell, Lenovo and others. In August 2023, the government announced restrictions on the free import of laptops, tablets, personal computers and similar products, requiring companies to obtain licences for these imports. The move was aimed at boosting opportunities for domestic manufacturers and ensuring a trusted supply chain, as India remains heavily reliant on imports for such electronics. The policy, however, faced strong opposition from global tech giants such as Dell, Acer, Samsung, Panasonic, Apple, Lenovo and HP, who argued it would disrupt their operations. The government rolled back the restrictions the following month, extending the free import window by a year to September 2024.

2024-09-24 18:35

2024-09-24

18:35

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/mc-exclusive-easemytrip-promoter-to-sell-block-worth-rs-580-cr-at-floor-price-of-rs-38-on-sept-25-12828820.html

MC Exclusive: EaseMyTrip promoter to sell block worth Rs 580 cr at floor price of Rs 38 on Sept 25

The sale is being done through the brokers Motilal and SMC.

The promoter ofEaseMyTrip(Easy Trip Planners Ltd) Nishant Pitti is expected to sell 15 crore shares or 8.5 percent of the total share capital in a block deal on September 25, according to sources. The floor price per share is expected to be Rs 38 for a total transaction value of nearly Rs 580 crore. The buyer is expected to be multiple institutional investors, according to sources. Pitti, CEO of EasemyTrip, in a reply to email sent by Moneycontrol said that they will selling a block of shares through their brokers Motilal and SMC. Easemytrip closed at Rs 40.99 per unit today or 1.3 percent lower than yesterday's closing. (This copy will be updated.)

2024-09-24 18:25

2024-09-24

18:25

moneycontrol.com

https://www.moneycontrol.com/news/business/shankh-air-cleared-for-takeoff-by-aviation-ministry-awaits-final-dgca-approval-12828615.html

Shankh Air cleared for takeoff by aviation ministry, awaits final DGCA approval

Shankh Air, originating from Uttar Pradesh, is set to become the state’s first scheduled airline, with operational hubs planned in Lucknow and Noida..

Uttar Pradesh-based Shankh Air could be the latest entrant into Indian aviation space as it got approval from ministry of civil aviation and awaits clearance from the Directorate General of Civil Aviation (DGCA). In its approval letter, the ministry emphasized that Shankh Air must comply with regulations regarding Foreign Direct Investment (FDI) and SEBI norms. The No Objection Certificate (NOC) granted to the airline remains valid for three years. This development comes amid growing competition in India’s aviation sector, as Air India recently gained market share, while SpiceJet and Akasa Air saw decline. Domestic air traffic in August 2024 increased by 5.7 percent year-on-year, reaching 1.31 crore passengers, although it dipped slightly compared to the previous months. Shankh Air, originating from Uttar Pradesh, is set to become the state’s first scheduled airline, with operational hubs planned in Lucknow and Noida. The carrier will operate a fleet of Boeing 737-800NG aircraft, connecting underserved domestic routes. The airline, owned by entrepreneur Sharvan K Vishwakarma, has proposed to start flight from the upcoming Noida Airport from October 2025.

2024-09-24 18:24

2024-09-24

18:24

moneycontrol.com

https://www.moneycontrol.com/technology/amazon-great-indian-festival-early-bird-offer-apple-macbook-air-m1-will-drop-below-rs-50000-how-to-get-the-deal-article-12828708.html

Amazon Great Indian Festival Early Bird offer: Apple MacBook Air M1 will drop below Rs 50,000; how to get the deal

MacBook Air M1 under Rs 50000.

Amazon Great Indian Festival Sale is just around the corner and ahead of that the e-commerce platform has already revealed a couple of deals and discounts across all the categories. As a part of that, Amazon has confirmed the discounted price of the MacBook Air M1 which is set to drop below Rs 50,000 during the upcoming festive sale. Apple MacBook Air M1 to cost Rs 49,999 Amazon has currently listed the MacBook Air M1 at Rs 62,990. However, during the Great Indian Festival Sale, the laptop price is set to drop to Rs 55,900 without any additional discount. In addition to this, buyers can avail themselves of an additional discount of Rs 3,000 on select bank’s debit or credit card which brings the price down to Rs 52,990. That’s not it. Amazon will be offering the laptop at Rs 49,999 as a part of the early bird deal. For early customers, the MacBook Air M1 will be available at Rs 49,999 including all the discounts and offers. MacBook Air M1: Should you buy one in 2024 MacBook Air M1 is Apple’s first MacBook to be powered by its all-new M series chips. The laptop was launched in November 2024, and it has been four years since its launch. However, Apple supports its laptops longer than others and it has already received the macOS Sequoia update and will most likely receive a couple generations of updates in future too. In addition to this, the laptop packs ample performance compared to the Windows PCs counterpart and one biggest highlight has always been the battery life which is rated at 18 hours which is much more than any other Windows PCs offers in this price range.

2024-09-24 18:15

2024-09-24

18:15

moneycontrol.com

https://www.moneycontrol.com/news/business/post-rbi-relief-iifl-finance-plans-rs-10000-cr-fundraise-via-bonds-nirmal-jain-12828833.html

Post-RBI relief, IIFL Finance plans Rs 10,000-cr fundraise via bonds: Nirmal Jain

Post-RBI relief, IIFL Finance plans Rs 10,000-cr fundraise via bonds: Nirmal Jain.Related stories.

IIFL Finance plans to raise Rs 10,000 crore via debt in the next six months and diversify both its borrowing sources and business, a top official said on Tuesday, as the non-bank lender looks to recover from a recent ban. In March, Reserve Bank of India had orderedIIFL Financeto stop sanctioning and disbursing gold loans, citing "material supervisory concerns". Theban was liftedlast week. "As business picks up again, we will have to reassess our requirement for funds," Nirmal Jain, founder and managing director, told Reuters in an interview. "We do not need equity capital for now; we may need debt." Besides rupee-denominated debt, IIFL Finance will also explore the dollar-bond route and go for a public issue of bonds "at some point" later this financial year, Jain said. As of June-end, more than 50% of IIFL Finance's borrowings came from banks, while about 24% were from non-convertible debentures, data showed. The company is aiming to reduce bank borrowing to under 50%, thereby diversifying its borrowing mix, Jain said. "50-60% of our incremental borrowing mix may come from external commercial borrowings, dollar bonds, local bonds and other non-bank sources." The company is looking to recruit 3,000 to 4,000 people in the next three months, specifically for the gold loan business, Jain said. But stung by its financial loss for the April-June quarter after the central bank's ban, the company is also looking to diversify its loan products to minimise risks. Jain said for its next leg of growth, IIFL Finance will also focus on loans against property, loans to medium and small enterprises and secured and unsecured business loans. The company will also evaluate a proposal to list its mortgage and microfinance arms, Jain said.

2024-09-24 18:05

2024-09-24

18:05

moneycontrol.com

https://www.moneycontrol.com/news/india/supreme-court-rejects-punjabs-nri-quota-plea-says-fraud-must-end-12828827.html

Supreme Court rejects PunjabŌĆÖs NRI quota plea, says ŌĆśfraud must endŌĆÖ

This is nothing but a money spinning tactic of the state, observed a bench of Chief Justice DY Chandrachud and Justices J B Pardiwala and Manoj Misra.

The Supreme Court on September 24 dismissed the Punjab governmentŌĆÖs appeal challenging a High Court verdict quashing its decision to expand the definition of ŌĆśNRI quotaŌĆÖ for admissions in medical colleges across the state. This fraud must come to an end now, the apex court said, according to a report by news agency PTI. The Punjab and Haryana High Court on September 10 struck down a state government decision to expand the NRI quota for medical college admissions. The AAP-led government had in August proposed including distant relatives of NRIs, such as uncles, aunts, grandparents, and cousins, under the 15 percent NRI quota. The court ruled that this expansion was not in line with the intent of the quota. This is nothing but a money spinning tactic of the state, observed a bench of Chief Justice DY Chandrachud and Justices J B Pardiwala and Manoj Misra. "We will dismiss all the petitions. This NRI business is nothing but a fraud. We will put an end to all this.... now the so called precedents must give way to primacy of law," said the bench.It termed the High CourtŌĆÖs verdict as ŌĆ£absolutely rightŌĆØ. ŌĆ£Look at the deleterious consequences, the candidates who have three times higher marks will lose admission (in NEET-UG courses) and all these people will come from the backdoor,ŌĆØ the Supreme Court said. The top court added that distant relatives of a ŌĆśmama, tai, tayaŌĆÖ, who are settled abroad, will get admissions ahead of meritorious candidates and this cannot be allowed.

2024-09-24 18:05

2024-09-24

18:05

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/number-of-million-plus-cities-to-jump-50-in-2024-sbi-research-12828821.html

Number of million-plus cities to jump 50% in 2024: SBI Research

India may have over 150 million old people in 2024, says SBI Research.

The number of million-plus cities is expected to rise to 75-80 in 2024 compared with 52 in the 2011 census and 18 in 2001, SBI Research said on September 24. In its report “Precursor to Census 2024: The Fine Prints of a Rapidly Changing Nation”, SBI researchers noted that population of people living in urban centres is set to rise to 35-37 percent in Census 2024 compared with 31.1 percent in 2011. “Apart from UTs, Goa and Kerala are highly urbanised while among major states, Tamil Nadu continues to be the most urbanised state with 54% of the population living in urban areas followed by Maharashtra (48.8%) which leads in absolute number of persons living in urban areas,” SBI research said. The number of elderly people is also set to rise, with the elderly population crossing 150 million, an increase of 46 million from 2011. “The share of elderly population will be around 10.6% in 2024,” it said, noting that medical/tertiary care in states “would need a significant boost to cater to the demands of older people on lifestyle / medical grounds.” UP, Maharashtra, West Bengal and Tamil Nadu will add nearly a third of the elderly population. The SBI Research also noted an increase in the median age to 28-29 from 24 in 2021. “The demographic dividends can be huge and a growth multiplier in the coming decade for us thus!” it said.

2024-09-24 17:58

2024-09-24

17:58

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/western-carriers-shares-make-tepid-market-debut-settle-over-7-lower-12828815.html

Western Carriers shares make tepid market debut; settle over 7% lower

Western Carriers India.Related stories.

Shares of logistics company Western Carriers (India) made a tepid market debut on Tuesday and ended its first session with a discount of over 7 percent against the issue price of Rs 172 apiece. The stock was listed at Rs 170, about 1 percent lower from the issue price on the BSE. During the day, it declined 7.84 percent to Rs 158.50. Shares of the logistics firm ended at Rs 159.45, a discount of 7.29 percent. At the NSE, the stock made its market debut at Rs 171, reflecting a discount of 0.58 percent. It finally ended at Rs 159.40, a fall of 7.32 percent. The company's market valuation stood at Rs 1,625.68 crore. In traded volume terms, 17.42 lakh shares of the firm were traded at the BSE and 167.66 lakh scrip at the NSE during the day. The initial public offer of Western Carriers (India) Ltd garnered 30.46 times subscription on the final day of bidding on Thursday. The Rs 493-crore initial share sale had a price band of Rs 163-172 per share. The IPO had a fresh issue of equity shares, aggregating up to Rs 400 crore and an offer-for-sale (OFS) of up to 54 lakh equity shares worth Rs 93 crore, at the upper end of the price band. Proceeds from the fresh issue to the tune of Rs 163.5 crore will be used for debt payment, Rs 152 crore for funding capital expenditure requirements towards the purchase of commercial vehicles, shipping containers, and reach stackers, and the remaining funds towards general corporate purposes. Western Carriers is India's leading private, multimodal, rail-focused, asset-light logistics company, with a customer base of 1,647 across varied sectors like metals and mining, FMCG, pharmaceutical, building materials, chemicals, oil and gas, and utilities as of March 2024. Some of its key customers are Tata Steel, Hindalco Industries, Vedanta, BALCO, HUL, Coca-Cola India, Tata Consumer Products, Wagh Bakri, Cipla, Haldia Petrochemicals and Gujarat Heavy Chemicals, among others.

2024-09-24 17:56

2024-09-24

17:56

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/northern-arc-capital-shares-record-23-gains-on-listing-day-12828813.html

Northern Arc Capital shares record 23% gains on listing day

Northern Arc Capital is a non-deposit-taking NBFC and has been operating in the financial inclusion space for over a decade.Related stories.

Non-banking finance companyNorthern Arc Capitalshares posted nearly 23% gain at close on September 24, the listing day. This, despite the benchmark indices having settled the session on a flat note. The stock opened 33 percent higher at Rs 350 (which was also its day's high) on the National Stock Exchange, and maintained Rs 300 mark throughout session. It touched an intraday low of Rs 308.20, before concluding the session at Rs 323.4, up 22.97 percent over the issue price of Rs 263. On the BSE, it rallied 23.04 percent to settle at Rs 323.60, and recorded market capitalisation of Rs 5,222.24 crore. Northern Arc traded with volume of 3.49 crore equity shares on the NSE, and 34.12 lakh shares on the BSE. The Chennai-based firm has mobilised Rs 777 crore through its IPO, which consisted of fresh issuance of shares worth Rs 500 crore and an offer-for-sale of 1.05 crore shares worth Rs 277 crore. The price band for the offer was Rs 249-263 per share. The maiden public issue was subscribed 110.91 times during September 16-19. Northern Arc Capital offers retail loans to underserved households and businesses will utilise the net fresh issue proceeds for its future capital requirements toward onward lending. Since 2009, the company has facilitated financing of over Rs 1.73 lakh crore till March 2024 to over 101.82 million people across India. According to the CRISIL, it is one of the leading players amongst diversified NBFCs in terms of assets under management (AUM).

2024-09-24 17:50

2024-09-24

17:50

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/tata-power-reports-fire-incident-at-trombay-plant-no-injuries-or-loss-of-life-12828817.html

Tata Power reports fire incident at Trombay Plant, no injuries or loss of life so far

Tata Power.

Tata Power said there was a fire incident at its Trombay Plant on September 23, and while no injuries or loss of life have been reported, the company is currently investigating the cause of fire and work is underway to restore normal operations. The fire incident took place at the Control Room of Unit No. 5 (500 MW unit) of the Trombay Plant,Tata Powersaid in an exchange filing on September 24. “The Company is in the process of assessing the actual damage caused by the fire. We also confirm that the plant is adequately insured, and the Insurance Company has been duly informed. Efforts are underway to restore normal operations at the plant as soon as possible. Further updates will be provided in due course,” it added.

2024-09-24 17:46

2024-09-24

17:46

moneycontrol.com

https://www.moneycontrol.com/news/business/repairability-index-in-the-works-to-reuse-electronic-devices-12828816.html

Centre working on a Repairability Index to create an ecosystem for reuse of devices

Electronic devices are considered to have the fastest-growing demand and shortest lifespan. The proposed index will allow consumers to decide on a product based on its repairability..Related stories.

Centre is planning a Repairability Index which will improve the sustainability quotient of your devices as well as allow consumers to reuse the electronic products that they own. An expert committee has been set up to recommend a framework to constitute such a index, which will promote sustainable practices in the tech industry, Department of Consumer Affairs said on September 24. The Index will seek to provide consumers with transparency regarding the repairability of their devices, and also foster a sustainable technology industry. Industry stakeholders were brought together in August this year to establish a consensus, in terms of the framework for evaluating what components will go into the making of such an index. Stakeholders also shared their inputs on bring in longevity in design, making repair-related information more accessible, as well as making spare parts available even after products are discontinued. Electronic devices are considered to have the fastest-growing demand and shortest lifespan. The proposed index will allow consumers to decide on a product based on its repairability. The index will also aim to standardize how repairability is to be assessed, allowing consumers to compare products based on the repair quotient. This should create an ecosystem where consumers can compare products and choose options based on the repairability, said Department of Consumer Affairs. The index aims to create and ecosystem for accessible spares, repair information, design and affordability of the entire process. The key members of the committee are Anupam Mishra, Consumer Affairs Joint Secretary, Pankaj Mohindroo, Chairman – Indian Cellular Electronics Association, representatives from Samsung Electronics, Google India and HMD Mobiles. Data from Apple has revealed that nearly 80% of an iPhone 15 Pro's life-time carbon emission actually take place in its production. This implies, consumers may need to use their devices longer, in order to avoid further emissions.

2024-09-24 17:46

2024-09-24

17:46

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/moodys-analytics-raises-indias-2024-gdp-forecast-to-7-1-economy-likely-to-grow-6-5-in-2025-12828798.html

MoodyŌĆÖs Analytics raises IndiaŌĆÖs 2024 GDP forecast to 7.1%; economy likely to grow 6.5% in 2025

India's economy to grow faster at 7.1% in 2024.Related stories.

The Indian economy will likely grow faster at 7.1 percent in 2024 from 6.8% projected earlier, MoodyŌĆÖs Analytics noted in its new Asia Pacific outlook released on September 24. While theresearch firmkept the countryŌĆÖs growth forecast unchanged at 6.5 percent for 2025, it projected a faster growth of 6.6 percent in 2026. In its June outlook, the agency had noted that IndiaŌĆÖs economy will slow down further to 6.2 percent in 2026. ŌĆ£After a strong post-pandemic rebound of 7.8% in 2023, Indian GDP growth will slow to 7.1% in 2024 and 6.5% in 2025,ŌĆØ MoodyŌĆÖs Analytics said. The firm predicted better inflation outcomes as well, as it reduced IndiaŌĆÖs inflation forecast to 4.7 percent from the 5 percent projected earlier. IndiaŌĆÖs inflation remained below 4 percent in July and August as a favourable base kept prices contained. The 2025 and 2026 forecast was unchanged at 4.5 percent and 4.1 percent, respectively. The Reserve Bank of India expects inflation to decline to 4.5 percent in FY25. A Moneycontrol poll had projected that the central bank is unlikely to move on rates in the upcoming meeting, and the first cut of 25 bps is likely to follow in December. RBIŌĆÖs US counterpart, the Federal Reserve, had recently cut the policy rate by 50 bps to stave off recession fears. For the APAC region, MoodyŌĆÖs raised 2025 forecast to 4 percent from 3.9 percent projected earlier. The APAC economies are expected to log 3.9 percent growth in 2024, it said. ŌĆ£Exports have been a key driver for the region, but growth rests on an unstable footing. Key export drivers such as chips are losing steam. Global goods demand has been soft. And China's policy-led ramp-up in exports has sparked protectionism abroad,ŌĆØ MoodyŌĆÖs said. It noted that China is expected to slow more than anticipated to 4.7 percent, compared with the projected 4.9 percent earlier. ChinaŌĆÖs central bank released a host of measures to boost the economy on September 24.

2024-09-24 17:36

2024-09-24

17:36

moneycontrol.com

https://www.moneycontrol.com/technology/dreame-launches-its-flagship-robot-vacuum-cleaner-with-12000pa-suction-automatic-base-station-article-12828667.html

Dreame launches its flagship robot vacuum cleaner with 12000Pa suction, automatic base station

Dreame X40 Ultra.

Dreame Technology has launched its flagship X40 Ultra robot vacuum and mop in India. The device, designed for advanced home cleaning, features 12,000 Pa suction power and a 7-in-1 auto base station. It is available on Amazon and Dreame's official website. Price in India The Dreame X40 Ultra is priced at Rs 1,29,999. As part of the Diwali promotion, it will be available at an exclusive price of INR 99,999. The promotional offer begins on 26th September for Amazon Prime members and from 27th September to 30th October for all customers. The Dreame X40 Ultra can be purchased on Amazon and Dreame's official website. The promotional pricing will be available during the Diwali sale. Features The Dreame X40 Ultra comes with side reach technology, allowing it to clean corners and areas around furniture legs efficiently. Its MopExtend RoboSwing feature enables the mop to extend up to 4 cm, making it suitable for cleaning under low-profile furniture. The Vormax suction system offers powerful cleaning, designed to handle various debris types while maintaining smooth airflow. The device includes a 7-in-1 auto base station that automates dustbin emptying, hot water mop cleaning, self-cleaning, automatic drying, and refilling of water and cleaning solution. Its obstacle avoidance system uses RGB cameras and 3D structured light technology to navigate around objects and clean in low-light conditions. Additionally, it features advanced carpet cleaning strategies, such as lifting its mops to avoid wetting carpets and using extra suction when needed. Dreame’s X40 Ultra also includes an OmniDirt detection system to adjust cleaning based on stain severity, enhancing its ability to handle diverse cleaning tasks efficiently.

2024-09-24 17:27

2024-09-24

17:27

moneycontrol.com

https://www.moneycontrol.com/automobile/the-drive-report-mercedes-benz-eqs-suv-article-12828792.html

The Drive Report: Mercedes-Benz EQS SUV

The Mercedes-Benz EQS SUV.Related stories.

It’s been interesting to see the ongoing tug-of-war between rivals BMW India and Mercedes-Benz India. While Mercedes-Benz is the clear leader in the overall luxury passenger car space, the two are constantly outpacing each other to claim the luxury EV space. Recently, Mercedes-Benz dealt what can be a deathly blow to its compatriot’s chances of being the top player in India’s luxury EV space by launching its all new flagship electric SUV - the EQS SUV, at a remarkable price of Rs 1.41 crore. This makes the EQS SUV the second EV from Mercedes-Benz India to be locally assembled, the first one being the EQS sedan. Design Mercedes-Benz EQS Although more practical than the EQS sedan, the SUV is still built in the same radical mould as the EQS sedan, prioritising aerodynamic efficiency and optimising it’s born-electric skateboard form to offer the greatest range, interior comfort and dynamism that an electric SUV of its size and stature can deliver. It’s still a relatively benign form compared to the lantern-jawed GLS which has been an undisputed bestseller for Merc. While many would prefer that form factor to the one offered by the EQS SUV, there’s no denying its sheer road presence aided in no small measure by its 21-spoke alloys and its massive 3.21 metre long wheelbase. The EQS SUV immediately addresses the issues plaguing the sedan, namely low ground clearance and cramped rear seats (when compared to the S-Class). The design might still be an acquired taste for some but there’s no denying that this is a distinct and futuristic looking SUV that puts function before form. If there is an issue, it’s that it looks almost identical to the EQE SUV which, costing only Rs 2 lakh less, now lies between a rock and a hard place.A Tech Convention on Wheels.. Mercedes-Benz EQS SUV Is what most of Mercedes-Benz’s current-crop of top-shelf sedans and SUVs can be and the EQS is no different. The 56-inch hyperscreen which once felt imposing and overwhelming now feels intuitive and indispensable. The resolution paired with the sheer size of the map and the menu feel very convenient on the move, especially if you forget to turn off some of the more enthusiastic ADAS features which is something of a pre-driving ritual. The hyperscreen is sans any actual buttons whose absence is still conspicuously felt but the layout of the HVAC buttons on the menu is crisp and easy to navigate.You enter the virtual world of the latest MBUX system via a fingerprint sensor on the centre console, but there’s also voice and facial recognition for quickly logging-in. Built-in navigation continues to offer top-end features like a live feed from the front camera with augmented reality overlays that display obstructions, turn signals etc, but you’re more likely to stick with Google Maps via Apple CarPlay/Android Auto because it’s a bit less distracting. At the back you get a 7-inch tablet, two 11.6-inch touchscreens and a pair of active noise cancellation headphones – the EQS SUV is a mobile suite of cutting-edge electronics. You feel like you can do anything from filling out excel sheets to accessing nuclear codes from inside this car. Mercedes-Benz EQS SUV There’s no shortage of highlights in the cabin, from the excellent Burmester sound system to the 360 degree camera, but the real strength of the EQS SUV is just how soft and nourishing its stark white cabin feels. Unlike many German cars, including the C-Class, the seats both at the front and the back are softly-cushioned. The headrest for both the front and the middle-row come with soft, suede leather cushions, along with reclining and massage functions enveloping you in a cocoon of soft touch materials and blissful quietude.Driving the EQS SUV EQS SUV Barrelling down an exit ramp on Hyderabad’s excellent flyovers, it’s evident why the skateboard chassis prevails. This is where Merc’s born-electric EVs outshine its rivals. Make no mistake, the EQS SUV with its enormous 122 kWh battery and host of electronic features is a mammoth of an EV and yet, weight is only an issue if you feel it around the bends. With the EQS SUV, you do not. This was the case with the sedan as well which gathered momentum so astoundingly fast, its weight just didn’t seem to hinder its performance. This thing is a fortress – it feels astonishingly quiet, firmly planted with a supercar-shaming 858 Nm of torque that’s available at any and every point. Sport mode firms up the suspension, but its “Comfort” delivers the best inner-city driving experience. Each axle gets its own motor which allows this massive modernist sculpture to hit 100kph in a claimed 4.7 seconds.The adaptive dampers that come with the air suspension allow the SUV to glide over uneven surfaces, while its massive battery floor keeps the centre of gravity low. Even the regenerative braking now seems to be more intuitive and effective with an “Intelligent Recuperation” mode that utilises the car’s Level 2 ADAS to detect obstructions ahead and slow down accordingly. Its “Strong” recuperation feels much more effective now, bringing this 2.8 tonne behemoth down to crawling speeds within seconds.VERDICT EQS SUV It’s easy to see why convention dictates that the EVs will see greater market penetration in the luxury space. The EQS SUV has the sort of features that would put a Rolls to shame, a little over a decade ago. It is phenomenally quick, gobsmackingly quiet, manoeuvrable, quiet – there isn’t an aspect that an ICE SUV of its ilk can trump. Can its 809 km range make it a proper highway worthy grand tourer? Only if the journey is well established and functional fast chargers because you are unlikely to find the kind of DC charger that will charge this quickly. It takes a 200 Kw fast charger to provide up to 70 per cent of fast charging in 31 minutes. On every other metric the EQS outperforms its ICE rivals as a luxury mobility solution. The EQS SUV goes above and beyond in offering its customer the best electric driving experience south of a Maybach EQS. In fact it over delivers on almost all metrics be it speed, performance, comfort and range. Add to it Mercedes-Benz’s buy back scheme for EVs and it is such a compelling choice, few who are in the market for a seven-seater SUV would be able to resist it. When it comes to a simple price-to-luxury ratio, there’s no beating this electric SUV.

2024-09-24 17:25

2024-09-24

17:25

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/manba-finance-ipo-continues-to-attract-great-interest-subscribed-59-times-on-day-2-12828657.html

Manba Finance IPO continues to attract great interest, subscribed 73 times on day 2

Manba Finance IPO.Related stories.

The Rs 151-crore initial public offering ofManba Financecontinued to garner significant interest from investors, recording 73.23 times subscription on September 24, the second day of bidding with investors buying 64.43 crore equity shares against the offer size of 87.99 lakh shares. The non-banking finance company intends to raise Rs 150.84 crore entirely via fresh issue of 1.25 crore equity shares, at the upper end of price band of Rs 114-120 per share. Non-institutional investors bought 172.26 times the allotted quota, followed by retail investors who picked 70.26 times the reserved portion. The part set aside for qualified institutional buyers was subscribed 4.15 times, subscription data on the exchanges showed. TheMumbai-based NBFCthat provides loans for two-and-three wheelers has already mobilised Rs 45.25 crore from several anchor investors including Chartered Finance & Leasing, Antara India Evergreen Fund, Belgrave Investment Fund, Finavenue Growth Fund, and Vikasa India EIF I Fund on September 20. It is going to utilise the IPO proceeds mainly for augmenting the capital base to meet its future capital requirements. About 97.90 percent of its loan portfolio comprises new vehicle loans with an average ticket size (ATS) of around Rs 80,000 for two-wheeler loans and ATS of around Rs 1,40,000 for three-wheeler loans. It has established relationship with more than 1,100 dealers, and operates business through 66 locations connected to 29 branches across Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh and Uttar Pradesh. The company also offers loans against used cars, small business loans, and personal loans. Manba Financethat compares itself with listed peers like Baid Finserv, Arman Financial Services, and MAS Financial Services, traded at around 50 percent premium in the grey market, the unofficial market for trading in IPO shares till the listing, the market observers said.

2024-09-24 17:19

2024-09-24

17:19

moneycontrol.com

https://www.moneycontrol.com/news/business/tiktok-to-shut-down-its-music-streaming-business-in-november-12828799.html

TikTok to shut down its music streaming business in November

ByteDance Ltd., TikTok’s owner, created the music service to capitalize on the app’s power and popularity with music fans..

TikTok Inc. plans to discontinue its music service in November, ending a years-long experiment to compete with Spotify Technology SA and Apple Inc. TikTok Music will go offline on Nov. 28 and customer data will be deleted, the music division said in a post on its website. Users were told to transfer playlists to other services no later than Oct. 28. Instead of competing with music streaming services, TikTok will drive users to them via its “Add To Music App” feature, the company said in a statement on Tuesday. The feature, which was introduced last year, lets users save tracks they like on TikTok to playlists on partner services such as Spotify, Apple Music and Amazon. ByteDance Ltd., TikTok’s owner, created the music service to capitalize on the app’s power and popularity with music fans. TikTok videos have been credited with the rise of hit songs and new artists, and have led to clashes with record labels which have demanded higher payments for using their clips. Earlier this year, Universal Music Group NV had a months-long standoff that saw performers including Drake and Rihanna pulled from the network. The music app, originally called Resso, was launched initially in 2019, in a bet that the company could funnel TikTok users into a new standalone music service. It was available in Brazil, Indonesia, Australia, Mexico, and Singapore.

2024-09-24 17:15

2024-09-24

17:15

moneycontrol.com

https://www.moneycontrol.com/technology/snap-integrates-googles-generative-ai-model-into-chatbot-article-12828797.html

Snap integrates Google’s generative AI model into chatbot

Snapchat.Related stories.

Snap Inc. will start using Google’s generative artificial intelligence model to help power Snapchat’s AI chatbot, part of a broader plan to boost engagement and increase user time spent on the messaging app. Snap has been investing in new AI features as it competes with larger peers, such as Meta Platforms Inc., which also has its own AI chatbot. Alphabet Inc.’s Google, meanwhile, has been seeking new corporate clients for its Gemini AI model as a way to boost business. The two companies announced the new partnership Tuesday. Snap shares rose about 2% to $10.40 in early trading before New York markets opened on Tuesday. Snap first launched its My AI chatbot last year, using generative AI models from OpenAI, the maker of ChatGPT. But the company recently started using Gemini as well because Google’s large language model can process video, audio and text simultaneously, capabilities collectively known as multimodal AI. That feature is important because Snapchat users often communicate through videos and images, in addition to text, said Snap Chief Executive Officer Evan Spiegel. “The chat with large language models has always been quite engaging,” Spiegel said, though he also noted that the experience when sending photos and videos to a chatbot has lagged behind. Since sending photos and videos is the main way Snapchat users communicate, this “held back our vision” for what the product could ultimately become, he added. Since Snap started using Gemini earlier this year, the company has seen almost three times more engagement from people sending images and videos to its AI chatbot, the company said. “It’s a more natural way for people to express themselves,” explained Google Cloud Chief Executive Officer Thomas Kurian. Gemini will also power new features on Snap that allow its AI chatbot to, for example, translate menus in a foreign language or identify plants from just a picture. Snap is already a customer of Google’s cloud-computing services to help support Snapchat, whose 850 million monthly users collectively send billions of photos and videos each year. The expanded partnership will help Google reach new users and improve its AI models, Kurian said. “Snap’s user community has really helped us not just adopt the model, but learn a lot by observing the way people talk to it,” he said. “Some people want to talk to a friend, some people want to talk to someone more like a teacher, some people want to talk to a coach.” Kurian also credits the partnership for giving Snap’s AI chatbot more personality, and helping it interact more like a person than a computer. But training AI models to be more casual or conversational comes with risks. At one point, more than half of Snapchat’s users were between the ages of 13 and 24, a demographic that’s particularly sensitive to online harms. When Snap first launched its AI-powered chatbot, the social media company warned its young users not to share any secrets with the bot and to refrain from relying on it for advice because it could “hallucinate,” or make up information. Both companies said they put extra safeguards around the types of responses the chatbot will return given Snapchat’s young user base. Spiegel said Snap is also considering using Gemini for other features within its Spectacles smart glasses, a new augmented reality product the company unveiled last week. The AR glasses connect to the Snapchat app and are already compatible with the My AI chatbot. The photo-sharing company plans to continue investing heavily in artificial intelligence for other features, including to better rank and recommend content, and to target ads.

2024-09-24 17:15

2024-09-24

17:15

moneycontrol.com

https://www.moneycontrol.com/news/business/moneycontrol-pro-panorama-can-chinas-stimulus-revive-commodity-prices-12828681.html

Moneycontrol Pro Panorama | Can China’s stimulus revive commodity prices?

The question investors need to ask is whether the latest stimulus alone is sufficient to revive China’s economy and investments in the country..Related stories.

Dear Reader, China’s central bank has announcedÂa slew of measures to revive its economy and the troubled property sector. The People’s Bank of China reduced the short-term interest rate, the reserve requirement banks have to maintain and outlined measures to support the property market. The quantum of the rate cut and additional support measures came as a surprise. Equity markets rose in China and Asia. In India, metals and commodity stocks reacted positively. As the world’s biggest producer of finished goods, China wields outsized influence on raw material prices. Weak demand in its domestic economy has been a bugbear for global commodity markets. Therefore, brighter prospects for a demand recovery comes as a relief for commodity producers, particularly for steel manufacturers in India. China accounts for over half of the world's crude steel output,Âpoints out our Research Team. Rapid infrastructure build-up and a housing boom have fuelled demand for metals historically. However, as economic growth in China slowed, the country's metal producers stepped up exports, which has weighed on prices in global markets, including India. If domestic Chinese demand improves, local producers can sell more in the domestic market, lowering export availability and helping improve steel prices globally. Similarly, demand for other industrial commodities can rise on a recovery in China. But the question investors need to ask is whether the latest stimulus alone is sufficient to revive China’s economy and investments in the country. The main problem is that China’s economic slowdown is more deep-rooted. The “common prosperity” campaign and increasing control over the economy isÂstifling private investment and entrepreneurship in the country. Global business enterprises are reducing exposure to China amid trade tensions. This is weighing on investor morale and consumer sentiments. “The risk of problematic systemic deflation — when falling prices and wages reinforce each other and drag down economic activity — has risen. In the short term, say the next six months, the main external risk is slower global growth. In the medium term, it is accelerated supply-chain adjustment and large barriers to trade and investment by major trade partners,” warn economists at S&P Global Ratings. To counter economic headwinds, China will have to follow up the latest actions with more monetary and fiscal policy support measures. An outreach to the private sector and renewed focus on transparency will help. Such measures will take time to yield results. Also, the recovery in China’s troubled property market is contingent on price stabilisation and normalisation of inventories, explains Lynn Song, chief economist, Greater China, ING Bank. Until these two metrics and investments in China improve, a sustained improvement in commodity prices can remain elusive. Investing insights from our research team Muthoot Finance – Is the shine here to stay? Nocil: A casualty of China dumping What else are we reading? These three filters can up your trading game Priority sector lending boosts banks’ profitability: RBI study A welcome change in renewable energy project tenders Haryana assembly polls: small state, big implications OYO’s Motel 6 acquisition adds global visibility, but what’s with its IPO plans? Chart of the Day: Tariff hikes trigger SIM consolidation in telecom market One way or another, Intel is for sale (republished from the FT)Modi in US engages with Quad leaders amid rising East-West tensions Collegium: Ensuring judicial independence or perpetuating an unaccountable system? Rajasthan casts a long shadow on Congress's efforts to retrieve ground in Haryana MarketsÂSignificant uptick seen in retail participation in passive funds, smart beta products, says Mirae's Siddharth Srivastava Tech and Startups Game on: 3 years on TV, Nazara's Nodwin hits it out of the park with esports Technical Picks:ÂCummins India, Hindustan Petroleum Corporation, Himadri Speciality Chemical, Tata SteelWe have a crack team of reporters writing on everything startups and tech. We are fans of their newsletter Tech3 that lands in our inboxes every weekday evening. You can catch up on the day's happening tech and startup stories, including news, scoops, and analyses. If you have not already subscribed to it,Âclick on this link to sign up.A new offer for you and your friends--The MC Pro Elite Club referral programme. Invite friends toÂsubscribe to Pro, and you could earn up to Rs 1000/- on eligible subscriptions. Plus, your friends get Rs 200 when they subscribe for the first time.ÂClick here to know more. Thank you for subscribing to Moneycontrol Pro. Check out our offers pageÂhere for exclusive discounts on select brands and giveaways. We would love to hear from you. For any feedback on the product and suggestions please clickÂhere. We promise to read your responses although we might not be able to reply to each one individually. R Sree RamMoneycontrol Pro

2024-09-24 17:12

2024-09-24

17:12

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/women-in-salaried-jobs-in-india-down-to-a-seven-year-low-shows-mc-analysis-12828779.html

Women in salaried jobs in India down to a seven-year low: MC Analysis

Women in salaried jobs in India down to a seven-year low, shows MC analysis.Related stories.

Even as India grows at around 8 per cent, its workforce ratio remains skewed, according to a Moneycontrol analysis of annual periodic labour force survey data by statistics ministry released on September 23. The number of women looking for work, as represented by the female labour force participation rate, rose to the highest level of 41.7 percent in 2023-24 (July-June); unemployment rose during this period to 3.2 percent from 2.9 percent in the previous year. The rise came primarily from the rural economy, where the unemployment rate jumped again above 2 percent after falling to 1.8 percent in the previous year. However, a closer analysis shows that even in urban areas, female unemployment declined faster than that of their male counterparts and the quality of jobs deteriorated. Quality deterioration The number of women in regular wage/salaried jobs fell to the lowest level in seven years at 49.4 percent as compared with 50.8 percent in the previous year. This marks the first time that less than 50 percent of the women were employed in regular wage/salaried work. The decline corresponds with the rise in the share of women in the self-employed category. While men also experienced a shift away from salaried work, the level of decline was much less pronounced than women. Lower pay Moreover, a glance at the income levels shows that women were worse off when moving away from salaried work than men. While the average monthly income of a salaried male worker was just 11 percent higher than self-employed male in urban areas, the difference for women was a whopping 132 percent. Salaried women earned Rs 19,709 on average, twice that of a woman’s monthly income in self-employed category. Not all salaried work is the same either. The proportion of women having salaried jobs without a written contract rose to 59 percent in 2023-24 compared with 57.6 percent in the previous year. The ones without paid leave also rose to 45.2 percent from 44.6 percent and without social security benefits jumped to 55.7 percent from 53.6 percent in the previous year. Meanwhile, men were better off across all categories as the share of men working in jobs without contracts and sans social security declined.

2024-09-24 17:05

2024-09-24

17:05

moneycontrol.com

https://www.moneycontrol.com/news/india/up-rape-survivor-was-killed-by-mother-siblings-not-rapist-probe-reveals-shocking-truth-12828777.html

UP rape survivor was killed by family, not her 'rapist'; mom hatched plot, probe reveals

Representative image.

Police investigation has revealed a darker truth in the murder of a rape survivor in Sambhal district of Uttar Pradesh. When reports of the murder of the 14-year-old by her alleged rapist surfaced, everyone including the cops believed the story. However, further investigations have revealed that it was a murder planned and executed by her family, not the alleged rapist. The girl was raped by a man in February in her village in Sambhal district. While the earlier reports claimed the accused, who was out on bail, shot her twice from point-blank range, killing her on the spot last week, the investigation has now revealed that it was her mother, two brothers and uncle who committed the crime. Since the claims of the girl's family that she was shot dead by the rape accused raised suspicions, police began questioning the narrative put out by them and the probe spun in a different direction. According to a report in The Times of India, a CCTV footage surfaced showing Rinku, the alleged rapist, at a hospital, attending to his dying father at the exact time of the murder. During the investigation, it then emerged that the mother had plotted the murder, fearing her daughter, who had eloped to Ghaziabad with Rinku previously, would not testify in court that he had raped her. Police found that the mother brought the girl back from Ghaziabad to Sambhal on the day of murder. After reaching their Sambhal home, she persuaded the girl to come with her and her two brothers to meet a relative. The girl's uncle who was waiting with a loaded gun pumped three bullets into her. Sambhal SP Krishan Kumar was quoted by TOI: "The family had planned to murder their daughter as they assumed that she was bringing disgrace to them. She was then murdered by her mother, maternal uncle, who lives in Ghaziabad, and two brothers, in their 20s and working in a private company." The family has confessed to killing her for the family's honour and showed no remorse after their arrest, police said.

2024-09-24 17:04

2024-09-24

17:04

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/arkade-developers-closes-with-nearly-30-gains-on-debut-12828785.html

Arkade Developers closes with nearly 30% gains on debut

Arkade Developers.Related stories.

Arkade Developersshares recorded good buying interest on the debut day, rising nearly 30 percent on September 24 despite volatility in the market. The stock opened at Rs 175 on the NSE, up 36.7 percent over the issue price of Rs 128. It touched an intraday high of Rs 190 and low of Rs 164.8, before closing the first session with 29.58 percent gains at Rs 165.86. On the BSE, shares rallied 29.57 percent to settle at Rs 165.85 and recorded a market capitalisation of Rs 3,079.23 crore. TheMumbai-based real estate developertraded with volume of 4.87 crore equity shares on the NSE, and 45.14 lakh shares on the BSE. The company has raised Rs 410-crore via the initial public offering, which was subscribed 106.83 times during September 16-19. The price band for the issue was Rs 121-128 per share. The IPO comprised solely fresh issue by the company. The entire net issue proceeds will be utilised for developing the ongoing projects (Arkade Nest, Prachi CHSL, and C-Unit), and acquisition of land for real estate projects and general corporate purposes. Arkade Developers' operations are mainly concentrated in the Mumbai. It has developed 2.2 million square feet of residential property (including through partnership entities in which we hold the majority stake) by the end of June 2024.

2024-09-24 17:04

2024-09-24

17:04

moneycontrol.com

https://www.moneycontrol.com/technology/ai-is-indias-growth-accelerator-would-call-it-naya-daur-of-digital-bharat-ibms-sandip-patel-article-12828695.html

AI is India’s growth accelerator; would call it naya daur of Digital Bharat: IBM’s Sandip Patel

Sandip Patel, Managing Director, India and South Asia, IBM.Related stories.

Sandip Patel, Managing Director, IBM India and South Asia, said artificial intelligence (AI) is going to be India’s growth accelerator, as the company is looking to expand its focused strategy on hybrid cloud and AI in the country. Citing a recent IBM study on Global AI adoption index, Patel said that with 59 percent of Indian companies deploying AI, the country’s AI adoption has become the highest across all geographies surveyed. “We are witnessing India's digital renaissance. I like to call it the Naya Daur of Digital Bharat. And each one of you here are propelling this charter, and IBM, together with you, is committed to innovating in India, for India, and the world,” he said while speaking at the technology giant’s flagship event IBM Think in Mumbai on September 24. He added, “AI is clearly India's growth accelerator…The good news is, India enterprises are actually outshining their global counterparts on AI deployment and adoption.” Explaining the demand for having hybrid cloud, which involves a mix of using both on-premise data storage and public cloud, Patel said that over 30 percent of growing expenditure on cloud is getting wasted. “Hybrid cloud architectures have seen massive adoption, with nearly 80% of IT decision makers who are operating in hybrid cloud environments…But nearly two-thirds of the companies report difficulty in managing these complex environments, and that’s a challenge that will continue to grow as businesses deploy generative AI across multiple clouds. Add to that, there is the difficulty in cost management,” he said. Regulatory concerns Speaking of seeing demand from customers for moving workloads from on-premise to hybrid cloud, Patel said in India, such decisions are also being driven by concerns around regulatory uncertainties as digital personal data protection (DPDP) law is still in works. "Once the regulations land we will have more clarity in terms of data residency, sovereignty and the rest of it. Legislation will drive some of these nooks…In India, the regulated industries like financial services are all on prem. Even for non-critical workloads getting moved to the cloud, it is being questioned whether it is cost effective after the cloud credits. It all drives back to the scale of your data movement," Patel said.

2024-09-24 16:54

2024-09-24

16:54

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/deutsche-bank-said-to-hire-moelis-mazumder-for-india-dealmaking-12828781.html

Deutsche Bank said to hire Moelis’ Mazumder for India dealmaking

Deutsche Bank has been on a hiring spree in APAC since last year to boost its ranks and take market share from Wall Street rivals..

Deutsche Bank AG has hired Apurva Mazumder in India as the German lender continues to expand its investment banking business across the Asia Pacific region. Mazumder, who was a managing director at advisory firm Moelis & Co. in Mumbai, has joined Deutsche Bank as head of mergers and acquisitions and its diversified industries group for India, according to a memo seen by Bloomberg News and whose contents were confirmed by a representative for the bank. He has more than 25 years of investment banking and M&A experience, and during the past decade at Moelis he focused on advising corporates and financial sponsors on M&A, debt and equity raising deals, the memo showed. Prior to Moelis, Mazumder worked at JPMorgan Chase & Co. covering industrials and infrastructure. India has turned into a hotspot for dealmaking activity as around $9 billion has been raised via IPOs this year, according to data compiled by Bloomberg. The volume of deals involving Indian companies has climbed 28% to almost $78 billion, the data show. Deutsche Bank has been on a hiring spree in APAC since last year to boost its ranks and take market share from Wall Street rivals. The lender has since played an active role on deals across the region, including in markets such as Australia, Japan, South Korea, China and Southeast Asia.

2024-09-24 16:53

2024-09-24

16:53

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/mc-exclusive-some-i-bankers-cut-deals-with-smes-to-inflate-valuation-take-share-of-illegal-gains-12828649.html

Some I-bankers cut deals with SMEs to inflate valuation, take share of illegal gains

The banker's regular fee--which is usually one percent to three percent --is paid through regular banking channels. The rest is made available through cash..Related stories.

India's SME IPO boom has spawned a shadowy practice of unscrupulous investment bankers offering to help small businesses raise money at inflated valuations in exchange for as much as 50 percent of excess funds raised, people aware of the matter said. Once confined to Gujarat and Maharashtra, this dubious "business model" has spread to other states, fuelled by the exuberance in the market, the people said, requesting anonymity. The Securities and Exchange Board of India (SEBI) has warned investors to be careful about such dubious practices. In an August 28, 2024, press release, the market regulator quoted numbers to show the sudden surge in interest in this segment. The statement said that Rs 14,000 crore has been raised through the SME platform of stock exchanges over the past decade and nearly 43 percent of it (Rs 6,000 crore) was raised in FY24 alone. SEBI urged investors to exercise caution when investing in these securities. Explaining the arrangement that bankers work out with promoters, a source said, "For example, say the price that is quoted is 5x the profit earned by an enterprise, which is generally what is quoted in the private market. Now bankers will tell the businesses that they will help them raise money at say 10x or 20x and then ask for a share of what is in excess of the fair value." That is, if Rs 500 crore is the fair value for an enterprise earning a profit of Rs 100 crore, the banker will offer to raise Rs 1,000 crore or Rs 2,000 crore and then take a half of the excess Rs 500 to Rs 1,500 crore raised. Also read:ÂSEBI probes find six i-banks charged SMEs fee equal to 15% of IPO size: Report How it starts According to the sources, the bankers first approach chartered accountants in small towns asking them if they know of owners of small businesses looking for funds. "The bankers will then pitch the public issue to the promoters citing easy money or the possibility of a better reputation. If the client looks open to the idea from the initial meetings, the bankers will talk about the additional benefits (of exaggerated valuations)," said one of the sources. The bankers get the help of some unscrupulous chartered accountants who are willing to cook the books, get false receipts and even file taxes to back these inflated revenue figures. The banker's regular fee—which is usually 1 percent to 3 percent and now has risen even to seven percent for SME IPOs—is paid through regular banking channels. The rest is made available through cash. According to a source, this cash can then be used by the banker to manipulate the grey market prices for later issues. The market watchdog has been setting tighter norms to determine the financial health of companies in this segment. On August 22, the National Stock Exchange of India released additional eligibility criteria for entities looking to list on NSE Emerge, its SME platform. The exchange said that the entity should now also have positive free cash flow to equity for at least two out of three years preceding the application. Also read: F&O frenzy beyond metros: Smaller towns dabbled in trading more than mutual funds, shows Sebi survey At the recently held Global Fintech conference, SEBI's whole-time member Ashwani Bhatia said that bankers and chartered accountants should exercise more caution when facilitating SME IPOs. He said that he has been a banker and that bankers should learn to say no (when promoters come asking to be listed). He asked the bankers to act as good doctors, to not make steroids (public market issuances) available to those who can survive on paracetamol (such as venture capitals and peer-to-peer lending).

2024-09-24 16:50

2024-09-24

16:50

moneycontrol.com

https://www.moneycontrol.com/news/india/haryana-assembly-elections-truth-behind-viral-photo-of-congress-leaders-bhupinder-hooda-and-kumari-seljas-meeting-12828762.html

Haryana Assembly Elections: Truth behind viral photo of Congress leaders Bhupinder Hooda and Kumari Selja's meeting

A user on the platform X posted the image with the caption, "Breaking News: Bhupinder Hooda met Kumari Selja and shattered all propaganda of BJP IT Cell.".

As Haryana gears up for its Assembly elections, a photo of Congress leaders Bhupinder Singh Hooda and Kumari Selja has surfaced on social media. Users claim it to be recent, stirring up excitement amid reports of infighting within the party's state unit. However, the PTI Fact Check Desk has revealed that this claim is misleading. The viral photo actually dates back to 2019. A user on the platform X posted the image with the caption, "Breaking News: Bhupinder Hooda met Kumari Selja and shattered all propaganda of BJP IT Cell." This post has received over 50,000 shares and continues to gain traction. To verify the authenticity of the photo, the Desk conducted a reverse image search. They found that Hooda originally shared the picture on September 24, 2019, to wish Selja a happy birthday. Further investigation uncovered multiple media reports from September 2019 featuring the same image. However, there were no recent news reports about a meeting between Hooda and Selja. The findings from the PTI Fact Check Desk confirm that the viral image is not recent but rather from September 2019.

2024-09-24 16:46

2024-09-24

16:46

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/neeraj-seth-blackrock-fed-rate-cut-china-stimulus-india-rally-12828768.html

Fed rate action not a panic move, see 150 bps cut over 12-18 months: Neeraj Seth, BlackRock

Over a period of 5-10 years, India seems better-placed than China, said Neeraj Seth..

As the US Federal Reserve pivots to a rate cut cycle, BlackRock is betting on a tailwind for India's stock market and economy. Neeraj Seth, CIO at BlackRock said he expects a 150 bps easing by the US Federal Reserve over 12-18 months. Seth told CNBC-TV18 during a conversation that the latest rate cut move by Jerome Powell could have come in July, so it is a bit of a 'catch up' but not a panic move, as the US economy looks poised for a 'soft landing'. Though US equities remain in favour, the runway ahead may not be large as the US Fed is also contracting its balance sheet, Neeraj Seth added. Over a period of 12-18 months, Neeraj expects US stocks to deliver more like single-digit returns. Responding to a question onChina's stimulus announcement, BlackRock's Neeraj Seth said the latest move is aimed at protecting the growth target projected by Chinese Communist Party. Despite the measures to boost Chinese economy, Neeraj said he would pay attention to the consumer sentiment and earnings growth, both of which are looking weak, and made worse by the ongoing crisis in theChinese real estate sector. Over a period of 5-10 years, India seems better-placed than China, said Neeraj Seth. "The combination of a structural, cyclical and secular story - they're all lining up in a positive way with the geopolitical tailwind. I do think the potential for high quality and largecap companies still has the runway." The BlackRock CIO is advising investors to remain cautious on the mid and smallcap space given the recent run up. TheBSE Smallcap Indexhas risen by 34% so far this year, as compared to a 19% rise that the benchmark indexNifty 50has seen. However, he is finding upside in areas which are under government's policy focus, such as the green energy theme. The Centre has emphasised on the target of achieving 500 GW of renewable energy by 2030, and even turn into anexport hub for green hydrogen. "Even if one doesn't get there, think of the growth trajectory required from here to there," Seth added. Neeraj added that he sees value in pockets of retail and consumer. "I am getting closer to Neutral on banks because we have seen the best of the credit clean up behind us, although I do not think we are at the beginning of a new credit cycle yet, in terms of NPLs." "Its' India's time, and all you want is that we don't do a self goal," said Neeraj.

2024-09-24 16:45

2024-09-24

16:45

moneycontrol.com

https://www.moneycontrol.com/news/companies-2/sbi-expects-pvt-capex-to-pick-up-has-rs-4-lakh-cr-credit-demand-pipeline-from-india-inc-chairman-setty-12828764.html

SBI expects pvt capex to pick up, has Rs 4 lakh cr credit demand pipeline from India Inc: Chairman Setty

CS Setty, Chairman, SBI.Related stories.

State Bank of India has already got Rs 4-lakh-crore strong credit pipeline from India Inc and is hopeful that capital expenditure by the private sector is expected to pick up in the second half of the fiscal year, said Chairman C S Setty. "We see a good amount of interest in private capital expenditure. The infrastructure financing, of course, is mainly coming from the roads, renewable energy, and some of the refineries," Setty told PTI in an interview on September 24. As far as public spending is concerned, Finance Minister Nirmala Sitharaman in theBudgetproposed to raise the capital expenditure target by 11.1 percent to record Rs 11.11 lakh crore for 2024-25. This is 3.4 percent of the country's GDP. Setty said some of the corporates had undertaken brownfield expansion for which the capital expenditure was funded by their own cash accruals and cash balances that they had. However, he said, "We now see some of the corporates drawing the term loans for brownfield expansion too." "We have a pipeline, both in terms of sanctioned but not disbursed and a pipeline of proposals which are under process. This amounts to almost Rs 4 lakh crore, indicating that the corporate pipeline is strong," he said. Stressing that the private capital expenditure definitely will pick up during the year, he said, there is renewed government expenditure after the first quarter slowdown due to general elections. "We see in the second quarter, as well as in the second half of the current financial year, both capital expenditure will be spurred by the government expenditure as well as private expenditure," he said. On monetisation ofSBI's stake in some of its subsidiaries, Setty said, there was no thinking in terms of divestment of stake of any of the subsidiaries presently. "If these subsidiaries require (growth) capital, we will definitely examine," he said. At this point in time, he said none of the large subsidiaries require capital from the parent to scale up their operations. The bank in the 2023-24 fiscal year infused an additional capital of Rs 489.67 crore in SBI General Insurance Company Ltd. The company has also allotted ESOP to employees and consequently, the bank's stake has decreased marginally from 69.95 percent to 69.11 percent. Setty also said the Reserve Bank of India is unlikely to ease the benchmark policy rate during 2024 given the uncertainty over food inflation. The US Federal Reserve's first cut in interest rate in more than four years of 50 basis points took place last week, triggering central banks in other economies to follow suit. The decision lowers the federal funds rate to a range of 4.75-5 percent.

2024-09-24 16:43

2024-09-24

16:43

moneycontrol.com

https://www.moneycontrol.com/news/india/yogi-adityanath-commission-must-see-through-successful-implementation-of-nari-shakti-vandan-act-12828770.html

Yogi Adityanath: Commission must see through successful implementation of 'Nari Shakti Vandan' Act

UP CM Yogi Adityanath.

Chief MinisterYogi Adityanathon Tuesday urged the newly-established State Women Commission to prepare a comprehensive programme to protect women's interests and foster leadership skills. He highlighted that the 'Nari Shakti Vandan' Act would soon be implemented nationwide, reserving one-third of the seats in the Lok Sabha and State Legislative Assemblies for women. To ensure that women in Uttar Pradesh reap the full benefits of this landmark legislation, Adityanath emphasised the importance of developing leadership skills among them, according to an official statement. "He urged the State Women Commission to take proactive measures in protecting women's interests and enhancing their welfare, instructing the Commission to prepare a comprehensive program aimed at achieving these objectives," it stated. During a special meeting held on Tuesday with the commission's chairperson, vice-chairpersons, and members, the chief minister also discussed the objectives, responsibilities and rights of the formation of the State Women Commission and gave necessary guidelines. Adityanath further highlighted various efforts undertaken by the state government to ensure the safety and development of women and girls. "Multiple schemes are being implemented in the interest of women, including the establishment of special helpline numbers designed to assist them. Positive outcomes from these initiatives have already been observed," Adityanath said. He urged the officials of the commission to engage with women during their district visits to communicate these programmes effectively. "Feedback gathered from these interactions should be reported to the chief minister's office. If any individuals have not been able to benefit from these schemes, the Commission is expected to recommend appropriate solutions," he added. Additionally, Adityanath emphasised the government's commitment to rescuing children involved in illegal begging activities. He called for efforts to reintegrate these children into society by providing them access to education and housing. He expressed that the commission should play an active role in this important work, contributing to the holistic development and welfare of these vulnerable populations. Adityanath further highlighted that with the support of the Government of India, a dedicated centre named 'Krishna Kutir' has been established in Vrindavan to support destitute women. In addition to this facility, several destitute women's centres are currently operational, catering to those in need. "Many women residing in these centres are educated and possess various skills, including handicrafts and other areas of expertise. To harness their talents effectively, the commission must engage with these women and gather their suggestions for better utilization of their abilities", he said.

2024-09-24 16:38

2024-09-24

16:38

moneycontrol.com

https://www.moneycontrol.com/technology/oneplus-nord-buds-3-review-budget-earbuds-done-right-article-12828664.html

OnePlus Nord Buds 3 review: Budget earbuds done right

OnePlus Nord Buds 3.

OnePlus recently launched the Nord Buds 3, its latest TWS earbuds with 32db ANC support and up to 43 hours of playback with the case. These earphones follow the OnePlus Nord Buds 3 Pro, launched a few months ago. It sports a similar design with an oval-shaped case, and the two earphones come with a short stem. Over the past few weeks, we got the chance to use the OnePlus Nord Buds 3 extensively. Let us dive into its review to find out how it performs. OnePlus Nord Buds 3 review: Design Starting with the case, the Nord Buds 3 comes in an oval-shaped charging case, which easily fits inside most types of pockets. It is also compact and comfortable to hold. The Melodic White colour variant that we have features a glossy finish. It is prone to accidental scratches and dust marks. OnePlus has incorporated the pairing button at the bottom side of the case, which is not visible at first glance. However, this design approach is good, as this hidden button gets the work done and doesn't even spoil the look. Right above the button is a tiny LED indicator that indicates the battery status. It either turns red when the battery is low or lights up in green colour when the earbuds have sufficient juice. If we talk about the two earbuds, they have a short stem design that we also saw with the Nord Buds 3 Pro as well. With their lightweight design, the buds don’t cause discomfort even after prolonged use. OnePlus has also included different-sized ear cushions in the retail box, allowing one to find the perfect fit. The earbuds have a snug fit that offers a good level of passive noise isolation. Additionally, the earphones are also IP-55 rated and can be used in the rain or while taking a shower. The earbuds are also attached magnetically to the case, and we didn't encounter any accidental drop issues. OnePlus Nord Buds 3 review: Audio quality If you’re a fan of bass-heavy music, you’ll appreciate the audio performance of the Nord Buds 3. It delivers a dynamic audio experience across all genres, and the songs with heavy bass sound particularly pleasing. With the Hey Melody app or the Bluetooth’s built-in controls in the Bluetooth settings, you can set the BassWave option to further enhance the bass. However, the higher tones or electronic sounds are a bit weak, and the instrument separation is not very noticeable. Overall, the sound profile of the Nord Buds 3 is more bass-heavy, with a good balance of vocals and background sound. It's a good choice if you enjoy strong bass and don’t prefer sharp, bright sounds. Additionally, the earbuds provide up to 32dB of Active Noise Cancellation (ANC) support that cuts out most types of background noise. We even tested it under heavy traffic or on a flight, and the performance was satisfactory. The microphones also worked well, people on the calls could hear us in noisy backgrounds, and we could hear them as well, with minimal background noise. The Nord Buds 3 also comes with lots of customisation options with the HeyMelody app. You can set a single press for play/pause, and also change double-press for the next track to the previous track. With a double or triple tap the earbuds can launch voice assistant for either left or right or both the earbuds. The triple tap function can also be customised. The app also provides multiple EQ options to customise the sound profile.OnePlus Nord Buds 3 review: Battery life The battery life of the OnePlus Nord Buds 3 is terrific, to say the least. OnePlus claims that the earbuds can last up to 12 hours on a single charge without ANC and up to 43 hours with the case. We found these claims to be quite accurate, as the earbuds with the case last a whole week of heavy usage without charging them. We also used the earphones in the second week 3-4 hours a day with ANC turned on all the time and volume at 75%. With this usage the battery backup drops slightly, but the earbuds still last for more than five days, which is quite good. The earbuds also support fast charging, and the case with an 80W OnePlus charger managed to fully charge in under an hour. Overall, the battery life on the Nord Buds 3 is very impressive, even when you use it with ANC.OnePlus Nord Buds 3: Verdict If we were to sum it up one line, the OnePlus Nord Buds 3 is worth buying under Rs 2m500. With reliable sound quality, satisfactory ANC performance, and a premium design, it ticks all the boxes for consumers looking for a well-rounded audio experience in this price range. However, we wished it came with in-ear detection and the vocal sound could have been better. However, if you have a limited budget of around Rs 2,500 and want great audio quality with good battery life, you can’t go wrong with the OnePlus Nord Buds 3. It is recommended for budget-conscious consumers looking for wireless earbuds with decent ANC and bass-heavy audio performance. Moreover, with offers, you can buy it for under Rs 2,000, which makes it one of the better ones in this price range.

2024-09-24 16:33

2024-09-24

16:33

moneycontrol.com

https://www.moneycontrol.com/news/india/36-biradaris-dominates-haryana-poll-talk-again-what-does-it-mean-12828420.html

'36 biradaris' dominate Haryana poll talk again: What does it mean?

Since its formation in 1966, HaryanaŌĆÖs political landscape has been largely shaped by caste-based politics..Related stories.

Ahead of the 2024 Lok Sabha elections, Deepender Hooda said that he wanted the ŌĆ£chhattis biradariŌĆØ to help Congress win all ten seats in Haryana. As the state gears up for the upcoming Assembly polls on October 5, the phrase ŌĆ£36 biradarisŌĆØ is once again back in focus. Both the BJP and the Congress are tailoring their candidate selections to woo this group. ┬ĀFormer Chief Minister Bhupinder Singh Hooda pitched Congress as the ŌĆ£party of the 36 biradarisŌĆØ. "Last time, the people gave us the responsibility to stay in the Opposition and we raised their voice,ŌĆØ Hooda told NDTV. The BJP too has been making similar claims. ┬ĀBJP national secretary and the partyŌĆÖs manifesto committee chief Om Prakash Dhankar said, ŌĆ£We have promised a welfare board to look after the interests of each of the 36 biradaris if the party is voted back to power in the elections.ŌĆØ What is ŌĆś36 biradarisŌĆÖ? The phrase is commonly used to refer to all castes and communities in Haryana. Among the castes and communities in this category are Brahmins, Baniyas (Agarwals), Jats, Gurjars, Rajputs, Punjabis (Hindu), Sunars, Ahirs, Sainis, Rors, and Kumhars. Almost half the Scheduled Castes (SCs) are from the leather-working castes. Jats and Dalits comprise nearly 29 and 20 percent of HaryanaŌĆÖs total population, respectively. ┬ĀOf the over 50 lakh Dalits, over 24 lakh are┬ĀJatavs and the rest are largely divided between Valmikis and Dhanaks. M Rajivlochan, who teaches history at Panjab University in Chandigarh, told the Indian Express that biradaris are like extended families. ŌĆ£Haryana is the region of Mahabharat. ItŌĆÖs imagined that structures like biradaris have lasted since the time of Mahabharat,ŌĆØ he told IE. According to reports, whenever any candidate approaches a village, he or she is welcomed by prominent villagers on behalf of the ŌĆ£36 biradariŌĆØ. How are parties trying to woo '36 biradaris'? Since its formation in 1966, HaryanaŌĆÖs political landscape has been largely shaped by caste-based politics. In Haryana, politicians often use this phrase to garner votes from different communities. However, many people prefer to reach out to a particular vote bank keeping in mind the interests of their caste groups. Therefore, caste calculation is the key priority of all parties when it comes to fielding candidates. ┬ĀThe BJP is known for focusing on non-Jat politics in Haryana. However, this time, the party allocated 15 tickets to the Jat community, representing 17% of the total 90 seats. The BJP gave 19 and 24 tickets to Jats in the 2019 and 2014 assembly elections, respectively. Meanwhile, the Congress has maintained a stronger emphasis on Jat representation. It awarded tickets to 26 Jat candidates, 20 OBCs, 17 SCs, 11 Sikhs or Punjabi Hindus, six Brahmins, five Muslims, two Vaishyas, and one Rajput, Bishnoi, and Ror candidate.

2024-09-24 16:29

2024-09-24

16:29

moneycontrol.com

https://www.moneycontrol.com/news/india/2-labourers-die-of-gas-leak-inside-borewell-in-ups-bulandshahr-12828707.html

2 labourers die of 'gas leak' inside borewell in UP's Bulandshahr

Two labourers died from a suspected gas leak inside a borewell while attempting to restart a tube well..

Tragedy struck on Tuesday as two labourers died from a suspected gas leak inside a borewell while attempting to restart a tube well. The victims, Chandrapal, 45, and Mahesh, 35, were working on a private tube well on Chola Road that had been non-operational for two months. District Magistrate Chandra Prakash Singh stated that the two men went down the borewell to turn it on. "It is believed that a gas leak caused the accident," he explained. Emergency services, including police, municipal staff, and firefighters, retrieved their bodies from the site. Unfortunately, despite being rushed to Sikandrabad Community Health Centre, they could not be saved. Chief MinisterYogi Adityanathannounced that each victim's family would receive â‚ą4 lakh as compensation. Singh added, "We will coordinate with the tube well owners to ensure support for the victims' families."

2024-09-24 16:29

2024-09-24

16:29

moneycontrol.com

https://www.moneycontrol.com/news/india/muda-scheme-bjp-jds-hatching-conspiracy-against-me-says-siddaramaiah-reacting-to-hc-order-12828746.html

MUDA scheme: BJP, JDS hatching conspiracy against me, says Siddaramaiah reacting to HC order

Siddaramaiah.Related stories.

Dismissing his role in the alleged irregularities in the Mysuru Urban Development Authority (MUDA) scheme, Karnataka chief minister Siddaramaiah has vowed to unmask BJP and JDS for hatching a conspiracy against him and the Congress government. "The central government led by Narendra Modi is carrying out a conspiracy to punish the government of the opposition parties by misusing the Raj Bhavan across the country,” he added. Hours after the Karnataka High Court upheld Governor's action of granting permission for an independent investigation exercising his power, the Congress veteran said that his legal team will study the order in its entirety to decide upon their immediate plan of action. The Karnataka High Court was pronouncing its verdict on the petition filed by Chief Minister Siddaramaiah challenging the approval given by Governor Thaawarchand Gehlot for an investigation against him in the alleged illegalities committed in the allotment of 14 Mysuru Urban Development Authority (MUDA) sites to his wife in a prime location of Mysuru city. Breaking down the HC order, the CM categorically said the court has allowed further investigation into the case and today's order should in no way be read as a prosecution against him. "It is not a prosecution. I will discuss with legal experts & ministers how to fight this, and take a further call. We will not be scared of BJP and JD(S) conspiracy, as well as that of the Governor's office. People have blessed us. I have their blessing. I also have the high command and party leaders backing me," said the Congress veteran. Addressing the media, Siddaramaiah said the Court rejected outright the order issued by the Governor under Section 218. The Justices confined themselves to Section 17A of the Governor's Order. I will not hesitate to investigate. I will consult with experts whether such an investigation is allowed under the law or not. I will discuss with the legal experts and decide the outline of the fight. In the MUDA site allotment case, it is alleged that compensatory sites were allotted to Siddaramaiah's wife B M Parvathi in an upmarket area in Mysuru, which had higher property value as compared to the location of her land which had been "acquired" by the MUDA.

2024-09-24 16:28

2024-09-24

16:28

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/technical-view-nifty-may-consolidate-until-it-decisively-closes-above-26000-bank-nifty-snaps-8-day-gaining-streak-12828761.html

Technical View: Nifty may consolidate until it decisively closes above 26,000, Bank Nifty snaps 8-day gaining streak

Nifty Trend.Related stories.

The Nifty 50 achieved a new milestone of 26,000 but failed to close above it on September 24. The index maintained higher highs and lows, continuing its northward journey for the fourth consecutive session. However, experts believe that, considering the overbought environment, the index may consolidate until it gives a decisive close above 26,000. The immediate support lies at 25,800, followed by 25,500, which is considered a crucial support level. The Nifty 50 hit a record high of 26,012 amid volatility in the second half, but could not sustain those gains due to profit booking, although it ended at a new closing high of 25,940, up 1.35 points. It formed a small-bodied bullish candlestick pattern with a long upper shadow, resembling a Doji or Shooting Star pattern on the daily charts (though not the ideal one), indicating indecision between bulls and bears regarding the future market trend. Shrikant Chouhan, Head of Equity Research at Kotak Securities, views the short-term market texture as still positive, but he notes that the market could see range-bound activity in the near future due to temporary overbought conditions. For the bulls, Chouhan feels that the 25,850–25,800 range would act as key support zones, while 26,050–26,100 would be the key profit-booking areas for day traders. However, he cautions that below 25,800, the uptrend could become vulnerable. The monthly options data continues to show the maximum Call open interest at the 27,000 strike, followed by the 26,000 and 26,500 strikes. Maximum call writing is observed at the 26,000 strike, followed by the 27,000 and 26,300 strikes. On the Put side, the 25,000 strike holds the maximum open interest, followed by the 25,500 and 25,900 strikes, with maximum writing at the 25,900 strike and then the 26,000 and 25,000 strikes. This options data suggests that 26,000 is likely to remain a key hurdle for the Nifty 50, while support lies at 25,500. Bank Nifty The Bank Nifty snapped its eight-day winning streak, underperforming the Nifty 50. The index fell 137 points to 53,969 and formed a bearish candlestick pattern on the daily charts with above-average volumes ahead of the monthly F&O expiry. However, the structure of higher highs and lows has remained intact for the last nine sessions. Chandan Taparia, Senior Vice President and Analyst-Derivatives at Motilal Oswal Financial Services, said that the banking index must hold above the 53,750 zone to initiate an upward move towards 54,247 and then 54,750 levels. On the downside, support has shifted higher to 53,750, followed by 53,500. Volatility declined after a spike the previous day and remained below the 14 mark, which is favourable for bulls. The India VIX, the fear gauge, was down 2.85 percent at 13.39, from 13.79 levels.

2024-09-24 16:28

2024-09-24

16:28

moneycontrol.com

https://www.moneycontrol.com/news/business/jsw-group-not-withdrawing-rs-40000-crore-ev-project-from-odisha-company-official-12828754.html

JSW group not withdrawing Rs 40,000-crore EV project from Odisha: Company official

The company's announcement comes after a section of media reported that the JSW group plans to shift its EV and battery project from the eastern state to Maharashtra..Related stories.

The JSW group is not "withdrawing" its proposed Rs 40,000 crore electric vehicle (EV) and battery project from Odisha, a senior company official said on September 24. The company's announcement comes after a section of media reported that the JSW group plans to shift its EV and battery project from the eastern state to Maharashtra. Asked about media reports, Ranjan Nayak, executive vice president of corporate strategy, office of chairman and managing director said, "We are not withdrawing the EV and battery project from Odisha". The JSW group had on February 10, 2024, signed a memorandum of understanding with the Odisha government for establishment of an integrated electric vehicle and EV battery manufacturing project at an investment of Rs 40,000 crore in the state. At Naraj in Cuttack district, the JSW group had planned to set up an EV vehicle and component manufacturing plant, while at Paradip in Jagatsinghpur district, it proposed to establish a copper smelter and lithium refinery. The project consists of a 50 GWH EV battery plant, EV, lithium refinery, copper smelter and related component manufacturing units. The MoU was signed after the state cabinet approved a special incentive package for the group's ambitious EV and component manufacturing projects. Amid media reports about the company's planning to shift its project to Maharashtra, Odisha Industries Minister Sampad Swain on Tuesday said the state government was talking to the JSW group for implementation of the EV project in the state. Swain said the state government was not aware of the company's plans as "reported" in the media. "Though MoU was signed in February this year and the previous government had not allocated land for the JSW's project. Now, we are talking to the company to set up its plants. We are not informed regarding the shifting of the plant from Odisha. However, there is a delay in the implementation of the project," Swain told PTI over phone. The minister said the new BJP government, during its first 100 days in office, has attracted investment of Rs 45,000 crore in various sectors like chemicals, semiconductors, steel pipes and others. "The government is serious about rapid industrialisation of the state," Swain said.

2024-09-24 16:20

2024-09-24

16:20

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sensex-nifty-retreat-from-record-peaks-to-close-flat-banking-fmcg-stocks-weigh-on-indices-12828445.html

Sensex, Nifty retreat from record peaks to close flat; banking, FMCG stocks weigh on indices

In the broader market, the BSE Midcap index inched up 0.2 percent, while the Smallcap index remained flat..Related stories.

Sensex and Nifty closed flat after having hit record highs intraday on September 24 fueled by last week's US rate cut and a rally in metal stocks following China's fresh stimulus measures. The Sensex surged to an all-time peak of 85,163, while the Nifty breached the 26,000 milestone for the first time, touching 26,011. At close, the Sensex was down 14 points or 0.02 percent at 84,914 and the Nifty was up 1 point or 0.01 percent at 25,940. About 1,871 shares advanced, 1,946 shares declined, and 84 shares remained unchanged. "The market's strong performance underscores investor confidence in India's growth potential, propelling the Nifty and Sensex to fresh record levels," said Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher. Kasat said that several factors such as resilient macroeconomic indicators and increased foreign institutional investor (FII) inflows contributed to the rally seen in the market today. The Indian benchmarks managed to hit record highs today despite escalating geopolitical concerns in the Middle East. Follow our live blog for all the market action Vishnu Kant Upadhyay, AVP, Research and Advisory at Master Capital Services said, " A significant catalyst for this upward trajectory has been the BJP-led NDA's victory in the 2024 general elections, securing a third consecutive term." In just 38 sessions, Nifty 50 soared from 25,000 to 26,000. During today's session, Nifty 50 added Rs 5.8 lakh crore to investor wealth. Indian benchmarks have been setting fresh records daily since the US Fed's 50-basis point rate cut on September 18. Today's rally was driven by metal, IT, and auto stocks, while FMCG and banking stocks struggled to keep pace. Vinod Nair, Head of Research at Geojit Financial Services attributed the losses in FMCG and banking stocks to 'profit -booking at higher levels.' The Nifty Metal index surged nearly 3 percent, fueled by a jump inTata Steel,Hindalco, andVedanta, following China's fresh stimulus measures aimed at reviving its economy. Also Read |ÂIEX shares crack 12% on report that market coupling may be implemented by FY25 After a slow start, Nifty IT gained momentum, rising by 0.6 percent withTech Mahindra,HCLTech, andCoforgeleading the rebound. The IT index had declined by half a percent in the morning after a recent research report by Jefferies said that HCL Tech,Tech Mahindra, andLTIMindtreesee no significant change in the demand scenario. However, banking indices, Nifty Bank and Nifty Private Bank snapped their eight-day winning streak and fell by 0.3 percent each due to selling pressure fromKotak Mahindra,IndusInd Bank, andPunjab National Bank. In the broader market, the BSE Midcap index inched up 0.2 percent, while the Smallcap index remained flat. When it comes to individual stock performances,Adani Enterprises, Tech Mahindra,Power Grid, Hindalco, and Tata Steel emerged as the top gainers on Nifty 50, with gains of 1-4 percent. Conversely,Shriram Finance,UltraTech Cement,Grasim,HUL, andSBI Lifefaced declines, with losses ranging from 1-3 percent.

2024-09-24 16:14

2024-09-24

16:14

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/govt-sets-up-panel-to-formulate-framework-on-repairability-index-in-mobile-and-electronics-12828703.html

Govt sets up panel to formulate framework on repairability index in mobile and electronics

It is considered that mobile and electronics have the fastest-growing demand and shortest lifespan.Related stories.

The Department of Consumer Affairs (DoCA) has formed a committee to chalk out a robust framework for repairability index, with the aim to empower consumers and promote sustainable practices within the tech industry. “By developing Repairability Index, DoCA seeks to provide consumers with greater transparency of repair information for their products and foster a more sustainable technology industry,” according to a government statement on September 24. The committee will be headed by Bharat Khera, additional secretary at the DoCA, and will have senior officials from the MiETY and MSME, Indian Cellular Electronics Association along with representatives from companies such as Samsung, Google India, HMD Mobiles India., among others. The committee will submit a comprehensive report including a framework for repairability index in Indian context by November 15, 2024. "Repairability index will enable consumers to take a product related decision, based on its repairability. Further, it can standardize how repairability is assessed, making it easier for consumers to compare products based on repairability indexing thereby creating an ecosystem of informed choices across mobile and electronics products," the statement added. By standardizing the assessment of repairability, the index will create an ecosystem where consumers can easily compare products and choose options that align with the ethos of mindful consumption of products and sustainability. Therefore, enabling repair would not only ensure the availability of affordable repair options but will also improve consumer satisfaction by bridging the information gaps for repairing the products, it said. Key components of the Repair Ecosystem include:Comprehensive Repair Information: Access to repair manuals/DIYs, diagnostics, and a list of necessary tools and partsAccessible Spare Parts: Easily identifiable and timely delivery of spare partsAffordable Tools: Inexpensive, widely available, and safe tools for consumersModular Design: Key components designed for independent access and modularityEconomic Feasibility: Ensuring that the cost of repair parts and labor is affordable for consumersIt is considered that mobile and electronics have the fastest-growing demand and shortest lifespan. During a deliberation in the National Workshop on the Right to Repair in the Mobile and Electronics Sector in August, it was widely accepted that the framework on repairability index aimed to provide consumers with essential information about product repairability besides seamless access to spare parts will enable informed purchasing decisions, the government said. The development comes at a time when with India’s aim to become the third largest economy in the world, the use of electronic products is set to skyrocket. A repairability index could help the country tackle the enormous amounts of e-waste that would be generated.

2024-09-24 16:13

2024-09-24

16:13

moneycontrol.com

https://www.moneycontrol.com/news/world/harini-amarasuriya-sworn-in-as-sri-lankas-new-prime-minister-12828704.html

Harini Amarasuriya sworn in as Sri Lanka's new Prime Minister

She has been assigned the portfolios of the Minister of Justice, Education, Labour, Industries, Science & Tech, Health, and Investment.

Harini Amarasuriya was sworn in as Sri Lanka's new Prime Minister on Tuesday, becoming the first woman leader since Sirimavo Bandaranaike in the year 2000 to hold the post. The 54-year-old National People's Power (NPP) leader was sworn in by President Anura Kumara Dissanayake, who appointed his cabinet of four, including himself. She has been assigned the portfolios of the Minister of Justice, Education, Labour, Industries, Science & Tech, Health, and Investment. She has replaced Prime Minister Dinesh Gunawardena, who resigned from his post following the presidential election. A rights activist and university lecturer, Amarasuriya is the first woman Prime Minister of Sri Lanka since the late Sirimavo Bandaranaike took up office in 1994 and the third female Prime Minister in the country's history. NPP parliamentarians Vijitha Herath and Laxman Nipunarachchi were sworn in as cabinet ministers. They would serve as the caretaker cabinet with the imminent dissolution of parliament to call for a snap parliamentary election. The election could happen in late November, officials said. Dissanayake, 56, was sworn in as Sri Lanka's ninth president on Sunday following his victory in the presidential election.

2024-09-24 16:05

2024-09-24

16:05

moneycontrol.com

https://www.moneycontrol.com/news/india/14-workers-injured-in-fire-at-jewellery-making-unit-in-surat-12828692.html

14 workers injured in fire at jewellery-making unit in Surat

The blaze ignited due to a gas leak in a pipeline used for melting gold on the building's third floor..

A fire at a jewellery manufacturing unit in Surat, Gujarat, has left fourteen workers injured. The incident occurred on Tuesday, and officials reported that two workers are in serious condition. The blaze ignited due to a gas leak in a pipeline used for melting gold on the building's third floor. Basant Pareek, the Surat Municipal Corporation's chief fire officer, provided this information. A total of fourteen workers suffered burn injuries from the incident. According to a Katargam police station official, two of the injured workers are in critical condition. Pareek explained that the gas leak caused a flash fire, resulting in the injuries. "The fire left fourteen workers with burn injuries, two of them serious," he said. To combat the fire, six fire tenders were dispatched to the scene. Fortunately, the flames were brought under control before they could spread further, according to another fire official. Authorities are continuing their investigation into the cause of the gas leak and fire.

2024-09-24 16:02

2024-09-24

16:02

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/taking-stock-market-fails-to-hold-record-high-nifty-crosses-26000-sensex-above-85000-12828647.html

Taking Stock: Market fails to hold record high; Nifty crosses 26,000, Sensex above 85,000

Market Today.Related stories.

Indian equity indices failed to hold record highs and snapped the three-day run to end flat in the volatile session on September 24 after Sensex and Nifty crossed 85,000 and 26,000, intraday, respectively. At close, the Sensex was down 14.57 points or 0.02 percent at 84,914.04, and the Nifty was up 1.40 points or 0.01 percent at 25,940.40. BSE Sensex and Nifty touched fresh high of 85,163.23 and 26,011.55, respectively After a negative start, the market recovered in the initial hours and gyrated between gains and losses throughout the session but the final hour buying helped the main indices hit a fresh record high. Also Read -SEBI probes find six i-banks charged SMEs fee equal to 15% of IPO size: Report The biggest Nifty gainers of the day were Tata Steel, Hindalco Industries, Power Grid Corp, Tech Mahindra, and Adani Enterprises, while losers included SBI Life Insurance, HUL, Grasim Industries, UltraTech Cement, and Shriram Finance. On the sectoral front, the metal index rose 3 percent, oil & gas index was up 0.6 percent, power index added 1.4 percent. On the other hand, PSU Bank, FMCG, and telecom were down 0.5-1 percent. The BSE midcap and smallcap indices ended on a flat note. Nearly 300 stocks touched their 52-high on the BSE, including, Aditya Birla Fashion, Apollo Hospitals, AstraZeneca Pharma, Avenue Supermarts, Bajaj Auto, Balrampur Chini Mills, Bharti Airtel, Blue Star, Bosch, CG Power, Hero MotoCorp, Hindalco Industries, Ipca Labs, Jindal Saw, JM Financial, JSW Steel, Kajaria Ceramics, Kaynes Technologies, KPR Mill, M&M, Mankind Pharma, NTPC, Sapphire Foods, Sun Pharma, Tata Power, among others.Click to view full list Outlook for September 25 Rupak De, Senior Technical Analyst, LKP Securities The Nifty traded within a narrow range today, taking a breather after a three-day rally. The short-term sentiment remains positive, with the index staying above the critical 21-day EMA, supported by a bullish crossover in the daily RSI. However, for the rally to continue, the Nifty must decisively break above the 26,000 level. Until then, we expect range-bound movement, with the index fluctuating between 25,800 and 26,000 over the next few hours to a few days. Aditya Gaggar Director of Progressive Shares The markets witnessed both bullish and bearish activity in today's trade as after a muted opening, the Index corrected a bit and oscillated in a thin range before the IT counters supporting the Index to surpass the psychological barrier of 26,000; however, towards the end of the session, wiped-off majority of its gains to settle at 25,940.40.Among the sectors, Metal was the top gainer followed by IT and Auto while PSU Banking was the major laggard. The diverging trend was seen in the Broader markets where Midcaps outperformed the Frontline Index while Smallcaps ended the session in red. A Spinning Top candlestick pattern was formed at record levels which indicates indecisiveness between the bulls and bears. A strong move above 26,000 will open doors for 26,100 while on the lower side, the zone of 25,800-25,850 will serve as a strong support area.

2024-09-24 16:01

2024-09-24

16:01

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sebi-seeks-to-ease-fpi-registration-invites-comments-on-abridged-common-application-form-12828673.html

Sebi seeks to ease FPI registration, invites comments on abridged Common Application Form

has floated a consultation paper on 'Simplified registration for Foreign Portfolio Investors (FPIs)..

Securities and Exchange Board of India (SEBI) has moved a proposal to ease the registration process for Foreign Portfolio Investors (FPIs) by easing information required from them at the time of application. The capital markets regulator said on September 24 that it has floated a consultation paper on 'Simplified registration for Foreign Portfolio Investors (FPIs)', and has invited comments from various stakeholders and public by October 15. "It is observed that, in case of certain categories of FPI applicants, some of the relevant information is already captured in Depositories’ CAF (Common Application Form) module, which can be leveraged without seeking the same from said applicants," said SEBI. "Accordingly, in order to save significant time and efforts for aforementioned FPI applicants, in terms of reviewing the application and signing the CAF, it is proposed to seek only such information that is unique to the aforesaid applicants," it added. The SEBI proposal follows the market feedback that an abridged version of the CAF (Common Application Form) could help save significant time and efforts in terms of reviewing the application and signing reduced number of pages. The abridged CAF could have only those fields which are unique to the applicants, said SEBI. Accordingly, SEBI has decided that while onboarding applicants from certain categories listed in the paper, an abridged version of the CAF would be used. It would have only those fields that are unique to such applicants. "The remaining fields shall either be auto populated from the information available in the Depository system or shall be disabled, as applicable," said SEBI.

2024-09-24 15:53

2024-09-24

15:53

moneycontrol.com

https://www.moneycontrol.com/technology/telegram-to-help-government-catch-scammers-and-criminals-heres-how-article-12828663.html

Telegram to help government catch scammers and criminals, here's how

Telegram.

Telegram, the popular messaging platform that has been in the news recently for multiple online crimes, has now updated its terms of service to enhance user privacy. Through a new blog post, Pavel Durov, Telgram’s CEO, announced that they will start sharing user information, such as phone numbers and IP addresses, with law enforcement when users are suspected of illegal activities. This decision comes after Durov's arrest in France last month over alleged criminal activity on the platform. Durov has added that the company is making these changes to ‘deter criminals from abusing’ the app’s search function. Currently, the apps’ search feature allows users to look for public channels and bots, but Durov has suggested that it has been compromised multiple times to ‘sell illegal goods.’ Therefore, if someone continues to access or share such content, Telegram will hand over their phone number and IP address to authorities for legal proceedings. Durov has also stressed the fact that the app only intends to help users find friends or discover news, not to locate or promote illegal activities. Earlier this month, Telegram disabled new media uploads from unauthorized user accounts, which Durov said was aimed at stopping bots and scammers. With the help of AI, Telegram is aiming to remove illegal or unsafe content from the platform by reporting through a dedicated channel.

2024-09-24 15:52

2024-09-24

15:52

moneycontrol.com

https://www.moneycontrol.com/news/world/what-is-iron-dome-how-does-it-work-all-about-israels-powerful-rocket-killer-system-12828624.html

What is Iron Dome & how does it work? All about Israel's powerful 'rocket-killer' system

The Iron Dome air defence system intercepts rockets fired from southern Lebanon over the Upper Galilee region in northern Israel amid clashes between Israeli troops and Hezbollah fighters earlier this August. (AFP file photo).Related stories.

Israel’s robust Iron Dome missile defence system was once again deployed on September 23, successfully intercepting the majority of rockets fired by Hezbollah. This occurred just hours after theIsrael Defense Forces (IDF) conducted airstrikestargeting the hideouts of the Iran-backed militant group inLebanon. Here's all you need to know about the Iron Dome system and its key functions: Israel's Iron Dome The Iron Dome is an advanced air defence system developed to protect Israel from incoming short-range threats, such as rockets and artillery shells. Its ability to function in all weather conditions makes it a vital part of Israel's defence strategy. The system creates protective airspace over Israeli towns and settlements by identifying and targeting incoming projectiles deemed to be threats for interception. Specifically designed to intercept low-tech rockets fired by the Palestinian Islamist movement Hamas in Gaza, the Iron Dome was developed by Rafael Advanced Defence Systems with US support and became operational in 2011. Each truck-mounted unit employs radar-guided missiles to engage short-range threats, including rockets, mortars, and drones. Key Functions The Iron Dome employs a sophisticated radar system to track incoming rockets, distinguishing between those likely to strike populated areas and those that are not. Interceptor missiles are only launched at rockets projected to cause damage, minimising unnecessary interceptions. Each Iron Dome battery is equipped with three to four launchers, capable of firing 20 interceptor missiles. The system consists of both fixed and mobile units, enabling strategic deployment throughout Israel. Rockets that do not pose a threat are allowed to land in uninhabited areas, while those identified as dangerous trigger the missile firing unit to launch interceptors. Each launcher contains 20 interceptor missiles to effectively neutralise potential threats. The Iron Dome is part of a broader multi-layered air defense strategy that includes: Arrow: Designed to intercept long-range ballistic missiles.David's Sling: Targets medium-range missiles, particularly those from Hezbollah.Patriot: An older system used for intercepting aircraft and drones, previously employed during the Gulf War.Iron Beam: Israel is currently developing Iron Beam, a new system using laser technology for intercepting threats, which is expected to reduce operational costs. However, it is not yet operational. The Iron Dome was developed in response to the 2006 conflict with Hezbollah, during which thousands of rockets were fired into Israel, resulting in significant damage and loss of life. Following this large-scale offensive, Israel committed to creating a robust missile defence shield, leading to the development of the Iron Dome by Rafael Advanced Defence Systems and Israel Aerospace Industries, backed by the US, at an approximate cost of $210 million. Operational since 2011, the Iron Dome achieved its first successful interception of a rocket from Gaza on April 7, 2011. Since its deployment, it has intercepted over 5,000 rockets with an impressive success rate of over 90 percent. Challenges Despite its high success rate, the Iron Dome faced significant challenges during the October 7, 2023, attacks by Hamas, which launched over 5,000 rockets in a matter of minutes. Although the system intercepted many missiles, some were able to bypass defences, resulting in casualties and prompting Israel to declare war on Hamas. The Iron Dome, thus, plays a vital role in Israel’s defence infrastructure, providing crucial protection against short-range threats.

2024-09-24 15:47

2024-09-24

15:47

moneycontrol.com

https://www.moneycontrol.com/news/business/centre-diverting-semiconductor-investments-using-political-influence-karnataka-it-minister-priyank-kharge-12828680.html

Centre diverting semiconductor investments using political influence: Karnataka IT Minister Priyank Kharge

Karnataka IT-BT minister Priyank Kharge.Related stories.

Karnataka's IT Minister, Priyank Kharge, has accused the Central government of using political influence to divert semiconductor investments away from the state and move them to Gujarat. Despite the state being home to 70 percent of the country’s chip-design talent and having a well-established electronics manufacturing ecosystem, Kharge believes the central government is using political influence to divert semiconductor investments away from Karnataka. Kharge expressed frustration over the lack of a level playing field for Karnataka in the semiconductor sector, stating that while the state contributes over 10 percent  to India’s electronics manufacturing output, it is being sidelined in favour of other states. “We already contribute more than 10% of the national electronics manufacturing output, but more can be done. But what is hurting us the most is the semiconductor play because the central government is not giving us a level playing field,” Kharge told Moneycontrol in an interview on September 24. “If you are truly interested in making India a manufacturing hub or a chip designing hub, it has to happen from Karnataka. You are just reinventing the wheel elsewhere,” he added. Given its talent pool and innovation ecosystem, Kharge emphasised that Karnataka is better suited to drive India’s semiconductor ambitions. “Five semicon manufacturing units, four are in Gujarat, and one is in Assam, but they don't have an ecosystem of skills there. They don't have an ecosystem of research there. They don't have an ecosystem of incubation. They don't have a system of ecosystem of innovations…when 70% of the chip designing talent lies in Karnataka, I don't understand why the government wants to push to another state by using political clout. That is unfair,” he said. The India Semiconductor Mission (ISM) is examining 20 more projects for approval across all domains, including fabrication, display, compound semiconductors, assembly, and testing. India has approved five semiconductor projects worth Rs 1.52 lakh crore so far. Micron, Tata-PSMC, CG Power, and Kaynes are establishing chip units in Gujarat. Under the ISM, the government provides a 50 percent subsidy, so roughly Rs 60,000 crore out of the Rs 76,000 crore has already been secured.

2024-09-24 15:45

2024-09-24

15:45

moneycontrol.com

https://www.moneycontrol.com/news/india/jammu-omar-abdullah-ravinder-rana-among-candidates-in-fray-12828431.html

Jammu & Kashmir polls: Stage set for 2nd phase; Omar Abdullah, Ravinder Rana among candidates in fray

Former J&K CM Omar Abdullah is in the fray in the second phase of polling.

The stage is set for the second round of voting in Jammu and Kashmir's three-phase elections, with 26 constituencies going to polls on September 25. The constituencies voting on Wednesday are spread over six districts – three in the Valley and three in the Jammu division. Over 2.5 million voters will seal the fate of 239 candidates in the fray. "To facilitate smooth and hassle-free electoral participation, the Election Commission of India has established 3,502 polling stations in these segments. There are 1,056 urban polling stations and 2,446 rural polling stations," an official said. Among the prominent candidates in the fray are National Conference leader and former chief minister Omar Abdullah, JKPCC president Tariq Hamid Karra and BJP J&K chief Ravinder Raina. Omar Abdullah, who was initially reluctant about contesting the polls, is now fighting from the Ganderbal and Budgam seats. Karra is contesting from Central Shalteng while Raina is looking to retain his Nowshera seat in Rajouri district which he won in the 2014 assembly polls. Ganderbal is set to witness a high-voltage clash since jailed separatist leader Sarjan Ahmad Wagay will take on Abdullah in the constituency. Wagay is hoping to pull off an upset, similar to Engineer Rashid's victory over Abdullah in the recent Lok Sabha elections in Baramullah. Barkati is contesting from the Beerwah and Ganderbal segments. Other key candidates in this phase are Apni Party president Altaf Bukhari (Channapora), former ministers Ali Mohammad Sagar (Khanyar), Abdul Rahim Rather (Chrar-i-Sharief), and Choudhary Zulfikar Ali (Budhal) and Syed Mushtaq Bukhari (Surankote). Choudhary Zulfikar Ali and Syed Mushtaq Bukhari are contesting on BJP tickets this time. In the first phase of polling, held on September 18, an estimated 61.38 per cent of the electorate cast their ballots. The third and final phase will be held on October 1. The votes will be counted on October 8. During this phase, 93 candidates are in the fray in Srinagar district, followed by 46 in Budgam district, 34 in Rajouri district, 25 in Poonch district, 21 in Ganderbal district and 20 in Reasi district. The constituencies in Srinagar district are Hazratbal, Khanyar, Habbakadal, Lal Chowk, Channapora, Zadibal, Central Shalteng and Eidgah. The segments in Budgam district are Budgam, Beerwah, Khansahib, Chrar-I-Sharief and Chadoora while there are two constituencies in Ganderbal district -- Kangan (ST) and Ganderbal. The seats going to polls in Jammu division are Gulabgarh (ST), Reasi, Shri Mata Vaishno Devi (in Reasi district), Kalakote-Sunderbani, Nowshera, Rajouri (ST) (in Rajouri district), Budhal (ST), Thannamandi (ST), Surankote (ST), Poonch Haveli and Mendhar (ST) (Poonch district). (With inputs from PTI)

2024-09-24 15:42

2024-09-24

15:42

moneycontrol.com

https://www.moneycontrol.com/technology/game-on-3-years-on-tv-nazaras-nodwin-hits-it-out-of-the-park-with-esports-article-12828658.html

Game on: 3 years on TV, Nazara's Nodwin hits it out of the park with esports

Esports is growing on TV in India..Related stories.

An India-Pakistan match is best watched on television. So is Olympic medalist Neeraj Chopra's javelin throw. Sports enthusiasts also prefer watching the winning game of Team Soul, the winners of the third season of Battlegrounds Mobile India Masters Series (BGMS). Television is no more home to traditional sports. Going beyond cricket, football, kabaddi and Olympics, Indians are spending time on esports which has also found place in the Asian Games and the Olympics. While there are many sports leagues, this new unconventional sport has survived and thrived on the small screen for three straight seasons. A true definition of a sports property would be being on TV and not just on digital, said Akshat Rathee, co-founder and managing Director, Nodwin Gaming, a subsidiary of gaming firm Nazara Technologies. "Our numbers on YouTube are phenomenal but the legitimacy that a property like this brings to advertisers and to sponsors is via TV. Remember, those are the people who are spending money. For instance, our title partner (for Season 3) Android was very happy that we (BGMS) are on TV.  While they can do digital marketing, they need us to levitate their experience from not just being an online digital property. TV may not have the numbers, but the impact that TV has for decision makers is still very high. And that's how it (BGMS) survived (for three seasons)," Rathee said. Esports on TV Viewership statistics signal a strong reach of BGMI's Master series on TV. Over the first two seasons, BGMS reached over 100 million across linear and digital platforms. When compared to the popular sports league the Indian Premier League (IPL), esports falls short. Last year, IPL, in its 16th edition, recorded 50.5 crore viewers on television and 44.9 crore viewers on digital. In its third year, the overall BGMS tournament garnered over 4.75 million hours of watch time and an average viewership surpassing 1.8 million, making it one of the highest watched BGMI tournaments in India. "A typical BGMS player falls between the age group of 16 and 24. On YouTube, you'd figure these to be closer to the 20 to 26 age group. But on TV, viewers fall in the age bracket of 24 to 30. Also, many more women are watching esports (BGMS) on TV than they actually watch it online or on an OTT. And the reason for that is because it is just to enjoy watching the game. People who are watching the tournament on OTT would have a 90 percent chance of being players of the game. People who are watching it on television have less than a 50 percent chance that they are players of the game," the MD said. The final day of Season 3 reached a peak concurrent viewership of over 3.5 lakh on YouTube and more than 3.8 million views across the Hindi and English streams. The third season of BGMS was also broadcast in Tamil. "Localisation is a big factor in terms of boosting the viewership. Hindi was always the first language then we were able to go out and build English. Tamil is trending extremely well. We were even trying some experiments with Punjabi this year. IPL now runs in 10 languages and I think we'll get there too and we're definitely getting to four (languages)," Rathee said. Like languages, the category of brands is also expanding for esports on TV. Brand expansion This year the tournament attracted brands like Android and Garnier Men along with existing partners such as Crunchyroll, Red Bull, TVS Raider, and Philips OneBlade. "We've crossed about 11 different partners this year across both OTT, on-ground and TV. Male grooming is a category that is growing for us and is renewing with us. Two and four wheelers categories are growing for us so is pop culture. Endemic cell phone category too is growing. Last year, we had about four different categories which has increased to 11 this year. So the number of categories have improved and the revenue per category has increased," Rathee said. And most of the tournament's ad spots are filed by sponsors. "Our fill rates are currently sitting above 70 percent. But most of our fill rates actually come in from sponsors which indicates deep engagement," Rathee said, referring to the rate at which an ad network fills advertisement requests. Esports superstars Brands like Gillette, which previously partnered with players like tennis star Roger Federer, signed up esports player Jonathan Amaral. The MD said in their partnerships talks with brands, they ask tell them that if they want to reach the youth of the country, they have to understand who the youngsters  think are superstars. "A (esports name) Scout (aka Tanmay Singh) with his hair, with his tattoo, with his car, is a very Virat Kohli equivalent. On the other hand, a Mortal (aka Naman Mathur ) is a much more disciplined boy and is a Tendulkar equivalent. So, we have seen esports phasing from the Tendulkar era to the Virat era, to the new era. We have now people like Jonathan and a newer crop of talent coming up. That's the beauty of the sport, a younger person and a hungrier person comes along every year," he said. New players are joining the esports pool from across markets. "I would call it the 'Dhonification' of cricket, kind of an example. The total number of people who are now getting involved with this are coming from Bhilai, Mangaluru, Warangal, Ranchi, among others as more players look to become the next superstar of esports like Scout, Mortal and Jonathan. You're not curtailed by a hardware requirement where you have to be from Delhi, Mumbai, Bengaluru. We saw that in cricket earlier where the ability to get into good (cricket) academies was dependent on one being a rich boy. But with that democratisation of opportunity, that has allowed anyone to be super special," the MD said. Growing esports market Professional esports teams are expected to increase to 35 this year from 22 in the previous year. Some of the prominent esports teams in India include Team Soul and Team X Spark. Moreover, the esports market in India is growing with game revenues increasing to Rs 1,200 crore from Rs 1,100 crore in the year before, according to a FICCI and Ernst & Young 2024 report. Prize money across major tournaments increased to Rs 18.1 crore in 2023 from Rs 15 crore in the previous year. Prize money is expected to reach Rs 22 crore this year. Eyes on Esports Olympics With esports being included in the Olympics, India has one more sport for a medal prospect. China finished fifth in the League of Legends event during the Asian Games in Hangzhou. The titles for the inaugural Olympic Esports Games, which will be held in Saudi Arabia in 2025, have not been officially announced yet. Rathee expects the decision on titles to come in the next three to four months. "The Olympics (esports) starts next year so from January onwards there will be qualifiers. I think the finals are in August and September. I think the decision (on esports game titles) between all the federations should be expected before the end of the year," he said, adding the decision of how the titles will be chosen for the Olympics took the maximum amount of time. "One of the big things was the commercial companies, publishers cannot decide game titles. Then the question of who decides what eSports to put and this discussion went on for about six to eight years. Later it was decided that people who are already part of the Olympics will take a call. So, if there is boxing as part of the Olympics, then the boxing federation will decide which game truly defines their community. The power has now gone back to the sports federations, which are already part of the Olympics to choose titles," he said.

2024-09-24 15:35

2024-09-24

15:35

moneycontrol.com

https://www.moneycontrol.com/news/world/pm-modis-quest-for-permanent-un-security-council-seat-for-india-12828668.html

PM Modi's quest for permanent UN Security Council seat for India

New York: Prime Minister Narendra Modi speaks at Summit of the Future at the UN (PTI Photo).Related stories.

Prime Minister Narendra Modi addressed the United Nations Summit of the Future at the UN General Assembly in New York, advocating for reforms in global institutions and describing these changes as the “key to relevance.” He referred to the inclusion of the African Union as a permanent member of the G20 as an “important step” towards this goal. Highlighting the need for reform,ÂPM Modipointed to the African Union's new G20 membership as a sign of progress. “For global peace and development, reforms in global institutions are necessary. Reform is the path to relevance,” he stated. This is not the first occasion on which PM Modi has expressed his concerns regarding the necessity of reforming theUNto maintain its relevance. In an exclusive interview with a news agency in September 2023, just before the G20 Summit hosted by India, PM Modi called for reforms in the United Nations. "Today's world is a multipolar world where institutions are extremely important for a rules-based order that is fair and sensitive to all concerns. However, institutions can retain relevance only when they change with the times," PM Modi remarked. "A mid-20th century approach cannot serve the world in the 21st century. So, our international institutions need to recognise changing realities, expand their decision-making forums, relook at their priorities and ensure representation of voices that matter," he added. "When this is not done on time, then smaller or regional forums begin to attain more importance," Modi noted. In September 2020, PM Modi reiterated his call for UN reforms at the United Nations, posing relevant questions about the changing dynamics and needs of the world. He questioned whether the UN remains relevant 75 years after its establishment, acknowledging the Organisation’s achievements, including the prevention of a Third World War, while noting the emergence of numerous conflicts and that today’s challenges are significantly different from those of the past. The Indian leader also inquired about the Organisation’s effectiveness in addressing COVID-19, asking, “where is the United Nations in this joint fight against the pandemic? Where is its effective response?” While emphasising India’s unparalleled respect for the Organisation, PM Modi highlighted that Indians have long awaited reform and called for the nation to be included in the UN’s decision-making structures. “How long would a country have to wait, particularly when the transformational changes happening in that country affect a large part of the world?” he asked. UNSC Permanent Seat for India The US has expressed its support for India’s aspiration to secure a permanent seat on the UN Security Council. Following the recently held Quad Leaders' Summit in the US, the leaders of Quad—comprising the US, India, Japan, and Australia—reiterated the necessity for comprehensive reform of the UN body in their joint statement. This development followed bilateral discussions between Prime Minister Narendra Modi and US President Joe Biden on the sidelines of the summit. India has sought a permanent seat on the UN Security Council for several years, highlighting its contributions to peacekeeping missions, its expanding global influence, and its status as the world’s largest democracy. The nation has been advocating for reforms within the United Nations, particularly regarding the Security Council. In an interview with the French daily Les Echos in 2023, PM Modi strongly advocated for India’s “rightful place” on the UN Security Council. He criticized the uneven geographical representation within the UNSC and called for reforms in the global body, stating that it exemplifies the disconnect of an institution that has not kept pace with the evolving world order. "How can we talk of it as a primary organ of a global body, when entire continents of Africa and Latin America are ignored? How can it claim to speak for the world when its most populous country, and its largest democracy, is not a permanent member," PM Modi asked. New Delhi has expressed frustration over the lack of significant progress in the Intergovernmental Negotiations (IGN) concerning Security Council reform. India is a strong candidate for permanent membership on the UN Security Council (UNSC). External Affairs Minister Dr. S Jaishankar in April 2024 said he was confident that India will secure a permanent seat at the United Nations Security Council (UNSC), although he acknowledged that it might require “extra effort.” Jaishankar said, “We will surely get it. But no big achievement comes without hard work. So, we will have to work hard for it.” Currently, the UNSC consists of five permanent members and ten non-permanent members, who are elected for two-year terms by the UN General Assembly. The five permanent members are Russia, the UK, China, France, and the United States, each of which holds the power to veto any substantive resolution. There has been an increasing call to expand the number of permanent members to better reflect contemporary global realities.

2024-09-24 15:32

2024-09-24

15:32

moneycontrol.com

https://www.moneycontrol.com/news/india/siddaramaiahs-first-reaction-after-karnataka-hc-setback-in-muda-scam-case-wont-hesitate-12828613.html

Siddaramaiah's first reaction after Karnataka HC setback in Muda scam case: 'Won't hesitate ...'

CM Siddaramaiah (PTI photo).

Responding to Karnataka High Court's order in the alleged Mysore Urban Development Authority (MUDA) scam, Chief Minister Siddaramaiah said he would not hesitate from any investigation. His remarks came after the Karnataka High Court dismissed his petition challenging Governor's approval for investigation against him in the site allotment case. "I will not hesitate from any investigation. I will consult with experts on whether such an investigation is allowed under law or not," he said. Siddaramaiah stated that he would discuss with the legal experts and decide on the outline of the fight. Expressing confidence, Siddaramaiah stated that the truth will be out in the next few days. "The people of the state are standing behind me in this political struggle. Their blessings are my protection. I believe in law and the constitution. Truth will finally win in this fight. This is a fight against the revenge politics of Narendra Modi-led BJP government," he added. The Chief Minister had challenged the approval given by the Governor Thawar Chand Gehlot for an investigation against him in the alleged irregularities in the allotment of 14 sites to his wife by MUDA in a prime locality. "BJP and JD(S) have resorted to political retaliation against me because I am pro-poor and fighting for social justice," said Siddaramaiah.Karnataka HC dismisses petition by CM Siddaramaiah challenging Governor's sanction for his prosecution in alleged MUDA scam.CM releases a press statement - "I will not hesitate to investigate. I will consult with experts on whether such an investigation is allowed under law orpic.twitter.com/UzFyhBsBhFANI (@ANI)September 24, 2024 What is the MUDA case? MUDA is accused of allowing an exchange of land where valuable urban parcels were traded for less valuable rural plots. The CM's wife, Parvathi Siddaramaiah, is said to have made illegal gains when MUDA purchased her 3-acre site in Kesare village of Mysuru in 2021. The transaction reportedly involved swapping the land for more valuable plots in the affluent Vijayanagar neighbourhood of Mysuru. (With agencies inputs)

2024-09-24 15:30

2024-09-24

15:30

moneycontrol.com

https://www.moneycontrol.com/news/india/bengal-govt-to-discontinue-tram-service-in-kolkata-barring-one-short-stretch-12828662.html

Bengal govt to discontinue tram service in Kolkata barring one short stretch

A special Pujo tram (File image).Related stories.

The West Bengal government has decided to discontinue the 150-year-old tram service in Kolkata soon, barring a solitary heritage stretch from Maidan to Esplanade, Transport Minister Snehasis Chakraborty said. Tram lovers, however, have decided to hit the streets in protest against the decision. Kolkata is the only city in the country where trams continue to operate. Chakraborty said slow-moving trams, which move along the roads creating traffic jams in peak hours, cannot be run in the present situation as commuters need faster modes of transportation. "Trams are undoubtedly a part of Kolkata's heritage after their introduction in 1873 as horse-drawn carriages and played a crucial role in transportation in the previous century. "But as roads comprise only 6 per cent of Kolkata's surface area and with increase in vehicular traffic, we have observed that trams cannot ply the roads along the same routes at the same time as it is leading to congestion," Chakraborty told reporters on Monday evening. Chakraborty said as the issue of plying trams is now pending before the Calcutta High Court, the state government will make the aforementioned submission in the next hearing. The high court, while hearing a PIL, had on December 11 last year suggested that a public-private partnership (PPP) model can be used to restore and rejuvenate tramcar services in Kolkata. Tram services have already been discontinued along several routes in the city. The minister said despite having the lowest road space among metropolitan cities, Kolkata Police have kept traffic flowing even during peak hours. "To ensure that people don't get late to office during peak hours due to traffic jams, we have to take certain difficult measures, including the withdrawal of trams," he said. Heritage trams, however, will run between Maidan and Esplanade so that people can have a pleasant and environment-friendly ride, the minister said. Responding to a query, he said that the state government allows only those commercial vehicles to ply the roads that conform to the pollution norms and encourages the usage of electric vehicles, "which is yielding results". Sharply reacting to the state's announcement, the Calcutta Tram Users Association (CUTA) said it will hold demonstrations before five tram depots across the city in protest. "We will not let it happen. If the state government is serious about easing traffic congestion, it can remove encroachment and widen roads. Trams, which are non-polluting, are not slow-moving as their average speed is 20-30 kmph, which is the average speed of automobiles in the city," environmental activist and tram lover Somendra Mohan Ghosh told PTI. Kaushik Das, an association member of CUTA, said, "If the government repairs and ensures regular upkeep of tramcars lying unused in several depots for several years, they can run the fleet in a smooth manner." The association has launched a hashtag campaign to save Kolkata trams. "We will start a movement by this week to save trams," Das added.

2024-09-24 15:20

2024-09-24

15:20

moneycontrol.com

https://www.moneycontrol.com/banking/banks-expected-to-report-up-to-12-bps-nim-contraction-in-q2-crisils-ajit-velonie-article-12827812.html

Banks expected to report up to 12 bps NIM contraction in Q2: CRISIL's Ajit Velonie

For the shadow banks, Velonie said that the growth in the unsecured biz has dropped significantly from last year. The unsecured personal loans of NBFCs used to be the fastest growing segment for the non-banks, growing annually at 35 - 40 percent in the last few years, Velonie said.Related stories.

The pressure on profit margins faced by Indian banks is expected to be felt during the second quarter of the financial year (FY), ending on September 30. Banks are expected to report up to 12 basis points (bps) contraction in their net interest margin (NIM) in Q2FY25 due to rising cost of funds amid their fight for deposit mobilisation, according to domestic ratings agency CRISIL’s Senior Director, Ajit Velonie. “Up to 12 bps contraction in NIMs of banks is expected because we have the lag effect of the deposit growth. Private banks could see more compression because their credit-deposit (CD) ratios are higher,” said Velonie during an interaction withMoneycontrol. Banks have been lagging in garnering deposits, leading to high CD ratios. Earlier, the Reserve Bank of India (RBI) stated that the CD ratios can be balanced through introduction of innovative products. On August 8, RBI Governor Shaktikanta Das urged banks to offer innovative products and services and effectively use their branch networks to attract household savings as deposits amid increasing appeal of alternative investment avenues to retail customers. Stress in unsecured business Lenders are also experiencing stress in the unsecured small and medium enterprises (SME) portfolio. The larger unsecured portfolio is under control and mostly the non-banking institutions are under the pump, according to Velonie.  “We're seeing early signs of challenge in unsecured SME loans. As far as unsecured loans in the segment below Rs 50,000 are concerned, banks are trying to steer clear. Mostly non-banking financial companies [NBFC] are active in unsecured loans segment,” he said. The trend was highlighted in a CareEdge report that was published earlier this month. The report showed that growth in personal loans slowed to 14.4 per cent in July from 31.2 per cent during the same period last year. The decline was attributed to a slowdown in vehicle and unsecured loans, the HDFC-HDFC Bank merger. However, the slump was partially offset by an increase in gold loans, the report stated. For the shadow banks, Velonie said, the growth in the unsecured business has dropped significantly, as compared to last year. The unsecured personal loans of NBFCs used to be the fastest-growing segment for non-banks at an estimated uptick of up to 45 per cent in the past two years, Velonie said. “After the RBI increased the risk weights on these loans, NBFCs are looking to cap their growth at 25 per cent,” Velonie said. Funding by private equity (PE) and venture capital (VC), according to Velonie, is also on the wane. “Today when you look at PE and VC funds, they want to see proof of operating profitability. While PEs and VCs are willing to tolerate higher operating expenses and other costs, they have aggressively started looking at the asset quality and the likely credit cost,” he added.

2024-09-24 15:19

2024-09-24

15:19

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/oyo-estimates-ebitda-to-cross-rs-2000-cr-in-fy26-with-motel-6-acquisition-12828646.html

OYO estimates EBITDA to cross Rs 2,000 cr in FY26 with Motel 6 acquisition

The travel tech major is expected to refile its initial public offering (IPO) papers with markets regulator Securities and Exchange Board of India (SEBI) after refinancing its existing $450 million Term Loan B (TLB) at a lower interest rate.Related stories.

The EBITDA of IPO-bound travel tech platform OYO is expected to cross Rs 2,000 crore in 2025-26 with the American budget hotel chain Motel 6 adding substantially to its topline, according to documents. The travel tech unicorn estimates that Motel 6 will add over Rs 630 crore to its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) in the coming financial year, which will be the first full year of its integration. The travel tech major is expected to refile its initial public offering (IPO) papers with markets regulator Securities and Exchange Board of India (SEBI) after refinancing its existing $450 million Term Loan B (TLB) at a lower interest rate. OYO on Saturday announced it has agreed to acquire Motel 6 and Studio 6 brands from Blackstone Real Estate for $525 million in an all-cash transaction. Oravel Stays, the parent company of OYO stated that it will acquire G6 Hospitality, the leading economy lodging franchisor and parent company of Motel 6 and the chain's offshoot hotel brand, Studio 6. The transaction is expected to close in the fourth quarter of 2024. According to sources, OYO is planning to deploy a mix of debt and equity to finance the acquisition. It will utilise $250 mn from the recently concluded fund raise and existing cash balance. The travel tech chain's hotel count grew from 12,938 hotels at the end of FY23 to 18,103 at the end of FY24, marking a 40 percent growth. "The acquisition will add another 1,500 additional hotels taking the total hotel count to nearly 20,000. But at an average of 110 rooms per hotel in Motel 6 and a higher average room rent, it will significantly augment OYO's topline," a source said. Motel 6 operates 1,500 franchised hotels across the US and Canada and extended stay properties called Studio 6. Before the acquisition, OYO had projected its PAT to surge over 3-fold to Rs 700 crore in the current fiscal vs FY24. OYO reported its first-ever profit after tax (PAT) of Rs 229 crore in FY24 and followed it up with a profit of Rs 132 crore in Q1 FY 2025. OYO's Adjusted EBITDA grew by 215 per cent to reach Rs 877 crore in FY24.

2024-09-24 15:18

2024-09-24

15:18

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/spurt-in-abrupt-resignations-by-statutory-auditors-reasons-unclear-12828631.html

Does spurt in abrupt resignations by statutory auditors point to governance issues?

In most cases, the reason sited for such exits has been merely mentioned as “pre-occupation” or “commercial” though in some cases the auditors mentioned that they were resigning due to “alignment” issues with “group/subsidiary auditors”..Related stories.

Auditors of more than two dozen companies – 18 to be precise – have resigned abruptly in August with the total number of such sudden exits pegged at 35 in the current financial year till date. Data from primeinfobase.com shows that instances of such exits in the first five months of the current financial year – 35 - are already inching close to the full year number for FY23 when it was 41. Further, the previous financial year (FY24) saw 50 instances of auditors unexpectedly exiting a company without finishing their agreed terms. If the trend of the first five months is anything to go by then it appears that FY25 could see a higher number of such instances. More importantly, while experts believe this is a major governance issue and the reasons for such sudden departure need to be examined, the auditors have mostly been very ambiguous in giving the reasons for resigning. In most cases, the reasons cited for such exits have been merely mentioned as “pre-occupation” or “commercial” though in some cases auditors mentioned that they were resigning due to “alignment” issues with “group/subsidiary auditors”. Companies in which auditors have resigned in the middle of their term include Easy Trip Planners, Gulshan Polyols, Platinum Industries, SVP Global Textiles, Uflex Ltd, Wanbury Ltd, Polo Queen Industrial & Fintech, Ind-Swift Laboratories and SJ Logistics (India) among others. Data from primeinfobase.com shows that instances of such exits in the first five months of the current financial year (35) is already inching close to the full year number for FY23 when it was 41. Meanwhile, there have been 22 separate instances this fiscal wherein auditors resigned before the completion of their agreed tenure. Well-known companies like Abans Holdings, Adani Wilmar, Cantabil Retail India, and Nandan Denim among others saw their auditors resign in the middle of their term. “This is obviously a governance issue as many a time auditors ask for detailed information from the management and if the responses are not satisfactory or in accordance with the law, then it becomes difficult to continue,” says Shriram Subramanian, Founder and Managing Director, InGovern Research Services, a proxy advisory firm. “The more important issue is to know the exact reasons for such abrupt resignations. Because if they just mention reasons as personal or preoccupation, then the impact is lost,” he added. This assumes significance as auditors have a ringside view of the company’s financial health and balance sheet strength and hence would be aware of any financial violations or malpractices done by the company. Interestingly, on September 11, Religare Enterprises, which is in the midst of probes by various agencies including the Ministry of Corporate Affairs, reported that Nangia & Co LLP, which was supposed to be appointed as the auditor, had withdrawn its consent for being considered as statutory auditors. “This shows that even statutory auditors, a key stakeholder who had initially consented to audit the company… are suspicious of the happenings at the company,” stated arecent report by InGovern. “At a time when stock market valuations are on the rise and stocks of most small- and mid-cap companies are going through the roof and racing ahead of fundamentals, auditors have a difficult job of asking tough questions. Many-a-time, there is no convincing reply especially while dealing with the management of lesser-known companies. The only recourse left for the auditor is to move out,” said a lawyer specialising in securities market regulations.

2024-09-24 15:18

2024-09-24

15:18

moneycontrol.com

https://www.moneycontrol.com/news/companies-2/organised-apparel-retailers-to-clock-8-20-revenue-growth-in-fy25-crisil-12828650.html

Organised apparel retailers to clock 8-20% revenue growth in FY25: CRISIL

The rising popularity of fast fashion is expected to be the primary revenue driver this fiscal.Related stories.

India's organised retail apparel sector is expected to record an 8-10 percent revenue growth this financial year riding on festive and wedding season demand and increasing preference for fast fashion, a report said on September 24. The growth will be primarily due to higher demand stemming from a normal monsoon, easing inflation, festive and wedding season and increasing preference for fast fashion, which is inexpensive, trendy clothing that mimics high fashion designs and popular styles, Crisil Ratings said in the report. "The mass market segment accounts for 60 percent of total sales now, compared with 56 percent before the pandemic, due to the rising popularity of fast fashion, which is expected to be the primary revenue driver this fiscal. The likely increase in demand for premium clothing during the upcoming festive and wedding seasons will also contribute to overall revenue growth of 8-10 percent this fiscal," Crisil Ratings Senior Director Anuj Sethi said. However, revenue growth will be slower than the compound annual growth rate of 11-12 percent seen between fiscals 2018 and 2023, making retailers cautious at opening new stores, the report noted. Instead, retailers will focus on enhancing efficiencies at existing stores, controlling costs and limiting reliance on external debt, which will help maintain their operating margin at 7.2-7.4 percent despite continued high marketing expenses, thereby ensuring stable credit profiles, it added. The forecast may benefit apparel and fast fashion retails such as Tata Group'sTrent, and its rivals such asAvenue Supermarts,Aditya Birla Fashion & RetailandShoppers Stop. The Tata Group company’sstock price has more than doubled this year, aided by investor enthusiasm over the company’s value-for-money Zudio brand, ranking it No. 3 on the Bloomberg World Retail Index, on a winning strategy in affordable apparel. The gains may also extend following Trent's inclusion in India’s benchmark NSE Nifty 50 gauge. In the apparel retail business, the mass market is the largest segment, followed by premium and luxury. Fast fashion, a growing subset of the mass market, offers the latest trends, frequently updated throughout the season with a shorter lead time to reach customers quickly. The report said that retailers are adjusting business strategies, enhancing supply chain efficiency and focusing on new trends – particularly in fast fashion – to meet the evolving consumer behaviour. With consumer spending shifting towards travel experiences and luxury goods in major urban locations, retailers will be cautious at store expansion there, while continuing to expand in tier II and III cities, which are transitioning towards organised retail. The area addition will be lower year-on-year at 2.2 million square feet compared with 3.6 million square feet last fiscal as store sizes will be smaller, said the report. Meanwhile, Crisil further said that revenue density is expected to remain flat at Rs 11,900 per square foot due to muted growth in same-store sales and will restrict significant improvement in profitability. "The marginal increase in profitability this fiscal will be driven by apparel retailers streamlining existing stores and opening new stores only as necessary, given that demand has not fully recovered. Besides, the need to offer higher discounts and incur marketing spends to attract customers will limit the overall improvement in operating margin to 7.2-7.4 percent against 7 percent in fiscal 2024," Crisil Ratings Associate Director Anil More said. According to the report, better inventory management and stable input costs will prevent significant inventory write-offs, unlike last fiscal when sharp cost changes lowered profitability by 100-110 basis points. Consistent cash flow and limited reliance on debt to fund store expansion will lead to adequate debt metrics. Interest coverage and total debt/Ebitda (earnings before interest, taxes, depreciation, and amortisation) ratios of apparel retailers are expected to be 6.2 times and 1.7 times, respectively, in 2024-25, in line with last fiscal, it added. However, changes in commodity prices, inflation trends, consumer spending behaviour, and retailers' ability to sustain the momentum in the fast fashion segment needs to be watched, added the report. (With PTI inputs)

2024-09-24 15:18

2024-09-24

15:18

moneycontrol.com

https://www.moneycontrol.com/news/business/telegram-to-help-government-catch-scammers-and-criminals-heres-how-12828663.html

Telegram to help government catch scammers and criminals, here's how

Telegram.

Telegram, the popular messaging platform that has been in the news recently for multiple online crimes, has now updated its terms of service to enhance user privacy. Through a new blog post, Pavel Durov, Telgram’s CEO, announced that they will start sharing user information, such as phone numbers and IP addresses, with law enforcement when users are suspected of illegal activities. This decision comes after Durov's arrest in France last month over alleged criminal activity on the platform. Durov has added that the company is making these changes to ‘deter criminals from abusing’ the app’s search function. Currently, the apps’ search feature allows users to look for public channels and bots, but Durov has suggested that it has been compromised multiple times to ‘sell illegal goods.’ Therefore, if someone continues to access or share such content, Telegram will hand over their phone number and IP address to authorities for legal proceedings. Durov has also stressed the fact that the app only intends to help users find friends or discover news, not to locate or promote illegal activities. Earlier this month, Telegram disabled new media uploads from unauthorized user accounts, which Durov said was aimed at stopping bots and scammers. With the help of AI, Telegram is aiming to remove illegal or unsafe content from the platform by reporting through a dedicated channel.

2024-09-24 15:17

2024-09-24

15:17

moneycontrol.com

https://www.moneycontrol.com/news/business/banks-may-continue-to-dip-into-cds-till-deposits-see-growth-12828627.html

Banks may continue to dip into CDs till deposits see growth

Banks.Related stories.

Indian banks are expected to continue their borrowing through certificates of deposits (CD) to fund their credit needs, as long as the challenges on the deposit front remains in the system, money market experts said. “With challenges on the deposit front, CD issuances will remain elevated,” said Gopal Tripathi, Head of Treasury at Jana Small Finance Bank. According to Prime database, banks have issued CDs worth Rs 7.78 lakh crore between January and August 2024, as compared to Rs 4.90 lakh crore in January-August 2023, registering a growth of around 59 percent. Some banks are avoiding raising their deposit rates aggressively in the expectation that the Reserve Bank of India (RBI) might start cutting rates soon if inflation softens, said Venkatakrishnan Srinivasan, Founder and Managing Partner of Rockfort Fincap LLP. “By using CDs, banks can raise funds at lower short-term rates instead of committing to higher long-term deposit rates,” Srinivasan added. Banks have been struggling with slower deposit growth compared to credit growth over the past few months. The increase in gap between deposits and credit, creates an asset-liability mismatch for banks. The increase in gap between credit and deposit has concerned the government and the RBI, who have asked banks to focus more on deposit mobilisation through innovative products. "We also need to recognise that with greater innovations in product offerings by banks, newer risks which can impact deposit growth, the demand for higher coverage for deposits, risk based premium would be better options for the deposit insurer to ensure robustness of its finances and also enhance its capability to operate in the changed financial milieu," said RBI Deputy Governor, M. Rajeshwar Rao, on August 19 while delivering speech at IADI Asia-Pacific Regional Committee International Conference 2024 hosted by Deposit Insurance and Credit Guarantee Corporation (DICGC) at Jaipur. Banks are also offering higher interest rates on deposits, with more than two-thirds of term deposits earning 7 per cent and above, According to the RBI’s September bulletin. The gap between credit and deposit growth is, however, beginning to narrow, RBI Bulletin added. Srinivasan further added that if the RBI shifts towards rate cuts or loosening liquidity conditions, the demand for CDs may decline, as banks will have less pressure to raise short-term funds. The expectation of the rate cut has increased in India after the US Federal Reserve cut interest rate by 50 basis points (Bps).

2024-09-24 15:16

2024-09-24

15:16

moneycontrol.com

https://www.moneycontrol.com/news/india/indias-basmati-rice-exports-seen-surging-after-floor-price-removed-12828659.html

India's basmati rice exports seen surging after floor price removed

The minimum export price (MEP) posed a barrier to exporting certain basmati rice grades, and its removal has opened up opportunities for global buyers to access the full range of options, said Gaurav Bhatia, director at DD International, one of the top basmati rice exporters..Related stories.

India's decision to remove the floor price for basmati rice exports is expected to spur a flurry of orders from the Middle East, Europe, and the Americas, leading exporters said, helping New Delhi to increase its share of the global market. The world's biggest rice exporter earlier this month removed a floor price of $950 a metric ton for basmati rice, weeks ahead of the arrival of the new season crop. "This policy change has enabled Indian exporters to offer basmati rice at more competitive prices globally, which is likely to drive higher export volumes," Akshay Gupta, head of bulk exports at KRBL Ltd, told Reuters. The minimum export price (MEP) posed a barrier to exporting certain basmati rice grades, and its removal has opened up opportunities for global buyers to access the full range of options, said Gaurav Bhatia, director at DD International, one of the top basmati rice exporters. India and Pakistan are the only growers of premium-grade basmati rice, and the Indian restrictions helped Pakistan gain market share in some categories. However, with the removal of the MEP, India will be able to reclaim that lost share, said Dev Garg, the director of ViExport, a New Delhi-based exporter. India's basmati rice exports during April to July, the first four months of the fiscal year, jumped 20% from a year ago to 1.9 million metric tons despite the MEP. The country exported a record 5.2 million tons of rice last fiscal year as Canada, Iraq, Oman, Saudi Arabia, and the United Kingdom raised purchases, offsetting the impact of lower buying by Iran. Basmati is not widely consumed in India, and the government does not buy the variety to build state reserves, unlike common grades of rice. India's basmati rice production is expected to rise by 10-12% this year because of a favourable monsoon, which could further help New Delhi in increasing exports, said KRBL's Gupta.

2024-09-24 15:12

2024-09-24

15:12

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sensex-gains-for-fourth-session-nifty-surpasses-26000-it-stocks-rebound-from-early-losses-12828445.html

Sensex gains for fourth session, Nifty surpasses 26,000; IT stocks rebound from early losses

In the broader market, the BSE Midcap index inched up 0.2 percent, while the Smallcap index remained flat..Related stories.

Sensex and Nifty scaled new record highs for the fourth straight session on September 24, fueled by last week's U.S. rate cut and a rally in metal stocks following China's fresh stimulus measures. The Sensex surged to an all-time peak of 85,163, while Nifty breached the 26,000 milestone for the first time, touching 26,011. By 2.57 PM, the Sensex had gained 72 points or 0.1 percent at 85,001, and Nifty was up 23 points at 25,962. About 1,674 stocks advanced, 1,759 declined, and 68 shares remained unchanged. In just 38 sessions, Nifty 50 soared from 25,000 to 26,000. During today's session, Nifty 50 added a Rs 5.84 lakh crore to investor wealth, reflecting the bullish sentiment that has gripped the Indian markets. Indian benchmarks have been setting fresh records daily since the US Fed's 50-basis point rate cut on September 18. Today's rally was driven by metal, IT, and auto stocks, while FMCG and banking stocks struggled to keep pace. Follow our live blog for all the market action The Nifty Metal index surged nearly 3 percent, fueled by a jump in Tata Steel, Hindalco, and Vedanta, following China's fresh stimulus measures aimed at reviving its economy. After a slow start, Nifty IT gained momentum, rising by 0.7 percent with Tech Mahindra, HCLTech, and TCS leading the rebound. The IT index had declined by half a percent in the morning after a recent research report by Jefferies said that HCL Tech, Tech Mahindra, and LTIMindtree see no significant change in the demand scenario. However, banking indices, Nifty Bank and Nifty Private Bank, snapped their eight-day winning streak due to selling pressure from Kotak Mahindra, Axis Bank, and Punjab National Bank. In the broader market, the BSE Midcap index inched up 0.2 percent, while the Smallcap index remained flat.

2024-09-24 15:08

2024-09-24

15:08

moneycontrol.com

https://www.moneycontrol.com/news/world/us-to-donate-1-million-mpox-vaccine-doses-to-halt-outbreak-in-africa-12828641.html

US to donate 1 million mpox vaccine doses to halt outbreak in Africa: Report

In August, the World Health Organization declared mpox a global public health emergency for the second time in two years, following an outbreak of the viral infection in Democratic Republic of Congo that has spread to neighboring countries and beyond, including India, raising alarm.Related stories.

US President Joe Biden will announce on Tuesday the donation of 1 million mpox vaccine doses and at least $500 million to African countries to support their response to the outbreak, according to a senior administration official. Biden will make the announcement in New York, where he is attending the United Nations General Assembly, and call on other countries to follow suit, the person told Reuters. In August, the World Health Organization declared mpox a global public health emergency for the second time in two years, following an outbreak of the viral infection in Democratic Republic of Congo that has spread to neighboring countries and beyond, including India, raising alarm. "It wouldn't be a huge surprise if there were a case in the United States, either," the official said, noting that recent cuts in pandemic support by Congress may hamper a domestic response. "We're really squeezing right now to be able to respond effectively in this moment. And I think anticipating potentially additional cuts in the future will make it more and more difficult for us to have a robust response to these types of outbreaks." Mpox can spread through close contact. Usually mild, it is fatal in rare cases. It causes flu-like symptoms and pus-filled lesions on the body. The outbreak in Congo began with the spread of an endemic strain, known as clade I. But a new variant, clade Ib, appears to spread more easily through routine close contact, including sexual contact. The expectation is that the US-donated doses will be of the Bavarian Nordic vaccine known as Jynneos in the United States, and many will come from a stockpile in the United States. The 1 million doses is in addition to the 60,000 previously donated shots. The US official said the administration expects Gavi, a public-private alliance which co-funds vaccine purchases for low-income countries, to distribute the donated vaccines. "We feel really strongly that Gavi is the multilateral institution that is best positioned to procure and equitably distribute vaccines," the official said. Last week, Gavi said it will buy 500,000 doses of Bavarian Nordic's vaccine, its first purchase to help battle the outbreak. The Biden administration is also pushing for more vaccines to be manufactured in low and middle-income countries, and is working with Brazil to identify how the Group of 20 club of nations can support the mpox response. There is not currently a manufacturer in Africa that is able to make the complex drug substance needed to make the vaccine, the US official said.

2024-09-24 15:00

2024-09-24

15:00

moneycontrol.com

https://www.moneycontrol.com/news/india/adding-human-waste-to-food-items-unnacceptable-yogi-cracks-down-on-eateries-in-up-12828625.html

'Adding human waste to food items unnacceptable': Yogi cracks down on eateries in UP

CM Yogi has condemned the recent food adulteration incidents involving human waste, calling them a serious public health threat..Related stories.

Uttar Pradesh Chief MinisterYogi Adityanathhas condemned the “mixing of human waste” in food and ordered a thorough investigation of all food establishments in Uttar Pradesh. Amid the Tirupati laddu row, the CM called for stricter food safety rules, mandatory CCTV installation, and staff verification. Masks and gloves will be required for food handlers, and strict penalties will be imposed for any violations threatening public health. "Adding human waste to food items like juice, lentils, and bread is abhorrent and unacceptable," the Chief Minister said, stressing that strict action will be taken against offenders.#BreakingNews: Uttar Pradesh CMYogi Adityanathcommented on human waste being mixed with the food and called it 'extremely appalling'. He has now issued new guidelines for the eateries. News18's Amit Singh shares more with @akanshaswarups |#UttarPradeshYogiAdityanath?src=hash&ref_src=twsrc%5Etfw">#YogiAdityanath#Foodpic.twitter.com/0N6AMKHyUaNews18 (@CNNnews18)September 24, 2024 Recently a shopkeeper was thrashed by angry locals in Uttar Pradesh's Ghaziabad for allegedly serving fruit juices mixed with urine to customers. What are the initiatives? An extensive inspection campaign, where police verification of every staff member — whether at a small roadside dhaba or a high-end restaurant — will become mandatory. Joint teams from the Food Safety and Drug Administration, the police, and local authorities will oversee these checks, ensuring compliance with the newly laid-out hygiene standards. All eateries must install CCTV cameras not only in dining areas but also in other parts of the establishments.

2024-09-24 14:59

2024-09-24

14:59