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moneycontrol.com | https://www.moneycontrol.com/news/business/markets/kotak-reinitiates-coverage-on-sh-kelkar-with-buy-tag-sees-54-upside-on-strong-revenue-growth-12828630.html | Kotak reinitiates coverage on SH Kelkar with 'buy' tag, sees 54% upside on strong revenue growth | Over the past 12 months, shares of the fragrance player surged 86 percent, outperforming the frontline index Nifty 50..Related stories. | Supplier of flavors and fragrances, specialty chemicals player SH Kelkar's share price soared 17 percent in trade after Kotak Institutional Equities suggested that the counter could see a whopping 54 percent upside from current levels. "SH Kelkar is starting to make inroads into the massive global market, as demonstrated by its recent empanelment by FMCG giant Unilever. We believe SHK is well-placed to drive double-digit revenue growth accompanied by margin expansion and healthy cash," said the brokerage. As a result, Kotak reinitiated coverage on the firm with a 'buy' rating, assigning a fair value of Rs 400 per share, implying an upside of around 54 percent. At 2.45 pm,SH Kelkar'sshare price jumped 17.5 percent on the NSE to quote Rs 301.75 per share compared to the previous close. Follow our market blog to catch all the live updates Kotak sees a long runway for growth for SHK, given its established and sticky relationships in the growing Indian market as well as its growing footprint in Europe, Southeast Asia and the US. "We also see potential for margin expansion driven by growth in higher-margin geographies (e.g., Europe) and operating leverage, as well as strong cash flows given a business model light on fixed assets," added the brokerage. The large order win from global FMCG giant Unilever bolsters confidence in management guidance for 12 percent+ revenue growth for the next few years. Additionally, operating leverage should mean expanding EBITDA margins—the company has already created substantial surplus capacity, meaning that capex needs will be limited. Over the past 12 months, shares of the fragrance player surged 86 percent, outperforming the frontline index Nifty 50 by a large margin. | 2024-09-24 14:49 | 2024-09-24 | 14:49 |
moneycontrol.com | https://www.moneycontrol.com/technology/sro-ft-seeks-to-be-in-touch-with-regulators-to-avoid-business-disruptions-face-chief-saxena-article-12828592.html | SRO-FT seeks to be in touch with regulators to avoid business disruptions: FACE chief Saxena | SRO-FT can help avoid regulatory disruptions.Related stories. | Smaller fintechs and entrepreneurs that groom talents seem to be on course to benefit from the newly formed Self Regulatory Organisation in the FinTech (SRO-FT) sector, as they can put their resources to optimal use, according to Sugandh Saxena, head of fintech body FACE. Reserve Bank of India on August 28 recognised the Fintech Association for Consumer Empowerment (FACE) as the first SRO-FT in the sector. In May 2024, RBI came up with the final framework for establishing SROs in the fintech industry. “Large and established organisations can invest in resources on teams and experts to understand the guidelines. But for small and emerging companies peer and collective support is a key enabler for compliance. The SRO-FT gives a platform for the FinTechs to come together to discuss the risks, standards and compliances and engage with the regulator for clarity,” said Saxena. Fintech Association for Consumer Empowerment (FACE) was founded by fintechs to work closely with the regulator as a single organisation. The membership is voluntary. According to RBI, the SRO-FT (fintech) is expected to operate objectively, with credibility and responsibility" under the oversight of the central bank. It is expected that the organisation will work towards healthy and sustainable development of the sector. A few measures by the Reserve Bank of India have disrupted multiple financial products and companies over the last couple of years. These include a prepaid card resembling a credit card, and card payments for merchants without card terminals and merchant KYC. The Reserve Bank of India’s strict action on Paytm’s associate company also stoked fear among fintechs. In fact, FACE also has multiple executives working with its members and looking at the business models of its members. “The first element of enforcing is knowing what members are doing so we can contribute to their business by way of opening opportunities as well as addressing risks. For us the core of our work is a deep understanding of the market, seeing what members are doing, what kind of partnership they are having, within which regulatory framework they operate, what are the compliance requirements that they follow and potential risks," Saxena said. She added that knowing practices and framing rules that promote responsible conduct, is fundamental to FACE's work. "It is essentially understanding different fintech business models and their intersection with the regulatory framework and ecosystem that may impact the integrity and customer protection, which is most critical for everyone,” Saxena added. According to her, when fintechs need clarification regarding guidelines or regulations for the segment they operate in, SRO can use the dialogue channel with the RBI for clarifications on a regular and recurring basis, avoiding any potential conflict or violation of the existing regulations. “This will bring more clarity and certainty about whether a new product complies with an existing regulation. So one doesn't waste investment, talent and technology around it only to see that product being struck down later,” Saxena said. She feels that SRO-FT can also ask for specific clarification if required and if the solutions meet the regulatory requirement whenever fintechs feel that there is a lack of clarity in existing regulations. Since late last year, the RBI has been engaging with fintech founders even outside of the SRO-FT as part of its confidence-building measures. The regulator and the government have built digital public infrastructure such as UPI and Account Aggregator ecosystem where fintechs can build products without worrying about regulation. Multiple SROs are coming up, including for non-banking financial companies and payments. While the ambit of these SROs can intersect, each segment has its own issues and regulations and having multiple dialogue channels will help fintechs avoid the mistakes of the past. | 2024-09-24 14:49 | 2024-09-24 | 14:49 |
moneycontrol.com | https://www.moneycontrol.com/news/india/tn-cm-stalin-hints-at-udhayanidhis-elevation-12828639.html | TN CM Stalin hints at Udhayanidhi's elevation | TN CM Stalin hints at Udhayanidhi's elevation.Related stories. | Tamil Nadu Chief Minister M K Stalin on Tuesday indicated that Sports Minister Udhayanidhi Stalin will be elevated as Deputy Chief Minister and also hinted at Cabinet reshuffle. When reporters asked Stalin on reshuffle and 'Dy CM post for Udhayanidhi' being spoken for quite some time, he answered in a few words. He said: "There will be no disappointment; there will be change." To another question, the CM said the government is prepared to tackle the Northeast monsoon and the state Chief Secretary has already held discussions with top officials and he will also deliberate with officials. On opposition demanding a white paper on investments secured druing his US visit, the CM said Industries Minister TRB Rajaa has already issued a statement and 'that is by itself is a white paper.' During Stalin's US tour, in total, the state government inked pacts totally worth Rs 7,616 crore with 18 companies. When he embarked on US tour last month to attract investments to the state and immediately following his return on September 14, Stalin has already hinted twice on the likelihood of a cabinet reshuffle. A larger role for his son and party youth wing secretary Udhayanidhi in the government is being anticipated by party cadres and office-bearers. On September 18, Udhayanidhi said that Chief Minister Stalin will take a decision on elevating him as Deputy CM and the following day, Tamil Nadu Minister for Micro, Small and Medium Enterprises, Tha Mo Anbarasan had asserted that Udhayanidhi's elevation as deputy cm is imminent. Udhayanidhi also had days ago deprecated scribes posing question to everyone on his elevation and reiterated it is a prerogative of the chief minister. | 2024-09-24 14:48 | 2024-09-24 | 14:48 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/unemployment-rates-decline-across-social-and-religious-groups-12828558.html | Unemployment rates decline across social and religious groups | Employment has improved across social and religious categories.Related stories. | The government’s slogan ofSabka Saath Sabka Vikas(development for all) seems to be translating into tangible progress on the jobs front, according to aMoneycontrolanalysis of Periodic Labour Force Survey data. The analysis shows that Scheduled Castes and Other Backward Classes have significantly reduced the unemployment rate over the past seven years compared with the general category. However, in urban areas, unemployment rates among these categories were still higher compared with the general category in 2023-24. Further analysis shows that the gains have accrued to men more than women. Male unemployment rate was reduced faster for SCs, STs, and OBCs than for women between 2017-18 and 2023-24. But in the case of “others”, which pertains to the general category, women’s unemployment reduction was faster than men’s. Among religious classes, Sikhs witnessed the least progress in the past seven years. The community’s unemployment rate was the highest compared with other religious groups, and it only declined 1.1 percentage points to 5.8 percent between 2017-18 and 2023-24. In contrast, the unemployment reduction for Christians was 4 percentage points, and for Muslims, it was 4.1 percentage points. The benefits were not limited to men. Among women, the unemployment rate was reduced by 5.1 percentage points in Muslims and 6 percentage points in Christians. The reduction in urban areas was much higher at 8 percentage points and 7.8 percentage points, respectively. Labour force participation was up across social and religious groups.Moneycontroltakes a look at the data: SC, OBCs have done better on unemployment reduction in 7 years But the gains have mostly accrued to men Sikhs have witnessed the least progress in employment Women’s situation has improved, owing to the reduction in urban unemployment | 2024-09-24 14:45 | 2024-09-24 | 14:45 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/indias-first-ai-unicorn-fractal-said-to-weigh-500-million-ipo-12828626.html | India’s first AI unicorn Fractal said to weigh $500 million IPO | India has turned into a hotspot for dealmaking activity amid increasing appetite from global investors. About $9 billion has been raised via IPOs in the South Asian nation this year, according to data compiled by Bloomberg..Related stories. | Fractal Analytics, a provider of artificial intelligence services, is considering filing for an initial public offering in Mumbai as soon as November to raise $500 million, according to people familiar with the matter. Fractal, known as India’s first AI unicorn, may seek a valuation of at least $3.5 billion in the share sale, the people said, asking not to be identified because the deliberations are private. The offering may include both new and existing shares, the people said, adding that a listing could take place as soon as the first quarter of 2025. Discussions are ongoing and the size of the IPO and its timing could change, said the people. A representative for Fractal didn’t immediately respond to a request seeking comment. India has turned into a hotspot for dealmaking activity amid increasing appetite from global investors. About $9 billion has been raised via IPOs in the South Asian nation this year, according to data compiled by Bloomberg. Fractal, dual-headquartered in Mumbai and New York, was co-founded by five graduates of the Indian Institute of Management Ahmedabad in 2000. The startup turned a unicorn, valued at over $1 billion, in 2022. Three of the founders have since exited. Co-founder and group Chief Executive Officer Srikanth Velamakanni and co-founder and Fractal CEO Pranay Agrawal own about 10% shares each. The company, whose backers include private equity firms TPG Inc. and Apax Partners, reported $265 million in revenue and earnings before interest, tax, depreciation and amortization of $8.9 million in the year ended March, according to filings. Fractal has over 4,500 employees in 17 locations including the UK, Singapore, Middle East and Australia, as well as India and the US. Its clients include Alphabet Inc.’s Google, Unilever Plc and Kraft Heinz Co. Its AI businesses include Asper.ai, Flyfish as well as Qure.ai, a health-care startup with tools that help detect and manage tuberculosis, lung cancer and stroke. | 2024-09-24 14:43 | 2024-09-24 | 14:43 |
moneycontrol.com | https://www.moneycontrol.com/technology/no-need-for-a-renewal-laptop-manufacturers-import-registration-will-extend-automatically-article-12828520.html | No need for a renewal: Laptop manufacturers' import registration will extend automatically | Laptop curbs in India were announced in 2023 to boost local production and to ensure trusted supply chain of such products.Related stories. | With the government getting ready to extend to the end of the year the import authorisation system for laptops and other devices, manufacturers who have the registration but whose validity ends September 30, need not apply for a renewal, a senior government official has told Moneycontrol. "The registration of the companies who have already been approved will be valid till the extension. It will be carried over," the official added. The system that allows such free import ends 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. Moneycontrolhas reported that the commerce and industry ministry is set to come out with a notification extending the import management system. 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 2021, the government introduced the production linked incentive (PLI) scheme for IT hardware. The scheme was introduced to boost domestic manufacturing of laptops, tablets, all-in-one PCs and servers, among others. The official said the system was introduced, as manufacturers were not able to meet their production targets. The government also wanted to understand the overall consumption patterns of these products, the official added. 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 14:37 | 2024-09-24 | 14:37 |
moneycontrol.com | https://www.moneycontrol.com/news/business/adani-green-energy-adani-energy-solutions-join-uneza-on-clean-energy-push-12828623.html | Adani Green Energy, Adani Energy Solutions join UNEZA on clean energy push | Adani Green Energy. | Adani Green Energy and Adani Energy Solutions have joined the Utilities for Net Zero Alliance (UNEZA), a joint statement said on September 24. UNEZA was established at COP28 with the adoption of the UAE Declaration of Action. The alliance unites leading global utilities and power companies to spearhead the development of grids that are ready for renewable energy, promoting clean energy solutions and advancing electrification efforts. Adani Green Energy Ltd(AGEL) andAdani Energy Solutions Ltd(AESL) have become the first in their respective segments in India to join this global alliance, the statement said. As a member of UNEZA, AGEL will focus on areas like the build-out of clean power, enhancement of energy security and improvement of energy efficiency, whereas AESL will redouble its efforts towards developing a reliable grid infrastructure for green energy transmission and distribution. Both AGEL and AESL aim to achieve net zero emissions by 2050. | 2024-09-24 14:33 | 2024-09-24 | 14:33 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sebi-probe-finds-i-banks-charged-smes-fees-equal-to-15-of-ipo-size-report-12828612.html | SEBI probes find six i-banks charged SMEs fee equal to 15% of IPO size: Report | SEBI probe finds investment banks charged SME firms fees equal to 15% of IPO size, says report.Related stories. | India's securities regulator, worried about malpractice in a frothy IPO market, is investigating six domestic investment banks that have worked on offerings by small businesses, two sources with direct knowledge of the matter said. The probes by the Securities and Exchange Board of India (SEBI) began earlier this year and are focused on the fees that the banks have charged, according to the sources who declined to be identified as the investigations are confidential. It has found that at least half a dozen small investment banks have charged companies fees equivalent to 15% of funds raised via their IPO, they added. That's much higher than the standard practice of 1-3% in India. Reuters was not able to learn the names of the banks under investigation. SEBI did not respond to requests for comment. The investigations follow efforts by SEBI to warn investors about the dangers of investing in some small businesses as well as plans for tighter rules for such IPOS. In India,Âsmall and medium enterprises (SMEs)with annual turnover of Rs 5 crore to Rs 250 crore list on separate sections of the BSE and National Stock Exchange of India (NSE). There are fewer disclosure requirements and the offerings are vetted by the exchanges as opposed to large IPOs which have to be cleared by SEBI. SEBI's preliminary findings suggest that the high fees are being charged to ensure the offerings are oversubscribed, according to one of the sources. The regulator is looking to curb coordinated activity between banks and some investors who break rules to place huge bids both as high net-worth individuals and as ordinary retail investors, the second source said. "These bids are not genuine and are cancelled at the time of allotment but the high subscriptions end up attracting more bids and investments from other investors," the source added. India has more than 60 investment banks that actively work on IPOs for small businesses - a segment that like the rest of India's IPO market has been booming. In the last fiscal year ended in March, 205 small firms raised Rs 6,000 crore, a sharp jump from the 125 companies that raised Rs 2,200 crore a year earlier, according to PRIME Database, a capital markets data provider. For the April-August period this year, 105 small firms have raised Rs 3,500 crore with more than two-thirds of the offerings oversubscribed. Ashwani Bhatia, a senior SEBI official, said this month that IPOs for small and medium-sized enterprises have lacked checks and balances. The regulator will soon issue a proposal for tighter rules, he added. As part of its clampdown, the regulator in July capped share gains for a small firm's first day of trade at 90%. The sources also said that SEBI has asked auditors and exchanges to be vigilant and stop companies from listing in cases where there is dissatisfaction with the information stated in IPO documents. SEBI is also working on 12-15 action points that would tweak how smaller firms go about their IPOs, one of the sources said. | 2024-09-24 14:29 | 2024-09-24 | 14:29 |
moneycontrol.com | https://www.moneycontrol.com/news/economy-2/fake-registration-drive-gst-officers-detect-10700-bogus-firms-over-rs-10k-cr-evasion-12828616.html | Fake registration drive: GST officers detect 10,700 bogus firms, over Rs 10k cr evasion | The CBIC official also said that the government is taking targeted action to check fake GST registration and more physical verification is taking place..Related stories. | Tax officers have detected around 10,700 fake registrations under the GST, involving evasion of Rs 10,179 crore in the ongoing all-India drive against fake companies set up to defraud the exchequer, a senior official said on September 24. Central Board of Indirect Taxes and Customs (CBIC) member Shashank Priya said Aadhaar authentication of GST registration is already in place in 12 states and by October 4, another four states would join. Eventually, 20 states, including Madhya Pradesh, Rajasthan, Assam, Tamil Nadu, Uttar Pradesh and Haryana, will start Aadhaar authentication. Speaking at an Assocham event, Shashank Priya also said that in future, the tax authorities may also put certain restrictions on new taxpayers based on their risk profile. "How many invoices they can issue in a month, we may also put some restriction on that in the future… We feel very pained at the misuse of the system. We have to use all methods that are at our command to ensure that those are stopped," he said. The CBIC official also said that the government is taking targeted action to check fake GST registration and more physical verification is taking place. The second all-India drive against fake registration began on August 16 and will continue till October 15. He said the tax authorities have identified 67,970 GSTINs. Of this, 59 percent of the GSTINs or 39,965 have been verified as of September 22. Shashank Priya said, "27 percent have been found to be non-existent. This percentage is almost similar compared to the last drive. We have detected evasion of Rs 10,179 crore. Blocked ITC of Rs 2,994 crore. Also, recovery of Rs 28 crore has been done (in the second drive till September 22)." In the first drive against fake registration between May 16, 2023 and July 15, 2023, a total of 21,791 entities having GST registration were discovered to be non-existent. An amount of Rs 24,010 crore of suspected tax evasion was detected during the first special drive last year. In the GST regime, there is a problem of data mismatches which is leading to more than one lakh show cause notices being issued last fiscal by tax officers, he said. "Going forward, we are proposing at some point in time, we have not decided when there will be a system to lock (GSTR-3B). But before that, we will make sure that all the areas, all the channels through which input tax comes they are reflected in the ledgers and returns so that they are populated to GSTR-3B and then it is locked. But that is for the future," Shashank Priya said. He said going forward once the GSTR-1A and the Invoice Management System (IMS) stabilise, there would be no need for an edit facility of GSTR-3B. "Whatever figure goes in GSTR-3B that gets locked in. That would be an ideal situation for taxpayers and tax administration," he added. GSTR-1A gives an option to taxpayers to amend outward supply or sales return form (GSTR-1), while GSTR-3B is used to pay taxes monthly. Separately, GSTN would start the IMS from October 1, which will facilitate taxpayers in matching their records/invoices vis-a-vis issued by their suppliers for availing the correct Input Tax Credit (ITC). IMS would enable taxpayers to efficiently address invoice corrections/ amendments with their suppliers through the portal. During 2023-24, Shashank Priya said, 1,12,852 show cause notices were issued. The major areas of dispute are short payment of GST in GSTR-3B as compared to GSTR-1 liability, excess ITC availed in GSTR-3B, non-payment of GST under reverse charge mechanism, interest for late filing of GSTR-3B and GSTR-1, ITC availed beyond prescribed time limit, difference in taxable value in e-way bill issued and taxable value reported in GSTR-3B, and classification issues. "Out of the seven major areas of disputes, 6 relate to data discrepancies. So if we can address data mismatches by use of technology, then we will be able to solve a lot of disputes and pain points of the taxpayer," he said. Out of the 1.12 lakh SCN, only 555 pertains to classification disputes. "So policy level disputes are much less," he said, adding that the CBIC is analysing these classification disputes to see if any policy guidelines to address them. | 2024-09-24 14:24 | 2024-09-24 | 14:24 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/buy-united-breweries-target-of-rs-2350-anand-rathi-12828617.html | Buy United Breweries; target of Rs 2350: Anand Rathi | Buy.Related stories. | Anand Rathi's research report onUnited Breweries We attended United Breweries’ first analyst meet and plant visit on Thursday. The former involved a panel discussion and Q&As with senior management, incl. Vivek Gupta (CEO & MD), Vikram Bahl (CMO), Wiggert Deelen (head, supply chain) and Jorn Kirsten (CFO). While management is cautiously optimistic regarding the Indian market’s longterm growth prospects, it highlighted challenges (eg, regulatory, affordability and lack of adequate ‘cold infra’) regarding robust growth. Outlook We believe major concerns regarding volume decline, market-share loss and weaker margins are largely behind and, ahead, the company should see steady volumes/earnings. We maintain our Buy on the stock, with a higher 12-mth Rs2,350 TP, 75x FY26e. The stock quotes at 87x/67x FY25e/26e EPS. For all recommendations report,Âclick here United Breweries - 24092024 - anand | 2024-09-24 14:23 | 2024-09-24 | 14:23 |
moneycontrol.com | https://www.moneycontrol.com/news/world/israel-attacks-lebanon-the-roots-of-israel-lebanon-conflict-trace-back-to-1982-explained-12828579.html | Israel attacks Lebanon: The roots of Israel-Lebanon conflict trace back to 1982 | Explained | Israeli airstrikes targeted southern and eastern Lebanon. | In the deadliest Israeli attack on Lebanon since the 2006 war with Hezbollah, Israeli airstrikes targeted southern and eastern Lebanon om Monday, killing 450 people and injuring over 1,500. The strikes also targeted the capital city of Beirut. Israel's attack comes days after pager and walkie-talkie explosions ripped through Lebanon, killed 32 people and injured thousands. Lebanon has blamed Israel for the attack. However, Israel has not claimed any responsibility for the same. Amid the escalating violence which has fueled fears of a broader war, Israeli Prime Minister Benjamin Netanyahu has urged the civilians to evacuate areas which are used as hideouts by Hezbollah militants. Over 1.10 lakh Lebanese and around 60,000 Israelis have been displaced by the conflict. It is worth noting that the conflict between Israel and Lebanon is not new, in fact, it traces back to 1982, during thefirst Lebanese War.March 1978 was the first time when tensions began between Israel-Lebanon.Conflict arouse after members of the Palestine Liberation Organization (PLO) infiltrated Israel, killing an American tourist and hijacking a bus, which led to the deaths of 34 hostages.In retaliation, Israeli forces invaded Lebanon to target terrorist bases, withdrawing two months later to allow United Nations peacekeepers to enter.Despite the entry of peacekeepers, violence persisted.The Palestine Liberation Organization (PLO)launched repeated attacks on Israel, prompting Israeli reprisals.In 1981, ceasefire brokered by the U.S. quickly unraveled as the PLO conducted 270 operations in Israel, the West Bank, Gaza, and along the Lebanese borderThe operations claimed lives of 29 Israelis and injured over 300.At the time, an estimated 15,000 to 18,000 PLO members were stationed in Lebanon, armed with significant weaponry.In June 1982, the conflict further escalated when an attempt to kill Israel's Ambassador to Great Britain by Palestinian terrorist group was thwarted. Yet again in response to the assassination bid, the Israel Defense Forces (IDF) launched‘Operation Peace for Galilee’on June 6, aiming to eliminate terrorist threats. Consequently, by September 1, 1982, around 14,000 PLO fighters, including leader Yasser Arafat, left Lebanon for Tunisia. Notably, that this historical backdrop underscores the ongoing challenges between Israel and Lebanon, highlighting how past conflicts have set the stage for the current tensions. | 2024-09-24 14:17 | 2024-09-24 | 14:17 |
moneycontrol.com | https://www.moneycontrol.com/news/business/once-held-by-quant-mf-this-small-cap-stock-is-up-20-and-heres-why-12828400.html | Once held by Quant MF, this small cap stock is up 20% and here's why | Exxaro shares have been on a dismal run, tanking 18 percent this year and 27 percent in one year..Related stories. | Shares ofExxaro Tiles, a small cap seem to be back in action after rallying almost 20 percent to Rs 96.5 in the afternoon on September 24 following the announcement that the board will meet on October 14 to discuss and approve a potential split of the company's equity shares. After the news broke, trading volumes skyrocketed, with a remarkable 42 lakh shares exchanging hands today. This surge far surpassed the weekly average of just 41,000 shares and the monthly average of 62,000 shares, according to Moneycontrol data. Follow our LIVE blog for all the market updates In this small-cap stock, both Quant Mutual Fund and Mauritius-based AG Dynamics were once investors, having held stakes in the company back in December and September 2021, respectively. Despite the stock's lacklustre performance, delivering zero returns that year, AG Dynamics has remained committed, retaining a 1.3 percent stake. However, recent updates from the BSE reveal a shift: Quant exited the scene in September 2022, selling off its 4.9 percent stake in the company. Also read:ÂM&M looking to 'expand collaboration' with VW India, no word on stake purchase Exxaro Tiles specializes in the manufacturing and marketing of vitrified tiles. Domestically, the company has a presence across 24 states and union territories in India, based on sales made during FY21. Internationally, Exxaro exports its products to over 12 countries, including Poland, the UAE, Italy, and Bosnia. Read more:ÂSpiceJet finalises settlement with ELFC, to resolve liabilities worth $16.7 mn To be sure, the company's financials aren't promising. Data shows that in the June quarter, it posted a net loss of over Rs 4 crore from a profit of Rs 17 lakh in the same quarter the previous year. Meanwhile, the company's revenue from operations also slipped to Rs 60 crore from Rs 74 crore in the corresponding quarter of the previous fiscal. The company competes with the likes of Kajaria Ceramics and Cera Sanitary in the industry. At about 1:30 pm, shares of the company were trading at Rs 95.32, higher by 18 percent from the last close on the NSE. Exxaro shares have been on a dismal run, tanking 18 percent this year and 27 percent in one year. | 2024-09-24 14:15 | 2024-09-24 | 14:15 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/buy-aarti-industries-target-of-rs-675-emkay-global-financial-12828603.html | Buy Aarti Industries; target of Rs 675: Emkay Global Financial | Buy.Related stories. | Emkay Global Financial's research report onAarti Industries Aarti has posted sequential improvement in EBITDA over the past four quarters, led by demand recovery in discretionary spends like textiles, dyes, pigments, polymers, etc, and strong contribution from the energy business (led by a single product—MMA). However, it withdrew its FY25 EBITDA guidance of Rs14.5-17bn after the Q1 results, due to i) deferral in agro chemicals market recovery, ii) volatility in the energy business, iii) Chinese dumping leading to pricing pressure. We believe this view is largely owing to lower than expected volumes in MMA due to near-term macro volatility (August exports data shows 70% decline in MMA volume). We build-in Rs12.5/16.4/18.8bn (vs Rs14.6/19/22bn) EBITDA for FY25/26/27E, to factor in the margin volatility. Outlook We retain BUY on steep price correction, and cut our TP to Rs675/sh (30x Sep26 EPS). For all recommendations report,Âclick here Aarti Industries - 24092024 - emkay | 2024-09-24 14:14 | 2024-09-24 | 14:14 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/puravankara-targets-dubai-based-indians-with-projects-12828570.html | Puravankara targets Dubai-based Indians with properties at home as NRI deposits swell | Purvankara has been upbeat on strong demand in FY25. "The global economy is expected to experience a synchronised rebound in 2025, following anticipated rate cuts by Western central banks
later in 2024..Related stories. | Realtor Puravankara is looking to tap into high interest among non-resident Indians in buying property back home, and has lined up an overseas event this weekend to showcase projects to NRIs based in Dubai. Citing a big increase in money in NRIs’ deposits in 2023-24, Puravankara said there is 'definite interest' among NRIs in purchasing a property they can return to. Group CEO Abhishek Kapoor said NRI deposits rose by 84.4% from $6.40 billion to $11.8 billion between April 2023 and February 2024. Some experts had toldMoneycontrol in 2023 said rising real estate prices and geopolitical worries may nudge NRI investments from Dubai into Indian cities like Bengaluru, Pune and Hyderabad. The buoyancy in Indian real estate market offers better capital protection than the conflict-torn West Asian region, or the US and European markets, according to experts. Sensing an opportunity,Puravankarais pushing ahead with an offer of post-sales support, including help with loan facilitation and access to financing options. Buyers can also avail customised interior design services, said Puravankara. Buyers will be able to explore a diverse portfolio of 1-5 BHK apartments, penthouses, villas and plots, ranging between 600-5,000 sq ft, through projects in five major cities, the company said. Purvankara has been upbeat on strong demand in FY25. "The global economy is expected to experience a synchronised rebound in 2025, following anticipated rate cuts by Western central banks later in 2024. Improved capital flows are likely to bolster private investment," the realtor said in its FY24 annual report. India's luxury home segment has seen a remarkable growth, with sales of homes priced at Rs 4 crore and upwards rising by 75% in FY24, along with a rise in the prices of these houses. A recent Jones Lang LaSalle note had said that the Indian micro-markets too offer encouraging indicators for long-term investment. The COVID-19 pandemic had sparked a demand for bigger living spaces, and Puravankara has noted that the trend has persisted. The segment has maintained strong sales volumes at a ten-year high, despite concerns over inflation or interest costs, Puravankara has said. India's urbanisation rate, which according to Puravankara is expected to reach 40% by 2030, is progressively fuelling this demand. Moneycontrolrecently reported citing sources that the Bengaluru-based real estate developer isgearing up for a qualified institutional placement (QIP)to raise as much as Rs 700-800 crore. Puravankara on July 31 reported aconsolidated net profit of Rs 15.44 crorein the first quarter of the financial year 2024-2025 on higher income. The company had posted a net loss of Rs 17.16 crore in the year-ago period. | 2024-09-24 14:06 | 2024-09-24 | 14:06 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/buy-gmr-power-and-urban-infra-target-of-rs-180-emkay-global-financial-12828565.html | Buy GMR Power and Urban Infra; target of Rs 180: Emkay Global Financial | BUY.Related stories. | Emkay Global Financial's research report onGMR Power and Urban Infra GPUIL’s core thermal assets (1,650MW) are nearing optimal performance on coal tie-ups, PPAs to the tune of ~90% capacity, and improving debt metrics. The company’s 180MW Bajoli Holi hydro-power asset has largely stabilized, while its ~7.5mn smart meter installation contract opens up a lucrative asset-light business opportunity with Bosch, for vertical integration & unleashing its execution capabilities. The management has a clear focus on deleveraging on the back of strong operating cash flows, supported by conversion of FCCBs into equity and handover of the Hyderabad-Vijayawada road project. Incremental smart meter contracts, monetization, and settlement of disputes provide sizable optional value. Outlook We initiate coverage on GMR Power & Urban Infra (GPUIL) with BUY and SOTPbased Sep-25E TP of Rs180/sh, presenting ~20% upside along with numerous optionalities that prop up our bull case TP to Rs205/sh. For all recommendations report,Âclick here GMR Power & Urban Infra - 24092024 - emkay | 2024-09-24 14:04 | 2024-09-24 | 14:04 |
moneycontrol.com | https://www.moneycontrol.com/news/business/strengthening-fundamentals-best-buffer-against-global-spillovers-says-rbi-governor-12828555.html | Strengthening fundamentals best buffer against global spillovers, says RBI governor | RBI Shaktikanta das.Related stories. | Reserve Bank of India (RBI) Governor Shaktikanta Das on September 24 said strengthening fundamentals is the best buffer for emerging market economies against global spillovers in an uncertain world. Fundamentals would include commitment to an inflation target, maintaining buffers in the form of reserves, and following a prudent and forward looking approach in financial sector policies, he said. “This approach, together with prudence in fiscal management, will go a long way in enhancing the resilience of emerging market economies (EMEs),” Das said during the First Himalaya Shumsher Memorial Lecture at the Nepal Rashtra Bank in Kathmandu. Das also said the RBI has is not just responsible for maintaining price stability but also has the larger responsibility of maintaining financial stability as the regulator and supervisor of banks and other financial sector entities, financial markets and payment systems. “This helps us to take a holistic view of the economy, appreciate the synergy and trade-offs involved in various objectives, and act appropriately using multiple instruments at our disposal,” he added. Flexible inflation targeting offers flexibility to support growth if the situation so demands. Financial stability, a pre-condition for price stability and sustained growth, is thus implicitly embedded as part of the broader mandate of the Reserve Bank, Das said. Climate change is emerging as a huge challenge, and continuing geopolitical disturbances and geoeconomic fragmentations would pose daunting challenges to central banks. “Experience of the past few years shows that the journey ahead may be marked by dynamic shifts in geopolitics, with frequent incidences of supply-chain disruptions and greater barriers in trade, technology and capital flows,” Das said. | 2024-09-24 14:03 | 2024-09-24 | 14:03 |
moneycontrol.com | https://www.moneycontrol.com/news/india/fishy-business-caught-by-fraying-india-bangladesh-ties-12828566.html | Fishy business caught by fraying India-Bangladesh ties | Environmental experts say fish stocks have also been hit by changes to the ecologically sensitive and low-lying deltas, threatened by rising seas driven by climate change..Related stories. | Shimmering piles of silver fish are snapped up for exorbitant prices in India's port of Kolkata, the unlikely side effect of a diplomatic fallout after a student-led revolution in neighbouring Bangladesh. Demand is so high for the herring-like hilsa -- the national fish of Bangladesh and a much-loved delicacy in India's adjoining West Bengal state -- that Dhaka this year banned exports. The decision follows a festering diplomatic dispute between Dhaka and New Delhi after Bangladesh's autocratic leader Sheikh Hasina was ousted in August and escaped by helicopter to old ally India. "You have to taste it to know why it is so in demand," said Kolkata fishmonger Mohammed Zeeshan. As long as a forearm, the saltwater fish is commonly steamed, fried in fragrant mustard oil, or steeped in spicy curry sauce. "I cannot describe it in words", 29-year-old Zeeshan added, beaming a wide smile. Fans say its white flesh is not only delicious and nutritious. It is also an integral part of religious festivals, especially during Hindu celebrations for the goddess Durga, which this year falls in October. Its near-sacred status has inspired art, poetry, and literature. When the "hilsa season" of fishing begins, Kolkata's newspapers hail the "queen of fishes" and carry photographs of the first catch. 'Diplomacy on ice' Indian fishing fleets trawl the brackish waters of the River Ganges, feeding rampant demand in the megacity of Kolkata and the wider state of West Bengal, with a population of more than 100 million people. But major overfishing means stocks fall far short. Traders previously turned to Bangladesh to fill the shortfall. Much of Bangladesh comprises deltas, where the Ganges and the Brahmaputra wind towards the sea after coursing through India. Many millions also depend on the fish in Bangladesh. Environmental experts say fish stocks have also been hit by changes to the ecologically sensitive and low-lying deltas, threatened by rising seas driven by climate change. Dhaka's authorities have imposed fishing restrictions to ensure the sustainability of stocks and keep prices low for its 170 million people. Bangladesh had tightly restricted exports in previous years. But Hasina also pursued a soft-power strategy, allowing several thousand tonnes to be exported ahead of Kolkata's main religious holiday, the weeklong Durga Puja celebrations. Hasina herself would gift hilsa on trips to India. But her fishy diplomacy ended with her dramatic downfall on August 5. Her government was accused of widespread human rights abuses, and the interim administration now running Bangladesh wants her extradited. That is nearly 1,000 tonnes less than what was permitted for import by India last year, and the official trade is not expected to resume until later in the month. 'Only the rich' Already costly, prices have surged by a third since Hasina was ousted. Fish sells for as much as 1,800 rupees ($21.45) a kilogramme, compared to around 1,300 rupees ($15.50) last year. It is a princely sum, about what a labourer could earn in around two days. "The ban has had a huge impact on business," said Zeeshan, the fishmonger. "Supply is less, and the price has gone up." Celebrating Durga Puja and a hilsa dish go together for many Kolkata residents. This year, many are priced out. "Only the rich will be able to afford it," added Zeeshan. "Where will the poor go?" At India's Namkhana port, 52-year-old fisherman Anath Das said costs meant "people will face problems". Das said it was better to sell his catch than keep and eat some himself. India's West Bengal fish importers association wrote a letter to Dhaka appealing for the resumption of trade, saying hilsa is in "great demand amongst the connoisseurs of fish". Some hilsa is slipping through the net across the border. But that is being sent by road and air -- rather than via Bangladeshi boats landing their catch at Indian ports -- and the fish spoils easily. India's border force has stopped "multiple attempts" by fish smugglers bringing hilsa in small boats on backwater routes. Yet across the border in Bangladesh, prices are still high because catches are low. The fish costs up to 2,200 taka ($18.40) a kilogramme in Dhaka's Kawran Bazar. "The quantity has declined," said fish seller Mofiz Rana, 40. "But if it was exported to India this year, then the price would have gone up even more." | 2024-09-24 14:03 | 2024-09-24 | 14:03 |
moneycontrol.com | https://www.moneycontrol.com/technology/vivo-t3-ultra-review-performance-meets-style-and-affordability-article-12828556.html | Vivo T3 Ultra review: Performance meets style and affordability | Vivo T3 Ultra review. | Gaming phones have always left me curious about their looks. Why the need to make it obvious that they are gaming phones, especially with their design? If you look at the broader picture – phones usually targeted at gamers feature some sort of aesthetic to ensure it does not get unnoticed. Well, there’s nothing wrong with it. Gamers love the loud and bold design language from their gaming devices. But there are users who are more of a regular one – the ones who want a phone with solid performance, sleek and premium design, and most importantly don’t give away their hidden gamer side. Simply put, they want to be discreet about it. Vivo, I guess understood the underlying problem here and decided to do an ‘Ultra’ with its Series T lineup in the form of T3 Ultra.The Series T lineup that aims to deliver a value-for-money proposition keeping performance as its showstopper. Vivo T3 Ultra is aimed at taking the entire lineup to the Ultra level in terms of performance while keeping the price accessible to a wider audience. Vivo T3 Ultra: Is it a real deal? Or has Vivo taken things in a direction where it has offered top-notch performance at the cost of something else? I have been using the phone for almost 3 weeks now, and here’s my review with all the answers that might come up when making the buying decision. Design and displayYou’ve seen it before. Yes, the V40 series – the recently launched one – has the same design as the Vivo T3 Ultra. And, you shouldn’t hold it against the T3 Ultra or V40 series. Because as the old adage goes– If it isn’t broken, don’t fix it. Vivo has done the same thing here. The design is functional, it’s subtle, and looks premium and professional too if you get it in the Lunar Grey colour option – the one I have here. The other colour – Frost Green – is more attractive to my eyes. Nonetheless, both colours make the phone aesthetically pleasing to the eyes. Vivo T3 Ultra Display has 1.5K resolution with 120Hz refresh rate and 4500 nits of peak brightness That’s not it. The curved design language paired with slimmer side rails paired with matte-finish back panel texture looks appealing in all ways. The phone has a max thickness of 7.58mm which makes it one of the thinnest phones in the market. The phone also comes with Smart Aura Light – the staple feature of the V series phones. Plus, the camera housing has a large circular element at the top which then extends towards the bottom to join a cylindrical design. The left and top edges of the phone are smooth, with only the "Professional Portrait" branding visible. The buttons are well-positioned, responsive, and provide a satisfying click when pressed. At the bottom, you'll find the main speaker, microphone, and charging port. Now, a performance-centric phone needs a good display to back it up and Vivo hasn’t compromised there. The Vivo T3 Ultra features a 6.78-inch curved AMOLED display with a 1.5K resolution and a 20:9 aspect ratio, designed to enhance the viewing experience. Offering a smooth 120Hz refresh rate, the display ensures fluid visuals, ideal for high-intensity gaming. With a peak brightness of 4500 nits, the screen stays clear and vibrant even under bright lighting, ensuring uninterrupted gameplay. The 445 PPI ensures sharp graphics, while Vivo has optimised the display for accurate colour reproduction, allowing users to enjoy rich, immersive visuals. The centrally placed 50MP front camera sits just below the earpiece grille, which doubles as a secondary speaker, adding to the immersive audio-visual experience during gaming. Vivo T3 Ultra: PerformanceIf you’ll ask me to tell that one thing that should make you buy the new Vivo T3 Ultra smartphone then my answer will be the performance. First and foremost, the AnTuTu benchmark result – over 160000 – which is impressive in this price range. While numbers don’t lie, they don't always mean the real-world performance when it comes to smartphones. To test that out, I decided to ditch my primary phone for T3 Ultra. After I completed the setup process which by the way went through smoothly without the phone getting warm. But that’s just one part of it. Vivo T3 Ultra Back Panel is glass and has matte finish to it. I also installed all my go-to apps – around 150 of them. The phone managed them all without getting sluggish or laggy. I also used them on and off and the phone’s multitasking capabilities are on point – credit goes to the 12GB RAM – here and faster storage. Apps loaded without any delay and moving between one app to another is also pretty smooth and seamless. The phone also keeps most of the apps active in the background and resumes without reloading it – something I always appreciate in a smartphone. As far as my daily usage of a phone is concerned it includes a lot of X scrolling, accessing Instagram and other platforms to keep up with the ongoing technology trends and stories. Beyond this, I also use the phone for calls and browsing all the time with around 15-20 tabs running at the same time. And, music playback is a mandatory thing when I am writing articles – like this review. The remaining part is gaming and watching movies and shows.Even with all of this heavy-duty stuff, the T3 Ultra never struggled to keep up with my usage. The performance remained smooth throughout the day and the thermals were completely sorted out. Unless you push the phone really hard with heavy photo editing or video editing. Talking about gaming performance, I played Genshin Impact, CoD Mobile, BGMI, and some lightweight titles. All the game ran with smooth frame rate at High graphic settings. Overall, the phone’s ability to handle demanding tasks including high-end gaming is commendable and the thermal management Vivo has offered here adds icing to the cake. Vivo T3 Ultra top view is clean and has a Professional Portrait text printed on it. Coming to the software part – I have said it before and I am going to say it again – Vivo’s FunTouch OS has come a long way and I wish it stays the same. The FunTouch OS based on Android 14 is clean – comes with a lot of first-party apps from Google – instead of its own. Plus, the user interface is also minimalistic with features that are useful and functional. Still, there is some bloatware that comes pre-installed with the phone. However, most of them can be uninstalled but that’s an added effort. Talking about the speakers, the stereo speakers do a decent job with good details and depth. The bass is also well pronounced and I don’t have any complaints with the vocals as well. CameraIt’s a Vivo phone and it is incomplete unless Vivo throws some nice cameras into the mix. The T3 Ultra comes with a 50MP primary sensor paired with an 8MP ultra-wide sensor. The 50MP primary sensor captures sharp, vibrant images with excellent detail and dynamic range in well-lit conditions. It excels at quick autofocus, allowing for smooth, lag-free photography. Portrait mode offers a decent bokeh effect, with good edge detection, though not as advanced as in premium models. The T3 Ultra features a dual rear camera setup with Aura Ring light The 8MP ultra-wide lens is useful for capturing wider scenes like landscapes or group photos. While not as sharp as the main sensor, it delivers minimal distortion and maintains consistent color, making it a handy addition for more expansive shots. In low light, the main sensor performs well with Night mode, bringing out sharpness and detail in darker settings. The ultra-wide lens struggles slightly in low-light scenarios, producing softer images with some noise, but it remains serviceable for casual nighttime photography. The T3 Ultra records videos up to 4K at 30fps, with decent stabilization to reduce shakiness. It’s ideal for casual users capturing everyday events or travel footage. The front camera is also 50MP and it does an impressive job at capturing detailed shots in both daylight and lowlight conditions.Overall, Vivo hasn’t compromised much when it comes to cameras. Sure, it does not have that V40-series ZEISS camera performance but the T3 Ultra’s setup is more than enough for most needs. Vivo T3 Ultra Camera samples will give you an idea about the camera setup of the phone. BatteryThe T3 Ultra is powered by a 5500mAh battery with 80W FastCharge technology, ensuring all-day battery life even under heavy usage. In my tests, the phone had about 35% battery left at the end of the day. The 80W charger is impressive, fully charging the device from 0 to 100% in under an hour. This makes the T3 Ultra a reliable option for users seeking long-lasting battery life and quick charging without compromising daily performance. Ideal for power users, the T3 Ultra keeps you going all day with minimal downtime. Verdict The Vivo T3 Ultra delivers a solid balance of performance, design, and affordability. Powered by the MediaTek Dimensity 9200+ chipset, it handles demanding tasks and gaming with ease. Its 50MP main camera performs well in most scenarios, and the 5500mAh battery with 80W fast charging offers impressive endurance. While lacking the ZEISS integration seen in Vivo's V-series models, the T3 Ultra's camera setup is more than adequate for most users. Overall, it’s a good choice for those seeking high-end performance at a competitive price. | 2024-09-24 14:02 | 2024-09-24 | 14:02 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/rich-individuals-now-want-more-quant-based-strategies-for-their-pms-investments-12828525.html | Now, rich individuals seek more quant-based strategies for their PMS investments | Quant-based schemes refer to those that use an algorithm to design and execute their investment strategy..Related stories. | An increasing number of investors in theportfolio management services (PMS)arena are now looking at quant-based schemes instead of the plain vanilla ones where a fund manager manages bulk of the investment strategy. As per data from PMS Bazaar, the number of quant-based PMS schemes has doubled in the last one year, rising from 16 in August last year to 32 in August 2024. More importantly, in terms of returns as well such quant-based PMS schemes have given a median return of nearly 51 percent in the last one year, significantly higher than the non-quant PMS schemes that gave a median return of 38.56 percent in the same period. Simply put, quant-based schemes refer to those that use an algorithm to design and execute their investment strategy. Industry participants attribute the trend to a combination of factors, including better transparency and minimal influence of human emotional bias with respect to stock selection and churn. “In active strategy, the fund manager will hold on to a stock where he has some bias, and even if the stock underperforms, he might still hold on to it thinking it will perform. This lowers the alpha creation,” said Rohan Mehta, chief executive officer and fund manager at Turtle Wealth PMS. He added that in a quant-based PMS there is transparency of research as clients already know the rules regarding when the fund manager will add, replace, hold or sell a stock, which gives a higher edge in terms of client conviction. Krishnan VR, chief of quantitative research team at Marcellus Investment Managers, said that quant strategies typically hold more stocks in portfolio and have a higher churn as compared to more discretionary fundamental strategies, and hence the quant strategy benefits more when stocks do well. However, not everyone investing in quant-based PMS is a new investor, say market participants. “Investors looking at quant-based strategies are mostly the ones, which already have enrolled in a buy and hold PMS strategy and are now looking for diversification,” said Pallav Rajan, founder, PMS Bazaar. He added that quant-based strategies are mostly not the core product for an investor. However, quant-based PMS schemes still represent only a small fraction of the total assets under management (AUM) of the industry that are currently pegged at Rs 35 lakh crore. The AUM in quant PMS strategies could be lower than one percent of the overall discretionary PMS AUM and nowhere near other developed markets like US where quant funds are around 35 percent of listed market cap, said Krishnan. According to Alok Agarwal, head of quant and fund manager at Alchemy Capital Management, these strategies are still at a nascent stage and have only begun to gain traction. He believes that in the coming years, they are poised for significant growth as more investors seek higher alpha generation. In terms of inflows, the top five quant-based PMS schemes included Invaset LLP's INV Approach that saw inflows of Rs 199 crore since April, followed by Prabhudas Lilladher's Aqua Strategy with Rs 169 crore since April as per data by PMS Bazaar. True Beacon Investment Advisors' Equity Factor Quant witnessed inflows of Rs 137 crore with Capitalmind Financial Services' Adaptive Momentum and Wryght Research's Wryght Factor Fund seeing inflows of Rs 129 crore and Rs 80 crore respectively. | 2024-09-24 13:41 | 2024-09-24 | 13:41 |
moneycontrol.com | https://www.moneycontrol.com/news/india/muda-row-hc-dismisses-siddaramaiahs-petititon-against-governor-12828397.html | MUDA row: Big blow to Siddaramaiah, Karnataka HC dismisses plea against governor nod to prosecute him | Siddaramaiah asserted that the land for which his wife received compensation was a gift from her brother Mallikarjuna in 1998..Related stories. | The Karnataka High Court on September 24 dismissed chief minister Siddaramaiah's petition challenging governor Thawar Chand Gehlot's decision to sanction his prosecution in the alleged MUDA land case, dealing a blow to the Congress leader with the opposition BJP stepping up pressure on him to quit. The governor "did apply his mind in abundance" and was not bound by the cabinet’s advice, Justice M Nagaprasanna said. "There is, therefore, no fault in the governor's actions, as far as the order (to prosecute the chief minister) is concerned", the court said in its decision which was being closely tracked. “The governor has to act on aid and advice (of the cabinet) in normal cases but this is an exception,” the high court said. While the BJP sought to pile pressure on the CM, his deputy DK Shivakumar, seen by many as a contender for the top job, said there was no reason for Siddaramaiah to quit. "There is no question (of resignation) by CM. He has not done anything wrong. He is not involved with any scam. This is a political conspiracy by the BJP,” Shivakumar told mediapersons. “We stand by him, we support him. He has been doing a good work for the country, party and the state." Senior advocate Abhishek Manu Singhvi represented Siddaramaiah, while Solicitor General Tushar Mehta argued on behalf of Gehlot. The court on September 12 reserved its order after marathon arguments on the writ petition filed by the CM on August 19 against Gehlot’s decision to allow three private individuals to seek a probe against the CM over the allotment of 14 housing sites, including those to his wife, by the Mysuru Urban Development Authority (MUDA). "The facts narrated in the petition would undoubtedly require investigation in the teeth of the fact that the beneficiary of all these acts is not anybody outside but the family of the petitioner. The petition stands dismissed... interim order of any kind subsisting today shall stand dissolved," the court said. BJP ask Siddaramaiah to quit Welcoming the order, the opposition BJP said the chief minister had no right to continue and must step down. "The Congress party must tell us after the verdict of the Karnataka High Court is it tenable for CM Siddaramaiah to continue? Siddaramaiah must step down,” BJP's national spokesperson Shehzad Poonawalla said. He looted the land meant for people from the scheduled caste and scheduled tribe communities, Poonawalla said, alleging the MUDA scam ran into Rs 5,000 crore, he said. “Family and friends of Siddaramaiah benefitted...Congress party does not care about the people from the SC/ST community...Will Rahul Gandhi take action on the bhrashtachar ki dukaan"," Poonawalla said. 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. | 2024-09-24 13:39 | 2024-09-24 | 13:39 |
moneycontrol.com | https://www.moneycontrol.com/news/world/israel-launches-fresh-air-strikes-on-lebanon-following-bombardment-that-killed-492-12828546.html | Israel launches fresh air strikes on Lebanon following bombardment that killed 492 | Smoke billows from the site of an Israeli airstrike on the eastern areas of Baalbeck in the Bekaa valley on September 23..Related stories. | Israel has launched a series of air strikes on Hezbollah positions in Lebanon a day after the devastatingbombardment that resulted in the deaths of 492 individuals, including 35 children. This latest escalation marks the deadliest conflict between the two sides since the 2006 war. The Israeli military reported that its recent strikes targeted around 1,600 sites associated with Hezbollah across Lebanon, claiming to have eliminated a significant number of militants. In response, Hezbollah has fired missiles at Israeli military bases, with multiple projectiles crossing into Israeli airspace and prompting residents in northern Israel, including Haifa, to seek shelter. The toll from Monday’s air strikes has been described as catastrophic, with Lebanon's health ministry confirming that over 1,600 people were injured and thousands of families have fled their homes amidst growing panic. Local journalist Nazir Reda noted, "It’s the first time we see such panic since 2006." The conflict has been intensifying since Hamas' unprecedented attack on Israel on October 7, 2023, which led to a year-long series of skirmishes along the Lebanon-Israel border. The bombardment on Monday was the most severe since the Israel-Hezbollah war, which left over 1,200 Lebanese dead, primarily civilians. Israel has dubbed its campaign against Hezbollah “Operation Northern Arrows” and has received warnings from world leaders about the escalating violence. UN officials and the European Union have expressed grave concerns over the potential for a broader conflict, with calls for intervention. The Pentagon is deploying additional military personnel to the region amid rising tensions. Israeli army officials have declared the past week to be particularly challenging for Hezbollah, emphasizing the impact of their strikes on the group’s operational capabilities.Prime Minister Benjamin Netanyahustated that Israel's actions aim to alter the security dynamics in northern Israel. As the conflict escalates, Lebanese Prime Minister Najib Mikati has called for international intervention to prevent further destruction of Lebanese towns and villages. He plans to meet with world leaders in New York to seek solutions to the ongoing violence. | 2024-09-24 13:39 | 2024-09-24 | 13:39 |
moneycontrol.com | https://www.moneycontrol.com/news/business/personal-finance/exiting-your-organisation-check-if-you-can-convert-your-group-health-cover-into-a-personal-plan-12828190.html | Exiting your organisation? Check if you can convert your group health cover into a personal plan | Migrating from group to personal health insurance at the time of switching jobs will mean shorter waiting periods for pre-existing illnesses.Related stories. | Obtaining a health cover for elderly parents is always a tough task for a working professional. Besides steep premiums, waiting period for pre-existing illnesses, which can extend to up to three years, is also a hurdle while buying a new policy. You need to be mindful of this challenge, particularly, if you been relying on your employer’s group health insurance policy to cover your parents, and also in between decide to switch jobs. Group covers cease to exist once you quit your current organisation. If your future employer also offers parental coverage, you need not be concerned. However, several organisations restrict family floater coverage to employee, spouse and children. According to a Prudent Insurance Brokers’ report,57 percent of employers offer parental coverage, while the rest do not.  Personal policies for senior citizens a major challenge In such cases, you will have to buy a personal policy for your parents before you exit your current organisation. Even if you manage to obtain a fresh policy, no claims will be paid during the waiting period forpre-existing illnesses. To make matters worse, there will a one-year waiting period for certain surgeries such as cataract and hernia. However, there is another option that you can consider, provided your employer and group health insurer are willing to facilitate the process: migrating to the insurer’s individual health policy. “General insurers and health insurers offering indemnity-based [regular, cashless and reimbursement] health insurance policy, except personal accident and travel policies, shall provide an option of migration to an alternative health insurance product to the extent of the sum insured and the benefits available in the previous policy. The insurer may underwrite the proposal in case of migration, if the insured is not continuously covered for 36 months,” says the new Insurance Regulatory and Development Authority (IRDAI) rules on migration. Group covers, depending on the employers’ approach, extend cover to parents apart from the employee, his spouse and children. More importantly, pre-existing diseases are covered from day one. This facility is a huge source of comfort for the employee’s family. “Portability is an important engagement tool today. Employers as a part of communication strategy to employees have started to build this product as one of the key elements. There is proper communication to all employees and for interested employees there is a pre-defined process,” says Surinder Bhagat, Vice-president, Special Lines – Employee Benefits, Prudent Insurance Brokers. Also read:ÂNew IRDAI rules: Shorter wait for pre-existing illnesses, no disputes after five years of policy coverage How a switch in time can help The key advantage is the carry forward of pre-existing diseases' waiting period credit. If the insurer has provided the group cover for two years and that is when you decide to switch jobs, you or your parents will have to wait for only one more year for the declared pre-existing diseases to be covered. “The primary benefit is a reduction in the waiting period that would be applied under the individual retail plan. The duration for which the employee was continuously covered under the group plan with the same insurer is subtracted from the waiting period of the individual plan,” says Bhagat. The caveat is that accepting or rejecting the proposal is up to the insurer. “The detailed guidelines on the procedure to make the switch do not find a mention in the new regulations. The earlier rules were more detailed. Implementation is a grey area open for interpretation. But it depends on the insurance company, which can give employees an option to migrate,” says Hari Radhakrishnan, Regional Director, First Policy Insurance Brokers. Likewise, they can ask you to go through medical check-ups and quote a premium based on their risk assessment of your health. Bhagat says that many cases do get rejected after an evaluation process. Also read:Why an individual health cover along with corporate health policy is more beneficial How to switch As soon as you decide to move on, enquire with your human resources team about the procedure to migrate from your employer’s group policy to a retail product (individual or family floater). “The cause of separation from the group is not important to insurers. Group to retail conversion is available to employees who are leaving the organisation, subject to the insurer's underwriting [risk evaluation] guidelines,” explains Kapil Mehta, Co-founder, Securenow.in, an insurance broking portal. Earlier regulations required policyholders to initiate this process at least 45 days prior to their date of exit. While the new regulations do not specify such time period, it's best to initiate the process well in advance, as the cover will cease to exist once you are off your company's rolls. To kickstart the process, you will need to submit your resignation letter and a note from your HR certifying your period of employment. This apart, the insurer could call for other documents and health records, depending on its underwriting policy. Evaluate sub-limits, co-pay clauses carefully Enquire with the insurer about waiting period credit before switching. This is because employers do not stick to the same insurer throughout and can change every year. Also, you may not get access to all the features of your group policy. “An employee has to understand that the new plan features will align with those of the retail individual plan available and not with corporate plan.  The room rent, sub limits and co-payment will be as per the retail plan of the new insurance company and employee has to read the sub limits before deciding on portability,” says Bhagat. Finally, note that you cannot choose your insurer at the time of migration. “Portability can only occur within the same insurer as the group insurer and employee cannot switch to a new insurer for retail plan with continuity benefit. Once the retail plan is bought, the policyholder can port to the retail plans of other insurers in subsequent years,” adds Bhagat. | 2024-09-24 13:37 | 2024-09-24 | 13:37 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/centre-may-implement-market-coupling-iex-shares-fall-12828434.html | IEX shares crack 12% on report that market coupling may be implemented by FY25 | The government wants market coupling also because it wants to significantly increase the share of power exchanges in the trade of electricity..Related stories. | Shares of electricity trading platform IEX sharply retreated from their 52-week highs after a news report suggested that the Centre is planning on implementing market coupling for power exchanges. Market coupling is a model where buy bids and sell bids from all power exchanges in India will be aggregated and matched, to discover auniform market clearing price (MCP). The Grid Controller of India (Grid-India) has been requested by the Power Ministry to ensure the pilot study has been completed as per timeline, business news channelET NOWreported quoting sources familiar with the development. Moneycontrolis yet to independently verify the development. This is being seen as a major negative forÂIndian Energy Exchange (IEX)- a bourse for electricity trading - and at 1.15 pm, IEX shares were quoting Rs 210.4, lower by over 12 percent on the NSE. Follow our live blog to catch all the updates Market Coupling will mean there will be only one price for the electricity that is to be traded at any point of time through these exchanges. If implemented, power exchanges will be rendered as a platform where only buy and sell bids will be received and power dispatched to the buyer. Grid-India is reportedly conducting a study, following which the Central Electricity Regulatory Commission will make a final decision in this regard. The Power Ministry is also planning to implement the new mechanism either by the end of FY25 or at the beginning of the next financial year. Apart from the point of uniform price discovery across exchanges, Centre also wants market coupling as it is keen to increase the share of power exchanges in the trading of electricity. The government wants to reduce the prevalence of current format of long-term power purchase agreements (PPAs), which run for as long as 25 years. | 2024-09-24 13:36 | 2024-09-24 | 13:36 |
moneycontrol.com | https://www.moneycontrol.com/news/world/2024-us-election-what-trump-said-about-running-again-for-president-in-2028-if-he-loses-in-november-12828540.html | 2024 US Election: What Trump said about running again for president in 2028 if he loses in November | Donald Trump.Related stories. | Former US president Donald Trump has ruled out running for the White House in 2028 if he loses his presidential bid in November this year. “No, I don’t. No, I don’t. I think that that will be, that will be it. I don’t see that at all. I think that hopefully we’re gonna be successful,” Trump told host Sharyl Attkisson in an interview over the weekend. Trump is running for presidential elections for the third consecutive term this time. He won the first time in 2016 and lost in his second attempt in 2020. The 78-year-old former president is pitched in a tight race with Democratic presidential candidate Vice President Kamala Harris. Trump would be 82 by the time of the next elections in 2028. The presidential elections in the US will take place on November 5. When asked what keeps him healthy, Trump said he plays golf and tries to eat properly. “Well, I used to play golf a little bit. That gave me, so I don’t know, but it seems to be quite a dangerous sport in retrospect. I try and eat properly. I try. I do the best,” the Republican presidential candidate said. “I like perhaps all the wrong food. But then I say 'Does anybody know what the right food is?'" he asked. "I have people lecturing me for years, 'Oh don’t eat this, don’t eat that'. They’re gone, they have passed away long ago,” Trump said. During the interview, Trump stressed that he does not get credit for the fight against COVID-19. “I never got great credit on the fighting of the China virus, which is COVID. But we call it the China virus ’cause we like to be accurate. But if you think of what I’ve done, I took, I took a disaster that came into our shores. That dust flew in from China and we started making things like the ventilators. We were supplying the whole world with ventilators,” he said. “Within a period of seven months, we took auto factories and started making ventilators and auto factories. We did the gowns, the cost, you know, all of the different things, all of the rubberised products, the masks, all, everything. And we also had to go, because our, you know, when I took over, the cupboards were bare. We had nothing,” Trump said. “We had, we were supposed to have, but we had nothing. And in all fairness to previous presidents, the reason is that nobody really thought a pandemic in this world, in this age, was possible. You know, you remember 1917, we had the great pandemic that people talk about. A hundred million people they say died,” he said. “And basically this would’ve happened here too. And it didn’t happen here. I think I did a great job. I think I will not be given credit for it. But there are a lot of people that think I did a really fantastic job on that. Nobody knew what it was. Nobody knew where it came from. And remember, we had far fewer deaths than (incumbent President Joe) Biden. And Biden just got the tail end. So we did a good job,” Trump claimed. Biden dropped the White House bid in July after a disastrous presidential debate with Trump. | 2024-09-24 13:32 | 2024-09-24 | 13:32 |
moneycontrol.com | https://www.moneycontrol.com/news/india/mumbai-tc-suspended-after-his-adverse-remarks-against-communities-12828474.html | Mumbai TC suspended after his adverse remarks against communities | Responding swiftly, the Western Railway announced the TC's suspension on Sunday and ordered an inquiry.. | The Western Railway (WR) has suspended a Mumbai-based Ticket Collector after an audio clip surfaced wherein he is purportedly heard making objectionable remarks against Maharashtra natives and a minority community. Ticket Collector (TC) Ashish Pande, hailing from Uttar Pradesh and currently residing in Mumbai's Vikhroli area, was suspended on Sunday, pending an inquiry, the WR's Mumbai Divisional Railway Manager (DRM) said after the clip's content triggered an uproar. The audio clip was on Sunday posted on X by a social media user and it quickly went viral. In the clip, Pande is purportedly heard making disparaging remarks against Maharashtrians and a minority community. Responding swiftly, the Western Railway announced the TC's suspension on Sunday and ordered an inquiry. "We take this matter very seriously. The staff commenting adversely about the religious community and Maharashtrians has been suspended immediately, pending an inquiry. A thorough investigation will be conducted to ensure accountability," the DRM said on X while replying to clip-related comments. "Appropriate actions will be determined based on the findings to uphold our standards and ensure the integrity of our services," the official added. | 2024-09-24 13:32 | 2024-09-24 | 13:32 |
moneycontrol.com | https://www.moneycontrol.com/technology/sony-launches-bravia-theatre-u-neckband-speaker-with-12-hours-battery-spatial-audio-price-features-and-more-article-12828542.html | Sony launches Bravia Theatre U neckband speaker with 12 hours battery, Spatial audio: Price, features, and more | Sony Bravia Theatre U launched at Rs 24,900. | Sony India has launched the Bravia Theatre U neckband speaker, aimed at enhancing home entertainment with an immersive audio experience. The device, tailored for use with Bravia TVs, is designed to deliver clear, open-air sound while ensuring comfort for prolonged usage. Bravia Theatre U neckband speaker: Price in India Sony has priced the new Bravia Theatre U at Rs 24,990. It is available across Sony Centers, authorised dealers, e-commerce platforms like Amazon and Flipkart, and major electronic stores in India. Bravia Theatre U neckband speaker: Features Bravia Theatre U offers a surround sound experience through Dolby Atmos and 360 Spatial Sound technology. It features the X-Balanced Speaker Unit for clear dialogues and can connect to multiple Bravia TVs for simultaneous sound sharing. The neckband is designed with a secure fit and light materials for extended wearability. It is rated to deliver 12 hours of battery life in a single charge, and it supports quick charge that claims to provide an hour of playtime with a 10-minute charge. The speaker is equipped with Precise Voice Pickup technology, powered by AI, which enhances communication clarity, while the multipoint connection allows simultaneous pairing with two devices for flexibility in handling content. The device also has an IPX4 splash-proof rating, making it resistant to everyday spills. A simultaneous playback feature enables TV audio and neckband sound to be active at the same time. | 2024-09-24 13:28 | 2024-09-24 | 13:28 |
moneycontrol.com | https://www.moneycontrol.com/news/india/will-always-be-with-didi-tmcs-anubrata-mondal-reaffirms-support-for-mamata-after-release-from-tihar-jail-12828527.html | 'Will always be with Didi': TMC's Anubrata Mondal reaffirms support for Mamata after release from Tihar jail | Mondal served as the TMC president in Birbhum, and during his imprisonment following his arrest in August 2022, no successor was appointed..Related stories. | Trinamool Congress (TMC) leader Anubrata Mondal returned to his home in Birbhum district on Tuesday morning after spending more than two years in Tihar Jail. His release comes after a series of legal battles linked to multiple cases, including an ongoing investigation into alleged cattle smuggling. Upon his arrival in the Nichupatti area of Bolpur town, Mondal was met with a warm welcome from supporters who celebrated his return with traditional conch shells, drums, and vibrant green powder known as 'gulaal.' In a statement to reporters outside his residence, accompanied by his daughter Sukanya, Mondal reaffirmed his loyalty to TMC supremo and Chief Minister Mamata Banerjee. He expressed, "I was with Didi and will always remain with her. I convey my Durga Puja greetings to her." He also shared concerns about his health, indicating pain in his legs and hips, which may delay a planned meeting with Banerjee. Sources indicate that Banerjee may meet Mondal during her upcoming visit to Bolpur, where she intends to assess the flood situation. She often refers to Mondal affectionately as 'Keshto' and considers him a close confidante. Local party leaders organised a warm reception for Mondal, erecting welcome gates and hoardings throughout Bolpur to show that he was missed during his absence. Mondal served as the TMC president in Birbhum, and during his imprisonment following his arrest in August 2022, no successor was appointed; a core team managed party activities in his place. In July, the Supreme Court granted Mondal bail with the condition that he surrender his passport and cooperate with the Central Bureau of Investigation (CBI). However, he remained in custody due to a parallel Enforcement Directorate (ED) investigation into alleged cattle smuggling. He finally secured bail in the ED case on September 20, over two years after his arrest. His daughter Sukanya, arrested in April 2023 and accused of complicity in the alleged activities, was granted bail by a Delhi court on September 10. (With inputs from agencies) | 2024-09-24 13:26 | 2024-09-24 | 13:26 |
moneycontrol.com | https://www.moneycontrol.com/news/business/nbfcs-increase-borrowing-via-bonds-as-bank-loans-becomes-expensive-12828437.html | NBFCs increase borrowing via bonds as bank loans become expensive | NBFC.Related stories. | Non-banking financial companies (NBFCs) in the last few months have increased their pace of borrowing through corporate bonds or other instruments with bank loans having become expensive after the Reserve Bank of India (RBI) introduced risk weight norms late last year. “Regulatory changes have had a significant impact on NBFC funding and that is the reason they had to resort to raising funds through other means,” said Alok Singh, group head, treasury, at CSB Bank. NBFCs raised Rs 88,340 crore in the July-September quarter through corporate bonds, compared to Rs 84,135 crore in April-June, according to data compiled from the BSE and NSE websites. On November 16, 2023, the central bank increased risk weights on unsecured consumer credit and bank credit to NBFCs to pre-empt a build-up of any potential risk in these segments. This has resulted in the total consumer loan growth in the sectors where risk weights were increased moderating from 23.3 per cent in November 2023 to 13.9 per cent in June 2024. In parallel, bank credit to NBFCs declined from 18.5 per cent to 8.2 per cent during the same period, the RBI said in a report. Also, the cost of funds for NBFCs has risen after the risk weight norms. This led some NBFCs to cut their borrowing from bank in the subsequent quarters. For instance, cost of funds at L&T Finance went up to 7.85 percent in Q1FY25, against 7.81 percent in Q3FY24. The component of loans from banks that were not part of priority sector lending reduced to 28 percent in Q1FY25 versus 29 percent in Q1FY24. Aditya Birla Finance’s bank term loans dropped to 52 percent of total borrowings as of March 2024 from 53 percent a year earlier. Bajaj Finance’s cost of funds rose to 7.94 percent as on June 30, 2024, compared to 7.74 percent as on March 31, 2024, and 7.04 percent as on March 31, 2023, as per an investor presentation. However, easing market borrowing costs have also led NBFCs to switch from banks to the bond market for raising funds. The yield on corporate bonds across maturities fell by 10-15 basis points (bps) between Q1 and Q2 of FY25. This was mainly due to a fall in yield on government securities amid global cues. According to data compiled from market sources, yields on three-year corporate bonds was trading in the range of 7.56-7.66 percent in July-September, versus 7.64-7.74 percent in the April-June quarter. Yields on five-year corporate bonds were trading at 7.45-7.60 percent in the July-September quarter, against 7.61-7.65 percent in the April-June quarter. Similarly, yields on 10-year corporate bonds were at 7.30-7.50 percent in Q2, compared to 7.45-7.55 percent. During this period, the yield on government securities, especially the 10-year benchmark bond, fell 36 bps amid inflows from foreign portfolio investors, easing inflation trends and rate cut expectations. Currently, the 10-year benchmark bond, 7.10 percent 2034 yield, was trading at 6.7554 percent as of 12.00 pm. | 2024-09-24 13:23 | 2024-09-24 | 13:23 |
moneycontrol.com | https://www.moneycontrol.com/news/india/jpmorgan-eyes-more-growth-in-india-amid-flurry-of-activity-12828473.html | JPMorgan eyes more growth in India amid flurry of activity | There’s definitely been a flurry of activity that makes India a super exciting place to have a large team on the ground,” said Filippo Gori, its co-head of global banking in an interview with Bloomberg Television on Tuesday.Related stories. | JPMorgan Chase & Co. plans to keep growing its operations in India, where investor confidence continues to be strong, according to its top executives who are on a visit to the country. “There’s definitely been a flurry of activity that makes India a super exciting place to have a large team on the ground,” said Filippo Gori, its co-head of global banking in an interview with Bloomberg Television on Tuesday. Deal activity is from “global clients coming into the country, local clients playing in the country and local clients who also have ambition abroad,” Gori said about the market that has its second-largest employee footprint after the US. Apart from transactions in the healthcare and artificial intelligence sectors, the themes of “India for India” and “India for the world” are seeing a lot of deal-making activity, Gori said. JPMorgan is seeking to expand its businesses covering clients, as well as resources that provide global support to the firm, he said. There is a substantial opportunity for India from the shift in supply chains from China, though the transition will take years as firms navigate the complexities of relocating operations, JPMorgan’s Chief Executive Officer Jamie Dimon said in a separate interview with CNBC-TV18. “You’re talking about 5, 10, 15 years. So even if it’s going to take place, it’s going to take a long time,” Dimon said. Gori said China’s latest stimulus measures has sparked some optimism, though investors will likely wait until the US elections “before pulling back into the mainland.” China’s central bank unleashed an unprecedented blitz of policy support for the economy, after Wall Street banks downgraded their forecasts. Time will tell if confidence is restored in China, he said. “That doesn’t happen overnight,” Gori said. “From my personal point of view, restoring consumer confidence among the local Chinese is probably more important long-term than just creating a stimulus for the foreign investors.” Separately, India has been a “trendsetter” across the world with Unified Payments Interface, its real-time digital platform, according to Max Neukirchen, global payments co-head. “The future of payments globally is being shaped out of India,” Neukirchen said in an interview on Tuesday. UPI, as the public payments network is known, developed a whole ecosystem of fintech companies and they aim to bring those innovations to the world, he said. | 2024-09-24 13:20 | 2024-09-24 | 13:20 |
moneycontrol.com | https://www.moneycontrol.com/news/india/badlapur-sexual-assault-cop-who-shot-akshay-shinde-worked-with-top-encounter-specialist-pradeep-sharma-12828512.html | Badlapur sexual assault: Cop who shot Akshay Shinde worked with top ‘encounter specialist' Pradeep Sharma | Inspector Sanjay Shinde, who shot Badlapur rape accused worked under encounter specialist, played part in arrest of Dawood Ibrahim's brother Iqbal Kaskar.. | Sanjay Shinde, police inspector who shot dead Badlapur sexual assault case accused Akshay Shinde, has reportedly worked with suspended former ‘encounter specialist’ Pradeep Sharma in the past. Akshay Shinde, 24, was accused of sexually assaulting two minor girls at a school in Badlapur town of Thane district. A contractual sweeper at the school in Badlapur, Akshay Shinde was arrested on August 17, five days after he allegedly sexually abused the two girls in the school toilet. Sanjay Shinde has previously worked with the anti-extortion cell of the Thane Police Crime Branch, then headed by suspended cop Pradeep Sharma, who was known as an 'encounter specialist'. Pradeep Sharma was popular as an 'encounter specialist' in the Mumbai Police, credited with eliminating over 100 criminals during his career. Joining the police force in 1983, Sharma rose to fame in the 1990s for his involvement in high-profile encounters targeting members of the Mumbai underworld, particularly gangsters linked to the Dawood Ibrahim and Chhota Rajan gangs. Sharma was also the subject of a 2014 Marathi crime thriller named Rege. Veteran actor Mahesh Manjrekar had played Sharma's role in the movie. Author and journalist S Hussain Zaidi's 'The Class of 83' also delves into the encounters by Pradeep Sharma and other officers. Akshay Shinde was arrested in August, five days after the children reported the assault to their parents. His shooting occurred yesterday when officers from Badlapur had gone to Taloja jail to take custody Akshay in a new rape and assault case filed by his first wife. When the police team carrying Akshay neared the Mumbra bypass, he snatched the gun of a constable and fired at the cops escorting him. In retaliation, Sanjay Shinde fired at him. Akshay was critically injured in the firing and died at the hospital. However, his family has challenged the police claim of the events that led to his death in custody. They denied that he could fire at the cops, and alleged they had pressured him to confess his role in the rape case. | 2024-09-24 13:15 | 2024-09-24 | 13:15 |
moneycontrol.com | https://www.moneycontrol.com/news/opinion/france-collects-more-tax-than-anyone-else-it-still-isnt-enough-12828463.html | France collects more tax than anyone else. It still isn't enough | france.Related stories. | The challenges facing new French Premier Michel Barnier make his previous job negotiating Brexit terms with Boris Johnson look easy. President Emmanuel Macron’s new No. 2 has to avert a budget crisis, navigate a gridlocked parliament and help the European Union close a yawning economic gap with the US. And now there’s talk ofÂhigher taxes just as economic growth starts to shrivel. It’s an ominous sign. Barnier is off to a credible start. HeÂtold French television on Sunday the country’s financial situation was “serious,” spelling out the €50 billion ($55.6 billion) of annual interest payments due on €3 trillion of debt. He pledged not to make things worse, whether by saddling future generations with more financial burden or a more polluted planet. And he promised to take a hard look at how the developed world’s No. 1 government spender could be smarter and more efficient. The problem is Barnier has little time or wiggle room. ÂMarkets areÂgrowing testy, and Macron’s political rivals areÂsharpening their knives. Barnier’s call for the wealthy and big multinationals to “contribute” sounds like familiar territory for a country that already has the highest tax burden in the developed world and theÂthird-highest hourly labour cost in Europe. The message is being heard loud and clear: CMA CGM SA’s billionaire chief executive officer, Rodolphe Saade,Âsaid his firm was prepared to play its part but warned against hurting competitiveness. On the spending side of the ledger, it’s unlikely he’ll have the gumption to tackle France’s above-average outlay for social protection – 24% of expenditure in 2022, according to UBS Group AG. This could end up being exactly what the French and European economies don’t need in terms of reviving growth, which is the other key aspect to improving public finances. New indicators already point to a private-sector downturn after a summertime Olympic boost; French gross fixed investment is set to fall this year, according to Bloomberg Economics. Productivity is declining. Mario Draghi’s recent prescription for lifting Europe out of economic “agony”Âcalled for more investment, and it’s hard to see how taxing companies or bringing back the 2010s’ wealth tax achieves it. Nor are investors likely to be convinced by talk of temporary or one-time levies that have a habit of becoming permanent. One alternative would be to keep hacking away at red tape and structural barriers to employment, a focus of much of Macron’s presidency. Catching up to the employment rate in the Netherlands, for example, would raise French gross domestic product by 10%,ÂÂaccording to Gilbert Cette, a professor at Neoma Business School. But the vibes have long soured on the centrist “revolution,” with a majority of seats going to parties that want to roll back Macron’s contentious pension reform — an idea that is almost Liz-Truss-like in its potential fiscal damage. Which leaves the next best option: a seriously overdue look at how to use taxpayer money more efficiently. Consider the subsidies that have gone into boosting jobs for the young, creating an unprecedented boom in apprenticeships, with 1 million announced just last year. That is a good outcome and an investment in the future. But the cost has been astronomical, estimated at around €25 billion in 2023, or about €26,000 per apprentice,Âaccording to economist Bruno Coquet. He projects that about €10 billion could be saved annually without seriously damaging the program’s attractiveness. There’s also the question of research and development tax credits for companies. The CAE economic think tankÂreckons that their €7 billion cost isn’t justified by outcomes, and their generosity tends to benefit big corporations rather than nimbler peers. Correcting some of these might boost return on investment, which the Draghi report said would be critical for boosting innovation and financing Europe’s welfare system. There are obviously bigger examples of public spending that could do with reform, from education to health care. But youth employment and research are two vital outlays to get right in the short term. Scrap them entirely, and France gives up on its future. Maintain them as is, and France risks further hurting its credibility.Budgetcrises can make or break countries, as the Bourbons discovered in 1789 — and Barnier’s government is already on borrowed time. Being Europe’s Mr. Brexit was tough; becoming France’s Mr. Deficit looks far tougher. Credit: Bloomberg | 2024-09-24 13:14 | 2024-09-24 | 13:14 |
moneycontrol.com | https://www.moneycontrol.com/news/world/sweden-says-iran-behind-2023-hacker-attack-that-urged-revenge-for-koran-burning-12828515.html | Sweden says Iran behind 2023 hacker attack that urged revenge for Koran burning | Iranian students lift placards and chant slogans during a demonstration denouncing the burning in Sweden of the Koran, Islam's holy book, in front of Swedish embassy in Tehran on July 21, 2023. (AFP file photo).Related stories. | Sweden's prosecutors on Tuesday accused Iran's intelligence service of hacking an SMS operator in 2023 to send messages encouraging people to take revenge on protesters who had burned the Koran. Sweden's Prosecution Authority said in a statement that some 15,000 messages "calling for revenge against Koran burners" had been sent in the summer of 2023, following a slew of protests involving desecrations of the Koran. "The aim was to create division in Swedish society," the authority said. In a separate statement, Sweden's intelligence service Sapo said it had determined that a hacker group had acted "on behalf of the Iranian Revolutionary Guard to carry out an influence campaign." "The aim was, among other things, to paint the picture of Sweden as an Islamophobic country, Fredrik Hallstrom, chief of operations at Sapo, said in a statement. On August 1, 2023, Swedish media reported that a large number of people had received text messages calling for revenge against people who had burned the Muslim holy book, the authority noted. According to prosecutors, an investigation had shown that a group called Anzu team was behind the operation, adding that the investigation had been closed, as it was deemed unlikely that it would be possible to bring the suspects to justice. "Since the actors are acting on behalf of a foreign power, in this case Iran, our assessment is that the conditions necessary to bring charges abroad or an extradition to Sweden are missing for those suspected of being behind the attack," senior prosecutor Mats Ljungqvist said. In August last year, Sweden's intelligence service Sapo raised its threat level to four on a scale of five after a series of protests that included Koran burnings had made the country a "prioritised target". Relations between Sweden and several Middle Eastern countries were strained by the protests which were concentrated over the summer of 2023. Iraqi protesters stormed the Swedish embassy in Baghdad twice in July of that year, starting fires within the compound on the second occasion. The Swedish government condemned the desecrations while noting the country's constitutionally protected freedom of speech and assembly laws. | 2024-09-24 13:13 | 2024-09-24 | 13:13 |
moneycontrol.com | https://www.moneycontrol.com/news/business/top-takeaways-as-china-unveils-stimulus-to-boost-economy-12828498.html | Top takeaways as China unveils stimulus to boost economy | China Securities Regulatory Commission Chairman Wu Qing said new measures to encourage mergers and acquisitions will be unveiled soon, and underscored the CSRC’s work to improve regulatory oversight.. | China unveiled more measures to boost its stuttering economy in a rare briefing by the head of the central bank, along with the securities and financial regulators. Read More:ÂMetal stocks surge as China announces fresh stimulus Here are the key takeaways from the roughly 90-minute-long event: -People’s Bank of China Governor Pan Gongsheng announced a cut in the reserve requirement ratio, seven-day policy rate and existing mortgage rates, in a bid to bothboost lending and reduce the existing loan burdens. He said further RRR cuts are possible. -Pan also announced at least 500 billion yuan ($71 billion) of liquidity support for stocks. There will be a swap facility allowing securities, funds and insurance companies to tap the PBOC to buy stocks. Pan also told reporters that authorities are studying setting up a stock stabilization fund, without details. Read More:ÂChina mulls stock stability fund, unlocks $113 billion from PBOC -China Securities Regulatory Commission Chairman Wu Qing said new measures to encourage mergers and acquisitions will be unveiled soon, and underscored the CSRC’s work to improve regulatory oversight. National Financial Regulatory Administration chief Li Yunze said China will add tier-one capital to six major commercial banks. Read More:ÂChina to add capital at big banks for first time in a decade Analysts welcomed the stimulus, but cautioned that it doesn’t represent the bazooka that many see as needed to get China’s consumers spending up again. While the lower mortgage rates will help homeowners, it may not be enough to revive the housing market. Stocks in Hong Kong and China roseon the announcements, while the 10-year yield on Chinese bonds fell to 2% for the first time on record. The offshore yuan was little changed. | 2024-09-24 13:07 | 2024-09-24 | 13:07 |
moneycontrol.com | https://www.moneycontrol.com/news/world/sri-lankas-new-president-dissanayake-to-call-snap-parliamentary-polls-12828497.html | Sri Lanka's new President Dissanayake to call snap parliamentary polls | Sri Lanka's crisis proved an opportunity for Dissanayake, who saw his popularity rise after pledging to change the island's "corrupt" political culture..Related stories. | Sri Lanka's new leftist president is expected to call a snap parliamentary election ahead of his plans to renegotiate the bankrupt island nation's unpopular International Monetary Fund bailout programme. 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. But support for Dissanayake surged after a 2022 economic meltdown that immiserated millions of ordinary Sri Lankans and a contentious International Monetary Fund rescue package. Asked by reporters late Monday in the central city of Kandy if he would keep a campaign pledge to dissolve parliament as soon as he took charge, he replied: "Wait for two days." Lawmaker Harini Amarasuriya, an ally of Dissanayake's in parliament, told reporters in Colombo the same night that parliament would be dissolved "within a day". 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. The IMF offered its congratulations to Dissanayake on Monday, saying it was ready to discuss the future of the rescue plan. "We look forward to working together with President Dissanayake... towards building on the hard-won gains that have helped put Sri Lanka on a path to economic recovery," a spokesman from the lender of last resort said. 'Not a magician' A senior aide of the new president toldAFPon the weekend that Dissayanake's party would not repudiate the IMF deal. "Our plan is to engage with the IMF and introduce certain amendments," Bimal Ratnayake said. "We will not tear up the IMF programme. It is a binding document, but there is a provision to renegotiate." In his first address after his inauguration, Dissayanake sought to lower expectations of a quick fix for the country's economic woes. "I am not a conjuror, I am not a magician, I am a common citizen," he said. "I have strengths and limitations, things I know and things I don't... my responsibility is to be part of a collective effort to end this crisis". | 2024-09-24 13:03 | 2024-09-24 | 13:03 |
moneycontrol.com | https://www.moneycontrol.com/news/india/army-inducts-100-robotic-mules-drones-high-altitude-tents-under-consideration-12828414.html | Army inducts 100 robotic mules; drones, high-altitude tents under consideration | The robotic mule is a durable, all-weather ground robot designed for military use (Image: X). | The Army has bolstered its high-altitude capabilities with the induction of 100 robotic mules in forward areas. Moreover, logistics drones are currently undergoing trials, promising to further streamline support and movement to forward areas, according to a report byThe Hindu. Additionally, a new tent designed to withstand extreme cold is under evaluation, with the potential to provide shelter in temperatures as low as -40 degrees Celsius, the report added. ŌĆ£The Army has procured and has inducted 100 robotic mules under the fourth trance of emergency procurements (EP),ŌĆØ the report quoted a defence source as saying. The fourth EPs was conducted from September 2022 to September 2023. Following the 2020 border confrontation with China in Eastern Ladakh, the Indian Army has intensified its search for technological innovations tailored for high-altitude environments. The robotic mule is a durable, all-weather ground robot designed for military use. It operates efficiently in diverse terrains, from urban areas to natural landscapes, supporting various defense applications with its high endurance and agility. ŌĆ£He is able to walk up to three years. He is able to counter all kinds of obstaclesŌĆ” He can go inside water and cross riversŌĆ” He has the ability to recognise objects around as there are electro-optics, infraredŌĆ”,ŌĆØ Arjun Aggarwal, managing director and CEO of AeroArc said, according to the Hindu report. Aggarwal was speaking at the Himtech symposium organised at Leh. Himtech Symposium 2024, themed ŌĆśHarnessing Defence Technology for High Altitude AreasŌĆÖ was organised by the Indian Army in coordination with the Federation of Indian Chambers of Commerce and Industry (FICCI). The event was aimed at showcasing latest technological advancements and innovations in defence and military applications. | 2024-09-24 13:01 | 2024-09-24 | 13:01 |
moneycontrol.com | https://www.moneycontrol.com/news/world/dissanayakes-push-for-sri-lanka-economic-change-leaves-imf-deal-debt-rework-in-limbo-12828491.html | Dissanayake's push for Sri Lanka economic change leaves IMF deal, debt rework in limbo | Dissanayake’s pledge to take a tough approach to corruption appealed to millions desperate for a fairer future.. | Sri Lanka’s new president won the election decisively, but his toughest task still lies ahead as he seeks to balance promises to aid the nation’s poor against the need to keep crucial supplies of cash flowing from the International Monetary Fund. Marxist-leaning firebrand Anura Kumara Dissanayake, whose tax cut pledges won over many of the two-thirds of his people mired in poverty, takes power as Sri Lanka emerges from its most punishing economic crisis in 70 years and its first international debt default. But jumpstarting the economy while making good on promises to expand welfare, rework the $2.9-billion IMF bailout and negotiate better deals with debtors, presents a difficult conundrum for the Indian Ocean nation and its investors. Adding to the challenge, the prime minister’s resignation on Monday meant the cabinet has been dissolved. ”We’ve never had such a situation,” said Bhavani Fonseka, senior researcher at the Colombo-based think tank Centre for Policy Alternatives. Dissanayake’s pledge to take a tough approach to corruption appealed to millions desperate for a fairer future. But his promises to change the parameters of the IMF bailout and, crucially, the way it determines how much debt is sustainable, could delay new money from the Fund and also force lenders to renegotiate debt deals. ”There’s no doubt that the election outcome creates uncertainty, given Dissanayake’s willingness to renegotiate the IMF terms,” said Emre Akcakmak, head of frontier markets with East Capital. The Fund was set to review progress on reforms by Oct. 1, usually done with a staff visit to the country, before its board paves the way for payout of the next tranche, which had been expected in November. Few now expect this timeline to hold. Sri Lanka and its bondholders had inked a preliminary deal to restructure $12.5 billion in debt on Thursday, after months of delay and objections from the IMF and official lenders to a previous deal. It is now unclear if the deal will be executed. Bond prices staged their steepest slide in five months in early trading on Monday, but rebounded later in the day. How much support Dissanayake can command to support any controversial move is also unclear. His National People’s Power (NPP) coalition holds only three seats in the 225-member parliament and can barely muster the numbers for a fully-fledged cabinet. During his campaign Dissanayake promised to dissolve parliament within 45 days of taking office and call for a snap general election. While a general election could, of course, help bolster his support it also inevitably means more delays in tackling key questions around the economy and debt. ”Now we’ll have to wait for the parliamentary elections, while the restructuring will be pushed out into early next year,” said Viktor Szabo, portfolio manager at abrdn, who does not expect big changes to the IMF parameters. Sources said Dissanayake’s team had not reached out to bondholders. The IMF said it would work with Dissanayake and discuss the timing of its third review of the current programme with Sri Lanka ”as soon as practicable”. ”We look forward to working together with President Dissanayake and his team towards building on the hard-won gains that have helped put Sri Lanka on a path to economic recovery,” a Fund spokesperson said via email. COMMITTED TO CHANGE Also still unclear is the likely shape of the relationship with Sri Lanka’s bilateral lenders grouped in the official creditor committee (OCC). A source close to the creditor group said it was still assessing the preliminary deal the previous government struck with bondholders last week and would respond within days. ”The OCC is of course available and would be interested in a call with the new finance minister and his team,” added the source, who spoke on condition of anonymity. Legislation guided by former President Ranil Wickremesinghe to enshrine IMF targets in law, such as cutting debt to 95% of GDP by 2032 and achieving a primary account surplus of 2.3% by 2025, is seen as barrier to drastic change. "It is unlikely that Dissanayake will meddle too deeply with the IMF programme and certainly not the Debt Sustainability Analysis because it will be digging a hole," said Udeeshan Jonas, strategy head at Colombo-based equity research firm CAL. Dissanayake’s comments during Monday’s inauguration offered few clues as to how hardline his economic approach will be. "Our politics needs to be cleaner, and the people have called for a different political culture," the 55-year-old said. "I am ready to commit to that change". | 2024-09-24 12:57 | 2024-09-24 | 12:57 |
moneycontrol.com | https://www.moneycontrol.com/news/india/he-parked-car-with-girls-body-inside-gujarat-principal-kills-6-year-old-student-for-resisting-rape-12828466.html | 'He parked car with girl's body inside': Gujarat principal kills 6-year-old student for resisting rape | Representative image. | Gujarat Police have arrested the principal of a government school in Dahod for allegedly killing a six-year-old girl after she resisted his attempt to sexually assault her. The child's body was found inside the school compound in a village of Singvad taluka on Thursday. According to police, school principal Govind Nat smothered the girl after she resisted his attempt to molest her. "Around 10.20 am on Thursday, the principal, who was passing by in his car, agreed to take the child to school in the vehicle at her mother's request. Students and teachers told police that the girl did not attend school that day," police said. On the way to their school, the principal tried to molest the girl. When she resisted, he covered her mouth and nose to stop her from screaming, making her unconscious, according to news agency PTI quoting police. When questioned, the principal initially insisted that he had dropped her at the school after picking her up in his car. Later, he confessed before the police to killing the girl, the report said. "The principal reached the school and parked his car with the girl's body inside. At 5 pm, he took out the body and dumped it behind the school building," police said. | 2024-09-24 12:53 | 2024-09-24 | 12:53 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/jsw-group-appoints-rajiv-mehta-as-chief-of-mobility-arm-12828470.html | JSW Group appoints Rajiv Mehta as chief of mobility arm JSW Auto | Prior to joining JSW, Rajiv Mehta worked as the chief of business strategy, transformation & analytics for the automotive division at Mahindra & Mahindra. | JSW Group on September 24 announced the appointment of Rajiv Mehta as chief of business of its mobility arm JSW Auto, the company said in a statement. Mehta will be based out of the company's headquarters in Mumbai and report to Parth Jindal. He will also work very closely with chairman of the JSW Group Sajjan Jindal, the statement said. "Mehta comes on board at JSW Auto at a significant juncture when we are geared up for rapid expansion in the mobility space, particularly in the EV sector," Parth Jindal said. His nearly three decades of experience and leadership in the automotive sector will be invaluable as JSW works towards its vision of creating sustainable, innovative electric vehicles for the Indian market, he added. Prior to joining JSW, Mehta worked as the chief of business strategy, transformation & analytics for the automotive division at Mahindra & Mahindra. The diversified $24 billion JSW Group, a leading player in the steel, energy, cement, infrastructure, paints and venture capital, has announced its foray into the electric mobility business. With PTI inputs | 2024-09-24 12:51 | 2024-09-24 | 12:51 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/pnb-stock-slips-2-5-after-qip-launched-at-discounted-price-12828443.html | PNB stock slips 2.5% after QIP launched at discounted price | PNB’s share price has swelled nearly 39 percent in the last one year, taking its market capitalisation to over Rs 1.23 lakh crore..Related stories. | Shares of Punjab National Bank dropped 2.5 percent in trade after the company launched a Qualified Institutional Placement (QIP) where it offered shares at a discount to its current market price. The PSU lender set a floor price of Rs 109.16 per share for its QIP program, launched on September 23. This price reflects a 2 percent discount from the closing market price of PNB shares, which stood at Rs 111.49 apiece on the same date. At 12.06 pm, shares ofPunjab National Bankwere trading at Rs 109.20 on the NSE. Follow our market blog to catch all the live action Previously, CNBC-Awaaz had reported that PNB was looking to raise Rs 5,000-7,500 crore through a QIP program. The roadshow for the same also reportedly attracted strong demand from domestic mutual funds, indicating significant investor interest. In January, the bank’s board approved raising up to Rs 7,500 crore in 2024-25. Meanwhile, the public lender saw its net interest income (NII) jump over 10 percent on year to Rs 10,476.2 crore in the June quarter. Along with that, PNB’s net profit also surged almost 160 percent on-year to Rs 3251.5 crore from Rs 1,255.4 crore in the year ago period. This also the lender's the highest ever quarterly profit, driven by account of improvement in various parameters, including net interest income, recovery and CASA, Managing Director Atul Kumar Goel said. | 2024-09-24 12:44 | 2024-09-24 | 12:44 |
moneycontrol.com | https://www.moneycontrol.com/news/business/personal-finance/how-to-save-money-without-sacrificing-your-lifestyle-12828465.html | How to save money without sacrificing your lifestyle | Representative image.Related stories. | Saving money often means cutting back or sacrificing the things you enjoy, but that doesn't have to be the case. In fact, you can find ways to boost your savings without feeling like you're depriving yourself of life’s little pleasures. Whether it's your daily coffee run, weekend dining out, or subscription services, you don’t need to give them all up to save effectively. By making smarter financial decisions and small adjustments to your spending habits, it’s possible to grow your savings while continuing to enjoy the lifestyle you love. Frombudgeting tips to taking advantage of discounts and deals, there are plenty of strategies that allow you to strike a balance between saving and spending wisely. Here’s how you can save money without compromising on the things that make your life fun and fulfilling. 1. Create a Budget and Track Expenses Understanding where your money goes is the first step in saving. Use a budgeting app or spreadsheet to track your income and expenses. This will help you identify areas where you might be overspending and allow you to make small adjustments without cutting out the things you enjoy. 2. Cut Subscription Services You Don't Use It’s easy to accumulate multiple subscriptions for things like streaming services, gym memberships, or magazines. Review your monthly subscriptions and cancel the ones you rarely use. You can often share subscriptions with family or friends to save even more. 3. Cook at Home More Often Dining out frequently can add up quickly. Instead of eating out several times a week, try cooking at home. You can still enjoy your favorite meals by learning how to make them yourself, and you’ll likely save a significant amount of money in the process. 4. Shop Smart and Use Discounts Before making a purchase, always look for discounts, coupons, or cashback offers. Many websites and apps offer deals, and some credit cards provide cashback on certain purchases. Being mindful about when and where you shop can help you save without cutting back on your favorite items. 5. Switch to Generic Brands For many everyday products like food, cleaning supplies, or medication, generic brands are just as good as name brands but come at a lower price. Switching to these alternatives can save you money without sacrificing quality. 6. Automate Your Savings Set up automatic transfers to your savings account each month. By treating savings as a regular expense, you can ensure that you’re consistently putting money aside without even thinking about it. You can start with small amounts and increase the contribution as your financial situation improves. 7. Plan Entertainment on a Budget You don’t have to stop enjoying your hobbies or entertainment to save money. Look for free or low-cost events in your area, such as outdoor concerts, community events, or museum days. Opt for matinee movie tickets, or host a game night with friends instead of going out. 8. Use Public Transportation or Carpool If you’re spending a lot on gas, parking, or car maintenance, consider using public transportation, biking, or carpooling when possible. Not only will you save on transportation costs, but it’s also an environmentally friendly choice. 9. Reduce Energy Usage at Home Lowering your utility bills is another way to save money without impacting your lifestyle. Turn off lights when you’re not using them, unplug electronics, use energy-efficient light bulbs, and adjust your thermostat to save on heating and cooling costs. 10. Avoid Impulse Purchases Before making any non-essential purchase, give yourself some time to think about it. Impulse buying often leads to regret and overspending. By waiting 24-48 hours, you can determine whether you really need the item or if it’s just a momentary desire. 11. Review Your Insurance Plans Take a closer look at your insurance policies for auto, home, or health. You may find that you’re overpaying or have coverage you don’t need. Shop around for better deals or negotiate with your provider for a lower rate. 12. Take Advantage of Loyalty Programs Many retailers offer loyalty programs that reward you with discounts, points, or free items for shopping regularly. Sign up for these programs at your favorite stores to enjoy savings without changing your spending habits. By incorporating these strategies, you can save money while still enjoying the things that matter most to you. Small adjustments can lead to significant savings over time, allowing you to maintain your lifestyle and achieve your financial goals simultaneously. | 2024-09-24 12:32 | 2024-09-24 | 12:32 |
moneycontrol.com | https://www.moneycontrol.com/news/world/china-mulls-stock-stability-fund-unlocks-113-billion-from-pboc-12828429.html | China mulls stock stability fund, unlocks $113 billion from PBOC | Beijing’s liquidity support for the stock market will come in the form of a 500 billion yuan swap facility and a 300 billion yuan re-lending facility. Pan said authorities may add another 500 billion yuan in phases..Related stories. | China is weighing plans for a stock stabilization fund, and will unleash at least 800 billion yuan ($113 billion) of initial liquidity support for its beleaguered equity market. Mainland and Hong Kong shares jumped. The People’s Bank of China will set up a swap facility allowing securities firms, funds and insurance companies to tap liquidity from the central bank to purchase equities, Governor Pan Gongsheng said at a briefing on Tuesday. There are also plans to set up a specialized re-lending facility for listed companies and major shareholders to buy back shares and raise holdings. Beijing’s liquidity support for the stock market will come in the form of a 500 billion yuan swap facility and a 300 billion yuan re-lending facility. Pan said authorities may add another 500 billion yuan in phases. The CSI 300 Index, a benchmark of onshore Chinese stocks, rallied as much as 4% following the announcement to head for its best day since March 2022. In Hong Kong, a gauge of Chinese shares surged almost 5%. “What surprised the market is the clear direction and funding from the PBOC in being a firm liquidity resort to prop up the stock market,” said Linda Lam, head of equity advisory for North Asia at Union Bancaire Privee in Hong Kong. “In the near term, Chinese capital markets should enjoy a sweet liquidity honeymoon period, while China is buying time to fix more deep-seated growth problems.” The steps mark the latest effort to revive investor sentiment and stem a selloff in the stock market, after previous measures failed to drive a sustainable rebound. Authorities also cut the amount of money banks must hold in reserve and reduced a key policy rate as part of a move to help the economy meet the official annual growth target of around 5%. “The measures can raise more funds, increase market liquidity, and can also improve market confidence to a certain extent in the short term, but it cannot change the market trend,” said Zhou Nan, founder and investment director at Shenzhen Longhui Fund Management Co. “There is a high probability that in the short and medium term, the market will have to fall further before it bottoms out.” More details on the swap facilities: -Eligible securities firms, funds and insurance companies will be allowed to use their holdings of bonds, stock ETFs, CSI 300 constituent stocks and other assets as collateral to obtain high-liquid assets such as government bonds and central bank bills from the PBOC-The swap for more liquid assets “will significantly increase institutions’ ability to acquire funds and buy stocks,” Pan said-Funds obtained through this instrument can only be used to invest in the stock market, he added-The re-lending facility is aimed at guiding commercial banks to provide loans to listed companies and major shareholders for the purpose of buying back or increasing their holdings of shares of listed companies-This tool is applicable to listed companies with different ownerships such as state-owned enterprises, private enterprises as well as mixed ownership enterprises “They have used this tool when the 2015 bubble burst,” said Hao Hong, chief economist at Grow Investment Group. “The potential funding can be considered unlimited because it is coming from the central bank. But I doubt many fund companies would borrow aggressively to tap this facility at this stage.” Beijing has been weighing the formation of a state-backed stabilization fund since at least October, although some investors doubt it’ll be effective given that previous rescue efforts had limited impact. Sentiment remains depressed as a result of China’s long-running property crisis, weak consumer sentiment and falling prices. State funds have purchased over $80 billion worth of onshore exchange-traded funds so far in 2024, according to estimates by Bloomberg Intelligence, in an attempt to prop up share prices. Regulators have also introduced tighter restrictions on short selling and quantitative trading to reduce volatility and prevent a downward spiral. In April, authorities announced what analysts said was a once-a-decade capital-market reform plan which encouraged firms to boost dividend payments, improve the quality of new stock offerings and plug corporate governance loopholes. Earlier in February, China appointed Wu Qing as the head of its securities regulator in a surprise move. China’s 10-year government bond yield climbed three basis points to 2.07%, after sliding to 2% for the first time on record earlier on Tuesday, as investors preferred riskier assets. The yuan also benefited from the improved sentiment, rising toward the key 7-per-dollar level in both onshore and overseas trading. Still down almost 3% this year, the CSI 300 Index is heading for an unprecedented fourth year of losses. The measures may boost trading in the short term but could also “stimulate asset price bubbles, which are not good for the healthy development of the stock market,” said Shen Meng, a director at Beijing-based boutique investment bank Chanson & Co. | 2024-09-24 12:31 | 2024-09-24 | 12:31 |
moneycontrol.com | https://www.moneycontrol.com/news/business/personal-finance/how-to-financially-prepare-for-your-childs-wedding-12828425.html | How to financially prepare for your child's wedding | Representative image.Related stories. | Preparing for your child’s wedding is an exciting milestone, however, achieving this dream wedding without jeopardizing your financial well-being requires careful planning, smart budgeting, and clear communication. The cost of a wedding can quickly add up, from venue rentals and catering to outfits, decorations, and the cost of different ceremonies. By starting early and setting realistic financial goals, you can be ready for the big day without overextending yourbudget. In this guide, we’ll explore key steps to financially prepare for your child’s wedding, from creating a wedding fund and budgeting wisely to maintaining financial security for your own future. 1. Start Early with a Wedding Fund The earlier you start saving for your child’s wedding, the less financial strain you’ll experience when the big day arrives. Setting up a dedicated wedding fund allows you to save gradually, reducing the need for last-minute scrambling. How to Start a Wedding Fund:Open a separate savings account specifically for wedding expenses.Contribute monthly or yearly based on your budget.Consider investing the fund in low-risk options to grow your savings over time.By starting early, you’ll have a well-prepared fund when the time comes.2. Set a Realistic Budget for the Wedding Budgeting is crucial to prevent overspending and to ensure that the wedding aligns with your financial capacity. Speak with your child about their expectations and work together to create a practical budget. Budget Considerations:Venue and cateringWedding attire and accessoriesInvitations, photography, and entertainmentPre-wedding and post-wedding eventsA clear budget will guide your spending and help avoid unnecessary expenses.3. Have an Honest Conversation with the In-Laws Weddings often involve contributions from both sides of the family, so it’s important to have an open and honest conversation with the other family about the division of costs. Clear communication can help avoid misunderstandings and ensure everyone is aligned financially. How to Approach the Discussion:Be upfront about your budget and what you’re willing to contribute.Discuss how to split the costs, such as venue, catering, and decorations.Set boundaries on preferences that may affect costs.Having a respectful dialogue early on ensures a smooth financial collaboration between families.4. Prioritise Events and Ceremonies Often, the couple getting married may want a series of different events to celebrate their union. It is important to account for these additional expenses in your planning while also setting boundaries on what you can afford. Managing Traditional Expenses:Discuss with your family which events are most important and prioritize them.Look for cost-effective ways to honour these events and ceremonies without overstretching your budget.Obtain quotes for the different ceremonies well in advance.This will help you stay within your budget while respecting family traditions.5. Avoid Taking on Debt for the Wedding It’s tempting to borrow money to fund a lavish wedding, but this can lead to financial strain long after the event. Avoid personal loans or using credit cards for wedding-related expenses. How to Avoid Debt:Stick to the budget you’ve created.Cut back on non-essential costs, such as extravagant décor or entertainment.Opt for a smaller guest list or simpler venue if needed to stay within budget.It’s better to plan a modest wedding that fits your financial means than to be burdened by debt afterward.6. Consider Wedding Insurance Wedding insurance can be helpful for covering unexpected cancellations or disruptions. This is especially important for destination weddings or events with large upfront payments. Benefits of Wedding Insurance:Coverage for venue cancellations or vendor failures.Protection against financial losses due to unexpected events.Peace of mind that your investment is protected.Investing in wedding insurance can safeguard against last-minute financial surprises.7. Prepare for Post-Wedding Costs After the wedding, additional expenses may arise, such as honeymoon costs, gifts, or setting up a new home for the couple. Factor these into your overall financial plan. Post-Wedding Expenses:Honeymoon travel and accommodationSetting up a home for the newlywedsBy planning ahead, you won’t be caught off guard by these additional costs.8. Plan for Unexpected Costs No matter how carefully you plan, unexpected costs can arise during the wedding process. It’s wise to have a financial buffer in place to handle these surprises. Planning for the Unexpected:Set aside an additional 10-15% of the wedding budget for emergencies.Have a list of backup vendors or options in case of cancellations.Be prepared for inflation or last-minute price increases.Having a cushion for the unexpected will reduce stress when things don’t go exactly as planned.9. Protect Your Own Financial Future While it’s natural to want to give your child a beautiful wedding, it’s equally important to ensure you’re not sacrificing your own financial security, especially if you’re nearing retirement or have other long-term financial goals. Balancing Wedding Costs with Your Financial Goals:Continue contributing to your retirement fund while saving for the wedding.Avoid dipping into long-term investments or savings to cover wedding costs.Set clear financial limits to ensure the wedding doesn’t negatively impact your future plans.By staying mindful of your own financial well-being, you can celebrate your child’s marriage without compromising your own goals.Planning for your child’s wedding is a joyous occasion, and with careful financial preparation, it can also be a stress-free experience. By starting early, budgeting wisely, and communicating openly with the other family, you can ensure the wedding is both memorable and financially manageable. | 2024-09-24 12:25 | 2024-09-24 | 12:25 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/kfc-pizza-hut-operator-sapphire-foods-stock-surges-12-to-new-high-on-large-trade-12828406.html | KFC, Pizza Hut operator Sapphire Foods' stock surges 12% to new high on large trade | In the past 12 months, Sapphire Foods stock has risen 31 percent. In comparison, Nifty rose 31 percent during this period..Related stories. | Shares of Sapphire Foods surged over 12 percent on September 24 to hit a fresh record high of Rs 401 on NSE, driven by heavy volumes. A large trade occurred in the counter with 8.5 lakh shares or 1.3 percent equity changing hands for Rs 30.5 crore at a price of Rs 355 per share. So far in the day, a total of 61 lakh share of the company traded on BSE and NSE combined, compared to the one-month average trading volume of 8 lakh shares. At 11:33 am, Sapphire Foods shares were trading over 9 percent higher at Rs 384.85 on NSE. The stock has rallied 36 percent so far this year, outperforming Nifty's returns of 19 percent. In the past 12 months, the counter has risen 31 percent. In comparison, Nifty rose 31 percent during this period. Follow our market blog to catch all the live action Sapphire Foods' stock bagged several bullish calls from brokerages after the company reported in-line earnings for the quarter ended June 2024. Analysts remained positive on the stock even as the Pizza Hut and KFC operator's consolidated net profit fell 68 percent on-year to Rs 8.52 crore in Q1 FY25. The Yum Brands franchisee's revenue from operations, however, rose 10 percent YoY to Rs 718 crore. The disappointing earnings were triggered by headwinds faced by the QSR industry which continues to struggle with weakness in unit economics across dine-in and delivery formats. Motilal Oswal maintained its cautious stance on QSRs for the near term due to the ongoing demand challenges. However, the brokerage reiterated its buy rating Sapphire Foods stock with a target price of Rs 1,850. Meanwhile, JM Financial stated that it likes Sapphire’s approach to go aggressive on a more resilient KFC and be calibrated in Pizza Hut; green shoots in Sri Lanka also augur well. | 2024-09-24 12:23 | 2024-09-24 | 12:23 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/reduce-fusion-finance-target-of-rs-260-emkay-global-financial-12828455.html | Reduce Fusion Finance; target of Rs 260: Emkay Global Financial | Reduce.Related stories. | Emkay Global Financial's research report onFusion Finance Fusion Finance had posted disproportionately higher stress/LLP in 1Q, and indicated guiding on incremental LLP after assessing the asset quality trend in 2Q. In an exchange release, the management has indicated higher LLP at Rs5- 5.5bn in 2Q vs Rs3.5bn in 1Q; we believe this could partly be due to upfronting of stress/LLP and, thus, lead to higher net loss in 2Q. Additionally, founder cum MD & CEO Devesh Sachdev has indicated to the Board about stepping down from his executive role and assuming chairmanship once the nomination committee appoints a new CEO. The company has also replaced COO Tarun Mehndiratta, heading MFI, with external hire Sunil Mundra (ex RBL, ICICI Bank) and strengthening its underwriting/collection mechanism. Outlook Factoring in the higher than expected NPAs/LLP and the potential impact of elevated stress on growth, we cut FY25E/26E/27E earnings by 86%/30%/22% and resultantly our TP to Rs260/sh (earlier Rs340), rolling over to 0.8x Sep-26E ABV (earlier 1x Jun-26E ABV); retain REDUCE amid higher asset quality/management concern. For all recommendations report,Âclick here Fusion Finance - 24092024 - emkay | 2024-09-24 12:22 | 2024-09-24 | 12:22 |
moneycontrol.com | https://www.moneycontrol.com/news/india/one-state-one-digital-card-what-benefits-telanganas-single-card-system-promise-for-families-12828427.html | 'One state-one digital card': What benefits Telangana's single card system promises for families | Revanth Reddy. | Telangana government is expected to soon come out with one smart digital card for every family in the state to avail government services and welfare benefits. As the government is considering launching the 'one state-one digital card', cardholders can access welfare schemes from anywhere in Telangana. Chief Minister A Revanth Reddy said the beneficiaries should be able to avail health services and ration with the aid of the family digital cards. The single digital card will contain the 'health profile' of every family member which would provide access to health services in the long-term. During the meeting, the CM asked the officials to study the scheme of cards introduced in Karnataka, Rajasthan and Haryana and submit a report. These cards have details of families, an official release said. The officials were also directed to take up a pilot project for the proposed digital cards in a rural and an urban area in every Assembly constituency. Reddy also suggested that a mechanism be put in place in every district to monitor the system of 'family digital cards'. | 2024-09-24 12:13 | 2024-09-24 | 12:13 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/mid-day-mood-sensex-nifty-lose-steam-after-hitting-new-peaks-nifty-bank-snaps-eight-day-winning-streak-12828395.html | Mid-day Mood | Sensex, Nifty lose steam after hitting new peaks; Nifty Bank snaps eight-day winning streak | Nifty Bank snapped an eight-day winning streak and fell 0.2 percent..Related stories. | Sensex and Nifty remained largely flat around noon on September 24, after an initial surge to new record highs. Nifty has been hitting fresh peaks since the US Federal Reserve’s 50 bps rate cut on September 18, with global optimism adding fuel to the rally. By mid-day, the Sensex slipped 46 points or 0.05 percent to 84,882, while the Nifty edged down 10 points or 0.04 percent to 25,928. About 1,712 shares advanced, 1,591 shares declined, and 95 shares were unchanged. Earlier today, the Sensex reached an all-time high of 85,058, while the Nifty climbed to a new milestone of 25,981, just 19 points short of breaching the 26,000 level. "The market should remain sidelined until we see quarterly results and gain better clarity on RBI's rate-cut decisions and the Fed's next moves. If the FII buying continues, we could see much higher levels by Diwali," said Aishvarya Dadheech Founder & CIO of Fident Asset Management. Mirroring the benchmarks, both the BSE Midcap and Smallcap indices were flat. Investors now turn their focus to the upcoming US PCE inflation data, set to be released on September 27, which could offer more clarity on the Fed's future rate moves. Follow our live blog for all the market action Sectoral Trend Nifty Bank snapped an eight-day winning streak and fell 0.2 percent. Nifty IT and FMCG fell half a percent, becoming the worst-hit stocks amongst the sectoral indices. The decline in IT stocks same after a recent research report by Jefferies said that HCL Tech, Tech Mahindra, and LTIMindtree see no significant change in the demand scenario. On the positive side, the Nifty Metal index emerged as the top performer, rising nearly 2 percent after China announced fresh stimulus measures to bolster its economy. Key stocks like Tata Steel, Vedanta, and Hindalco led the charge. Fundamental View "The preference for quality and fair value is getting stronger in India as reflected in the continuous rise in Bank Nifty for eight straight sessions," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. He said that the FIIs returning to the Indian market in September is expected to aid recovery in frontline banking stocks. Vijayakumar also said that SEBI's latest warning about 93 percent of individual traders losing money in the F&O market should be taken seriously. "It is unfortunate that while systematic investors are making good money, the vast majority of individual traders are losing money." Also Read |ÂIndia rally a 'DIY story', see $100 billion of inflows to India: JPMorgan's James Sullivan Technical View Deepak Jasani, Head of Retail Research at HDFC Securities said that Nifty 50 index could now head towards 26,250 on the upside. He expects 25,612-25,849 levels to act as support for Nifty in the near term. Key Nifty gainers Tata Steel, Power Grid, Hindalco, BPCL, L&T Key Nifty losers HUL, LTIMindtree, Nestle, SBI Life, IndusInd Bank Key Sensex gainers Tata Steel, Power Grid, L&T, Tata Motors, JSW Steel Key Sensex losers HUL, Nestle, UltraTechCement, Kotak Mahindra, IndusInd Bank Stock moves Sealmatic India: Shares surged over 6 percent after the company bagged an order from Bharat Heavy Electricals. The order is for engineered mechanical seals for super critical power plant for the DVC Raghunathpur Thermal Power Station Phase. Apollo Sindoori Hotels: Shares of the micro-cap stock skyrocketed to its 20 percent upper circuit, seeing only buyers in trade, after sharing strong revenue guidance for the current financial year and ambitious long-term growth plans. | 2024-09-24 12:06 | 2024-09-24 | 12:06 |
moneycontrol.com | https://www.moneycontrol.com/news/business/startup/felicity-games-partners-with-abhitech-games-to-publish-2-mobile-games-12828417.html | Felicity Games partners with AbhiTech Games to publish 2 mobile games | Laser Tanks is a top-down shooter game where one fights against alien monsters using weapons and laser-equipped tanks..Related stories. | Felicity Games, a casual game developer and publisher, on September 24 announced a partnership with game development studio AbhiTech Games to launch and publish two mobile games — Warbound and Laser Tanks. Warbound is a strategic deck-building game that challenges players to lead armies and conquer kingdoms, while Laser Tanks is a top-down shooter game where one fights against alien monsters using weapons and laser-equipped tanks. “Through this partnership combining our expertise in casual game publishing with AbhiTech Games’s game development, we aim to not only expand our audience but also carry forward a shared vision," Felicity Games founder Anurag Choudhary said. Felicity said it will look to scale the games using its proprietary framework Pokhran that rapidly prototypes and tests casual games. Through this partnership, the company is aiming to double its monthly unique user base by the second quarter of 2025. Abhishek Singh Rana founded AbhiTech Games in 2018 and has created titles such as Paperly: Paper Plane Adventure. "The Pokhran framework will be a game-changer for us, helping us reach more players, achieve more downloads, and most importantly deliver memorable gaming experiences," Rana said in a statement. Felicity Games was founded in 2023 by former Swiggy executive Anurag Choudhary and has launched over 10 game titles in the past year. These games, available as a free download on Google Play Store and Apple App Store, have been played by more than a million monthly users across 14 countries. The company hopes to hit $1 million in annual recurring revenue (ARR) over the next six months. In July, the Bengaluru-based startupÂsecured a $700,000 pre-seed funding from marquee angel investors such as Swiggy's Sriharsha Majety and Nandan Reddy, Cred's Kunal Shah, Kratos Studios' Manish Agarwal, and Google Cloud APAC gaming head Sameer Pitalwalla, along with DeVC, a pre-seed venture capital firm, and Visceral Capital, a venture capital firm. Felicity Games planned to use the money for testing 10 games by March 2025, it had then said. | 2024-09-24 12:02 | 2024-09-24 | 12:02 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/mankind-pharma-extends-winning-streak-to-fourth-day-hits-record-high-12828409.html | Mankind Pharma extends winning streak to fourth day; hits record high | The stock has gained close to 12 percent in four days..Related stories. | Shares of Mankind Pharma continued to rise for the fourth straight session and hit a fresh record high of Rs 2,709.95 on September 24. With today's gains, the stock has charted a near 12 percent upmove in four sessions. At 11.48 am, shares ofMankind Pharmawere trading at Rs 2,663.90 on the NSE. Optimism for the stock has been growing strong, driven by its upbeat growth prospects that have only increased with its plans to acquire Bharat Serums and Vaccines. Brokerage firm Investec, which recently initiated coverage with a 'buy' rating, believes that Mankind's strong execution capabilities and solid brand equity align well with Bharat Serums and Vaccines' expertise in super-specialties. Additionally, Investec highlights that BSV's research and development strengths, combined with its sourcing capabilities, will help create a significant competitive edge, further supporting Mankind's long-term vision. Follow our market blog to catch all the live action The brokerage also believes the market is undervaluing BSV's specialty business in terms of its long-term growth potential and strategic significance, which will remain a key growth engine for Mankind Pharma. Moreover, the technical charts of the stock also hint towards a bullish momentum in the counter. Pravesh Gour, Senior Technical Analyst at Swastika Investmart said that the stock has formed a bullish flag pattern on the technical charts, signaling further upside. "The previous swing high near Rs 2,700 is the immediate resistance level, with Rs 2,800 as the next target. On the downside, the previous breakout level of Rs 2,600 serves as immediate support, with Rs 2,550 also acting as a strong demand zone," Gour added. Anticipating more gains in the stock, Gour also suggested investors to buy the scrip with a target of Rs 2,810 and a stop loss of Rs 2,560. Also Read |ÂMankind Pharma jumps to record high; gains 9% in two days after Investec's 'buy' tag | 2024-09-24 12:00 | 2024-09-24 | 12:00 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/neutral-bharat-forge-target-of-rs-1470-motilal-oswal-12828433.html | Neutral Bharat Forge; target of Rs 1470: Motilal Oswal | Neutral.Related stories. | Motilal Oswal's research report onBharat Forge We met BHFC’s management team recently to understand the company’s growth outlook in the coming years. Key growth drivers for BHFC would be: 1) the robust order backlog of INR54b in defense exports to be executable over the next three years, along with the prospects of the beginning of domestic defense orders soon; 2) with new order wins and multiple initiatives, JS Autocast (JSA) is likely to emerge as one of the fastest growing businesses of BHFC; 3) the aerospace segment is set to clock strong growth in the coming years; 4) PV exports are likely to moderate in FY25E, but they should pick up from FY26 onward given a healthy order backlog. However, CVs (both domestic and exports) and domestic PVs are likely to see weak growth. Given the weakness in Europe, the turnaround in overseas subsidiaries may happen with a lag of a couple of quarters. Outlook We estimate a CAGR of 13%/26%/54% in consolidated revenue/EBITDA/PAT over FY24-26. However, at 45.5x/34x FY25E/FY26E PER, we believe the current valuation fully prices in the positive factors. We remain Neutral with a revised TP of INR1,470 (based on 30x Sep’26E consolidated EPS). For all recommendations report,Âclick here Bharat Forge - 24092024 - moti | 2024-09-24 11:59 | 2024-09-24 | 11:59 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/buy-icici-lombard-target-of-rs-2650-motilal-oswal-12828423.html | Buy ICICI Lombard; target of Rs 2650: Motilal Oswal | buy.Related stories. | Motilal Oswal's research report onICICI Lombard ICICI Lombard (ICICIGI) has experienced improved market share across segments on a YTD basis, most notably in the Motor OD, Motor TP, and Health segments by 179/83/85bp. While motor sales have been slow in the recent past, the momentum is expected to be strong in the festive season. Further, as highlighted in our earlier note, value growth will continue to be strong. With the segment profitability improving for the industry, ICICIGI is foraying into some profitable segments, such as ambulances and school buses. In the health segment, investments in agency channel and product innovation will continue to drive market share gains. Its recent product launch ‘Elevate’ has found decent success and the company plans to launch more innovative products in the near term. The fire segment continues to reel under pressure of pricing and ICICIGI is taking a calibrated approach here. For the crop business, while the dynamics have turned favorable following the government’s 80-110 scheme, the risk in the business remains high and, hence, ICICIGI will constrain the share to 3.0-5.0% of the overall premium. Outlook We reiterate our BUY rating and raise our target price of INR2,650 (premised on 38x Sept’26E). For all recommendations report,Âclick here ICICI Lombard - 24092024 - moti | 2024-09-24 11:52 | 2024-09-24 | 11:52 |
moneycontrol.com | https://www.moneycontrol.com/news/world/china-to-add-capital-at-big-banks-for-first-time-in-a-decade-12828367.html | China to add capital at big banks for first time in a decade | The plan included a broad-based cut to existing mortgage rates, adding to pressure on banks by lowering annual interest expenses by about 150 billion yuan ($21 billion).Related stories. | China is planning to recapitalize its biggest commercial lenders for the first time in more than a decade, in a bid to strengthen the industry battling with record low margins, sinking profits and rising bad debt. At a rare press conference on Tuesday, authorities flagged they will increase the core tier 1 capital at its six major commercial banks, along with a slew of other measures to shore up the real estate market and the economy. “Capital will be injected to different banks in turns and with different policies,” said Li Yunze, minister of the National Financial Regulatory Administration, without giving more details. The regulator will urge big banks to enhance capital management capabilities and strengthen operations to better serve as a driving force for the real economy, he said. Authorities on Tuesday announced a major stimulus push to shore up growth. The plan included a broad-based cut to existing mortgage rates, adding to pressure on banks by lowering annual interest expenses by about 150 billion yuan ($21 billion). Regulators also reduced how much banks need to hold in reserves and a cut to the key policy rate. Li said that it has become necessary to add capital through various internal and external channels. It would be the first time since 2008 that authorities have injected capital into one of its big banks and the first time since they all became public companies. “It’s unclear how the state-owned shareholders, including the Ministry of Finance, will increase their stakes in the large banks,” said Liao Zhiming, an analyst at Huayuan Securities Co. “Still, the plan shows regulators are urgently sending positive signals to support the banking industry by stabilizing its main force — the big banks — in serving the real economy which is under increasing pressure with significant margin declines and ensuring the prevention of systemic risk.” Large commercial banks, Industrial & Commercial Bank of China Ltd. and Agricultural Bank of China Ltd., have primarily relied on retained profits to increase capital. However, as they have continued to reduce fees and offer loan concessions, net interest margins have slid to record lows and profit growth has slowed. The core tier 1 capital adequacy ratio of the six major state-owned banks has fallen slightly, but remains at an overall high level. On average, the ratio was 11.77% at the end of June, above the 8.5% level required for China’s systemically important banks. The other big lenders include China Construction Bank Corp., Bank of Communications Co., Bank of China Ltd. and Postal Savings Bank of China Co. ICBC gained 5.2% and Bank of China rose 4.2% in Hong Kong as of 1:22 pm. People’s Bank of China Governor Pan Gongsheng said at the press conference that the new round of interest rate adjustments will have a neutral impact on bank profits and margins, given that more funding is freed up and deposit rates will follow suit. Banks have resorted to multiple deposit rate cuts to mitigate the impact of lower loan rates. Combined profits at China’s commercial lenders rose 0.4% in the first half, the slowest pace since 2020, according to official data. The sector’s net interest margins have continued to decline, hitting a record low of 1.54% at the end of June, well below the 1.8% threshold regarded as necessary to maintain reasonable profitability. | 2024-09-24 11:47 | 2024-09-24 | 11:47 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/buy-vedant-fashions-target-of-rs-1600-icici-securities-12828410.html | Buy Vedant Fashions; target of Rs 1600: ICICI Securities | Buy.Related stories. | ICICI Securities research report onVedant Fashions We visited Mohey EBO in Jayanagar, Bangalore to get first-hand insights on Vedant Fashion’s (VEDANT) ability to unlock value in women’s wedding and celebration wear market opportunity (which is ~5x higher than men’s wedding and celebration wear market in value terms). Highlights: (1) Scale-up over the last six months has been healthy, (2) competing strongly at mid-premium price point (ASP of INR 15k to INR 120k in lehenga), (3) specialist brand image retailer; it was the only retailer with bride-only outlet vs competition (offering bride and groom wear together) in the same locality. With the onset of macro tailwinds in rest of FY25 (number of wedding days), the business is poised for an acceleration (in our view). BUY. Outlook Our earnings estimates are unchanged; modelling revenue/EBITDA/PAT CAGRs of 17%/19%/20%, over FY24-FY26E. Maintain BUY with a DCF-based revised target price of INR 1,600 (was INR 1,300 earlier). For all recommendations report,Âclick here Vedant Fashions - 24092024 - iscis | 2024-09-24 11:44 | 2024-09-24 | 11:44 |
moneycontrol.com | https://www.moneycontrol.com/news/india/sagar-parikrama-ii-two-women-navy-officers-to-embark-on-40000-km-global-circumnavigation-in-8-months-12828389.html | Sagar Parikrama II: Two women Navy officers to embark on 40,000 km global circumnavigation in 8 months | Lt Cdr Roopa and Lt Cdr Dilna have spent the last three years preparing for the journey, participating in multiple trans-oceanic expeditions..Related stories. | Indian Navy officers Lt Cdr Roopa A from Puducherry and Lt Cdr Dilna K from Calicut will set sail on a challenging circumnavigation of the globe, on October 2, covering approximately 21,600 nautical miles (around 40,000 km) over eight months. The duo will be sailing onboard INSV Tarini, navigating through extreme weather conditions and the high seas, passing three major capes: Cape Leeuwin, Cape Horn, and the Cape of Good Hope. If successful, the officers will become the first Indians to achieve this feat in double-handed mode. The expedition, part of Navika Sagar Parikrama II, follows the first circumnavigation by an all-women crew in 2017. Lt Cdr Roopa and Lt Cdr Dilna have spent the last three years preparing for the journey, participating in multiple trans-oceanic expeditions. They will sail without external assistance, relying solely on wind power. The voyage will be flagged off from the Naval Ocean Sailing Node at INS Mandovi, Goa. Their preparation includes a trans-oceanic expedition from Goa to Rio de Janeiro via Cape Town and back last year as part of a six-member crew. They also completed voyages from Goa to Port Blair and from Goa to Port Louis, Mauritius, in dual-handed mode. "Sagar Parikrama would be a gruelling voyage requiring extreme skills, physical fitness and mental alertness. The officers have been training rigorously and gained thousands of miles of experience under their belt," Navy spokesperson Commander Vivek Madhwal had said earlier this month. "The two women officers have been preparing for the Sagar Parikrama expedition for the last three years," he added. Retired Navy veterans Captain Dilip Donde and Cdr Abhilash Tomy, both accomplished circumnavigators, have mentored the officers for this historic voyage. Lt Cdr Dilna K, from Calicut, was commissioned into the Navy in 2014, and her father, the late Devadasan, served in the Indian Army. Lt Cdr Roopa A, from Puducherry, joined the Navy in 2017, and her father, Alagirisamy GP, served in the Indian Air Force. Vice Chief of the Navy, Vice Admiral Krishna Swaminathan, praised the mission as a testament to the officers' perseverance, courage, and commitment to India’s maritime heritage. The journey is being conducted under the Indian Naval Sailing Association and the Ocean Sailing Node, Goa, with coordination from international maritime agencies. The Indian Navy has revitalised its sailing tradition, emphasising maritime heritage and seamanship skills. Ships like INS Tarangini and INS Sudarshini, along with circumnavigation missions onboard INSV Mhadei and INSV Tarini, have placed the Navy at the forefront of ocean sailing expeditions. INSV Tarini, which previously circumnavigated the globe with an all-women crew in 2017, is set to continue this legacy with the upcoming voyage, showcasing India’s maritime expertise and gender equality in global maritime activities. | 2024-09-24 11:41 | 2024-09-24 | 11:41 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/hold-vodafone-idea-target-of-rs-11-icici-securities-12828404.html | Hold Vodafone Idea; target of Rs 11: ICICI Securities | hold.Related stories. | ICICI Securities research report onVodafone Idea Despite India‚Äôs Supreme Court rejecting the curative petition for AGR dues, VIL is hopeful towards a resolution of the arithmetical error in the AGR dues calculation; it has been engaging with the government on the subject. VIL said that its case has strong merit, and dialogue with the government is and has been encouraging. Also, VIL is factoring in INR 290bn of government debt ‚Äď to be converted into equity at the end of the moratorium period, as per the reform package. VIL is nearing closure of debt funding of INR 250bn; another INR 100bn for non-fund facilities that should help boost capex. VIL also signed deals with major equipment suppliers for INR 300bn, for radios to be supplied over the next three years; it expects capex to kick start from Nov‚Äô24. VIL also envisages another tariff hike of 15‚Äď20% in 15 months. Outlook We have pushed our estimate on AGR relief of INR 350bn from FY25E to FY26E, and capex acceleration to FY26E. This has led to a change in our net profit estimate for the period of FY25‚Äď27E while EBITDA remains unchanged. Considering the risk of AGR resolution rising, we cut our EV/EBITDA multiple to 13x FY27E (from 14x); consequently, our target price stands reduced to INR 11 (from INR 15). Maintain HOLD. For all recommendations report,¬†click here Vodafone Idea - 24092024 - iscis | 2024-09-24 11:38 | 2024-09-24 | 11:38 |
moneycontrol.com | https://www.moneycontrol.com/news/business/l-stock-up-1-12828394.html | L&T wins mega orders worth Rs 10,000-15,000 crore for advanced grid systems in Middle East; stock up 1% | In Saudi Arabia, L&T will establish High Voltage (HVDC) transmission links, which will interconnect different regions of the national grid..Related stories. | Larsen & Toubro’s Power Transmission & Distribution (PT&D) vertical has secured new mega orders, valued between Rs 10,000 crore and Rs 15,000 crore, to strengthen and expand electricity grids in the Middle East. L&Tshares gained on September 24, and were trading up 0.9 percent at Rs 3,820 on NSE, after rising to the day's high of Rs 3,831.8, amid muted headline markets. The stock has risen about 32 percent in the last one year, matching benchmark NSE Nifty 50's returns during the period. In Saudi Arabia, L&T will establish High Voltage Direct Current (HVDC) transmission links, operating at ±500kV, which will interconnect different regions of the national grid, the company said in a stock exchange filing. These links will enhance the grid's ability to exchange power and improve overall resilience. Also read |ÂApollo Sindoori Hotels locked at 20% upper circuit on strong revenue guidance, long-term growth plans Additionally, the company has won contracts to construct two 380kV overhead transmission lines and a 380kV Gas Insulated Substation (GIS), which are expected to support renewable energy integration and further strengthen the country's electricity network. In Abu Dhabi, L&T will build two major 400kV GIS substations. These projects include a range of components such as Series Current Limiting Reactors, Auto Transformers, and advanced substation monitoring systems. The substations will help increase the power transfer capacity of the region's grid. | 2024-09-24 11:38 | 2024-09-24 | 11:38 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sealmatic-india-stock-surges-6-after-bagging-power-plant-project-from-bhel-12828385.html | Sealmatic India stock surges 6% after bagging power plant project from BHEL | Trading volumes in the counter were strong in today's session as 19,000 shares already changed hands so far..Related stories. | Shares of Sealmatic India surged over 6 percent on September 24 after the company bagged an order from Bharat Heavy Electricals. The order is for engineered mechanical seals for super critical power plant for the DVC Raghunathpur Thermal Power Station Phase. At 11.25 am, shares ofSealmatic Indiawere trading at Rs 616 on the NSE. Trading volumes in the counter were strong in today's session as 19,000 shares already changed hands so far, higher than the one-month daily traded average of 18,000 shares. The trading volumes were strong even in the last session which saw 14,000 shares change hands. Sealmatic is the only approved vendor for such super-critical applications for the 660 MW power plants at BHEL, other than a few foreign vendors. Sealmatic designs and manufactures high-precision & heavy-duty mechanical seals that are widely employed in various power plant applications both nuclear and thermal. Follow our market blog to catch all the live action Meanwhile, the Nuclear Power Corporation of India is also building 14 more 700 MW nuclear power reactors, which are expected to commence operations by 2031-32. This new opportunity also bodes well for Sealmatic as it will trigger a new requirement of 100 mechanical seals of highly critical design, thereby opening new requirements of 1,400 critical mechanical seals by 2030. Sealmatic aims to take 15 percent share of these 1,400 nuclear mechanical seals market share, the management stated. | 2024-09-24 11:38 | 2024-09-24 | 11:38 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/buy-pitti-engineering-target-of-rs-1552-kr-choksey-2-12828398.html | Buy Pitti Engineering; target of Rs 1552: KR Choksey | Buy.Related stories. | KR Choksey's research report onPitti Engineering We recently conducted a visit to the Aurangabad facility of Pitti Engineering. This facility encompasses 26 acres of freehold land, currently featuring a built-up area of over 16,500+ square meters. Following the planned expansion, the built-up area is expected to increase to over 38,600+ square meters. Pitti is presently involved in the manufacturing of iron and steel products, which include electrical steel laminations, sub-assemblies for motor and generator cores, die-cast rotors, as well as machined cast and fabricated parts and shafts, thereby contributing significantly to the value chain of motor manufacturing. The Aurangabad facility possesses capabilities in lamination, machining, assembling, shafting, tooling, etc. while most of the casting and machining happen at the Hyderabad plant. The underlying expansion of the Aurangabad facility is focused on lamination, moving deeper into the value chain, sub-assemblies, and manufacturing of larger shafts that are suitable for more powerful motors. The Aurangabad facility is also equipped with slitting capabilities which enables Pitti to slit the coil into specified length and width as per requirement. It also helps in cost optimization. Outlook Consequently, we maintain our target price of INR 1,552 and uphold our “BUY” rating on Pitti Engineering Ltd. For all recommendations report,Âclick here Pitti Engineering - 24092024 - kr | 2024-09-24 11:32 | 2024-09-24 | 11:32 |
moneycontrol.com | https://www.moneycontrol.com/news/india/muda-row-key-karnataka-high-court-verdict-on-siddaramaiahs-plea-today-12828360.html | MUDA row: Key Karnataka high court verdict on Siddaramaiah's plea today | The BJP launched a campaign against Siddaramaiah, accusing him of involvement in the alleged MUDA case.Related stories. | The Karnataka High Court will pronounce its verdict on Tuesday on the petition filed by Chief Minister Siddaramaiah challenging the approval granted by Governor Taawarchand Gehlot to investigate him in the Mysuru Urban Development Authority (MUDA) sites allotment case. The high court reserved its judgment on September 12 after arguments in the writ petition filed by the Karnataka CM on August 19 against the decision of Gehlot. The Governor has approved the prosecution of Siddaramaiah by the Lokayukta based on petitions from activists TJ Abraham, Pradeep Kumar, and Snehamayi Krishna. What is MUDA 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. The MUDA had allotted plots to Parvathi under a 50:50 ratio scheme instead of 3.16 acres of her land, where MUDA developed a residential layout, according to reports. It is also indicated that multiple violations, such as individuals receiving more alternative sites than they were entitled to under the scheme, have taken place. Additionally, there are allegations that some individuals received alternative land in localities where the guidance value of the land was significantly higher compared to the places where the layouts were developed. Siddaramaiah asserted that the land for which his wife received compensation was a gift from her brother Mallikarjuna in 1998. BJP’s demand The BJP launched a campaign against Siddaramaiah, accusing him of involvement in the alleged MUDA case, which they claim resulted in a loss exceeding Rs 3,800 crore, and has demanded his resignation. Union minister of new and renewable energy Pralhad Joshi called for a CBI investigation into the issue, alleging that the former deputy commissioner sent 15 letters about irregularities, yet no action was taken. However, Deputy chief minister DK Shivakumar has rejected the accusations and asserted that all such issues occurred during the BJP’s tenure. | 2024-09-24 11:26 | 2024-09-24 | 11:26 |
moneycontrol.com | https://www.moneycontrol.com/news/india/tirupati-laddu-row-using-different-ghee-now-says-ttd-after-performing-purification-rituals-12828384.html | Tirupati laddu row: 'Using different ghee now', says TTD after performing purification rituals | Sri Venkateswara temple in Tirupati.. | Officials at Sri Venkateswara temple in Tirupati have assured devotees that the laddoo prasadam is being prepared now using only ghee supplied by the Karnataka Milk Federation, following concerns over its purity. These clarifications come in response to allegations that the ghee previously used had been adulterated with animal fat, accusations strongly denied by A R Dairy Food Private Limited, the Tamil Nadu supplier. In an effort to restore faith and sanctity, Tirumala Tirupati Devasthanams (TTD) performed purification rituals around the temple, including areas where ingredients and ghee are stored. The temple’s chief priests Monday conducted the rituals from 6 am to 10 am. A TTD official was quoted by The Times of India: “We are now using mainly Nandini brand ghee, which has restored the quality, taste, and aroma of the offerings.” According to officials, seven tankers each carrying approximately 13,000 litres of Nandini brand ghee have arrived at Tirumala since August 25. A TTD executive officer said that the devotees can put aside their apprehensions and misconceptions now. | 2024-09-24 11:22 | 2024-09-24 | 11:22 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/significant-uptick-in-retail-participation-in-passive-funds-smart-beta-products-says-miraes-siddharth-srivastava-12828356.html | Significant uptick seen in retail participation in passive funds, smart beta products, says Mirae's Siddharth Srivastava | Over the last one year, the Nifty Metal Index has gained around 39.4 percent and around 18.6 percent in the current calendar year till date (YTD) while the Nifty PSU Bank Index has gained around 29.65 percent over the last one year and around 18.35 percent YTD..Related stories. | Passive investing is experiencing significant growth, with increasing retail participation complementing the existing inflows from institutional investors and high-net-worth individuals (HNIs), according to Siddharth Srivastava, Head - ETF Product & Fund Manager, Mirae Asset Investment Managers (India). “When passive started, it was mostly HNIs and institutional investors adopting it. Now, we are seeing more inflows coming from retail participants as well,” he said while adding that investors are increasingly drawn to low-cost options and differentiated strategies that are not available in active funds. Additionally, the growth in passive fund folios indicates a strong shift toward these products as retail investors seek cost-efficient alternatives, said Srivastava. “Passive funds offer very focused and transparent exposure to specific sectors. For instance, with a PSU bank ETF, you know precisely what you're investing in, as it targets that sector directly,” he explained. “Medium- to long-term, even near-term trends, are looking very healthy, not just in gold but also in plain vanilla products, smart beta products, and thematic products, which have seen reasonable inflows recently,” he said. In the ETF space, Srivastava says that they are currently betting big on the PSU bank andmetal spacewith their recently launched ETF products. “Both PSU bank ETFs and metal ETFs can be used for tactical investments in short-term opportunities as well as for long-term views,” he said while adding that while investors typically adopt short-term strategies based on market factors like RBI policies and commodity prices, the long-term outlook is also favourable. “Asset quality in PSU banks has improved substantially, profits have increased, and balance sheets look much healthier,” he said. For metals segment, infrastructure projects are expected to generate 25-30 percent of demand over the next decade. The PLI scheme is also pushing investments, especially in specialty steel, he said. Over the last one year, the Nifty Metal Index has gained around 39.4 percent and around 18.6 percent in the current calendar year till date (YTD) while the Nifty PSU Bank Index has gained around 29.65 percent over the last one year and around 18.35 percent YTD. On concerns over market volatility, Srivastava acknowledged that both PSU banks and metals are vulnerable to fluctuations. “Both sectors are indeed vulnerable to market volatility, particularly during corrections,” he said, but highlighted that today’s investors are more aware of these risks, allowing them to navigate downturns better. Meanwhile, retail interest in passive products has grown significantly, especially in differentiated strategies like smart beta products, he says. On concerns about too many thematic products in market, Srivastava believes it would be better for “the market forces to do their thing”. He said, “If too many products flood the market, those that don’t perform will naturally fall off.” “The market has evolved rapidly, and while some themes may not resonate, others will emerge based on investor interest. It’s all about finding the right balance. While it is true that thematic investments carry inherent risks, especially with market volatility investors need to be aware of their investment horizon and risk tolerance. Understanding that drawdowns can occur helps investors prepare for potential market fluctuations and make informed choices about their portfolios,” he explained. | 2024-09-24 11:13 | 2024-09-24 | 11:13 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/metal-stocks-surge-upto-5-as-china-announced-fresh-stimulus-to-bolster-economy-12828313.html | Metal stocks surge upto 5% as China announces fresh stimulus to bolster economy | Gains were led by NALCO and NMDC, both of which surged 5 percent..Related stories. | Shares of metal companies surged as much as 5 percent on September 24 after China's central bank announced a slew of measures to boost its ailing economy. The country has been long suffering from a property sector debt crisis, youth unemployment, and faltering demand. Sharp gains in metal names lifted theNifty Metalindex 1.5 percent higher, with stocks like NALCO andNMDCleading the pack with a 5 percent upmove. The People's Bank of China (PBOC) introduced key initiatives, including plans to lower the reserve requirement ratio, reduce the policy interest rate, and drive down the market benchmark interest rate to stimulate growth. On Tuesday, central bank that it would cut a slew of rates in a bid to boost growth. "The reserve requirement ratio will be cut by 0.5 percentage points in the near future," PBOC chief Pan Gongsheng told a news conference in Beijing. This bolder-than-expected move by the Chinese central bank is expected to inject around a trillion yuan in "long-term liquidity" into the financial market. Follow our market blog to catch all the live action In addition, the central bank also plans to reduce interest rates on existing mortgages and standardize down payment ratios to further bolster demand in the property sector, which has traditionally accounted for over a quarter of China's GDP. However, the sector has faced immense pressure since 2020 when authorities restricted credit access to developers in an effort to control rising debt. As a result, major players like China Evergrande and Country Garden have struggled, while falling property prices have discouraged consumer investments, leading to a drop in metal demand from the world's largest importer. The announcement of these economic measures has sparked optimism for a recovery, especially benefiting metal stocks that depend on a demand rebound in the world's largest importer. Other metal stocks likeMOIL,SAIL, Tata Steel,Jindal SteelVedanta,Hindalco,JSW Steel, andHind Zincalso gained 1-3 percent. Meanwhile, 54.2 lakh shares ofTata Steelalso changed hands in three block deals on the exchanges today, the buyers and sellers of which could not be identified immediately. | 2024-09-24 11:12 | 2024-09-24 | 11:12 |
moneycontrol.com | https://www.moneycontrol.com/news/world/all-eyes-on-joe-bidens-final-un-address-as-president-geopolitical-conflicts-foreign-policy-legacy-in-focus-12828368.html | All eyes on Biden's final UN address as President: Geopolitical conflicts, foreign policy legacy in focus | Biden’s presidency has been shaped by significant foreign policy hurdles, including Russia's invasion of Ukraine in February 2022 and the September 2023 Hamas attack on Israel, which triggered a robust Israeli military response in Gaza..Related stories. | As US President Joe Biden prepares for his final address at the United Nations General Assembly on Tuesday, he seeks to reinforce his foreign policy legacy while tackling critical global issues, particularly the ongoing conflicts in Ukraine and the Middle East. In the final months of his presidency, Biden will step up to the green-marbled lectern, where he is expected to address the intricate geopolitical challenges presented by wars in Ukraine and Gaza. The Pentagon has announced the deployment of additional US troops to the Middle East as a precautionary measure in light of rising tensions between Israel and Hezbollah. Biden’s presidency has been shaped by significant foreign policy hurdles, including Russia's invasion of Ukraine in February 2022 and the September 2023 Hamas attack on Israel, which triggered a robust Israeli military response in Gaza. His administration has also concentrated on countering the influence of China and Iran, which are aligned with Hamas and Hezbollah. A senior administration official has revealed that Biden's speech will highlight his notable accomplishments while urging the international community to support Ukraine and seek diplomatic resolutions in the Middle East. White House Press Secretary Karine Jean-Pierre stated that Biden will outline his vision for global collaboration in addressing urgent challenges and reaffirm the principles of the UN Charter. Later this week, Biden is set to meet with Ukrainian President Volodymyr Zelenskyy in Washington to discuss a new peace initiative, likely involving requests for enhanced military assistance for Ukraine. Jean-Pierre reiterated the US commitment to helping Ukraine achieve a "just, lasting, and comprehensive peace" amid the ongoing conflict. Biden's UN address marks a central moment in his two-day visit to New York, which will also feature a climate-focused speech and a meeting with Vietnamese President To Lam. Strengthening ties with Vietnam is a priority for Biden as he aims to counter the influence of Russia and China. Biden has consistently supported Israel during its military actions against Hamas but has faced challenges in negotiating a ceasefire in the region. His administration has provided substantial military aid to Ukraine and garnered NATO support for Kyiv, but the conflict remains at a stalemate, with Russia maintaining control over parts of eastern Ukraine. As he prepares to bid farewell to world leaders at the UN, Biden aims to ensure that his foreign policy achievements are seen as "irreversible," working to secure a legacy that stands in opposition to the potential resurgence of Trump's hardline policies. | 2024-09-24 11:11 | 2024-09-24 | 11:11 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/motilal-oswal-issues-buy-call-on-power-grid-jsw-energy-tata-power-neutral-on-iex-ntpc-12828336.html | Indian utilities offer Rs 40 lakh crore investment opportunity, 'buy' Power Grid, Tata Power: Motilal Oswal | This aligns with India’s ambitious goal of achieving 500 GW of renewable energy capacity by 2030.Related stories. | Motilal Oswal initiated coverage on the Indian power sector, issuing 'buy' ratings for Power Grid, JSW Energy, and Tata Power, with target prices of Rs 425, Rs 917, and Rs 530 per share, respectively. Analysts project a substantial investment opportunity of over Rs 40 lakh crore in the sector, driven by rising demand, modernisation of outdated infrastructure, and transition to cleaner energy sources. This aligns with India’s ambitious goal of achieving 500 GW of renewable energy capacity by 2030. In contrast, Motilal Oswal assigned 'neutral' ratings to IEX and NTPC, with target prices of Rs 226 and Rs 450, respectively. Catch all the market action on our LIVE blog For NTPC, analysts note limited upside potential, as its green energy subsidiary, NTPC Green Energy, is preparing for a Rs 10,000 crore initial public offering. Investors may increasingly favor NTPC’s renewable arm for clean energy exposure rather than the parent company. IEX is seen as having a solid growth outlook, with the launch of long-term contracts potentially boosting volumes by 4 percent. However, the implementation of market coupling remains a regulatory overhang, which could impact IEX’s growth due to its dominant market share. While India’s power consumption trends mirror China's growth trajectory from the early 2000s, the country’s power consumption is expected to compound at over 7 percent annually in the coming decade, supported by robust GDP growth and new demand drivers like electric vehicles (EVs) and data centers, said Motilal Oswal. By 2035, analysts estimate that one-third of power demand growth could stem from these sectors, with data center capacity projected to grow at 30 percent annually and significant EV adoption expected across vehicle categories. The brokerage also highlighted opportunities in the transmission segment, where Power Grid alone could tap into an estimated Rs 2 lakh crore capex potential, further enhancing its growth prospects. JSW Energy, too, is on a strong growth pedestal, with capacity set to grow 2.4x over the next 2.5 years and on track to achieve guided 20 GW in installed capacity before 2030. Meanwhile, Tata Power is undergoing a multi-year business transformation, with 45 percent of capex over FY23-27 to be allocated to RE projects. This is instrumental in increasing the share ofcore earnings from 40 percent to 90 percent over FY23-27, added Motilal Oswal analysts. | 2024-09-24 11:11 | 2024-09-24 | 11:11 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/apollo-sindoori-hotels-locked-at-20-upper-circuit-on-strong-revenue-guidance-long-term-growth-plans-12828350.html | Apollo Sindoori Hotels locked at 20% upper circuit on strong revenue guidance, long-term growth plans | Over the past year, Apollo Sindoori's shares have gained around 27 percent in trade..Related stories. | Micro-cap stock Apollo Sindoori Hotels skyrocketed to its 20 percent upper circuit, seeing only buyers in trade on September 24, after sharing strong revenue guidance for the current financial year and ambitious long-term growth plans. For FY25, Apollo Sindoori Hotels is expected to record a standalone revenue of Rs 315 crore, up over 17 percent on-year from Rs 268 crore recorded in FY24. Additionally, the core EBITDA margin is likely to be 6.7 percent. For its subsidiary, Sindoori Managemenet Services, the firm has guided revenue growth of eight percent to Rs 240 crore, up from Rs 221.5 crore in FY24. The other subsidiary, Olive plus Twist is projected to see revenues of Rs 40 crore in the current fiscal, higher by 21 percent from Rs 33.1 crore in the year gone by. At 11 am,ÂApollo Sindoori Hotelsshares were quoting Rs 1,934.8 per share, locked at its upper circuit. Follow our market blog to catch all our updates On a consolidated basis, the group's overall strategy across all segments is to expand in eastern, western and northern regions of the country as well as increase the share of non-Apollo clients. The company plans to acquire new accounts, such as private hospitals, airports, manufacturing facilities. Apollo Sindoor Hotels is also betting on non-organic expansions via acquiring local players across geographies and establish an R&D facility. As a result of its strategies, it aims to record a consolidated revenue of Rs 750 crore by 2027, and Rs 1,000 crore over the long-term, by 2023. Apollo Sindoori Hotels is engaged in the business of managing food outlets at hospitals and various organisations. It manages hospitality services from food services to kitchen planning and management. Over the past year, its shares have gained around 27 percent in trade, underperforming the frontline Nifty 50 index, which has jumped 31 percent during the same time. | 2024-09-24 11:07 | 2024-09-24 | 11:07 |
moneycontrol.com | https://www.moneycontrol.com/news/india/in-uttar-pradesh-yogi-adityanath-has-a-clear-message-for-hindu-voters-12828353.html | In Uttar Pradesh, Yogi Adityanath has a clear message for Hindu voters | UP CM Yogi Adityanath.Related stories. | Uttar Pradesh chief ministerYogi Adityanathis undergoing a striking political transformation, once again emerging as the face of hardline Hindutva. This shift seems strategically timed with 10 critical seats in Uttar Pradesh set to go to polls in the upcoming by-elections. These elections have become a prestige issue for Yogi, as the stakes are highŌĆönot just for the BJP, but for Yogi himself. Facing internal challenges within his own party after a series of setbacks, Yogi is pulling out all the stops to consolidate Hindu votes and silence his detractors. Yogi AdityanathŌĆÖsrenewed focus on Hindutva, a stance that defined his rise to prominence, is seen as a calculated move to play on the psyche of Hindu voters. His message is clear: Hindu unity is essential for protecting the interests of the community, and any electoral decision that deviates from this unity could be detrimental. He has cleverly tied this narrative to emotionally charged issues like the construction of the Ram Mandir and the broader theme of Hindu pride, invoking them as symbols of cultural resurgence and identity. The first sign of this reincarnation came on August 24, when Yogi raised the provocative slogan "Batoge to Katoge" (If you divide, you will be cut down), following reports of Hindus being persecuted in Bangladesh. This slogan, which warns of the dangers of disunity, was a direct appeal to Hindu voters to stand together. Yogi did not stop there. Just almost a month later on September 22, he repeated this message at an election rally in Karnal, Haryana, and again at a public gathering in Mirzapur the next day on September 23. Election will be held in Majhwan assembly constituency which comes under Mirzapur. "Why did invaders destroy the magnificent temple of Lord Ramlala in Ayodhya and built a structure (Babri Masjid) symbolizing slavery? The answer lies in our disunity.┬ĀHum bate the, toh kate the.┬Ā(We were decimated because we were divided). Therefore, let us not be divided and move forward together in an atmosphere of development and security. " Yogi's aggressive embrace of Hindutva is not just rhetoric; it is a strategic attempt to ensure that he secures these critical by-election victories. The chief minister understands that these elections could make or break his political future, particularly within the BJP. The partyŌĆÖs defeat in Uttar Pradesh earlier this year shook his standing, and murmurs of dissent have been growing louder within the party. YogiŌĆÖs internal critics view the by-elections as a litmus test for his leadership. Victory would solidify his position, but a loss would embolden his opponents, giving them the ammunition they need to challenge his authority within the party. Political analyst Rajendra Kumar put it bluntly: ŌĆ£If Yogi fails to sweep these by-elections, his opponents within the BJP will use the defeat as a hammer to beat him down. His leadership could be severely undermined. Therefore, what Yogi is talking aboutŌĆöHindu pride, unity, or his ŌĆśKatoge to BatogeŌĆÖ sloganŌĆöis far from out of context. It is a calculated political move.ŌĆØ The upcoming by-elections are not just about seats in the legislative assembly; they are a battle for YogiŌĆÖs political survival. The stakes are especially high because these seats are spread across regions where the BJPŌĆÖs dominance has been tested. A loss here would give his critics, both within the BJP and in opposition parties, an opportunity to question his leadership and influence. Yogi knows that a resounding victory will not only reaffirm his standing but also send a strong message to his detractors that he remains a formidable political force. By-elections will be held in Karhal (Mainpuri), Sisamau (Kanpur). Milkipur (Ayodhya), Ghaziabad, Katheri (Ambedkar Nagar), Majhwan (Mirzapur), Phulpur (Allahabad), Kundarki (Moradabad), Khair (Aligarh), and Meerapur (Muzafarnagar) assembly constituecies, By invoking emotional and deeply rooted issues like the Ram Mandir and the persecution of Hindus abroad, Yogi is aiming to unify Hindu voters under a common cause. His consistent reference to the persecution of Hindus in Bangladesh and his warnings about the consequences of division are designed to rally the electorate, making these by-elections more than just a test of political power, but a referendum on Hindutva itself. In the coming weeks, YogiŌĆÖs focus on Hindu unity, pride, and cultural identity will likely intensify, as he seeks to reignite the same fervor that once made him a poster boy of Hindutva. With his political career on the line, and the future of the BJPŌĆÖs dominance in Uttar Pradesh at stake, Yogi is betting heavily on Hindutva as the key to securing a victory that could shape the stateŌĆÖs political landscape for years to come. | 2024-09-24 11:03 | 2024-09-24 | 11:03 |
moneycontrol.com | https://www.moneycontrol.com/news/business/real-estate/ask-shriram-properties-aif-platform-to-close-rs-500-crore-fund-by-fy25-12828329.html | ASK-Shriram Properties AIF platform to close Rs 500 crore fund by FY25 | The company said it is in the process of identifying the third project and it will preferably be in Bengaluru..Related stories. | Bengaluru-based listed real estate developer Shriram Properties Limited (SPL) plans to close its aternative investment fund (AIF) fund with Blackstone-backed ASK Property Fund within FY25, its CEO Gopalakrishnan J toldMoneycontrol."We have invested close to Rs 300 crore till now. We are hoping to commit the rest and this will be our last investment to close the fund within FY25," Gopalakrishnan added. The company said it is in the process of identifying its third project for the rest of the commitment, preferably in Bengaluru. Last month, the companyannouncedan 'early exit' of ASK Property Fund from one of its projects in Bengaluru that delivered a 'significant return', more than doubling the investment in 18 months. The project - Shriram Pristine Estate - was the first under a co-investment scheme involving partners’ investment of Rs 85 crore. Last year, the company announced a joint investment of Rs 206 crore to take up 100 percent development rights in an ongoing stressed project in Chennai. Shriram 122 West is the second joint investment by the co-investment platform In October 2023, ASK Property Fund reached an agreement with SPL to establish a Rs 500-crore investment platform dedicated to acquiring residential real estate projects. "Following the closure of this fund, we will be looking at raising another Rs 500 crore for investment in residential projects in the next financial year," Gopalakrishnan added. To develop the first project in Pune by October The company said it was slated to develop its first project in Pune, which got deferred again due to approval-related delays. "We are at full preparedness in terms of launching theprojectas soon as the approvals come through and RERA comes through. But we believe it is most likely going to be in October, if lucky, late September. So, therefore, we are considering it as a Q3 launch," the company said in its first quarter FY25 investor call. Gopalakrishnan said Pune is one of the fastest-growing residential markets across the top cities. "The first project in Pune will be located in Dungri in the southern part of Pune and will sprawl 1.6 million sq ft. It will have a combination of residential and commercial spaces. The residential apartments will fall into the mid-segment category with about Rs 5,000-6,000 per sq ft. The project will have  about Rs 1,000-1,200 crore of sale value," he added. Gopalakrishnan added that by FY27, Pune will be contributing about 2-3 million sq ft of residential sales for the group. "We are developing projects equivalent to 4-5 million sq ft in Pune and will have a land value of Rs 400-500 crore - which can be through joint development or other forms of acquisition." In FY24, the group plans to deliver 2.5 million sq ft (msf) of residential units with a sales value of Rs 1,500 crore. It comprises 2,170 residential units across Bengaluru, Chennai, Kolkata, Coimbatore, and Vizag. Currently, thecompanyplans to develop over five million sq ft within the end of FY25. In the upcoming years, Gopalakrishnan said the Group's residential portfolio will comprise Bengaluru, Chennai, Kolkata, and Pune. | 2024-09-24 11:02 | 2024-09-24 | 11:02 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/spicejet-finalises-settlement-with-elfc-to-resolve-liabilities-worth-16-7-mn-12828359.html | SpiceJet finalises settlement with ELFC, to resolve liabilities worth $16.7 mn | Spicejet and ELFC reached an amicable settlement for an undisclosed, lower amount than the original claim..Related stories. | SpiceJet has successfully resolved its long-standing legal dispute with Engine Lease Finance Corporation (ELFC) in continued efforts to address financial challenges and stabilise operations. ELFC had originally claimed $16.7 million from the airline, but both parties reached an amicable settlement for an undisclosed, lower amount, said Spicejet in a stock exchange filing on September 24. SpiceJetstock fell about 1.4 percent on Tuesday to Rs 69.3 in morning trading on BSE. Earlier, on Monday, the stock had jumped about 5 percent, following a successful QIP fundraising of Rs 3,000 crore. The Qualified Institutional Placement (QIP) was significantly oversubscribed by institutional investors and mutual funds. International investors like Societe Generale, Goldman Sachs, and Discovery Global Opportunity participated in the QIP. Also read |Spicejet raises Rs 3,000 crore via QIP; Goldman, Societe Generale among investors The airline plans to utilise the funds raised to settle liabilities, expand operations, and enhance its fleet. With the QIP, SpiceJet aims to unground 28 aircraft and revive its fleet, which was reduced to 28 operational aircraft due to financial dues and grounded planes. SpiceJet also plans to leverage its exclusive access to regional and international destinations, boosting its operational capacity. The settlement comes amid SpiceJet’s wider initiatives to streamline operations for future growth. Ajay Singh, Chairman and Managing Director of SpiceJet, said: “We are pleased to have reached a mutually beneficial settlement with ELFC, which enables us to move forward with a clean slate. This agreement not only resolves past issues but also strengthens our position as we embark on the next phase of growth and expansion.” Representatives of SpiceJet and ELFC will now formalise the agreement, bringing an end to all litigation between them. This latest round of fundraising follows years of struggle, exacerbated by rising crude oil prices and global grounding issues with Boeing 737 Max aircraft. While SpiceJet’s total liabilities have amounted to Rs 3,700 crore, the successful QIP is expected to ease some of these financial pressures and set the airline on a path to recovery and growth. Earlier this month, SpiceJet said that it expects a 'promising growth' as it aims to unground 28 aircraft, doubling its fleet capacity. The airline’s operational fleet has dropped from 74 in 2019 to 28 in 2024 due to grounded planes tied to dues and fund issues. Rising fuel costs have also hit the carrier, with Brent crude nearing $120 per barrel in 2022. | 2024-09-24 11:01 | 2024-09-24 | 11:01 |
moneycontrol.com | https://www.moneycontrol.com/news/opinion/collegium-ensuring-judicial-independence-or-perpetuating-an-unaccountable-system-12828331.html | Collegium: Ensuring judicial¬†independence or perpetuating an unaccountable system? | The Collegium system was not part of the original Constitution, rather it is a novel judicial invention..Related stories. | The Jharkhand government recently filed a contempt petition in the Supreme Court against the Central Government over the delay in the appointment of the Chief Justice of the Jharkhand High Court which was functioning without a regular Chief Justice for the last six months. It was on September 21 that the Centre notified the appointment of Justice MS Ramachandra Rao as Chief Justice Jharkhand High Court. TheSupreme Court Collegium on July 11 had¬†recommendednames of eight judges to be appointed as¬†Chief Justices of various High Courts including that of Jharkhand. However, the Central government's nod for these appointments was kept on hold which led to the filing of the contempt petition. The delay assumed importance as the Supreme Court in 2021 had laid a time limit (of 3 to 4 weeks) for the Centre to notify the appointment if the Collegium reaffirms its recommendation. Delay in notifying the names recommended by the Collegium is not the only irritant in the judiciary-executive relationship. The very system of Collegium has brought the judiciary and executive at loggerheads on several occasions. While it can be seen as a power tussle between two branches of the government, the independence of the judiciary is the most important strand of this debate. Working of The Collegium System¬† The appointment of judges to the High Courts and the Supreme Court in India is made through a Collegium that consists of the Chief Justice and four other senior-most judges. The names approved by the collegium are sent¬†to the government which has a minimum role of providing intelligence inputs on the candidates and at most can seek reconsideration of a candidature by the collegium for once.¬†The final word in the appointment of judges lies with the judiciary. TheCollegium systemwas not part of the original Constitution, rather it is a novel judicial invention‚ÄĒwith no parallel in the world. Constituent Assembly on Appointments of Judges Safeguarding judicial independence was of utmost concern for the framers of the Indian Constitution. The method of appointment of judges was debated in great detail in the Constituent Assembly. The maximum number of amendments proposed in the Constituent Assembly was related to the article dealing with the appointment of judges. Article 103 of the draft Constitution stated that judges of the Supreme Court shall be appointed by the President after consultation with such of the judges of the Supreme Court and the High Courts in the States as may be necessary for the purpose. The requirement of ‚Äėconsultation‚Äô also became a matter of intense debate as the majority of members wanted the consultation to be binding and wanted the consultation to mean concurrence. However, the Constituent Assembly did not want to create what one of its members TT Krishnamacharicalled an "Imperium in Imperio‚Äô--an institution completely independent of the executive and the legislature and operating as a sort of superior body to the general body politic. Dr BR Ambedkar was also against granting unfettered supremacy to the judiciary.¬†The Constituent Assembly gave primacy to the executive as the consultation with the Chief Justice was not to be treated as concurrence. However, it was the ‚ÄėSecond Judges‚Äô case that institutionalized the Collegium system and established the primacy of the judiciary in judicial appointments. Major Criticisms of Collegium System¬† The collegium system has been criticized on the grounds of being opaque in its functioning, as it is completely a closed-door affair; with no established selection procedure or qualification requirements being in place. Collegium has absolute freedom to decide upon the names to¬†be appointed as judges. In 2011 former Supreme Court judge Ruma Pal while speaking at the 5th¬†VM Tarkunde Memorial Lecture made a very pertinent point. She said, "The mystique of this process (of appointments) is kept secret and confidential between just a few individuals, not more than two or four as the case may be, and the possibility cannot, therefore, be ruled out that howsoever highly placed maybe these individuals, the process may on occasions(sic) result in making of wrong appointments and transfers and may also at times, though fortunately very rare, lend itself to nepotism, political as well as personal and even trade-off‚ÄĚ. Justice Jasti Chelameswar who was the sole dissenting judge in the NJAC case raised serious questions over the working of the Collegium. In his dissenting note, he wrote, "Transparency is a vital factor in constitutional governance. Transparency is an aspect of rationality. The need for transparency is more in the case of the appointment process. Proceedings of the Collegium were absolutely opaque and inaccessible both to the public and history, barring occasional leaks". Judicial 'primacy' in the appointment of judges was meant to ensure the independence of the judiciary. However, the Collegium system instead established judicial 'supremacy'¬†devoid of any accountability. Any criticism of the collegium is not meant to undermine the independence of the judiciary or favour a system that in any manner takes away the autonomy of the judiciary. It only aims to highlight the flaws inherent in the Collegium. Also, it highlights the need for a more transparent system, with wider representation that would enhance its credibility and people‚Äôs faith in the judiciary.¬† | 2024-09-24 11:01 | 2024-09-24 | 11:01 |
moneycontrol.com | https://www.moneycontrol.com/technology/damned-in-delaware-for-1-2-bn-default-byjus-fails-to-regain-us-arm-from-lenders-article-12828317.html | Damned in Delaware for $1.2-bn default, Byju's fails to regain US arm from lenders | Representative image.Related stories. | The Delaware Supreme Court¬Ýon September 23 upheld a ruling that found Byju's in default on its $1.2-billion Term Loan B, dealing another setback to the embattled Indian edtech company. The US court supported an earlier decision by the Delaware Court of Chancery, allowing Byju's lenders, represented by Glas Trust LLC,to take control of Byju‚Äôs Alpha Inc, the company's American subsidiary which was pledged as collateral for the loan. The $1.2-billion loan was provided to Byju‚Äôs by a syndicate of 37 financial institutions. Under the loan agreement, Glas Trust, on behalf of the lenders, enjoys the right to enforce their claims if Byju‚Äôs had defaulted. In March 2023, the lender issued a notice of default to Byju‚Äôs after the company failed to renegotiate the loan terms. Glas sought to take control of Byju's Alpha Inc¬Ýafter the default. In August 2023, the Delaware Court of Chancery ruled in favour of Glas, stating that the lenders were within their rights to enforce the agreement. The court determined that Byju‚Äôs had failed to meet its financial obligations, and the lenders acted properly by taking control of Byju's Alpha Inc through a written consent. Byju‚Äôs appealed the decision to the Delaware Supreme Court, arguing that the case should be dismissed due to a separate lawsuit pending in a New York court. The Supreme Court, however, rejected this claim, stating that the Indian company had given up its right to argue the issue by not raising it earlier in the case. Supreme Court ruling In its ruling on September 23, the Delaware Supreme Court noted that Byju‚Äôs had ample opportunities to address its concerns before the Court of Chancery but failed to do so. The court emphasised that it cannot consider new arguments introduced for the first time on appeal unless the interests of justice require it, which was not the case here. ‚ÄúWe find it difficult to see how judicial economy and finality can square with requiring the parties to retry the case, merely because the Appellants failed to address an issue which they now claim is vital to this case,‚Äù the court filing read. With the Delaware Supreme Court ruling, the control of Byju‚Äôs Alpha Inc remains in the hands of Glas Trust and its client lenders. The lenders expressed satisfaction with the outcome¬Ýthat strengthened their stance on Byju‚Äôs default. ‚ÄúWe are pleased the Delaware Supreme Court affirmed what we‚Äôve known: Byju‚Äôs knowingly breached the credit agreement and defaulted. Both Byju (co-founder Byju Raveendran) and Riju (Byju's board member Riju Raveendran) acknowledged this when signing the amendments between October 2022 and January 2023. The ruling confirms our right to accelerate the loan and take control of Byju‚Äôs Alpha Inc," the lenders said in a statement. They also criticised co-founder Byju Raveendran. ‚ÄúByju has falsely portrayed the default and tried to shift blame instead of repaying what is owed, including explaining the missing $533 million. Today‚Äôs ruling confirms that our actions have been proper, and Byju‚Äôs statements are nothing but lies.‚Äù Glas Trust, which¬Ýhassued Byju'sfor the recovery of $1.2 billion¬Ýloan in US as well as in India,¬Ýwas recentlyremoved from the Committee of Creditors (CoC)in the ongoing insolvency case against Byju‚Äôs. This decision was made by Insolvency Resolution Professional (IRP) Pankaj Srivastava, after determining that Glas Trust no longer meets the requirement of representing at least 51 percent of the lenders. The lender has contented the decision in the Supreme Court. | 2024-09-24 10:58 | 2024-09-24 | 10:58 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/vip-industries-shares-soar-18-in-two-days-as-vijay-kedia-buys-shares-worth-rs-40-crore-12828343.html | VIP Industries stock soars 18% in two days as Vijay Kedia buys shares worth Rs 40 crore | VIP Industries shares soar 18% in two days as Vijay Kedia buys shares worth Rs 40 crore.Related stories. | VIP Industries Ltd's shares rose for second day in a row on September 24 after it emerged that ace investor Vijay Kedia bought shares worth Rs 40 crore of the luggage manufacturer. Exchange data showed that Kedia bought 7.25 lakh shares of the company at Rs 545.97 apiece on September 22. At 10:25 am on September 24, shares of thecompanywere trading 5.5 percent higher at Rs 587 apiece. Market capitalisation of the company is Rs 8,300 crore and promoters hold 52 percent stake in it. The 52-week low of the stock is Rs 428.5 while the 52-week high is Rs 697.4.The stock is quite expensive and will require patienceplease keep this in mind before investing.https://t.co/hGD312dWw5Vijay Kedia (@VijayKedia1)September 24, 2024 Earlier on September 24, Kedia spoke about this latest purchase on X platform (formerly Twitter). "The stock is quite expensive and will require patience—please keep this in mind before investing," said Kedia. VIP Industries reported a 93 percent decline in its consolidated net profit at Rs 4 crore in the first quarter of financial year 2024-25. The company had reported a net profit of Rs 57.8 crore in the year-ago period. The revenue from operations rose 0.4 percent to Rs 638.8 crore in the June quarter as against Rs 636.1 crore in the corresponding period a year ago. The company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell 39 percent to Rs 49.4 crore in Q1FY25 as compared to Rs 80.6 crore in Q1FY24. The margin stood at 7.7 percent in the quarter under review as against 12.7 percent a year back. | 2024-09-24 10:54 | 2024-09-24 | 10:54 |
moneycontrol.com | https://www.moneycontrol.com/news/india/highly-deplorable-dhaka-on-amit-shahs-hang-every-bangladeshi-infiltrator-upside-down-remark-12828322.html | ‘Highly deplorable:’ Dhaka on Amit Shah’s ‘hang every Bangladeshi infiltrator upside down’ remark | Amit Shah also accused the JMM-led coalition government in Jharkhand of encouraging illegal infiltration for its ‘vote bank politics’.Related stories. | Bangladesh has lodged a protest note against Union Home Minister Amit Shah for his “highly deplorable remarks” during his visit to Jharkhand last week. Bangladesh has urged the Indian government to advise its political leaders to refrain from making “objectionable and unacceptable” remarks about Bangladeshis. Bangladesh's Ministry of Foreign Affairs took to its official account on Facebook to announce that it had handed over the protest note to India's Deputy High Commissioner in Dhaka. “Through the protest note handed over today to the Deputy High Commissioner of India in Dhaka, the Ministry conveyed its serious reservation, deep sense of hurt and extreme displeasure and called upon the Government of India to advise the political leaders to refrain from making such objectionable and unacceptable remarks,” according to a statement from the Bangladesh Foreign Ministry. Shah had accused the JMM-led coalition government in Jharkhand of encouraging illegal infiltration for its “vote bank politics” and cautioned that if not checked, such immigrants would become a majority in the state in the next 25-30 years. Shah said the BJP "will hang every Bangladeshi infiltrator upside down to give them a lesson", if people elect the party to power in Jharkhand. “There is no place for infiltrators in the state. They are marrying our daughters, grabbing land and destroying rich tribal culture and heritage... we will drive each one of them out... Let the lotus bloom here,” Shah had said at a rally in Bokaro. Meanwhile, the interim government of Bangladesh has reversed the export ban on the much popular and prized Hilsa fish to India ahead of Durga Puja, an important festival of Hindu Bengalis, officials said on Saturday, adding that export of 3,000 tonnes of Hilsa has been approved. The Bangladeshi interim government, headed by Muhammad Yunus, had earlier decided not to export Hilsa fish to India this year in a bid to boost the supply in the domestic market. | 2024-09-24 10:49 | 2024-09-24 | 10:49 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/foreign-investors-derivatives-bets-at-record-124-billion-in-india-12828351.html | Foreign investors’ derivatives bets at record $124 billion in India | Global funds have plowed a net $8.5 billion into local shares from July 1 through the end of last week, set for the biggest quarterly inflow in more than a year..Related stories. | With Indian stocks hitting successive records, global funds have pushed up their derivatives wagers to unprecedented levels. By Monday, foreign institutional investors owned more than 10 trillion rupees ($124 billion) of options and futures on equity indexes and single stocks listed on the National Stock Exchange, according to data compiled by Bloomberg. At the same time, they bumped up their bullish bets on index futures, including those tied to the NSE Nifty 50 gauge, to almost 540,000 contracts — the highest level since 2015. Since stumbling in June after Prime Minister Narendra Modi’s party lost its majority in parliament, Indian equities have staged a remarkable comeback. The Nifty has rallied 18% from a low that month to become one of Asia’s top performers. It hit a fresh peak Monday amid a risk-on sentiment in global markets following the Federal Reserve’s jumbo rate cut last week. “The indication is clear that foreigners are turning bullish on India and this stance is expected to stay for a while,” said Anuj Dixit, executive vice president of equities at Mumbai-based Sovereign Global. Global funds have plowed a net $8.5 billion into local shares from July 1 through the end of last week, set for the biggest quarterly inflow in more than a year. That’s despite stocks trading at high valuations relative to emerging-market peers. | 2024-09-24 10:43 | 2024-09-24 | 10:43 |
moneycontrol.com | https://www.moneycontrol.com/news/business/majority-of-indian-car-buyers-ready-to-embrace-electric-vehicles-by-2030-survey-reveals-12828342.html | Majority of Indian car buyers ready to embrace electric vehicles by 2030, survey reveals | EV. | Most new car buyers are ready to embrace new energy vehicles (NEVs) as their sole option by 2030. Participants indicated a willingness to pay up to 49% more for an electric vehicle than a petrol or diesel one, a recent survey by Urban Science and The Harris Poll revealed. The survey, which included 1,000 prospective Indian buyers, as well as buyers from the US, Australia, China, and Germany, found that 83% of Indian respondents are considering purchasing an NEV by the end of this decade. The positive outlook for NEVs in India is driven by the rapid expansion of the public EV charging network, which now boasts over 6,000 stations in major cities and highways and is expected to exceed 100,000 by 2027. Government policies supporting the EV sector also contribute to this optimism. However, the survey highlights that India needs to leverage China's advanced technology and production scale in the EV field. China excels in producing lithium-ion batteries, electric motors, and establishing charging infrastructure, which are crucial for EVs. Without this expertise, India's EV ambitions may falter. Collaborating with Chinese companies could accelerate the development of India's EV infrastructure, making electric cars more affordable and accessible. China's extensive experience with large-scale EV projects, such as city-wide electric bus fleets and comprehensive charging networks, offers valuable lessons for India to fast-track its transition to electric mobility. | 2024-09-24 10:40 | 2024-09-24 | 10:40 |
moneycontrol.com | https://www.moneycontrol.com/news/business/personal-finance/hsbc-india-launches-facility-to-pay-for-foreign-education-expenses-12827963.html | HSBC India launches facility to pay for foreign education expenses | HSBC India’s customers can directly transfer payments to 600+ universities across five countries and territories..Related stories. | Parents planning their child's overseas education require efficient solutions for paying university and other fees. HSBC India, among others, has recently launched its global education payments service, which allows the bank's customers to transfer monies directly to international universities through the HSBC India mobile banking app. Overseas education is on the rise among India's affluent families. According to anHSBC study, 78 percent of high-net-worth Indian parents plan to send their children abroad for education, or already have a child studying overseas. Through this service, customers can wire funds to the pre-verified account of the university. They need to add the student's details, upload loan documents securely, and make payments. What does the service entail? According to the official release, HSBC India’s customers can directly wire payments to over 600 universities across five countries / territories, including the US, UK, Canada, Hong Kong, and Australia. The payments can be made for tuition fees, accommodation, healthcare, insurance, and other university-related expenses. It takes one to five working days for the transfers to go through. All payments are subject to LRS (liberalised remittance scheme) limits and adhere to banking regulations.  The LRS has a limit of $2,50,000 per financial year for foreign education fees, which covers tuition, living expenses, books, travel expenses, and insurance. Students can also apply for loans through the facility. Remember, overseas education loans are subject to 0.5 percent TCS (tax collected at source) per the amended tax rules of 2023. TheTCS rate for other educational remittances above Rs 7 lakh is 5 percent. The customer making the remittance will be able to claim credit for the TCS in her / his income tax return. What are the charges? While HSBC doesn't charge anything for transferring the money, depending on the currency and country of the recipient, there could be applicable taxes. You can view the tax estimate while transferring the funds. Also read |ÂPlanning to study abroad? Here's how to maximise your chances of winning a scholarship Can the funds transferred to a university be rejected? Yes, funds transfer rejections can occur due to incorrect account details or cross-border transfer sanctions. For assistance, you should reach out to your HSBC branch or relationship manager. I've made a payment, but realise that the university's bank details are incorrect. Can I stop or reverse the transfer? To pause or recall funds, you need to contact your relationship manager or customer service promptly, ideally within three to five working days after initiating the transaction. | 2024-09-24 10:38 | 2024-09-24 | 10:38 |
moneycontrol.com | https://www.moneycontrol.com/technology/garena-free-fire-max-redeem-codes-for-september-24-2024-grab-skins-bundles-diamonds-and-more-exciting-rewards-article-12828337.html | Garena Free Fire MAX redeem codes for September 24, 2024: Grab skins, bundles, diamonds, and more exciting rewards | Garena-Free-Fire-MAX. | Players engaging in intense global battles in Garena Free Fire MAX can find obtaining exciting rewards like diamonds, pets, skins, and outfits a significant accomplishment. Fortunately, redeem codes provide gamers with an avenue to acquire these treasures without using real money. Garena Free Fire MAX stands out as a highly acclaimed multiplayer battle royale game developed by 111 Dots Studio, renowned for its adventure-driven gameplay. By creating a registered account and immersing yourself in the game, you can experience its unique features and advantages. Each day, the developers of Garena Free Fire MAX unveil a fresh set of redeem codes, each offering the potential to unlock a range of rewards, from stylish skins to powerful weapons and valuable diamonds. Garena Free Fire MAX Redeem Codes for today, September 24 JG6F-4L9O-8P2H KM5N-6QY8-KOP9 3C4D-5G5J-9K5L QWRF-YHNM-KLO9 6Z7X-9S8Y-VBX4 R4T5-YH5Z-A8X4 8F9G-H9JK-5VF6 9J8K-0OL7-6GF5 6GH7-8J9K-4G5F 6F7G-8H9J-5FD3 9V8B-C7F6-GTD5 YH67-89OL-G12D 1A2S-3D4F-5G6H 5T6Y-7U8I-9O0P Q1W2-E3R4-T5Y6 Z1X2-C3V4-B5N6 H1J2-K3L4-M5N6 Garena Free Fire Max September 24: How to redeem codes Step 1: Go to the redemption website by clicking on this link: https://reward.ff.garena.com/ Step 2: Log in using your credentials from one of the supported platforms like Google, Facebook, Huawei ID, Apple ID, or VK. Step 3: Once logged in, you will be directed to a page where you can input the 12-digit redemption codes. Step 4: After successfully redeeming the codes, claim your rewards from the in-game mail section. | 2024-09-24 10:34 | 2024-09-24 | 10:34 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/ipca-labs-shares-hit-fresh-52-week-high-as-nomura-upgrades-target-price-on-strong-growth-plans-12828310.html | IPCA Labs shares hit fresh 52-week high as Nomura upgrades target price on strong growth plans | Over the past year, shares of IPCA Laboratories surged 70 percent..Related stories. | IPCA Labs shares recorded a fresh 52-week high in trade on September 24 after Japanese broking firm Nomura raised its target price on the pharma player. Nomura bumped up its price target on IPCA Labs to Rs 1,750, seeing a 20 percent upside from the previous close, as saw growth ahead of the broader market in India. The brokerage also sees scope for its EBITDA margin expansion to drive valuation. "Our positive view on the stock is based on consistent outperformance in the domestic formulation market. The business attracts higher valuation multiple, and we believe it will contribute ~50 percent of FY26/27F EBITDA," said Nomura. At 10.20 am,ÂIPCA Labsshares were quoting Rs 1,493, up three percent from the previous session's closing price. Follow our market blog to catch all the updates Nomura added that there is scope for improvement in other business segments in the near to medium term, particularly in generics and API. Additionally, IPCA Labs is set to benefit from the improving cost and revenue synergies at subsidiary Unichem in the near to medium term. From a long-term perspective, IPCA is making investments in biologics and also intends to revive contract drug development and manufacturing (CDMO) aspirations which were impacted due to USFDA regulatory issues in the past, added the brokerage. Nomura estimated 30 percent earnings CAGR over FY25-27F and believes the growth momentum may remain strong post-FY27F  as well. The company expects EBITDA margin to reach 25-26 percent overtime compared to Nomura's estimate of 23.6 percent in FY27F. Over the past year, shares of IPCA Laboratories surged 70 percent in trade as against the benchmark Nifty 50 index, which has risen around 31 percent during the same time. | 2024-09-24 10:30 | 2024-09-24 | 10:30 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/western-carriers-muted-debut-stock-lists-marginally-below-ipo-price-misses-gmp-12828211.html | Western Carriers' muted debut: Stock lists marginally below IPO price, misses GMP | Western Carriers customers include Tata Steel, Hindalco Industries, Vedanta among others.Related stories. | Shares of Western Carriers Limited made a rather muted start on its stock market debut on September 24, listing at Rs 170, a discount of 1.2 percent from the issue price of Rs 172 per share on the BSE. The listing missed the grey market estimates too, where shares were trading at a premium of about 10 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Follow our LIVE blog for all the latest market updates The Rs 493-crore public offer ofWestern Carriers-- a mix of both a fresh issue and an offer for sale -- received decent investor interest after the issue was subscribed 30.46 times. The non-institutional investors fetched 44.67 times subscriptions, while the quota for qualified institutional buyers (QIBs) subscribed 27.99 times. Retail individual investors (RIIs) part received 25.77 times the subscription. Western Carriers is one of India's leading private, multimodal, rail-focused, asset-light logistics companies, 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. 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. | 2024-09-24 10:23 | 2024-09-24 | 10:23 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/pelatro-ipo-shares-list-at-37-5-premium-over-ipo-price-on-nse-sme-12828274.html | Pelatro IPO: Shares list at 37.5% premium over IPO price on NSE SME | The company plans to use the proceeds from the issue to fund capital expenditures for purchasing and installing IT equipment.Related stories. | Shares of Pelatro made a muted stock market debut on September 24 after they listed at Rs 275, a premium of 37.5 percent over the issue price of Rs 200 per share on NSE's SME platform. The listing is broadly in line with the grey market estimates where shares were trading without a premium. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Follow our LIVE blog for all the latest market updates Pelatro was a book-built issue of Rs 55.98 crore and was purely a fresh issue of 28 lakh shares. The issue was subscribed just 21.73 times with non-institutional investors buying 55 times the portion reserved for them. QIBs bought 15 times while retail investors picked 12.16 times the portion reserved for them. Pelatro offers a comprehensive customer engagement platform, mViva, which facilitates customer-centric interactions between brands and their end users. The platform helps businesses gain insights into customer behavior and needs, enhancing interactions through end-to-end capabilities that include data collection, analytics, audience selection, and reporting. The company plans to use the proceeds from the issue to fund capital expenditures for purchasing and installing IT equipment and ancillary devices, invest in its subsidiary, meet its working capital needs, and cover general corporate purposes. | 2024-09-24 10:22 | 2024-09-24 | 10:22 |
moneycontrol.com | https://www.moneycontrol.com/news/business/gold-holds-ground-on-dovish-fed-speak-midddle-east-concerns-12828328.html | Gold holds ground on dovish Fed-speak, Middle East concerns | Spot gold was steady near $2,627.43 per ounce as of 0227 GMT..Related stories. | Gold prices steadied on Tuesday after surging to a record high in the previous session, following broadly dovish comments from U.S. Federal Reserve officials and escalating tensions in the Middle East. Spot gold was steady near $2,627.43 per ounce as of 0227 GMT. Bullion hit a record high of $2,635.29 on Monday. U.S. gold futures were also nearly unchanged at $2,652.50. "Gold prices continue to be well-supported amid a series of dovish Fed rhetoric overnight," said IG market strategist Yeap Jun Rong. Fed policymakers on Monday said their large half-point rate cut last week was meant to try to sustain what they see as an emerging and healthy balance in the economy. Chicago Fed Bank President Austan Goolsbee said there are "lots of cuts" to come over the next 12 months, while Fed President Neel Kashkari noted that the actual path would depend on incoming data. Fed futures traders have priced in 75 basis points in rate cuts by the end of 2024, according to the CME FedWatch Tool. Zero-yield bullion tends to be a preferred investment in a low interest rate environment and during geopolitical turmoil. "A new war front opened in the Middle East between Israel and Hezbollah has also driven some flows for safe-haven gold in a bid to hedge against the geopolitical risks of any wider regional war," Yeap Jun Rong said. "Tensions in the region will likely be kept high for longer, which could see gold prices retain its bullish bias." Israel's military launched airstrikes against Hezbollah sites in Lebanon on Monday, resulting in 492 deaths and forcing tens of thousands to flee and marking the country's deadliest day in decades. Among other metals, spot silver rose 0.6% to $30.84 per ounce, platinum gained 0.7% to $962.47 and palladium edged 0.1% down to $1,040.72. | 2024-09-24 10:20 | 2024-09-24 | 10:20 |
moneycontrol.com | https://www.moneycontrol.com/news/india/iim-ahmedabad-to-implement-reservation-policy-in-phd-admissions-starting-2025-12828312.html | IIM Ahmedabad to introduce reservation policy in PhD admissions starting 2025 | Until now, the elite B-school had resisted applying reservations for SCs, STs, OBCs, and EWS in its research program..Related stories. | IIM Ahmedabad has announced the implementation of the government-mandated reservation policy in its PhD admissions, a significant shift for the institution that has not historically reserved seats for underrepresented communities in its Fellow Programme in Management since its establishment in 1971. The online announcement for the PhD program states, “Govt of India guidelines for reservation are followed during admissions.” This landmark decision comes after sustained advocacy from SC/ST activists and a Public Interest Litigation (PIL) filed by the Global IIM Alumni Network in the Gujarat High Court in 2021, which aimed to enforce reservation provisions at IIM Ahmedabad, noting that 10 other IIMs had already adopted similar quotas for their doctoral programs. In response to the PIL, IIM Ahmedabad had submitted an affidavit in October 2023, confirming its intention to implement the reservation policy for the 2025 intake. Until now, the elite B-school had resisted applying reservations for Scheduled Castes (SCs), Scheduled Tribes (STs), Other Backward Classes (OBCs), and Economically Weaker Sections (EWS) in its research program. According to the Central Educational Institution (Reservation in Admission) Act, 2006, central government institutions must reserve 15 percent of seats for SCs, 7.5 percent for STs, and 27 percent for OBCs. The government has also instituted a 10 percent quota for EWS in admissions and jobs in central educational institutions through separate legislation. The latest advertisement for IIM Ahmedabad’s PhD admissions specifies that “candidates will be shortlisted based on their performance in the CAT or a standard test in lieu of the CAT, academic background, experience, etc. IIMA may conduct online or face-to-face interviews, depending on health advisories at that time. The admission interviews are expected to occur in March-April 2025.” Anil Wagde, a founding member of the Global IIM Alumni Network, noted that IIM Ahmedabad was the last IIM to implement reservations in its PhD program. He criticised the previous lack of action, stating that it was unjustified and emphasised that the fight would continue until IIM Ahmedabad also implements reservation in faculty recruitment. | 2024-09-24 10:18 | 2024-09-24 | 10:18 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sensex-nifty-reach-new-highs-tracking-global-optimism-metal-stocks-lead-gains-12828238.html | Sensex, Nifty reach new highs tracking global optimism; metal stocks lead gains | Nifty and Sensex gain for the fourth session..Related stories. | Sensex and Nifty 50 opened slightly lower on September 24, but soon hit record highs driven by gains in metal and energy stocks. Nifty has been reaching new highs since the US Fed's 50 bps rate cut on September 18, with global market optimism also fueling the surge. While Nifty hit a fresh high of 25,971, Sensex surpassed 85,000 for the first time and hit a milestone of 85,023. At 9.50 AM, the Sensex was up 91 points or 0.1 percent at 85,020, and the Nifty was up 28 points at 25,967. About 1,823 shares advanced, 1,259 shares declined, and 122 shares remained unchanged. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted two key trends. He pointed to escalating geopolitical tensions in the Middle East, with Israeli strikes on Lebanon raising concerns. This has pushed crude oil prices higher. Gold and the volatility index are moving up as well reflecting anxiety. Despite these challenges, the market remains strong, and the overall sentiment is still bullish, according to Vijayakumar. The renewed interest from Foreign Institutional Investors (FIIs) in September is expected to boost recovery in leading banking stocks. Nifty Bank gained for the ninth session today. Follow our live blog for all the market action Aishvarya Dadheech Founder & CIO of Fident Asset Management told Moneycontrol that if FII's continue to buy, the markets could see much higher levels by Diwali. Nifty Metal emerged as the top gainer amongst sectoral indices after China announced new stimulus measures to boost its economy. The index rose nearly 2 percent led by gains in Tata Steel, Hindalco, and JSW Steel. Meanwhile, Nifty IT fell over half a percent dragged down by Infosys, TCS, and HCLTech. According to a recent report by Jefferies, HCL Tech, Tech Mahindra, and LTIMindtree see no significant change in demand. The brokerage advised selectivity in IT stocks, citing cautious management outlook, sharp price movements, rich valuations, and limited margin expansion in FY25 due to slow revenue growth. Dadheech toldMoneycontrolthat normally, the second quarter is the strongest for the IT sector, but expectations this time aren't strong. "Even the likes of Infosys and TCS are expected to grow between 1.5 percent and 2.5 percent, where they usually grow 5 percent to 6 percent. Some companies that consistently show strong growth are also expected to see muted results. This is why the market expects Q2 for Nifty IT to be muted, leading to weakness in IT stocks." Also Read |ÂStay selective on IT stocks amid soft management commentary, rich valuations: Jefferies On the Nifty 50, Power Grid, Nestle, Hindalco, JSW Steel, and Tata Steel gained 1-2 percent, while SBI Life, Shriram Finance, HDFC Life, HUL, and Bajaj Finance each declined over 1 percent, leading the losses. Overnight in the US, all three benchmarks closed higher with the S&P 500 and Dow Jones Industrial Average touching new closing highs after Fed officials including Raphael Bostic, Neel Kashkari, and Austan Goolsbee supported the central bank's 50 bp rate cut and voiced support for more cuts in the rest of the year. Asia-Pacific markets climbed in early trade today, led by Chinese stocks as Beijing announced a slew of policy easing measures in a rare briefing from central bank governor Pan Gongsheng. "After the inaugural Fed rate cut, focus now turns to US PCE inflation to trickle this Friday (," said Prashanth Tapse, Senior VP (Research) at Mehta Equities. While Nifty is likely to be in a trading range of 25000-26500 zone, the 26500 mark is now the major resistance zone for the index on a closing basis. | 2024-09-24 10:16 | 2024-09-24 | 10:16 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/northern-arc-capital-shares-list-at-33-premium-after-bumper-ipo-bidding-but-miss-gmp-12828229.html | Northern Arc Capital shares list at 33% premium after bumper IPO bidding, but miss GMP | Earlier, the initial share collected Rs 229 crore from anchor investors..Related stories. | Northern Arc Capital shares made a robust stock market debut on September 24, listing at Rs 351, with a premium of 33.5 percent over the IPO price of Rs 263 per share on the BSE. The listing gains, however, miss grey market estimates where shares were trading at a premium of nearly 50 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Follow our LIVE blog for all the latest market updates Northern Arc Capital's Rs 777-crore public offer is a mix of a fresh issue of equity shares valued at Rs 500 crore and an offer for sale (OFS) of up to 1,05,32,320 equity shares worth Rs 277 crore, at the upper end of the price band, by investor shareholders. Over three days, the IPO received massive investor interest after the issue was subscribed 110.71 times. The quota for qualified institutional buyers (QIBs) was subscribed 240.79 times, while non-institutional investors subscribed to the offer 142.28 times. The category for retail individual investors (RIIs) fetched 30.74 times the subscription. Registered with the Reserve Bank of India (RBI) as a systemically important entity,Northern Arcis a non-deposit-taking NBFC that has been active in the financial inclusion space for over a decade. As one of the country's leading diversified NBFCs, Northern Arc operates with a broad business model spanning multiple offerings, sectors, products, geographies, and borrower segments. It facilitates access to credit for underserved households and businesses, both directly and through partnerships with originators. Earlier, the initial share collected Rs 229 crore from anchor investors. | 2024-09-24 10:15 | 2024-09-24 | 10:15 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/popular-foundations-share-price-hits-lower-circuit-post-listing-falls-5-from-ipo-price-12828237.html | Popular Foundations share price hits lower circuit post listing, falls 5% from IPO price | The company plans to use the funds raised to purchase land and a building for setting up a factory.Related stories. | Shares of Popular Foundations made a disappointing stock market debut on September 24, hitting lower circuit of Rs 35.15 at listing, falling 5 percent from the IPO price of Rs 37 per share on the BSE SME platform. The listing is even weaker than the grey market estimates where shares were trading flat from the IPO price. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Follow our LIVE blog for all the latest market updates The Rs 19.87-crore public offer was entirely a fresh issue of 53.7 lakh shares. Given the investor frenzy for SME IPOs,Popular Foundationsissue wasn't well received by participants after it subscribed just over 9 times. Retail investors were ar the forefront buying 15 times the portion reserved for them while non-institutional investors picked up just 3.5 times their allotted quota. QIBs didn't participate in the bidding process. Founded in 1998, it specializes in providing end-to-end engineering and construction solutions. The company focuses on non-residential, non-government projects primarily in and around Chennai, while also completing successful ventures in Pondicherry, Bangalore, Trichy, and other key cities. Its expertise spans a variety of sectors, including factories, educational institutions, and commercial spaces. The company plans to use the net proceeds for several purposes, including the prepayment or repayment of a portion of its outstanding borrowings, funding its working capital requirements, and for general corporate purposes. | 2024-09-24 10:13 | 2024-09-24 | 10:13 |
moneycontrol.com | https://www.moneycontrol.com/news/india/mpox-in-india-not-airborne-like-covid-how-it-spreads-and-who-is-at-risk-12828315.html | Mpox not new to India: Not airborne like Covid, how it spreads and who is at risk | Mpox. | India has reported its first case of Monkeypox (Mpox) caused by the fast-spreading Clade 1B strain. This comes just a month after the WHO declared Mpox a disease of international concern. Infection caused by the Clade 1B strain is known to be more transmissible and has a higher fatality rate compared to Clade II. The earlier case of Mpox that was reported in India was a 26-year-old resident of Haryana who tested positive for the previous West African Clade II strain in early September. The Kerala health department has announced plans to release revised guidelines for the prevention and treatment of Mpox. The patient is stable and there is no indication of any widespread risk to the public at this time. India has reported Mpox cases previously as well. From 2022 to 2024, over 30 cases have been identified across the country, mostly involving individuals with a travel history to African nations where the disease is prevalent, according to a report in The Times of India. What is Mpox According to the World Health Organisation (WHO), Mpox is an illness caused by the monkeypox virus. It is a viral infection which can spread between people, mainly through close contact, and occasionally from the environment to people via things and surfaces that have been touched by a person with Mpox. Who is at risk People who have close contact with someone who has Mpox are at risk of infection. Close contact includes skin-to-skin, mouth-to-mouth, mouth-to-skin and face-to-face contact. What are the symptoms of Mpox Common symptoms of mpox include a rash which may last for 2–4 weeks. This may start with, or be followed by, fever, headache, muscle aches, back pain, low energy and swollen glands (lymph nodes). The rash looks like blisters or sores, and can affect the face, palms of the hands, soles of the feet, groin, genital and/or anal regions, the WHO website says. Unlike Covid-19, Mpox is not airborne - Mpox primarily spreads through unprotected close physical contact with an infected person.- Sexual contact is a significant mode of transmission.- The virus can spread through contact with items such as bedding or clothing that have been contaminated by infected fluids.- Fluids from blisters and scabs can contaminate materials like bedding, clothing, or surfaces.- Caregivers can become infected if they do not use proper personal protective equipment (PPE) while caring for a patient.- Maintaining hygiene and cleanliness is essential to prevent transmission through contaminated surfaces or items. | 2024-09-24 10:11 | 2024-09-24 | 10:11 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/deccan-transcon-leasing-debuts-at-7-premium-over-ipo-price-on-nse-sme-12828248.html | Deccan Transcon Leasing debuts at 7% premium over IPO price on NSE SME | -.Related stories. | Shares ofÂDeccan Transcon Leasingmade a robust stock market debut on September 24 after listing at Rs 116, commanding a premium of 7.4 percent over the issue price of Rs 108 per share on the NSE SME platform. The listing gains, however, completely miss grey estimates where shares were trading at a premium of 50 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Follow our LIVE blog for all the latest market updates The Rs 65-crore public offer is a combination of a fresh issue and an offer for sale. It was subscribed a massive 102 times over five days. Retail investors bought a whopping 126 times the portion reserved for them. Non-institutional investors purchased 147 times the portion reserved for them while QIBs lapped up over 40 times their allotted quota. Incorporated in 2007, it provides tank containers on lease and offers logistics and supply chain solutions across various sectors. The company delivers comprehensive freight and shipping services, including domestic tank container logistics, tank fleet management, customs clearance, transportation, and Non-Vessel Operating Common Carrier (NVOCC) services. The company plans to use the net proceeds from the offer to fund capital expenditure for procuring tank containers, meet its working capital needs, and for general corporate purposes, while also benefiting from listing on the NSE Emerge platform of the National Stock Exchange of India Limited. | 2024-09-24 10:08 | 2024-09-24 | 10:08 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/jpmorgan-james-sullivan-india-diy-story-more-inflows-coming-12828323.html | India rally a 'DIY story', see $100 billion of inflows to India: JPMorgan's James Sullivan | Indian markets have not yet seen aggressively deployment by foreign investors, and hence, Sullivan said that he sees markets go up first, when that happens..Related stories. | JPMorgan's James Sullivan has said that he expects a massive $100 billion of inflows coming into India over next few years, just for foreign investors to get to a Neutral weightage on the country. India, he said, offers strong earnings growth and a supply chain re-location story, and FIIs have lagged behind in deploying funds. Speaking to CNBC-TV18, Sullivan said India's rally has been a 'DIY story', led by domestic investors and fund houses and institutions, and this upmove may have more steam going ahead. On valuations, Sullivan made a case that it has been India Inc that has stepped into driving the capex, and not FDI, thus making India's earnings growth strong, and valuations more palatable. Read More:ÂJamie Dimon optimistic on India, says country 'growing quite well' Indian markets have not yet seen aggressively deployment by foreign investors, and hence, Sullivan said that he sees markets go up first, when that happens. Reacting to China's stimulus measures, Sullivan said China equity is lower on valuations but also low on earnings expectations. James Sullivan said FIIs may end up reviewing their positions by year-end, given India's strong outperformance, and one may see new risk allocations at the start of 2025. Read More:ÂIndia's economy will reach $7 trillion by 2030, says JPMorgan The India rally has seen stocks that have benefitted from Centre's policy initiatives, Sullivan added, such as capex, defence and infrastructure plays. Within this, some spaces are yet to see foreign investment, such as supply chain. This is being updated. | 2024-09-24 10:07 | 2024-09-24 | 10:07 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/envirotech-systems-lists-at-89-premium-over-ipo-price-on-nse-sme-12828263.html | Envirotech Systems lists at 89% premium over IPO price on NSE SME | The company plans to use the funds raised to purchase land and a building for setting up a factory.Related stories. | Shares ofÂEnvirotech Systemsmade a blockbuster debut on the bourses on September 24 after listing at Rs 106, a massive premium of 89.2 percent over the issue price of Rs 56 per share on the NSE SME platform. The listing gains beat grey market estimates where shares were trading at a premium of 84 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Follow our LIVE blog for all the latest market updates The Rs 30-crore public offer is a fresh issue of 54 lakh shares and was subscribed over 90 times, official data showed. Non-institutional investors were at the forefront after picking 187 times their allotted quota. QIBs were next in line buying over 68 times while retail investors mopped up 64 times the portion reserved for them. Envirotech Systems specializes in designing and supplying custom enclosures for noise reduction in machinery and mechanical equipment, suitable for both indoor and outdoor applications. Its product range includes Noise Test Booths, Engine Test Room Acoustics, Anechoic and Semi-anechoic Chambers, Acoustic Enclosures, Envirotech Noise Barriers, Polycarbonate and Metallic Noise Barriers, Echo Barriers, Acoustic Louvers, and Envirotech Metal Doors. The company plans to use the funds raised to purchase land and a building for setting up a factory, meet its working capital requirements, cover general corporate expenses, and address issue expenses, while also achieving the benefits of listing on the Emerge Platform of the NSE. | 2024-09-24 10:06 | 2024-09-24 | 10:06 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/reliance-power-stock-locked-at-5-upper-circuit-on-rs-1525-crore-preferential-issue-12828321.html | Reliance Power stock locked at 5% upper circuit on Rs 1,525 crore preferential issue | Reliance Power plans to allocate a significant portion of the Rs 803.60 crore proceeds to bolster its renewable energy initiatives and explore new business ventures, including addressing long-term working capital needs..Related stories. | Shares of Reliance Power surged on September 24 to hit the 5 percent upper circuit after the Anil Ambani-led company announced a preferential issue of 46.2 crore equity shares worth Rs 1,524.60 crore at Rs 33 per share, a 14 percent discount to the previous closing price. The issue is proposed to be made to promoter Reliance Infrastructure Ltd and non-promoter entities Authum Investment and Infrastructure Ltd and Sanatan Financial Advisory Services Private Ltd (Sanjay Kothari and Meenakshi Sanjay Kothari.) With this, Reliance Infrastructure would hold 24.88 percent and the aggregate shareholding of the promoter group would be 24.95 percent of the paid-up equity share capital of the company post the allotment of up to 1.83 crore equity shares. It owned 93.01 crore shares or 23.15 percent in Reliance Power as of June 30. Follow our market blog to catch all the live action Authum Investment and Infrastructure would own 6.59 percent of the paid-up equity share capital of the company after the allotment of up to 21.82 crore equity shares. This company held 1.91 percent stake in Reliance Power as of June 30. Sanatan Financial Advisory Services Private Ltd would own 1.36 percent stake in Reliance Power post the allotment. Reliance Power said it is a zero bank debt on standalone basis and looking poised to venture into new horizons of growth. In particular, the company intends to expand its presence in the renewable energy sector, directly and also through its special purpose vehicles and subsidiaries. In order to augment long-term resources, enhancing net worth and financial position, reduction of existing debt, ensuring long-term viability and growth and expansion including to meet the long-term working capital requirement and for general corporate purposes, it proposed to issue fresh capital into the company, to ensure enhancing of the shareholder value, it added. Reliance Powerplans to allocate a significant portion of the Rs 803.60 crore proceeds to bolster its renewable energy initiatives and explore new business ventures, including addressing long-term working capital needs. The company aims to invest in or support its subsidiaries, special purpose vehicles, and joint ventures through various financial instruments such as equity, quasi-equity, and secured or unsecured debt. Additionally, Rs 340 crore will be used to convert existing debt from Reliance Infrastructure Ltd, helping to lower Reliance Power's overall debt load. This strategy is designed to strengthen the company's financial position and improve cash flow, positioning it for sustainable growth. Also Read |ÂReliance Power to raise Rs 1,525 cr via preferential share issue for business expansion "Up to 25% of the issue proceeds will be utilised for general corporate purposes, including but not limited to meeting operational expenses, corporate exigencies and managing contingencies. These funds may also be directed toward improving the company’s financial health, enhancing net worth and reducing debt, ensuring long-term growth and stability," Reliance Power said in a regulatory filing. At 9:53 am, Reliance Power shares were locked at the 5 percent upper circuit at Rs 40.05 on NSE. The stock has rallied 67 percent so far this year, outperforming Nifty's returns of 19 percent. In the past 12 months, the counter has risen 111 percent, more than doubling investors' capital. In comparison, Nifty rose 31 percent during this period. | 2024-09-24 10:05 | 2024-09-24 | 10:05 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/arkade-developers-debuts-at-37-premium-over-ipo-price-misses-gmp-estimate-12828220.html | Arkade Developers debuts at 37% premium over IPO price; misses GMP estimate | Earlier, the realty firm raised Rs 122.40 crore from anchor investors..Related stories. | Shares ofÂArkade Developerswere off to a super start after making a solid stock market debut on September 24, listing at Rs 176, a premium of 37.5 percent over the issue price of Rs 128 per share on the BSE. The listing gains, however, miss estimates where shares were trading at a premium of nearly 50 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Follow our LIVE blog for all the latest market updates The Rs 410-crore public offer, which is a mix of a fresh issue and an offer for sale, received a hefty response from investors after the issue was subscribed a massive 106 times. Qualified institutional buyers subscribed to the offer 163.16 times while the quota for non-institutional investors fetched 162.75 times subscription. The portion for retail individual investors received 50.65 times the subscription. The company has a strong foothold in prime locations across Mumbai, with a portfolio including new developments and redevelopment projects. It has shown steady revenue growth and solid financial performance, underscoring its robust fundamentals. The company plans to use the net proceeds from the issue for several purposes, including covering part of the development costs for its ongoing projects—Arkade Nest, Prachi CHSL, and C-Unit. Additionally, the funds will be allocated for acquiring land for future real estate projects, which are yet to be identified, and for general corporate purposes. Earlier, the realty firm raised Rs 122.40 crore from anchor investors. | 2024-09-24 10:05 | 2024-09-24 | 10:05 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/osel-devices-makes-decent-debut-with-24-premium-over-ipo-price-on-nse-sme-12828285.html | Osel Devices makes decent debut with 24% premium over IPO price on NSE SME | he company plans to use the net proceeds from the issue for the prepayment or repayment of certain loans.Related stories. | Shares ofÂOsel Devicesmade a positive start on the bourses on its stock market debut after listing at Rs 198, commanding a premium of 24 percent over the issue price of 160 per share on the NSE SME platform. The listing has missed grey market estimates where shares were trading at a premium of about 63 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Follow our LIVE blog for all the latest market updates Given the investor frenzy over SME IPOs, this issue lived up to the hype after it was subscribed a massive 194 times over four days. Non-institutional investors were at the top buying over 300 times the portion reserved for them while retail investors bought over 200 times. QIBs picked 78 times the allotted quota. Osel Devices specializes in manufacturing a wide range of LED display systems and hearing aids. The company’s LED display systems serve various commercial applications, including advertising media, billboards, corporate boardrooms, and command centers. These systems come with a content management feature that enables connection to phones or computers for easy display. The company plans to use the net proceeds from the issue for the prepayment or repayment of certain loans, funding its working capital requirements, and covering general corporate purposes. | 2024-09-24 10:05 | 2024-09-24 | 10:05 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/spandana-sphoorty-financial-shares-rise-4-on-sale-of-stressed-loan-portfolio-for-rs-16-74-crore-12828308.html | Spandana Sphoorty Financial shares rise 4% on sale of stressed loan portfolio for Rs 16.74 crore | Over the past year, shares of Spandana Sphoorty Financial have slipped 20 percent in trade..Related stories. | Spandana Sphoorty Financial shares surged almost four percent in the morning session on September 24 after the firm sold its stressed loan portfolio for Rs 16.74 crore. The firm's board approved the sale of stressed loan portfolio, including written-off loans pool, with an outstanding value of Rs 304.41 crore as on June 30, 2024 to an asset reconstruction company (ARC) on a security receipts consideration basis. "The ARC has subscribed to 91.50 percent of security receipts amounting to Rs 15.32 crore, whereas [Spandana Sphoorty Financial] has subscribed to 8.50 percent of security receipts amounting to Rs 1.42 crore," said the firm in a filing with the exchanges. At 9.50 am,ÂSpandana Sphoorty Financialshares were quoting Rs 606 on the NSE, up by 2.3 percent. Follow our live blog to catch all the updates So far in trade, 2 lakh shares exchanged hands in trade on the bourses, which is slightly higher compared to the one-month daily traded average of 1.7 lakh shares. Since the March 2023 quarter, the promoters have gradually been paring their holding from 63 percent to 56.9 percent as of the quarter ended June 2024. On the other hand, FIIs and retail investors have been picking up stock in the NBFC. Over the past year, shares of Spandana Sphoorty Financial have slipped 20 percent in trade. In comparison, the benchmark Nifty 50 index has surged around 31 percent during the same time. | 2024-09-24 10:00 | 2024-09-24 | 10:00 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/gmr-power-urban-hit-5-upper-circuit-at-new-record-high-on-emkay-globals-buy-call-12828286.html | GMR Power & Urban hit 5% upper circuit, at new record high on Emkay Global's 'buy' call | So far this year, shares of GMR Power more than doubled investors' wealth or soared over 177 percent.Related stories. | Shares of GMR Power and Urban Infra hit 5 percent upper circuit to touch new lifetime high of Rs 156 per share on September 24 after Emkay Global initiated a 'buy' call on the counter and set target price at Rs 180 per share. The target implies an upside of 15 percent from current levels as analysts cite strong earnings visibility and attractive valuations. So far this year, shares of GMR Power more than doubled investors' wealth or soared over 177 percent, beating benchmark Nifty 50's 19 percent surge. Catch all the market action on our LIVE blog Emkay Global believes GMR Power is focused on reducing debt, thanks to strong cash flows, the conversion of FCCBs into equity, and the handover of the Hyderabad-Vijayawada road project. Additional smart meter contracts, asset monetisation, and dispute settlements offer further growth opportunities. The company's 180 MW Bajoli Holi hydro-power project has stabilised, while its 7.5 million smart meter installation contract with Bosch presents a lucrative, asset-light business opportunity, allowing for vertical integration and showcasing its execution capabilities. GMR Power's thermal assets are operating at over 80 percent capacity due to domestic coal tie-ups, 90 percent supply through PPAs at competitive rates, and strong peak power demand. The company also consolidated its position by acquiring a 41 percent stake in GMR Energy (GEL – thermal asset holdco) between November 2023 and February 2024. Furthermore, it has entered the smart metering business, securing an order to install 7.5 million smart meters in Uttar Pradesh. It also has the potential to win an additional 10.5 million meters through upcoming bids for around 70 million meters in key states like Tamil Nadu, Madhya Pradesh, and Kerala. "We value GMR Power and Urban Infra's core power generating assets at 10-12x Sep-25 estimated EV/EBITDA, the smart meter project using the discounted cash flow (DCF) method, and the standalone EPC business at 1.0x Sep-25 estimated book value. Additional opportunities could contribute Rs 25 per share to our bull case target price," the brokerage firm added. Earlier, analysts at B&K Securities had also initiated a ‘buy’ rating on this GRM Group company with a target price of Rs 184 per share. In the June quarter, GMR Power and Urban Infra’s consolidated total income surged 45.8 percent year-on-year to Rs 1,735.22 crore, while it swung to profit of Rs 1,362.11 crore from a loss of Rs 201.54 crore in the same period last year. | 2024-09-24 09:52 | 2024-09-24 | 09:52 |
moneycontrol.com | https://www.moneycontrol.com/news/india/nursing-student-abducted-gangraped-in-tamil-nadu-12828309.html | Nursing student abducted, gangraped in Tamil Nadu | The report comes days after the rape ad murder of a doctor in Kolkata triggered widespread protests. (file photo). | A nursing student was allegedly abducted, gangraped and later dumped at a railway station in Tamil Nadu, reports said on September 24. The girl was allegedly abducted after she got down from a bus in Theni. The unidentified accused left her at the Dindigul Railway Station where she sought help from police. The girl has been admitted to the Dindigul Government Medical College Hospital and is undergoing treatment, District Superintendent of Police, Pradeep said. An FIR has been registered and a probe is on, the officer said. The report of sexual assault comes days after a trainee doctor was raped and murdered in Kolkata's RG Kar hospital, causing widespread outrage and protests. The Supreme Court, which took a suo motu notice of the Kolkata incident, has called for better security and infrastructure for medical staff. With agency inputs | 2024-09-24 09:48 | 2024-09-24 | 09:48 |
moneycontrol.com | https://www.moneycontrol.com/news/india/haryana-cm-nayab-singh-saini-slams-cong-over-kharchi-parchi-assures-youth-to-give-jobs-on-merit-12828304.html | Haryana CM Nayab Singh Saini slams Cong over 'kharchi-parchi', assures youth to give jobs on merit | Haryana chief minister Nayab Singh Saini. | Chandigarh, Sep 23 Haryana Chief Minister Nayab Singh Saini on Monday attacked the Congress, saying some of its leaders are talking about the "kharchi-parchi" (corruption-favouritism) system in government jobs which was "prevalent" during its regime. He, however, asserted that his government's first and last priority is to provide jobs on merit basis. In a message for the state's youth which he posted on X, Saini wrote that for the past few days, "Congress candidates and Bhupinder Singh Hooda supporters are trading your future in the name of parchi-kharchi". "I feel sad and angry at their mentality," said Saini who was apparently referring to two purported audio clips of Congress' Neeraj Sharma and Shamsher Singh Gogi, legislators from Faridabad NIT and Assandh segments in the outgoing assembly. BJP MP Anurag Thakur, a few days ago, had played these two clips in a poll rally. In one clip, the Faridabad NIT MLA was heard saying that former chief minister Bhupinder Hooda (if Congress comes to power) will give two lakh jobs and he (Neeraj) will get quota of 2,000 jobs and if people of his constituency make him victorious, he will recommend one job per 50 votes he gets, Thakur had said referring to the clip. Thakur had played another clip, and said Gogi was heard saying "when Assandh will have a share in government (if Congress comes to power), we will also make our relatives happy and first we will fill coffers of our homes". CM Saini said, "Today Congress is running with the agenda of bribery, scam and job auction. Those who never promoted merit and ability in their party, how will they implement merit in administration and government." "Friends, not only your future is being auctioned in the Congress shop, but your abilities, your hard work, and your parents' dreams are also being auctioned," he claimed. "If you have to sell your land again, mortgage your mother's jewellery again, and run around politicians, relatives, close friends and middlemen, it is an insult to your self-respect and your capabilities," wrote Saini in Hindi in his post. "…if you get a job on the basis of your qualification, then your turn will come, if not today then tomorrow. But if jobs are given on the basis of 'kharchi' and 'parchi', then the path will be closed forever," said Saini. Polling for the 90 assembly seats in Haryana will be held on October 5 and votes counted on October 8. | 2024-09-24 09:42 | 2024-09-24 | 09:42 |
moneycontrol.com | https://www.moneycontrol.com/news/world/bangladesh-army-chief-pledges-support-for-yunus-interim-government-come-what-may-12828289.html | Bangladesh army chief pledges support for Yunus' interim government 'come what may' | Yunus has promised to carry out essential reforms to the judiciary, police and financial institutions, paving the way to hold a free and fair election in the country of 170 million people..Related stories. | Bangladesh’s army chief vowed to back the country’s interim government ”come what may” to help it complete key reforms after the ouster of Prime Minister Sheikh Hasina so that elections could be held within the next 18 months. General Waker-uz-Zaman and his troops stood aside in early August amid raging student-led protests against Hasina, sealing the fate of the veteran politician who resigned after 15 years in power and fled to neighbouring India. In a rare media interview, Zaman toldReutersat his office in the capital Dhaka on Monday that the interim administration led by Nobel laureate Muhammad Yunus had his full support and outlined a pathway to rid the military of political influence. "I will stand beside him. Come what may. So that he can accomplish his mission," Zaman, bespectacled and dressed in military fatigues, said of Yunus. The pioneer of the global microcredit movement, Yunus has promised to carry out essential reforms to the judiciary, police and financial institutions, paving the way to hold a free and fair election in the country of 170 million people. Following the reforms, Zaman – who took over as the army chief only weeks before Hasina’s ouster – said a transition to democracy should be made between a year and a year-and-a-half, but underlined the need for patience. "If you ask me, then I will say that should be the time frame by which we should enter into a democratic process," he said. Bangladesh’s main two political parties, Hasina’s Awami League and its bitter rival Bangladesh Nationalist Party, had both previously called for elections to be held within three months of the interim government taking office in August. Yunus, the interim administration’s chief adviser, and the army chief meet every week and have "very good relations", with the military supporting the government’s efforts to stabilise the country after a period of turmoil, said Zaman. "I’m sure that if we work together, there is no reason why we should fail," he said. More than 1,000 people were killed in violent clashes that began as a movement against public sector job quotas in July but escalated into a wider anti-government uprising – the bloodiest period in the country’s independent history. Calm has returned to the teeming streets of Dhaka, a densely packed metropolis that was at the heart of the rebellion, but some parts of the civil service are not yet properly functional after the dramatic fall of Hasina’s administration. With much of Bangladesh’s police, numbering around 190,000 personnel, still in disarray, the army has stepped up to carry out law and order duties nationwide. PUNISHMENTS AND REFORMS Born out of erstwhile East Pakistan in 1971 after a bloody independence war, Bangladesh came under military rule in 1975, following the assassination of its first prime minister, Sheikh Mujibur Rahman, Hasina’s father. In 1990, the country’s military ruler Hossain Mohammad Ershad was toppled in a popular uprising, leading to the restoration of democracy. The military again staged a coup in 2007, backing a caretaker government that ruled until Hasina took power two years later. A career infantry officer who served through these periods of turmoil, Zaman said that the Bangladesh Army that he leads would not intervene politically. "I will not do anything which is detrimental to my organisation," he said, "I am a professional soldier. I would like to keep my army professional". In line with sweeping government reforms proposed since Hasina was shunted from power, the army, too, is looking into allegations of wrongdoing by its personnel and has already punished some soldiers, Zaman said, without providing further details. "If there is any serving member who is found guilty, of course I will take action," he said, adding that some military officials may have acted out of line while working at agencies directly controlled by the former prime minister or interior minister. The interim government has formed a five-member commission, headed by a former high court judge, to investigate reports of up to 600 people who may have been forcibly ”disappeared” by Bangladesh’s security forces since 2009. In the longer term, however, Zaman wanted to distance the political establishment from the army, which has more than 130,000 personnel and is a major contributor to United Nations peacekeeping missions. "It can only happen if there is some balance of power between president and prime minister, where the armed forces can be placed directly under president," he said. Bangladesh’s armed forces currently come under the defence ministry, which is typically controlled by the prime minister, an arrangement that Zaman said a constitutional reform process under the interim government could potentially look to amend. "The military as a whole must not be used for political purpose ever,” he said. ”A soldier must not indulge in politics". | 2024-09-24 09:39 | 2024-09-24 | 09:39 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sensex-nifty-take-breather-from-three-day-rally-as-it-fmcg-stocks-weigh-on-market-12828238.html | Sensex, Nifty take breather from three-day rally; IT, FMCG stocks weigh on market | Sensex, Nifty open largely flat on September 24 after a three-day rally..Related stories. | Indian stock market indices, Sensex and Nifty 50, paused on September 24 after a three-day rally to record highs, spurred by the US Fed's 50 basis point rate cut on September 18. Weakness in IT and FMCG stocks weighed on the Nifty, while gains in metal and power stocks provided some support. At 9.20 AM, the Sensex was down 104 points or 0.1 percent at 84,823, and the Nifty was down 19 points or 0.08 percent at 25,919. About 1,607 shares advanced, 978 shares declined, and 129 shares remained unchanged. "The market should remain sidelined until we see quarterly results and gain better clarity on RBI's rate-cut decisions and the Fed's next moves. If the FII buying continues, we could see much higher levels by Diwali," said Aishvarya Dadheech Founder & CIO of Fident Asset Management. Follow our live blog for all the market action Nifty Metal emerged as the top gainer amongst sectoral indices after China announced new stimulus measures to boost its economy. The index rose nearly 2 percent led by gains in Tata Steel, Hindalco, and JSW Steel. Meanwhile, Nifty IT fell over half a percent dragged down by Infosys, TCS, and HCLTech. According to a recent report by Jefferies, HCL Tech, Tech Mahindra, and LTIMindtree see no significant change in demand. The brokerage advised selectivity in IT stocks, citing cautious management outlook, sharp price movements, rich valuations, and limited margin expansion in FY25 due to slow revenue growth. Dadheech toldMoneycontrolthat normally, the second quarter is the strongest for the IT sector, but expectations this time aren't strong. "Even the likes of Infosys and TCS are expected to grow between 1.5 percent and 2.5 percent, where they usually grow 5 percent to 6 percent. Some companies that consistently show strong growth are also expected to see muted results. This is why the market expects Q2 for Nifty IT to be muted, leading to weakness in IT stocks." Also Read |ÂStay selective on IT stocks amid soft management commentary, rich valuations: Jefferies Overnight in the US, all three benchmarks closed higher with the S&P 500 and Dow Jones Industrial Average touching new closing highs after Fed officials including Raphael Bostic, Neel Kashkari, and Austan Goolsbee supported the central bank's 50 bp rate cut and voiced support for more cuts in the rest of the year. Asia-Pacific markets climbed in early trade today, led by Chinese stocks as Beijing announced a slew of policy easing measures in a rare briefing from central bank governor Pan Gongsheng. "After the inaugural Fed rate cut, focus now turns to US PCE inflation to trickle this Friday," said Prashanth Tapse, Senior VP (Research) at Mehta Equities. While Nifty is likely to be in a trading range of 25000-26500 zone, the 26500 mark is now the major resistance zone for the index on a closing basis. | 2024-09-24 09:39 | 2024-09-24 | 09:39 |
moneycontrol.com | https://www.moneycontrol.com/news/india/cloudy-sky-expected-in-delhi-on-tuesday-forecasts-imd-12828290.html | Cloudy sky expected in Delhi on Tuesday, forecasts IMD | IMD predicts rains in Delhi. | New Delhi, Sep 24 The national capital recorded a minimum temperature of 26.4 degrees Celsius, 2.5 notches above normal on Tuesday, with the weather office forecasting a cloudy sky during the day. The humidity level was recorded at 85 per cent. According to the India Meteorological Department (IMD), Delhi is likely to witness a cloudy sky during the day. The maximum temperature is expected to be recorded at 37 degrees Celsius. | 2024-09-24 09:37 | 2024-09-24 | 09:37 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/power-grid-corporation-shares-in-focus-on-winning-inter-state-transmission-project-12828087.html | Power Grid Corporation shares gain on winning inter-state transmission project | Power Grid Corporation.Related stories. | Power Grid Corporation of India share price rose after the company received a Letter of Intent (LoI) to establish an inter-state transmission system. At 09:33am Power Grid Corporation of India was quoting at Rs 344.15, up Rs 3.10, or 0.91 percent, on the BSE. The company has been declared the successful bidder under a tariff-based competitive bidding process to set up dynamic reactive compensation at Khavda Pooling Station 1 (KPS1) and Khavda Pooling Station 3 (KPS3) on a build, own, operate, and transfer (BOOT) basis. This project will involve the installation of STATCOMs at both pooling stations, along with necessary bay extension work in Gujarat. Other Projects Won in September The company has declared as the successful bidder to establish inter-state transmission project comprises establishment of new 765/400/220kV (GIS) sub-station at a suitable location near South of Olpad, 765kV & 400kV D/C Transmission Lines and associated bays extension works at other existing substation in the State of Gujarat. Also, declared as the successful bidder to establish inter-state transmission system for the of establishment of new 765/400/220kV sub-station at Kurawar, 765kV & 400kV D/C Transmission Lines and associated bays extension works at other existing substation in the State of Madhya Pradesh. And, won competitive bidding for augmentation of transformation capacity at Jam Khambhaliya PS (GIS) on BOOT basis. The project comprises of augmentation of transformation capacity and associated bays extension works at existing substation in the state of Gujarat. The share touched a 52-week high of Rs 362.30 and a 52-week low of Rs 193.80 on 01 August, 2024 and 09 October, 2023, respectively. Currently, the stock is trading 5.01 percent below its 52-week high and 77.58 percent above its 52-week low. The share price jumped more than 70 percent in the last one-year. | 2024-09-24 09:36 | 2024-09-24 | 09:36 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/astrazeneca-pharma-shares-in-focus-on-cdsco-permission-12828086.html | AstraZeneca Pharma shares jump 8% on CDSCO permission | AstraZeneca Pharma India.Related stories. | AstraZeneca Pharma Indiashare price rose 7 percent in the opening trade on September 24 after the company received permission to import for sale & distribution of Durvalumab solution for Infusion. At 09:31am, AstraZeneca Pharma was quoting at Rs 7,320.60, up Rs 574.15, or 8.51 percent, on the BSE. ".... has received permission to import for sale and distribution of Durvalumab 120 mg/2.4 mL and 500 mg/10 mL solution for infusion (Imfinzi) from the Central Drugs Standard Control Organisation (CDSCO), Directorate General of Health Services, Government of India," company said in exchange filing. Durvalumab (IMFINZI) in combination with chemotherapy as neoadjuvant treatment, followed by IMFINZI as monotherapy after surgery, is indicated for the treatment of patients with resectable (tumours 4 cm and/or node positive) NSCLC and no known epidermal growth factor receptor (EGFR) mutations or anaplastic lymphoma kinase (ALK) rearrangements. The receipt of this permission paves way for the launch of Durvalumab solution for infusion (Imfinzi) in India for the specified additional indication, subject to the receiptof related statutory approvals, if any. Catch all the market action on our live blog Last week, company informed about launch of Palivizumab (Synagis) and Tremelimumab (Imjudo) in October 2024 in India. Tremelimumab (Imjudo) in combination with Durvalumab (Imfinzi) is indicated for the treatment of patients with unresectable hepatocellular carcinoma (uHCC) and Palivizumab (Synagis) is indicated for the prevention of serious lower respiratory tract disease requiring hospitalization caused by respiratory syncytial virus (RSV) in children at high risk for RSV disease. The share touched a 52-week high of Rs 7,550.00 and a 52-week low of Rs 4,050.15 on 04 July, 2024 and 21 March, 2024, respectively. Currently, the stock is trading 3.04 percent below its 52-week high and 80.75 percent above its 52-week low. The share price gained 60 percent in the last one-year. | 2024-09-24 09:34 | 2024-09-24 | 09:34 |
moneycontrol.com | https://www.moneycontrol.com/technology/ai-powered-mind-reading-women-only-university-in-karnataka-targets-early-epilepsy-detection-article-12828083.html | AI-powered mind reading: Women-only university in Karnataka targets early epilepsy detection | Related stories. | When it comes to groundbreaking innovation in artificial intelligence (AI), women are literally reading minds. Thanks to Karnataka State Akkamahadevi Women’s University (KSAWU) — the state’s only women’s varsity located in Vijayapura — North Karnataka, a region often considered underdeveloped, is making waves. In what could be a leap forward for both neuroscience and AI, the varsity is at the forefront of cutting-edge innovation. The institution is pioneering research to reconstruct images directly from human brain activity using AI, which could aid in the early detection of diseases such as epilepsy. Research scholars in the Science & Technology department, led by Professor K Ramesh, Dean of the Faculty of Science & Technology, are developing a prototype of a latent diffusion model (LDM), a type of diffusion model, aimed at reconstructing images from human brain activity captured through functional magnetic resonance imaging (fMRI). The university has recently floated a tender for advanced hardware, including processors and NVIDIA A100 graphics cards, which are essential for accelerating their LDM-based research in brain image reconstruction. "The use of AI-based LDMs to map brain activity to high-resolution images offers major advantages in medicine and society. It can aid in the early detection and diagnosis of neurological disorders such as Alzheimer's, Parkinson's, and schizophrenia by identifying changes in brain activity patterns,” said Ramesh. “It can also contribute to the development of brain-computer interfaces, potentially enabling paralysed people to communicate with the outside world,” he said. The project is being implemented with funding from the state government's Vision Group on Science and Technology (VGST) under the research excellence scheme. How does it work? LDM is a type of generative model that can create highly realistic images from noise. The team proposes to use LDM to interpret the complex patterns of brain activity captured through fMRI. fMRI is a non-invasive brain imaging technique that measures changes in blood flow in the brain, which correlate with neural activity. By analysing these patterns, the LDM can generate images representing the visual information the brain is processing. Leveraging LDMs can also reduce computational costs without sacrificing performance. “AI-based LDM extracts and parses data from fMRI and electroencephalograms [EEG], disseminating knowledge that facilitates the reconstruction of fMRI and EEG data and aids in innovating new biomarkers. These new biomarkers can help identify the type of epilepsy in infants, allowing for the correct treatment to be administered at the right time,” said Ramesh. Biomarkers are indicators that can be used to track brain function and health. “LDM architecture works in a back-and-forth direction, with many weights assigned during the reconstruction of high-quality fMRI and EEG images,” he said. Ramesh said although the department is not partnering with any hospitals, it will consult with them to collect fMRI and EEG data. Speaking about the challenges of obtaining fMRI and EEG data, Ramesh said, “AI-based computational models are not rule-based; they are training-based and are inherently a black box. Many challenges must be addressed to achieve accurate results.” The university’s AI advancements extend beyond groundbreaking research in brain activity. Last year, the it made headlines when its journalism department introduced Asha, an AI news anchor, on its campus news channel, Akka. AI is making significant strides in medical science, particularly in disease detection. Earlier this year, researchers from Harvard and Googlemapped a small section of the human brain, capturing each neuron and the intricate networks they form. This fragment was taken from a 45-year-old woman who underwent brain surgery for epilepsy. This groundbreaking brain map reveals around 57,000 neurons, 230 millimeters (9 inches) of blood vessels, and 150 million synapses — the connection points between neurons. Meanwhile, the Bengaluru-based start-up BrainSightAI is harnessing the power of AI and machine learning to create personalised brain maps. The company'sVoxelBox platformuses AI and machine learning-based neuroimaging solutions to create personalised brain maps, providing visual representations of the functional and structural connections within the brain. | 2024-09-24 09:33 | 2024-09-24 | 09:33 |