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moneycontrol.com

https://www.moneycontrol.com/news/business/markets/nse-to-introduce-futures-and-options-contracts-on-45-stocks-from-november-29-heres-the-full-list-12866700.html

NSE to introduce futures and options contracts on 45 stocks from November 29, here's the full list

NSE.

The NSE said on November 13 that futures and options contracts on 45 stocks will be available for trading, with effect from November 29. This will include companies such as Life Insurance Corporation, Jio Financial Services, Adani Energy Solutions, Adani Green Energy, Nykaa, Paytm, YES Bank and Zomato, among others. "Members are advised to note that based on the stock selection criteria as prescribed by SEBI vide circular no. SEBI/HO/MRD/MRD-PoD-2/P/CIR/2024/116 dated August 30, 2024 and approval received from SEBI, members are hereby notified that the futures and options contracts on following 45 additional securities would be available for trading," the NSE said in a circular. Here is the full list of the 45 companies that will have futures and options contracts: Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

2024-11-13 21:45

2024-11-13

21:45

moneycontrol.com

https://www.moneycontrol.com/news/india/haryana-shiv-sena-leader-claims-he-received-threat-call-from-lawrence-bishnoi-gang-12866699.html

Haryana: Shiv Sena leader claims he received threat call from Lawrence Bishnoi gang

Lawrence Bishnoi.

Shiv Sena’s Haryana in-charge Vikram Singh has filed an online complaint with cyber police that he received a threatening call from a person who claimed to be from the Lawrence Bishnoi gang. He claims that the caller, who identified himself as Rohit Godara, demanded a share in his business, the police said. A senior police officer said that they are investigating the matter. According to the complaint filed by Vikram Singh, he received a WhatsApp call from a UK number on November 11 at around 3 pm in which the caller said that he was a member of gangster Lawrence Bishnoi gang and asked him for a share in his business. ”They gave one day’s time and threatened that if I don’t give a share in my business, they will kill me,” Yadav said in his complaint. When contacted, Singh said that if anything untoward happens to his family or him, the BJP government will be responsible for it.

2024-11-13 21:33

2024-11-13

21:33

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/buy-hindalco-target-of-rs-780-motilal-oswal-12866465.html

Buy Hindalco; target of Rs 780: Motilal Oswal

Buy.Related stories.

Motilal Oswal's research report onHindalco HNDL’s consolidated net sales stood at INR582b (+7 YoY/+2% QoQ) in 2QFY25 vs. our est. of INR569b, aided by better realizations and efficiencies in India operations. Consolidated EBITDA stood at INR79b (+40% YoY/+5% QoQ) vs. our est. of INR66b, driven by lower costs. APAT stood at INR43b (+97% YoY/+25% QoQ) vs. our est. of INR31b. HNDL reported one-time exceptional expenses of INR5.1b related to flooding at the Sierre plant. For 1HFY25, revenue stood at INR1,152b (+8% YoY), EBITDA came in at INR154b (+36% YoY), and APAT was INR77b (+66% YoY). For 2HFY25, we expect revenues, EBITDA and APAT to grow by 8%, 18% and 34% YoY, respectively. The net debt-to-EBITDA ratio stood at 1.19x in 2QFY25 vs. 1.24x in 1QFY25. Outlook We maintained our FY26/FY27 estimates, while we raised our EBITDA/APAT estimates by 6%/9% for FY25. At CMP, the stock trades at 5.5x EV/EBITDA and 1.1x P/B on FY27E. We reiterate our BUY rating on HNDL with a revised SoTPbased TP of INR780. For all recommendations report,click here Hindalco - 13112024 - moti

2024-11-13 21:31

2024-11-13

21:31

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/buy-hyundai-motor-target-of-rs-2235-motilal-oswal-12866466.html

Buy Hyundai Motor; target of Rs 2235: Motilal Oswal

Buy.Related stories.

Motilal Oswal's research report onHyundai Motor Hyundai Motor (HMI)’s 2QFY25 performance was hit by ~9% YoY volume decline and higher discounts, leading to a 30bp YoY/70bp QoQ EBITDA margin contraction to 12.8%. While the PV industry’s demand remains moderate, we expect HMI to post steady growth given its favorable SUV mix and strong export opportunities going forward. Outlook We broadly retain our FY25E/26E EPS. We assign a slightly higher multiple to HMI at 27x Sep’26E EPS, compared to MSIL’s 26x, given its strong parent support for new technology, superior financial metrics, a relatively premium brand perception, and better alignment with industry trends. We reiterate our BUY rating with a revised TP of INR2,235. For all recommendations report,click here Hyundai Motor - 13112024 - moti

2024-11-13 21:21

2024-11-13

21:21

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/buy-triveni-turbine-target-of-rs-830-motilal-oswal-12866468.html

Buy Triveni Turbine; target of Rs 830: Motilal Oswal

Buy.Related stories.

Motilal Oswal's research report onTriveni Turbine Triveni Turbine (TRIV)’s 2QFY25 results exceeded our expectations on both the revenue and profitability front. The company reported a revenue/EBITDA/PAT growth of 29%/50%/41% YoY in 2QFY25. Domestic order inflows grew 4% YoY, as inquiry generation in the preceding two quarters was impacted by elections. Export ordering growth continued to be robust at 50% YoY. Domestic order inflow pipeline will see an uptick in ensuing quarters with healthy inquiries from distilleries, municipal solid waste, cement, steel, process co-generation, chemicals, petchem, etc. Outlook We maintain our revenue estimates while increasing our margin estimates for FY25, based on 1HFY25 performance and order book mix. We reiterate our BUY rating with an unchanged TP of INR830, based on 48x two-year forward earnings. For all recommendations report,click here Triveni Turbine - 13112024 - moti

2024-11-13 21:18

2024-11-13

21:18

moneycontrol.com

https://www.moneycontrol.com/news/india/empowerment-of-villages-and-panchayats-will-boost-indias-progress-murmu-12866686.html

Empowerment of villages and panchayats will boost India's progress: Murmu

Empowerment of villages and panchayats will boost India's progress: Murmu.Related stories.

President Droupadi Murmu on Wednesday said India will progress once its villages and panchayats are empowered as nearly 70 to 80 per cent of the people live in rural parts of the country. She was addressing a gathering in Silvassa town of the Union Territory of Dadra and Nagar Haveli, and Daman and Diu after inaugurating a government school at Zanda Chowk and phase-II of development of space beneath Yatri Niwas flyover here. "As per our Constitution's preamble, our nation's aim is to provide social, economic and political justice to citizens. I was told that the administration of this Union Territory is taking various steps for the uplift of this region's people and results of those efforts are now visible," she said. Murmu said the participation of village panchayats helps in ensuring better governance. "India is a country of villages because nearly 70 to 80 per cent people live in villages. Thus, our country will progress and become stronger if villages and panchayats become stronger," the president said, adding she will visit a 'panchayat ghar' after the event. Murmu is on a two-day visit to the Union Territory from Tuesday. On the first day of her visit, she visited a recently-inaugurated aviary and a government engineering college and the National Institute of Fashion Technology (NIFT) campus in Daman. On Wednesday, she began her visit by visiting the NAMO Medical Education & Research Institute in Silvassa town and interacted with students and faculty. "The energy with which the youth is marching forward, I am sure that it will help us in building Viksit Bharat (developed India)," Murmu said in her address. Referring to different tourist spots she visited in neighbouring Daman district on Tuesday, including the aviary and a walkway along the seashore, Murmu said the region has become a "sought after tourist destination". "This region became a sought after tourist destination among people due to its natural, historical and cultural heritage. Tourism creates new employment opportunities and more and more people become aware about our country's beauty and heritage," she said. "Moreover, whenever we interact with the people of other regions, we become more sensitive and broad-minded," she added. Murmu expressed happiness about various developmental works undertaken by the administration in recent times, such as starting the NAMO Medical college, increasing beds in the hospital attached with it, an Industrial Training Institute (ITI) in Khanvel and providing assistance to women to start dairy farming. Noting that Janjatiya Gaurav Divas is celebrated on November 15 to honour the contributions of tribal freedom fighters, she said, "The central government is undertaking several works in the country for the development of tribals." "I am told that the administration of this Union Territory has also taken many steps for the development of tribals living in this region," she added. In the evening, Murmu will visit INS Khukri Memorial at Chakratirth beach in Diu to lay a wreath and then visit Diu fort, an official release said.

2024-11-13 20:48

2024-11-13

20:48

moneycontrol.com

https://www.moneycontrol.com/news/world/cop29-global-carbon-emissions-to-scale-new-peak-in-2024-no-signs-of-pledged-transition-12866681.html

COP29: Global carbon emissions to scale new peak in 2024, no signs of pledged transition

COP29 stands of the 29th Conference of Parties, where the parties are nations that have members of the United Nations Framework Convention on Climate Change..Related stories.

Emissions from burning fossil fuels are projected to post a new record in 2024, with an anticipated peak not yet in sight, an international team of scientists said in their latest annual report. Fossil carbon dioxide emissions are projected to reach 37.4 billion tonnes, up 0.8 percent from 2023, the 2024 Global CarbonBudgetreleased on November 13 reported. With projected emissions from land-use change, such as deforestation, of 4.2 billion tonnes, total CO2 emissions are projected to be 41.6 billion tonnes in 2024, up from 40.6 billion tonnes last year, the global team of over 120 scientists said. Despite the urgent need to cut emissions to slow down the climate crisis, the researchers said there was still no sign that the world has reached a peak in fossil CO2 emissions. However, over the past 10 years, fossil fuel emissions have risen but land-use change emissions have declined on an average, leaving overall emissions roughly level over that period. This year though, both fossil and land-use change CO2 emissions are set to rise, with droughts across the world worsening emissions from deforestation and forest degradation fires during the El Niño climate event of 2023-24. "The impacts of climate change are becoming increasingly dramatic, yet we still see no sign that burning of fossil fuels has peaked," Pierre Friedlingstein of Exeter's Global Systems Institute, who led the study, said in a statement. With over 40 billion tonnes released each year, the level of CO2 in the atmosphere continues to rise, driving increasingly dangerous global warming. "World leaders meeting at COP29 must bring about rapid and deep cuts to fossil fuel emissions to give us a chance of staying well below 2°C warming above preindustrial levels," Friedlingstein said. COP29 stands of the 29th Conference of Parties, where the parties are nations that have members of the United Nations Framework Convention on Climate Change. The annual summit is being held in Azerbaijan's Baku from November 11-22. "In terms of emissions peaking, we do not see that happening yet," said Mike Sullivan, a climate scientist at the University of Exeter. "We really need large decreases and we need to go towards net zero to avoid dangerous climate change," his colleague Stephen Sitch said. Net zero refers to the balance between the amount of greenhouse gas produced and the amount removed from the atmosphere, which can be achieved through a combination of reducing and removing emissions. Globally, fossil fuel CO₂ emissions come from coal (41 percent), oil (32 percent) and gas (21 percent). China contributed 32 percent of the total emissions, followed by the US (13 percent), India (8 percent) and the European Union (7 percent). Accelerating rates of global warming increases the risks of more extreme weather events that put millions of people at risk and threaten economic growth. Every 1°C rise in global average atmospheric temperature would equate to a 12 percent hit to the world’s gross domestic product, according to a recent assessment by the National Bureau of Economic Research, a New York-based non-profit. At the current rate of emissions, the Global Carbon Budget team estimated a 50 percent chance that global warming will exceed 1.5°C consistently in about six years. Global temperatures were already 1.48°C above the preindustrial level in 2023, and it is virtually certain it would be more than 1.5°C in 2024, Copernicus Climate Change Service, an European research organisation, said earlier in November. A downward trend in global CO2 emissions is required to meet net zero targets and minimise the impacts of climate change. Climate negotiators have gathered in Baku to thrash out a consensus on ensuring finance to mitigate and adapt to the climate emergency.

2024-11-13 20:44

2024-11-13

20:44

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/buy-siemens-target-of-rs-8400-motilal-oswal-12866469.html

Buy Siemens; target of Rs 8400: Motilal Oswal

Buy.

Motilal Oswal's research report onSiemens We attended Siemens Innovation Day, where the company highlighted its key products and solutions that it has established for its customers. SIEM has participated in the journey of energy efficiency of various user industries, and it continues to focus on high growth areas, such as renewables, data centers, EVs, semiconductors, and other private capex-focused industries, to become more efficient. The opportunity pipeline remains strong from the above industries, and SIEM is ideally positioned to capture it with its key products, such as Xcelerator, industrial metaverse, and digital twins. Outlook We maintain our estimates and reiterate our BUY rating with a TP of INR8,400. For all recommendations report,click here Siemens - 13112024 - moti

2024-11-13 20:42

2024-11-13

20:42

moneycontrol.com

https://www.moneycontrol.com/news/india/border-officer-wanted-in-india-for-terrorism-charges-gets-clean-chit-in-canada-report-12866636.html

Border officer wanted in India for terrorism charges gets clean chit in Canada: Report

As per India's National Investigation Agency (NIA), the officer, Sidhu, is also a member of the banned International Sikh Youth Federation (Image: Reuters).

The Canada Border Services Agency (CBSA) has cleared one of its officers who had been charged with terrorism in India, according to Canadian Broadcasting Corporation (CBC). The agency has now reinstated Sandeep ‘Sunny’ Singh Sidhu, who has been linked to the assassination of Shaurya Chakra awardee Balwinder Singh Sandhu in Punjab. Sidhu was given a clean chit after a probe by the Canadian Security Intelligence Service (CSIS). The development comes amid a strain in ties between the two countries, which began following Canadian Prime Minister Justin Trudeau’s allegations in September last year of a "potential" involvement of Indian agents in the killing of Khalistan extremist Hardeep Singh Nijjar. New Delhi rejected Trudeau's charges as "absurd". As per India's National Investigation Agency (NIA), the officer, Sidhu, is also a member of the banned International Sikh Youth Federation (ISYF) and is linked to Khalistani terror networks as well as Pakistan's spy agency, the Inter-Services Intelligence (ISI). The officer, Sandeep Singh Sidhu, who is also known by the alias "Sunny Toronto", was added to New Delhi’s list of fugitives, with the Indian government seeking his deportation in October. Sidhu, in conversation with CBC, said that the agency had brought in the CSIS to conduct two days of polygraph tests on him. "I have been through a year-long investigation where they've talked to my family, they've talked to my coworkers, they've gone through my financial statements, they've gone through my bank statements, my telephone records," Sidhu told CBC. India has been maintaining that the main issue between the two countries is that of Canada giving space to pro-Khalistan elements operating from Canadian soil with impunity. A few days back, Khalistani supporters disrupted a consular event co-organised by the Hindu Sabha temple in Brampton and the Indian Consulate. The incident was condemned by Trudeau who said every Canadian has the right to practise their faith freely and safely. In a statement, the Ministry of External Affairs said that New Delhi remains "deeply concerned" about the safety and security of Indian nationals in Canada.

2024-11-13 20:38

2024-11-13

20:38

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sebi-proposes-making-registered-intermediaries-miis-responsible-for-output-of-ai-tools-12866666.html

SEBI proposes making registered intermediaries, MIIs responsible for output of AI tools

The capital-markets regulator has already mandated reporting requirements on the usage of AI/ML systems..Related stories.

The market regulator has proposed that every SEBI regulated entity that uses artificial intelligence/machine learning (AI/ML) tools, either designed by the entity or procured from third parties, be made responsible for the output from the usage of these tools and the privacy of investors' data. In a consultation paper released on November 13, the Securities and Exchange Board of India (SEBI) has said, "The use of AI/ML systems/tools are on the rise including in the financial markets to enable stakeholders to make informed decisions and thus may play an increasingly significant role in market analysis, stock selection, investment strategies and in building a portfolio in their invested securities." The paper stated that, while this may increase efficiency and accuracy, and help with better risk management and provide other benefits, "it is equally important to ensure the protection of investors with the usage of such tools". Therefore, the regulator has already mandated reporting requirements on the usage of AI/ML systems. Now it is proposing to assign responsibility on the intermediaries, MIIs and regulated persons. Also read:MC Exclusive: Fake investment bankers making a killing amid SME sector’s IPO boom The paper elaborated on the meaning of artificial intelligence, as generally understood, as focussing on " executable programmes in machines and computers that can learn, reason and act in ways that would normally require human intelligence. AI techniques are designed to learn from analysing data sets and perform on the basis of minimal or without any human assistance". It added, "AI uses ‘Machine Learning’ techniques including natural language processing (voice to text, text to systems, robo chat bots, etc), neural networks, statistical heuristics, feedback mechanism, etc, including a combination thereof to analyse large amounts of data, learning from such data and performing tasks without explicit instructions." The proposed amendment will describe artificial intelligence as such: "the expression “artificial intelligence tools” may include any application or software programme or executable system or a combination thereof, offered by a recognized stock exchange or a recognized clearing corporation to investors/stakeholders or used internally by it to facilitate trading and settlement, carry out its activities including compliance requirements and the same is portrayed as part of the public product offering or under usage for compliance or management or other business purposes." The proposed amendments are for the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 and the Securities and Exchange Board of India (Intermediaries) Regulations, 2008, with respect to assigning responsibility for the use of artificial intelligence (“AI”) tools by Market Infrastructure Institutions, Registered Intermediaries and other persons regulated by SEBI. Public comments and suggestions need to be sent in by November 28.

2024-11-13 20:37

2024-11-13

20:37

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/fiis-net-sell-rs-2503-crore-in-shares-diis-net-buy-rs-6145-crore-12866660.html

FIIs net sell Rs 2,503 crore in shares, DIIs net buy Rs 6,145 crore

In the year so far, FIIs have net sold shares worth Rs 2.81 lakh crore, while DIIs have bought Rs 5.49 lakh crore shares..Related stories.

On November 13, domestic institutional investors (DII) net bought shares worth Rs 6,145crore. On the other hand, foreign institutional investors (FIIs) net sold shares worth Rs 2,503 crore, provisional data from NSE showed. DIIs bought Rs 14,095 crore and sold shares worth Rs 7,950 crore. Meanwhile, FIIs purchased Rs 15,178 crore in shares and offloaded equities worth Rs 17,681 crore during the trading session. In the year so far, FIIs have net sold shares worth Rs 2.81 lakh crore, while DIIs have bought Rs 5.49 lakh crore in shares. Also read:Taking Stock: Bloodbath on the Street as Nifty falls 10% from its peak Market view The Sensex and Nifty marked their fifth consecutive day of losses on November 13. At close, the Sensex had shed 984 points, or 1.3 percent, settling at 77,690, while the Nifty declined 324 points, or 1.4 percent, to 23,559. Among the Nifty 50's biggest losers were Tata Steel, Eicher Motors, M&M, Hindalco, and Hero MotoCorp, each down 3-4 percent. Meanwhile, Britannia, Tata Motors, NTPC, HUL, and Asian Paints were the top gainers. All 13 major sectoral indices closed in the red. On today’s market, Deepak Jasani, Head of Retail Research at HDFC Securities noted that Nifty has officially entering correction territory with a 10% drop from its recent high. Increased cash market volumes on the “NSE suggest that local investors are engaging in bottom-fishing activities. However, the broad market indices have declined even more sharply than the Nifty, indicating a challenging advance-decline ratio,” he said.

2024-11-13 20:36

2024-11-13

20:36

moneycontrol.com

https://www.moneycontrol.com/news/india/jaishankars-razor-sharp-reply-silences-australian-journalist-over-angst-on-indo-russia-ties-12866671.html

Jaishankar’s razor-sharp reply silences Australian journalist over ‘angst’ on Indo-Russia ties

EAM Jaishankar.

In a recent interview with an Australian news channel, External Affairs Minister S Jaishankar addressed India’s stance on its relationship with Russia. Responding to whether India recognizes the “angst” this relationship causes Australia, Jaishankar told to Sky News Australia’s Sharri Markson: “I don’t think we have given cause for any angst. In today’s world, countries don’t have exclusive relationships.” The minister then drew a Pakistan parallel: "If I were to use that logic, I would say so many countries have relationship with Pakistan. Look at the angst it should cause me." The minister went on to explain that India’s close ties with Russia are actually beneficial for the international community. “Our relationship with Russia allows us to be an intermediary with the ability to communicate with both Russia and Ukraine, and to seek some common ground. I believe the world, including Australia, needs a country like that to help bring this conflict back to the negotiation table.” Australia, which supports Ukraine and has supplied weapons to Kyiv, has stood firmly against Russia since the conflict began in 2022. At the time, former Australian Prime Minister Scott Morrison had urged the world to treat Russia as a “pariah state.” When Western nations imposed sanctions on Russia, India chose to continue purchasing Russian oil to meet its energy needs, a decision that drew criticism. Jaishankar, dismissed the West’s concerns, urging Europe to “grow out of the mindset that Europe’s problems are the world’s problems, but the world’s problems are not Europe’s problems.” He emphasized India’s right to prioritize its energy security and, at a later event, noted that Russia has never acted against India’s interests. peaking to Sky News, Jaishankar highlighted the importance of India-Australia relations and said, “The relationship with Australia has so much value because today we have that trust, we have that sensitivity, we are developing that experience of working together." “So there are a lot of things, you know, I’d be comfortable getting out of Australia or doing with Australia, which I may not be with some other countries," he said.

2024-11-13 20:36

2024-11-13

20:36

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/buy-ongc-target-of-rs-330-motilal-oswal-12866471.html

Buy ONGC; target of Rs 330: Motilal Oswal

Buy.Related stories.

Motilal Oswal's research report onONGC ONGC’s reported EBITDA stood at INR182b (flat YoY) in 2QFY25, in line with our estimate. PAT was 30% above our estimate, mainly aided by higher other income. In the conference call, the management highlighted that gas from new wells from nominated blocks will be priced at 12% slope to the Indian crude basket price. The management also expressed confidence that ONGC Petro-Additions Limited (OPaL) will see a turnaround in FY26 amid lower interest costs and lower-priced feedstock gas. While gas from KG 98/2 asset is set to ramp up by FY25 end, the management has reduced overall production volume guidance (standalone + JV) for FY26/FY27 to 44.9/46.2mmtoe (from 46.5/49mmtoe for FY26/FY27). Outlook We value the standalone business at 8x Dec’26E adj. EPS of INR30 and add the value of investments to arrive at a TP of INR330, implying 29% potential upside. We reiterate our BUY rating on the stock. For all recommendations report,click here ONGC - 13112024 - moti

2024-11-13 20:32

2024-11-13

20:32

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/niva-bupa-likely-to-see-modest-dalal-street-debut-on-november-14-12866664.html

Niva Bupa likely to see modest Dalal Street debut on November 14

Niva Bupa intends to utilise the net proceeds from the fresh issuance towards boosting its capital base to strengthen solvency levels, and a portion will be used for general corporate purposes..Related stories.

Investors who received share allocations in Niva Bupa Health Insurance Company Ltd. may see muted listing gains as the company’s stock is set to debut on exchanges on November 14. Analysts predict a subdued opening for the stock, citing weakened investor appetite for newly listed companies amidst prevailing market volatility and a tepid GMP in the unofficial market. The initial public offer (IPO) ofNiva Bupa, formerly known as Max Bupa Health Insurance Company, was subscribed 1.80 times at its close on Monday. The issue was priced in the band of Rs 70-74 per share. Prathamesh Masdekar, Research Analyst at StoxBox, expects the stock to open near the upper end of the price band with stable performance prospects. "Niva Bupa is a prominent player in the health insurance sector, with innovative expansion plans and a technology-led, automated approach that supports profitability potential. We recommend that investors allotted shares hold them with a medium to long-term view," Masdekar said. Niva Bupa IPO subscribed 1.8 times by Day 3, retail investors show strong interest As one of India's leading health insurers, Niva Bupa provides a range of products and services aimed at easing customers’ healthcare journeys by integrating a comprehensive health ecosystem. Narendra Solanki, an analyst at Anand Rathi, noted that the company’s valuation at the upper price band reflects a price-to-book value (P/BV) ratio of 6.1x, resulting in a market capitalisation of Rs 1,35,200 million post-issue. “The IPO appears fully priced, and we assign a ‘Subscribe – Long Term’ rating to the offering,” Solanki added. According to platforms that track the grey market premium activities, the shares of the company are commanding a near flat GMP in the unofficial market. The Rs 2,200-crore IPO comprises a fresh equity issue of Rs 800 crore and an offer-for-sale component of Rs 1,400 crore by promoters. The company downsized the issue from its original target of Rs 3,000 crore. Proceeds from the fresh issuance will primarily strengthen Niva Bupa’s capital base to improve solvency levels, with a portion allocated for general corporate purposes. This IPO makes Niva Bupa the second standalone health insurer to go public after Star Health & Allied Insurance Company.

2024-11-13 20:32

2024-11-13

20:32

moneycontrol.com

https://www.moneycontrol.com/news/business/cryptocurrency/bitcoin-surges-above-90000-for-the-first-time-as-rally-resumes-on-trump-optimism-12866672.html

Bitcoin surges above $90,000 for the first time as rally resumes on Trump optimism

Bitcoin briefly exceeded $90,000 on some trading venues on Tuesday, such as Coinbase Global Inc.’s platform.Related stories.

A surge in Bitcoin that paused earlier Wednesday is regaining steam, sending the original cryptocurrency above $90,000 for the first time, as traders assess the remaining market impact of President-elect Donald Trump’s rhetorical support for crypto. The digital asset is up more than 30% in the wake of Trump’s Nov. 5 election victory, reaching a record of $91,085 at 9:33 a.m. in New York with a more-than 3% gain for the day. Trump has pledged to create a friendly regulatory framework for crypto, set up a strategic Bitcoin stockpile and make the US the global hub for the industry. A onetime crypto skeptic, Trump reversed course after digital-asset companies spent heavily during election campaigning to promote their interests. His stance spread optimism across crypto, lifting the value of the market to an all-time peak. But thorny questions remain about whether Trump and his Republican lawmakers will be focused first on larger matters like China policy and the US economy, pushing digital-asset legislation down the pecking order. “While we wouldn’t rule out further gains, a heck of a lot of good news is now priced in,” IG Australia Pty Market Analyst Tony Sycamore wrote in a note. DogecoinOne of the strongest performers recently in crypto is Dogecoin, a token promoted by billionaire Elon Musk and a meme-crowd favorite. The Shiba Inu-themed coin, also known as DOGE, rose 80% or so in the past five days. Before the election, Musk suggested he could lead a Department of Government Efficiency, whose initials are an apparent nod to the cryptocurrency. Trump on Tuesday announced the creation of the department to cut wasteful spending, saying Musk would be its co-head. Dogecoin briefly jumped after the statement before following Bitcoin lower. Higher YieldsTreasury yields and the dollar are climbing, an indication that investors expect inflationary pressures from Trump’s plan to impose trade tariffs and cut taxes. Stocks dipped against that backdrop given that comparatively higher borrowing costs are a potential hurdle for riskier investments, including crypto. “Relatively muted” leverage in the crypto market “mitigates the risk of a sharp correction,” according to Noelle Acheson, author of the Crypto Is Macro Now newsletter. “A market breather would be welcome, but it is likely to be short. The tailwinds are still strong.” Bitcoin briefly exceeded $90,000 on some trading venues on Tuesday, such as Coinbase Global Inc.’s platform. Bullish options bets are concentrated on the largest token reaching $100,000, based on data from Deribit. Inflows into US Bitcoin exchange-traded funds topped $1 billion at the start of the week.

2024-11-13 20:28

2024-11-13

20:28

moneycontrol.com

https://www.moneycontrol.com/news/world/bangladesh-leader-muhammad-yunus-slams-rich-nations-for-burning-up-the-planet-at-un-climate-talks-12866667.html

Bangladesh leader Muhammad Yunus slams rich nations for burning up the planet at UN climate talks

Bangladesh's interim leader Muhammad Yunus (Courtesy: Reuters photo).Related stories.

Bangladesh's interim leader Muhammad Yunus said Wednesday that world leaders shouldn't be negotiating at United Nations climate talks this year, and countries responsible for warming up the planet should instead just simply provide the funds to deal with the climate crisis. “Why should there be a negotiation? You are causing the problem, then you solve it,” he told The Associated Press in an interview in Baku, Azerbaijan. “We will raise our voice and tell them it’s your fault, like what we did with colonialism.” Yunus was chosen to head Bangladesh’s interim government after the nation’s longtime prime minister Sheikh Hasina resigned and fled abroad. Her resignation followed intense political turmoil earlier this year, with weeks of protests and clashes with security forces that killed nearly 300 people. Known as the “banker to the poorest of the poor,” Yunus was a longtime critic of Hasina. Yunus said the climate negotiations, known as COP29, can be “humiliating” for poor countries. Yunus likened the talks to a "fish market" packed with people trying to get the best bargains. “That’s a very wrong perception of the whole thing," he said. Bangladesh is among the most vulnerable countries in the world to climate change. Various scientific reports have found that the South Asian nation could lose up to 17% of its land to rising seas and is also at the brunt of increasingly more frequent and intense cyclonic storms. But “everyone’s home is on fire,” said Yunus. He said rich nations, who developed their economies by burning planet-warming coal, oil and gas, are "not safe either. So they have to act in their self-interest as well as the interest of the whole planet.” Yunus said he will dedicate his time as leader to clean energy projects in Bangladesh and protecting the population against climate change. “Whether it’s an interim government or no government or a democratic government, whatever government is in power should be aware and has to work hard to stop that fire," he said.

2024-11-13 20:26

2024-11-13

20:26

moneycontrol.com

https://www.moneycontrol.com/news/world/imran-khan-issues-final-call-for-protest-in-islamabad-on-november-24-12866662.html

Imran Khan issues 'final call' for protest in Islamabad on November 24

Former Pakistan PM Imran Khan (Courtesy: AP Photo).Related stories.

Pakistan's jailed former premier Imran Khan has issued a "final call" for a protest in Islamabad on November 24 to press for his release from jail, his sister said on Wednesday. His sister Aleema Khan, after meeting him in the Adiala Jail Rawalpindi, told the media that everyone from the Pakistan Tehreek-e-Insaf, including workers, members of parliament, and party supporters, should join the protest. "This is the moment when you will have to decide [whether] you want to live under martial law or live with freedom," she quoted Khan as saying. "You used your right [to vote] on February 8… but the next day, the foundation you had laid for democracy was stolen," she further quoted her jailed brother as saying. She further said that Khan has addressed his call to four categories of people — farmers, lawyers, civil society and students — who should come out to protest for their rights. Talking about the 26th Amendment being enacted as law, she quoted Khan as saying, “All of your rights have been taken away; the Supreme Court has been occupied, and the current conditions are even worse than previous martial laws.” Separately, the PTI in a statement said a long march would begin towards Islamabad on November 24 to force the government to accept three demands: “Restoration of the judiciary, as 26th amendment is a blatant attempt to clip judicial powers; release of party leadership & workers and return of stolen mandate, 2024 election by far, the most controversial and farce election.” The so-called final call for protest comes after a series of protests by the PTI supporters since September. The last protest call towards Islamabad on October 4 failed to achieve its objective. By giving the go-ahead for the final protest, Khan and his party have exhausted all channels to secure his release from jail, where he has been kept for more than a year.

2024-11-13 20:06

2024-11-13

20:06

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/zinka-logistics-ipo-subscribed-24-on-day-1-of-offer-12866649.html

Zinka Logistics Solutions IPO subscribed 24% on Day 1 of offer

Zinka Logistics Solutions.Related stories.

The initial public offer of Zinka Logistics Solutions, a digital platform for truck operators, got subscribed 24 percent on the first day of bidding on November 13. The IPO received bids for 54,08,100 shares against 2,25,67,270 shares on offer, as per NSE data. The portion for retail individual investors (RIIs) got subscribed 50 percent while the category for qualified institutional buyers (QIBs) fetched 26 percent subscription. The non-institutional investors part attracted 2 percent subscription. Zinka Logistics Solutionson Tuesday mobilised over Rs 501 crore from anchor investors. The Rs 1,115 crore IPO is available at a price range of Rs 259-273 apiece for public subscription during November 13-18. TheIPOis a combination of a fresh issue of shares worth Rs 550 crore and an offer of sale (OFS) of up to 2.06 crore shares. The OFS by promoters and investor selling shareholders is valued at Rs 565 crore at the upper end of the price band. Proceeds from the fresh issuance to the extent of Rs 200 crore will be used for sales and marketing initiatives; Rs 140 crore for investment in Blackbuck Finserve for financing the supporting the capital base to meet future capital requirements; Rs 75 crore for funding of expenditure in relation to product development, and a portion will be used for general corporate purposes. Zinka Logisticsis dedicated to transforming the trucking industry in India by digitally empowering truck operators to manage their businesses and increase their earnings. The company's BlackBuck app serves as a comprehensive platform, providing solutions for payments, telematics, load management and vehicle financing. The company partners with FASTag banks and multiple oil marketing companies (OMCs) to offer efficient and secure tolling and fueling solutions, generating revenue through commission margins based on transaction values. Axis Capital, Morgan Stanley India Company, JM Financial and IIFL Capital Services are the book-running lead managers to the issue.

2024-11-13 19:59

2024-11-13

19:59

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/cait-accuses-quick-commerce-platforms-of-regulatory-violations-urges-government-intervention-12866658.html

CAIT accuses quick commerce platforms of regulatory violations, urges government intervention

Representative image.Related stories.

The Confederation of All India Traders (CAIT) has accused quick commerce (QC) platforms like Blinkit, Instamart, Zepto, and Swiggy of undermining India’s retail economy through alleged regulatory violations. In a white paper released on November 13, CAIT alleged that the said platforms are misusing Foreign Direct Investment (FDI) to dominate supply chains, control inventory, and fund predatory pricing tactics, creating an unfair environment for small retailers and pushing kirana stores out of business. Speaking at a press conference, CAIT Secretary General and Chandni Chowk MP Praveen Khandelwal condemned QC platforms for allegedly using FDI to subsidise operational losses and engage in unfair market practices. “These platforms are aggressively pushing small retailers out of the market,” Khandelwal said, adding that their strategies are making it difficult for the country’s 30 million kirana stores to compete. The white paper further outlines how QC platforms, which have received over Rs 54,000 crores in FDI, allegedly failed to invest in infrastructure or long-term assets, instead using the funds to subsidise deep discounts and secure exclusive agreements with preferred sellers. CAIT claimed these practices have allowed QC platforms to capture up to 30 percent of the market share once dominated by kirana stores. The white paper also accusesQC platforms of restricting market accessby securing exclusive deals with sellers, limiting competition and hindering the growth of independent retailers. Additionally, CAIT alleged that the platforms use FDI-funded discounts to squeeze Kirana stores out of the market, thereby distorting market conditions and negatively impacting competition. Furthermore, they claimed that QC platforms lack transparency by omitting key seller information, preventing consumers from making informed decisions. CAIT further accused QC platforms of bypassing FEMA guidelines by controlling inventory indirectly through their preferred sellers, in violation of FDI policies. “These platforms are circumventing FEMA regulations by controlling inventory through their sellers, which goes against the spirit of FDI laws,” said Brij Mohan Agrawal, National Chairman of CAIT. In light of these alleged violations, CAIT has called for immediate regulatory intervention, urging the government to implement stricter oversight and ensure QC platforms operate under fair practices. “Unchecked growth driven by foreign capital poses a significant threat to India’s small retail ecosystem,” the White Paper states. The trade body also welcomed Union Commerce Minister Piyush Goyal’s recent remarks, which aligned with the concerns raised by the trade body, underscoring the importance of ensuring fair practices by QC platforms and fostering alignment with local Kirana stores for faster deliveries. "We fully support the minister's emphasis on aligning quick commerce platforms with Kirana stores for faster deliveries, but this must not come at the cost of traditional retail," Khandelwal added. A survey by Datum Intelligence on November 13 revealed how quick commerce is expected totake away almost $1.28 billion in salesfrom traditional kirana stores  in 2024 alone. This shift reflects a notable change in consumer behavior, with nearly 46 percent of quick commerce buyers reducing their purchases from kiranas, signaling a clear preference for faster, more convenient digital alternatives. Popular names like Zomato's Blinkit, Swiggy Instamart, Zepto, BigBasket and Jiomart, known for delivering products within minutes, are rapidly becoming primary online retail channels, with 67 percent of kirana stores reporting a drop in sales since the emergence of quick commerce.

2024-11-13 19:58

2024-11-13

19:58

moneycontrol.com

https://www.moneycontrol.com/technology/moon-knight-reveal-trailer-for-marvel-rivals-arrives-article-12866659.html

Moon Knight reveal trailer for Marvel Rivals arrives

Moon Knight revealed for Marvel Rivals.Related stories.

Marvel’s Moon Knight has got his character reveal trailer for the upcoming team-based fighting game 'Marvel Rivals'. Marvel has been releasing character reveal trailers of the super-powered beings that will make up the roster of the game. Till now, the American comics giant has introduced Psylocke, Hela, Jeff the Land Shark, Spider-Man, Adam Warlock, Loki, Victor Von Doom (Dr. Doom), and other Marvel Comics Universe super beings in its character reveal trailers. Moon Knight (Marc Spector) is the latest to join the Marvel Rivals roster. Moon Knight: The Duelist in Marvel Rivals The ‘Moon Knight: Fist of Khonshu’ trailer showcases Moon Knight’s fighting tactics in Marvel Rivals. The avatar of Khonshu–the Egyptian Moon god in the Marvel Universe– is seen throwing Crescent Darts and summoning sacred ankhs. Moon Knight’s Crescent Darts serve him in both melee and ranged combat. He is seen wielding one in each hand and outclassing enemies. When thrown, they bounce amongst his enemies. His sacred ankhs connect him to the Moon God Khonshu and allow his darts to hit people behind cover. Moon Knight can also use his Moon Blade to quickly finish off his opponents. Moon Knight can glide using his cape like Batman but he has a crescent-shaped off-white cape, a stark contrast to Batman’s conventional black cape. For those not in the know yet, Marvel Rivals is a free-to-play 6v6 PvP fighting game by NetEase Games in which you get the chance to become a Marvel superhero or supervillain. It launches on December 6 on PS5, Xbox Series X|S and PC (Steam and Epic Games Store).

2024-11-13 19:57

2024-11-13

19:57

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/acme-solar-makes-weak-market-debut-shares-close-over-12-down-12866650.html

ACME Solar makes weak market debut; shares close over 12% down

ACME Solar Holdings.Related stories.

Shares of renewable energy firm ACME Solar Holdings on November 13 ended with a discount of over 12 percent from the issue price of Rs 289. The company's stock made its market debut at Rs 259, down 10.38 per cent from the issue price on the BSE. During the day, it tumbled 13.91 per cent to Rs 248.80. Shares of the firm ended at Rs 253.50, lower by 12.28 per cent. At the NSE, shares of the renewable energy firm listed at Rs 251, reflecting a slump of 13.14 per cent. The stock ended at Rs 255.15, down 11.71 per cent. ACME Solar Holdings' market valuation stood at Rs 15,338.98 crore. In traded volume terms, 13.33 lakh shares of the firm were traded at the BSE and 229.39 lakh shares on the NSE during the day. The initial share sale of ACME Solar Holdings got subscribed 2.75 times on the closing day of bidding on Friday. The initial public offering (IPO) had a price band of Rs 275 to Rs 289 per share. The Rs 2,900-crore IPO of the Gurugram-based company had a fresh issue of shares worth Rs 2,395 crore and an Offer For Sale (OFS) of shares valued at Rs 505 crore by ACME Cleantech Solutions. ACME Solar Holdings intends to utilise the proceeds from the fresh issuance to the extent of Rs 1,795 crore towards payment of debt, and a portion will be used for general corporate purposes. Over the years, ACME Solar has diversified and expanded its portfolio from solar power projects to becoming an integrated renewable energy company in India. The company develops, builds, owns, operates and maintains utility-scale renewable energy projects through its in-house engineering, procurement and construction (EPC) division and its operation and maintenance (O&M) team. ACME Solar generates revenue by selling electricity to various off-takers, including central and state government-backed entities.

2024-11-13 19:53

2024-11-13

19:53

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/farewell-bank-nifty-indias-favourite-derivatives-contract-bids-adieu-12866579.html

Farewell, Bank Nifty: India's favourite derivatives contract bids adieu

Bank Nifty weekly contract has been an attractive choice for retail traders due to its affordability and high turnover.Related stories.

India's most popular derivatives contract bid farewell on Wednesday, ending an era that saw millions of small investors flock to the Bank Nifty weekly options since its launch by the National Stock Exchange (NSE) in 2016. Trading of the popular options contract ended ahead of new, stricter regulations from the Securities and Exchange Board of India (Sebi) that take effect next week to curb widespread retail trading. Sebi’s new measures, also aimed at fostering market stability, will see only one weekly expiry allowed per exchange, with NSE retaining the Nifty 50 weekly and discontinuing the Bank Nifty weekly. In the first half of FY25, Nifty Bank had the highest share of 38 percent in terms of premium turnover in the derivatives market. Nifty was second with a 28 percent share, followed by BSE Sensex at 7 percent and BSE Bankex at 3 percent, according to IIFL Research. These changes are expected to impact trading volumes and could alter trading behaviour, with experts forecasting both immediate and long-term shifts. “The final rules were less strict than expected,” Sudeep Shah, Head of Technical and Derivative Research at SBI Securities, had said immediately after Sebi tightened F&O rules in October. At the time, he anticipated a knee-jerk reaction in the market as traders unwound open positions. Shah added that the end of daily expiries could help moderate volatility by reducing speculative trading activity in index options, especially on expiry days. The shift back to a structure of Nifty weekly and Bank Nifty monthly contracts is similar to the market setup seen in 2019. While larger traders are expected to adapt to the new requirements, including higher upfront margin collections, increased lot sizes, and the removal of calendar spread benefits on expiry days, the regulations may present challenges for retail participants. Lot sizes will triple, from Rs 5 lakh to Rs 15 lakh, raising barriers to entry for smaller retail traders. Rajesh Palviya, Senior Vice President at Axis Securities, said then that the higher trade costs could prompt high-frequency traders to modify their strategies and reduce their exposure, especially as finding retail traders to take counter trades becomes more difficult. Rishi Kohli, Managing Partner and Chief Investment Officer at InCred Capital, also foresees trading volume shifts, with a portion likely moving to Nifty 50 weekly options, Nifty Bank monthly contracts, and some single-stock options, as reported by Bloomberg today. However, he said that a part of the trading volume may “simply disappear” as some traders exit the derivatives market. The NSE's Bank Nifty weekly contract has been an attractive choice for retail traders due to its affordability and high turnover, making it a primary driver of options trading growth. In the first half of FY25, Bank Nifty accounted for 38 percent of premium turnover in India’s derivatives market. However, Sebi’s study of trading patterns revealed that retail traders incurred significant losses in these high-risk trades. The data indicated that only 7.2 percent of individual F&O traders made profits over the last three years, with the rest collectively losing Rs 1.81 lakh crore from FY22 to FY24. The impact of the regulatory changes could be significant for brokers as well, particularly those reliant on derivative trading volumes. Brokers like Zerodha Broking, with a high volume of futures and options trades, estimate that 60 percent of their derivatives trading activity may be affected. NSE’s Chief Executive Officer has also noted that the exchange expects a “substantial decrease in derivatives volume” following the new rules. Smaller traders, meanwhile, may shift their strategies toward stock-based options or margin trading facility (MTF) products, which still offer leverage with relatively lower entry costs. In the long run, experts suggest that Sebi’s measures could reduce market volatility and encourage a gradual shift from speculative F&O trading to cash equity investments, aligning with broader goals of fostering long-term wealth creation. “While there could be some knee-jerk reaction in the short term, these measures may have a positive impact over the longer term,” added Shah, who sees these steps as encouraging retail traders toward equity investments that promote sustained wealth generation.

2024-11-13 19:46

2024-11-13

19:46

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/ipo-bound-ntpc-green-energy-earmarks-rs-1-lakh-crore-for-projects-till-fy27-12866643.html

IPO-bound NTPC Green Energy earmarks Rs 1 lakh crore for projects till FY27

Going ahead, while NTPC Green will be expanding into other areas like green hydrogen and battery storage, currently, as per their plans around 90 percent was for solar and around 10 percent for wind..Related stories.

NTPC Green Energy, the wholly-owned subsidiary of power utility NTPC that is preparing for an IPO, has earmarked around Rs 1 lakh crore for their pipeline of green energy projects till FY27. Speaking to the media at a press meet to announce the IPO, CMD Gurpreet Singh explained, "Out of the 16 GW pipeline, 3Gw is expected to be completed in FY25, 5 GW in FY26 and 8 GW in FY27. These projects are predominantly solar wherein capex of Rs 5 crore to Rs 7 crore per MW is expected to be spent." Speaking to the media, the management expressed confidence in the company and opportunities in the coming day. Going ahead, while NTPC Green will be expanding into other areas like green hydrogen and battery storage, currently, as per their plans around 90 percent was for solar and around 10 percent for wind. As of September 2024, their portfolio includes 17 operational solar projects and 2 wind projects, with 36 projects that were either contracted or awarded and 17 different offtakers. The management also highlighted that as of September 2024, they are the largest renewable energy PSE (excluding hydro) in terms of operating capacity, with a portfolio of around 16,896 MW. The company is also in the process of developing a green hydrogen hub in Andhra Pradesh. "Hydrogen is at the stage where at one time solar was . At that time there was a lot of apprehensions about solar. We have made massive progress in 15 years. in this area too we will make great progress. We are becoming future ready," Singh added. NTPC Green IPOwill open from November 19-22. The company is planning a fresh issue of shares worth up to Rs 10,000 crore at a price band of Rs 102-108. NTPC Green Energy has an estimated P/E of around 147. Other peers include Adani Green Energy and ReNew Energy Global which have a valuation of around 259.83 and 470.05.

2024-11-13 19:39

2024-11-13

19:39

moneycontrol.com

https://www.moneycontrol.com/news/business/passenger-vehicle-wholesales-up-marginally-at-393238-units-in-oct-siam-12866655.html

Passenger vehicle wholesales up marginally at 3,93,238 units in Oct: SIAM

Representative image.

Passenger vehicle wholesales increased marginally year-on-year to 3,93,238 units in October, industry body SIAM said on November 13. The overall passenger vehicle dispatches to dealers stood at 3,89,714 units in October 2023. Total two-wheeler sales rose 14 percent year-on-year to 21,64,276 units last month, as compared to 18,95,799 units in October 2023, the Society of Indian Automobile Manufacturers (SIAM) said in a statement.

2024-11-13 19:35

2024-11-13

19:35

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/buy-samvardhana-motherson-target-of-rs-210-motilal-oswal-12866479.html

Buy Samvardhana Motherson; target of Rs 210: Motilal Oswal

Buy.Related stories.

Motilal Oswal's research report onSamvardhana Motherson Samvardhana Motherson (MOTHERSO) reported muted results, with an EBITDA margin of 8.8%, down 80bp QoQ (vs. est. 9.4%), hit by global PV industry slowdown, slower EV ramp-up, and seasonal factors. Despite the global challenges and inflated working capital, the company’s RoCE for 1HFY25 stood at 17.3% (up from 16.9% in FY24). To factor in the weak demand in key regions, we cut our FY25E/FY26E EPS by ~13.1%/~13.5%. Outlook We expect MOTHERSO to continue outperforming the global automobile sales, fueled by rising premiumization and EV transition, a robust order backlog, and successful integration of recent acquisitions. We reiterate our BUY rating with a revised TP of INR210 (based on 25x Sep’26E EPS). For all recommendations report,click here Samvardhana Motherson - 13112024 - moti

2024-11-13 19:25

2024-11-13

19:25

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/us-inflation-stays-firm-for-third-month-with-0-3-core-cpi-gain-12866648.html

US inflation stays firm for third month with 0.3% core CPI gain

For many Americans, wage growth hasn’t kept pace with inflation in recent years, and frustration about the economy was a major factor in Trump’s decisive election victory.Related stories.

A measure of underlying US inflation remained firm in October, underscoring the ongoing risks Federal Reserve officials face in trying to achieve their target. The so-called core consumer price index — which excludes food and energy costs — increased 0.3% for a third month and 3.3% from a year ago, Bureau of Labor Statistics figures showed Wednesday. Economists see the core gauge as a better indicator of the inflation trend than the overall CPI. That measure, which includes food and energy, rose 0.2% for a fourth month and 2.6% from a year before, marking the first acceleration on an annual basis since March. The BLS said shelter accounted for over half of the overall monthly advance. The figures underscore the slow and frustrating nature of the battle against inflation, which has often moved sideways — sometimes for months at a time — on its broader path down. The latest numbers, along with strong consumer spending and economic growth, will keep Fed officials cautious as they debate how quickly to reduce borrowing costs in the months to come. The US central bank will also have to contend with a new set of policies under President-elect Donald Trump, with companies already considering raising prices in anticipation of the higher tariffs he’s promised on imported goods. After the Fed cut interest rates by a quarter point last week, Chair Jerome Powell said the election will have “no effects” on its decisions in the near term because it’s too early to know the timing or substance of any potential fiscal policy changes. US stock futures rose while Treasury yields and the dollar fell. Some measures of inflation expectations also remain somewhat elevated among consumers and businesses, a potentially worrisome sign after years of robust price pressures. Prices of used cars rose 2.7%, the most in over a year, and hotel rates climbed 0.4%, possibly reflecting damage and evacuation orders from Hurricanes Helene and Milton. Airfares continued to rise, and health insurance rose 0.5% as the BLS updated source data on premiums. Motor vehicle insurance fell slightly. Shelter prices, the largest category within services, rose 0.4%, marking an acceleration from the prior month. Owners’ equivalent rent — a subset of shelter and the biggest individual component of the CPI — rose by the same amount. Excluding housing and energy, service prices rose 0.3%, less than in September, according to Bloomberg calculations. While central bankers have stressed the importance of looking at such a metric when assessing the overall inflation trajectory, they compute it based on a separate index. That measure — known as the personal consumption expenditures price index — doesn’t put as much weight on shelter as the CPI does, which is one reason why it’s trending closer to the Fed’s 2% target. Goods prices excluding food and energy, meanwhile, rose for a second month. They had consistently fallen over much of the past year. However, excluding used cars, core goods prices fell 0.2%, marking the largest drop in 2024. The PCE measure draws from the CPI as well as certain categories within the producer price index, which is due Thursday. Several of the CPI items that registered robust gains, like health insurance and airfares, won’t feed through to the PCE, which should help keep that gauge relatively muted when the data are released later this month. Policymakers also pay close attention to wage growth, as it can help inform expectations for consumer spending — the main engine of the economy. A separate report Wednesday that combines the inflation figures with recent wage data showed real earnings grew 1.4% from a year ago, the same as in September. For many Americans, wage growth hasn’t kept pace with inflation in recent years, and frustration about the economy was a major factor in Trump’s decisive election victory. In an ABC News exit poll, 45% of people said they’ve become worse off under the current administration — a record high surpassing even the levels of the 2008 financial crisis.

2024-11-13 19:25

2024-11-13

19:25

moneycontrol.com

https://www.moneycontrol.com/news/india/modi-regime-sees-five-fold-jump-in-itr-filers-with-income-above-rs-50-lakh-middle-class-tax-burden-falls-12866640.html

Modi regime sees five-fold jump in ITR filers with income above Rs 50 lakh; middle class tax burden falls

A source said that 76 per cent of income tax collected is from those earning above Rs 50 lakh a year. This has led to reduced tax burden on the middle class.

Tax burden on individuals earning less than Rs 20 lakh a year, broadly described as middle class, has come down during the 10 years of Prime Minister Narendra Modi-led government, while there has been a substantial increase in taxes paid by those having annual income above Rs 50 lakh, sources said on Wednesday. As per the income tax return (ITR) filing data, the number of individuals showing annual income of over Rs 50 lakh has gone up to over 9.39 lakh in 2023-24, a five-fold jump from 1.85 lakh in 2013-14. Also, the income tax liability of those earning above Rs 50 lakh has gone up 3.2 times, from Rs 2.52 lakh crore in 2014, to Rs 9.62 lakh crore in 2024. A source said that 76 per cent of income tax collected is from those earning above Rs 50 lakh a year. This has led to reduced tax burden on the middle class. Also, the increase in number of people filing ITRs with annual income above Rs 50 lakh is due to ”strong anti tax evasion and black money laws implemented by the Modi government”, the source added. The source further said that in 2014, individuals earning above Rs 2 lakh a year had to pay income tax. However, because of various exemptions and deductions announced by the Modi government, individuals earning up to Rs 7 lakh need not pay any taxes. The percentage of income tax collection from taxpayers earning less than Rs 10 lakh has reduced, from 10.17 per cent of the total tax paid in 2014, to 6.22 per cent in 2024. According to the source, the income tax liability of those earning between Rs 2.5 and Rs 7 lakh was an average Rs 43,000 in 2023-24, which is around 4-5 per cent of their income — a level which is the lowest amongst emerging economies. The source further said that as per official calculations, after adjusting inflation over the 10-year period, there is almost 60 per cent decrease in tax liability for those earning in the range of Rs 10-20 lakh. The number of income tax returns filed by individuals have increased, from over 3.60 crore in 2013-14, to 7.97 crore in 2023-24, representing an increase of 121 per cent.

2024-11-13 19:15

2024-11-13

19:15

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/patience-vindication-joy-scenes-from-swiggys-successful-listing-12866586.html

Patience, vindication, Joy: Scenes from Swiggy’s successful listing

Swiggy's group CEO and co-founder Sriharsha Majety along with NSE's chief Ashish Chauhan and delivery partners.Related stories.

Barely seven years ago, Swiggy came close to merging with rival Zomato, as they looked to combine forces amid intensifying competition in the sector. Rumours of those talks resumed two years later, as Amazon and Uber stepped up investments in India. The talks ultimately fell through, something that their investors and employees will perhaps be thankful for today. Because a rushed merger wouldn’t have unlocked the scale of wealth that IPOs have for the food and grocery delivery giants. While Zomato’s market cap is over 2 lakh crore, Swiggy crossed the 1 lakh crore on the first day of its listing on November 13, ending the first day of trade at Rs 464.55, up 10.48% from the issue price on the National Stock Exchange (NSE). Orange is the new blackBut share price wasn’t top of mind for the motley crew assembled at the NSE on November 13, for Swiggy’s bell ringing ceremony. From its investors such as Accel, Prosus, Elevation and SoftBank, to current and former employees, to gig workers- there was a sense of optimism, cheer and excitement. (L-R) Swiggy board members SoftBank’s Sumer Juneja with Prosus’ Ashutosh Sharma. From an idea that took shape at Arbor Brewing Company (ABC), a popular brewery in Bengaluru, to IPO bell-ringing at the National Stock Exchange, it’s been a rollercoaster for the food and grocery delivery major. An investment banker asked: “What’s your prediction? Where’s the share opening?” his friend, after about three seconds, said, “Up. In the late teens.” (It opened at a premium of 8 percent). It’s a colour that you would normally see on their delivery partners on the street but orange had taken over Dalal Street on November 13, as everyone at the IPO ceremony turned up in Swiggy’s signature orange sweatshirts. Swiggy's IPO jacket IPO proceedings then began at around 9 am. First up was the lamp lighting ceremony for which top executives and investors were asked to go up on the stage. Swiggy’s food delivery CEO Rohit Kapoor was nudged to remove his shoes before lighting the lamp. Swiggy lamp lighting ceremony The emcee then introduced Swiggy’s m-team: co-founders Sriharsha Majety, Nandan Readdy, Phani Kishan along with food delivery CEO Rohit Kapoor, Instamart chief executive Amitesh Jha, head of HR Girish Menon, CTO Madhusudhan Rao and CFO Rahul Bothra all of whom took the stage to loud applause and cheers. Back in Bengaluru, there were Swiggy IPO watch parties by former employees who were set to make paydaythanks to their ESOP holdings. A lifeline “In Indian cities, maids are the lifeline of families…more essential and closer than relatives. Similarly…at homes, when both partners are busy with work, Swiggy is the lifeline and the go-to aid for all these families,” he said during his speech, which he promised to end in under 10-minutes to match Swiggy Instamart’s delivery timelines. “A lot of credit to the founders, management team and I would single out Rahul (Bothra, CFO) who particularly drove this IPO to its conclusion,” Kotak’s S Ramesh added. Man of the moment A few speeches later, group CEO Sriharsha Majety took the stage. He shed his usual reticence, with a trip down memory lane. He recalled a college project from 2010 which was very similar to what Swiggy is now. “For that idea to have gotten executed itself is a rarity but to execute it to the size and scale that we have right now is an absolute miracle. And nothing short of a miracle,” he told his people. “My love letter to our consumers is that: With a little bit of Swiggy in your lives, may we (India) not just get economic growth but we enjoy the economic growth,” Majety, who hardly walked 15 steps without shaking hands with somebody, added. Swiggy group CEO and co-founder Sriharsha Majety takes the bull by the horns alongside his m-team Post-listing world During his 5-minute long speech Majety thanked the support his wife, Neetha Joy, extended over the years since IIM-Calcutta days. Neetha Joy expects no major changes post the IPO. The couple, who are parents to two young children, usually prefer staying in during the weekends and socialise occasionally. Show me the money Some of the venture capital associates around her were seen calculating the returns investors made. One even highlighted that Accel made a whopping 26X return on its $19.85 million investment in Swiggy. “Everyone around me seems to be calculating returns but me,” a venture capital partner remarked. “When you make the kind of returns you made, you skip the calculations,” his peer replied. In a hall full of people who obsess over numbers, not many drew comparisons between Swiggy’s listing and Zomato’s stock market performance. Instead,they chose to celebrate the milestonethat came 10 years after inception – a sight which was rare to see. Asked if he would be tempted to check stock prices every hour, a large investor of Swiggy said, “I will do it for a couple of days to satisfy my ego.” His statement was delivered in a manner which was meant to highlight the efforts and conviction it has taken for Swiggy to go from a small company in 2014 to a public firm that is worth over one lakh crore. “Everything until now was a nightmare but we did it! I cannot wait to go home and call it a day,” an early Swiggy employee remarked. Swiggy's team at the listing ceremony at the NSE

2024-11-13 19:13

2024-11-13

19:13

moneycontrol.com

https://www.moneycontrol.com/news/india/higher-pit-collection-doesnt-equate-higher-tax-on-individuals-sources-clarify-12866634.html

Higher PIT collection doesn't equate higher tax on individuals, sources clarify

Representative image.

Higher personal income tax (PIT) collection under the direct tax does not reflect that individuals are taxed more than corporates, sources told Moneycontrol. The clarification comes as the corporate tax collection growth stood lower than PIT in the current fiscal as reflected in the government data till November 10. The PIT nomenclature has also been changed by the Central Board of Direct Taxes (CBDT) henceforth to non-corporate tax collection. “In fact, the burden of direct tax on the middle class and upper middle class of income up to Rs 20 lakh has substantially gone down over the last years,” a source said.

2024-11-13 19:08

2024-11-13

19:08

moneycontrol.com

https://www.moneycontrol.com/news/business/earnings/vodafone-idea-narrows-q2-net-loss-at-rs-7175-crore-arpu-at-rs-166-12866155.html

Vodafone Idea narrows Q2 net loss at Rs 7,176 crore, ARPU at Rs 166

Vodafone Idea Q2 FY25 Results Update.Related stories.

Vodafone Idea, the debt-laden telecom company, narrowed its consolidated net loss in Q2 to Rs 7,176 crore from Rs 8,737 crore last year. The telco had reported a net loss of Rs 6,432 crore in the previous quarter. The telco's revenue from operations increased marginally by 2 percent year-on-year (YoY) to Rs 10,932 crore. There was an increase of 4 per cent quarter-over-quarter. The telco's EBITDA for the quarter increased to Rs 4550 crore in the reporting quarter. This compares with Rs 4283 crore in the last year quarter. Customer ARPU (ex M2M), a key performance indicator, improved to Rs 166 in the quarter compared to Rs 154, up 7.8 percent on a sequential basis, driven by tariff hike. Total subscribers stood at 205 million, with 4G subscribers at 125.9 million, down from 126.7 million in Q1FY25. The overall subscriber base, including 4G, was affected by recent tariff hikes. In the postpaid segment, the company claimed to increase its customer base on a QoQ and YoY basis. Customer revenue increased by 5.6 percent compared to last quarter, aided by the recent tariff hikes undertaken by all private operators. Capex spending for Q2FY25 was Rs 1,360 crore vs Rs 760 crore in Q1FY25. The expected capex for H2FY25 is Rs. 8000 crore. Akshaya Moondra, CEO ofVodafone Idea Limited, said, “Post the successful capital raise, we kicked off our 4G expansion drive on an accelerated trajectory. We expanded 4G data capacity by 14 percent and 4G population coverage by 22 million, and consequently, our 4G speeds improved by 18 percent." During the quarter, the telco finalised long-term capex contracts worth $3.6 billion with three global partners, Nokia, Ericsson, and Samsung, for the supply of network equipment over the next three years. "On the debt raise, we remain engaged with our lenders for tying up debt funding towards the execution of our network expansion with planned capex of Rs. 500 to 550 billion over next 3 years. The impact of recent tariff interventions can be seen in improved ARPUs andrevenue for the quarter, though the full impact will be reflected over the next couple of quarters. Further tariff rationalization is needed for the industry to fully cover its cost of capital," Moondra said. The telco said its debt from banks and financial institutions reduced by Rs 4580 crore during the last one year (was at Rs 7830 crore in Q2FY24) and stood at Rs 3250 crore. The cash and bank balance was Rs 13,620 crore as of September 30, 2024. As of September 30, 2024, the government's payment obligations stood at Rs 2,12,260 crore, including deferred spectrum payment obligations of Rs 1,41,940 crore and AGR liability of Rs 70,320 crore. During the quarter, the telco added ~42,000 4G sites, its largest ever addition in 4G sites in a quarter. It also executed network enhancement by deploying 4G on sub GHz 900 band across ~20,500 sites, including site expansion on recently acquired 900 MHz spectrum in some circles, offering superior indoor network experience as also increased coverage. "We also added ~21,200 sites in the 1800 MHz and 2100 MHz bands mainly to increase the network capacity resulting in customers experiencing faster data speed on Vi GIGAnet network," the telco said. The telco shut down ~19,700 3G sites and our overall broadband site count stood at ~439,600 as of September 30, 2024. Due to rapid shutting down of 3G sites across circles, 3G sites are present only in 8 circles as of September 30, 2024. "We have deployed ~74,750 TDD sites, ~13,950 Massive MIMO sites and ~13,250 small cells till date. Further, we expanded our LTE 900 presence to 16 circles out of 17 priority circles," the telco said.

2024-11-13 19:06

2024-11-13

19:06

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/quick-commerce-to-take-away-1-28-billion-in-sales-from-kirana-stores-this-year-12866587.html

Quick commerce to take away $1.28 billion in sales from Kirana stores this year

Nearly 74% of kirana owners see quick commerce as a long-term threat, casting doubt over the future of these small businesses.Related stories.

Quick commerce platforms are rapidly transforming India’s retail landscape, with $1.28 billion in sales expected to shift from traditional kirana stores to quick commerce in 2024 alone, according to a recent survey by Datum Intelligence. This shift reflects a notable change in consumer behavior, with nearly 46 percent of quick commerce buyers reducing their purchases from kiranas, signaling a clear preference for faster, more convenient digital alternatives. The migration also represents 21 percent of all sales on quick commerce platforms, highlighting the impact on kirana stores, which are losing ground to the new-age platforms. A survey of 300 kirana shop owners across 10 cities reveals that the rapid growth of quick commerce—projected to reach $40 billion by 2030—is accelerating the transition away from traditional retail. Popular names likeZomato's Blinkit,SwiggyInstamart, Zepto, BigBasket and Jiomart, known for delivering products within minutes, are rapidly becoming primary online retail channels, with 67 percent of kirana stores reporting a drop in sales since the emergence of quick commerce. The appeal is particularly evident among consumers: 82 percent of quick commerce buyers have shifted at least 25 percent of their usual kirana purchases online, and nearly 5 percent of surveyed consumers have stopped buying from kiranas altogether. "Value for money" and convenience Cost-effectiveness and speed make quick commerce an attractive alternative to kirana stores. Nearly 66 percent of consumers perceive greater value in quick commerce platforms due to exclusive deals, discounts, and wider product selections that are difficult for kirana stores to match. “We've noticed a 20-25 percent decrease in foot traffic since the rise of quick commerce platforms,” said a kirana owner. Another remarked, “Customers are comparing prices with quick commerce apps and demanding discounts we simply can’t afford.” The competitive advantage of quick commerce platforms lies in their technological infrastructure and efficient logistics, which allow them to offer services that small kirana stores struggle to match. Kirana stores, often operating on slim profit margins, lack the resources to invest in similar technology. The All India Consumer Products Distributors Federation (AICPDF) reported that around 2 lakh kirana stores have closed in the past year alone, with metros accounting for 45 percent of these closures, followed by Tier 1 cities at 30 percent, and Tier 2 and 3 cities at 25 percent. One kirana owner described the uphill battle of competing with deep discounts and free delivery, noting, “Offering home delivery ourselves hasn’t been enough. Customers want discounts and immediate service, both of which are tough to provide.” Many kirana owners, particularly in cities like Hyderabad and Ahmedabad, report significant declines in foot traffic, with 46 percent of quick commerce users saying they’ve reduced spending at local kiranas. Decline in unorganised retail Despite holding a dominant 92 percent share of India’s grocery market as of CY2024, unorganised retail, primarily kirana stores, is expected to lose more ground as quick commerce accelerates the channel shift in grocery shopping. The estimated quick commerce market size for 2024 is $6.01 billion, and industry analysts at Elara Capital have forecast that the platform's growth could eventually wipe out up to 30 percent of kirana stores. The declining trend extends across multiple product categories traditionally dominated by kiranas, including groceries, fruits, vegetables, and even seasonal festival purchases. Quick commerce, with its ability to provide rapid delivery and competitive prices, is increasingly appealing to customers who prioritise convenience over the traditional kirana shopping experience, the survey notes. Future uncertainty for Kirana owners Nearly 74 percent of kirana owners see quick commerce as a long-term threat, casting doubt over the future of these small businesses. “We’ve started listing products on online platforms to keep up, but matching the convenience and prices offered by quick commerce is extremely challenging,” shared one kirana owner. With 76 percent of quick commerce users planning to increase their grocery purchases on these platforms, kiranas may face an even greater reduction in sales in the coming years. As the consumer shifts towards digital and quick commerce deepens, kirana stores are grappling with an evolving market that requires new strategies for survival, leaving these small retailers at a critical juncture in the face of an increasingly digital retail landscape.

2024-11-13 19:02

2024-11-13

19:02

moneycontrol.com

https://www.moneycontrol.com/technology/this-secret-apple-feature-helps-protect-your-iphone-from-thieves-heres-how-article-12866580.html

This 'secret' Apple feature helps protect your iPhone from thieves, here's how

Apple iPhone.Related stories.

Cupertino-based tech giant Apple has introduced a new privacy feature that seems to have irked US law enforcement officials. With this new feature, iPhones restart autonomously after a certain period of inactivity. Further, the iPhone gets fully encrypted, and other security features such as FaceID or TouchID are completely disabled, with the user requiring the passcode to unlock the phone. How the secret feature works According to a report published by 404 Media, Apple has added an ‘inactivity reboot’ function that reboots iPhones left unlocked for a specified duration. This reboot shifts the iPhone from an ‘After First Unlock’ (AFU) state to a ‘Before First Unlock (BFU) state, where it becomes slightly more difficult to digitally access the iPhones. Though this feature was introduced to deter thieves from stealing personal and financial details from iPhones, it is now affecting law enforcement agencies as well. The report mentions that this change has been a point of frustration among cops, who say it makes iPhones stored for forensic exploration harder to unlock. Forensic specialist Christopher Vance, who works for Magnet Forensics, was one of the first officials who spotted this feature and revealed that the timer triggers a device reboot after a preset time of more than four days. This makes it really difficult for even forensic officials to access the phone’s contents. The latest iOS 18.1 update also brings an anti-theft feature named ‘Activation Lock,’  which will make critical components such as the battery, camera, and display inaccessible from thieves.

2024-11-13 19:02

2024-11-13

19:02

moneycontrol.com

https://www.moneycontrol.com/news/india/watch-bihar-cm-nitish-kumar-bows-to-touch-pms-feet-at-bihar-event-heres-how-modi-reacted-12866599.html

Watch: Nitish Kumar bows to touch PM’s feet at Bihar event. Here’s how Modi reacted

This was not the first time Nitish Kumar tried to touch PM Modi’s feet (Image: Screengrab/X).

A video of Bihar chief minister Nitish Kumar and Prime Minister Narendra Modi is going viral across social media platforms. In the video, the 73-year-old JD(U) leader can be seen approaching the Prime Minister with folded hands and bowing to touch his feet. This marks the third such instance between the two leaders in 2023. As Kumar reaches in front of PM Modi, he bows down to touch his feet. However, he was immediately stopped by the Prime Minister, who then shakes hand with Nitish.VIDEO | Bihar CM Nitish Kumar (@NitishKumar) was stopped by PM Modi as the former bowed down to touch his feet during an event in Darbhanga earlier today.(Full video available on PTI Videos -https://t.co/n147TvrpG7)pic.twitter.com/jFFvu5LK1mPress Trust of India (@PTI_News)November 13, 2024 This happened during a function in Bihar’s Darbhanga, where the Prime Minister had arrived to lay the foundation stone for All India Institute Of Medical Sciences (AIIMS) and inaugurated projects worth more than Rs 12,000 crore. This was not the first time that Nitish Kumar tried to touch PM Modi’s feet. In June, the chief minister unexpectedly bent down to touch Modi's feet in Parliament's Central Hall. Additionally, he had briefly touched the Prime Minister's feet at a Lok Sabha election rally in Nawada in April, a video of which had gone viral. During the event, Modi showered accolades on the chief minister, praising the alliance partner for bringing in good governance in a state which was previously reeling under "jungle raj". In his address, which lasted for nearly 40 minutes, the Prime Minister referred to Kumar -- whose JD(U) played a crucial role in enabling the NDA's return to power in the parliamentary elections earlier this year -- as "lokpriya mukhyamantri" (popular chief minister). Modi said, “Nitish babu has set up a model of sushasan (good governance)." He added, “No praise is too high for him for his contribution in pulling Bihar out of the era of jungle raj. Now, under the NDA’s double engine government, the state is making rapid, all-round progress."

2024-11-13 18:44

2024-11-13

18:44

moneycontrol.com

https://www.moneycontrol.com/news/business/indian-rupee-ends-almost-flat-despite-pressure-from-equity-outflows-12866615.html

Rupee ends almost flat despite pressure from equity outflows

Indian rupee.

The Indian rupee ended almost flat on November 13 against the US dollar, despite pressure from outflows in local equities. Currency experts said that the intervention by the Reserve Bank of India has kept rupee under control. In addition, flat dollar index has helped the rupee to remain flat on Wednesday, experts added. According to Bloomberg data, Indian rupee ended at 84.3838 against the US dollar on November 13, as against 84.3938 against the greenback's close on November 12. “RBI was selling and possibly some relaxation in buying by FPIs after a huge fall seen in equities,” said Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. Nifty fell 374 pointsto as low as 23,509.6 points intraday, down 1.6 percent from the previous close. It ended the session at 23,559.05, down 1.4 percent. BSE Sensex fell more than 1,100 points to 77,533.3 at the day's low, before ending at 77,690.95. Today’s decline marked the indices' fifth straight session of losses amid persistent selling pressure from foreign institutional investors (FIIs). The correction reflects investors' growing caution amid rich valuations and macroeconomic uncertainties, with both Nifty and Sensex falling to their respective five-month lows on Wednesday.

2024-11-13 18:40

2024-11-13

18:40

moneycontrol.com

https://www.moneycontrol.com/news/india/supreme-court-bulldozer-justice-order-akhilesh-yadav-opposition-reaction-who-said-what-12866614.html

'Bulldozer parked in garage': Opposition hails SC order on 'bulldozer justice' - Who said what

Samajwadi Party president Akhilesh Yadav welcomed the top court's order. (File photo: PTI).Related stories.

The Supreme Court on Wednesday warned the executive against overstepping its constitutional remit and laid down a strict code for bulldozer demolition. Hearing a case against "bulldozer justice", the top court ruled that in case of violations the officers concerned will be responsible for restitution of property at personal cost, in addition to damages. The court made it categorically clear that the voice of citizens could not be throttled by a threat of destroying their properties, and that such action was unacceptable under the rule of law. The Opposition has hailed the Supreme Court's order as "welcome relief" and thanked the top court for the necessary intervention. Addressing a rally in UP's Sismau, Samajwadi Party presidentAkhilesh Yadavtook on theYogi Adityanath-led BJP government in Uttar Pradesh and said that the bulldozer had become the symbol of the current regime. "What can you expect from those who only know how to demolish houses? At least today, their bulldozer will remain parked in the garage, now no one's house will be demolished...“What can be a bigger comment against the government than this? We have full faith in the court. One day, our MLAs will be released and will come among us. They will work like they used to do earlier,” he said. AIMIM chief Asaduddin Owaisi also welcomed the SC order and hoped that the order would serve as an example to prevent state governments from collectively punishing Muslims. "The bulldozer judgement of the Supreme Court is a welcome relief. The most important part of it is not in its eloquence, but the enforceable guidelines. Hopefully they will prevent state governments from collectively punishing Muslims & other marginalised groups," Owaisi wrote in a post on X. "We should remember that no less than Narendra Modi has celebrated bulldozer raj, which SC today called a lawless state of affairs,” he added. Congress spokesperson Supriya Shrinate also welcomed the top court's order and said that while it was important to punish the guilty, the arbitrary demolition of homes was inappropriate. "The Supreme Court has delivered its verdict today, and it is indeed like showing a mirror to the BJP government, especially in Uttar Pradesh. The excessive arbitrary actions being taken by BJP governments across the country, whether in Uttar Pradesh or Madhya Pradesh, are illegal and should not happen. Punishing the guilty is necessary, but arbitrarily demolishing homes and, above all, dividing society is inappropriate. There is no such thing as "bulldozer justice." There is a Constitution, there is the rule of law, and that is what will prevail in this country," she said. Maharashtra Congress president Nana Patole also hit out at Uttar Pradesh CM Adityanath and advised him limit his politics to UP. “The BJP government has started to play the politics of creating fear by misusing ED, CBI and bulldozer in some states. The SC has snubbed them and we welcome that,” Patole said. Azad Samaj Party chief Chandrashekhar Azad also welcomed the order and termed it a "slap in the face" for the BJP government in UP. "This is a slap in the face for the BJP government in Uttar Pradesh, highlighting that you cannot demolish someone’s home without proving them guilty or without a court's decision. I thank the Supreme Court for this," he said. Aam Aadmi Party leader and Delhi minister Saurabh Bharadwaj also reacted to the development and said that the Constitution dictates thataction against anyone should be done only in accordance with the law. "This country is governed by the Constitution. Action against anyone should be taken according to the law. This ‘bulldozer tactic’ being enforced is illegal. Wherever bulldozer actions are happening, the government there and the state High Courts should have already taken note of it," he said. CPI(M) leader Brinda Karat said she wished the judgment could have come earlier. “I welcome the Supreme Court judgment holding bulldozer actions as being illegal and malafide. I only wish the judgment had come earlier as it would have saved the bulldozing of many, many houses across BJP-led states,” she said in a statement.

2024-11-13 18:33

2024-11-13

18:33

moneycontrol.com

https://www.moneycontrol.com/news/world/german-chancellor-olaf-scholz-says-hell-ask-for-a-vote-of-confidence-in-december-12866611.html

German Chancellor Olaf Scholz says he'll ask for a vote of confidence in December

German Chancellor Scholz addressing the parliament in Berlin. (Courtesy: Reuters photo).

German Chancellor Olaf Scholz has announced that he will ask for a vote of confidence on December 16, paving the way forward for an early parliamentary election in February. Scholz declared his plans for a vote of confidence during a speech in parliament on Wednesday, one week after his three-party coalition government collapsed. He had initially wanted to have an early election only by late March — before the vote that is regularly scheduled for September 2025. However, the center-right Christian opposition pushed for a quicker vote in the parliament to speed up the next election. In the end, party leaders across the political spectrum agreed on Wednesday on the two dates for the vote of confidence and the new election.

2024-11-13 18:26

2024-11-13

18:26

moneycontrol.com

https://www.moneycontrol.com/news/business/renewables-share-at-46-in-total-453-gw-power-generation-capacity-mnre-12866604.html

Renewables' share at 46% in total 453 GW power generation capacity: MNRE

Combined with nuclear capacity, India's total non-fossil fuel capacity was at 211.36 GW compared to 186.46 GW in 2023 (representative image).

Renewable energy accounts for 46 percent of the country's total installed power generation capacity of 452.69 GW, an official statement said. The country's total renewable energy capacity has crossed 200 GW (gigawatt). India's RE capacity surged by 24.2 GW (13.5 percent) in just one year, reaching 203.18 GW in October 2024, the Ministry of New and Renewable Energy (MNRE) said. "Renewable energy now constitutes more than 46.3 percent of total capacity," MNRE said. India's total electricity generation capacity has reached 452.69 GW, it said. Combined with nuclear capacity, India's total non-fossil fuel capacity was at 211.36 GW compared to 186.46 GW in 2023. Of the total 203 GW, solar was 92.12 GW, wind 47.72 GW, large hydro projects generating 46.93 GW and small hydro power adding 5.07 GW. Biopower, including biomass and biogas energy, adds another 11.32 GW to the renewable energy mix.

2024-11-13 18:20

2024-11-13

18:20

moneycontrol.com

https://www.moneycontrol.com/news/india/how-yogi-adityanath-government-reacted-to-supreme-courts-bulldozer-justice-ruling-12866597.html

How Yogi Adityanath government reacted to Supreme Court's 'bulldozer justice' ruling

SC has equated "bulldozer justice" with a lawless state of affairs where might is right..

The Uttar Pradesh government on Wednesday welcomed the Supreme Court's verdict on "bulldozer justice", saying that it will help curb organised crime and instil a fear of legal consequences among criminals. TheYogi Adityanathgovernment faced flak from opposition after the Supreme Courtlaid down guidelines to curb the demolition issueand said that the executive cannot act like a judge. The apex courtsaid that no property of the accused should be demolishedwithout a prior show cause notice and the affected must be given at least 15 days to respond. Following the verdict, the opposition parties hoped that the "bulldozer terror" and "jungle raj" in Uttar Pradesh would end. The UP government praised the apex court verdict and clarified that it was not a party in the case. It said that the SC order was part of the case 'Jamiat Ulema-e-Hind vs. North Delhi Municipal Corporation and others'. "The first requirement of good governance is the rule of law. This ruling will increase criminals' fear of the law, making it easier to control mafia elements and organised professional criminals," a Yogi government spokesperson said. The spokesperson added that "the rule of law applies to everyone." Uttar Pradesh cabinet minister Om Prakash Rajbhar also welcomed the order, saying, "The government never demolishes anyone's personal property. Bulldozer is run on illegal occupation of public properties. It was the high court's decision, we do not do it on our own." Rajbhar added that any official found guilty of illegal action will face action. "The court's orders will be followed. If anyone is found guilty, action will be taken against them," he said. Earlier today, a two judge bench of Justices B R Gavai and K V Viswanathan equated "bulldozer justice" with a lawless state of affairs where might is right. It said that the executive cannot assume judicial powers to punish citizens by demolishing their properties without following due process. It termed such excesses "high-handed and arbitrary", adding that they need to be dealt with the "heavy hand of the law". "If the executive acts as a judge and inflicts penalty of demolition on a citizen on the ground that he is an accused, it violates the principle of 'separation of powers'," the bench said in its 95-page judgment. In a slew of directions, the apex court made clear that such an action will not be applicable if there is an unauthorised structure in a public place such as road, street, footpath, abutting railway line or any river or water bodies and also in cases where there is an order for demolition made by a court of law. "No demolition should be carried out without a prior show cause notice returnable either in accordance with the time provided by the local municipal laws or within 15 days time from the date of service of such notice, whichever is later," the bench directed. Opposition leaders praised the verdict and took a potshot at the Yogi government. AIMIM chief Asaduddin Owaisi claimed that Prime Minister Narendra Modi had earlier celebrated "bulldozer raj", which the SC called "a lawless state of affairs". "The #Bulldozer judgement of the Supreme Court is a welcome relief. The most important part of it is not in its eloquence, but the enforceable guidelines. Hopefully they will prevent state governments from collectively punishing Muslims & other marginalised groups," the Hyderabad Lok Sabha member said in a post on 'X'. BSP chief Mayawati said that the order should put an end to bulldozer terror. "After today's decision of the honourable Supreme Court regarding bulldozer demolitions and the related strict guidelines, it should be expected that UP and other state governments will manage public interest and welfare properly and smoothly and the terror of bulldozers will definitely end now," Mayawati posted on X in Hindi. The Samajwadi Party also hailed the SC decision and said the "bulldozer action" was "totally unjust, unfair, unconstitutional and illegal". (With inputs from agencies)

2024-11-13 18:20

2024-11-13

18:20

moneycontrol.com

https://www.moneycontrol.com/news/india/deadly-volcano-still-erupting-near-indonesian-holiday-island-indigo-air-india-cancel-bali-flights-12866596.html

Deadly volcano still erupting near Indonesian holiday island: IndiGo, Air India cancel Bali flights

Courtesy: X.

Several international flights, including India's IndiGo and Air India air services, to and from Bali were cancelled after dangerous ash clouds from Mount Lewotobi Laki-Laki near the Indonesian island made it unsafe to fly. The volcano spewed a 9km ash column into the sky over the weekend, one week after a major eruption killed 10 people. A jazz festival in Labuan Bajo town, some 600km from Mount Lewotaobi Laki-laki, was also postponed due to safety concerns. Massive erupt at the Lewotobi volcano in Flores island, Indonesia ???? (07.11.2024)pic.twitter.com/4EBmGZ1mwjDisaster News (@Top_Disaster)November 7, 2024 The volcano has erupted several times since the initial eruption, with the most recent eruption occurring around 6 pm on Tuesday night, Indonesian time, the Center for Volcanology and Geological Disaster Mitigation said. Australia’s Bureau of Meteorology has also warned that the volcanic ash might drift to parts of the country's north on Wednesday. The Mount Lewotobi Laki Laki volcano located in a remote island in East Nusa Tenggara province erupted earlier this month and has resulted in ash clouds. "#6ETravelAdvisory: Due to a recent volcanic eruption in #Bali, flights to/from the region have been cancelled, as ash clouds may impact air travel," IndiGo said in a post on X. The airline operates a daily flight from Bengaluru to Bali. An official said Air India has cancelled its Bali flight. It operates a flight every day from Delhi to the Indonesian island. The service was being operated by Vistara, which has now been merged with Air India.

2024-11-13 18:15

2024-11-13

18:15

moneycontrol.com

https://www.moneycontrol.com/technology/apple-ios-18-2-rollout-this-is-when-apple-may-bring-new-ai-features-and-chatgpt-to-iphones-article-12866548.html

Apple iOS 18.2 rollout: This is when Apple may bring new AI features and ChatGPT to iPhones

iOS 18.

Apple is already beta testing the iOS 18.2 update for iPhones and as per a new hint dropped by a notice from UK carrier EE, the company may start rolling it out to all users on December 9. While Apple has not confirmed the date, the tech company previously announced that the iOS 18.2 update would arrive in December. The upcoming update will bring notable enhancements to Apple’s AI-powered features, along with updates to the Photos app, Camera controls, and CarPlay. iOS 18.2: New features coming to iPhonesOne of the anticipated additions in iOS 18.2 is the Image Playground app, allowing users to create custom images using text prompts and themed suggestions. Image Playground will also integrate into built-in apps like Notes, adding a creative tool for iPhone users to personalise their content. Another new feature is Genmoji, a tool for designing custom emojis through the Genmoji editor, directly accessible in the emoji keyboard. The iOS 18.2 update will also introduce Compose with ChatGPT, an AI-driven writing tool powered by OpenAI’s ChatGPT. This feature will integrate into Apple’s Writing Tools, offering users advanced writing assistance for text composition across iOS apps. Additional improvementsBeyond these Apple Intelligence updates, iOS 18.2 may deliver other system enhancements. The Photos app is expected to see refinements, potentially offering a more user-friendly experience in photo organisation and management. Updates to Camera Control settings are also anticipated, which could give users greater customisation options for their iPhone cameras. CarPlay users might notice visual overhaul, as the iOS 18.2 update could include a refresh of CarPlay icons, potentially improving the user interface for in-car navigation and app access.

2024-11-13 18:10

2024-11-13

18:10

moneycontrol.com

https://www.moneycontrol.com/news/economy-2/mines-ministry-iea-sign-pact-for-cooperation-in-critical-mineral-sector-12866591.html

Mines ministry, IEA sign pact for cooperation in critical mineral sector

The collaboration would enable India to streamline its policies, regulations, and investment strategies in the critical mineral sector, the ministry said (representative image).

The Union mines ministry on November 13 entered into a pact with the International Energy Agency (IEA) for cooperation in the area of critical minerals. The Cabinet had earlier this month approved the proposal of signing the memorandum of understanding (MoU) between IEA and the mines ministry. The present association would provide India with access to reliable data, analysis, and policy recommendations in the critical mineral sector. The IEA is an international organisation within the framework of the Organisation for Economic Co-operation and Development (OECD). "This collaboration would enable India to streamline its policies, regulations, and investment strategies in the critical mineral sector, aligning them with global standards and best practices," the mines ministry said in a statement. The agreement would also promote capacity building and knowledge exchange between India and the IEA member states, it said, adding that the collaboration on data collection, modelling, and analysis would enhance India's technical capabilities and institutional capacity in the critical mineral sector. Joint research projects, workshops, and training programmes carried out under this agreement would help fostering collaboration and innovation in technology development, extraction techniques, and recycling methods for critical minerals, it said.

2024-11-13 18:09

2024-11-13

18:09

moneycontrol.com

https://www.moneycontrol.com/news/business/earnings/pre-write-eicher-motors-q2-12866121.html

Eicher Motors Q2 FY25 net profit rises over 8%, meets expectations; stock cracks 3%

Eicher Motors Q2 FY25 Results.Related stories.

Eicher Motors’ consolidated net profit rose 8.3 percent on-year to Rs 1,100 crore during the second quarter of this financial year as against Rs 1,016 crore in the year-ago period, meeting Street expectations. A Moneycontrol poll of brokerage estimates also pegged the automaker's second quarter net profit at Rs 1,100 crore during Q2 FY2024-25. The New Delhi-headquartered firm's revenue from operations rose 3.6 percent to Rs 4,263 crore as compared to Rs 4,115 crores in the corresponding quarter of Q2 FY24. That fell short of theMoneycontrol poll estimate of Rs 4,418 crore. The company's Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter stood at Rs 1,088 crore, which is flat from last year's figure of Rs 1,087 crore. Its operating margin for the quarter stood at 25.5 percent from 26.4 percent during the same period last year. Ahead of the results,Eicher Motors share pricefell 3.16 percent to end at Rs 4,588.7 on NSE. During the quarter, the company’s bikemaking arm Royal Enfield recorded sales of 2,25,317 motorcycles as compared to 2,29,496 motorcycles sold during the same period in FY 2023-24 “With an intent to disrupt and grow the electric motorcycle segment, we are approaching it with the same singularity, focus and unconventionality with which we have grown and energized the global mid-size segment over the last several years, said Siddhartha Lal, Managing Director of Eicher Motors, adding, “On the commercial vehicle front, VE Commercial Vehicles delivered its best Q2 ever, with strengthened market shares in truck segments. This is commendable against the backdrop of lower industry volumes as compared to Q2 of last year.” For Q2 FY 2024-25, VECV’s revenue from operations was Rs 5,538 crore, up by 8 percent over the previous year’s revenue of Rs 5,126 crore. EBITDA for the second quarter was Rs 395 crore as compared to Rs 402 crore last year. Profit after tax stood at Rs 209 crore as against Rs 187 crore last year. VECV recorded sales of 20,774 vehicles in the second quarter over 19,551 vehicles last year. Vinod Aggarwal, MD and CEO - VECV said “VECV delivered its highest ever second quarter sales during Q2 FY25 growing 6.2 percent over Q2 FY24 and attaining  leadership in the Light and Medium Duty (LMD) segment during the quarter. This growth was  against a drop in CV industry volumes of 10.8 percent in the same period and stands as a testament to our broad product range backed by fast-expanding network coverage focused on delivering uptime tocustomers..”

2024-11-13 18:03

2024-11-13

18:03

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sebi-proposes-doubling-networth-requirement-for-custodian-other-changes-to-regulations-12866588.html

Sebi proposes doubling networth requirement for custodian, other changes to regulations

The paper said that custodians may be given three years to meet this requirement..

With the role of custodians becoming more important with the growth of the market and shorter settlement cycles, the market regulator has proposed a review of their regulations including doubling the networth requirement. In a consultation paper released on November 13, the Securities and Exchange Board of India has suggested that networth requirement be increased from Rs 50 crore to Rs 100 crore. On the need for this, the paper stated, "Considering the increased scope of services and the exponential growth in the volume of business provided by Custodians to its clients, Custodians are prone to fraud and operational risks. Such risk can result in financial losses which may lead to erosion of the net worth of the Custodian. Higher net worth requirements help provide a cushion against potential fraud losses and operational risks. Custodians with higher net worth may be better equipped to absorb losses, maintain operational stability and enhance the trust of their clients and stakeholders in the ecosystem". (This copy will be updated.)

2024-11-13 18:02

2024-11-13

18:02

moneycontrol.com

https://www.moneycontrol.com/news/business/ongc-steps-on-the-gas-bets-big-on-monetising-gas-discoveries-to-drive-growth-12866281.html

ONGC steps on the gas, bets big on monetising gas discoveries to drive growth

Sushma Rawat, Director-Exploration, ONGC.Related stories.

Oil and Natural Gas Corporation (ONGC) foresees gas production rising significantly in the coming years as the company plans to monetise its gas discoveries amid better market prices, Sushma Rawat, director, exploration, told Moneycontrol. ONGC’s gas production is expected to see an uptick on account of improving technologies for evacuation and competitive prices for gas from difficult areas, said Rawat. “If you look at ONGC right now, we are 50:50 on oil and gas with respect to total production because we convert the gas into oil equivalent. Now, we are trying to monetise even the stranded gas discoveries. Initially, because of the low gas prices that we used to get, a lot of discoveries remained unmonetised because they were sub-commercial.  Within ONGC, what I see is that we are going to increase the contribution of gas because we are getting more gas discoveries and because the prices are right or can improve for the ultra-deepwater (wells),” said Rawat. Gas versus oil “We are going to take up gas discoveries into production or development. So, the percentage of gas will definitely increase in the kitty compared to oil. Another thing is, gas all over the world is being considered as the transition fuel. So there has been a lot of emphasis on gas, and technologies for gas evacuation have also been improving,” she added. To support domestic production from difficult areas, the government on October 1 hiked gas prices from deep-sea and high-pressure, high-temperature (HPTP) areas for the next six months. The price has been raised to $10.16 per mmBtu (million metric British thermal units) for the six months starting October 2024 from $9.87 per mmBtu during April-September, according to an official notification. The higher price realisation helps upstream players improve exploration activities. India’s top exploration company has been struggling to ramp up oil and gas production from its fields significantly due to lack of new discoveries and declining production from oil fields. In the quarter ended September 30, ONGC reported a decline of 2.1 percent in its gas production from last year. The company was able to reverse the declining trend in crude oil production as production during the July- September period grew by 0.7 percent on a year-on-year basis. Stepping on the gas In 2024, ONGC made two significant natural gas discoveries in its Mahanadi deepwater block in the Bay of Bengal. The state-run hydrocarbon explorer made the discoveries in the MN-DWHP-2018/1 block, which it had won in the third round of auction under the open acreage licensing policy (OALP) in 2019. Rawat said ONGC would submit a field development plan for the gas discovery in its Mahanadi block to the Directorate General of Hydrocarbons (DGH) this fiscal. “Currently, we are preparing the field development plan for Mahanadi. We have got acreages in OALP-9 and then we have the mega round of OALP coming up next, which is dominantly offshore. So we would be getting acreages and then we will be going for exploration in those areas. We know the depositional systems which can entrap oil or gas, so we are upbeat about Mahanadi and we are looking forward to having a field development plan by the end of this year (FY25) and submit it to DGH," Rawat said, adding that the DGH would assess the entire process to review whether the project would be commercially viable or not. The company also notified DGH about one new pool discovery in ONGC’s ultra-deepwater area of Cauvery Offshore. Rawat said the discovery, which is predominantly gas, is ultra-deepwater and would therefore require very specific technologies for monetising because of hydrate formation, the depth of the water and lower temperatures at the seabed. ONGC’s head of exploration said monetising the new gas discoveries would take about three to four years as the company would need to assess the data and plan necessary infrastructure requirements. “It (monetising) will depend on how fast you go about it. Of course, FDP (field development plan) takes some time because you really have to look into the future, assess the whole data and also sort of predict how long the volume is going to last. Sometimes it requires additional wells, appraisal wells. Like for Manadi, we are going for FDP, appraisal wells, then we would do the infrastructure planning. So I think the fastest would be three to four years,” she said. India's bet on natural gas As India eyes reaching its net-zero emissions target by 2070, the country aims to increase the share of natural gas in its primary energy mix to 15 percent by 2030 from the existing level of around 6-7 percent. Domestic consumption of gas is on the rise amid the government’s push for reforms and improving infrastructure. Oil ministry data showed that the cumulative gas consumption was higher by 11.9 percent at 36,850 million standard cubic metres per day (mscmd)for the current financial year till September. However, domestic gas production significantly lags in consumption. The cumulative gross production of natural gas grew by mere 1.6 percent to 18,160 mscmd for the current financial year till September 2024 from last year. This mismatch in country’s production and consumption has resulted in higher import dependency. In the current fiscal till September, liquefied natural gas imports were higher by 23.1 percent than over the same period last year.

2024-11-13 18:02

2024-11-13

18:02

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/taking-stock-bloodbath-on-the-street-as-nifty-falls-10-from-its-peak-12866406.html

Taking Stock: Bloodbath on the Street as Nifty falls 10% from its peak

In the broader markets, the BSE Midcap and BSE Smallcap indices dropped 2.6 percent and 3 percent, respectively..Related stories.

The Sensex and Nifty closed deep in the red on November 13, marking their fifth consecutive day of losses as inflation concerns and a sell-off in metal stocks weighed on market sentiment. The Nifty has now dropped nearly 10 percent from its all-time high of around 20,200 reached on September 27. At the close, the Sensex had shed 984 points, or 1.3 percent, settling at 77,690, while the Nifty declined 324 points, or 1.4 percent, to 23,559. About 628 shares advanced, 3,180 shares declined, and 92 shares remained unchanged. Among the Nifty 50's biggest laggards were Tata Steel, Eicher Motors, M&M, Hindalco, and Hero MotoCorp, each down 3-4 percent. Meanwhile, Britannia, Tata Motors, NTPC, HUL, and Asian Paints were the top gainers. All 13 major sectoral indices closed in the red, led by sharp declines in the auto, banking, metal, PSU bank, media, and realty sectors, which were down 2-3 percent. In the broader markets, the BSE Midcap and BSE Smallcap indices dropped 2.6 percent and 3 percent, respectively. Many stocks touched 52-week highs on the BSE, including Excel Realty, Hikal, OCCL, Shyam Telecom, and Unichem Labs.Click To View MoreMeanwhile, Taparia Tools, Aarti Industries, Allcargo, Asian Paints, Bajaj Electric, Bandhan Bank, Delhivery, CreditAccess Grameen, JK Lakshmi Cement, PNC Infra, and Vodafone Idea hit their 52-week lows.Click To View More Outlook for November 14 Ajit Mishra – SVP, Research, Religare Broking Markets extended their corrective phase, declining by nearly one and a half percent, continuing the existing downward trend. After a flat opening, Nifty gradually drifted lower, retesting its critical support at the 200-day exponential moving average (DEMA) for the first time in nearly five months. Pressure was felt across key sectors, with realty, metal, and auto stocks among the biggest losers. Broader indices also experienced a sharp decline, each losing over 2.5%. Nifty has now corrected more than 10% from its record high, reaching its major moving average support. Notably, alongside with the benchmark index, banking index, midcap and smallcap indices also retested their long-term support levels at the 200 DEMA today. This confluence of support and oversold conditions might trigger a rebound, although any recovery could be limited to select stocks. Traders are advised to monitor positions closely and maintain a hedged strategy. Shrikant Chouhan, Head Equity Research, Kotak Securities Today, the benchmark indices continued profit booking at higher levels, the Nifty shed 324 points while the Sensex was down by 984 points. Among Sectors, all the major sectoral indices all the major sectoral indices witnessed profit booking at higher levels but Reality index lost the most, shed over 2.25 percent. Technically, after weak open throughout the day market registered selling pressure at higher levels. In addition, bearish candle on daily charts indicating further weakness from the current levels. We are of the view that, the current market texture is weak but oversold hence; we could expect one quick intraday pullback rally from the current levels. For the traders now, 200 day SMA (Simple Moving Average) or 23500/77500 would act as a sacrosanct support zone. Above the same, we could expect one technical bounce back till 23800-23850/78300-78500. On the flip side, fresh selloff possible only after dismissal of 23500/77500. Below which, it could slip till 23380-23350/77200-77000.

2024-11-13 18:00

2024-11-13

18:00

moneycontrol.com

https://www.moneycontrol.com/news/business/7-eleven-owner-considers-going-private-in-japans-biggest-58-billion-buyout-12866566.html

7-Eleven owner considers going private in Japan's biggest $58 billion buyout

Seven & i shares surged as much as 17%, their biggest intraday gain since Aug. 19. (Reuters Photo).

Seven & i Holdings Co. is considering a management buyout to take itself private with funding from banks, Itochu Corp. and the founding Ito family in a transaction that could be worth around ¥9 trillion ($58 billion), people with knowledge of the matter said. Any deal could be presented as an option for shareholders in the event that Alimentation Couche-Tard Inc. becomes more aggressive with its pursuit of Seven & i and makes a tender offer, the people said, asking not to be identified because the negotiations haven’t been made public. Seven & i confirmed the family’s non-binding proposal without giving specifics, including a price. Seven & i shares surged as much as 17%, their biggest intraday gain since Aug. 19. Itochu’s stock fell as much as 3.4%. Under the management buyout being discussed, which would be the largest-ever in Japan, trading house Itochu, the founding family and existing investors would contribute ¥3 trillion in cash and equity, the people said. Japan’s top megabanks — Sumitomo Mitsui Financial Group Inc., Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc. — would put up ¥6 trillion in financing, the people added. Such an arrangement would be a remarkable unified response to Couche-Tard’s takeover approach, the biggest ever foreign attempt to buy a Japanese target. With the participation of Itochu — Seven & I’s top competitor in the domestic convenience store business — it would reflect the coordinated resistance of corporate Japan to foreign control of one of its most famous companies. Talks are ongoing and the deal could be difficult given its size, the people said. There’s a chance that the management buyout may not proceed if Couche-Tard rescinds its proposal to buy Seven & i. Representatives for Sumitomo Mitsui, Mitsubishi and Mizuho declined to comment on any specific transactions. A spokesperson for Itochu declined to comment, saying nothing has been decided. The operator of 7-Eleven stores hasn’t said anything publicly since Couche-Tard increased its proposed price for Seven & i to $18.19 a share last month to value the Japanese retailer at ¥7.2 trillion. Seven & i had rebuffed an earlier, lower offer by the Canadian operator of Circle K stores and embarked on a restructuring aimed at unlocking value. In a statement after Bloomberg reported the potential management buyout, Stephen Dacus — who leads a special board committee — said the group is examining the proposals from the Ito family and Couche-Tard, as well as the company’s own measures to maximize its standalone value. “We are objectively considering all options for realizing potential shareholder value,” Dacus said in a statement, adding that the committee will continue to engage in dialogue with all relevant parties and seek to deliver on the “interests of the company’s shareholders and other stakeholders.” Although Seven & i has laid out restructuring plans that will effectively split the company, the management buyout would initially seek to acquire the entire business, one of the people said. If a deal is reached, the new owners would eventually implement the plan to separate the business focused on 7-Eleven, convenience stores and gasoline stations from the other, which is made up of less profitable retail operations, the person said. A deal would give Seven & i management significantly more breathing room. “If it goes private, they can speed up reforms boldly without worrying about short-term perspectives or the share price,” said Naoki Fujiwara, a senior fund manager at Shinkin Asset Management Co. “The price is not bad, as it’s higher than the market value and the acquisition offer price. The management team probably wants to show that the company is worth that much.” Itochu, one of Japan’s top trading companies, runs FamilyMart, a rival to 7-Eleven stores; any deal may seek to deliver synergies between the two convenience-store chains. The heirs of Masatoshi Ito, who expanded a small family-owned shop into one of Japan’s largest retailers and turned 7-Eleven into a global enterprise, together own about 8.5% of Seven & i, according to data compiled by Bloomberg. His son Junro Ito, a vice president and board member, holds part of that stake and will recuse himself from any board deliberations involving the proposals from his family and Couche-Tard, Seven & i said in Wednesday’s statement. The retailer traces its origins back to the Yokado Clothing Store, founded in Tokyo in 1920.

2024-11-13 17:59

2024-11-13

17:59

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/should-angel-funds-be-taken-out-of-sebis-supervision-market-regulator-proposes-an-overhaul-12866571.html

Should angel funds be taken out of SEBI's supervision? Market regulator proposes an overhaul

The Angel Fund industry has experienced significant growth over the past five years, with a compound annual growth rate (CAGR) of 106 percent in investment..Related stories.

Should angel-investor pools or angel funds continue to be regulated by Sebi? The market regulator has proposed several changes to overhaul the regulatory framework of angel funds, in a consultation paper issued on Wednesday, November 13. In the paper, the Securities and Exchange Board of India (SEBI) has asked if the funds need to be regulated at all, following the abolition of angel taxes inBudget 2024-2025. Besides taking it out of SEBI's purview, the regulator has proposed several other changes including allowing only accredited investors to invest in angel funds, broadening the investor base for angel funds by lowering the floor (minimum investment requirement) and raising the ceiling (maximum investment limit) and so on. Also read:MC Exclusive: Fake investment bankers making a killing amid SME sector’s IPO boom Angel funds have been regulated as Category I-AIF - VC Funds. The regulatory framework had been put in place to provide exemptions from angel tax. That is, the tax exemptions were given only to angel funds that raised capital from certain kind of investors and for certain kinds of startups. With angel-tax being done away with altogether, this framework is no longer relevant. In fact, direct investment in startups may be preferred without having to worry about the compliance costs. Therefore, the regulator has asked if angel funds need to under the supervision of SEBI at all. But the  Alternative Investment Policy Advisory Committee (AIPAC) pointed out the positives of keeping the funds regulated. As the consultation paper said, "the AIPAC recommended maintaining Angel Funds as a regulated structure, recognizing their importance in professionally managing Angel Investors' capital and their critical role in funding start-ups. AIPAC members also highlighted that besides AIFs, there may not be any other legitimate avenues for pooling funds to invest in start-ups." The paper noted that angel funds have come to be an important funding source for startups and the funds have grown impressively over the past few years. As of March 31, 2024, there are 82 Angel Funds registered with SEBI under the AIF Regulations, with a total of Rs 7,053 Crore in commitments and Rs 3,343 Crore in investments. The Angel Fund industry has experienced significant growth over the past five years, with a compound annual growth rate (CAGR) of 106 percent in investment. (This copy will be updated.)

2024-11-13 17:52

2024-11-13

17:52

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/prosus-looks-to-list-indian-payments-firm-payu-in-2025-12866576.html

Prosus looks to list Indian payments firm PayU in 2025

Prosus' logo is pictured on a smartphone in this illustration.Related stories.

Dutch technology investor Prosus hopes to list Indian digital payments and lending firm PayU next year, its chief investment officer said on Wednesday, after clocking a $2 billion gain on its investment in another local firm Swiggy. While Prosus hoped to list PayU by the end of 2024, it's currently "not on that path", Ervin Tu, Prosus's chief investment officer, said on a media call. "We're late into [20]24 already, but we hope that it could be a [20]25 event. We're still working with the company to firm the best timing." Prosus, which is controlled by South Africa's Naspers, owns 100% of PayU. PayU has had plans to list since late 2023, at a $5 billion to $7 billion valuation. It recently emerged from a 15-month regulatory ban on enlisting new merchants and was authorised in April to operate as a payment aggregator. It competes with the likes of Tiger Global-backed Razorpay and Walmart-owned PhonePe for its core payments operation. PayU also facilitates loans to customers and small businesses. India, one of the fastest growing digital payments markets in the world, recorded a 44% on-year growth in retail digital transactions in FY24, while payment volume increased 20%, according to Prosus' 2024 annual report. Tu said India is a "pillar" of the Dutch investor's strategy. "We have great optimism about the future for India and for us." His comments come on the heels of another portfolio company Swiggy's successful market debut on Wednesday. Prosus said in a statement that it had gained $2 billion on its investment in the food and grocery delivery firm, in which it still has a 25% stake. Last month, Prosus CEO Fabricio Bloisi said he expects more of its Indian portfolio companies to go public in the next 12 to 18 months. It has stakes in online marketplace Meesho and home services firm Urban Company among other Indian companies.

2024-11-13 17:45

2024-11-13

17:45

moneycontrol.com

https://www.moneycontrol.com/news/india/watch-rahul-gandhi-takes-keralas-longest-zipline-in-wayanad-to-promote-tourism-following-landslides-12866166.html

Watch: Rahul Gandhi takes Kerala’s longest zipline in Wayanad to promote tourism following landslides

Congress leader Rahul Gandhi (Image: YouTube/Rahul Gandhi).

Congress leader Rahul Gandhi took a ride on Kerala's longest zipline in Wayanad, promoting tourism in the landslide-affected region. The visit came ahead of Wednesday's bypolls in Wayanad, where his sister Priyanka Gandhi Vadra is contesting for the Lok Sabha seat. The Leader of Opposition in the Lok Sabha shared a video of himself trying the zipline on his Youtube channel. “On Priyanka’s campaign trail in Wayanad yesterday, I had the chance to connect with some truly inspiring locals. Despite the recent challenges, they’re not giving up. They’ve built incredible attractions here—the largest giant swing in South India, a drop tower, and a thrilling zipline—all to show visitors that Wayanad is as stunning and safe as ever. I even tried the zipline myself, and I loved every second of it,” the Congress leader said. Heavy rains starting from July 30 this year triggered multiple landslides across Wayanad, claiming hundreds of lives across Kerala. Gandhi said that the recent landslide has left tourism hanging by a thread, and livelihoods are really suffering—from shopkeepers to homestay owners and the adventure park team, everyone is working hard just to keep things going. In the Lok Sabha polls held earlier this year, Rahul Gandhi had emerged victorious from both Wayanad and Rae Bareli constituencies. He vacated the Wayanad seat later, which is now being contested by his sister, Priyanka Gandhi Vadra. “This is more than politics for me; the people of Wayanad have truly won a place in my heart. Priyanka and I have taken it up as a mission to make Wayanad a top destination in Kerala. Wayanad embodies the best of India—breathtaking landscapes, vibrant culture, and unmatched resilience. Let’s rediscover the magic within our own country and show the world what India has to offer,” Gandhi stated.

2024-11-13 17:43

2024-11-13

17:43

moneycontrol.com

https://www.moneycontrol.com/news/business/growth-needs-to-be-priority-for-new-govt-in-jharkhand-fiscal-position-much-better-than-other-states-12866559.html

Growth needs to be priority for new govt in Jharkhand, fiscal position much better than other states

New government will have to less worry about in Jharkhand.

The new government in Jharkhand will need to prioritise growth, as the state’s fiscal situation seems to be improving. The state went into thefirst round of polling on November 13, with 59 percent of voters polling until 3 p.m. The results will be announced on November 23, and the Bharatiya Janata Party will look to regain power from the ruling Jharkhand Mukti Morcha and Congress coalition. The state’s GDP is expected to expand by 9.8 percent, lower than the national average of 10.5 percent and states like Bihar at 13.5 percent and Rajasthan at 16.5 percent, according toBudgetdata from NSE study. Nominal growth in FY24 was one of the lowest at 2.6 percent compared with national growth at 9.6 percent. Among the larger states, Jharkhand had budgeted the lowest fiscal deficit ratio of 2 percent in FY25, compared with the national average of 3.2 percent. The state, along with Karnataka and Gujarat, had one of the lowest fiscal deficit in India at 2.7 percent as per revised estimates. While Karnataka and Gujarat’s fiscal deficit is expected to jump, Jharkhand has budgeted a 0.7 percentage point decline. Jharkhand also performs better than most other states on committed expenditures or spending on salaries, pensions and interest. The state is budgeting one of the lowest committed expenditure-to-revenue ratio of 14.3 percent compared with 24.6 percent. In contrast, Punjab will spend 42 percent of its revenues on committed expenditures in FY25. It is also expected to be better on capex spending, outspending most major states with a capex growth of 9.4 percent in FY25 compared with the national average of 6.4 percent and higher than adjoining Bihar, where capex is expected to shrink by 26 percent. Its revenue receipts are also expected to grow faster than the rest of the states, barring Telangana. However, the state has been lagging in own tax revenue collection. Jharkhand has one of the lowest ratios of own tax revenue to revenue receipts. Own tax revenues are expected to have a 30.9 percent share in revenue receipts this fiscal compared with 30.2 percent in the previous year. In contrast, states like Maharashtra, Gujarat and Karnataka earn over 60 percent of revenues from their own tax sources.

2024-11-13 17:43

2024-11-13

17:43

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/nifty-has-downside-risk-over-three-to-six-months-says-macquarie-sandeep-bhatia-12866538.html

Nifty may see another 10% downside over next 3-6 months, fears Macquarie's Sandeep Bhatia

"In 2025, the big gorilla is the US market," Bhatia said. Wall Street's gyrations to policy moves by President-elect Trump will be a major trigger for emerging markets as well, he said..Related stories.

Macquarie's Sandeep Bhatia fears the benchmark Nifty 50 index is in for a sharp, 10 percent downside from present levels, over the next 3-6 months. In conversation with CNBC-TV18, Bhatia raised concerns over valuations of companies, and said he is cautious in his outlook towards Indian equities. Bhatia cited recent earnings downgrades after September quarter results in the past few weeks as a key reason for caution, adding that he will maintain his cautious stance for some more time. The benchmark indices have fallen to their lowest level in over five months, withNifty 50slipping into thecorrection zoneon November 13, with a 10% cut from recent high seen in September.  Track the key factors behind the selloffhere. Going forward, Macquarie sees Donald Trump's presidency as a major influence for the world markets. "In 2025, the big gorilla is the US market," Bhatia said. Wall Street's gyrations to policy moves by President-elect Trump will be a major trigger for emerging markets as well, he said, adding that "all EMs including India will be hit." Macquarie expects the US Dollar to continue to strengthen, possibly stoked by concerns arising out of Trump's 'America First' policies. If US steps up ontariff restrictions on global trade, specifically in relation with China, it may lead to inflation, thus limiting global central banks’ ability to cut rates. According to LSEG, US dollar's strength may trigger a shift in market expectations of higher US rates for longer. For EMs, this could mean pass-through inflation due to costlier imports, and greater vulnerability in external debt servicing. Among the FTSE Emerging Index top constituents, India is a major economy that is import-dependent. Read More:Indian rupee to depreciate further after Trump's win, say experts Sandeep Bhatia added that the extent of India's fall is contingent to strength of US Dollar and President-elect Trump's policies. Read More:Markets may have made the year's high, says Ramesh Damani, expect consolidation Macquarie's Sandeep Bhatia also added that some disruptions to global growth assumptions are possible, going forward, which may impact stock market valuations already at stretched levels.

2024-11-13 17:29

2024-11-13

17:29

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/trump-2-0-india-poised-to-leverage-comparative-advantage-amid-shifting-global-trade-and-supply-chains-12866351.html

Trump 2.0: India poised to leverage comparative advantage amid shifting global trade and supply chains

During Trump’s first term, India received a modest $11 billion in FDI inflows..Related stories.

With Donald J. Trump’s historic return to the White House as the 47th US President, the new administration’s likely focus on domestic job creation,shoring upUS manufacturing, and strengthening supply chains are expected to present opportunities for India’s trade landscape. India stands to benefit, particularly in sectors like pharmaceuticals, textiles, and electronics, which are positioned to capture value as companies look to diversify away from China, a State Bank of India (SBI) report said. In the previous Trump administration, India saw the revocation of its Generalised System of Preferences (GSP) status which had enabled tariff-free exports on specific goods to the US. While the GSP status has not been reinstated, Indian exports in key sectors have continued to grow, underlining India’s resilience and adaptive approach. Footwear, minerals, and machinery exports to the US are on an upward trend, with footwear alone rising by 8 percent in FY23 compared to the previous period(FY22).Similarly, mineral exports increased by 33 percent from FY22 to FY23, highlighting India’s competitive edge in these sectors. Strategic partnerships between the two nations, such as the Indo-US 2+2 Dialogue, set a strong foundation during Trump’s first term. The return of Trump could further solidify these relationships, particularly with the Indo-Pacific region’s strategic importance. Indian defence exports, bolstered by increasing international demand and favourable government policies, have surged 30 times over the past decade — a trend expected to continue under Trump’s assertive geopolitical stance, the report stated. Financial markets are poised for short-term volatility amid potential tariff hikes, visa restrictions, and a strong dollar. However, a weaker rupee could prove advantageous for Indian exports, especially in manufacturing, textiles, and agriculture. “India’s comparative advantage in sectors like footwear and electrical machinery is already showing results, with exports climbing despite global trade turbulence,” the SBI’s report noted. The global supply chain reorganisation, accelerated by Trump’s pro-America economic stance, may benefit India as corporations consider relocating operations from China. Pharmaceuticals, textiles, and electronics are particularly well-positioned for growth. Additionally, with initiatives like PM-MITRA, RoDTEP, and Mega Food Parks, India is enhancing its appeal as a manufacturing hub, and could continue attracting FDI in newer sectors, such as renewable energy, medical devices, and digital services, it said. FDI and trade dynamics During Trump’s first term, India received a modest $11 billion in FDI inflows. While similar protectionist policies may lead US based MNCs to prioritise domestic investments, India’s large consumer base and robust economic growth are anticipated to keep it attractive for foreign investors. The FDI landscape is also evolving beyond traditional sectors. “FDI in sectors like non-conventional energy, medical appliances, and transport is growing, allowing India to mitigate potential reductions in US- led FDI,” it said. Challenges for Indian IT sector If Trump’s administration intensifies restrictions on work visas, particularly the H-1B programme, Indian IT and ITES companies could face higher costs associated with hiring local US talent, potentially impacting profit margins. During the previous Trump administration, non-immigrant visas remained at about 1 million annually, contrasting sharply with 2023 figures, where nearly 1.4 million visas were issued. “Indian IT firms may have to adjust, which could strain their hiringbudgets,” it said, adding that “increased domestic recruitment costs could strain margins and lead companies to refocus on Atmanirbhar Bharat initiatives in the longer run.” Resilient trade amid challenges India has consistently maintained a trade surplus with the US, underscoring robust export performance. The SBI report reveals that “iron and steel exports to the US rose by 44.7 percent from FY20 to FY21, despite tariffs imposed during Trump’s initial term.” India’s growing integration into global value chains is a promising sign for the future, especially as economic initiatives like Atmanirbhar Bharat emphasise self-reliance and domestic production.

2024-11-13 17:27

2024-11-13

17:27

moneycontrol.com

https://www.moneycontrol.com/news/world/will-president-elect-donald-trump-face-jail-time-in-criminal-case-heres-what-could-happen-12866460.html

Will President-elect Donald Trump face jail time in criminal case? Here's what could happen

Donald Trump.Related stories.

Donald Trump’s election victory created a profound conundrum for the judge overseeing his criminal case in New York. Can he go ahead and sentence the president-elect, or would doing so potentially get in the way of Trump's constitutional responsibility to lead the nation? Court documents made public Tuesday revealed that Judge Juan M. Merchan has effectively put the case on hold until at least Nov. 19 while he and the lawyers on both sides weigh in on what should happen next. Trump's sentencing had been tentatively scheduled for Nov. 26. Trump's lawyers are urging Merchan to act “in the interests of justice" and rip up the verdict, the first criminal conviction of a former and now future US president. Manhattan prosecutors told Merchan they want to find a way forward that balances the “competing interests” of the jury’s verdict and Trump’s responsibilities as president. Here are some scenarios for what could happen next: If Merchan wants to preserve the verdict without disrupting Trump’s presidency, he could opt to delay sentencing until the president-elect leaves office in 2029. Trump would be 82 at the end of his second term and more than a decade removed from the events at the heart of the case. Trump’s conviction on 34 felon counts of falsifying business records involves his efforts to hide a $130,000 payment during his 2016 presidential campaign to squelch porn actor Stormy Daniels’ claims that she had sex with him years earlier, which he denies. If he opts to wait, Merchan might not be on the bench by then. His current term ends before Trump is slated to leave office. Another way Merchan could get rid of the case is by granting Trump’s previous request to overturn the verdict because of a US Supreme Court decision in July that gave presidents broad immunity from criminal prosecution. The judge had said he would issue a ruling Tuesday, but that was before Trump’s election victory upended the schedule. The high court’s ruling gives former presidents immunity from prosecution for official acts and bars prosecutors from using evidence of official acts in trying to prove their personal conduct violated the law. Trump’s lawyers argue prosecutors “tainted” the case with testimony about his first term and other evidence that shouldn’t have been allowed. Prosecutors have said the ruling provides “no basis for disturbing the jury’s verdict.” The judge could order a new trial — potentially to take place after Trump leaves office — or dismiss the indictment entirely. Merchan could choose to delay things until the 2nd US Circuit Court of Appeals rules on Trump’s earlier bid to move the case from state court to federal court. Trump’s lawyers have been appealing a Manhattan federal judge’s decision to deny the transfer. Their argument: Trump’s case belongs in federal court because as a former president he has the right to assert immunity and seek dismissal. Waiting for the appeals court to rule, though, might trigger further delays down the road. The court has given prosecutors until Jan. 13 to respond to Trump’s appeal. That’s a week before he is to be sworn in to office. Once Trump is in the White House, his legal team could make fresh arguments around presidential immunity. Merchan could end the case immediately by overturning Trump's conviction on 34 felony counts of falsifying business records and throwing out the indictment. That would mean no sentencing or punishment, sparing the president-elect from the possibility of prison time or other penalties. Trump's lawyers insist tossing the case is the only way “to avoid unconstitutional impediments” to his ability to govern. Prosecutors acknowledged the “unprecedented circumstances” of Trump's conviction colliding with his election but also said the jury's verdict should stand. Merchan could also opt for none of the above and move to sentencing — or at least try, barring an appeal by Trump's lawyers. George Mason University law professor Ilya Somin said whether the case reaches sentencing “could go either way.” If it does, he said, “it probably won’t be a prison sentence.” Trump's charges carry a range of punishments from a fine or probation to up to four years in prison. “Any prison sentence would likely be blocked or suspended in some way," but a lesser sentence “probably wouldn’t impede Trump to any meaningful degree," Somin said.

2024-11-13 17:25

2024-11-13

17:25

moneycontrol.com

https://www.moneycontrol.com/news/india/8-month-old-among-6-meiteis-abducted-kuki-militants-burn-2-alive-why-manipur-is-burning-again-12866537.html

8-month-old among 6 Meiteis abducted, Kuki militants burn 2 alive: Why Manipur is burning again

Courtesy: Manipur Police.Related stories.

Armed Kuki militants abducted three women and three children, including an eight-month-old baby, and burnt to death two elderly persons on Monday during an encounter with the Central Reserve Police Force (CRPF) and local police. All six were abducted from a camp for displaced people in Jiribam. The Manipur government is in touch with all stakeholders to secure the release of six Meiteis. Tension has been high in Manipur since last week due to a fresh round of violence in Jiribam. Notably, local Kuki bodies are demanding withdrawal of the CRPF from Kuki areas. The abducted persons were part of a group of 13 Meiteis who were displaced from their homes in June and were living in the vicinity of the CRPF camp. The group used to sleep in temporary sheds near the camp as they feared being attacked. At least 10 suspected militants were killed in a fierce gunfight with the CRPF on Monday after insurgents in camouflage uniforms, armed with sophisticated weapons, fired indiscriminately at the Borobekra police station and the adjacent CRPF camp at Jakuradhor in Jiribam district. Search operations and area domination were conducted by security forces in the fringe and vulnerable areas of hill and valley districts.Movement of 02 nos. of vehicles carrying essential items along NH-2 has been ensured. Strict security measures are taken up in all vulnerablepic.twitter.com/NtyOraoP3jManipur Police (@manipur_police)November 12, 2024 The militants also set fire to several shops and houses around Jakurador Karong market, Borobekra police station. The Kuki-Zo Council had declared a total shutdown from 5 am to 6 pm on Tuesday in solidarity with those killed in the gunfight. The Council condemned the attacks and called for justice for the victims, many of whom were reportedly Kuki-Zo Village volunteers. Following the Monday incident, fresh violence was reported from multiple places in Imphal Valley where armed groups from the two warring sides engaged in exchange of fire. The Centre has ordered 20 fresh Central Armed Police Forces (CAPFs) companies to be rushed to Manipur including 15 from the CRPF and five from the Border Security Force (BSF).

2024-11-13 17:16

2024-11-13

17:16

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/swiggy-shares-end-19pc-higher-with-over-rs-1-lakh-crore-m-cap-on-a-day-of-all-round-selloff-12866505.html

Swiggy shares surge 19% on debut; market cap soars to Rs 1.04 lakh crore

Shares of the firm made the market debut at Rs 420, a jump of 7.69 per cent on the bourse..Related stories.

Swiggy shares closed nearly 19 percent higher on their debut trading day on November 13, even as benchmark indices Sensex and Nifty slipped over 1 percent amid broader market weakness. Swiggy saw strong investor demand despite subdued market sentiment driven by muted quarterly earnings, sell-offs in frontline stocks and weak cues from the US and Asian markets. The stock listed with an 8 percent premium, opening at Rs 420 per share on the NSE against its IPO price of Rs 390. Swiggyshares settled at Rs 464 on the NSE, marking an 18.97 percent gain from the issue price. The stock touched an intraday high of Rs 465.80, representing a rise of 19.43 percent. At close, the company’s market capitalisation stood at about Rs 1.03 lakh crore. The stock on the BSE was listed at Rs 412, a jump of 5.64 percent from the issue price. Later, it surged to its intraday high of Rs 465.30. Swiggy's dollar millionaires: 70 employees to pocket over $1 million each as company delivers IPO The company said it has doubled the categories for quick commerce in the last 12 months, expecting "very solid" growth in the next 3-5 years and plans to expand its geographical footprint and stores network for Instamart business. "We are expecting very solid growth for the next 3-5 years. We are expanding our geographical footprint, stores network for Instamart business," Swiggy CEO Sriharsha Majety said post the listing ceremony. The food delivery and quick commerce major's market debut exceeded expectations, particularly after a flat listing forecast in the grey market. Analysts were surprised by the stock’s performance, as Swiggy shares defied initial lukewarm predictions to secure a solid premium on the exchange. Meanwhile, analysts at the global brokerage firmMacquarie initiated coverage on Swiggy shares with an 'underperform' rating, recommending a price target of Rs 325 per share.

2024-11-13 17:11

2024-11-13

17:11

moneycontrol.com

https://www.moneycontrol.com/technology/how-north-korean-hackers-are-using-crypto-apps-to-target-apple-mac-devices-article-12866511.html

How North Korean hackers are using crypto apps to target Apple Mac devices

Hackers target macOS.Related stories.

North Korean hackers have reportedly developed a new malware that has evaded the stringent Apple security checks and embedded malware within Google’s Flutter applications. The hackers are reportedly using this app’s development tool to bypass security measures and infect Mac devices. Further, the hackers are targeting cryptocurrency-related businesses with multi-stage malware. How hackers are using Google’s Flutter to target Mac users? According to a report by AppleInsider, researchers at Jamf Threat Labs have uncovered malware embedded in macOS devices that look harmless on the surface. However, using popular app-building tools, like Google’s Flutter, cybercriminals have bypassed typical security measures and made consumers download a fake PDF file via phishing emails allegedly providing vital information about cryptocurrency. Starting in November 2024, Jamf Threat Labs researchers have discovered multiple apps on VirusTotal that appeared to completely bypass all antivirus scans yet showcased "stage one" functionality, connecting to servers associated with North Korean threat actors. In particular, one variant, hidden within a fake crypto exchange game and built with Google's Flutter, downloads malicious scripts to remotely control infected Mac devices. Moreover, another variant, disguised as a notepad app, utilises confusing AppleScripts to install malware. Once opened, though, the malware file starts a background download process on macOS machines, allowing BlueNoroff to remotely access and gather secret keys to digital cryptocurrency wallets. Therefore, macOS users are advised to download apps from the Mac App Store only, which ensures stricter security settings are followed, and its timely software updates can help mitigate risks.

2024-11-13 17:03

2024-11-13

17:03

moneycontrol.com

https://www.moneycontrol.com/news/india/infiltration-assuming-alarming-proportion-in-jharkhand-says-pm-modi-12866534.html

Infiltration assuming alarming proportion in Jharkhand, says PM Modi

PM Modi.Related stories.

Prime Minister Narendra Modi on November 13 alleged that infiltration has assumed an alarming proportion in Jharkhand and hit out at the ruling JMM-led coalition for "patronising" infiltrators. He also termed the ruling dispensation's 'Abua Awas' housing scheme in place of PM Awas Yojana as a 'farzi (fake)' scheme for 'cut money and commission.' "Infiltration has assumed an alarming proportion in Jharkhand where its 'beti, mati and roti (daughter, mother, bread) are under attack. The JMM-led coalition is patronising infiltrators. The coalition is facilitating infiltrators to occupy land, forest and water of tribals, making their population decline," the PM alleged while addressing a poll rally at Godda. He also alleged that the ruling alliance not only indulged in "mafia raj and question paper leak" but also stalled development and forced people to migrate, remain unemployed and suffer because of devoid of connectivity. "I promise you that I will bring out culprits who played with your children's future even if they are hiding in 'paatal'," the PM said. The JMM-led coalition applied salt to your wound by giving tickets to the wife of the jailed leader, the PM said without naming Alamgir Alam who is behind bars in a multi-crore money laundering case. The Congress has given a ticket to Alam's wife Nishat Alam from Pakur, a constituency represented by him. Alam, the former Parliamentary Affairs Minister was taken to custody by the ED on May 15 in an alleged money laundering case and is under investigation for alleged irregularities and bribery in the state rural development department. The ED had recovered over Rs 32 crore in cash from Alam's domestic help.

2024-11-13 17:03

2024-11-13

17:03

moneycontrol.com

https://www.moneycontrol.com/news/india/congress-rebel-naresh-meena-slaps-sdm-outside-polling-booth-in-rajasthan-12866507.html

Congress rebel Naresh Meena slaps SDM outside polling booth in Rajasthan

Representative image.

Congress rebel Naresh Meena, who is contesting as an independent from the Deoli-Uniara constituency of Rajasthan, was caught on camera assaulting a sub-divisional magistrate (SDM) at a polling booth on November 13. Meena assaulted SDM Amit Choudhary before police intervened, NDTV reported. The video shared by news agency IANS circulated widely on social media. Moneycontrol couldn't verify its veracity independently.Tonk, Rajasthan: Independent candidate Naresh Meena slapped SDM Amit Chaudhary during the voting for the Deoli-Uniara by-electionpic.twitter.com/ZcUJaqc1ExIANS (@ians_india)November 13, 2024Meena, who was suspended by the opposition Congress for contesting elections as an independent after being denied a ticket, alleged the SDM made three of his people vote according to his wishes. He also alleged that the electronic voting machine was displaying his symbol incorrectly. "The SDM posted here used three of his people and made them vote," Meena was quoted as saying by NDTV. "Now the entire police force is here and has surrounded us. I would request people to go out and reply with their votes. Hit them with votes." The Deoli-Uniara seat fell vacant after Congress leader Harish Chandra Meena was elected to the Lok Sabha in June. The party has fielded Kastor Chand Meena from the assembly bypoll. Thirty-one assembly seats, including seven in Rajasthan, went to the polls on November 13 along with the byelection for the Wayanad Lok Sabha seat in Kerala from where Congress leader Priyanka Gandhi Vadra makes her electoral debut. Her brother, Rahul Gandhi, won the seat in the Lok Sabha election in June but gave it up in favour of Rae Bareli, the other constituency he won from and which was once held up their mother and former Congress chief Sonia Gandhi. The bypoll results will be declared on November 23 along with those of Jharkhand and Maharashtra assemblies.

2024-11-13 17:00

2024-11-13

17:00

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/wockhardt-shares-rise-2-as-q2fy25-net-loss-narrows-to-rs-16-crore-12866174.html

Wockhardt shares rise 2% as Q2FY25 net loss narrows to Rs 16 crore

Revenue from operations stood at Rs 809 crore for the second quarter as compared with Rs 753 crore in the year-ago period, the Mumbai-based drug maker said in a regulatory filing..Related stories.

Shares of Wockhardt ended higher by nearly 2% on the back of better results for the September quarter, after the pharma major narrowed its net loss to Rs 16 crore as against Rs 73 crore a year ago. The revenue came in at Rs 809 crore, rising by 7.4% on year, while the margin has significantly improved year-on-year to 13.6% versus 9.6% for the September quarter. International business now contributes 77% to Wockhardt's revenue, with biosimilars clocking 30% on year growth in emerging markets. The pharma company now has 12 manufacturing facilities the world over, with two R&D centres, one each in India and UK. At the end of FY24, the company had nearly halved its debt to Rs 476 crore, compared to a year ago. Earlier this week, Wockhardt had closed its QIP to raise up to Rs 1,000 crore at Rs 1,162.25 floor price, that sawmarquee mutual funds participatein it. Several high networth individuals too participated in the share sale, but the QIP subscription was largely dominated by mutual funds. Even on November 13, on stock markets saw a major correction, the stock ended higher by 1.9% in an otherwise weak market. Shares of Wockhardt are higher by almost 156% since the start of 2024. The September quarter saw Wockhardt's investigational antibiotic drug Zaynich - filed as WCK 5222 - successfully treat a cancer patient in the US, the first such instance. Two of the company's promising antibiotics are alsoheading closer to a probable launchin India. In October, Wockhardt informed that its antibiotics for urinary tract infections was granted “fast track designation” by the US Food and Drug and Administration (FDA). This is being updated

2024-11-13 16:54

2024-11-13

16:54

moneycontrol.com

https://www.moneycontrol.com/news/india/delhi-lg-approves-redeployment-of-civil-defence-volunteers-amidst-air-pollution-crisis-12866532.html

Delhi LG approves redeployment of Civil Defence volunteers amidst air pollution crisis

Saxena also urged the Delhi government to formulate a dedicated scheme for bus marshals.Related stories.

In a move to tackle the ongoing air pollution crisis in the national capital, Delhi Lieutenant Governor VK Saxena on November 13 approved the redeployment of Civil Defence Volunteers (CDVs) for a four-month period from November 1, 2024 to February 28, 2025. The decision marks a reversal of the previous termination of CDV services, effective November 1, 2023. Saxena also urged the Delhi government to formulate a dedicated scheme for bus marshals, as he outlined in a letter to the chief minister on October 24, 2024, and reiterated on November 2, 2024, an official statement from the Raj Niwas said. The lieutenant governor emphasised the need for a well-defined scheme that clarifies the roles, rationale and service conditions for bus marshals, the statement said. According to the statement, the lieutenant governor has also directed the government to take immediate steps towards creating official posts and ensuringbudgetary provisions, aiming to resolve the issue with a long-term structured plan. The removal of over 10,000 civil defence volunteers, who had previously been deployed as bus marshals, was initiated following objections from the Directorate of Civil Defence. The Directorate argued that these volunteers were initially intended for disaster management roles and not for public transport security. The lieutenant governor had last year approved the proposal to terminate the deployment of CDVs as bus marshals and recommended that the then Chief Minister Arvind Kejriwal consider utilising these volunteers in the over 10,000 sanctioned posts of home guards, highlighting the need for a better-aligned use of their skills and services.

2024-11-13 16:53

2024-11-13

16:53

moneycontrol.com

https://www.moneycontrol.com/news/business/earnings/nifty-hits-200-day-moving-average-first-time-in-20-months-12866415.html

Nifty 50 tests 200-DMA in intraday for first time in 20 months

India's flagship Sensex and Nifty while broader BSE MidCap and SmallCap declined over 10 percent each. BSE PSU Index fell over 17 percent while BSE SME SME IPO and IPO indices fell over 16 percent and 13 percent respectively from their respective 52 week highs.Related stories.

Benchmark Nifty 50 index briefly slipped below the 200-day moving average - a key technical indicator - for the first time in 20 months, signalling cautious investor sentiment and a potential turning point for market's near-term direction. The Nifty index first dropped below its 200-day moving average (DMA) in February 2022, briefly rebounded above it, but then continued to trade below this threshold until July 2022. From Feb 2022 to March 2023, it entered a period of consolidation. Between Feb and March 2022, Nifty declined by nearly 10%, then swiftly regained 11% within a single month. From April to June 2022, it experienced an 18% drop, followed by a strong rebound of 22.5% in the next few months. Between Dec 2022 till Mar 2023 it remained below 200 DMA and was consolidating. In April 2023, the index began a significant upward trajectory, climbing over 40% through mid-September 2024. The Nifty 50 hit a low of at 23,509, slipping below its 200-day moving average (DMA) of 23,545 in trade on November 13, before rebounding. The index still ended lower by 1.36% for the session. The last time Nifty 50 had slipped below this key indicator was in April 2023. The recent, heavy sell-off, particularly by foreign investors, has intensified pressure, and experts believe with limited positive triggers in sight, the short-term volatility is expected to persist. While retail participation remains steady, concerns are rising over how resilient it will be in the face of continued market declines. According to Nirav Karkera, Head of Research at Fisdom, the Nifty could fall an additional 150-200 points, cautioning against looking at the 200-DMA in isolation. Foreign investors' continued selling has weighed heavily on market sentiment, with over Rs 1 lakh crore offloaded in October, and an additional Rs 26,000 crore so far in November. Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said the unrelenting foreign selling and weak global cues have dented domestic market sentiment, with DIIs’ continued buying unable to shift the market equilibrium back to positive territory. 15 out of 19 sectoral indices have fallen over 10 percent from their respective 52-week highs, moving decisively into the correction territory. The 52-week highs for these sectoral indices were seen in August and September, before the retreat.

2024-11-13 16:50

2024-11-13

16:50

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/blackbuck-co-founder-rajesh-yabaji-receives-shares-worth-rs-160-crore-as-gift-ahead-of-ipo-12866480.html

BlackBuck co-founder Rajesh Yabaji receives shares worth Rs 160 crore as gift ahead of IPO

The IPO is a mix of fresh issue of up to Rs 550 crore and an offer of sale up to 20.68 million shares by the promoters and investors..Related stories.

Rajesh Yabaji, co-founder and promoter of Zinka Logistics Solutions Ltd, which runs the logistics tech platform BlackBuck, has received 5.85 million shares as a gift from his investors and co-founders ahead of the company’s initial public offering (IPO), which opens on 13 November, regulatory filings show. At the upper end of the Blackbuck IPO price band of Rs 259-273 per share, these shares are worth approximately Rs 160 crore. While most shares were transferred as a gift, some shares were transferred at a price of Re 1 per share, the filings show. The total shares gifted to Yabaji represent a 3.6 percent shareholding of the company. The shares were transferred to Yabaji in October. Investors who transferred shares to Yabaji include Sands Capital, International Finance Corp and Sanjiv Rangrass, an angel investor of the company, and co-founders and promoters Ramasubramaniam Balasubramaniam and Chanakya Hridaya. The bulk of the shares were transferred by the co-founders. With these additional shares, Yabaji has become the single largest shareholder in the company, filings show, with a 14.45 percent stake (pre-IPO), ahead of its other big shareholders such as Accel and Flipkart entity Quickroutes International Private Ltd. Also Read:Zinka Logistics Solutions IPO: Here are 10 key things to know before subscribing to the issue Why the share transfer? These share transfers represent the company and investors' efforts to compensate for Yabaji's contribution to growing the company over the years, said people aware of the matter. “These (share transfers) are compensation for the founder. Under SEBI norms, a promoter is not eligible to hold or receive employee stock options (ESOPs), which is the most popular route to incentivise management,” said one of the people cited above. “Hence, the founders who are categorised as promoters end up losing out on significant wealth creation. Thus investors and companies negotiate such transfers to compensate the founders,” the person added. Emails sent to BlackBuck and Yabaji did not elicit a response. BlackBuck IPO Zinka Logistics, which is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators in the country transacting on its platform in fiscal 2024,opened its IPO for public subscription on November 13. The IPO will close on November 18. Investors can bid for a minimum of 54 equity shares and in multiples of 54 equity shares thereafter. Also Read:Zinka Logistics IPO GMP rises despite weak market ahead of Nov 13 issue opening The IPO is a mix of fresh issue of up to Rs 550 crore and an offer for sale of up to 20.68 million shares by the promoters and investors. The proceeds from its fresh issuance will be utilised to the extent of Rs 200 crore towards sales and marketing costs, Rs 140 crore for investment in BlackBuck Finserve Private Ltd for financing the augmentation of its capital base to meet its future capital requirements, Rs 75 crore for funding of expenditure in relation to product development, and general corporate purposes. As of fiscal 2024, the company had grown its fleet to 963,345 truck operators, up from 482,446 in fiscal 2022, representing 27.52% of India’s truck operators. Zinka Logistics processed a gross transaction value (GTV) of Rs 5,356.20 crore and Rs 17,396.19 crore in payments in the three months ended June 30, 2024 and fiscal 2024, respectively. The payments platform addresses significant expenses for truck operators, such as tolls and fuel. The company partners with FASTag banks and multiple oil marketing companies to offer tolling and fuelling solutions, generating revenue through commission margins based on transaction values.

2024-11-13 16:46

2024-11-13

16:46

moneycontrol.com

https://www.moneycontrol.com/news/india/amid-uddhav-thackeray-bag-check-row-cm-eknath-shindes-luggage-checked-by-ec-official-12866497.html

Amid Uddhav Thackeray bag check row, CM Eknath Shinde's luggage checked by EC official

Chief Minister Eknath Shinde has been leading the Shiv Sena from the front for the Maharashtra assembly election.Related stories.

Amid the ongoing row over checking the bag of Shiv Sena UBT chief Uddhav Thackeray, election officials on Wednesday checked the bags of Maharashtra Chief Minister Eknath Shinde and Union Minister Ramdas Athawale. CM Shinde’s bags were checked at Palghar Police ground helipad where he went for an election campaign. Athawale's bags were checked by the officers after the minister arrived in Pune by helicopter.#WATCH| Maharashtra: CM Eknath Shindes bags were checked at Palghar Police ground helipad where he reached for the election campaign.(Source: Shiv Sena)pic.twitter.com/44CnWiTYzGANI (@ANI)November 13, 2024 Thackeray claimed his bags had been inspected by the election authorities after he had arrived in Latur and Yavatmal districts in the last two days to campaign for the November 20 state assembly elections. The former chief minister asked if the election authorities would also inspect the bags of Prime Minister Narendra Modi and other senior leaders. Thackeray said he was not miffed with the election authorities but added, ”You are following your responsibility, and I will perform my responsibility. The way you inspected my bag, did you inspect the bags of Modi and Shah?” he asked. "Shouldn’t the bags of Chief Minister Eknath Shinde and deputy CMs Ajit Pawar and Devendra Fadnavis be checked? " ”All these useless things are going on. I don’t consider it democratic. This can’t be a democracy. In a democracy, no one is big or small,” Thackeray said. He said if the election authorities do not inspect their bags (of senior leaders of the ruling alliance), then workers of the Shiv Sena (UBT) and the opposition MVA will check them. "The police and the Election Commission should not intervene as voters also have the right to check their bags (senior leaders of the ruling parties) when they come for campaigning," he added. Meanwhile, the Shiv Sena (UBT) posted a video of Thackeray’s bag being inspected on its X handle.

2024-11-13 16:42

2024-11-13

16:42

moneycontrol.com

https://www.moneycontrol.com/news/business/technicals/technical-view-nifty-slips-below-23600-for-first-time-since-june-25-support-at-23500-12866504.html

Technical View: Nifty slips below 23,600 for first time since June 25; support at 23,500

Market Today.Related stories.

The Nifty50 index extended profit booking for a fifth consecutive session on November 13, and slipped below 23,600 for the first time since June 25. Selling across the sectors dragged the index below its 200-DMA (23,530). Amid weak global cues, disappointing corporate earnings, and rising inflation, the index opened gap down and extended the selling as the day progressed to test the day’s low of 23,509.60 before closing at 23,559, down 324.50 points or 1.36 percent. Biggest Nifty losers included Hero MotoCorp, Hindalco, Tata Steel, M&M, Eicher Motors, while gainers were NTPC, Britannia Industries, HUL, and Tata Motors. All the sectoral indices ended in the red with auto, metal, realty, PSU Bank, and media down 2-3 percent, while energy and pharma were down 1 percent each. The Nifty Midcap 100 index slipped 2.6 percent and the Nifty Smallcap 100 index shed 3 percent. "The index has slipped sharply due to strong selling by major players. The Nifty has fallen toward its 200DMA, breaching the support level at 23800. Immediate support is now at 23500, and a fall below this level could trigger further correction toward 23300–23200. On the higher end, resistance is positioned at 23750," said Rupak De, Senior Technical Analyst, LKP Securities. The Bank Nifty index also opened lower and extended selling pulled the index below 50,000 to test day's low 49,904.40, before closing at 50,088.35, down 2 percent. "Bank Nifty has witnessed a breakdown and is now heading towards 49700 which is the 200 day moving average. On the upside, 50800 – 50900 shall act as an immediate hurdle zone from short term perspective," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

2024-11-13 16:39

2024-11-13

16:39

moneycontrol.com

https://www.moneycontrol.com/news/india/tejasvi-suryas-statutory-warning-voting-for-congress-injurious-to-state-country-12866525.html

Tejasvi Surya’s ‘statutory warning’: Voting for Congress injurious to state, country

BJP MP Tejasvi Surya.

Bharatiya Yuva Morcha chief and Bangalore MP Tejasvi Surya on Wednesday drew parallels between the Congress and tobacco consumption, cautioning people that voting for the grand old party can hamper the nation’s growth. The BJP MP claimed that the Congress-ruled Karnataka is facing severe financial instability and accused the party of resorting to Muslim appeasement.“Like a statutory warning on a cigarette packet that consumption of tobacco products is harmful to health, voting for the Congress party is injurious to the social and economic health of a state and the country,” Surya told reporters in Mumbai ahead of the November 20 Maharashtra polls. Surya claimed that the Karnataka government under Chief Minister K Siddaramaiah is pushing for a 4 per cent quota for Muslims in government contracts. “More than 20 MLAs from Karnataka have written making such demands,” he claimed. “The Constitution of the country does not permit any reservation based on religion. Where is Congress leading our society towards,” he asked.If voters in Maharashtra place their trust in the Congress manifesto, he said, “Maharashtra will soon become like Karnataka.” The BJP leader claimed that hundreds of acres of farmland have been claimed by the Waqf Board in Karnataka’s Bijapur district alone. “In nearly 15 districts of Karnataka, the minority minister, on the directives of the Chief Minister, is holding Waqf Adalat. Without any notice, land is being transferred to the Waqf Board,” he said.The MP claimed that CM Siddaramaiah convened a meeting following protests by farmers and the Congress government decided to retract its contentious decision tied to the Waqf Board. “It means the Karnataka government admitted that it made the decision,” Surya asserted, adding it was done keeping in mind the bypolls in the state’s Shiggaon, Sandur and Channapatna assembly constituencies.

2024-11-13 16:38

2024-11-13

16:38

moneycontrol.com

https://www.moneycontrol.com/news/business/thematic-sectoral-funds-face-cyclical-challenges-heres-shriram-amcs-deepak-ramaraju-on-the-ideal-approach-for-investing-12865111.html

Thematic, sectoral funds face cyclical challenges; Here's Shriram AMC's Deepak Ramaraju on the ideal approach for investing

According to the management, the back-tested results demonstrate the fund’s potential. “The model achieved a 17x return over the last 10 years, compared to a 4x return for the benchmark,” said Ramaraju..Related stories.

Sectoral and thematic funds may well have grown in popularity but they face cyclical challenges and investors should be careful of not falling into a trap due to FOMO (fear of missing out), says Deepak Ramaraju, Senior Fund Manager, Shriram AMC. “If you look at the entire industry outlook, thematics and sector funds have grown massively – we are talking about a 20x increase in value and 3x growth in fund offerings over the last decade, but every sector or theme has its own cycles,” he says. As a result, many investors tend to get into a sector trap due to FOMO (fear of missing out), he adds. To overcome this challenge, an ideal approach would be to adopt a multi-sector rotation approach, said Ramaraju, who was speaking at the launch of Multi Sector Rotation Fund. To explain why they see this as an ideal approach, Ramaraju cites the example of the IT sector. “If you look at IT sector performance pre-Covid, (the stock) it rallied from 6000 to 12,000 at that point of time. Ideally, if any investor had invested at the right point of time and they exited at the right point of time, the returns would have been phenomenally good. But ideally it doesn't happen,” he said adding that many of the investors will have an inertia; they will continue to stay invested in that. “The returns over a period of time will also diminish for them because of the sector cycles. After consolidation, again the next phase of growth comes for every sector. But the investors will wait for longer term to make that kind of returns. Ideally, if an investor had entered and exited IT at the right time, they would have earned phenomenal returns. But in reality, inertia keeps them invested, and they lose gains when the sector cools,” he explained. Meanwhile, the Multi Sector Rotation Fund, as per Ramraraju, would help prevent these challenges by diversification across a select set of three to six sectors. “Staying invested in one single sector is always a risk. Imagine if the US government changes H1B visa policies; the entire IT sector could be impacted. By diversifying across multiple sectors, investors reduce such risks without over-diversifying and diluting returns,” he says adding that timing plays a crucial role in the fund’s strategy. “We’ve found that picking the top five sectors yields significant alpha,” he said. How does it work? The fund employs a two-step quant model, first identifying trending sectors, then selecting high-performing stocks within those sectors. To optimise returns, Ramaraju explained that they developed custom indices for 19 sectors, beyond the 13 standard NSE sector indices. “Our quant model ranks sectors in descending order by trend, and we overlay this with fundamental analysis to understand macro and sector-specific factors,” he said. “Once we are convinced of a sector’s position, we create a portfolio of 3-6 sectors, checking trends monthly,” said Ramaraju. The fund also aims to eliminate the need for investors to time the market. “Timing the entry and exit for individual sectors can be challenging. We manage the rotation, so they don’t get caught in sector traps, and, more importantly, they avoid capital gains taxes associated with moving between sectors.” According to the management, the back-tested results demonstrate the fund’s potential. “The model achieved a 17x return over the last 10 years, compared to a 4x return for the benchmark,” said Ramaraju.

2024-11-13 16:34

2024-11-13

16:34

moneycontrol.com

https://www.moneycontrol.com/news/business/centres-grants-to-municipal-corporations-rose-25-in-fy23-12866493.html

Centre's grants to municipal corporations rose 25% in FY23

Reserve Bank of India.

The Centre's grant to municipal corporations went up 24.9 percent on-year in 2022-23, the Reserve Bank of India’s (RBI) municipal finance report, released on November  13, shows. The government grant stood at Rs 14,731 crore in FY23 (RE), up from Rs 11,795 crore in the previous year. The numbers is based on the data reported by 232 municipal corporations, the RBI said. Of the total, finance commission grants, as reported by the civic bodies in 2022-23, was at Rs 7,067 crore, and from the Centre other than finance commission at Rs 7,664 crore. There was a 20.4 percent increased in grants from state governments in FY23 at Rs 41,872 crore from the year-ago period. Transfers from state governments in the form of assigned revenues, compensation, State Finance Commission (SFC) grants and other government grants were range bound at 30 percent of revenue receipts of the municipal corporations during 2019-20 to 2022-23 and werebudgeted at 28.7 percent in 2023-24 (BE). Transfers from the Centre accounted for 2.5 percent of the total revenue receipts of the municipal corporations in recent years, the report said.

2024-11-13 16:22

2024-11-13

16:22

moneycontrol.com

https://www.moneycontrol.com/news/world/chinas-futuristic-fighter-jet-unveiled-all-about-the-white-emperor-capable-of-dropping-munitions-from-space-12866412.html

China’s futuristic fighter jet unveiled: All about the ‘White Emperor’ capable of dropping munitions from space

White Emperor (Image: @fl360aero/X).

At the country's largest air show in Zhuhai, China unveiled a new cutting-edge fighter jet that has drawn widespread attention. Beijing claims the aircraft is capable of breaking through the Earth’s atmosphere and operating in space, according to a report byEurAsian Times. The futuristic design emerged as the airshow's centerpiece exhibit. Referred to as “Baidi” or “White Emperor”, the new aircraft – potentially a sixth generation fighter for the People’s Liberation Army Air Force (PLAAF) --represents China's forward-looking aerospace ambitions. It serves as a key demonstration of Project Nantianmen, a Chinese research program focused on developing advanced aerospace technologies. Images of the next-generation fighter jet are being widely shared across social media platforms since its unveiling. State-owned Aviation Industry Corporation of China (AVIC) is developing the Baidi (White Emperor) aircraft, which Chinese state media describes as an “integrated space-air fighter.” The design concept includes the ability to fly at supersonic speeds and break through the Earth’s atmosphere to operate in space, South China Morning Post (SCMP) reported citing Voice of China, an arm of state broadcaster CCTV. While most of the technical details of the Baidi remain classified, display information revealed that Baidi’s internal weapons bay has been expanded to accommodate heavy air-to-ground munitions. “The Baidi Type B fighter has also received a comprehensive avionics upgrade, enhancing cockpit ergonomics and simplifying maintenance procedures, which effectively boosts its deployment capability and operational efficiency,” the South China Morning Post report added further. Among the other systems showcased at the air show were the latest variant of China's J-35A stealth fighter, its larger J-20 stealth fighter, a stealthy drone designated the CH-7 and the HQ-19 air defence system. There was also an electronic warfare variant of the J-15 naval fighter, in addition to dozens of different munitions. The J-35A strongly resembles Lockheed Martin's F-35 in its external design. With both the J-35 and J-20 in its fleet, China will operate two different fifth-generation stealth fighters. This makes it the second country in the world to do so, following in the footsteps of the US that operates both the F-35 Lightning II and the F-22 Raptor, as per ANI. The state-controlled People’s Daily news outlet said ahead of the air show the J-35A “mainly carries out the task of seizing and maintaining air supremacy”.

2024-11-13 16:21

2024-11-13

16:21

moneycontrol.com

https://www.moneycontrol.com/news/business/despite-festive-jump-in-sales-car-dealers-grapple-with-inventory-worth-rs-75000-crore-12866235.html

Despite festive jump in sales, car dealers grapple with inventory worth Rs 75,000 crore

Representation Image (Credit: Pexels).Related stories.

Despite witnessing a surge in passenger vehicle (PV) registrations in October, auto dealerships across the country are stocked with an inventory of around 7,50,000 units worth Rs 75,000 crore according to a senior official from the Federation of Automobile Dealers Associations (FADA). The official also claimed that vehicle stock levels continue to remain for 75-80 days at various outlets. C.S. Vigneshwar, president, FADA, said that enhanced vehicle availability and strong market interest, especially for SUVs and newer products, contributed to yearly growth in retail sales, but despite the strong numbers, inventory levels have declined by only five days' stock. “PV OEMs (original equipment manufacturers) continue to heavily stock dealers, resulting in an overall inventory still at a high of 75–80 days. This may thus lead the season of substantial discounts to continue until the end of the calendar year,” Vigneshwar told Moneycontrol. The FADA chief claimed that the majority of unsold vehicles at dealership stockyards are hatchbacks and sedans and only a small proportion of them are SUVs. His comments come against the backdrop of higher retail offtake at dealerships.Around 4,50,000 units of PVs were sold by dealers during October,witnessing a year-on-year growth of nearly 34 percent from 3,36,382 units in the same month last year, as per Vahan data. As per the auto retail body, potential challenges such as inventory overstock and economic headwinds may affect sales momentum during November and December this year. FADA highlighted the need for “strategic inventory management” and ongoing caution as the sector navigates these factors. “PV OEMs need to slow despatches (to dealers). Deliveries have to come down on a month-on month basis. Only then will this lead to lower inventory,” said Vigneshwar. Top carmakers ramp down despatches Amidst declining wholesale figures, most carmakers claimed that they are working on cutting down inventory levels. For instance, the country’s largest carmaker Maruti Suzuki stated that it has recalibrated its wholesales in order to match retail figures. "We are trying to ensure inventories are at a reasonable level, and there is no mismatch. Therefore, we are looking to bring down the inventory levels to 30 days by the end of November," Maruti Suzuki Chairman R.C. Bhargava recently told reporters. According to him, the company will produce cars only at a level that dealers can sell and monitor retail sales data closely to gauge demand. Similarly, Hyundai Motor India Limited (HMIL), which has witnessed an over 30 percent increase in registration during this festive season over last year, has managed to reduce inventory levels to 30 days. “We always work with four weeks of physical inventory with dealers. Before the festival season, some plus or minus would happen,” HMIL COO Tarun Garg told reporters ahead of the company's listing. Tata Motors also aims to contain its high inventory levels through increased sales during the third quarter (October-December 2024) of this financial year. “The passenger vehicle market saw a 5 percent drop in Q2FY25 registrations, adding to inventory challenges across dealerships," stated Shailesh Chandra, managing director at Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility. He added, "In response, we slowed our supplies to maintain manageable stock levels. Demand in Q3 has shown signs of revival thanks to a robust festive season." Mahindra and Mahindra (M&M), which continues to buck the trend, stated that its stock levels are the lowest among its peers. “We had a very good festival offtake, and our inventories now are way below 30 days at the dealers. So, our offtakes were much higher than the billing. We had a few extra days of stock which has been cleared," Rajesh Jejurikar, CEO and ED, M&M Auto Division, told reporters during second-quarter post-earnings call.

2024-11-13 16:15

2024-11-13

16:15

moneycontrol.com

https://www.moneycontrol.com/technology/gen-ai-top-priority-for-70-of-gccs-in-india-as-they-look-to-boost-operations-ey-survey-article-12866238.html

Gen AI top priority for 70% of GCCs in India as they look to boost operations: EY survey

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The adoption of artificial intelligence (AI) within global capability centres (GCCs) in India is accelerating, with nearly 70 percent investing in generative AI, EY India GCC Pulse Survey 2024 has said. "While cybersecurity remains a priority compared to our 2023 GCC Pulse Survey, the rise of Gen AI adoption is not surprising," the report, released on November 13, said. The survey highlights the transformative role of technology in driving growth within GCCs, with a clear emphasis on Gen AI, Arindam Sen, partner and GCC sector leader–technology, media & telecommunications, EY India, said. "The next frontier for GCCs will be in integrating Gen AI into their core business functions to create intelligent workflows, enhance decision-making processes, and offer more personalised customer experiences," Sen was quoted as saying in the release. The survey is based on 88 GCCs in India across industries and functions, revealing that 78 percent of these centres are skilling teams for Gen AI, while 37 percent are piloting use cases. This highlights a shift from experimentation to practical applications of AI focused on talent management and risk mitigation. India has the potential to add $438 billion to its GDP, up from $359 billion, on account of Gen AI adoption by 2029-30, over and above its baseline estimates, the report said. When asked about GCCs’ top three priorities for the next year, all respondents identified climate change and sustainability agenda as the top focus area. This was followed by 85 percent wanting to expand functional capabilities and 61 percent to drive enterprise-wide digital transformation. Key risks to these priorities include the rising cost of talent, challenges in attracting talent at the required scale or speed and improvement in leadership development. The survey asked GCCs about the top three areas where they plan to leverage Gen AI capabilities. Almost 70 percent of the firms said customer experience, which includes applications such as automated chatbots, personalised support and sentiment analysis. This was followed by 57 percent citing operations as the next focus area, while 47 percent aim to leverage Gen AI for IT and cybersecurity. A little over 50 percent of GCCs said growth is increasingly reliant on technology rather than expanding headcount, with an emphasis on reskilling staff. The future of work remains hybrid, the report found. About 70 percent of the participants believe that the majority of their workforce will continue to work flexibly for the next 12 months, with only 9.9 percent expected to work entirely from office. And contrary to what many would like to believe, this shift does not pose a significant risk to business productivity or service quality, the report found.

2024-11-13 16:13

2024-11-13

16:13