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moneycontrol.com | https://www.moneycontrol.com/technology/bitcoin-etfs-halving-the-wazirx-fiasco-and-trump-trades-how-crypto-fared-in-2024-article-12898931.html | Bitcoin ETFs, halving, the WazirX fiasco and Trump trades: How crypto fared in 2024 | Representative image.Related stories. | The last few years have not been kind to the cryptocurrency market. In 2022, FTX, one of the largest global crypto exchanges, filed for bankruptcy, and token prices have seen wild swings in the past couple of years. But the crypto industry was in for a surprising upswing in 2024. This year was marked by the institutionalisation of key tokens including Bitcoin and Ethereum as their exchange-traded funds (ETFs) got regulatory approval. Then there was the halving of Bitcoin in April, something that happens every four years or so and is intended to reduce the rewards and supply for mining Bitcoin. Closer home, the industry was hit by its biggest crypto crisis of all time after India's largest crypto exchange WazirX faced a $230-million cyberattack, wiping off nearly 40 percent of its funds. But globally, the highlight for the industry became Bitcoin crossing the six-figure dollar price point for the first time, driven by anticipation of pro-crypto US president-elect Donald Trump's return to power in the US. As we enter 2025, here are the key themes that shaped the crypto industry landscape this year. BTC-ETH ETFs approved The year started with a bang when in January 2024 the US Securities and Exchange Commission (SEC) accepted the applications of 11 spot coin ETFs, including those by BlackRock, Vanguard, Franklin Templeton, Valkyrie, Fidelity and Invesco. This became a watershed moment for the industry and the token got institutionalised for investments, driving structural demand from traditional capital pools. As of December 26, the Bitcoin ETF market cap stood at $136.5 billion, according to market tracker Blockworks. The Bitcoin ETF endorsement was followed by eight Ethereum ETFs getting approved later in 2024. And now more tokens such as Solana and XRP are expected to see ETFs getting approved and rolled out in 2025. Bitcoin halving The most valued crypto token had its fourth halving event in 2024, coming at a time when crypto prices were unstable amidst macroeconomic and geopolitical uncertainties. The run up to the halving led to Bitcoin prices moving up. Halving over the long run leads to lower rewards and lower volumes that create lower supply, which will then put pressure and cause a price increase. This worked in the crypto token’s favour this year. WazirX hack This year India perhaps saw its biggest crypto headline till date, with the WazirX cyberattack in July. WazirX is India’s largest crypto exchange with nearly 33 percent of the country’s crypto users either actively trading or holding accounts with the platform. The exchange lost over 45 percent of its crypto assets when one of its multisig wallets was hacked,creating panic among users. The platform had temporarily paused trading and is currently working on a business restructuring plan to bail out affected users. Industry insiders were concerned that this incident would furtherdelay regulatory talks with the government. Offshore crypto exchange bans In December 2023, the finance ministry issued notices to nine offshore crypto exchanges that had not complied with the country’s local money-laundering laws. The nine entities were Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex. In the following month, URLs and apps of all of these platforms were blocked in India. While Binance and KuCoin eventually got registered in India and became compliant with the provisions of the Prevention of Money Laundering Act (PMLA), 2002, other platforms are yet to budge. Both KuCoin and Binance had to pay fines to the Financial Intelligence Unit in India (FIU-IND). Binance was imposed a penalty of Rs 18.82 crore and KuCoin became operational after paying a penalty fee of Rs 34.5 lakh. Trump trades Bitcoin prices have soared over 100 percent year-to-date, with the peaks crossing $100,000 for the first time ever, thanks to the pro-crypto Donald Trump winning the recent US presidential election. The run-up to the election moved prices of not just Bitcoin but all other tokens quite a bit. This crypto rally got the name 'Trump trades', as the president promised to make US the “crypto capital of the planet”. While Trump is to be sworn in on January 20, and had earlier planned to come up with policies around creating a “strategic bitcoin reserve”, industry players are hopeful that the ongoing crypto bull run will continue longer than usual. Closer home, industry experts are hoping to see some movement in the crypto regulatory framework in 2025, following US’ suit. The Indian government, though, has largely remained aligned to its previous stance on being a part of a global regulatory framework rather than regulating crypto at the country level. What’s next in 2025? Dilip Chenoy, chairman of the crypto and Web3 industry body Bharat Web3 Association (BWA) is hoping that there will be some alignment on regulatory clarity as most Web3 founders from India have already moved out to other countries. “A lot of the Indian crypto and Web3 founders are sadly located in Singapore or Dubai right now due to ease of working. They are very eager on regulations (being put in place). We need a level playing field here for Indian and global platforms,” he toldMoneycontrolearlier this month. Sidharth Sogani, CEO of Blue Aster Capital, a crypto-focused hedge fund and research platform, said that he sees Bitcoin prices rallying past $300,000 in 2025 with the floodgates of institutional funds opening up through ETFs and more payments happening through cryptos in the US. “I see payments through crypto open in all the US states. All the payment gateways around cryptos will start integrating and there will be an increase in adoption. There will be more institutional investments coming in too as at least 50-60 tokens will come up with ETFs next year,” he toldMoneycontrol. Sogani is also bullish on regulations in India in 2025 as the US gets more clarity on its own regulations. “When the US SEC will have clarity on crypto regulations and crypto treasury gets allowed in the US—we will have all the announcements and plans by the beginning of February after the Trump swearing-in ceremony. India will have a benchmark to look up to. India might also bring in regulations. I expect regulations to be at the end of 2025 or beginning of 2026,” he added. | 2024-12-27 16:04 | 2024-12-27 | 16:04 |
moneycontrol.com | https://www.moneycontrol.com/news/world/us-spy-bosses-concealed-evidence-establishing-covid-19-s-wuhan-lab-leak-theory-from-biden-report-12898990.html | US spy bosses 'silenced' researchers who established COVID-19's Wuhan lab leak theory: Report | The theory that the the COVID-19 virus leaked from a laboratory in Wuhan, China, has so far been dismissed as a conspiracy theory. (AP Photo).Related stories. | Spy chiefs allegedly "silenced" researchers in the US Defense Department and the Federal Bureau of Investigation (FBI) who discovered strong evidence that COVID-19 most likely leaked from a Chinese lab, The New York Post reported citing sources. The report adds that the findings were concealed in an August 2021 report to US President Joe Biden on the origins of the global pandemic which concluded that the virus behind COVID “was probably not genetically engineered.” What were the findings? Soon after the outbreak was reported in Wuhan, China, three scientists from the Defense Intelligence Agency (John Hardham, Robert Cutlip and Jean-Paul Chretien) began a research to figure out where exactly the virus came from — whether SARS-CoV-2 jumped from bats into humans, or whether the virus was man-made and came from a lab accident. The researchers’ analysis compiled dozens of data points in favor of a lab leak — compared with a “paucity of evidence supporting the natural origin theory,” The Post quoted a source familiar with their investigation as saying. The researchers worked as scientists in the Defense Intelligence Agency’s National Center for Medical Intelligence, which is tasked with examining potential biological weapons threats and dangerous infectious diseases. COVID-19 Vaccine Frequently Asked Questions A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. Here's what they found: - As per the report, the COVID virus contained a feature allowing for easier transmission to humans that was constructed in a manner similar to that described in a years-old Chinese study - A Chinese military researcher applied for a patent for a COVID-19 vaccine just weeks after the virus was first sequenced in 2020. The researcher later died after falling from the infamous Wuhan Institute of Virology’s (WIV) roof, US investigators said. - WIV researchers worked with US researchers who trained them to construct viruses without leaving a trace of them being engineered. Findings suppressed According to sources who spoke to The New York Post, intelligence officials excluded these findings from the report that was presented to Biden and also barred these researchers from sharing the findings to the FBI or the Congress. "The scientists who had the subject matter expertise were silenced," The Post quoted the source as saying, adding that Biden and others remained "completely unwitting" about the evidence that SARS-CoV-2 likely leaked out of a lab. Notably, the FBI was the only US intelligence agency to conclude that the lab leak theory was likely. “Being the only agency that assessed that a laboratory origin was more likely, and the agency that expressed the highest level of confidence in its analysis of the source of the pandemic, we anticipated the FBI would be asked to attend the briefing,” said FBI scientist Jason Bannan. “I find it surprising that the White House didn’t ask.” A flawed briefing The report further claims that the report being prepared on COVID origins by Director of National Intelligence Avril Haines -- at the directions of Joe Biden -- informed the President that the more dominant view of COVID origins within the intelligence community in 2021 was that the virus had jumped from animals to humans. “The FBI has long assessed that the origin of the COVID pandemic was likely a laboratory incident in Wuhan,” an FBI spokesperson told The Post when asked for comment. The revelations have renewed calls for a deeper probe into the origins of the COVID-19 virus that claimed over 1.2 million lives in the United States alone. | 2024-12-27 16:04 | 2024-12-27 | 16:04 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/taking-stock-sensex-nifty-close-higher-tracking-asian-equities-12898964.html | Taking Stock: Sensex, Nifty close higher tracking Asian equities | Nifty Auto Index led sectoral gains with a 1% rise, followed by Nifty Healthcare and Nifty Bank, up 0.8% and 0.3%, respectively.Related stories. | Indian markets ended higher on December 27, driven by gains in Asian equities. The Sensex advanced 226.59 points (0.29 percent) to close at 78,699.07, while the Nifty rose 63.20 points (0.27 percent) to settle at 23,813.4. European stocks also edged higher in light holiday trading, mirroring Asian market strength. The Stoxx Europe 600 gained 0.2 percent as trading resumed after a two-day break. Meanwhile, US equity futures dipped following a lackluster Thursday session on Wall Street. Treasury yields and the dollar remained steady. Asian markets rallied, with the MSCI Asia Pacific Index posting its fifth consecutive gain—the longest streak since July. Tokyo stocks surged as the yen weakened to a five-month low of 158 per dollar, spurred by Bank of Japan Governor Kazuo Ueda’s comments, which provided no clear signal on upcoming interest rate decisions, according to Bloomberg. On the domestic front, the Nifty Auto Index led sectoral gains with a 1 percent rise, followed by Nifty Healthcare and Nifty Bank, up 0.8 percent and 0.3 percent, respectively. On the downside, Nifty Metal and Nifty PSU Bank fell 1 percent each, while Nifty Oil & Gas declined 0.7 percent, and Nifty Realty and Consumer Durables shed 0.5 percent each. Outlook for December 30 Vinod Nair, Head of Research, Geojit Financial Services The Christmas week trading ended on a subdued note; a lack of major triggers and caution ahead of the swearing in of the US Republican Party administration continued to impact the sentiment. Meanwhile, the rupee dropped to a new low weighed down by the expectation of fewer Fed rate cuts, a widening trade deficit, and weak economic growth. The auto index outperformed, aided by an expectation of a pickup in volumes in December and comfort in valuation. Ajit Mishra – SVP, Research, Religare Broking The markets remained volatile but managed to close with modest gains, continuing the ongoing consolidation phase. After an initial rise, the Nifty extended its gains and briefly surpassed the 23,813 level, only to lose momentum and gradually drift lower as the session progressed, ultimately closing at 23,813.40 level. Sector-wise, the trend remained mixed, with pharma and auto stocks performing well, while metal and realty sectors faced pressure. The broader indices were subdued for yet another session and ended nearly flat. The markets continue to face resistance on the upside, reinforcing our negative outlook on the index. However, individual stocks are presenting opportunities on both sides, driven by noticeable strength in defensive sectors like pharma and healthcare, as well as a rebound in select heavyweights from other sectors. We maintain our view to stay stock-specific and hold positions on both sides. Prashanth Tapse, Senior VP (Research), Mehta Equities Despite ending higher for the second straight session, markets lacked conviction as indices came off their early highs amid late profit-taking in several sectoral stocks. The mood remains that of caution as foreign investors have not softened their stance on Indian equities with rupee's record fall against the dollar continuing to create uncertainty amongst the investors. Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan USDINR CMP- 85.54 (spot) Indian Rupee hit a record low on Friday on dollar demand from importers towards the end of the month and outflows from foreign investors (FIIs). Rising US treasury yields and crude oil prices also weighed on the Rupee. We expect Rupee to trade with a negative bias on strength in the US Dollar and month-end/year-end Dollar demand from importers and OMCs. FII outflows may also weigh on the Rupee. However, any intervention by the RBI may support Rupee at lower levels. Traders may take cues from goods trade balance data from the US. USDINR spot price is expected to trade in a range of Rs 85.30 to Rs 85.85. | 2024-12-27 16:00 | 2024-12-27 | 16:00 |
moneycontrol.com | https://www.moneycontrol.com/technology/reliance-jio-rs-601-unlimited-5g-data-voucher-what-you-get-and-more-article-12898987.html | Reliance Jio Rs 601 unlimited 5G data voucher: What you get, and more | Jio. | Reliance Jio has launched a new Rs 601 “Ultimate 5G Upgrade Voucher” to expand its 5G user base. The voucher offers prepaid subscribers unlimited 5G data access for an entire year, making it an attractive option for users seeking affordable 5G connectivity without recurring high monthly charges. Plan details The Rs 601 voucher provides unlimited 5G data for 12 months. Previously, Jio’s unlimited 5G access was limited to prepaid plans costing Rs 299 or more, which included at least 2GB of daily data. This new offering caters to users on lower-tier plans, enabling them to experience Jio’s 5G network with a one-time payment. The voucher is likely to include a fair usage policy (FUP), which could cap download speeds after a certain data threshold. However, specific details regarding FUP implementation have not been officially confirmed by Jio. How to get the plan Subscribers can purchase the Rs 601 voucher through Jio’s official website, jio.com, or via the MyJio app. After purchase, the voucher can be activated immediately or stored for future use. Users also have the option to gift or transfer the voucher to another Jio subscriber through the MyJio app. What it offers The Rs 601 voucher allows users on lower-priced prepaid plans to enjoy unlimited 5G data without upgrading to higher-value monthly plans. The plan provides flexibility and convenience for users who want long-term access to Jio’s high-speed 5G network. Availability The Rs 601 voucher is available for purchase starting immediately through Jio’s online platforms. | 2024-12-27 15:52 | 2024-12-27 | 15:52 |
moneycontrol.com | https://www.moneycontrol.com/news/business/personal-finance/motilal-oswal-amc-pauses-fresh-sip-inflows-into-two-international-funds-here-are-the-details-12898978.html | Motilal Oswal AMC pauses fresh SIP inflows into two international funds: Here are the details | The AMC emphasied that the existing SIPs are not being cancelled but being paused. If, for any reason, the amount is debited from the investor's account after January 5, it will be refunded, said Motilal Oswal Mutual Fund..Related stories. | Motilal Oswal Mutual Fund has paused fresh SIP contributions into its two international funds starting January 5, 2025, after the AMC hit the overseas investment limit. Motilal Oswal S&P 500 Index Fund and Motilal Oswal Nasdaq 100 Fund of Fund, both open-ended schemes will not be accepting fresh instalments after the cut-off date. However, the SIP registrations remain active, and may be reactivated in the future if there is a regulatory change or revisions to exposure limits. The AMC emphasised that the existing SIPs are not being cancelled but being paused. If, for any reason, the amount is debited from the investor's account after January 5, it will be refunded, said Motilal Oswal Mutual Fund. The AMC added that the pause will not impact redemption, systematic withdrawal, switching out of funds, or transfer-outs. As of November 30, the AUM of theMotilal Oswal S&P 500 Index Fundstands at Rs 3781.04 crore, with top holdings in Apple, Nvidia, Microsoft, Amazon and Meta Inc. As a industry, the fund has its largest exposure to semiconductors. This is a very high risk fund started in April 2020, and managed by Rakesh Shetty and Sunil Sawant at Motilal Oswal AMC. Last one year's return for the fund has been 33.42%. TheMotilal Oswal Nasdaq 100 Fund of Fundoffers investors an exposure to 100 largest non-financial companies listed on the Nasdaq, with the composition having higher weight towards leading technology stocks. The fund entirely invests in units of Motilal Oswal Nasdaq 100 ETF. | 2024-12-27 15:48 | 2024-12-27 | 15:48 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sensex-falls-300-pts-from-day-s-high-in-a-rangebound-week-auto-pharma-stocks-gain-metals-suffer-12898924.html | Sensex falls 300 pts from day's high in a rangebound week; auto, pharma stocks gain, metals suffer | Dr Reed's, M&M, IndusInd Bank, Eicher Motors, and Bajaj Finance were the top gainers on the Nifty..Related stories. | Benchmark indices Nifty and Sensex held on to gains, trading firmly in the green despite paring some of the day’s highs. A spirited rally in auto and pharma stocks infused fresh energy into the market, keeping spirits buoyant as we approach the final two trading sessions of 2024. This period often sees quieter activity on the bourses, with investors wrapping up their books amid the festive cheer. Looking ahead, all eyes will now turn to the third-quarter earnings, which follow two subdued quarters, and theUnion Budget, which is poised to shape the markets' trajectory in the months to come. At close, the Sensex was up 226.59 points or 0.29 percent at 78,699.07, and the Nifty was up 63.20 points or 0.27 percent at 23,813.40. About 1866 shares advanced, 1946 shares declined, and 113 shares unchanged. Follow our LIVE blog for all the latest market updates "The market outlook for the remainder of the year is expected to remain muted, given that returns have been robust over the past three years, with this calendar year delivering around eight to nine percent returns so far," Aishvarya Dadheech, Founder and CIO of Fident Asset Management said in a conversation with Moneycontrol. "Market performance will hinge heavily on earnings growth, projected at four to five percent for FY25 and 14 to 15 percent for FY26," he added. He added January 2025 will likely be influenced by Q3 earnings, as no major warnings have emerged so far, barring select exceptions like Godrej Consumer. IT could post a strong start, and if BFSI and consumption sectors support, Q3 could be a positive quarter. However, any negative surprises in earnings could lead to heightened volatility. Risks to the market include inflation, particularly in agriculture, and further depreciation of the rupee against the dollar, which could drive FII selling and create additional pressure on equities. In today's, Nifty Auto and Pharma emerged as the top performers, climbing up to 1.3 percent. Gains were driven by four-wheeler and two-wheeler stocks. The rally followed DAM Capital's upgrades on several auto stocks, citing recovery prospects despite near-term headwinds. Tata Motors, Escorts Kubota, and Bajaj Auto were all upgraded to "buy," with Bajaj Auto's target set at Rs 9,750. Nifty Pharma also advanced 1.3 percent, led by heavyweights like Dr Reddy's, Sun Pharma, Cipla, and Lupin. Meanwhile, Nifty Bank and FMCG indices posted modest gains of 0.5 percent each. Also read:Budget 2025 may propose simplified tax regime for foreign semiconductor firms to boost manufacturing Major laggards included Nifty PSU Bank, Metal and Nifty Oil and Gas. Majors like Hindalco, Tata Steel, Vedanta and NMDC dragged the metal index lower by almost a percent. The broader market displayed heightened volatility, oscillating between red and green. While the midcap index ended 0.3 percent lower, the smallcap index rose 0.2 percent. Dadheech added that mid and small-cap segments are fundamentally strong, and with consistent earnings improvement, they are likely to outperform large caps in 2025. There was a lot of activity in the primary market on December 27. As many as 5 companies debuted on the bourses on December 27. DAM Capital Advisors shares made their stock market debut today, listing at Rs 393 on the NSE, marking a premium of 39 percent over the issue price of Rs 283 per share. The robust listing, though slightly below the unofficial market estimates, comes on the back of strong investor demand during the IPO, which was oversubscribed 81.88 times. Transrail Lighting shares made their stock market debut today, listing at Rs 590 on the NSE, marking a premium of 37 percent over the issue price of Rs 432 per share. The robust listing was broadly in line with market expectations. Mamata Machinery shares listed with a high premium of 147 percent on the NSE over its IPO price on December 27, following a whopping subscription of 194.95 times to its Rs 179.39-crore initial public offering (IPO). The packaging machinery manufacturer Mamata Machinery Ltd stock listed at Rs 600 per share on the NSE over its issue price of Rs 243 apiece, a strong premium of 146.91 percent. Sanathan Textiles shares made a healthy stock market debut to list with a premium of around 32 percent on the NSE on December 27. Yarn manufacturer Sanathan Textiles stock was listed at Rs 422.3 per share on the NSE over the IPO price of Rs 321, a premium of 31.56 percent. Concord Enviro shares made a healthy stock market debut on December 27 after its shares were listed at a premium of 18 percent over its issue price on the National Stock Exchange (NSE). Concord Enviro Systems Ltd stock listed at Rs 826 per share on the NSE, a premium of 17.83 percent against the IPO price of Rs 701 apiece. From a technical standpoint, despite swift pullbacks each time the index approached 23,700 this week, the formation of hammer candlestick patterns signals underlying bullish sentiment. This supports the target of 24,165 set earlier in the week. The downside marker remains at 23,600, while a break above 23,900 could prompt an aggressive pursuit of further gains, says Anand James of Geojit Financial Services, said. Dr Reed's, M&M, IndusInd Bank, Eicher Motors, and Bajaj Finance were the top gainers on the Nifty. Hindalco, SBI, ONGC, Coal India, and BEL were the top losers on the index. | 2024-12-27 15:45 | 2024-12-27 | 15:45 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/trump-years-were-better-for-indian-h-1b-and-citizenship-applicants-mc-analysis-12898953.html | Trump years were better for Indian H-1B and citizenship applicants: MC Analysis | Indians did better under Trump.Related stories. | The appointment of Sriram Krishnan as a policy advisor on artificial intelligence has led to a political backlash for the incoming Donald Trump administration from the far-right asking for a ban on H-1B visas, but a Moneycontrol analysis shows that Trump years have been better for Indian immigrants. The four years that Trump held office witnessed the highest number of H-1B visas approved for Indians and the maximum rate of naturalisations of Indian citizens during the last sixteen years. Indians have long been the highest-ranked applicants for H-1B visas, which are granted to people with specialised skills, but the approval rate increased during Trump’s first term in office. In the four years that Donald Trump was president, Indians accounted for an average of 73.9 percent of total approvals granted each year, as per data from US Citizenship and Immigration Services (USCIS). The ratio declined to 73 percent for Biden’s three years in office, while it was 70 percent in Barrack Obama’s second term and 55.9 percent during his first stint from 2009-2012. Naturalisation rates also higher during Trump Data indicates that naturalisation rates or people obtaining US citizenship were also higher during Trump years. Indians have been the second highest number of people securing naturalisation after Mexicans. But the naturalisation rate declined in the last four years to 6.65 percent. During Donald Trump’s first term, 215,738 or 7.34 percent of Indians got US citizenship. This was significantly higher than Obama’s second term’s record of 6 percent naturalisation for Indians and 7.32 percent in the first term. Data released by USCIS shows that Indians tend to take fewer years to naturalise than their Mexican counterparts. While on average it takes 7.5 years to obtain US citizenship, Indians do it faster at six years. Mexicans take even longer at 10.9 years to get naturalised. | 2024-12-27 15:34 | 2024-12-27 | 15:34 |
moneycontrol.com | https://www.moneycontrol.com/news/business/strong-dollar-demand-pushes-rupee-to-all-time-low-recovers-post-rbi-intervention-12898946.html | Rupee recovers a bit after strong dollar demand pushes it to all-time low of 85.81 | Strong dollar demand pushes rupee to all-time low, recovers post-RBI intervention.Related stories. | Indian rupee touched an all-time low in the afternoon trade at 85.81 against the US dollar, but recovered sharply after the intervention by the Reserve Bank of India (RBI) in the spot market, experts said. Thelocal currencydepreciated sharply after the strong demand amid expiry of December currency futures and month-end demand from importers, experts said. Currency experts added that strong dollar demand in the non-deliverable forwards (NDF) market also put pressure on the rupee. Indian rupee traded at 85.8100 against the US dollar during December 27 afternoon, as against 85.3200 at open and 85.2700 close on the previous trading session against the greenback. Post-RBI's intervention, it recovered to 85.53 against the US dollar. For the year so far, the rupee has weakened by 3 percent against the US dollar. "Rupee fell to to its all time low of on the back of dollar buying related to the expiry of the December currency futures contract and maturing NDF positions as well as month end dollar demand," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. The rupee has been making record lows, after the November trade deficit expanded more-than-expected to touch a record high of $37.8 billion. India's export growth has been impacted by a weakening of global demand, even as imports remain elevated. The Finance Ministry, in its latest monthly economic review, has highlighted risks to global growth, adding that global trade in 2025 is increasing looking uncertain amid threats of higher tariff by the incoming administration of US President-elect Donald Trump. The ongoing geopolitical tensions have increased risk aversion, leading to a flight to safety in currencies like the Dollar, thus adding to pressure on EM currencies. India's foreign exchange reserves have risen by $6.4 billion during FY25 so far to a level of $652.9 billion as of December 13, 2024. The Finance Ministry said the reserves are sufficient to cover for more than 11. | 2024-12-27 15:30 | 2024-12-27 | 15:30 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/moneycontrol-pro-panorama-india-s-economic-change-agent-12898951.html | Moneycontrol Pro Panorama | India's economic change agent | Not only does the investor class owe its wealth creation to Singh’s big measures, villages with low income and poverty are also big beneficiaries of his initiatives.Related stories. | Dear Reader, India’s capital markets eclipsed China to top the fundraising rankings in Asiaand became second in the world -- only behind the US -- where firms raised money through initial public offerings towards a bumper listing in the stock market. It has one of the highest foreign exchange reserves stockpiles in the world and briefly tipped Hong Kong in becoming the fourth largest market after market capitalization surged to $5.2 trillion in June this year. Seems like a fitting end to 2024. But the year, as it ends, is also having a sombre moment as a towering policymaker without whose initiatives the above milestones wouldn’t have been reached is no more. Dr Manmohan Singh was the soft-spoken finance minister who teamed up with the then Prime Minister PV Narasimha Rao, to usher in sweeping reforms that would open the Indian economy and markets to the world. If Rao was known as the father of reforms, Singh was the architect who rolled up his sleeves and designed and implemented them. He initiated a raft of big policies and several small steps that influenced the Indian economy and its financial sector in the three decades that followed the 1991 big bang reforms. While Singh’s legacy includes abolishing the License Raj and breaking down government monopolies in various sectors and giving private sector a free hand in profitable growth, his real work has been towards lifting many above the poverty line. Singh was the force behind the private sector’s phenomenal growth. As finance minister, he slashed corporate tax rate by a steep 10 percentage points to 46 percent. He also pruned import duties, changed taxes on exports to boost them in phases, with a series of indirect tax reforms. India Inc owes its fattened profit margins to him. He was also instrumental in several banking and insurance sector reforms by allowing private sector establishments and foreign capital into them. Present day India’s banking system that boasts of a variety of shades of ownership and some of the most valuable banks in the world is because of Singh’s initial measures as finance minister. As PM between 2004-14, Singh advanced what he started as finance minister. The National Stock Exchange (NSE) was set up under Singh’s leadership, and the stock market’s progress is now a history revered by all. Singh’s term as PM did have its not-so-kosher moments. The securities scam of the early 1990s was an event that dented his reputation. He was also unable to fight the accusations of widespread corruption in the coalition UPA government during his second stint as PM. When Manmohan Singh took over as finance minister of a country that had a balance of payments crisis and had to ship gold to prove its creditworthiness, his mandate was to fix all the holes. But he went on to stitch a whole new tapestry for the Indian economy through ground-breaking decisions that changed “reform” to a revered buzzword from an anathema.As we enter a new year with our outlooks and expectations for it, India’s gross domestic product (GDP) is facing a cyclical downturn, its equity market is facing yet another episode of foreign capital outflows, and its currency is at an all-time low. But the confidence among investors that global headwinds and challenges can be met has never been stronger. Instead of having to ship gold, the RBI has an unprecedented stockpile of forex reserves and has engineered a path of stability for the rupee as ourcolumn heresuggests. OurChart of the Dayhighlights how the forex policy is seamlessly linked to liquidity management. Ananya Roy’scolumn herelists the challenges for the market from global events and how the domestic fundamentals can give some hope amid a cyclical slowdown. Not only does the investor class owe its wealth creation to Singh’s big measures, villages with low income and poverty are also big beneficiaries of his initiatives.The landmark Mahatma Gandhi National Employment Guarantee Act (MGNREGA) under which rural workers were guaranteed a minimum amount of labour and opportunity to earn incomes was Singh’s initiative as Prime Minister during his 2004-14 tenure. MGNREGA is used as a key yardstick to measure rural prosperity or distress even today and the Centre will set aside funds for the scheme in theUnion Budgetas it does every year. Singh should be credited for facilitating the blueprint for targeted subsidisation through technology behind the digital unique identification of every Indian—Aadhaar. Much of the milestones reached under direct benefit transfers and financial inclusion by banks today can all be traced back to the first steps taken during Singh’s leadership. India may be going through a tough time as part of economic cycle and global events, but the former prime minister has ensured that the country has the right shield and tools to safeguard herself. For that and many more, history is definitely kinder to him. Investing insights from our research team IndusInd Bank Quick Take: MFI loan auction, more pain in store? Weekly Tactical Pick: Why this auto ancillary stock deserves a look after correction A defence stock with reasonable valuation What else are we reading? Manmohan Singh: The leader who ‘opened up’ the Indian economy Slower growth awaits India in 2025 as private capex slackens Startup Street | Should failure rate of startups ring alarm bells? Infrastructure, manufacturing sectors to drive growth in 2025 Four AI predictions for 2025(republished from the FT) Markets Nearly 100 firms set to end 2024 with valuation of over Rs 1 trillion Tech and Startups Fintech NBFCs: Karma of unsecured lending bites in 2024; face rising NPAs, crumbling asset qualityTechnical Picks:GLENMARK, UNITDSPR, BHARTIARTL, ENGINERSIN Aparna IyerMoneycontrol Pro | 2024-12-27 15:18 | 2024-12-27 | 15:18 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/buy-home-first-finance-target-of-rs-1250-motilal-oswal-12898963.html | Buy Home First Finance; target of Rs 1250: Motilal Oswal | Buy.Related stories. | Motilal Oswal's research report on Home First Finance We met with the senior management of Home First Finance, represented by Mr. Manoj Viswanathan, MD & CEO, and Ms. Nutan Gaba Patwari, CFO, to gain insights into the current industry dynamics in affordable housing finance and the way forward for the company. Following are the key takeaways: 1) Home First is not seeing any spillover of stress from microfinance or short-term personal loans (STPL), and its asset quality remains largely stable; 2) demand continues to remain strong in the affordable segment, particularly in self-construction; 3) the ability to penetrate deeper into its existing states and improve the proportion of LAP in the loan mix are strategies that the company can leverage to achieve its desired spreads; and 4) within the next 12-24 months, Home First could potentially become the first new-age affordable housing company without a promoter and become a purely professionally managed company. Outlook Home First’s asset quality is expected to remain strong, and credit costs are likely to remain benign. With an RoA/RoE of 3.4%/18% by FY27, we believe that Home First will continue to command premium valuations over its HFC peers. We reiterate our BUY rating with a TP of INR1,250 (premised on 3.5x Sep’26E BVPS). For all recommendations report,click here Home First Finance -D ec27_2024 - moti | 2024-12-27 15:12 | 2024-12-27 | 15:12 |
moneycontrol.com | https://www.moneycontrol.com/entertainment/parineeti-chopra-shares-december-re-cap-calls-her-video-calls-with-hubby-raghav-soul-healing-see-pics-article-12898919.html | Parineeti Chopra shares December re-cap, calls her video calls with hubby Raghav 'soul healing', see pics | Parineeti Chopra's December recap. | Bollywood actress Parineeti Chopra has treated her fans to some behind-the-scenes shots on social media. The photos offer a glimpse into her recent projects, showcasing candid moments from her work life. Parineeti’s followers have been delighted by the sneak peek into her day-to-day activities, as she continues to share her journey with her audience. The posts reflect her lively and engaging personality, adding a personal touch for fans to connect with. One post that caught everyone's attention was when Parineeti Chopra shared a screenshot of a video call with her husband and AAP leader, Raghav Chadha, captioning it as "Soul healing." The heartfelt post resonated with her fans, reflecting a sweet and intimate moment between the couple. In the first picture, Parineeti Chopra is seen wearing a blue shirt and jeans, holding a mini fan while her face is partially covered with a white cloth. The second photo captures her flashing a bright, million-dollar smile as she poses with her team, dressed in a maroon sweater adorned with white hearts.View this post on InstagramA post shared by @parineetichopra | 2024-12-27 15:07 | 2024-12-27 | 15:07 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/buy-jsw-infrastructure-target-of-rs-375-motilal-oswal-12898956.html | Buy JSW Infrastructure; target of Rs 375: Motilal Oswal | Buy.Related stories. | Motilal Oswal's research report onJSW Infrastructure Second-largest private port operator with improving market share: JSW Infrastructure (JSWINFRA), with an aggregate capacity of 170MMT as of Sep’24, is the second-largest private port operator in India after Adani Ports (having a capacity of ~633MMT). The company has reported a 22% cargo volume CAGR over FY18-24 (13% YoY growth in 1HFY25), far outpacing the industry growth rate of ~4% over the same period. Focused on ramping up capacity to 400MMT by 2030: JSWINFRA has embarked on a massive capex plan of INR300b (INR150b over FY25-28) towards expanding the total cargo handling capacity from 170mtpa currently to 288mtpa by FY28 and eventually to 400mtpa by FY30, banking on the rise of India’s cargo movement. In line with its capex program, the company has undertaken brownfield expansions at its Jaigarh and Dharamtar ports (two of its largest ports in terms of capacity and volumes), adding a combined 36MT with an estimated capex of INR23.6b, which is targeted for completion by Mar’27. Outlook We estimate a volume/revenue/EBITDA/APAT CAGR of 14%/19%/20%/19% over FY24-27. Reiterate BUY with a revised TP of INR375 (premised on 25x Sep’26 EV/EBITDA). For all recommendations report,click here JSW Infrastructure -D ec27_2024 - moti | 2024-12-27 15:07 | 2024-12-27 | 15:07 |
moneycontrol.com | https://www.moneycontrol.com/news/opinion/dr-manmohan-singh-was-a-gentle-soul-who-transformed-india-s-economy-sunil-kant-munjal-12898891.html | Dr Manmohan Singh was a gentle soul who transformed India’s economy: Sunil Kant Munjal | Dr Manmohan Singh was a gentle soul who transformed India’s economy: Sunil Kant Munjal.Related stories. | My father, Brij Mohan Munjal, andDr Manmohan Singhshared similar roots in undivided Punjab; they would sometimes reminisce and swap stories about those days when they met. I remember my father always came back from his meetings with Dr Singh enlightened, inspired, and impressed at the humility of this amazingly erudite, successful leader. My father also recalled with fondness the time in 2005 when he received the Padma Bhushan: Dr Singh publicly articulated his contribution to Indian industry and graciously met members of the entire large Munjal family. On a personal level, I am grateful to Dr Singh on many counts. When I finished chronicling The Making of Hero, I approached him to write the foreword; he penned a heartwarming and insightful tribute, which I was later told he personally corrected a few times before sending the final version, which is in the book. I then visited Dr Singh a second time with a request for him to launch the book; he readily agreed again with a nod and a quiet smile, and he graced the occasion despite not being in the best state of health. He launched the book along with Sangeeta Jaitley, wife of the late Arun Jaitley, who had written the second foreword, making the book unique. Dr Singh was quite concerned about the quality and reach of education. I remember once when Sunil Mittal, Analjit Singh and I were waiting outside the Prime Minister’s office for a meeting, and we were approached first by his Principal Secretary, Mr Kuti Nair, and then by Dr Singh to do something significant in Punjab for higher education; this led to the birth of the Mohali Campus of the ISB. I got to see him closely as part of many meetings across different fora; I observed his warm nature and genuine keenness to help every section of society. There were discussions to develop the non-farm rural economy and to bring holistic economic growth through the Rural Business Hubs (RBH) initiative. There were multiple macro and micro-economic discussions on the Prime Minister’s Council for Trade and Industry. There were some innovative conversations in the PM’s Council for J&K where we discussed economic progress and ways to divert attention away from stone-pelting and terrorism. We also heard his mandate for improving and stabilising the overall situation in various fields when I was on the Narasimhan Committee on financial sector reforms and the Kelkar Committee on taxation reforms. When Pawan (Kant Munjal) and I went to meet him to share our plans to acquire Honda’s stake in the JV company and wind up the collaboration, he was very understanding. He said that not only should we welcome business from overseas into India, but we must also equally encourage more and more Indian companies to become global leaders. It is said that we can see truly afar only when we stand on the shoulders of giants. Thirty-four years ago, on the able shoulders of Dr Singh, an entire nation stood and got a chance to see its destiny—a destiny that we continue to craft today. Humanity has lost the gentlest of souls, the Sikh community, one of their tallest leaders, India, a visionary son, and companies like ours, a thrust force to lift off in the difficult early 1990s. We will remember Dr Singh with great awe, considerable approbation, deep fondness, and, most of all, immense gratitude. | 2024-12-27 14:57 | 2024-12-27 | 14:57 |
moneycontrol.com | https://www.moneycontrol.com/news/india/karnataka-registration-scam-1-471-vehicles-evade-motor-vehicle-tax-at-bengaluru-central-rto-cause-over-rs-15-crore-loss-to-state-exchequer-12898762.html | Karnataka registration scam: 1,471 vehicles evade Motor Vehicle tax at Bengaluru Central RTO, cause over Rs 15 crore loss to state exchequer | Karnataka registration scam.Related stories. | As many as 1,471 vehicles, including luxury cars, registered between April 2015 and November 2021 at the Bengaluru Central Regional Transport Office (RTO), have evaded lifetime tax, causing an estimated loss of Rs 15.2 crore to the state exchequer,Moneycontrolhas learnt. Sources toldMoneycontrolthat the HSR Police Station has begun issuing notices to vehicle owners registered at Bengaluru Central RTO (formerly Koramangala RTO) to recover the evaded amount, after a first information report (FIR) was registered on October 24, 2024. "We have summoned the vehicle owners involved in the case to submit all necessary documents and cooperate with the investigation," said a police officer. Also, read:MC Investigation: How a Bengaluru cab driver used a fake fare screenshot to scam airport passengers While the scam surfaced in 2021-2022, former Transport Minister B Sriramulu had informed the state assembly that a probe to be conducted by the criminal investigation department (CID) would be ordered into the irregularities in vehicle tax registration that caused financial losses. However, the investigation was never initiated. Sources said the scam potentially runs into hundreds of crores, but the verification of documents has only been conducted only in one RTO so far. Karnataka has around 70 RTOs. "A CID/Lokayukta investigation covering all RTOs across the state will reveal the full extent of the scam," a source said. Sources said that many vehicle owners, particularly those with luxury cars, registered their vehicles without paying the lifetime tax. In some cases, owners paid money to agents or officials, but the funds were never deposited with the government. The scam involves not paying road tax, issuing fake challans, or undervaluing the vehicle with official connivance. Sources said the FIR was filed recently after the Committee for Government Assurance, which scrutinises assurances and promises made by ministers, intervened. Also, read:BS-III scam: ED Probe against third party, says Ashok Leyland Assurances Committee Chairman and member of legislative council (MLC) TA Sharavana toldMoneycontrol: “Around 1,500 files from just one RTO have gone missing. This cannot happen without the knowledge of senior officials. In fact, they initially refused to file an FIR, but after it came to my notice, I instructed them to do so.” He said that a review meeting with the concerned officers will be conducted soon. “The actual loss is much higher, especially if all RTOs in the state are investigated. Surprisingly, an official involved in this scam was even promoted. The government should suspend all officials involved till the investigation is complete. Criminal cases should be filed, and those responsible must face appropriate punishment," he said. Sarah Fathima, Deputy Commissioner of Police (South East), Bengaluru, toldMoneycontrolthat the investigation is ongoing. "We are investigating the case after a complaint was filed by Bengaluru Central RTO,” she said. Karnataka Transport Minister Ramalinga Reddy was unavailable for comment, despite repeated attempts. The modus operandi of the scam In November 2021, a luxury car owner approached the Bengaluru Central RTO (HSR Layout) for the cancellation of vehicle hypothecation. An official reviewing the vehicle’s details discovered that the tax payment for the car was not recorded in the department’s accounts. After further investigation and review of the tax payment receipt, it was found that the owner had paid money to an agent or official, but it was never deposited. Another official said vehicle owners seeking fancy registration numbers fell prey to the scam. "When they approached officials, they were promised their desired numbers and were asked to pay in cash. The vehicle owners didn’t suspect anything amiss as the officials provided them with the B-Extract [vehicle registration document] and a receipt. However, the amount never reached the treasury. Now, these vehicle owners are being asked to pay the due amount again." He added that the scam targeted not only luxury car owners but also some two-wheeler owners. Sources said that some officials colluded with luxury car dealers/middle men and used loopholes in the Vahan-3 portal to generate fake challans. The RTO services have since migrated to the Vahan-4 portal. Also, read:Startup hub Bengaluru: What makes it the world's second slowest city Karnataka imposes one of the highest road taxes in the country. For example, a new vehicle valued over Rs 20 lakh attracts 18 per cent road tax. As of November 2024, Karnataka has 3.2 crore vehicles, including 1.2 crore vehicles in Bengaluru. Any shortfall in motor vehicle tax will affect the state government’s infrastructure and social welfare schemes. "Initial investigations revealed that some officials colluded with car dealers and agents to generate fake tax receipts. Luxury vehicle owners paid much less than the actual tax amount, causing a huge loss to the state exchequer. Though there is a transport department circular stating that all transactions above Rs 3,000 should be through DD [demand draft] or online payment, many luxury car owners paid the entire tax amount in cash to middlemen or transport staff, who pocketed the money without depositing it into the department's account," a source said. For private vehicles, lifetime taxes are collected, which allows the transport department to verify whether taxes have been paid when the same owner seeks vehicle transfer or hypothecation. In the case of commercial vehicles, which require fitness renewal every two years, it is easier to track tax payments. The case has been filed under Sections 406, 408, 409 (breach of trust), 420 (cheating), 120B (conspiracy), 465, 468 (forgery), 471 (using forged documents), and 34 (common intention) of the Indian Penal Code (IPC). Also, read:A fine cover-up? Maruti Suzuki Baleno modified and fraudulently sold as Mercedes A-Class, police takes action | 2024-12-27 14:49 | 2024-12-27 | 14:49 |
moneycontrol.com | https://www.moneycontrol.com/news/india/dressed-as-a-woman-rejected-by-society-why-punjab-s-gay-killer-murdered-11-men-in-18-months-12898862.html | 'Dressed as a woman, rejected by society': Why Punjab's gay killer murdered 11 men in 18 months | Saroop was initially arrested in connection with a murder of one Maninder Singh of Kartarpur Sahib.. | A 33-year-old man, Ram Saroop (Sodhi), has confessed to murdering 11 men in Punjab, over 18 months. He lured victims, often sex workers, with offers of paid services, then strangled them after disputes. According to Indian Today, Saroop told police that deep emotional hurt and derogatory comments about his sexuality were the driving forces behind his crimes. Saroop was initially arrested in connection with a murder of one Maninder Singh of Kartarpur Sahib. Maninder Singh (37) used to serve tea and water at Modra toll plaza and he was murdered on August 18. Saroop’s arrest brought light to the crimes he committed in Rupnagar, Fatehgarh Sahib and Hoshiarpur districts. Dressed as a woman, Saroop worked as a sex worker and lured his victims by asking for lifts at night. He would negotiate monetary terms for his services, but disputes over payment often escalated into violence. His preferred method of killing was strangling his victims with his muffler, though some were killed with head injuries, according to reports. According to India Today, Sodhi’s last victim, Maninder Singh, had mocked his sexuality and made derogatory comments about his body. This acted as a trigger. It led Saroop to murder Maninder during a seemingly innocent lift on his motorbike. Saroop’s early life Saroop reportedly told the police that as a child he would secretly wear makeup and wear women's clothes in the absence of his parents. His sexual identity began to take shape when he moved to Dubai in 2005, By the time he was 22, he had embraced his homosexuality. Married with three children, he was abandoned by his family two years ago when they discovered his sexual orientation. This alienation, coupled with alcohol abuse, seemed to play a significant role in his violent actions, as reported by India Today. According to the report, he specifically targeted men who either rejected him or failed to meet his demands after engaging in sexual acts. His first committed murder in early 2024, when he killed Harpreet Singh, a retired Army man, after a dispute over money. The victim had refused to pay Sodhi the agreed-upon amount after their sexual encounter. Why did he write “dhokebaaz” on the victims' back? Upset by the rejection, an angry Sodhi wrote "dhokebaaz" (cheater) on Harpreet's body in red ink on Harpreet’s back after killing him. This message became a signature of his killings. During the investigation, Sodhi revealed he wrote "dhokebaaz" on the victims' backs to apologise for the crime he committed, as reported by India Today. | 2024-12-27 14:41 | 2024-12-27 | 14:41 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/small-cap-mfs-50-concentration-lies-in-stocks-in-m-cap-band-of-251-500-ventura-securities-12898876.html | Small-cap MFs' 50% concentration lies in stocks in m-cap band of 251-500: Ventura Securities | Most small-cap mutual funds focus on stocks ranked between 251 and 500 by market capitalisation.Related stories. | Most small-cap mutual funds focus on stocks ranked between 251 and 500 by market capitalisation, with few aiming to invest in listed stocks beyond the top 1,000. According to a study conducted by Ventura Securities, only two percent of the total small-cap mutual fund exposure is in the stocks beyond the 1,000-mark. A new study by Ventura Securities, 'Are Smallcap Funds Risky?', mentions that small-cap mutual funds primarily focus their investments on mid-tier companies within the small-cap universe. It further highlights that only 8 percent of small-cap fund investments are allocated to large-cap stocks, while 11 percent are invested in mid-cap stocks. Despite this concentrated investment strategy, small-cap funds have demonstrated strong historical performance. As per the data revealed by the report, majority of these funds have outperformed the benchmark Nifty 500 over both one-year and three-year periods.LIC’s small cap fund has the highest allocation of 68 percent in the stocks that are ranked below 500 with 18 percent in stocks with market cap below Rs 3,150 crore.Quant has the maximum allocation to Large Cap stocksDSP and SBI are true-to-label, with more than 95% allocation to small cap stocksOver the past five years (Nov 2019 to Nov 2024), the assets under management (AUM) of small-cap mutual funds have grown significantly, expanding six-fold at an average annual growth rate of 48 percent. While there are currently 29 small-cap mutual fund schemes, 23 of these have been in operation for more than three years. Only six new schemes have been introduced in the small-cap category in the past three years. Bandhan’s small cap scheme is among the top with a 3-year CAGR of 30 percent but a high beta, and therefore, higher risk involvement. SBI’s small cap scheme has the lowest Beta at 0.66, marking one of the lowest downside capture ratios. Since FY20, these funds have attracted inflows of Rs. 1.03 lakh crore, representing 12 percent of the total investments received by equity mutual funds during this period. However, thematic and sectoral funds have witnessed the highest inflows worth Rs 2.27 lakh crore, i.e. 27 percent of the total equity mutual fund inflows. Juzer Gabajiwala, Director, Ventura Securities feels that small-cap funds are a "largely unexplored and a thrilling opportunity in the mutual fund industry". Therefore, indicating a potential to identify future market leaders at an early juncture. "Moreover, one needs to have a longer duration for these funds with a focus on three principles – Embrace volatility, Be patient and Maintain a longer holding period.” | 2024-12-27 14:35 | 2024-12-27 | 14:35 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/from-licence-permit-raj-to-globalisation-economists-reflect-on-manmohan-singh-s-transformational-legacy-12898893.html | From licence-permit raj to globalisation: Economists reflect on Manmohan Singh’s transformational legacy | Former PM Manmohan Singh.Related stories. | Hailing Manmohan Singh, former Prime Minister of India and architect of India’s 1991 economic reforms, as a trailblazer who reshaped the nation’s economic trajectory, economists and policymakers said that Singh's opening up of the Indian economy and dismantling the licence-permit raj continues to inspire admiration for his transformative vision. “Manmohan Singh took the Indian economy from darkness to light,” M Govinda Rao, Director of the National Institute of Public Finance and Policy (NIPFP) told Moneycontrol. “The opening up of the economy and getting rid of the licence-permit raj in a politically difficult environment was transformational. I had the privilege of working for his Economic Advisory Council. He was a giant scholar and yet, a gentle and humble human being. He was an architect of modern India, and the world will miss him sorely,” he added. The abolition of the licence-permit raj, a system that curtailed economic growth through bureaucratic red tape, is widely regarded as one of Singh’s most significant achievements. His reforms paved the way for a market-oriented economy, encouraging private enterprise and foreign investment. Singh’s tenure as Finance Minister in 1991 is particularly noted for bold economic reforms during a period of acute financial crisis. His vision for a liberalised and globally integrated Indian economy laid the foundation for sustained growth over the following decades. Lekha Chakraborty, Professor at NIPFP, emphasised Singh’s role in India’s globalisation. “Manmohan Singh is a trailblazer with regard to India's economic reforms. What India is today is because of him. His emphasis on globalisation helped the government introduce new industrial policies,” she said. She highlighted Singh’s focus on the government being the “employer of last resort,” which helped drive economic growth and job creation, and set the stage for inclusive development. Recollecting his early days as an academic, P K Mishra, Principal Secretary to Prime Minister Narendra Modi shared his experience of being taught by Singh. “My memories of Manmohan Singh date back to the time when he was teaching at the Delhi School of Economics. I was in my MA first year. Seeing him among the stalwart professors of that era was reassuring for a student like me, having come from Sambalpur district in west Odisha,” he said. Singh, too, had grown up in small towns. Mishra recounted Singh’s ability to demystify complex topics in international trade, making learning accessible and enjoyable. “He was extremely unassuming and low-profile,” Mishra noted, adding that this humility remained unchanged even during Singh’s tenure as Prime Minister. His humility and scholarship left an indelible mark on all who interacted with him. “Whenever I met him, I found the same simplicity, sincerity, and humility in his demeanour,” Mishra added. The government on December 26 announced a seven-day national mourning following the death of the former Prime Minister at the age of 92. | 2024-12-27 14:35 | 2024-12-27 | 14:35 |
moneycontrol.com | https://www.moneycontrol.com/news/business/real-estate/over-600-homebuyers-in-greater-noida-west-project-to-get-flats-under-reverse-insolvency-process-12898846.html | Over 600 homebuyers in Greater Noida West project to get flats under reverse insolvency process | Over 600 homebuyers in Greater Noida West to get flats under reverse insolvency proceedings.Related stories. | The Greater Noida Industrial Development Authority (GNIDA) has paved the way for over 600 buyers to have their flats registered after it provided the occupancy certificate (OC) to a project that had stalled due to a funds crunch. The project, RG Luxury Homes, was completed under the supervision of the interim resolution professional (IRP) after securing an order of reverse insolvency from the National Company Law Tribunal (NCLT). This is the first project in Uttar Pradesh's Gautam Budh Nagar district that has been completed and given OC through reverse insolvency process, officials said. A reverse insolvency resolution process is a constitutional provision in the Insolvency and Bankruptcy Code (IBC) that allows corporate debtors to initiate the resolution process themselves. It's a mechanism primarily used to revive distressed real estate projects or companies that are undergoing insolvency proceedings. Under reverse insolvency, promoters are required to infuse funds in the project as a lender to complete a project. Officials said that the move will benefit over 600 homebuyers as they will get possession of their flats along with ownership rights. The project, located on 18 acres in Sector 16B, Greater Noida West, was launched in 2010 with an initial completion deadline of 2014. However, the promoters ran out of cash and work came to a halt in 2016. In 2019, a group of homebuyers approached the NCLT. This group constituted the buyers of 1,918 units in the first phase. An IRP was appointed in July 2021 for the revival of the project. During the process, the promoter expressed his willingness to complete the project and presented a revival plan with the inclusion of finance and time-bound targets. The plan was supported by all stakeholders including financial institutions, CNIDA and the IRP. In October 2021, RG Group restarted construction and development work under the supervision of the IRP. Once complete, RG Luxury Homes obtained the OC for 600 units in towers D, E and F from GNIDA. Last year the group had obtained OC for towers A, B, C and M comprising 850 units, the company said. Himanshu Garg, director, RG Group, said that securing the OC for another three towers of RG Luxury Homes marks an important milestone for the company. “Now, we have OC of seven towers comprising 1,450 units. It is a testament to our hard work, dedication and willingness to complete the project. Very soon, the remaining 460 units of Phase 1 will be delivered," Garg told Moneycontrol. Manoj Kulshrestha, the NCLT -appointed IRP, said that looking at the present scenario of real estate projects hitting NCLT and the prolonged resolution process, this project was a challenging task. “To complete the project as per the submitted plan, the promoters sold their assets, collaborated with financial institutions and maintained the faith of the customers,” he said. | 2024-12-27 14:33 | 2024-12-27 | 14:33 |
moneycontrol.com | https://www.moneycontrol.com/news/business/rbi-allows-upi-payment-to-prepaid-instruments-via-third-party-apps-12898922.html | RBI allows UPI payment to prepaid instruments via third party apps | RBI allows UPI payment to prepaid instruments via third party apps. | Reserve Bank of India on December 27 said it has allowed Unified Payments Interface (UPI) access for prepaid instruments through third party apps. "It has been decided to enable UPI payments from / to full-KYC PPIs through third-party UPI applications. This will enable PPI holders to make / receive UPI payments through the mobile application of third-party UPI applications," said RBI in a circular. So far, UPI payments from / to a bank account can be carried out using the UPI application of that bank or of any third-party application provider. However, UPI payments from / to a PPI can only be carried out using the mobile application provided by the PPI issuer. | 2024-12-27 14:27 | 2024-12-27 | 14:27 |
moneycontrol.com | https://www.moneycontrol.com/news/opinion/the-significance-of-shyam-benegal-in-the-making-of-india-12898564.html | The significance of Shyam Benegal in the making of India | Artists like Benegal seemed lost in this neon-lit electric world that can jangle anyone’s nerves.Related stories. | If modernity in Indian cinema is defined by that epochal image of Apu and Durga watching intently through fields ofkashas a train rolls in billowing clouds of dark smoke, the victorious march of the subalterns can be explained visually by images inManthan, Shyam Benegal’s crowdsourced film that narrates the full Indian embrace of the co-operative movement. A steam-engine modernity is a far cry from a bunch of raggedy farmers banding together to kickstart a white revolution, but any kind of freedom—whether it comes on rails through your hardscrabble village or via human bonds across many back-of-the-beyond places—is liberating. Search for freedom That Satyajit Ray and Shyam Benegal started their cinematic journeys two decades apart is not the point here, but it is the nebulous idea of freedom they chased is what connects them to the humanistic thought in the realm of Indian ideas. In the case of Benegal, it was his searing look on the tribulations that persistently ruining feudalism causes and how its unfortunate sufferers cope with it and, in the end, don’t lose hope. In that small hope, which his debut filmAnkurcarried, is the seed—rather seedling—of freedom. When human beings shed off their bestiality, slough off their animal natures, it is where true freedom actually begins. Human freedom emerges, says American political scientist Francis Fukuyama, only when man is able to transcend his natural, animal existence, and to create a new self for himself. The chugging train inPather Panchaliand the stone the little boy throws at the window of the feudal lord’s house in Benegal’s first film are connected in a way. Raj Kapoor’s vagrant tramp and Guru Dutt’s bereft and battered poet are also men looking for some hope and substance, making strenuous efforts to throw away chains that keep them fettered to old ideas of convention and cliches and class. This craving for protest and, then, freedom became first evident in Chetan Anand’sNeecha Nagar, a film that had so impressed Ray that he wrote a fan letter to its director asking if he could assist him in his future endeavours. Benegal and his mentees followed Ray’s path and eschewed melodrama and the song-and-dance routine that were common to Bollywood masters such as Raj Kapoor and Guru Dutt. Kapoor’s initial films and Guru Dutt’s two classics—PyaasaandKaagaz ke Phool—share a very strong bond with what came to be known as the “parallel cinema” movement in Indian cinema. Of course there were outsiders—not enfants terribles—here too in Mani Kaul and Kumar Shahani, both filmmakers of exceptional rigour and, at times, boring and mind-numbing complexity. Ankurof new cinema If, as Hegel observed, newspapers served modern man as a substitute for morning prayers, cinema for the Indian man took the form of evening prayers. Those, of course, were the days when post-industrial life was yet to take root and India was far away from even post-materialist life. Nation-building took the centre stage and Indian filmmakers, like most artists in confused and disoriented postcolonial societies, embraced it with gusto. Benegal, who was Guru Dutt’s distant cousin, grew up in Hyderabad, where feudalism under Nizam’s suzerainty was rampant. He witnessed closely the ravages the pernicious system could wrought and the human toll it could exact. And that’s the reason why hisAnkurandNishant, where he takes a hard look at feudalism’s societal fractures and frictions, created a sensation. If Amitabh Bachchan emerged as the angry young man when India was roiling with inner turmoil just before the imposition of Emergency, Benegal’s small kid, who smashes the kulak’s window, was the angry young kid of Indian cinema. Bachchan was bugged with endless corruption and unmatched greed; Benegal’s kid was pissed with frustration at his freedom being curtailed. It was his attempt, by breaking the window, to peer through the glass at hope and freedom, albeit darkly. Perhaps my whisper was already born before my lips, as Russian poet Osip Mandelstam said. That action on the boy’s part—the casting of the stone—was the whisper before he turns into an angry young kid and then, in continuity as his dreams remain unfulfilled, angry young man. ‘Men don’t change’ The liberating idea of freedom stayed with Benegal when he branched off into nascent feminism when he madeBhumika, a biographical film on the Marathi actor Hansa Wadkar, whose portrayal by Smita Patil is one of the most finely etched performances in Indian cinema. That film, which came in late 1977, the year when Indira Gandhi, who had assumed dictatorial powers after her proclamation of Emergency, met her Waterloo at the hustings. At the end, when patriarchy still wins crushing the streak of female independence, a character utters these prophetic words: The beds change, the kitchens change. Men's masks change, but men don't change. French writer Simone de Beauvoir said Man is defined as a human being and woman as a female – whenever she behaves as a human being she is said to imitate the male. Many years on, many women in this country would still agree with that powerful line inBhumika. A testament to Benegal’s vision and acuity. In a way it was telling, that in the same yearBhumikacame out, a female leader, whose passion for power bordered on megalomania and who had smashed patriarchy to become the biggest patriarch, also lost to a bunch of geriatric men and, in the process, became a meek woman. Benegal then made a slew of films with big stars like Shashi Kapoor and Rekha.Junoon, based on a Ruskin Bond story set around the 1857 mutiny, andKalyug, based on the Mahabharata, on a fractious and fratricidal business family. By the timeKalyugcame, the angry-young-man momentum had begun to peter out and Bachchan was rolling out chiffon romances likeSilsila. One problem with Indian cinema is its lack of interiority. We do a lot of exteriority but there is hardly anything that delves deep into the interior. The best of European cinema, steered by greats like Bergman, Antonioni and Fellini, dove deep into the dark pools of psyche, but Indian cinema didn’t. Ray tried a bit in the Calcutta trilogy, but others (his cinematic offspring) failed miserably. Anything dealing with existential angst turned totally vacuous and now, more than forty years on, sounds silly and looks almost like a farce. Perhaps the reason could be the Europeans, who were many years ahead of us in revolutions in industrial and material, were already leading post-material lives and Indians were still grappling with material shortages and the crippling problems that ensue with large-scale deprivation. Only someone who is well prepared has the opportunity to improvise, said Swedish director Ingmar Bergman. Indians were hardly prepared and most of them eked out dull existences of unmitigated drudgery. So the improvisation never reached a substantial level and in some cases flopped miserably. The Benegal imprint on TV In the mid-eighties, Benegal moved into TV, which was enjoying a Peak TV moment in India. Much before Sopranos and The Wire, which heralded the Peak TV moment in America, the land of Hollywood, Indian TV had bloomed in the eighties with dramas likeBuniyaadandHum Log. Benegal added his heft to it withYatraandBharat Ek Khoj, a scintillating television adaptation of Nehru’s Discovery of India. With cinematic props and Vanraj Bhatia’s excellent music, Benegal made Nehru’s prose come alive on the small screen. But all this came just before India went in for widescale economic reforms and changed its tack to what is now known as neoliberalism. Of course, Margaret Thatcher in the UK and Ronald Reagan in the US had taken to the new economic philosophy in the late 1970s. India, where the first burst of nation-building was over in the 1970s, was slowly inching towards neoliberalism because its wobbly policies of autarky and import substitution had failed to deliver. Thatcher would go on to privatise railways, but Benegal got a train for himself and his crew, actors in tow, to shootYatra, which showed a diverse India and its many facets through train stories. And then 1991 and neoliberal embrace happened and TV became the Gulf War, a grim reality that was beamed directly into homes and captivated everyone. Indians bid goodbye to Peak TV and voted with their bums-on-sofas for reality TV. Benegal’s TV time was over. And he went back to the cinema. Floundering in ‘liberalized’ India But 1991 reforms gave second wind to Bollywood and it spawned a new breed of young filmmakers who had towering ambition and aspired for a global reach. After an insipid decade of hollow cinema in the eighties, Indians went full Gucci in the nineties with the likes of Karan Johar making saccharine romances, which plotwise were dull but visualwise exhilarating because they captured the neoliberal ethos of greed is good and ambition the national axiom. From occasional visuals of unbridled materialism to a surfeit of material goods, India had left its postcolonial birth pangs way behind. The discourse changed and so did the narrative. Parallel cinema lost its moorings as India opened up its economy and then it collapsed. The collapse was gradual and then sudden, reminding one of Hemingway’s famous lines on how a character goes bankrupt inThe Sun Also Rises, his first novel. Trade unions went kaput and many parallel narratives could not think up anything that could interest the new India that was emerging. Benegal and others floundered. In his last phase, Ray too had become shaky, making three films that were many levels below his earlier work likeCharulataandAranyer Din Ratri, luminous films of remarkable intelligence. It is richly ironic that Ray’s last film was calledAgantukand was about a stranger who comes and knocks on the door of his host. Around the same time, a new and strange (for this country at least) economic philosophy quietly knocked on the doors of India and was granted access . And then everything changed. It was all hurly-burly from slow-and-steady. Around the same time India had a new economic horse in its midst, Benegal madeSooraj ka Saatva Ghoda, a multilayered story based on Dharamvir Bharti’s novel of the same name. Bharti had written the book in the flush of youth in 1952 and in that decade, before he took the editorship of Dharmyug, he wrote two more masterpieces of Hindi literature: a play calledAndha Yugand a novelGunahon ka Devta. That cinema, after Independence, took almost 40 years to catch up to literature is a story that explains itself. Artist without parallel When French filmmaker Jean-Luc Godard said a story has a beginning, a middle and an end, but not necessarily in that order, he obviously wasn’t referring to India, where most filmmakers followed the idiom of linearity and still do though our literature and epics play fast and loose with time. Why then we haven’t produced a filmmaker of Andrei Tarkovsky’s stature is a question we need to ask ourselves. Especially now when most of our middle-class in the cities lives in a post-material world. Tarkovsky sculpted in time; we don’t. Tarkovsky’s films were poetry in motion; ours are still long-winded prose. He was mystical; we aren't even material. What we are is formulaic. Bollywood shamelessly hews to the same formula and now regurgitates old songs with new music with a stunning and stupefying alacrity. It is like fitting Ferrari wheels to the old yellow Ambassadors of Calcutta roads and making them drive helter-skelter. Artists like Benegal seemed lost in this neon-lit electric world that can jangle anyone’s nerves. You can embrace nation-building; you can embrace postcolonial angst; you can embrace TV; you can even embrace fast-paced and mentally challenging change, but can you embrace hollowness? Which is sadly what our cinema seems to be these days. Full of franchises and rehashes. All profound changes in consciousness, said the political scientist Benedict Anderson, by their very nature, bring with them characteristic amnesias. Out of such oblivions, in specific historical circumstances, spring narratives. Perhaps there is still hope. When these amnesias fade away and consciousness comes back to its complete senses, more Benegals will emerge to tell the stories of India. Slight adjustments are all you need. AManthanhere and anAnkurthere. That’s all. After all, as German writer WG Sebald said, we take almost all the decisive steps in our lives as a result of slight inner adjustments of which we are barely conscious. And create, in the process, more Benegals and more Rays. | 2024-12-27 14:17 | 2024-12-27 | 14:17 |
moneycontrol.com | https://www.moneycontrol.com/technology/oneplus-buds-ace-2-launched-with-up-to-43-hours-of-battery-life-in-china-price-features-and-other-details-article-12898867.html | OnePlus Buds Ace 2 launched with up to 43 hours of battery life in China: Price, features, and other details | OnePlus Buds Ace 2. | OnePlus has launched the Buds Ace 2 true wireless stereo (TWS) earphones in China alongside the OnePlus Ace 5 Pro and Ace 5 smartphones. The earphones feature active noise cancellation (ANC), dual device connectivity, and low latency support of up to 43ms. Price and availability The OnePlus Buds Ace 2 is priced at CNY 179 (approximately ₹2,100) in China. A limited-time launch offer reduces the price to CNY 169 (around ₹2,000), and buyers purchasing the earphones with an Ace 5 series smartphone can avail them for CNY 159 (roughly ₹1,900). The earphones are available through the Oppo China e-store and other e-commerce platforms in Flash Blue and Submarine Black colour options. FeaturesThe Buds Ace 2 earphones feature a traditional in-ear stem design. Buds Ace 2 comes with 12.4mm dynamic drivers and AI-enabled dual microphones for improved audio quality. ANC is supported, along with BassWave 2.0 technology, which enhances bass output. For connectivity, the earphones offer Bluetooth 5.4 compatibility and support AAC and SBC audio codecs. The IP55-rated design ensures resistance to dust and water. They also include touch-sensitive controls for user convenience. Each earbud contains a 58mAh battery, while the charging case houses a 440mAh battery. The earbuds provide up to 12 hours of playback on a single charge, and the total playback extends to 43 hours with the case. Charging is facilitated via a USB Type-C port on the magnetic charging case. The earbuds weigh 4.2g each and measure 29.99 x 20.30 x 23.87mm, while the charging case has dimensions of 66.50 x 51.24 x 24.83mm and weighs 46.2g, including the earbuds. | 2024-12-27 14:11 | 2024-12-27 | 14:11 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/nse-chief-pays-tribute-to-manmohan-singh-hails-him-for-setting-up-india-s-largest-stock-exchange-12898890.html | NSE chief pays tribute to Manmohan Singh, hails him for setting up India’s largest stock exchange | Today, the NSE stands as a global leader in stock exchanges, a testament to Singh’s visionary leadership and his commitment to modernizing India’s financial infrastructure.. | Ashish Chauhan, CEO of the National Stock Exchange (NSE), shared a heartfelt tribute to Manmohan Singh after the former prime minister passed away at the age of 92 on December 26. Chauhan posted a video on X, reflecting on Singh’s monumental role in setting up the NSE, which has since become India’s largest and most technologically advanced stock exchange. “In the early 1990s, as the finance minister, Dr Manmohan Singh initiated major reforms. The establishment of @nseindia was part of the reforms he undertook, laying the foundation for India's first public digital infrastructure.”Our humble tribute to Dr Manmohan Singh. In early 1990s, as the finance minister, he initiated major reforms. Setting up of@nseindiawas a part of the reforms undertaken by Dr Manmohan Singh as the finance minister as the first public digital infrastructure of India. A smallpic.twitter.com/tLpSk0iLfyAshish Chauhan (@ashishchauhan)December 27, 2024 Singh, who served as the prime minister from 2004 to 2014, was instrumental in India’s financial sector overhaul during his tenure as finance minister in the early 1990s. Under his leadership, India saw groundbreaking reforms, including liberalisation and privatisation, and the creation of the NSE. Dr CKG Nair, from the National Institute of Securities Markets, also praised Singh's leadership, highlighting that the creation of the NSE marked a pivotal state-led policy decision that changed the landscape of India’s financial markets. "The NSE was a major policy experiment made by the Government of India at that time, replacing manual processes with a tech-driven, trustworthy system," he said. The idea of the NSE emerged in 1992 when Singh endorsed a proposal to create a modern, transparent, and efficient stock exchange that would challenge the dominance of the Bombay Stock Exchange (BSE). Singh’s approval, along with the support of key figures like GV Ramakrishna, chairman of Sebi, set the stage for the NSE’s creation, a key milestone in India's economic transformation. Today, the NSE stands as a global leader in stock exchanges, a testament to Singh’s visionary leadership and his commitment to modernising India’s financial infrastructure. | 2024-12-27 14:03 | 2024-12-27 | 14:03 |
moneycontrol.com | https://www.moneycontrol.com/news/india/mumbai-air-pollution-bmc-issues-warning-to-28-construction-sites-for-violating-norms-12898852.html | Mumbai air pollution: BMC issues warning to 28 construction sites for violating norms | BMC's ward-level flying squads, established to oversee adherence to its protocols, has reportedly inspected 868 sites so far (Image: X). | Mumbai, India's financial hub, is grappling with worsening air quality in recent months, driven by shifting weather patterns and rapid urban growth. The Brihanmumbai Municipal Corporation (BMC) has intensified its efforts to combat this issue by implementing stricter regulations and a comprehensive action plan. The primary focus is on mitigating pollution from construction sites and road dust, key sources of the city's deteriorating air quality. In its efforts in doing so, the BMC has issued warnings to 28 construction sites found breaching pollution control protocols during surprise inspections, according to a report by Times of India. If they fail to comply, they could face disciplinary action, including show-cause notices and work suspension orders, the report added. Civic officials have emphasised that another inspection of the sites will be conducted shortly to ensure adherence. BMC's ward-level flying squads, established to oversee adherence to its protocols, has reportedly inspected 868 sites so far, including metro construction zones. Its solid waste management (SWM) department has implemented a standard operating procedure (SOP) to effectively manage construction debris and waste, thereby contributing to improved air quality. According to the Central Pollution Control Board (CPCB) portal, Mumbai’s air quality index (AQI) stood in the moderate category in several areas on Friday. The data at 1 pm, as showcased on the portal, shows AQI of different areas including: Chembur (126), Borivali East (231), Colaba (130), Kurla (123), Vile Parle West (153). An AQI between zero and 50 is considered good, 51 and 100 satisfactory, 101 and 200 moderate, 201 and 300 poor, 301 and 400 very poor, and 401 and 500 severe. | 2024-12-27 14:02 | 2024-12-27 | 14:02 |
moneycontrol.com | https://www.moneycontrol.com/news/india/uk-honours-legacy-of-india-s-reluctant-prime-minister-manmohan-singh-12898810.html | UK honours legacy of India’s ‘reluctant prime minister’ Manmohan Singh | Manmohan Singh.Related stories. | India's "reluctant prime minister" and the "architect of economic reforms" is how sections of the UK media have been honouring the legacy of Dr Manmohan Singh, the former prime minister who passed away aged 92 in New Delhi on Thursday. British High Commissioner to the India Lindy Cameron took to social media to pay tribute to “a great Prime Minister, Finance Minister and global statesman who advanced India’s interests through bold economic reforms and played a key role in putting India in its rightful place on the world stage and stabilising the global economy after the financial crisis”. “The UK will always be proud of his invaluable partnership with three UK Prime Ministers, and proud of him as an alumnus of two of our great universities. My thoughts and wishes are with his family and the people of India,” she said. Singh’s tenure overlapped with Labour prime ministers Tony Blair and Gordon Brown and Conservative David Cameron, who later wrote in his memoir that he “got on well” with this “saintly man” who was robust on the threats India faced. “On a later visit he told me that another terrorist attack like that in Mumbai in July 2011, and India would have to take military action against Pakistan,” notes the former UK PM in ‘For the Record’, published in 2019. Manoj Ladwa, founder and chairman of UK-based policy and events platform India Global Forum (IGF), described the former PM as a “towering statesman and visionary economist”. “His transformative reforms in the 1990s not only shaped India’s future but also helped spark my own commitment to fostering stronger UK-India ties. As an alumnus of Oxford and Cambridge, he symbolised the deep cultural and academic connections between our nations. His legacy will inspire generations,” he said. ‘The Guardian’ newspaper referenced Singh’s “trademark sky-blue turbans and home-spun white kurta pyjamas” in its obituary. “Singh, called India’s ‘reluctant prime minister’ due to his shyness and preference for being behind the scenes, was considered an unlikely choice to lead the world’s biggest democracy. But when Congress leader Sonia Gandhi led her party to a surprise victory in 2004, she turned to Singh to be prime minister,” the newspaper notes. “He served a rare full two terms as prime minister in India’s tumultuous politics and is credited with spurring the rapid economic growth that lifted tens of millions of Indians from poverty,” it adds. The BBC, in its obituary, hailed Singh as one of India's longest-serving prime ministers who was considered the “architect of key liberalising economic reforms, as premier from 2004-2014 and before that as finance minister”. “In his maiden speech as finance minister he famously quoted Victor Hugo, saying that ‘no power on Earth can stop an idea whose time has come’. That served as a launchpad for an ambitious and unprecedented economic reform programme: he cut taxes, devalued the rupee, privatised state-run companies and encouraged foreign investment. The economy revived, industry picked up, inflation was checked and growth rates remained consistently high in the 1990s,” reads the report. In January last year, Singh was honoured with a Lifetime Achievement Award by the National Indian Students and Alumni Union (NISAU) UK during their annual India-UK Achievers Honours in London. “The India-UK relationship is indeed especially defined by our educational partnership. The founding fathers of our nation, Mahatma Gandhi, Jawaharlal Nehru, Dr B.R. Ambedkar, Sardar Patel and many others studied in the UK and went on to become great leaders, leaving a legacy which continues to inspire India and the world. Over the years countless Indian students have had the opportunity to study in the UK,” Singh said in his acceptance message at the time. | 2024-12-27 13:43 | 2024-12-27 | 13:43 |
moneycontrol.com | https://www.moneycontrol.com/news/business/startup/nclt-admits-insolvency-plea-against-ev-maker-hero-electric-12898848.html | NCLT admits insolvency plea against EV maker Hero Electric | NCLT. | The National Company Law Tribunal (NCLT) in New Delhi has initiated a corporate insolvency resolution process against electric two-wheeler maker Hero Electric following a petition filed by its operational creditor, Metro Tyres over unpaid due of Rs 1.8 crore. "The Corporate Debtor (Hero Electric) is liable to pay Rs 1,85,25,373/- along with interest to be calculated at 18% per annum to the Operational Creditor (Metro Tyers)...The Petition filed by the Applicant of the Adjudicating Authority Rules for initiating CIRP against the Respondent is hereby admitted," the order dated December 20 said. The Operational Creditor has proposed the name of Bhoopesh Gupta for the Interim Resolution Professional and the same individual as been appointed by the court. Hero Electric did not respond to Moneycontrol's queries. The petition comes two years after the firm was caught in a subsidies investigation controversy wherein the MHI received complaints from whistleblowers that several registered OEMs were selling vehicles without meeting localisation norms under the FAME II scheme and were indiscriminately importing parts. The ministry investigated 13 companies and fined six of them, including Hero Electric, Okinawa Autotech, Ampere Vehicles (Rs 124.91 crore), Benling India, AMO Mobility (Rs 83 lakh). These companies were collectively fined a total of Rs 470 crore (excluding interest rates). Ampere is owned by Greaves Cotton. | 2024-12-27 13:42 | 2024-12-27 | 13:42 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/up-to-rs-21-800-listing-profit-per-lot-what-investors-earned-from-mamata-machinery-dam-capital-3-other-ipos-today-12898728.html | Up to Rs 21,800 listing gains per lot: What investors earned from Mamata Machinery, DAM Capital, 3 other IPOs today | Up to Rs 21,800 listing profit per lot: What investors earned from Mamata Machinery, DAM Capital, 3 other IPOs today.Related stories. | Shares of five companies—Mamata Machinery, Transrail Lighting, DAM Capital Advisors, Sanathan Textiles and Concord Enviro Systems—made their stock market debut on December 27, Friday. All five issues delivered strong listing gains following robust investor demand in the primary market. Mamata Machinery Ltd, a packaging machinery manufacturer, emerged as the top performer, listing at Rs 600 per share on the NSE, a significant premium of 146.91 percent over its issue price of Rs 243 apiece. Mamata Machinery IPO had a lot of 61 shares, so the retail per lot profit for the shareholders is Rs 21,777. It was the highest per lot profit for shareholders among those listed today. Check All IPO NewsHere Here's a Look at Listing Profit Per Lot of all 5 IssuesIPO NameLot SizeProfit Per Lot (Rs)Mamata Machinery6121,777DAM Capital Advisors535,830Transrail Lighting345,372Sanathan Textiles464,659.8Concord Enviro Systems212,625Concord Enviro Systems Ltdalso saw a strong debut, with its shares listing at Rs 832 on the BSE, a rise of 18.68 percent from the issue price of Rs 701. The stock further climbed to Rs 849.50, marking a total gain of 21.18 percent. On the NSE, it debuted at Rs 826, up 17.83 percet. The company's market valuation stood at Rs 1,764.97 crore. The IPO of Concord Enviro Systems was subscribed 10.67 times on the final bidding day. Investment bankDAM Capital AdvisorsLtd listed with a 38.83 percent premium at Rs 392.90 on the BSE against its issue price of Rs 283. The stock later surged further to Rs 456.90, up 61.44 percent. On the NSE, it opened at Rs 393, reflecting a 38.86 percent gain. Shares ofTransrail Lightingmade a strong debut as well, opening at Rs 585.15 on the BSE, up 35.45 percent from the issue price of Rs 432. The stock later surged to Rs 604, marking a total gain of 39.81 percent. On the NSE, it listed at Rs 590, reflecting a 36.57 percent increase. The company’s market valuation stood at Rs 7,757.31 crore. Sanathan Textilesshares listed at Rs 419.10 on the BSE, a premium of 30.56 percent over its issue price of Rs 321. The stock climbed further to Rs 422.65, registering a 31.66 percent gain. On the NSE, it opened at Rs 422.30, up 31.55 percent. | 2024-12-27 13:39 | 2024-12-27 | 13:39 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/cochin-shipyard-shares-hit-5-upper-circuit-as-adani-ports-places-rs-450-crore-order-12898865.html | Cochin Shipyard shares hit 5% upper circuit as Adani Ports places Rs 450-crore order | Cochin Shipyard shares hit 5% upper circuit as Adani Ports places Rs 450-crore order.Related stories. | Shares ofCochin Shipyardhad hit 5% upper circuit on December 27 as Adani Ports and Special Economic Zone Ltd (APSEZ) announced the procurement of eight state-of-the-art harbour tugs, all to be constructed by Cochin Shipyard. "This initiative aligns with the government’s Make in India and Aatmanirbhar Bharat initiatives by boosting local manufacturing and enhancing self-reliance in the maritime sector," said APSEZ in a stock exchange filing. With a total contract value estimated at Rs 450 crore, these tugs are expected to begin delivery in December 2026 and continue until May 2028, significantly improving the efficiency and safety of vessel operations in Indian ports, said the company. At 1:20 pm on December 27, Cochin Shipyard shares were trading 5% higher at Rs 1,539.05 apiece. The stock's market capitalisation is Rs 40,489 crore. Its 52-week low is Rs 611 and 52-week high is Rs 2,979.45. Ashwani Gupta, Whole-time Director & CEO of APSEZ said: “This collaboration to procure from Cochin Shipyard Ltd signifies our commitment to enhancing maritime infrastructure in India and demonstrates our confidence in our nation's PSUs. By leveraging local manufacturing capabilities, which are world-class, we aim to contribute to the ‘Make in India’ initiative while ensuring that our operations meet international standards of safety and efficiency.” "Previously, APSEZ contracted the construction of two 62-tonne bollard pull ASD (Azimuthing Stern Drive) tugs to Cochin Shipyard Ltd for Ocean Sparkle Ltd, both of which were delivered ahead of schedule and deployed at Paradeep Port and New Mangalore Port. The construction of three additional ASD tugs is currently underway, bringing the total order to 13 tugs, aimed at providing a younger fleet for efficient and reliable services in the port sector," added APSEZ. | 2024-12-27 13:31 | 2024-12-27 | 13:31 |
moneycontrol.com | https://www.moneycontrol.com/automobile/osamu-suzuki-who-ran-suzuki-motor-corp-for-five-decades-dies-at-94-article-12898856.html | Osamu Suzuki, who ran Suzuki Motor Corp for five decades, dies at 94 | Osamu Suzuki, chairman of Suzuki Motor Corp., reacts during a news conference in Tokyo, Japan, on Wednesday, Oct. 12, 2016. Suzuki Motor Corp. said it's exploring collaboration with Toyota Motor Corp. amid unprecedented costs to make cars safer and cleaner, one year after the smaller Japanese automaker extricated itself from a failed partnership with Volkswagen AG. Photographer: Tomohiro Ohsumi/Bloomberg.Related stories. | Osamu Suzuki, who ran Suzuki Motor Corp., known for its minicars and motorcycles, across several decades and drove the company’s global expansion, has died. He was 94. Suzuki died of lymphoma on Dec. 25, the company said in a statement. Born Osamu Matsuda, Suzuki married into the family that gave the Hamamatsu, Japan-based automaker its name. During his long tenure, he formed partnerships with General Motors Co. and Volkswagen AG to sell vehicles in North America and Europe and leveraged Suzuki Motor’s expertise in small cars to build a dominant market share in India. “If I were to listen to everybody, it would make things too slow,” Suzuki said of his leadership philosophy in “I’m a Small-Business Boss,” a Japanese-language memoir published in 2009. “Never stop, or else you lose.” Suzuki’s more than 28 years as president across two terms made him the longest-serving head of a global automaker. He passed the presidency to his son in June 2015 and assumed a role as chairman and chief executive officer, a dual title he held onto for a year before stepping down as CEO in the wake of a fuel-economy misstatement. The company admitted to using unapproved methods to test the fuel-mileage of its vehicles in Japan, spurring a sharp selloff in the company’s stock and a wave of management departures. Global ReachThe automaker sold about 3.2 million vehicles worldwide in the fiscal year that ended in March 2024, trailing Japan’s dominant carmaker and world No. 1 Toyota Motor Corp., according to data compiled by Bloomberg. More than half of those vehicles were sold in India, where the company’s Indian unit, Maruti Suzuki, holds the lion’s share. A former bank employee, Osamu Suzuki got his start in the automotive business thanks to his arranged marriage to Shoko Suzuki, a granddaughter of Michio Suzuki, who founded Suzuki Motor’s predecessor, a loom manufacturer, in 1909. Osamu Suzuki took his wife’s surname, as is the Japanese custom when there are no male heirs to a family business. He joined the company in 1958, three years after the debut of its first motorcycle, the ColledaCOX 125cc 4-cycle, and the Suzulight 360cc 2-cycle car, which helped usher in Japan’s minivehicle age. He served in several management roles before becoming president in 1978. The next year he made his first mark by introducing the Alto minicar in Japan. A big hit, the model was credited with resurrecting the domestic market for minicars. Betting that the company could establish a foothold in small markets neglected by larger rivals, he led Suzuki Motor’s overseas expansion by building production bases from Pakistan to Hungary. Alliances FormedIn 1981, Detroit-based GM, then the world’s biggest carmaker, agreed to buy a stake in Suzuki Motor, which was seeking to expand in North America and Europe. GM would later hold as much as 20% of Suzuki Motor after doubling its interest in 2001. Reeling from five straight quarterly losses, the US automaker began selling its Suzuki Motor shares for cash in 2006 and completed the divestment in 2008. GM filed for bankruptcy the following year amid the global financial crisis. After the GM alliance was dissolved, Suzuki Motor agreed to a tie-up with Germany’s VW, which bought a 19.9% stake in 2010. That alliance descended into acrimony after VW described Suzuki Motor as an “associate” in an annual report, and Suzuki accused VW of disparaging its honor by alleging it had violated their partnership agreement by buying engines from Italy’s Fiat SpA. The partnership ended in September 2015 when Suzuki Motor bought back VW’s $3.8 billion of shares. Osamu Suzuki said the company would value its independence in future dealings with other automakers. Suzuki formed a capital alliance with Toyota in 2019. His greatest achievement was often considered to be his expansion into India. He came across a newspaper article about the Indian government’s search for an automaking partner and in 1982 met with a team from the South Asian nation in a Tokyo hotel. Suzuki Motor agreed to set up a venture with the Indian government outside New Delhi and acquired a 26% stake in the state-owned carmaker Maruti Udyog. The next year, the venture rolled out the Maruti 800 small car, which was so popular that waiting times to purchase it stretched as long as three years. Maruti, now a unit of Suzuki Motor, quickly became the biggest carmaker in India, though its market share has been eroded by Hyundai Motor Co. and Tata Motors Ltd. Suzuki today is also one of the top global manufacturers of motorcycles, selling around 1.9 million units in the 12 months ended March 31. The brand has become well-known for winning world titles. President TwiceOsamu Suzuki was born Jan. 30, 1930, in Gero, a city in central Japan’s Gifu prefecture. He was the fourth son in a farming family. Aspiring to be a politician, he worked part-time as a junior high-school teacher and night guard while completing his degree in law at Chuo University in Tokyo, according to a March 2009 article in Nikkei BP magazine. After graduating from Chuo in 1953, he went to work at a bank until his marriage brought him into the family business. After stepping down as president in 2000, he became Suzuki Motor’s chairman and chief executive officer. He returned as president at age 78 in December 2008, when Suzuki Motor was expecting its first profit decline in eight years as the global recession and tighter lending weighed on car demand. “In the face of an extremely difficult business environment, I have to stand at the forefront,” he wrote in his memoir. “In the past 30 years, a sense of complacency has spread throughout the company. As the one who brought the company to where it is, I have to correct this and lead the company until the economy improves.” Suzuki felt a similar sense of responsibility for the company’s faulty fuel-testing practices in Japan, apologizing to a room of reporters in 2016 as his son and president, Toshihiro Suzuki, stood beside him. Suzuki Motor’s “top-down culture” made it difficult for junior employees to approach management with testing concerns, Toshihiro Suzuki said. Osamu Suzuki ceded his title as CEO and accepted a 40% pay cut but remained as chairman, a title he held until 2021, just as the advent of electric cars started to roil the world’s legacy automakers in earnest. At the briefing at which he announced his retirement, Suzuki expressed satisfaction with the company’s management while adding that he would “continue to be easily accessible for advice.” He also assured the audience that he was “full of life,” having played golf 47 times over the previous year. He and his wife had three children. | 2024-12-27 13:17 | 2024-12-27 | 13:17 |
moneycontrol.com | https://www.moneycontrol.com/news/india/hum-ko-unse-wafa-ki-hai-umeed-iconic-video-of-manmohan-singh-s-banter-with-sushma-swaraj-in-parliament-12898842.html | ‘Hum ko unse wafa ki hai umeed’: Iconic video of Manmohan Singh’s banter with Sushma Swaraj in Parliament | The former prime minister was rushed to AIIMS Delhi on Thursday night after he had a sudden loss of consciousness at home. | Former Prime Minister Manmohan Singh, known for his iconic budget speeches, often quoted famous writers and poets in the Parliament. In his landmark 1990Budgetspeech, Singh quoted Allama Iqbal. "Yunaan-o-Misr-o-Rom sab mit gaye jahaan se/ Ab tak magar hai baaki, naam-o-nishaan hamara," he said. Watch it here. From 2009-14, BJP’s Sushma Swaraj, was the Leader of the Opposition in Lok Sabha. Her poetry exchanges with Singh drew loud cheers from both the treasury and the Opposition benches. In 2011, during a heated discussion on a Wikileaks cable that alleged Congress had bribed MPs during the 2008 trust vote. Sushma Swaraj recited Shahab Jafari's lines: "Tu idhar udhar ki na baat kar, yeh bata ki kafila kyun luta, humein rahjano se gila nahi, teri rahbari ka sawal hai" (Don’t change the topic, just tell why the caravan was looted, we have nothing to say about the robbers, but this is a question on your leadership). Manmohan Singh responded with Allama Iqbal’s couplet: "Mana ki teri deed ke kaabil nahin hoon main, tu mera shauq dekh mera intezar dekh" (I know I am not worth your attention, but look at my longing). Another poetic exchange between the two late leaders took place in 2013 during the debate on the Motion of Thanks to the President’s Address. The former PM remarked with Mirza Ghalib’s words: "Humein unse hai wafa ki ummeed jo nahin jante wafa kya hai" (We expect loyalty from those who don’t know what loyalty is). In response, Sushma Swaraj recited two couplets. The first, by Bashir Badr: "Kuch to majburiyan rahi hongi, yun hi koi bewafa nahin hota" (There must be a reason for betraying love). Her second response was: "Tumhe wafa yaad nahi, Humein jafa yaad nahi, zindagi or maut ke toh do hee tarane hain, ek tumhein yaad nahi, ek humein yaad nahi" (You don’t remember loyalty and we don’t remember disloyalty, life and death have two rhythms, you don’t remember one, we don’t remember the other). Singh had described Swaraj as a great parliamentarian after the latter passed away in August 2019. "I was shocked to hear about the sudden demise of Sushma Swaraj. I have fond memories of my association with her when she was Leader of Opposition in the Lok Sabha," he had said. The former prime minister was rushed to AIIMS Delhi on Thursday night after he had a sudden loss of consciousness at home. In critical condition, he was admitted to the emergency department of the hospital. However, he couldn't be revived, and his death was pronounced at 9:51pm on December 26, AIIMS said in a statement. | 2024-12-27 13:16 | 2024-12-27 | 13:16 |
moneycontrol.com | https://www.moneycontrol.com/news/business/personal-finance/the-year-that-was-top-five-changes-in-income-tax-rules-in-2024-12898740.html | The year that was: Top five changes in income tax rules in 2024 | Budget 2024 on July 23 effected major changes in income tax slabs and capital gains tax framework.Related stories. | 2024, which draws to a close next week, was the year of big bang changes in direct taxation — for instance, rejigged income tax (I-T) slabs under the new regime and the revised capital gains tax structure — and not all of them brought cheer to tax-payers. The widespread changes effected by UnionBudget 2024to the capital gains tax framework caused considerable heartburn and made headlines for several days after the announcements were made on July 23, 2024. Here are thetop five tax changesthat impacted your wallet this year: Tax slabs and rates under the new, simplified regime rejigged Finance Minister Nirmala Sitharaman sweetened the deal further for tax-payers contemplating a switch to the new, minimal exemptions structure. Budget 2024 liberalised I-T slabs under the new simplified regime further, incentivising a shift away from the old, with-exemptions tax regime. These are the I-T slabs and effective tax rates for 2024-25 under the new tax regime: Since the revisions, only those who claim significantly higher tax benefits, for example, home loan interest deduction under section 24(b) of up to Rs 2 lakh or largeHRA (house rent allowance), will find the old regime more beneficial. Without either of the two, the old tax regime doesn't make much sense. Also read:Old vs new (simplified): Which income tax regime will help you save more on tax outgo? The big change: revised capital gains tax structure More than the changes in new regime slab rates, it’s the 'rationalisation' of capital gains tax ratesthat attracted more attention after the Budget announcements. So, from financial year (FY)2024-25, all financial and non-financial assets attract a long-term capital gains (LTCG) tax at 12.5 per cent (up from 10 per cent in the case of equities), while short-term capital gains (STCG) tax on some assets, for instance equities, would be 20 per cent. Moreover, the exemption limit for computing LTCG tax on stocks and equity mutual funds was increased from Rs 1 lakh to Rs 1.25 lakh. The Budget also announced that listed financial assets held for more than a year would be classified as long-term assets. On July 23, the finance minister had reduced the LTCG tax rate on the sale of real estate assets to 12.5 per cent from 20 per cent, but had also withdrawn the indexation benefits for properties purchased after April 1, 2001. For many property-owners who had not seen significant appreciation in prices, this would have resulted in higher tax outgo. After the uproar over the withdrawal of indexation benefits to properties acquired before Budget 2024, the government came up with asolution to soften the tax blow for such individuals. “The logic of the budgetary proposal on capital gains is that the structure has to be simplified…and to treat all asset classes equally. [Now, after the amendment to the finance bill] tax on the sale of assets purchased before July 23, 2024, can be computed under the old scheme with indexation or the new scheme… and (property sellers can) pay lower tax,” Sitharaman had said on August 7, explaining the rationale behind the original decision as well as the ‘rollback’. Hike in standard deduction There was clamour for hike in standard deduction — a tax concession that salaried individuals and pensioners can avail of, irrespective of their income — prior to the Budget announcements on July 23. The finance minister did pay heed to the suggestion, but confined the benefit to only the new tax regime. So, the standard deduction under the new regime has gone up from Rs 50,000 to Rs 75,000 for FY2024-25, while it remains unchanged at Rs 50,000 under the old regime. Tax sop on employers’ NPS contribution raised to 14% From FY 2024-25, non-government salaried employees who opt for the new tax regime and sign up for corporate national pension scheme (NPS) stand to gain more. Employers’ contribution to employees’ basic salaries of up to 14 per cent will be eligible for deduction, up from 10 per cent earlier. Government and state government employees are already eligible for the 14-percent-deduction under both the regimes. Under the old tax regime, this limit will be unchanged at 10 per cent for private sector employees. For non-government employees, NPS is a voluntary scheme; they can contribute on their own through the all-citizens’-model as also under the corporate NPS scheme with some help from their employers. Also read:Opting for the new tax regime? Here’s how you can increase your tax savings Relief for MNC employees with ESOPs, foreign assets Indian employees working with multinational companies and deputed abroad for assignments get employee stock ownership plans (ESOPs) from such companies and often have to open bank accounts and enrol into social security schemes abroad. Under the current rules, an inaccurate disclosure or failure to report such foreign assets in I-T returns can result in penalty of up to Rs 10 lakh under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. From FY2024-25, not reporting low-value financial assets (worth up to Rs 20 lakh) will not invite any penalty. | 2024-12-27 13:14 | 2024-12-27 | 13:14 |
moneycontrol.com | https://www.moneycontrol.com/technology/vivo-y29-5g-with-120hz-display-5500mah-battery-and-50mp-camera-launched-price-starts-at-rs-13-999-article-12898849.html | Vivo Y29 5G with 120Hz display, 5500mAh battery and 50MP camera launched, price starts at Rs 13,999 | Vivo Y29 price. | Expanding its smartphone lineup, Vivo has announced its new affordable 5G smartphone in India. Dubbed Y29 5G, the handset is an entry-level phone and is aimed at the masses. In terms of features, the Y29 5G comes with an HD+ display with 120Hz refresh rate and is powered by a MediaTek Dimensity 6300 chipset. Also, the phone comes with multiple RAM and storage combinations to give users more options to choose from. Vivo Y29 5G price in India and availabilityVivo Y29 5G comes in four variants. The base variant features 4G RAM and 128GB storage and it costs Rs 13,999. The second variant on offer has 6GB RAM and 128GB storage and has a price tag of Rs 16,999. The third variant has 8GB RAM and 128GB storage with Rs 16,999 price tag. The top-of-the-line variant costs Rs 19,999 and comes with 8GB RAM and 256GB storage. Apart from the four variants, users will also have the option to choose from three colour options – Diamond Black, Glacier Blue, and Titanium Gold. The handset is now available for purchase in India via Vivo’s online storage, Amazon India website and select offline retail stores. Vivo Y29 features The Vivo Y29 5G features a 6.68-inch LCD punch-hole display, offering HD+ resolution and a 120Hz refresh rate. These specifications align with the typical offerings in its price segment. The rear camera setup includes a 50MP primary sensor paired with a 0.08MP auxiliary lens and a dynamic light LED flash. For selfies and video calls, the device is equipped with an 8MP front-facing camera. Running on Android 14 with FunTouch OS 14, the Vivo Y29 5G is powered by the MediaTek Dimensity 6300 chipset. It is available with up to 8GB of RAM and 256GB of internal storage. The device includes a 5500mAh battery that supports 44W fast charging for quick power replenishment.The smartphone has an IP64 rating, ensuring resistance to dust and water exposure. It supports 5G connectivity and is compatible with networks from providers like Airtel and Jio, making it a reliable option for next-generation connectivity. | 2024-12-27 13:10 | 2024-12-27 | 13:10 |
moneycontrol.com | https://www.moneycontrol.com/news/india/who-funds-our-political-parties-top-donors-to-congress-bjp-others-revealed-12898841.html | Who funds our political parties? Top donors to Congress, BJP, others revealed | The data was released by the Election Commission of India based on the submissions by political parties..Related stories. | Political donations to the Bharatiya Janata Party (BJP) in contributions of Rs 20,000 and above from individuals, trusts, and corporate entities during the financial year 2023-24 stood six times higher than that of the Congress, contribution reports published by the Election Commission of India have revealed. As per the reports, based on the submissions made by political parties under sub-section (3) of Section 29C of the Representation of People Act, 1951, the BJP received around Rs 2,244 crore in 2023-24 while the Congress received Rs 288.9 crore through similar channels during the period. The figures during the previous years stood at Rs 742 crore for the BJP and Rs 79.9 crore for the Congress. Who were the top donors? One entity accounted for a third of the total donations to the BJP and over half of what the Congress received during the year. As per the report made available on the website of the Election Commission of India, the Prudent Electoral Trust donated Rs 723.6 crore to the BJP and Rs 156.4 crore to the Congress during 2023-24. In 2022-23, Prudent’s top donors included Megha Engineering & Infrastructure Ltd, Serum Institute of India, ArcelorMittal Group, and Bharti Airtel. The Triumph Electoral Trust stood second on the list of donors to the BJP with a donation of Rs 127.5 crore to the party during the period. The other major donors to the BJP included the ACME Solar Energy Pvt Limited with a contribution of Rs 51 crore, Dineshchandra R Agrawal Infracon Pvt Ltd, Derive Investments, Rungta Sons Pvt Ltd and Bharat Biotech International Ltd with contributions of Rs 50 crore each. Among individuals, Pankaj Kumar Singh (Rs 15 crore), Ramesh Kunhikannan (Rs 12 crore), Sunil Vachani (Rs 10 crore) were the top three donors for BJP. Other than the Prudent Electoral Trust, the top donors for the Congress included seven persons from Telangana — P Sudhanthi Reddy (Rs 2 crore), Jaya Chandra Reddy P (Rs 3 crore), Parupati Mahendas Reddy (Rs 3 crore), P Sujith Reddy (Rs 5 crore), P Sreenivas Reddy (Rs 5 crore), P Pushpleela Reddy (Rs 3 crore), P Charanraj Reddy (Rs 3 crore) — who contributed Rs 24 crore to the party. Sanjay Bhajanka, Santosh Bhajanka and Sajjan Bhajanka contributed a total of Rs 10 crore to Congress. Among corporate firms, Classic Featherlite Waterfront Developers LLP of Bangalore contributed Rs 7 crore to Congress in three instalments while Kolkata-based Century Plyboard India Ltd of Kolkata donated Rs 5 crore to the party. Donations to regional and other national parties As per the electoral bond receipts voluntarily disclosed by some parties, the Bharat Rashtra Samithi received Rs 495.5 crore during the financial year 2023-24, the YSR Congress Rs 121.5 crore, the DMK Rs 60 crore, and the JMM Rs 11.5 crore, the EC report states. Among national parties, the Aam Aadmi Party reported receiving Rs 11.1 crore in donations during 2023-24, down from Rs 37.1 crore in the previous year. Donations to the CPI(M) rose to Rs 7.6 crore from Rs 6.1 crore in 2022-23. As per the EC report, the National People’s Party (NPP) in Meghalaya declared Rs 14.8 lakh in contributions, while the Bahujan Samaj Party (BSP) reported no donations exceeding Rs 20,000. Meanwhile, the TDP disclosed over Rs 100 crore in contributions for 2023-24, while the Samajwadi Party reported Rs 46.7 lakh, down from Rs 33 crore the previous year. In contrast, the Biju Janata Dal (BJD) declared zero contributions for the same financial year. | 2024-12-27 13:08 | 2024-12-27 | 13:08 |
moneycontrol.com | https://www.moneycontrol.com/news/world/russia-warns-the-united-states-on-possible-nuclear-testing-under-trump-12898816.html | Russia warns the United States on possible nuclear testing under Trump | Post-Soviet Russia has not carried out a nuclear test.. | Russia’s arms control point man cautioned Donald Trump’s incoming administration on Friday that Moscow was considering a whole range of possible steps on nuclear testing due to what it said was Trump’s radical position on the issue. The Kommersant newspaper quoted Deputy Foreign Minister Sergei Ryabkov, who oversees arms control, as saying that Trump took a radical position on the Comprehensive Nuclear Test Ban Treaty (CTBT) during his first term. ”The international situation is extremely difficult at the moment, the American policy in its various aspects is extremely hostile to us today,” Ryabkov was quoted as saying. ”So the optionality of our actions in the interests of ensuring security and the complex of possible measures and actions to realise this – and to send politically appropriate signals, in addition to what practitioners are considering – does not contain any exceptions.” During Trump’s first 2017-2021 term as president, his administration discussed whether or not to conduct the first U.S. nuclear test since 1992, the Washington Post reported in 2020. Post-Soviet Russia has not carried out a nuclear test. The Soviet Union last tested in 1990. President Vladimir Putin has said that Russia would consider testing a nuclear weapon if the United States did. Since the Soviet Union collapsed in 1991, only a few countries have tested nuclear weapons, according to the Arms Control Association: the United States last tested in 1992, China and France in 1996, India and Pakistan in 1998, and North Korea in 2017. | 2024-12-27 13:07 | 2024-12-27 | 13:07 |
moneycontrol.com | https://www.moneycontrol.com/news/india/pakistan-based-let-s-deputy-leader-abdul-rehman-makki-dies-12898835.html | LeT's deputy leader and Hafiz Saeed's kin Abdul Rehman Makki dies of heart attack | Abdul Rehman Makki (Image: AFP). | Mumbai attacks alleged mastermind Hafiz Saeed's brother-in-law and banned Jamaat-ud-Dawa deputy chief Hafiz Abdul Rahman Makki died of heart attack in Lahore on Friday. According to the Jamaat-ud-Dawa (JuD), Prof Abdul Rahman Makki had been ill for the past few days and was undergoing treatment following high diabetes at a private hospital in Lahore. "Makki suffered a cardiac arrest early this morning and he breathed his last in the hospital," a JuD official told PTI. Makki, the brother-in-law of JuD chief Hafiz Saeed, was handed down six months imprisonment in terror financing in 2020 by an anti terrorism court. Makki, deputy chief of JuD, had been keeping a low profile after being sentenced in terror financing. The Pakistan Mutahida Muslim League (PMML) in a statement said that Makki was an advocate of Pakistan ideology. In 2023, Makki was designated as a global terrorist by the United Nations, subjecting him to an assets freeze, travel ban and arms embargo. | 2024-12-27 13:04 | 2024-12-27 | 13:04 |
moneycontrol.com | https://www.moneycontrol.com/technology/xiaomi-teases-first-smartphone-launch-of-2025-what-to-expect-article-12898797.html | Xiaomi teases first smartphone launch of 2025: What to expect | Redmi phone.Related stories. | Xiaomi has teased the launch of its first smartphone for 2025, sparking excitement among fans. This announcement comes days after the company unveiled its Note 14 series. While Xiaomi has remained tight-lipped about the upcoming device, it is widely speculated to be the Redmi 14C. Sharing the teaser on X, Redmi has confirmed that the phone will be launched globally. Following its trend, Xiaomi typically introduces the C-series phones after launching its Note series, making the Redmi 14C a strong contender for the brand's next reveal. More details are expected to surface soon. Redmi 14C: Expected specifications The Redmi 14C is expected to be a rebranded version of the Redmi 14R, featuring similar specifications. It will likely come with a large 6.88-inch display offering a smooth 120Hz refresh rate and a resolution of 1640 x 720 pixels. The display will reach up to 600 nits of brightness for better visibility in bright conditions. For photography, the Redmi 14C could have a 13MP primary camera on the back and a 5MP front camera for selfies. It will likely be equipped with a 5,160mAh battery, supporting 18W fast charging to keep you powered throughout the day. Running on the latest Android 14 with HyperOS, the Redmi 14C will provide a clean, responsive interface. Under the hood, it will be powered by the Qualcomm Snapdragon 4 Gen 2 chipset paired with an Adreno GPU, ensuring smooth performance for daily tasks and light gaming. Overall, the Redmi 14C is expected to offer a large screen, decent camera setup, and a reliable battery, making it a good option in the budget category. | 2024-12-27 13:01 | 2024-12-27 | 13:01 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/four-charts-explain-how-the-1991-budget-by-manmohan-singh-transformed-indian-economy-12898833.html | Four charts explain how the 1991 Budget by Manmohan Singh transformed Indian economy | The 1991 Budget by Manmohan Singh delivered a growth boost.Related stories. | Former prime minister Manmohan Singh, who breathed his last on December 26, would not only be known for his stint as the fourth longest-serving prime minister (2004-14) but also for his five-year stint as the finance minister during the minority government headed by prime minister PV Narasimha Rao. The liberalisation reforms undertaken by Singh in the 1991-92 budget paved the way for higher growth, stable reserves and more efficient government revenues. Moneycontrol looks at how 1991-92 was a watershed year for the Indian economy in four charts, which pushed growth higher, delivered stable forex reserves, and increased the direct tax to GDP ratio. Growth got a leg up One of the characteristics of the decades leading up to 1991 was the economy's slow per capita income growth. Battered by partition, three wars and global shocks, India’s per capita income in constant terms grew 2.4 percent in the ten years leading up to 1960 and 1.5 percent and 0.2 percent in the following two decades. While the 1980s provided some fillip to per capita income growth, with per capita incomes rising at a compounded annual growth rate of 3.2 percent, the 1991Budgetpaved the way for 4.1 percent growth in the decade and a 5.2 percent increase in per capita incomes per annum between 2001-02 and 2011-12. India’s growth hasn’t dipped below 4 percent since. More money came in The opening up of the economy through liberalisation measures also allowed more foreign direct investment to flow into the country. Forex reserves received a boost The reforms also witnessed a jump for India’s forex reserves, which nearly doubled in 1991-92 and rose six times in a decade to $54 billion in 2001-02 compared with $9.2 billion in 1991-92. Tax-to-GDP ratio increased In his five years in office, Singh also reduced corporate tax and rationalised other direct and indirect taxes, increasing tax collections. Corporate tax was reduced to 46 percent from over 50 percent earlier. Further reforms carried out by P Chidambaram, Jaswant Singh, and Yashwant Sinha as finance ministers, simplifying the tax regime and reducing the burden of tax, helped improve the tax-to-GDP ratio, which had stagnated leading up to 1991-92. | 2024-12-27 12:55 | 2024-12-27 | 12:55 |
moneycontrol.com | https://www.moneycontrol.com/news/india/india-s-widening-bank-liquidity-deficit-warrants-more-measures-traders-say-12898815.html | India's widening bank liquidity deficit warrants more measures, traders say | So far this year, currency in circulation rose by more than 500 billion rupees, reducing availability of funds in the banking system. | India’s banking system liquidity deficit is set to widen further in the upcoming quarter, leading to more voices demanding durable liquidity injection. The banking system’s liquidity shortfall has jumped to its highest level in nearly seven months due to tax outflows and central bank’s regular foreign exchange intervention, market participants have said. CONTEXT Daily average banking system liquidity slipped into deficit for December and has widened in the month, despite the central bank cutting banks’ cash reserve ratio by 50 basis points. This is the first time monthly liquidity has slipped into deficit since June, when the spending was curtailed due to general elections and the formation of the new government. As of Dec. 23, the liquidity deficit stood at 2.43 trillion rupees. WHY IT MATTERS A surplus in the banking system liquidity is a requisite for transmission of lower interest rates into overall economy, according to market participants. While the central bank is expected to cut the interest rate in February, traders have said that a rate cut without sufficient liquidity will not be an effective easing. GRAPHIC KEY QUOTES ”The first thing should be allowing the rupee to move in line with fundamentals and to not waste your reserves and create a further hole in the liquidity situation. Then other steps could come in, because you shouldn’t be digging a hole and trying to fill it in at same time. Now that the RBI has used the CRR tool once, the next step would be to announce open market bond purchases. OMO purchases would support a more flexible and calibrated approach to infuse liquidity,” said A Prasanna, head of research at ICICI Securities Primary Dealership. Kanika Pasricha, chief economic advisor at Union Bank of India, feels the RBI may look at another cut in CRR. She also said OMOs and foreign exchange swaps could be other possible measures used. ”Core liquidity has come down by around 3.2 trillion rupees, and only 1.2 trillion rupees has been replenished with a cut in CRR.” WHAT’S NEXT Market participants expect the deficit to widen by about 1 trillion rupees through a rise in currency in circulation in January-March, in addition to other outflows. So far this year, currency in circulation rose by more than 500 billion rupees, reducing availability of funds in the banking system | 2024-12-27 12:53 | 2024-12-27 | 12:53 |
moneycontrol.com | https://www.moneycontrol.com/news/opinion/manmohan-singh-the-leader-who-opened-up-the-indian-economy-12898785.html | Manmohan Singh: The leader who ‘opened up’ the Indian economy | -.Related stories. | Manmohan Singh, the trailblazer of new economic policy (NEP) reforms, is no more. In 1991, Indian economy was opened up, from the suffocating autarky, under the able guidance of then Finance Minister Manmohan Singh. From a pathetic forex level, insufficient to finance a few week of imports, India did take off towards liberalisation, globalisation and privatisation under his term as finance minister. He was an accomplished economist and a “quiet confident” leader. Sometimes referred to as ‘accidental Prime Minister” by the media, he was primarily an economist who played "economic diplomacy" very well. The ‘New Industrial Policy’ of 1991 has been crucial for economic growth. The removal of red tape and license raj and a remarkable opening up of Indian economy to Foreign Direct Investment (FDI) helped the industrial growth recovery process in India. A crucial fact here is the question related to fiscal prudence: How much India could borrow externally? Stringent conditions linked to external borrowings from the Bretton Woods sisters were yet another challenge India carefully threaded then and reduced external financing of fiscal deficits to insignificant levels. Opening up of an economy is trickyIt’s not easy for a country to go radical from the established ‘closed economy’ model. It is instructive to recall the impacts of Glasnost and Perestroika on the USSR economy when they embarked into restructuring and opening up of the economy from the closed socialist models of growth. The USSR disintegrated after the economic reforms. Though there can be no strict parallel between the economies of the USSR and India, it is important to acknowledge that India had been meticulous in opening up the economy in 1991 under the able guidance of Manmohan Singh who was quite confident in facing the challenges on both technical front and the political economy front under the leadership of then Prime Minister Narasimha Rao. The political economy process of economic reforms is crucial to avoid backlash.Personal traits of a leader Do personal traits of the prime minister affect economic growth? Public choice economists have started analysing such questions relating to the ‘career theories’ of a political leader. Empirical evidence generated under this research stream supported the fact that the educational attainment of a political leader affects a country’s economic growth during the leader’s tenure in office. The evidence also finds a strong negative effect on growth of a random exit of a prime minister from office. Manmohan Singh was erudite and intelligent. Such intelligence is central to the Platonic view of leadership. This naturally leads us to the question of whether India’s well-educated technocrat in the position of prime ministership helped India’s economic growth. This also reminds us of the controversies faced by Singh over concerns of corruption, which led to the formation of new political movements and new political parties in India. Personality traits and economic growth The ‘policy paralysis’ and the fall in the rupee, plummeting economic growth triggered an adverse calculus of consent in voters towards a seemingly “silent” prime minister. “Silent” is used here with caution, especially when Singh himself once clarified: “It has been my general practice not to respond to motivated criticism directed personally at me. My general attitude has been, ‘My silence is better than a thousand answers; it keeps intact the honour of innumerable questions.”This is an important statement to analyse to understand the political economy content of leadership traits. Does posturing as a prime minister showcasing India before the world or the erudite silence of a quiet confident PM matter more when it comes to economic growth? These questions are highly empirical, and do not have lazy and easy answers. Economic growth has both cyclical and structural components. Economic growth has both biased and random components as well. If the random components play out significantly in terms of geopolitical uncertainties, war, energy price volatility , climate and energy crisis, the power of a prime minister over economic growth can be relatively lesser. A quiet confident Singh clarified that ‘history will be kind to me’ and he was confident that he would not become a tragic figure. “Silence” to him was refraining from engaging in highly shrill parliamentary debates. He preferred to let cabinet ministers appear in electronic and print media and debate India’s sectoral concerns in detail. Is it that what you don’t play can be more important than what you do in coalition governments? These are the empirical questions before political economy researchers. Public action culminating in public policies India witnessed the peak of public action and judicial activism in Manmohan Singh’s regime. India also witnessed how public action can culminate into effective public policies. The ‘employer of last resort’ policies in the form of MGNREGA and separately the RTI are evidence of public action. Judicial activism delayed infrastructure projects as ‘green economy’ components of policy decisions took time. Questions related to natural resources and its extraction were raised with renewed vigour under judicial activism, and economy versus ecology dilemmas surfaced. Institutional reforms under Singh deserve a special mention. The decision on reducing monetised content of deficits towards internal bond financing of deficits is one such reform. Focusing beyond the GDP paradigm by giving importance to soft sectors like education and health as commanding heights of Indian economy is yet another. The biggest takeaways of his regime are the initiation of “new manufacturing policy “ and “entitlements-based” fiscal programmes guaranteeing jobs to people, initiating the digital infrastructure ( UIDAI) and emphasis on education and health. And there has been a ‘continuity’ in such economic policies when the next government took over. These are crucial inputs into the Viksit Bharat 2047 roadmap as well. The legacy of Manmohan Singh is indelibly imprinted, and we owe to him the emergence of India we see now from the gripping suffocation of the autarky which characterized the country. Go well, leader! | 2024-12-27 12:47 | 2024-12-27 | 12:47 |
moneycontrol.com | https://www.moneycontrol.com/news/world/what-lawyers-want-us-immigrants-to-know-amid-trump-2-0-anxiety-12898809.html | What lawyers want US immigrants to know amid Trump 2.0 anxiety | US President-elect Donald Trump (Courtesy: Reuters photo).Related stories. | The immigrant communities in US are bracing for potential changes to the immigration policies with Donald Trump set to take charge of the White House. According to a report in the CNN, lawyers across the country, including Kelli Stump, president of the American Immigration Lawyers Association, are receiving a surge of inquiries from both new and longstanding clients. Stump shared her concern with CNN, saying, “In all honesty, it’s the worst I’ve ever seen it,” as immigrants express anxiety about the upcoming administration’s immigration crackdowns. Trump has made no bones about his stance on immigration. He said that it will be a central focus during his second stint, with promises of mass deportations and “turbocharged” denaturalizations. The plans have created widespread fear among immigrants, even those with legal status in the US "Prepare for the worst, and hope for the best," advised Lisa Graybill of the National Immigration Law Center. She emphasized that undocumented immigrants should consult with attorneys now to explore legal pathways to adjust their status. Graybill’s advice extends beyond the undocumented, urging all immigrants to carry proof of their legal status and documentation showing how long they’ve been in the US. She also recommended ensuring that those in states where driver’s licenses are available for undocumented immigrants secure one as a precaution. The CNN report said that American Civil Liberties Union (ACLU) has also expressed concern, noting that the rhetoric around mass deportation may lead to racial profiling and wrongful arrests. "It would be a mistake to assume that you will be spared if you are here legally,” said Lee Gelernt, deputy director of the ACLU's Immigrants’ Rights Project. He further advised immigrants to carry phone numbers of contacts they can call in case they are detained. In response to the heightened fears, many immigration attorneys are distributing "know your rights" cards, which provide guidance on how to handle encounters with immigration officials. The cards outline the rights of all individuals in US under the Constitution, including not opening doors to agents without a warrant, not answering questions, and refraining from signing documents without consulting an attorney. Legal experts are also warning businesses to prepare for potential travel bans and processing delays. Jeff Joseph, a Denver attorney with corporate clients, noted that companies may face challenges similar to those seen during Trump’s first term, including increased scrutiny of foreign employees and longer processing times for immigration petitions. As the Trump administration prepares for a second term, many immigration lawyers are encouraging clients to take proactive steps, but also reassure them that legal battles and challenges are likely to delay or derail many proposed changes. "Yes, there’s a reason to be concerned. Yes, there’s a reason to have some foresight...but also, we’re prepared to take these things to court," said Joseph. | 2024-12-27 12:46 | 2024-12-27 | 12:46 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/mid-day-mood-nifty-sensex-off-highs-but-still-in-green-auto-pharma-stocks-boost-momentum-12898732.html | Mid-day Mood | Nifty, Sensex off highs but still in green; auto, pharma stocks boost momentum | IndusInd Bank, DR Reddy's, M&M, Tata Motors, and Bajaj Finance were the top gainers on the Nifty..Related stories. | Benchmark indices Nifty and Sensex held steady in positive territory, though gains were trimmed as a dip in bank stocks weighed on the indices. However, strength in auto, pharma, and FMCG stocks kept the market in the green. As the year draws to a close, trading volumes remain thin as investors now look forward to the new year. At noon, the Sensex was up 263.06 points or 0.34 percent at 78,735.54, and the Nifty was up 83.80 points or 0.35 percent at 23,834.00. About 1720 shares advanced, 1645 shares declined, and 101 shares unchanged. Follow our LIVE blog for all the latest market updates "Meanwhile, short-term bumps on the economic growth path will cause corrections and market volatility like what we are witnessing now. The strongest headwind for the market now is the FII selling triggered by strong dollar (dollar index staying above 108) and attractive US bond yields with the 10-year yielding 4.35 percent," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. "A change in FII strategy from selling to buying will happen when macros indicate recovery in growth and corporate earnings," he added. In the afternoon session, Nifty Auto emerged as the top performer, climbing 1.6 percent, driven by gains in a four-wheeler and two-wheeler stocks. The rally followed DAM Capital's upgrades on several auto stocks, citing recovery prospects despite near-term headwinds. Tata Motors, Escorts Kubota, and Bajaj Auto were all upgraded to "buy," with Bajaj Auto's target set at Rs 9,750. Nifty Pharma also advanced 1 percent, led by heavyweights like Dr Reddy's, Sun Pharma, Cipla, and Lupin. Meanwhile, Nifty Bank and FMCG indices posted modest gains of 0.5 percent each. Also read:Budget 2025 may propose simplified tax regime for foreign semiconductor firms to boost manufacturing in India On the downside, Nifty Realty was the biggest drag, slipping 0.6 percent, followed by declines in the metal and consumer durable indices. The broader market displayed heightened volatility, oscillating between red and the green. While the midcap index traded, the smallcap index rose 0.2 percent. A host of market experts say that action in the broader market is largely stock-specific and investors should exercise caution and choose stocks that have earnings visibility and attractive valuations. The midcap 100 and smallcap 100 indices have fallen just 5 percent in the last three months. Nifty, on the other hand, has tanked nearly 10 percent. Private lender IndusInd Bank's share price rose over 3 percent to become the top gainer on the Nifty after the bank decided to offload its non-performing microfinance loan pool of 10.6 lakh retail loan accounts amounting to Rs 1,573 crore as the MFI sector continues to see stress. Read more:No major changes in upcoming NSE rejig; NTPC, Punjab National Bank to see highest inflows Star Cement shares rose 7 percent after UltraTech Cement announced the acquisition of an 8.69 percent stake in the company for Rs 851 crore. The deal involves the purchase of up to 3.7 crore equity shares at a price not exceeding Rs 235 per share, excluding taxes and other levies. As many as 5 companies debuted on the bourses on December 27. DAM Capital Advisors shares made their stock market debut today, listing at Rs 393 on the NSE, marking a premium of 39 percent over the issue price of Rs 283 per share. The robust listing, though slightly below the unofficial market estimates, comes on the back of strong investor demand during the IPO, which was oversubscribed 81.88 times. Transrail Lighting shares made their stock market debut today, listing at Rs 590 on the NSE, marking a premium of 37 percent over the issue price of Rs 432 per share. The robust listing was broadly in line with market expectations. Mamata Machinery shares listed with a high premium of 147 percent on the NSE over its IPO price on December 27, following a whopping subscription of 194.95 times to its Rs 179.39-crore initial public offering (IPO). The packaging machinery manufacturer Mamata Machinery Ltd stock listed at Rs 600 per share on the NSE over its issue price of Rs 243 apiece, a strong premium of 146.91 percent. Sanathan Textiles shares made a healthy stock market debut to list with a premium of around 32 percent on the NSE on December 27. Yarn manufacturer Sanathan Textiles stock was listed at Rs 422.3 per share on the NSE over the IPO price of Rs 321, a premium of 31.56 percent. Concord Enviro shares made a healthy stock market debut on December 27 after its shares were listed at a premium of 18 percent over its issue price on the National Stock Exchange (NSE). Concord Enviro Systems Ltd stock listed at Rs 826 per share on the NSE, a premium of 17.83 percent against the IPO price of Rs 701 apiece. From a technical standpoint, despite swift pullbacks each time the index approached 23,700 this week, the formation of hammer candlestick patterns signals underlying bullish sentiment. This supports the target of 24,165 set earlier in the week. The downside marker remains at 23,600, while a break above 23,900 could prompt an aggressive pursuit of further gains, says Anand James of Geojit Financial Services, said. IndusInd Bank, DR Reddy's, M&M, Tata Motors, and Bajaj Finance were the top gainers on the Nifty. BEL, ONGC, HCL Tech, Coal India, and Hindalco were the major laggards on the index. | 2024-12-27 12:35 | 2024-12-27 | 12:35 |
moneycontrol.com | https://www.moneycontrol.com/news/business/indian-carriers-may-fly-into-delivery-shortfall-in-2025-as-boeing-battles-production-issues-12897942.html | Indian carriers may fly into delivery shortfall in 2025 as Boeing battles production issues | Aircraft deliveries to Indian airlines..Related stories. | As a year of record growth in fleet size comes to an end, Indian carriers seem to be flying into a rough weather in 2025, as aircraft manufacturers grapple with supply chain issues. Domestic airlines together added 120-130 aircraft to their fleets in 2024, making the biggest expansion in India's aviation history. But the supplies are likely to taper off by 15-25 percent in 2025 as Boeing may deliver 20-30 fewer aircraft to Indian carriers next year, multiple officials toldMoneycontrol. IndiGo, the country's largest airline by the traffic volume, added 52 aircraft to its fleet between January 1 and September 30, 2024, with an estimated 20-25 planes being delivered in the October-December quarter. Air India added around 70 planes in 2024, while Akasa Air added four. Out of these, 45-55 aircraft came from Boeing and most were white tail aircraft delivered to the Air India group. "With the Boeing aircraft production expected to be capped at 38 every month by the FAA (Federal Aviation Administration) and the OEM (Original Equipment Manufacturer), it is currently producing around 25-30 Boeing 737 Max planes. Deliveries to global airlines will likely slow down in 2025," a senior official from Air India toldMoneycontrol. Since the mid-air blowout of the door on Alaska Airlines 1282 earlier this year, Boeing is in throes of intense scrutiny from the US government about the practices followed at its Renton plant, where the 737 aircraft are assembled. On January 5, the door plug on an Alaska Airlines Flight blew out mid-flight, causing rapid depressurisation and a gaping hole on the side of the plane. The door plug blew out at 16,000 feet, about six minutes into flight from Portland, Oregon, to Ontario, California. After the door plug there is a panel that replaces unnecessary doors with windows. The blowout was caused by the absence of four retaining bolts that secure the plug to the fuselage. The US regulators had put a cap on Boeing to assemble no more than 38 aircraft of 737 MAX category in a month until they were satisfied that the quality issues were resolved. The aircraft major suffered the next setback when its Seattle factory workers called a strike. All these caused the delay in delivery of 737 Max flying machines which impacted Akasa Air as well. The US manufacturer was due to hand over 981 Max jets to various carriers in Asia, led by Air India and Indonesia’s Lion Air, by 2030, according to data from Cirium. That’s close to a third of all scheduled deliveries of the aircraft worldwide over that period. Slowing deliveries The executive from Air India added that in 2024, the Tatas-run airline took delivery of around 50 white-tail Boeing 737-8 planes, but delivery of white-tail aircraft by Boeing in 2025 to Indian carriers is likely to slow down as many Chinese and American airlines are also awaiting fresh deliveries. White-tail aircraft are those originally manufactured for a different airline and later acquired by another. Indian carriers, including Air India, Akasa Air, and IndiGo, have taken advantage of the slowdown in deliveries of aircraft engines and aircraft to Chinese airlines for the last two years by taking priority deliveries as they look to expand their domestic and international networks. Around 90 Boeing 737 aircraft that were manufactured for foreign carriers were to be delivered to Indian airlines between 2022 and 2024. The International Air Transport Association (IATA) last month predicted severe supply chain issues to continue to impact airline performance into 2025, raising costs and limiting growth. Globally, aircraft deliveries have fallen sharply from a peak of 1,813 aircraft in 2018. The estimate for 2024 deliveries fell to 1,254 aircraft, making a 30 percent shortfall on what was predicted going into the year. In 2025, deliveries are forecast to rise to 1,802, well below the earlier expectations of 2,293 deliveries with further downward revisions in 2025 widely seen as quite possible. "In the short term, delivery delays are causing a capacity crunch, leading to higher airfares and constrained service reliability. In the long term, these disruptions may hurt the airlines' ability to modernise fleets, achieve fuel efficiency, and remain cost-competitive, particularly for low-cost carriers (LCCs)," Pragya Priyadarshini, vice-president of Primus Partners, said. Leasing woes Leasing planes from the secondary market remains a concern for smaller airlines in India. A senior executive from an aircraft lessor based in the UAE said that leasing to smaller Indian carriers has become riskier, despite the expected growth of the domestic aviation market. "The Indian government needs to look at implementing more Cape Town Convention (CTC) complaint norms for arbitration cases in India, before global lessors would be willing to offer smaller carriers in the country higher discounts," the executive said. India's CTC compliance index rating has fallen from 69 in December 2022 to 61 in December 2024, according to latest data released by the Aviation Working Group (AWG) this month. The UK-based global aviation watchdog had last year downgraded India to 'negative' from 'positive' after lessors were unable to repossess their aircraft from embattled Go First after the budget carrier filed for insolvency in May 2023. | 2024-12-27 12:33 | 2024-12-27 | 12:33 |
moneycontrol.com | https://www.moneycontrol.com/news/world/nasa-spacecraft-safe-after-closest-ever-approach-to-sun-12898812.html | NASA spacecraft 'safe' after closest-ever approach to Sun | The Parker Solar Probe was launched in 2018 and has been gradually circling closer towards the sun, using flybys of Venus to gravitationally pull it into a tighter orbit with the sun.. | NASA said on Friday that its Parker Solar Probe was ”safe” and operating normally after successfully completing the closest-ever approach to the Sun by any human-made object. The spacecraft passed just 3.8 million miles (6.1 million km) from the solar surface on Dec. 24, flying into the sun’s outer atmosphere called the corona, on a mission to help scientists learn more about Earth’s closest star. The agency said the operations team at the Johns Hopkins Applied Physics Laboratory in Maryland received the signal, a beacon tone, from the probe just before midnight on Thursday. The spacecraft is expected to send detailed telemetry data about its status on Jan. 1, NASA added. Moving at up to 430,000 mph (692,000 kph), the spacecraft endured temperatures of up to 1,800 degrees Fahrenheit (982 degrees Celsius), according to the NASA website. ”This close-up study of the Sun allows Parker Solar Probe to take measurements that help scientists better understand how material in this region gets heated to millions of degrees, trace the origin of the solar wind (a continuous flow of material escaping the Sun), and discover how energetic particles are accelerated to near light speed,” the agency added. The Parker Solar Probe was launched in 2018 and has been gradually circling closer towards the sun, using flybys of Venus to gravitationally pull it into a tighter orbit with the sun. | 2024-12-27 12:30 | 2024-12-27 | 12:30 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/super-fund-manager-how-this-money-manager-leveraged-strategic-sector-positioning-and-leveraged-the-strong-mid-cap-rally-12898795.html | Super fund manager: How this money manager leveraged strategic sector positioning and leveraged the strong mid-cap rally | Ajay Khandelwal, fund manager at Motilal Oswal..Related stories. | Over the last one-year period, Motilal Oswal’s Large and Mid-Cap Fund has delivered returns of around 53 percent, which is significantly higher than the surge in the mid-cap index, which gained around 28 percent. According to fund manager Ajay Khandelwal, a huge reason for the fund’s success has been the strategic positioning across industries with higher earnings growth. “At the portfolio level, our earnings growth exceeded 35%, all while maintaining high quality. The portfolio's aggregate return on capital was above 20%, reflecting strong performance without compromising fundamentals,” he says while adding that around 80-90% of their concentrated 30-stock portfolio has seen strong returns. He also spoke about how plays in segments like jewellery, real estate and renewables have helped the fund seen success and why some defence plays disappointed. Edited Excerpts What has worked for your large and mid-cap fund this year?For our large and mid-cap fund, what worked was the strategic positioning of portfolios in industries with higher earnings growth compared to other sectors. Large sectors have experienced rapid earnings growth, and we focused on aligning our portfolio accordingly. For example, even within consumption, we emphasized areas showing earnings growth. While QSRs (quick service restaurants) faced challenges, food delivery companies performed exceptionally well, particularly in the quick commerce segment. So, despite a slowdown in personal consumption, certain services continued to thrive. Our portfolio differed significantly from peers, with a well-balanced approach. About 45% of our portfolio is in B2B companies, primarily serving the power utility sector. This includes renewable energy companies in solar and wind, as well as supporting infrastructure providers such as cable manufacturers and grid automation companies. We targeted sectors with strong earnings tailwinds, where our portfolio companies reported robust order pipelines, high enquiry levels, and optimum utilisation rates and delivered excellent earnings growth. At the portfolio level, our earnings growth exceeded 35%, all while maintaining high quality. The portfolio's aggregate return on capital was above 20%, reflecting strong performance without compromising fundamentals. On the consumption side, we saw significant growth in sectors like jewellery, quick commerce, and healthcare. We believe this growth is structural. For instance, in the jewellery industry, two-thirds of the market is still unorganised, leaving room for organised players to expand by opening more stores, improving offerings, optimising inventory, and enhancing turnaround times. These scalable models present significant growth opportunities. What have been the top contributors to your performance this year?We manage a concentrated 30-stock portfolio for large- and mid-caps. This year, nearly all of our top holdings contributed significantly, whether in quick-service restaurants (QSR), apparel, jewellery, real estate, IT, or renewables like solar and wind. Even manufacturing and EMS companies played a vital role. Approximately 80-90% of our portfolio delivered returns of 50-100% or more. Where are you currently overweight and underweight?Currently, we are underweight in financials, large-cap IT, and staples within FMCG. On the other hand, we are overweight in manufacturing as well as discretionary consumption. Within manufacturing, we are particularly bullish on renewable energy and defence sub-sectors, along with EMS companies. Have you made any contra-calls this year that did not work out?A few of our defence companies saw corrections in the last quarter, and one auto ancillary stock underperformed our expectations. Despite these setbacks, the overall performance has been strong. What were the biggest surprises, both positive and negative, this year?On the positive side, large-ticket discretionary consumption such as hotel ARR rates, airline occupancy, and high-end jewellery sales remained resilient, defying our expectations that these might taper off. On the negative side, we observed pressures in lower-tier discretionary consumption, particularly in footwear and mass-market apparel, as inflation and rising household leverage affected spending. Additionally, rural demand is starting to recover, driven by good water levels, which is a positive surprise for the future. Another concern was the increase in government freebies, which now exceed 1% of GDP and could strain fiscal health and discretionary spending. What is your market outlook for 2025?We remain optimistic about the overall market, despite some pockets of stress. Earnings growth for the Nifty last quarter was promising, and we expect about 12% earnings growth in 2025, with some sectors growing at a much faster pace. Private capex remains strong, supported by healthy order pipelines, while government capex has slowed in recent months, requiring private investment to fill the gap. We will also need to monitor external factors like US trade policies, though India's lower share in the US trade deficit (4%) provides some insulation against potential risks. What is your strategy for 2025?Our strategy for 2025 focuses on maintaining a high-growth, high-quality portfolio with clear earnings visibility. We will continue to prioritise sectors with strong order pipelines and operating leverage, expecting over 30 percent earnings growth. Cash flow generation and return ratios remain strong. We are also actively identifying new investment opportunities, having added 3-4 new names to the portfolio in recent months. Despite slower personal consumption, we remain bullish on private capex and select discretionary consumption sectors, which we believe will provide solid growth potential moving forward. | 2024-12-27 12:27 | 2024-12-27 | 12:27 |
moneycontrol.com | https://www.moneycontrol.com/technology/how-to-generate-ai-images-with-image-wand-feature-in-notes-app-on-iphone-article-12898779.html | How to generate AI images with Image Wand feature in Notes app on iPhone | Image Wand. | One of the most common AI feature to have found its way on smartphones is image generation. It’s fun, creative, and adds an element of quirkiness. While most image generating tools are restricted to the camera app, Apple has added it to the Notes app. Called Image Wand, it helps users generate AI-powered images with rough sketches. Here’s how you can use Image Wand in Notes app:Launch the Notes app on your iPhone and either start a new note or open an existing one. Look for the pencil icon in a circle and tap it. This will open the drawing tools. Use your finger or an Apple Pencil (on iPad) to draw a rough sketch of what you have in mind. Once your sketch is complete, tap the Image Wand icon, which looks like a magician’s wand with a colorful tip. Draw a circle around your sketch and enter a description of the image you want to create. Swipe through the suggested images and tap the one you like. You can also choose different styles like Animation, Illustration, or Sketch Things to keep in mindThe Image Wand feature is available with the iOS 18.2 update You must have an iPhone 15 Pro, iPhone 15 Pro Max or the latest iPhone 16 series There are certain restrictions — the standard prohibited content — on the kind of images you can generate | 2024-12-27 12:19 | 2024-12-27 | 12:19 |
moneycontrol.com | https://www.moneycontrol.com/news/world/china-launches-amphibious-assault-ship-that-can-launch-fighter-jets-12898791.html | China launches amphibious assault ship that can launch fighter jets | Sichuan assault ship. | China launched a new amphibious assault ship Friday, capable of launching fighter jets and designed to strengthen the navy's combat ability in distant seas. The Sichuan, the first ship of the 076 type, is China's largest such ship yet, displacing 40,000 tons and equipped with an electromagnetic catapult which will allow fighter jets to launch directly off its deck, according to the official Xinhua news agency. The ship is designed to launch ground troops in landing crafts and provide them with air support. Developed by Chinese researchers, it's also equipped with an “arrestor technology” which allows fighter jets to land on its deck. China's first amphibious assault ships, the type 075, launched in 2019. China’s People’s Liberation Army Navy, or PLAN, has been working on modernizing its forces for more than a decade, with the aim of being able to operate globally rather than being restricted to waters near the Chinese mainland. China first managed to launch fighter jets with the new electromagnetic technology on its indigenously made aircraft carrier, the Fujian, which launched two years ago. Chinese military expert Song Zhongping compared the Sichuan to a “light aircraft carrier,” according to the Global Times. The ship will undergo further testing, including sea trials. China has the largest navy in the world and is consistently trying to upgrade its fleet. Recently, researchers found that the country is working on designing a nuclear-powered aircraft carrier, which would allow it to deploy its ships in distant waters without needing a base to refuel. The U.S. currently has 11 aircraft carriers, all nuclear powered, allowing it to keep multiple strike groups deployed around the world at all times, including in the Asia-Pacific. | 2024-12-27 12:18 | 2024-12-27 | 12:18 |
moneycontrol.com | https://www.moneycontrol.com/technology/lava-launches-yuva-2-5g-smartphone-with-notification-light-5000mah-battery-and-50mp-camera-in-india-price-features-and-more-article-12898787.html | Lava launches Yuva 2 5G smartphone with notification light, 5000mAh battery, and 50MP camera in India: Price, features, and more | Lava Yuva2. | Lava International Limited has introduced the Yuva 2 5G smartphone in India. Positioned within the entry-level segment, the device aims to meet the needs of first-time smartphone users. Featuring a notification light, a 5000mAh battery, and a dual-camera setup, the Yuva 2 5G is now available at retail outlets across the country. Price and availabilityThe Lava Yuva 2 5G is priced at Rs 9,499 and is available in two colour variants, Marble Black and Marble White. The smartphone can be purchased at Lava’s retail outlets starting today. Lava is also offering a one-year warranty and free service at home, providing post-purchase support for buyers. FeaturesThe Yuva 2 5G is powered by an octa-core 5G UNISOC T760 processor with a 6nm architecture. It features 4GB RAM, expandable by an additional 4GB virtual RAM and 128GB UFS 2.2 storage. The device has an AnTuTu score of over 440,000, highlighting its performance in everyday tasks. The smartphone includes a 16.94 cm (6.67-inch) HD+ punch-hole display with a 90Hz refresh rate and a brightness of 700 nits, ensuring clear visuals. It comes equipped with a dual-camera system consisting of a 50MP primary sensor and a 2MP secondary sensor, along with an 8MP front-facing camera. The Yuva 2 5G is powered by a 5000mAh battery that supports 18W fast charging. It runs on Android 14 with a clean user interface. Additional features include dual stereo speakers for enhanced audio, a side-mounted fingerprint sensor, and face unlock for security. The smartphone incorporates a unique notification light, which blinks to indicate incoming calls and app notifications. The device is designed with a marble finish, adding a distinctive touch. | 2024-12-27 12:16 | 2024-12-27 | 12:16 |
moneycontrol.com | https://www.moneycontrol.com/news/india/maha-kumbh-boatmen-to-turn-storytellers-guides-get-a-makeover-to-enrich-tourist-experience-12898774.html | Maha Kumbh: Boatmen to turn storytellers, guides get a makeover to enrich tourist experience | Related stories. | The grand Mahakumbh 2025 in Prayagraj is not just about spirituality—it is a game-changer for Uttar Pradesh’s tourism landscape. TheYogi Adityanathgovernment is pulling out all the stops to transform the event into an economic windfall, with over 45,000 families expected to benefit through direct or indirect employment opportunities. Officials say the massive congregation, set to attract over 40 crore visitors, will generate business worth Rs 3 lakh crore. “Mahakumbh is more than an event—it’s a testament to Uttar Pradesh’s potential as a global tourism destination,” said Aparajita Singh, Regional Tourism Officer, Prayagraj. To prepare for the world’s largest religious gathering, the state has rolled out an ambitious skill development drive targeting boatmen, tour guides, street vendors and taxi drivers. The goal is simple: deliver a world-class experience to visitors and boost the livelihoods of thousands of local families. “Training is not just about upgrading skills; it is about creating a sense of pride among service providers,” said Prakhar Tiwari, an assistant professor at Manyavar Kanshiram Tourism Management Institute, which is leading several programs. Boatmen Turn Storytellers For boatmen who ply their trade on the Ganga and Yamuna rivers, this Mahakumbh marks a new chapter. Under the initiative, 2,000 boatmen are being trained as river guides, enabling them to share cultural and historical narratives with tourists. Sunil Pandey, a boatman, said, “Earlier, rowing a boat was just a means to earn a living. Now, I can talk about Prayagraj’s heritage. It makes my work fulfilling.” So far, 300 boatmen have completed the program, with many already doubling their incomes by offering guided tours to visitors. Polishing Tour Guides for a Global Audience Tour guides, who serve as the face of Prayagraj’s tourism, are also undergoing transformation. Over 1,000 guides are being trained in hospitality, management, and storytelling techniques. “Tourists don’t just want to see—they want to experience,” said Neha Sharma, a newly certified guide. “This training has given me the confidence to deliver that experience.” With 420 guides already certified, the remaining batches are expected to complete their training by early next year. Street Vendors and Taxi Drivers Join the Mission The government’s skill drive doesn’t stop with traditional service providers. For street vendors and taxi drivers, the training focuses on cleanliness, etiquette, and customer interaction. Rajesh Kumar, a taxi driver who recently attended the program, shared, “Earlier, we just focused on getting passengers from point A to B. Now, I’ve learned how to enhance their journey by sharing local insights and keeping my car spotless.” Officials confirmed that 250 vendors and 120 drivers have completed the training so far, with more to follow. Economic Gains and Job Creation Kumbh Mela Nodal Offiver Vijay Anand said that the total financial transactions at the mela site are anticipated to be significantly higher, ranging between Rs 2 lakh crore and Rs 3 lakh crore. "The earnings of small-scale vendors, such as tempo operators, rickshaw pullers, flower sellers at temple sites, those selling memorabilia, boat operators, and even hotels, will contribute significantly to the local economy. The entire ecosystem around the Kumbh Mela is expected to experience a massive economic boom," he added. The Mahakumbh is not just a religious affair; it is an economic engine. The Yogi government’s Tourism Policy-2022, which aims to attract ?20,000 crore in investments and create 10 lakh jobs, is closely tied to this event. By connecting grassroots workers with economic opportunities, the state hopes to create an inclusive growth model. “This is a watershed moment for tourism in Uttar Pradesh,” said Avanish Awasthi, advisor to the chief minister. “The Mahakumbh will not only bring global attention to Prayagraj but also empower our people through sustainable livelihoods.” Beyond Mahakumbh: A Vision for UP Tourism The Yogi government’s vision goes beyond the Mahakumbh. From developing infrastructure to launching skill training programs, these initiatives are designed to position Uttar Pradesh as the epicenter of religious and cultural tourism in India. “The Mahakumbh is a stepping stone,” Aparajita Singh said. “It reflects our broader goal to make Uttar Pradesh synonymous with world-class tourism experiences.” As the countdown to Mahakumbh 2025 begins, Uttar Pradesh is not just preparing for an event; it is setting the stage for a legacy that could redefine its tourism industry for generations. | 2024-12-27 12:10 | 2024-12-27 | 12:10 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/defined-stop-loss-adapting-new-strategies-here-s-what-f-o-experts-are-advising-for-2025-12898772.html | Defined stop loss, adapting new strategies; here's what F&O experts are advising for 2025 | representative image.Related stories. | The equity market was quite volatile in 2024 but one segment that grabbed many headlines was the equity derivatives segment that was high on the regulatory scanner as well, which ultimately led to significant changes in the rules that have altered the dynamics of the whole futures & options (F&O) segment. With the changing dynamics, investor approach and behaviour also needs a change and here's what some of the top participants of the derivative segment are suggesting investors and traders should do in 2025. Here are the top three tips of F&O experts. This assumes significance since as per a SEBI study, individual traders in F&O market saw aggregate losses of Rs 1.8 lakh crore over the past three fiscal years, with nearly 93 percent of more than 1 crore investors, or nine out of 10 traders, incurring average losses of Rs 2 lakh each. Arjun Tandon, Partner, Kailasa Capital Advisors-Combine intraday and positional options trading to diversify risk. Explore different setups to adapt to market conditions.-Traders focusing solely on index options should consider exploring equity options, particularly for positional trading-Monitor exposure and risk carefully, both for overnight and intraday positions. Preeti K Chabra, Founder, Trade Delta-With new regime taking place in derivatives market, lesser number of contracts available, volumes have drastically reduced. In this case, a cautious approach is required because of the unknown premium behaviours.-Traders need to adapt and create new trading approaches since the market environment has changed. Like Theta decay is not linear now. This decay isn’t happening as steadily as before, making it harder for sellers to profit reliably from time-based value loss.-In 2025, discretionary and algo options traders have to buckle up and develop new methods of trading - the older seems to have become obsolete and not working as ROI has reduced drastically with fewer contracts and increased margin requirement to work with. Pallavi Gandhi, AVP Operational Risk with a leading credit bureau-Have a stop loss in play to limit the losses. Have a defined stop loss as per the risk of yours. Do not use stop losses of some expert who is having more liquidity and more margin. You should know what losses you can take.-Do not take loans to enter into derivatives trading.-Avoid WhatApp groups, which state about quick bucks. Various WhatsApp group give one or two trading calls, which gives good returns. Then money is sought by these WhatsApp groups with a statement that they will invest and give high yield returns. They will send links to do the payment or share UPI details to pay the money. These are called pig butchering scams. Money is scammed from retail investors. Rupak De, Senior Technical Analyst, LKP Securities-Traders should prioritise risk management through smaller positions, stop-losses, and hedging.-Key strategies include understanding SEBI’s rules, exploring spreads and covered calls (selling call options while simultaneously owning the underlying stock.) This will earn premium income but limits potential upside gains. | 2024-12-27 12:04 | 2024-12-27 | 12:04 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/mazagon-dock-shares-trade-2-percent-lower-following-stock-split-12898733.html | Mazagon Dock shares trade 2 percent lower following stock split | ..Related stories. | Shares ofMazagon DockShipbuilders are under focus higher than usual today, given trade-ex split scheduled for December 27. The stocks have witnessed a decline of 1.77 percent, trading at Rs 2,323.00 as of 12:00 pm. This comes as the company gears up for its 1:2 stock split. Under this stock split, each existing share of Mazagon Dock with a face value of Rs 10 will be divided into two new shares with a face value of Rs 5 each. As per other observations by media reports, certain trading applications could be showing unadjusted previous closing price, giving an impression of a 50 percent fall. Follow our market blog for live updates The stock opened today at Rs 2,375, indicating initial enthusiasm around the split, but the gains were short-lived. As per the T+1 settlement mechanism, investors needed to buy Mazagon Dock shares today to ensure their names are reflected in the list of eligible shareholders on the record date and receive the split shares accordingly. As per the company expectations, this move is aimed at enhancing liquidity and pushing further participation from retail investors. During the tenure of past year, Mazagon Dock shares doubled its returns at 106 per cent. For Q2 FY 2025, the Indian shipyard registered net sales worth Rs 2,756.83 crore, marking an increase compared to Rs 2,362.47 crore in Q2 FY 2024. Simultaneously, its net sales surged from Rs 1,827.70 crore in Q2 FY 2024 to Rs 2,756.83 crore in Q2 FY 2025, marking a substantial year-on-year growth of approximately 51%. | 2024-12-27 12:04 | 2024-12-27 | 12:04 |
moneycontrol.com | https://www.moneycontrol.com/news/business/air-india-to-see-progress-on-key-initiatives-in-2025-working-towards-profitability-ceo-wilson-12898782.html | Air India to see progress on key initiatives in 2025; working towards profitability: CEO Wilson | Among other initiatives to streamline the group’s operations, Air India has optimized the deployment of its best narrow-body and wide-body products on high-density and high-demand routes.. | Air India will see progress on various key initiatives, including refitting of wide-body and narrow-body planes, in 2025, as well as tightening practices and processes to ultimately become profitable, the airline’s chief, Campbell Wilson, said on Friday. After taking over the loss-making Air India from the government in January 2022, Tata Group has been working on an ambitious transformation plan to turn around the airline, which recently also placed orders for 100 more aircraft. In his message to the staff on Friday, Wilson said 2024 saw the realization of some of the most significant milestones, including the completion of the mergers of Air India Express and AirAsia India, and Vistara with Air India, that "position us as the fourth largest business by revenue in the Tata group." Air India Group operates 300 aircraft across both brands, flying over 60 million customers annually to more than 100 destinations in India and around the world. While describing 2024 as a transformative year for Air India and Indian aviation in many ways, Wilson said 2025 will see progress on many more key initiatives of the airline, such as refitting wide-body and remaining narrow-body aircraft with new seats and services. Further, Air India’s service standards will be elevated, raising the bar on what we consider "good," and more consistently delivering on those new expectations, he added. Refitting of narrow-body aircraft has commenced, while that of legacy wide-body planes is expected to start in 2025. Wilson, the CEO and MD of Air India, also emphasized the airline will strengthen and tighten its practices and processes so that "we are not just consistent, we are also efficient and, ultimately, profitable." In the 2023-24 fiscal, Air India trimmed its losses to Rs 4,444.10 crore from Rs 11,387.96 crore in 2022-23. Its turnover rose 23.69% to Rs 38,812 crore in the last financial year compared to the year-ago period. Earlier this month, Air India placed an order for 100 more Airbus planes, comprising 10 wide-body A350s and 90 narrow-body A320s. The total order book is 570. Among other initiatives to streamline the group’s operations, Air India has optimized the deployment of its best narrow-body and wide-body products on high-density and high-demand routes. | 2024-12-27 11:55 | 2024-12-27 | 11:55 |
moneycontrol.com | https://www.moneycontrol.com/news/currency/rupee-hits-record-low-against-us-dollar-weakens-past-85-50-mark-12898750.html | Rupee hits record low against US Dollar, weakens past 85.50 mark | Rupee has extended the fall for a ninth day in a row, on Friday, breaching the psychologically key level of 85.50 for the first time.. | The Rupee hit a fresh low of 85.54 against the greenback on December 27, weighed down a consistent and strong demand for the US Dollar in the non-deliverable forwards (NDF) market, extending the fall for a ninth day in a row. With the fall, the INR has broken below the psychologically key level of 85.50 for the first time. The expiry of December currency futures contract is also seen behind the dollar buying, reported news agency Reuters quoting a forex trader, who saw 'expected higher activity from importers at this time of the month.' The Rupee has been making record lows, after the November trade deficit expanded more-than-expected to touch a record high of $37.8 billion. This is being updated. | 2024-12-27 11:54 | 2024-12-27 | 11:54 |
moneycontrol.com | https://www.moneycontrol.com/technology/realme-sets-ambitious-2025-target-aims-for-50-market-share-growth-with-mid-to-premium-smartphone-focus-in-india-article-12898765.html | Realme sets ambitious 2025 target: Aims for 50% market share growth with mid-to-premium smartphone focus in India | realme CMO Chase Xu.Related stories. | Realme plans to adopt an aggressive strategy in 2025 in India with new product launches in the mid-to-premium segment and by expanding its online presence through deeper partnerships with Flipkart and Amazon. The Chinese mobile handset brand aims to outpace market growth and has set an ambitious target of increasing its market share by 50 percent, from 12 percent in 2024 to 18 percent in 2025. “In 2024, we faced fierce competition in the Indian market as new brands entered and performed well. However, we achieved good results. Our market share remained around 12 percent in 2024, but in 2025, we are aiming higher. We aim to reach a market share of 18 percent, a 50 percent increase,” Chase Xu, Vice President and CMO of Realme, told Moneycontrol in a virtual interaction. “India is Realme’s number one market globally and is always our top priority.” This new target stems from Realme’s thorough review of user expectations and its expanding partnerships with e-commerce giants Amazon and Flipkart. “We have conducted several internal strategic discussions to finalise our new strategy for next year. Our focus will be on growing our e-commerce market share. We aim to become the number one handset brand in 2025 and rank among the top three on Amazon,” Xu added. The company plans to increase its investment in research and development (R&D), with a focus on emerging technologies such as AI, 5G, and smartphone design to better serve the Indian market. Realme recently announced plans to invest Rs 100 crore in advancing quad-curved display technology for its smartphones globally. Without sharing specifics, Xu stated that the company has allocated an “enormousbudget” for the Indian market to support its 2025 expansion. “We are yet to finalise the exact figure, but it will be a substantial amount,” he said. Xu also highlighted that Realme is recalibrating its strategy for India to better cater to local users. “Our product strategy will focus on performance, design, and targeting younger users. We plan to concentrate on the mid-to-high range market segment through the GT, Number, and P series,” he said. In addition to expanding its online presence, Realme will also strengthen its offline retail presence by opening new retail and experience stores. “We want more visibility on the streets by expanding our offline focus. Our sales target of an 18% market share applies to both online and offline channels combined. Both channels are equally important to us,” Xu added. These comments follow allegations from mobile retailers that Chinese brands, including Realme, are engaged in anti-competitive practices, such as prioritising online sales channels. In October, the India Mobile Retailers Association (AMIRA), representing over 1.5 million mobile retailers, sought the intervention of Commerce and Industry Minister Piyush Goyal and Finance Minister Nirmala Sitharaman. Xu emphasised that Realme is committed to supporting offline channels, which will be catered to by the “Number series” smartphones. “The high-end GT series will also be available across both online and offline channels,” he said. Realme is also upgrading its after-sales service system in India to enhance customer satisfaction. The company plans to expand its mid-premium lineup by launching the Realme 14 Pro smartphone in the coming days. The device will feature several India-specific innovations, including color-changing fusion fiber technology that dynamically shifts the phone’s color based on lighting conditions and viewing angles. This industry-first thermochromic technology alters the back cover’s color below 16°C. “We’ve tailored key aspects of the phone, including the camera system, to align with Indian consumer usage patterns and preferences. Beyond adapting existing features, we’ve developed functionalities specifically for Indian users and introduced India-exclusive color variants that resonate with local sensibilities and cultural nuances,” Xu added. Xu noted that gaming and performance are two critical demands of Indian users, and Realme is allocating resources to deliver these experiences through its high-end smartphones. The Indian market is witnessing substantial growth in the mid-to-high price segment, ranging from Rs 20,000 to Rs 35,000, driven by the premiumisation trend. “We haven’t captured a significant market share in this segment yet, but it will be our primary focus in 2025,” Xu said. | 2024-12-27 11:46 | 2024-12-27 | 11:46 |
moneycontrol.com | https://www.moneycontrol.com/news/india/manmohan-singh-s-death-telangana-govt-announces-7-day-mourning-12898769.html | Manmohan Singh's death: Telangana govt announces 7-day mourning | Former Prime Minister Dr. Manmohan Singh. | The Telangana government has announced state mourning for seven days and a holiday for government offices and educational institutions on Friday as a mark of respect to former Prime Minister Manmohan Singh who passed away in Delhi. The national flag will be half-mast during the state mourning, Chief Secretary Santhi Kumari said in a communication to district Collectors and Superintendents of Police. Chief Minister A Revanth Reddy would travel to the national capital to pay homage to Singh, official sources said. Singh, the architect of India's economic reforms, died at AIIMS, New Delhi on Thursday. He was 92. | 2024-12-27 11:42 | 2024-12-27 | 11:42 |
moneycontrol.com | https://www.moneycontrol.com/news/india/watch-tamil-nadu-bjp-chief-annamalai-whips-himself-seeking-justice-in-anna-university-sexual-assault-case-12898731.html | Watch: Tamil Nadu BJP chief Annamalai whips himself seeking justice in Anna University sexual assault case | Tamil Nadu BJP chief K Annamalai whips himself. | BJP Tamil Nadu president K Annamalai on Friday whipped himself outside his residence in Coimbatore to condemn the police and the state government for their "apathy" in handling the case of sexual assault of a student of Anna University. A video of him whipping himself in front of several people outside his residence was being widely shared on social media.VIDEO | BJP Tamil Nadu president K Annamalai (@annamalai_k) whips himself outside his residence in Coimbatore to condemn the police, and the state government for their 'apathy' in handling the case of sexual assault of a student of Anna University.#TamilNaduNews(Full videopic.twitter.com/v3G3DD3nn9Press Trust of India (@PTI_News)December 27, 2024 Annamalai on Thursday vowed to whip himself six times, fast for 48 days, and not wear sandals until the DMK is removed from power. Addressing a press conference, he removed his shoes and vowed to walk barefooted until the MK Stalin-led DMK government is uprooted from power. | 2024-12-27 11:39 | 2024-12-27 | 11:39 |
moneycontrol.com | https://www.moneycontrol.com/budget/budget-2025-may-propose-simplified-tax-regime-for-foreign-semiconductor-firms-to-boost-manufacturing-in-india-article-12898688.html | Budget 2025 may propose simplified tax regime for foreign semiconductor firms to boost manufacturing in India | The goal is that 100 percent of electronic manufacturing should happen in India..Related stories. | The government is considering an amendment in the Income Tax Act as part of Budget 2025 to simplify the taxation regime for foreign semiconductor firms, aiming to attract global companies and boost semiconductor manufacturing in India. The proposal is set to introduce a presumptive taxation scheme under Section 44, a move that could make India a more appealing destination for foreign firms looking to set up semiconductor manufacturing operations, a senior government official said. “We will study what the profit margins are for semiconductors and consult with the industry as well. This is a simplified taxation system, and once it’s implemented, their expenditure becomes immaterial. They are paying tax only on turnover, and the assessing officer will not need to examine it further, which makes it easier for foreign companies,” the official told Moneycontrol, requesting anonymity. The proposed amendment, expected to be part of the Finance Bill 2025, is designed to simplify compliance for foreign semiconductor firms and position India as a leading hub for semiconductor manufacturing. The tax proposal aligns with the government’s broader goal of developing India’s semiconductor ecosystem, encouraging participation from international players and fostering the transfer of global best practices in the sector, he said. The presumptive taxation scheme, already in place for industries like oil companies and shipping, allows foreign entities to calculate their income as a percentage of their turnover, bypassing the need for detailed accounting. Under this scheme, the corporate income tax (CIT) rate for foreign companies, typically 35 percent, would be applied to a fixed percentage of their turnover, making tax calculations much simpler and more predictable. The Ministry of Electronics and Information Technology (MeitY) suggested the tax amendment to simplify the regime for foreign companies planning to set up labs and manufacturing units in India. “MeitY had sent some suggestions for semiconductors to simplify the taxation regime so foreign companies can set up labs over here. They are asking for a simple regime of taxation,” the official said. In a previous instance, the scheme was extended to cruise ships in the July 2024Budget. Under this arrangement, cruise ships were allowed to calculate their income as 20 percent of the revenue they generated from passengers rather than calculating income based on detailed financial records. This simplified method, the government believes, can now be adapted for semiconductor companies, with the percentage rate to be determined after studying the industry’s profit margins, he said. “The goal is that 100 percent of electronic manufacturing should happen in India. India will make semiconductor chips and the finished product, too. India’s semiconductor ecosystem is a solution not just for India’s challenges but also for global challenges,” Prime Minister Narendra Modi said during a statement on September 11, 2024. The new tax regime is likely to make it easier for foreign semiconductor companies to set up operations in India, where the demand for semiconductor components is increasing, fuelled by the country’s growing electronics and technology sectors. By attracting global semiconductor giants to establish production in India, the government hopes to not only meet domestic demand but also strengthen the country’s position in the global semiconductor value chain. This move is likely to follow the series of initiatives by the government, including financial incentives and policies, to foster domestic semiconductor manufacturing and reduce India’s dependence on imports in a sector that is crucial for everything from consumer electronics to electric vehicles and telecommunications. Moneycontrol has sent emails to Finance Ministry and Ministry of Electronics and Information Technology seeking comments, which will be updated in the story when received. | 2024-12-27 11:38 | 2024-12-27 | 11:38 |
moneycontrol.com | https://www.moneycontrol.com/news/india/big-loss-to-the-nation-pm-modi-mourns-manmohan-singh-s-demise-hails-his-contribution-to-india-s-development-12898743.html | 'Big loss to the nation': PM Modi mourns Manmohan Singh's demise, hails his contribution to India's development | Prime Minister Narendra Modi said termed Dr Manmohan Singh's demise as a big loss to the nation. (X/@NarendraModi).Related stories. | Prime Minister Narendra Modi on Friday paid rich tributes to former PM Dr Manmohan Singh who passed away last evening at the All India Institute of Medical Sciences in New Delhi. In a video message, the PM said that Dr Singh's contribution to the development of the country and his commitment to reforms will always be etched in the memory of the nation. "Manmohan Singh's life was a reflection of his honesty and simplicity. He was a distinguished parliamentarian who fulfilled his duties even if it meant coming to the Parliament in a wheel-chair," PM Modi said.The passing away of Dr. Manmohan Singh Ji is deeply saddening. I extend my condolences to his family and admirers.https://t.co/6YhbaT99dqNarendra Modi (@narendramodi)December 27, 2024 Terming Dr Singh's demise as a big loss to the nation, PM Modi said he remained accessible to fellow parliamentarians and was always the first to reach out to rivals. The Prime Minister also lauded Dr Singh for his rise from humble origins and said his contribution to the development of the nation shall always be cherished. In a televised address shared on his X handle, PM Modi also reflected on his interactions with Dr Singh as the Gujarat chief minister and said that despite becoming Prime Minister, Dr Singh never forgot his humble roots and always remained accessible to everyone. “His life is an example for future generations regarding how we can rise above struggles and achieve greater heights. He will always be remembered as an honest man, a great economist and a leader who dedicated himself to reforms,” he added. "India mourns the loss of one of its most distinguished leaders, Dr. Manmohan Singh Ji. Rising from humble origins, he rose to become a respected economist. He served in various government positions as well, including as Finance Minister, leaving a strong imprint on our economic policy over the years. His interventions in Parliament were also insightful. As our Prime Minister, he made extensive efforts to improve people’s lives," Modi said following Dr Singh's demise last evening. Earlier today, the Prime Minister, Home Minister Amit Shah and BJP president JP Nadda visited the former PM's residence and paid their condolences. The Centre has declared a seven-day mourning period following the demise of Dr Singh and has cancelled all government programmes. The Prime Minister has also cancelled an event where he was due to distribute property cards to over 50 lakh people as a part of the Swamitva scheme as a mark of respect for former PM Manmohan Singh. A meeting of the Union Cabinet is likely to be convened shortly. Dr Manmohan Singh will be laid to rest with full state honours on Saturday. | 2024-12-27 11:35 | 2024-12-27 | 11:35 |
moneycontrol.com | https://www.moneycontrol.com/news/india/watch-pm-modi-amit-shah-pay-tributes-to-manmohan-singh-at-his-delhi-residence-12898755.html | Watch: PM Modi, Amit Shah pay tributes to Manmohan Singh at his Delhi residence | Releasing the official statement on the Congress veteran's demise, AIIMS said that Singh was being treated for age-related medical conditions and had a sudden loss of consciousness at home.Related stories. | Prime Minister Narendra Modi, Union Home Minister Amit Shah and other top leaders of the country paid tributes to late former PM Manmohan Singh at his residence in Delhi. Singh, the architect of India's economic reforms, passed away on Thursday night at Delhi's All India Institute of Medical Sciences (AIIMS). He was 92. PM Modi, Amit Shah, Congress leader Rahul Gandhi, Defence Minister Rajnath Singh, Congress parliamentary party chairperson Sonia Gandhi, President Droupadi Murmu, among other leader arrived at Singh’s residence in the national capital on Friday to pay their last respects.#WATCH| Delhi | PM Narendra Modi paid last respects to late former PM Dr Manmohan Singh and offered condolences to his family today(Video source: DD)pic.twitter.com/J1gfRICZCBANI (@ANI)December 27, 2024 The Congress leader, who steered the country for 10 years from 2004-2014 and helped set up the country's economic framework as finance minister before that, was a renowned name in the global financial and economic sectors. #WATCH| Delhi | Union Home Minister Amit Shah pays last respects to former PM Dr Manmohan Singh who passed away last night(Source: DD)pic.twitter.com/nX8rnb1Yu6ANI (@ANI)December 27, 2024 Singh was rushed to the emergency ward of AIIMS in a critical condition earlier on Thursday. Releasing the official statement on the Congress veteran's demise, AIIMS said that Singh was being treated for age-related medical conditions and had a sudden loss of consciousness at home. According to the note, Singh was brought to AIIMS at 8:06 pm and breathed his last at 9:51 pm on December 26. "With profound grief, we inform the demise of the former Prime Minister of India, Dr Manmohan Singh, aged 92. He was being treated for age-related medical conditions and had a sudden loss of consciousness at home on 26 December 2024. Resuscitative measures were started immediately at home. He was brought to the Medical Emergency at AIIMS, New Delhi at 8:06 PM. Despite all efforts, he could not be revived and was declared dead at 9:51 PM," the hospital said. | 2024-12-27 11:31 | 2024-12-27 | 11:31 |
moneycontrol.com | https://www.moneycontrol.com/news/world/japan-cabinet-oks-record-defense-budget-as-it-pushes-strike-back-capability-to-deter-regional-threat-12898742.html | Japan Cabinet OKs record defense budget as it pushes strike-back capability to deter regional threat | The defense spending is part of the more than 115 trillion yen ($730 billion) national budget bill — also a record — that requires parliamentary approval by March to be enacted.. | The Japanese Cabinet on Friday approved a record 8.7 trillion yen ($55 billion) defense budget for 2025 as Japan accelerates building up its strike-back capability with long-range cruise missiles and starts deploying Tomahawks to fortify itself against growing threats from China, North Korea and Russia. The Cabinet-endorsed draft defense budget marks the third year of Japan’s ongoing five-year military buildup under the national security strategy adopted in 2022. The defense spending is part of the more than 115 trillion yen ($730 billion) nationalbudgetbill — also a record — that requires parliamentary approval by March to be enacted. Japan is preparing to deploy U.S.-made Tomahawks late in the fiscal year 2025 as part of its ongoing effort to acquire strike-back capability with long-range missiles that can hit distant targets. The budget allocates 940 billion yen ($6 billion) for the so-called “standoff” defense system that also includes long-range missiles, satellite constellation and other arsenals. The cost includes 1.8 billion yen ($11.4 million) for the purchase and addition of equipment to launch Tomahawks from an Aegis-class destroyers. In order to reinforce its missile defense system, Japan plans to spend another 533 billion yen ($3.37 billion) that includes purchases of interceptors and a mobile reconnaissance radar to be placed on Okinawa, where more than half of about 50,000 American troops are based. Under the defense strategy, Japan aims to eventually double its annual military spending to around 10 trillion yen ($63 billion), making it the world’s No. 3 military spender after the United States and China. As part of the military buildup, Japan is pushing to strengthen its largely domestic defense industry by participating in joint development and promoting foreign sales. For 2025, Japan plans to spend 314.8 billion yen ($2 billion) to build three 4,800-ton new multi-purpose compact destroyers, or FFM, that require 90 crew members, less than half the crew size currently needed as a result of automation and labor-saving design — the platform Japan wants Australia to choose for their future frigates. They are upgraded Mogami-class destroyers equipped with long-range missiles, reinforced anti-submarine warfare functions and high stealth performance, officials say. The destroyers built by the Mitsubishi Heavy Industries is one of two candidates shortlisted by Australia for its Sea 3000 frigate project and is competing against Germany’s MEKO A-200 offered by Thyssenkrupp Marine Systems. Japan would jointly develop and produce frigates for the Australian Navy. The project not only serves to further deepen cooperation between Japan and Australia but contributes to enhancing Japan’s warship capabilities, Defense Minister Gen Nakatani said last month. Japan, whose only treaty ally is the United States, has developed close ties with Australia and considers it a semi-ally as they face China’s growing threat in the region. Japan is desperate to win the deal after it lost to France in the 2016 submarine deal with Australia. Prime Minister Shigeru Ishiba’s Cabinet has already approved foreign sales of Mogami-class FFM to Australia in hopes it is selected, and set up a joint panel of government and industrial officials to step up its campaign drive to Canberra. Japan is also jointly developing a next-generation fighter jet with Britain and Italy for deployment in 2035 and allocated 108.7 billion yen ($690 million) in the budget for the project. As the country’s population continues to shrink, Japan focuses on unmanned weapons and artificial intelligence to make up for the declining number of servicemembers and allocated 111 billion yen ($703 million). Separately, the budget also government this week also adopted a plan to reinforce the “human base” by significantly improving salary, working conditions and support for career paths for the Self Defense Force to attract more applicants. | 2024-12-27 11:24 | 2024-12-27 | 11:24 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/no-major-changes-in-upcoming-nse-rejig-ntpc-punjab-national-bank-to-see-highest-inflows-12898641.html | No major changes in upcoming NSE rejig; NTPC, Punjab National Bank to see highest inflows | Power Grid, BEL, ONGC, Coal India, Oil India, NHPC, NBCC, NLC India and SJVN will see their weight in the CPSE index fall..Related stories. | The quarterly NSE indices rejig will see no major changes or significant volume impact, as per Nuvama Institutional Equities. The Nifty Indices quarterly rejig for the December 2024 review is scheduled for December 30. The few counters, from the CPSE, Nifty 50 and Nifty Bank indices, that will see the most changes in passive inflows are:Net InflowsNameInflowsNPTC$74 millionPunjab National Bank$25 millionIndusInd Bank$23 millionFederal Bank$18 millionBank of Baroda$17 millionAdani Enterprises$15 millionICICI Bank$14 millionThe counters that will see the most passive outflows are:Net OutflowsNameOutflowsSBI-$57 millionHDFC Bank-$47 millionPower Grid-$23 millionKotak Mahindra Bank-$20 millionBharat Electronics-$19 millionONGC-$17 millionCoal India-$16 millionThe benchmark index Nifty 50 will also see certain changes in weightage across key stocks. A total of eight Nifty 50 stocks will see changes in their weightage. These include HDFC Bank, Adani Enterprises, ICICI Bank, HCL Technologies, HUL, ITC, Tata Motors and M&M. While HDFC Bank’s weightage will rise to 12.8 percent from 12.7 percent, that of Adani Enterprises will be up at 0.6 percent from 0.5 percent. HCL Technologies and ICICI Bank will see a minor addition to their weightage. On account of the increase in weightage, Nuvama Alternative & Quantitative Research estimated increased inflows of up to $15 million for Adani Enterprises, $12 million for HDFC Bank, $4 million for ICICI Bank and $2 million for HCLTech. As for Tata Motors, its weightage will decrease to 1.5 percent, while that for M&M, HUL, and ITC will also come down. Outflows for Tata Motors will likely be around $9 million, $8 million for M&M, $3 million for HUL and $2 million for ITC. The CPSE index will also see changes, with NTPC and Cochin Shipyard being the sole contenders for an increase in weightage. NTPC's weightage will rise to 20 percent in the index, leading to inflows of $74 million, while Cochin Shipyard's weight will increase to two percent, with a total inflow of $13 million. Power Grid, BEL, ONGC, Coal India, Oil India, NHPC, NBCC, NLC India and SJVN will see their weight in the index fall. This will lead to combined outflows of around $87 million. Punjab National Bank, IndusInd Bank, Federal Bank, Bank of Baroda, Canara Bank, AU Small Finance Bank, ICICI Bank, Axis Bank and IDFC First Bank are among the Bank Nifty constituents that will see their weight in the index go up, with an increase in passive flows. On the other hand, HDFC Bank (-$59 million), SBI Bank (-$57 million), and Kotak Mahindra Bank (-$19 million) are among those that will see their weight in the index reduce, leading to outflows. | 2024-12-27 11:23 | 2024-12-27 | 11:23 |
moneycontrol.com | https://www.moneycontrol.com/news/business/coal-exchange-on-anvil-work-underway-to-raise-output-to-meet-demand-12898741.html | Coal exchange on anvil, work underway to raise output to meet demand | To promote coal and lignite gasification projects, the government launched a Coal Gasification Incentive Scheme with a budget of Rs 8,500 crore..Related stories. | The coal sector is likely to witness a spate of activities in the upcoming year, ranging from launching the maiden coal exchange to facilitating trading and rate determination of dry fuel to meet the booming demand of the economy. The government also intends to work more closely in the area of coal gasification, as it is on a high-priority list for energy transition. Coal gasification is a cleaner option compared to burning coal, as it facilitates the utilization of the chemical properties of dry fuel. Talking to PTI, Coal Additional Secretary Rupinder Brar said, "The demand (for coal) is extremely important. And we do see demand growing in India considering the growing size of the economy… Therefore, coal will also definitely be required and we are conscious of that and are working towards that." The efforts will be to continuously augment coal output and align it with the demand, she said. Brar mentioned that the pre-2014 policy on mine allocation has been disbanded, and now the government gives blocks to allottees only when it is sure that it will be mined. "If you do early production, operationalization of the mine, you get incentives, rebates. If you don’t, then there are penalties attached to it," the official said. Elaborating on the priority areas of her ministry in the new year, Brar said the government is committed to a sustainable coal sector, balancing environmental sustainability with the well-being of coal-dependent communities. She expressed optimism about the coal exchange in 2025, and the details are being worked out. The production rate, both in state-owned Coal India Ltd (CIL) and its subsidiaries, as well as the commercial and captive mines, has been exhibiting excellent growth. She added that the coal ministry hopes to build on this positive growth story and take it further in the upcoming year. According to the government’s provisional figures, the cumulative coal production, which includes output from CIL and captive and commercial mines, in the April-November period of the current fiscal year registered a growth of 6.21 percent, reaching 628.03 million tonnes (MT) over 591.32 MT during the same period in 2023-24. According to Deloitte India, the production of thermal coal in the country is expected to grow at a moderate 8-10 percent, mainly due to a rise in electricity consumption from retail as well as commercial sources. This growth is expected to be driven by captive mines, which are expected to boost production to 175 million tonnes. "India’s thermal coal imports are expected to remain stable around 200-210 million tonnes in 2025," said Deloitte India Partner Rajib Maitra. India is likely to continue to drive global demand for coking coal as it expands its blast furnace capacity and aims to reach 300 MT production by 2031. Imports of metallurgical coal to India are expected to increase in 2025 due to strong growth in the production of crude steel. "In FY24, Indian steel production was around 144 million tonnes. In FY25, steel production is expected to have a YoY growth of 6 percent, reaching 152-155 million tonnes. Therefore, the coking coal demand is also expected to grow by 6-7 percent," he said. On the domestic supply side, the coal ministry had auctioned 10 coking coal blocks with a capacity of 22.5 million tonnes in 2023. Some of these blocks are expected to start production in 2025. Overall, the coking coal production in India is expected to increase from 67 MT in FY24 to 71-73 MT in FY25. To promote coal and lignite gasification projects, the government launched a Coal Gasification Incentive Scheme with abudgetof Rs 8,500 crore. Synthesis gas produced from coal gasification can be used in producing synthetic natural gas (SNG), energy fuels (methanol and ethanol), ammonia for fertilizers, and petrochemicals. According to the coal ministry’s action plan for 2024-25, the establishment of a coal trading exchange in the country would open up the market through an online trading platform, along with a clearing and settlement mechanism, and provide easy availability of dry fuel. The draft note for the Cabinet for setting up the coal exchange has already been circulated for inter-ministerial consultations. | 2024-12-27 11:21 | 2024-12-27 | 11:21 |
moneycontrol.com | https://www.moneycontrol.com/technology/from-on-device-ai-capabilities-to-slimmer-phones-tech-that-may-become-popular-in-2025-article-12898711.html | From on-device AI capabilities to slimmer phones: Tech that may become popular in 2025 | artificial intelligence. | Smartphones and other electronic devices keep evolving every year. The year 2025 is just around the corner and we are expecting to see some major changes and improvements to the future phones, tablets, laptops, etc. Here we’ve put together 9 such tech trends that are going to define 2025. On-device AI processingSmartphone AI started in 2024 when Samsung launched the Galaxy S24 series with Galaxy AI. While AI features are set to expand, on-device processing will take centre stage in 2025. This not only speeds up responses but also makes them more secure and adds to privacy. It will also reduce reliance on the cloud. Privacy featuresPrivacy and data safety is expected to take a step up in 2025. With phones becoming more capable, the safety and security parameters are set to become better in 2025. Both Apple and Google are expected to offer more security features with next-generation operating system updates. Slimmer phonesRumours about smartphones getting slimmer have been around for a while. Apple is expected to drop its new iPhone ‘Slim’ phone and so is Samsung. It is rumoured to launch the Galaxy S25 Slim next year. We expect to see the slim phone trend coming back to the smartphone space. Silicon carbon batteriesLithium-ion batteries have ruled the smartphone or tech space for years. 2025 is expected to bring a major change with the new silicon carbon battery. These batteries not only allow manufacturers to put bigger batteries in the existing form factor without increasing the thickness of the device. For instance, the Oppo Find X8 series comes with one and it is slim yet packs a massive 5900mAh battery. This battery feature is expected to arrive in more phones and expand to mid-range phones as well. Augmented reality (AR) devicesApple restarted the AR space or the spatial computer space with its Vision Pro. That trend is expected to become more prominent in 2025. With rumours about Samsung and Google working on building new smart glasses and Vision Pro alternatives, we can see several OEMs launching a similar or some version of AR, and VR devices in the coming year. Cloud-based computingMicrosoft has already announced its Microsoft 365, a cloud-based operating system for business. This trend is expected to take off properly and expected to expand to individual users. Reliance Jio is also expected to make PCs more accessible with Cloud PCs. Game streamingTalking about cloud-based services, gaming is also expected to become more like a streaming service. Both Microsoft and Sony have been working on cloud gaming ideas. Jio also has a platform that lets users stream games on their devices via the cloud. Video AI toolsBoth OpenAI and Google announced their Video AI generator tools in 2025. Called Sora and Veo2 respectively, both tools rely on their respective LLM model to generate video connection just using the command prompt. The Video AI tools and their capabilities are expected to go big in 2025, including their availability to more users. Health features in gadgets (AirPods, more rings)Health features in smartwatches have been there for a while. However, in 2025, rumours suggest that more wearable devices like TWS earbuds (next-generation AirPods) are expected to get some sort of health and fitness features such as heart rate monitoring, step tracking, etc. It is also important to note that this trend isn’t new, Samsung has done the same thing with the Samsung Gear IconX in 2016 with features like activity tracking, calorie burn tracking, heart rate monitoring and more. | 2024-12-27 11:16 | 2024-12-27 | 11:16 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/va-tech-wabag-enters-zambian-market-with-rs-700-crore-water-treatment-project-stock-surges-4-12898672.html | VA Tech Wabag enters Zambian market with Rs 700 crore water treatment project, stock surges 4% | Related stories. | Shares of VA Tech Wabag are higher by more than 4% on December 27 after the company announced an order in Zambia for a waste water treatment project worth Euro 78 million, or around Rs 700 crore. The order came from Lusaka Water Supply and Sanitation Company, and mark VA Tech's entry into Zambia. As part of the order, VA Tech will execute the Engineering, Procurement,and Construction (EPC) of two waste water treatment plants (WWTPs) in Zambia over 36 months. Guhan Kandasamy, Head - Sales and Marketing (Africa), forVA Tech Wabagsaid this is one of Zambia’s largest and most advanced sanitation projects in recent decades. The order has been funded by the European Investment Bank (EIB) and KfW of Germany. The company has been attempting to further enhance presence in Middle East, Africa, Southeast Asia and CIS countries. "With promising order pipeline, we are confident in sustaining our growth momentum through the second half of the financial year and in line with our medium-term outlook," VA Tech said during the September quarter earnings. VA Tech was recently in news after a Rs 2,700 croretender awarded by the Saudi Water Authoritywas cancelled, leading to a sharp fall in the share price. The order was nearly 20% of VA Tech's H1FY25 orderbook value of Rs 14,500 crore. However, the authority later clarified that a fresh tender will be floated again in a couple of weeks. VA Tech Wabag has been present in Saudi Arabia and working on water treatment projects for over four decades. The international business of VA Tech has remained robust with 54% of H1FY25 revenue from overseas projects, and international projects constitute 39% of the company's order backlog. H1FY25 saw a total order inflow of over Rs 4,600 crore for VA Tech Wabag, with 57% coming from international clients and 31% from the industrial sector. VA Tech is anticipating an order book position of over Rs 16,000 crore by the end of FY25. Shares of VA Tech are higher by 155% so far in 2024. | 2024-12-27 11:09 | 2024-12-27 | 11:09 |
moneycontrol.com | https://www.moneycontrol.com/news/india/why-manmohan-singh-often-wore-a-blue-turban-12898720.html | Why Manmohan Singh often wore a blue turban? | Former Prime Minister Manmohan Singh.Related stories. | Why did former Prime Minister Manmohan Singh opt for blue turbans often? The mystery of his iconic blue turban was unravelled a few years ago when the Cambridge alumnus Singh revealed that the colour is an homage to his alma mater and serves as a reminder of his memorable days at the prestigious university. Prince Philip, the Duke of Edinburgh and Chancellor of Cambridge University, had highlighted the colour of Manmohan Singh's turban as he bestowed upon him a Doctorate of Law in 2006. Singh had then revealed that light blue was one of his favourites and was often seen on his head. Reflecting on his time at Cambridge, the soft-spoken economist-turned-prime minister reminisced about the nickname his friends gave him: "Blue Turban." "My memories of my days in Cambridge are deep," Singh had said. At that time, Singh had also expressed his gratitude to the university and said he was the third Prime Minister after Jawaharlal Nehru and Rajiv Gandhi to have studied there. "My teachers and my peers in Cambridge taught me to be open to argument and to be fearless and lucid in the expression of one's opinions. These virtues and a relentless desire to pursue intellectual truth were inculcated in me at Cambridge," he said. Manmohan Singh, the architect of India's economic reforms, passed away on Thursday night at Delhi's All India Institute of Medical Sciences (AIIMS). He was 92. Singh was born on September 26, 1932, in a village in the Punjab province of undivided India. He completed his Matriculation examinations from the Punjab University in 1948. His academic career took him from Punjab to the University of Cambridge, UK, where he earned a First Class Honours degree in Economics in 1957. He followed this with a D Phil in Economics from Nuffield College at Oxford University in 1962. (With PTI inputs) | 2024-12-27 11:03 | 2024-12-27 | 11:03 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/accumulate-petronet-lng-target-of-rs-393-geojit-financial-services-12898718.html | Accumulate Petronet LNG; target of Rs 393: Geojit Financial Services | accumulate.Related stories. | Geojit Financial Services research report onPetronet LNG Petronet LNG Ltd (Petronet) is a public-sector company that imports liquefied natural gas (LNG) and establishes LNG terminals in India. It operates one regasification terminal each in Dahej (17.5 MMTPA installed capacity) and Kochi (5 MMTPA). In Q2FY25, consolidated revenue rose 3.9% YoY to Rs. 13,024cr, supported by robust volume growth, primarily from its Dahej terminal. In Q2FY25, Petronet's Dahej terminal processed 225 trillion British thermal units (TBTU) of LNG, a 7.1% YoY increase, compared to 210 TBTU processed in Q2FY24. However, this represents a 9.3% decrease from the 248 TBTU processed in Q1FY25. On a consolidated basis, Petronet processed a total of 239 TBTU of LNG in Q2FY25, up 7.2% from the 223 TBTU processed in Q2FY24, but down 8.8% from the 262 TBTU processed in Q1FY25. EBITDA declined a marginal 1.0% YoY to Rs. 1,202cr, while the EBITDA margin narrowed 50bps YoY to 9.2% owing to lower utilisation. The Dahej terminal’s utilisation stood at 98% in Q2FY25, down from 109% in Q1FY25, but up from 92% in Q2FY24. The company expects utilisation could be in the range of 95%-100% at Dahej in the near term. Meanwhile, the Kochi terminal is currently at 22% utilisation. Outlook Furthermore, progress on the petrochemical project and the expected improving utilisation at both terminals should support margins. Hence, we reiterate ACCUMULATE rating on the stock, with a revised target price of Rs. 393, based on 14.1x FY26E adjusted EPS. For all recommendations report,click here Petronet LNG -D ec27_2024 - geo | 2024-12-27 11:02 | 2024-12-27 | 11:02 |
moneycontrol.com | https://www.moneycontrol.com/news/india/one-late-night-phone-call-to-manmohan-singh-that-changed-india-s-destiny-12898692.html | One late night phone call to Manmohan Singh that changed India's destiny | Former PM Manmohan Singh passed away in New Delhi on December 26. He was 92.Related stories. | Throughout the 1970s and 1980s, late former Prime Minister Manmohan Singh held many key posts within the government. He served as the chief economic advisor, governor of Reserve Bank of India and the head of the Planning Commission. Yet, it was a phone call in 1991 that catapulted him into the league of legends. READ: Manmohan Singh, former PM & architect of India's economic reforms, passes away at 92 In June 1991, Manmohan Singh got a late night phone call from PC Alexander, a close aide of former PM PV Narasimha Rao. His son-in-law Vijay Tankha answered the call and was asked to wake up Manmohan. A few hours later, Manmohan met Alexander and was informed about Rao's plan to make him the finance minister. This was a turbulent period for India. A fragile Indian economy was facing a severe balance of payments crisis and desperately needed a course correction. Thus, the urgency to install Manmohan as the new finance minister. Manmohan was serving as the UGC chairman back then and had never had a brush with politics. He did not take Alexander seriously. READ: Former PM Manmohan Singh passes away: Timeline of his 5-decade old career However, on June 21, Manmohan was asked to go home and get dressed to attend the swearing-in ceremony. Later, in the book 'Strictly Personal, Manmohan & Gursharan', written by his daughter Daman Singh, Manmohan recalled how everybody was surprised to see him as a member of the new time. Manmohan Singh recalled that his portfolio was assigned later, but Prime Minister Narasimha Rao had personally informed him right away that he would be the new finance minister. Just a month later, Manmohan was to present aUnion Budgetthat would change the Indian economy forever. According to a report in The Times of India, Manmohan got to work from get-go and worked closely with the then RBI deputy governor C Rangarajan to devalue the rupee and removed export controls in partnership with then the commerce minister P Chidambaram. Hours before the budget, the Rao government introduced a new industrial policy, based on a document Manmohan had seen earlier. It removed industrial licensing in most sectors, allowed FDI in 34 industries, ended public sector monopolies and permitted disinvestment. Manmohan's budget also set up SEBI for fundraising and announced a committee under RBI Governor M Narasimhan to restructure the financial sector. During the Budget, tabled on July 24, 1991, Manmohan announced measures to "liberalise the policy regime for direct foreign investment" into India. The former finance minister also announced a radical policy that would end the crippling license raj system in the country. Furthermore, he announce the historic step of opening up Indian economy to the world - facilitating a two-way access to global markets and technologies. While concluding his historic speech, Manmohan quoted famous novelist Victor Hugo, saying "No power on earth can stop an idea whose time has come”. He ended the speech by borrowing the iconic line from renowned poet Girija Kumar Mathur's composition "Hum Honge Kaamyab". 'Would be sacked if ...' Manmohan larter recalled how he was jokingly told by Narasimha Rao that he would be sacked if "things didn't work out well". In Daman Singh's book, Manmohan revealed that the former PM mentioned PV Narasimha Rao was initially sceptical about the idea of liberalization and needed much convincing. "I had to persuade him. I think he was a sceptic to begin with, but later on he was convinced that what we were doing was the right thing to do, that there was no other way out. But he wanted to sanctify the middle path — that we should undertake liberalization but also take care of the marginalized sections, the poor," recounted Singh. However, Manmohan said that Rao's most important role was that he allowed the process of liberalization and opening up to go ahead, and gave it his full support. In the end, that phone call proved to be a turning point for India. | 2024-12-27 11:01 | 2024-12-27 | 11:01 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/sanathan-textiles-shares-debut-with-32-premium-on-listing-12898654.html | Sanathan Textiles shares debut with 32% premium on listing | Sanathan Textiles shares were listed on NSE, BSE on December 27..Related stories. | Sanathan Textiles shares made a healthy stock market debut to list with a premium of around 32 percent on the NSE on December 27. Yarn manufacturerSanathan Textilesstock was listed at Rs 422.3 per share on the NSE over the IPO price of Rs 321, a premium of 31.56 percent. The company's market valuation post listing of shares stood at Rs 3,373.63 crore. On the BSE, the shares of the company were listed at Rs 419.10 per share, up 30.56 percent from the issue price. It later surged 31.66 per cent to Rs 422.65. Check All IPO NewsHere Sanathan Textiles' initial public offering garnered 35.12 times subscription. The issue had a price band of Rs 305-321 per share sale. The company's Rs 550-crore IPO was a combination of a fresh issue of equity shares aggregating up to Rs 400 crore and an Offer-for-Sale (OFS) of shares valued Rs 150 crore by promoters and promoter group entities. The company plans to utilise proceeds from its fresh issue worth Rs 160 crore for payment of debt, while Rs 140 crore will be invested in its subsidiary, Sanathan Polycot Pvt Ltd, for the repayment or prepayment of its borrowings, and the rest will be allocated for general corporate purposes. Sanathan Textiles operates three distinct yarn business divisions -- polyester yarns, cotton yarns, and yarns -- for technical textiles and industrial applications. These divisions are managed under a single corporate entity. | 2024-12-27 11:00 | 2024-12-27 | 11:00 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/gensol-engineering-shares-surge-6-52-on-securing-major-solar-epc-contract-12898674.html | Gensol Engineering Shares Surge 6.52% on Securing Major Solar EPC Contract | The company has secured an EPC contract from NTPC Renewable Energy Limited worth Rs 897.47 crore think of informing.Related stories. | Shares ofGensol Engineering Ltd. witnessed a sharp rise today, currently trading at Rs 756.00, up by 6.52 per cent, on the back of a significant contract win. As per an exchange filing, the company has secured an EPC contract from NTPC Renewable Energy worth approximately Rs 897.47 crore (including GST). This contract entails development of 225 MW Grid Connected Solar PV Projects at GSECL Solar Park (Stage-III) in Khavda, Gujarat. The total bid value of the project is including three years of O&M. As per media reports, the contract between NTPC REL and Gensol Engineering was finalized last week. Over the course of one month, the stock has lost 11.4 per cent of its value. Follow for live updates The company specialises in solar power engineering, procurement, and construction (EPC) services. Shilpa Urhekar, CEO of Solar EPC (India) at Gensol, expressed her delight at securing the contract: "We are thrilled to announce that we have been awarded the prestigious PV project contract by NTPC Renewable Energy Limited (NTPC REL) at GSECL SOLAR PARK (STAGE-III), located in the Rann of Kutch, Gujarat. This collaboration demonstrates the belief in Gensol’s leadership in project management proficiency and renewable expertise." As of recent, the company had also secured another 22 MW Ground Mount Solar PV Project from a leading steel products company in Punjab. Gensol Engineering Ltd's performance as per Q2FY25 results registered a total income of Rs 346.82 crore and net profit after tax climbing 29 percent year-on-year to Rs 29.38 crore. While expenses decreased and operating profit margins improved, a significant increase in interest costs led to a decline in the operating profit to interest ratio. | 2024-12-27 10:59 | 2024-12-27 | 10:59 |
moneycontrol.com | https://www.moneycontrol.com/news/business/startup/chips-colas-condoms-rule-shopping-carts-on-blinkit-zepto-instamart-in-2024-12898639.html | Chips, colas, condoms rule shopping carts on Blinkit, Zepto, Instamart in 2024 | Quick commerce new year trends.Related stories. | From 1.75 crore packs of Maggi on Blinkit to 12 lakh packets of Lay’s Magic Masala on Zepto and 2.7 lakh toothbrushes on Swiggy Instamart - customers went gung-ho on quick commerce in 2024. This year was all about quick deliveries, be it groceries, mobile phones, laptops, medicines or even fashion. As such, 2024 saw several interesting and, somewhat obscure, purchases being made on quick commerce platforms. Some deliveries broke all speed limits in 2024. Zepto delivered its fastest order of the year in only 25 seconds, while Instamart completed its fastest delivery 180 metres away in Kochi in just 89 seconds. Instamart hasemerged as the fastest playerin the rapidly accelerating quick commerce space with an average delivery time of 8 minutes, outpacing its competitors Zepto at 9 minutes and market leader Blinkit at 11 minutes, according to a recent report by JP Morgan. Companies like Instamart and Zepto are now offering users 2,4z7 deliveries to meet their quick commerce needs. Snacks lovers drive sales Soft drinks and snacks were a big hit on quick commerce channels. Blinkit saw as many as 1.85 crore Coca-Cola cans, 84 lakh bottles of Thums Up, 14.6 lakh bottles of Maaza in 2024. In fact, a single user ordered 1,203 bottles of Sprite during the year. Most of the demand for snacks on Instamart came from Delhi, where users spent as much asRs 60 crore on instant noodles.They also splurged on potato chips, with more than 43 snack lovers spending over Rs 75,000 on chips this year. The top chip fanatics on Instamart also came from cities like Hyderabad, Chennai, Kochi, and Kolkata. Over 2 crore snacks were ordered between 12am and 4am on Zepto. Mumbai users alone purchased 31.5 lakh snacks during the same time. Festivals ring in the cheer Festivities played a big role in driving up a lot of sales for quick commerce players in 2024 as well. A Zepto user from Gurugram purchased 707 pooja essentials during the year. A similarly devoted customer from Ahmedabad spent a staggering Rs 8.3 lakh on gold coins on Instamart, setting to gold standard on Dhanteras. The rest of India, on the other hand, spent as much as Rs 45 lakh on brooms on Diwali through Instamart, and customers in Delhi splurged Rs 4.6 lakh on poker chips on the same day. Love was in the air on the Valentine's Day, when Instamart users ordered 307 roses per minute, while Bengaluru users on Zepto ordered 8.25 lakh roses across the entire year. While Blinkit users in Mumbai bought 17.6 lakh condoms, Zepto delivered 4 lakh condoms in Bengaluru. Not to be outdone, one in every 140 orders on Instamart comprised a sexual wellness product, with the top spender on condoms on the platform hailing from Bengaluru. Big spenders and obscure purchases The big spenders on Instamart hailed from Delhi and Dehradun in 2024, splurging over Rs 20 lakh on the platform this year, with products like atta, milk, and oil filling their carts. In fact, milk, curd, dosa batter, chips, and soft drinks were among the top five products sold on the platform. When it came to individual spenders, a Mumbai resident spent over Rs 15 lakh this year on pet supplies, primarily dog and cat foods. Another pet lover from Chennai stocked up with 5,234 quantities of pet food from Zepto. In terms of obscure purchases, someone ordered 55 bottles of Fevicol in a single order on Blinkit. In Kolkata, 96 packs of Tata Tea Gold kept a Zepto user caffeinated all year long. A user named Ravi from Hyderabad kept indigestion at bay by ordering 217 Eno bottles in 2024. Someone from Hyderabad led the mango frenzy by spending Rs 35,000 on the fruit in May on Instamart, while a Chennai-based user splurged Rs 1.25 lakh on electronics, electricals and home appliances this year, picking up nearly 85 items. | 2024-12-27 10:54 | 2024-12-27 | 10:54 |
moneycontrol.com | https://www.moneycontrol.com/technology/whatsapp-rolls-out-new-ar-effects-and-background-filters-for-ios-users-article-12898669.html | WhatsApp rolls out new AR effects and background filters for iOS users | WhatsApp.Related stories. | WhatsApp has introduced a new feature that lets iOS users add augmented reality (AR) effects, filters, and backgrounds to their videos and photos. With the latest update (version 24.25.93), users can personalize their video calls and media sharing like never before. These features aim to make video calls more engaging and allow users to express themselves creatively. What’s new? iPhone users can now enjoy augmented reality (AR) effects, dynamic backgrounds, and filters directly through WhatsApp’s camera. The new features include: –AR Effects: Animated elements like confetti and stars can now appear on your screen, making interactions more fun.–Dynamic Backgrounds: Replace your real environment with custom visuals to ensure privacy or add flair to your setting.–"Goof Face" Effect: Playful tools that alter facial expressions dynamically for a lighthearted touch.–Color Tone Adjustments: Adjust video hues to warmer or cooler tones to match lighting or personal preferences.–Touch-Up Mode: Subtle enhancements to smooth skin tones and reduce imperfections for a polished look.–Low-Light Mode: Improved visibility in dim settings through automatic brightness and contrast adjustments. How to use these features –Open the WhatsApp camera.–Tap the new wand icon to access the effects.–Experiment with AR filters, background changes, and facial enhancements to customize your appearance. These tools are accessible through the camera interface and can also be managed in WhatsApp’s privacy settings, providing flexibility to switch effects on or off based on the occasion. Who can access it? Currently, the feature is rolling out to some iOS users who have updated to the latest WhatsApp version. Over the coming weeks, more users will gain access, ensuring a broader rollout. | 2024-12-27 10:53 | 2024-12-27 | 10:53 |
moneycontrol.com | https://www.moneycontrol.com/news/world/jaishankar-meets-nsa-sullivan-at-white-house-discusses-regional-global-developments-12898689.html | Jaishankar meets NSA Sullivan at White House, discusses regional, global developments | "A wide-ranging discussion on the progress of India-US strategic partnership. Also exchanged views on current regional and global developments," Jaishankar said in a post on X on Thursday.. | External Affairs Minister S. Jaishankar met National Security Advisor Jake Sullivan at the White House, where both leaders had a wide-ranging discussion on the progress of the India-US strategic partnership. Jaishankar is currently on an official visit to the US, during which he is scheduled to meet his US counterpart Antony Blinken and other senior members of the outgoing Biden administration. "A wide-ranging discussion on the progress of India-US strategic partnership. Also exchanged views on current regional and global developments," Jaishankar said in a post on X on Thursday. The External Affairs Minister is also likely to have introductory meetings with the senior leadership of the incoming Trump administration. During his current US visit, from December 24 to December 29, the top Indian diplomat will also chair a conference of the Consul Generals of India in the US. | 2024-12-27 10:42 | 2024-12-27 | 10:42 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/mamata-machinery-stock-price-share-lists-at-147pc-premium-over-ipo-price-on-nse-12898591.html | Mamata Machinery shares make a stellar stock market debut with 147% premium over IPO price | Mamata Machinery shares listed with a strong premium on both NSE and BSE on December 27..Related stories. | Mamata Machinery shares listed with a high premium of 147 percent on the NSE over its IPO price on December 27, following a whopping subscription of 194.95 times to its Rs 179.39-crore initial public offering (IPO). The packaging machinery manufacturerMamata Machinery Ltdstock listed at Rs 600 per share on the NSE over its issue price of Rs 243 apiece, a strong premium of 146.91 percent. The company's market valuation post listing of shares stood at Rs 1,476.47 crore. On the BSE, the shares of the company were listed at Rs 600 per share. The IPO was priced in the range of Rs 230-243 per share. The Gujarat-based company's initial share sale was entirely an Offer-for-Sale (OFS) of 73.82 lakh equity shares by promoters worth Rs 179.38 crore at the upper-end of the price band. Mamata Machinery: Should you buy, sell or hold? Mamata Machinery share listing was far better than the expectations in the grey market. On the day of listing, the shares of the company were commanding a GMP of around 107 percent in the unofficial market. The company stated that the objective of the initial share sale is to gain the advantages of listing the equity shares on the stock exchanges, anticipating that listing the equity shares will boost its visibility and brand image, provide liquidity to its shareholders, and establish a public market for the equity shares. Analysts are optimistic about the company's growth prospects, citing its extensive product portfolio, global footprint, and leadership in packaging machinery technology. They recommend holdingMamata Machineryshares for the long term on the back of the company’s investments in research and development (R&D) and continuous innovation. Check ALL IPO NewsHere Prathamesh Masdekar, Research Analyst at StoxBox, suggests holding the stock due to Mamata Machinery’s market presence. "Investors allotted shares should hold from a medium- to long-term perspective. The company’s strong international presence, with manufacturing facilities in India and the US, coupled with its innovative capabilities and focus on customisation, enhances its growth potential," he said. | 2024-12-27 10:39 | 2024-12-27 | 10:39 |
moneycontrol.com | https://www.moneycontrol.com/news/business/brazil-says-workers-at-byd-construction-site-victims-of-human-trafficking-12898610.html | Brazil says workers at BYD construction site victims of human trafficking | However, the companies have questioned the authorities’ assessment, first announced on Dec. 23, that the workers were operating under ”slavery-like conditions”..Related stories. | Chinese workers found at a construction site for a factory owned by China’s electric vehicle producer BYD in Brazil’s Bahia state are victims of human trafficking, Brazilian labor authorities said on Thursday. BYD and contractor Jinjiang Group have agreed to assist and house the 163 workers in hotels until a deal to end their contracts is reached, Brazil’s Labor Prosecutor’s Office said in a statement issued after meeting representatives from both firms. BYD did not immediately reply to a request for comment. Reuters was unable to reach Jinjiang for comment outside usual working hours. However, the companies have questioned the authorities’ assessment, first announced on Dec. 23, that the workers were operating under ”slavery-like conditions”. The parties are scheduled to meet again on Jan. 7, according to the statement. A proposed deal by labor prosecutors will be presented to the two firms. A deal could clear BYD and Jinjiang from an investigation by labor prosecutors, but they could still face scrutiny from labor inspectors and from federal prosecutors, who have requested the sharing of the evidence so that ”measures can be adopted in the criminal sphere”, the statement said. BYD has been building the factory in Bahia to produce 150,000 cars initially as part of plans to start production in Brazil, the Chinese EV company’s largest overseas market, in early 2025. The factory has become an important symbol of China’s growing influence in Brazil, and an example of a closer relationship between both countries. BYD has invested about $620 million to set up the Bahia factory complex alone. The reports of irregularities in Bahia could prove to be a major sticking point in their relations. Brazil has long sought more Chinese investment. But China’s model of taking Chinese workers to the countries where it invests presents a challenge to local job creation, a priority for President Luiz Inacio Lula da Silva. | 2024-12-27 10:33 | 2024-12-27 | 10:33 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/dam-capital-ipo-listing-bonanza-shares-debut-at-robust-39-premium-on-bse-and-nse-12898673.html | DAM Capital IPO listing bonanza: shares debut at robust 39% premium on BSE and NSE | Investment banker Dharmesh Mehta-led DAM Capital Advisors raised Rs 840 crore through its IPO, which closed on December 23..Related stories. | DAM Capital Advisors shares made their stock market debut today, listing at Rs 393 on the NSE, marking a premium of 39 percent over the issue price of Rs 283 per share. The robust listing, though slightly below the unofficial market estimates, comes on the back of strong investor demand during the IPO, which was oversubscribed 81.88 times. Strong listing for DAM Capital shares in a competitive market Investment banker Dharmesh Mehta-ledDAM Capital Advisorsraised Rs 840 crore through its IPO, which closed on December 23. The offer comprised an entirely offer-for-sale by existing shareholders, including the promoter and key investors. The IPO saw overwhelming participation from qualified institutional buyers (subscribed 166.33 times), followed by non-institutional investors (98.47 times) and retail investors (12.45 times). Growth trajectory and outlook Analysts suggest booking partial profits on listing gains while retaining some shares for the long term, given DAM Capital’s strong market presence and growth potential. Non-allottees may consider buying on dips post-listing. DAM Capital Advisors has demonstrated consistent growth, with a total income CAGR of 38.8 percent between FY22 and FY24 and EBITDA rising at a 73.4 percent CAGR during the same period. The company’s strategic focus on emerging investment themes and partnerships positions it well to capitalise on India’s vibrant equity markets. Key considerations for investors With its strong listing, DAM Capital has reinforced its market position as a leading investment bank. While the stock’s trajectory will depend on broader market sentiment and performance, analysts remain optimistic about its long-term growth potential. Investors are advised to track the company’s performance closely and make decisions aligned with their investment goals. | 2024-12-27 10:25 | 2024-12-27 | 10:25 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/transrail-lighting-ipo-listing-bonanza-shares-debut-at-robust-37-premium-on-bse-and-nse-12898679.html | Transrail Lighting IPO listing bonanza: shares debut at robust 37% premium on BSE and NSE | Transrail Lighting IPO saw a strong listing gain on Friday, in line with street expectations..Related stories. | Transrail Lighting shares made their stock market debut today, listing at Rs 590 on the NSE, marking a premium of 37 percent over the issue price of Rs 432 per share. The robust listing was broadly in line with market expectations, and comes on the back of strong investor demand during the IPO, which was subscribed 81 times. Highlights of Transrail Lighting IPO and listing Engineering and construction companyTransrail Lightingraised Rs 839 crore through its IPO, which closed on December 23. The public issue included a fresh issue of Rs 400 crore and an offer-for-sale of Rs 438.9 crore by promoter Ajanma Holdings. Proceeds from the fresh issue will be utilised for working capital requirements, capital expenditure, and general corporate purposes. What should investors do now? Analysts remain optimistic about the company’s long-term potential. Narendra Solanki, Head of Fundamental Research at Anand Rathi Shares, advises investors to hold shares to benefit from Transrail Lighting’s strong order book of Rs 10,213 crore and market visibility. "The issue is fairly priced, and long-term growth is supported by the company’s diversification plans and global presence," he said. For conservative investors, analysts suggest booking partial profits on listing gains, while long-term investors may retain their positions to capitalise on the company’s growth in the power transmission and distribution sector. Growth outlook Transrail Lighting’s strategic focus on expanding its global footprint and entering new markets positions it well to tap into the growing demand for power infrastructure. With a presence in 58 countries and an integrated manufacturing capability, the company is expected to deliver stable growth backed by its robust order book and favourable market trends. | 2024-12-27 10:23 | 2024-12-27 | 10:23 |
moneycontrol.com | https://www.moneycontrol.com/news/india/when-manmohan-singh-came-out-sharply-against-pm-modi-during-2024-lok-sabha-polls-12898681.html | When Manmohan Singh came out sharply against PM Modi during 2024 Lok Sabha polls | The former prime minister had noted that India was standing at a crucial juncture and, in the last phase of voting, "we have one final chance to ensure that democracy and our Constitution is protected from the repeated assaults of a despotic regime, trying to unleash dictatorship in India".Related stories. | His delicate health notwithstanding, the politician in former prime minister Manmohan Singh came out sharply during the 2024 Lok Sabha elections when he accused his successor Narendra Modi of lowering the dignity of public discourse and the gravity of the office of the prime minister by delivering "hateful speeches" during the poll campaign. In an appeal to voters in Punjab ahead of the seventh phase of the Lok Sabha polls on June 1, Singh had asserted that only the Congress could ensure a growth-oriented progressive future where democracy and the Constitution would be safeguarded. The senior Congress leader had also hit out at the BJP government for imposing an "ill-conceived" Agnipath scheme, which he termed as a threat to national security. "The BJP thinks that the value of patriotism, bravery and service is only four years. This shows their fake nationalism," he had said in what is considered as his last letter to voters of Punjab. The Congress had released Singh's letter to the media on May 30. Singh had said those who trained for regular recruitment were woefully betrayed by the Modi regime. He had said, "The youth of Punjab, the son of the farmer, who dreams of serving the motherland through the Armed Forces, is now thinking twice about getting recruited only for a four-year stint. The Agniveer scheme endangers national security. The Congress party has therefore promised to abolish the Agniveer scheme." Mounting an attack on Modi, he had said, "I have been keenly following the political discourse during this election campaign. Modi ji has indulged in the most vicious form of hate speeches, which are purely divisive in nature. Modi ji is the first prime minister to lower the dignity of public discourse, and thereby the gravity of the office of the prime minister." "No prime minister in the past has uttered such hateful, unparliamentary and coarse terms, meant to target either a specific section of the society or the opposition. He has also attributed some false statements to me. I have never in my life singled out one community from the other. That is the sole copyright of the BJP," the former prime minister had said. "People of India are seeing through all of this. This narrative of dehumanisation has now reached its peak. It is now our duty to save our beloved nation from these forces of discord," Singh had said. He had appealed to the voters to give love, peace, fraternity and harmony a chance in India and urged the voters in Punjab to vote for development and inclusive progress. "I appeal to all the young minds to exercise caution and vote for a brighter future. Only Congress can ensure a growth-oriented progressive future, where democracy and the Constitution shall be safeguarded," Singh had said. Modi had accused Singh of saying that Muslims had the first right on the country's resources. "This narrative of dehumanisation has now reached its peak. It is now our duty to save our beloved nation from these forces of discord," Singh had said in the letter. The former prime minister had noted that India was standing at a crucial juncture and, in the last phase of voting, "we have one final chance to ensure that democracy and our Constitution is protected from the repeated assaults of a despotic regime, trying to unleash dictatorship in India". Lauding Punjabis as warriors, he had said they were known for their spirit of sacrifice and indomitable courage and innate belief in the democratic ethos of inclusiveness, harmony, amity and brotherhood could protect our great nation. "In the past 10 years, the BJP government has left no stone unturned in castigating Punjab, Punjabis and Punjabiyat. 750 farmers, mostly belonging to Punjab, were martyred while incessantly waiting at Delhi borders, for months together. As if the lathis and the rubber bullets were not enough, none less than the prime minister verbally assaulted our farmers by calling them 'andolanjeevis' and 'parjeevi (parasites)' on the floor of Parliament. Their only demand was the withdrawal of the three farm laws imposed on them without consulting them," he had said. "Unprecedented unemployment and unbridled inflation have greatly widened inequality, which is now at a 100-year high. While the Congress-UPA, despite challenges, increased the purchasing power of our people, the misrule of the BJP government has resulted in depletion of household savings to a historic 47-year low," he had added. Singh, the architect of India's economic reforms and a consensus builder in the rough world of politics, died at the All India Institute of Medical Sciences, Delhi, late on Thursday. He was 92. | 2024-12-27 10:20 | 2024-12-27 | 10:20 |
moneycontrol.com | https://www.moneycontrol.com/news/business/fmcg-companies-double-down-on-super-workers-in-rural-markets-12897871.html | FMCG companies double down on ‘super workers’ in rural markets | File photo.Related stories. | India's fast moving consumer goods (FMCG) companies are ramping up their talent acquisition efforts in rural areas. They are seeking versatile or seemingly ‘super workers’ who can seamlessly handle multiple functions, ranging from delivery to sales. High on the list are individuals with valid driving licences or those willing to develop new skills amid the companies' bid to adapt to rapidly changing consumer preferences coupled with emerging realities of digital channels. Analysts cite that the surge in rural multitasking workforce recruitment by FMCG players is driven not only by the rise of quick-commerce (q-commerce), but also the growing need to strengthen traditional distribution networks and ensure product availability in the hinterlands. Modern demand prediction models are bringing production and distribution closer to real-time. This paradigm shift is bringing a new set of challenges and opportunities for companies, including leading FMCG firms such as Hindustan Unilever Ltd (HUL), ITC, and Tata Consumer, which have set up nano factories closer to the markets they serve. These companies have significantly increased their direct distribution efforts over the past two years to reduce reliance on wholesalers. For instance, HUL's homegrown Shikhar app allows retailers to place orders directly, which are then fulfilled by the company or its authorised distributors. Beyond sorters and delivery agents, roles such as sales officers, area managers, and supply chain coordinators are in big demand, particularly those capable of managing multiple responsibilities in rural markets. FMCG job listings on Glassdoor highlight numerous openings for sales officers in areas such as Nandurbar, Surat, and Bhopal, reinforcing this growing trend. Companies have increased hiring by 10 per cent this year and are narrowing their searches to multi-skilled employees, according to data from TeamLease. Currently, the sector employs a total workforce of around three million. Rural India poised to lead growth For FMCG companies, urban markets account for two-thirds of sales by value, while rural areas contribute the rest one-third. However, the strategic focus on Tier-II and Tier-III cities is intensifying as evolving lifestyles and rising purchasing power in rural regions create new growth opportunities. With urban markets facing slowdowns, tapping into rural demand is becoming a crucial avenue for sustaining sales. The desire for convenience products has resulted in a 60 per cent increase in the average FMCG basket size among rural consumers, according to the 2024 Rural Barometer report by Kantar and GroupM. As stressed urban consumers cut back on spending, sales across categories — from biscuits to cars — have taken a hit. However, rural areas continue to show consistent trends of upgrade amid digital expansion and rising incomes. Rural consumers are increasingly opting for higher-quality or premium products, even at higher costs. For instance, HUL observed that rural consumers who previously purchased Re. 1 sachets of Clinic Plus shampoo are upgrading to Rs. 2 Dove sachets. Multi-skilled labour force in demand "The demand for multi-purpose workers is most pronounced in the FMCG sector as rural markets experience significant growth. The sector is focusing on hiring versatile employees capable of handling multiple functions, such as engaging with rural consumers and retailers and ensuring timely product delivery in areas with limited infrastructure," Balasubramanian A, Senior Vice-President and Business Head at TeamLease, toldMoneycontrolin a recent interview. He cited the example of van sales representatives, who play a key role in connecting brands with customers in urban and rural markets. Their duties include driving sales vans, replenishing stock, taking customer orders, delivering products, collecting payments and maintaining sales records. Companies are offering upskilling programmes to train these representatives in safe driving, digital sales tools, and communication skills. They are helping these representatives expand into new markets and drive growth. "Workers are trained in customer engagement, product knowledge, and the use of technology in daily tasks to bridge the gap between traditional and digital sales. Many companies are investing in upskilling initiatives to equip workers with the versatility needed for multi-purpose roles. It’s rare to find an individual with both driving and sales skills," said Balasubramanian. As companies seek flexibility and efficiency, there may be a gradual shift from specialised positions to more generalised roles that encompass multiple functions, potentially redefining job descriptions across sectors. FMCG demand in rural India is projected to grow up to 400 basis points (bps) higher than urban demand, according to TeamLease. "The rural landscape is no longer just a geographical space. It’s a digital frontier full of opportunities. As rural consumers embrace online platforms, brands must adapt their strategies to meet them where they are," said Ajay Mehta, Managing Director (MD), GroupM, OOH Solutions. India's FMCG sector recorded 5.7 per cent growth by value and 4.1 per cent growth in volume during the July-September quarter, according to consumer intelligence firm NielsenIQ. Price growth was recorded at 1.5 per cent, with rural volume growth surpassing urban growth for the third consecutive quarter, reaching 6 per cent. | 2024-12-27 10:08 | 2024-12-27 | 10:08 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/newmalayalam-steel-shares-list-flat-ipo-price-on-nse-sme-misses-gmp-estimates-12898671.html | Newmalayalam Steel shares list flat IPO price on NSE SME; misses GMP estimates | The company plans to use the net proceeds from the offer to upgrade its IT and manufacturing technology, expand its solar power generation facility, and fund the construction of a new factory shed with storage within its Kerala premises..Related stories. | Shares ofNewmalayalam Steelmade a dismal start on its stock market debut after listing flat at the IPO price of Rs 90 per share on the NSE SME platform. The listing, however, missed grey market estimates where shares were trading at a premium of 33 percent over the issue price. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Follow our LIVE blog for all the latest market updates The Rs 41.76-crore public offer, which is purely fresh issue of 46.4 lakh shares, received robust investor interest as the issue was subscribed over 50 times in three days. Retail individual investors were at the forefront, buying 88 times the portion reserved for them. Non-institutional investors followed next, purchasing 24 times their allotted quota. QIBs or qualified institutional buyers bought just 1.26 times the portion set aside for them. NewMalayalam Steel Limited, based in Kerala, manufactures galvanized pipes, tubes, and sheets with an installed capacity of 3,500 MT at its electric resistance welding tube mill. Its clients include Jaihind Steel, Aashico Ventures, and George Infra. Known for quality, its products are marketed under the "Demac Steel" brand. Also read:Nearly 100 firms set to end 2024 with valuation of over Rs 1 trillion The company plans to use the net proceeds from the offer to upgrade its IT and manufacturing technology, expand its solar power generation facility, and fund the construction of a new factory shed with storage within its Kerala premises. Additionally, the funds will support advertising, marketing, and brand building, meet incremental working capital needs, cover issue-related expenses, and serve general corporate purposes. | 2024-12-27 10:07 | 2024-12-27 | 10:07 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/concord-enviro-share-price-stock-lists-at-healthy-premium-of-18pc-on-nse-12898635.html | Concord Enviro shares list at 18% premium over IPO price on NSE | Concord Enviro Systems shares were listed on both NSE and BSE on December 27..Related stories. | Concord Enviro shares made a healthy stock market debut on December 27 after its shares were listed at a premium of 18 percent over its issue price on the National Stock Exchange (NSE). Concord Enviro Systems Ltdstock listed at Rs 826 per share on the NSE, a premium of 17.83 percent against the IPO price of Rs 701 apiece. The company's market valuation post listing of shares stood at Rs 1,709.51 crore. Shares of the company listed at Rs 832 per share on the BSE. Mumbai-basedConcord EnviroIPO received 10.67 times subscription to its Rs 500.33 crore issue. The IPO had a price range of Rs 665-701 per share. The IPO had a fresh issuance of equity shares worth Rs 175 crore and an Offer-for-Sale (OFS) of 46.41 lakh equity shares valued at Rs 325.33 crore, at the upper-end of the price band, by promoters and an investor. The proceeds from the fresh issue will be invested in Concord Enviro FZE (CEF) for setting up a new assembly unit for water treatment systems as well as its working capital requirement. Concord Enviro Systems is an integrated solutions provider for industrial water reuse and zero liquid discharge solutions, with an in-house position across the value chain. Check All IPO NewsHere Given the mixed signals in financial performance and valuation metrics,analysts recommend a cautious approachfor investors. Sagar Shetty, Research Analyst at StoxBox, sounds caution due to Concord Enviro’s inconsistent financial performance and aggressive dilution of promoter holdings. "Negative operating cash flow in FY24 and subdued investor confidence reflected in the low GMP suggest caution. Investors allocated shares should consider booking profits on listing gains and monitor future performance closely," he advised. | 2024-12-27 10:06 | 2024-12-27 | 10:06 |
moneycontrol.com | https://www.moneycontrol.com/news/world/china-s-xi-jinping-will-visit-russia-in-2025-russian-ambassador-says-12898609.html | China's Xi Jinping will visit Russia in 2025, Russian ambassador says | China’s foreign ministry did not immediately respond to a request for confirmation from Reuters.. | China’s President Xi Jinping will visit Russia in 2025, Russia’s RIA news agency quoted Moscow’s ambassador to Beijing as saying early on Friday. ”As for concrete bilateral events, I can say that the appropriate plans are actively being drawn up,” ambassador Igor Morgulov told RIA. ”What can be said that is no secret, in terms of priority, is that the chairman of the People’s Republic of China is expected in Russia next year.” China’s foreign ministry did not immediately respond to a request for confirmation from Reuters. | 2024-12-27 09:59 | 2024-12-27 | 09:59 |
moneycontrol.com | https://www.moneycontrol.com/news/india/new-criminal-code-banking-laws-waqf-onoe-key-bills-and-legislation-that-made-headlines-in-2024-12895355.html | New criminal code, banking laws, Waqf, ONOE: Key bills and legislation that made headlines in 2024 | Parliament.Related stories. | The year 2024 saw three Parliament sittings - the Interim Budget Session in February, the Budget and Monsoon Session in July & August and the Winter Session in November-December. Several key bills were passed in Parliament and important laws were enacted during the year. Despite frequent disruptions due to protests by opposition members, Parliament managed to clear as many as 19 bills over the four sessions. The Banking Laws (Amendment) Bill, 2024, the Railways (Amendment) Bill, 2024, and the Bharatiya Vayuyan Vidheyak, 2024 are some of the key bills that were passed by Parliament. Moreover, the Bharatiya Nyaya (Second) Sanhita (new criminal laws) also came into effect on July 1, 2024. The Bill was introduced and cleared by Parliament last year. Here's a list of key bills passed in the four sittings of the Parliament this year: Interim Budget Session 2024: Jan 31-Feb 10 The Interim Budget Session of Parliament 2024 commenced on January 31 and concluded sine die on February 10, 2024. The session included 9 sittings, during which a total of 10 bills were passed. The Finance Bill, 2024- The bill was introduced on February 1 and passed on February 7 and 8 in Lok Sabha and Rajya Sabha respectively. The Finance Bill is a part of theUnion Budgetof India that outlines the legal changes required for the Finance Minister's proposed tax changes. The Constitution (Scheduled Castes and Scheduled Tribes) Orders (Amendment) Bill, 2024- The bill was introduced on February 5, and passed on February 8 and 6 in Lok Sabha and Rajya Sabha respectively. The bill amends the Constitution (Scheduled Castes) Order, 1950 and the Constitution (Scheduled Tribes) Order, 1950 to modify the lists of Scheduled Castes and Scheduled Tribes in Odisha and Andhra Pradesh The Constitution (Scheduled Tribes) Order (Amendment) Bill, 2024- The bill was introduced on February 5 and passed on February 8 and 6 in Lok Sabha and Rajya Sabha respectively. The bill adds the Bondo Porja, Khond Porja, and Konda Savaras tribes to the list of Scheduled Tribes in Andhra Pradesh. The bill adds the Pahari Ethnic Group, Padari Tribe, Koli, and Gadda Brahmin communities to the list of Scheduled Tribes in Jammu and Kashmir. The bill aims to empower these communities. The Jammu and Kashmir Appropriation Bill, 2024- The bill aims to authorise payment and appropriation of certain further sums from and out of the Consolidated Fund of Jammu and Kashmir for the services of FY 23-24. The Jammu and Kashmir Appropriation (No.2) Bill, 2024- The legislation authorizes the government to draw funds amounting to roughly Rs 75.9 thousand crores from the consolidated fund of Jammu and Kashmir for FY24-25. The Appropriation Bill, 2024- A bill to authorise payment and appropriation of certain further sums from and out of the consolidated fund of India for the services of FY23-24. The Appropriation (Vote on Account) Bill, 2024- The bill authorises the withdrawal of approximately Rs 61.6 lakh crores from the consolidated fund of India for FY24-25. Besides these, the three new criminal laws,Bharatiya Nagarik Suraksha Sanhita, 2023, Bharatiya Nyaya Sanhita, 2023, and Bharatiya Sakshya Adhiniyam, 2023,came into effect from July 1. Some key aspects of the law - Victims will receive a free copy of the FIR, ensuring their participation in the legal process. In the event of an arrest, the individual has the right to inform a person of his choice about his or her situation. This will ensure immediate support and assistance to the arrested individual. Arrest details will now be prominently displayed within police stations and district headquarters, allowing families and friends of the arrested person easy access to important information. The evidence collection process at the crime scene will be mandatorily videographed to prevent evidence tampering. Also Read |New criminal laws come into force today, to replace colonial-era IPC: All you need to know Budget and Monsoon Session of the Parliament 2024: July 22 - August 9 The Budget Session, 2024 of Parliament commenced on July 22 and was adjourned sine die on August 9. This was the first Parliament session after the Lok Sabha elections, with new members taking oath. During the session, the first Budget of the NDA 3.0 government along with the Budget of the Union Territory of Jammu and Kashmir was presented in Lok Sabha on July 23. A total of 3 bills were passed in both the Houses. The Finance (No.2) Bill, 2024- The bill gives effect to the financial proposals of the CentralGovernment for FY24-25. The Jammu and Kashmir Appropriation (No.3) Bill, 2024- The bill will authorise payment and appropriation of certain further sums from and out of the consolidated fund of the Union territory of Jammu and Kashmir for the services of FY23-24. The Bharatiya Vayuyan Vidheyak, 2024- This bill was passed in the Lok Sabha on August 9. The Bill seeks to re-enact the Aircraft Act to address the ambiguity owing to insertions/omissions/deletions effected by amendments to the Aircraft Act, 1934 from time to time. Winter Session of the Parliament 2024: Nov 25-Dec 21 The Railways (Amendment) Bill, 2024- The bill seeks to repeal the Indian Railway Board Act, 1905 by incorporating the provisions for constitution and composition of the Railway Board into the Railways Act, 1989. The Banking Laws (Amendment) Bill, 2024- The Lok Sabhapassed the Billwhich allows bank account holders to have up to four nominees in their accounts. Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago. The Disaster Management (Amendment) Bill, 2024- The Bill provides for the constitution of a National Executive Committee and a State Executive Committee to assist NDMA and SDMA in performing their functions. The Bill also empowers NDMA to make regulations under the Act with prior approval of the central government. Apart from these two key bills were introduced in the Parliament and were sent to the Joint Parliamentary Committee. Waqf (Amendment) Bill, 2024- The bill seeks torevise the Waqf Act, 1995, for greater accountability and transparency in the functioning of Waqf boards, along with mandating the inclusion of women in these bodies. One Nation, One Election Bill (Constitution (One Hundred and Twenty-Ninth Amendment Bill), 2024) - The Bill marks the first step towards implementing one of BJP’s key poll promises—simultaneous Lok Sabha and state assembly elections. If the two bills are passed during the Budget Session in February next year, the earliest the "One Nation, One Election" law will come into force will be 2034. | 2024-12-27 09:51 | 2024-12-27 | 09:51 |
moneycontrol.com | https://www.moneycontrol.com/news/india/manohan-singh-dies-at-92-10-key-political-economic-key-achievements-of-former-pm-12898584.html | Manohan Singh dies at 92: 10 key political, economic key achievements of former PM | Manmohan Singh was a highly regarded economist and statesman who served as India’s 13th Prime Minister from 2004 to 2014.Related stories. | Former prime minister Manmohan Singh, called the architect of India's economic reforms, died here on Thursday night. He was 92. Singh was a highly regarded economist and statesman who served as India’s 13th Prime Minister from 2004 to 2014. Singh, who also held the Finance portfolio in his early political days, played a key role in ushering economic reforms in the 1990s. Singh was Sonia Gandhi’s pick when she decided to renounce the post of Prime Minister following the backlash. Here are Singh’s top 10 achievements. · Singh became the PM at a time when India was reeling under the aftermath of the 2002 post-Godhra riots surrounded by an atmosphere of communal imbalance · One of the biggest highlights of Singh's regime was securing the India-US Civil Nuclear Agreement, which opened civilian nuclear cooperation and was seen as a landmark moment in India’s foreign relations. · His key initiatives included the National Rural Employment Guarantee Act (NREGA), later renamed MGNREGA. It guaranteed 100 days of wage employment to rural householdsAs a Finance Minister, Singh played a crucial role in India's economic liberalisation in 1991, which included devaluing the rupee, reducing import tariffs, and privatising state-owned enterprises. · In 2005, the Manmohan Singh government passed the Right to Information Act, a landmark legislation that empowered citizens to access information from the government. · Singh's tenure as Finance Minister in 1991 and later as Prime Minister was marked by transformative economic reforms. His leadership during India's liberalisation process unleashed market forces, attracting foreign investment, reducing government control, and significantly boosting the country's economic growth. · Under his guidance, India emerged as one of the world's fastest-growing economies, with a GDP growth rate reaching a historic high of 10.03% in 2010-11, marking the highest post-independence growth. · While Singh was not directly responsible for bringing the Goods and Services Tax (GST) into effect, the groundwork for the said tax reforms was reportedly laid under his government. · Singh held the position of Leader of the Opposition in the Rajya Sabha from 1998 to 2004. Internationally, he represented India at numerous high-profile conferences, including the Commonwealth Heads of Government Meeting (1993) and the World Conference on Human Rights (1993). · Singh was awarded India’s second-highest civilian honour, the Padma Vibhushan, in 1987, among many other accolades. · Singh joined the Government of India in 1971 as an economic advisor in the commerce ministry and later served as Chief Economic Advisor in the finance ministry in 1972. His key positions included: Secretary in Ministry of Finance, Deputy Chairman of Planning Commission, Governor of Reserve Bank of India (RBI), Chairman of University Grants Commission and Advisor to the Prime Minister. | 2024-12-27 09:50 | 2024-12-27 | 09:50 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sensex-jumps-300-points-nifty-above-23-850-as-bank-auto-stocks-rally-12898600.html | Sensex jumps 300 points, Nifty above 23,850 as bank, auto stocks rally | Trent, Tata Motors, Hero MotoCorp, NTPC, and Bajaj Finance were the top gainers on the Nifty..Related stories. | Benchmark indices Nifty and Sensex started the session on a strong footing, driven by gains in banking and auto stocks, while healthcare stocks lagged in negative territory. The small-cap index outperformed, rising 0.5 percent, ahead of both the frontline and mid-cap indices. However, trading volumes were muted, reflecting the year-end holiday lull as investors closed their books for the year. Market experts suggest that looking ahead to 2025, the focus is now on the US Federal Reserve’s interest rate decisions and potential shifts in tariff policies from Donald Trump, when he assumes office on January 20. At about 9:20 am, the Sensex was up 262.50 points or 0.33 percent at 78,734.98, and the Nifty was up 69.75 points or 0.29 percent at 23,819.95. About 1763 shares advanced, 648 shares declined, and 125 shares unchanged. Follow our LIVE blog for all the latest market updates "With no major triggers in the near term, markets are likely to consolidate in a broad range. Investors will closely monitor earnings revival in Q3, as it will be the next significant factor for driving the markets," Siddharth Khemka, Head of Research and Wealth Management at Motilal Oswal Financial Services said. Experts say that the broader market trend remains positive, with the current correction seen as healthy and part of an ongoing uptrend rather than a shift to a bearish phase. Also read:Mamata Machinery IPO listing today on BSE and NSE, investors eye bumper gains; should you buy, sell or hold? In the morning, Nifty Bank and Auto were the top gainers, rising up to 0.7 percent. Lenders, both private and public rose. HDFC Bank, SBI, and ICICI Bank rose to 1 percent. Auto stocks also gained led by four-wheelers such as Maruti Suzuki, Tata Motors, and M&M. Nifty Metal, Pharma and Consumer Durables also gained in early trade. The broader market showcased a decent start. While the midcap index rose 0.2 percent, the smallcap index was up 0.3 percent. A host of market experts say that action in the broader market is largely stock-specific and investors should exercise caution and choose stocks that have earnings visibility and attractive valuations. The midcap 100 and smallcap 100 indices have fallen just 5 percent in the last three months. Nifty, on the other hand, has tanked nearly 10 percent. As for individual stocks, private lender IndusInd Bank shares gained 2 percent after it announced the sale of its microfinance institution (MFI) retail loan pool, which has an outstanding value of Rs 1,573 crore, reports CNBC-TV18. The bank is offering the entire pool on a 100 percent cash basis, aiming to optimise its balance sheet and improve liquidity. Jubilant FoodWorks rose 1 percent after it entered into a Memorandum of Understanding (MoU) with Coca-Cola India for the purchase of a portfolio of sparkling beverage products and certain other products from The Coca-Cola Company’s authorized bottlers. The marketing activities for these products will be undertaken in the usual/ordinary course. Read more:Unimech Aerospace IPO allotment status: How to check details online via KFin Tech, NSE & BSE; Check latest GMP Gensol Engineering shares rallied almost 8 percent after it secured an EPC contract worth Rs 897.47 crore from NTPC Renewable Energy Development for 225 MW grid-connected solar PV projects at GSECL Solar Park (Stage-III), Khavda, Gujarat. The project includes three years of operation and maintenance. "As we approach the final days of the calendar year, this consolidation phase is likely to persist. For now, the trading range is marked by strong support at 23,600–23,500, while stiff resistance is observed around 23,900–24,000," Sameet Chavan, Head of Technical Research at Angel One, said. He added that a decisive directional move is expected only upon breaking out of this key zone. Traders are advised to monitor these levels closely and align their strategies accordingly. While the major indices remain range-bound, stock-specific trades continue to present lucrative opportunities for outperformance, warranting continued focus. Trent, Tata Motors, Hero MotoCorp, NTPC, and Bajaj Finance were the top gainers on the Nifty. Apollo Hospital, HCL Tech, L&T, TCS and Cipla were the major laggards. | 2024-12-27 09:44 | 2024-12-27 | 09:44 |
moneycontrol.com | https://www.moneycontrol.com/technology/garena-free-fire-max-redeem-codes-rewards-for-december-27-2024-article-12898662.html | Garena Free Fire Max Redeem Codes: Rewards for December 27, 2024 | Garena Free Fire Max.Related stories. | Garena Free Fire Max, a widely loved battle royale game celebrated for its superior gaming experience over the now-banned Garena Free Fire, has gained significant popularity among Indian gamers. A key feature of the game is the frequent distribution of redeem codes by its developers, providing players with extra perks and rewards. What Are Free Fire Max Redeem Codes? Free Fire Max redeem codes offer players access to valuable in-game items such as weapons, diamonds, and exclusive skins. These 12-character alphanumeric codes enhance the gaming experience. Upon redemption, players can receive rewards like the Rebel Academy Weapon Loot Crate, Revolt Weapon Loot Crate, Diamonds Voucher, and Fire Head Hunting Parachute. It's important to note that these codes are time-sensitive, active for up to 12 hours, and limited to the first 500 users who redeem them. Free Fire Max Redeem Codes for December 27, 2024: FXK2NDY5QSMX: Yellow Poker MP40 Flashing SpadeFFXMTK9QFFX9 – Golden Shade BundleFFPSYKMXTP2H: Pushpa Bundle + Glue Wall SkinFGWCX9TSY2QK – Winterlands Legendary Aurora Shade Bundle [No. 09944 Region-Exclusive First Edition Code!]FY9MFW7KFSNN: Cobra BundleBLFY7MSTFXV2 – Rose emoteFCX9TSY2QKTX – Christmas Special Frosty Fox Bundle + Motorbike Aurora Ride + Gloo Wall Aurora’s ProtectFW2KQX9MFFPS: Pushpa Voice PackYFS5Y7NQFV9S – Cobra MP40 Skin + 1450 CoinsYF6WN9QSFTHX – Frostfire Bunny Bundle (Red Bunny Bundle)FFW4FST9FQY2: Bunny Warrior BundleFTY7FGN4XKHC: Legendary Frostfire Polar BundleGSQ4FXV9FRKC – AUG Aurora’s Holler + Backpack Aurora’s Watchfox + Frosty Furry (Facepaint)VY2KFXT9FQNC: Golden Grace ShotgunNPCQ2FW7PXN2 – One Punch Man M1887 Gun SkinXF4SWKCH6KY4: LOL Emote How to Redeem Free Fire Codes Visit the Rewards Redemption website at https://reward.ff.garena.com/en.Log in using one of the supported platforms: Facebook, X, Apple ID, Google, VK ID, or Huawei ID.Enter the redeem code in the provided text box on the screen.Click ‘Confirm’ to complete the redemption process.Launch the Free Fire game on your device to claim your rewards upon successful redemption. Important Notes: After redeeming the codes, players can access their rewards through the in-game mail section.These codes are not valid for guest accounts; players must link their accounts to Facebook, X, or VK to claim rewards.Allow up to 24 hours for the rewards to be credited after successful redemption. | 2024-12-27 09:43 | 2024-12-27 | 09:43 |
moneycontrol.com | https://www.moneycontrol.com/news/india/when-manmohan-singh-staked-his-chair-for-the-indo-us-nuclear-deal-and-raised-the-relation-from-hesitations-of-history-12898540.html | When Manmohan Singh staked his chair for the Indo-US nuclear deal, and raised the relation from 'hesitations of history' | Manmohan Singh was Prime Minister for two terms in the Congress-led United Progressive Alliance government from 2004 to 2014..Related stories. | Former Prime Minister Manmohan Singh's tenure will forever be remembered for his resolute, uncompromising commitment to secure the Indo-US nuclear deal, to the extent of staking his chair for it in 2008. The fact that Manmohan Singh led the negotiations for a sensitive nuclear deal under a coalition government with Left Front's resistance and the subsequent withdrawal of support speaks volumes of his foresight and resolve. The deal became a turning point of sorts for the Indo-US relations, overcoming the 'hesitation of history' as he famously said in July 2005, during his address to the US Congress. This phrase has since become a defining statement in modern India-US diplomatic relations. It was a time when India's nuclear power facilities faced shortages of uranium, as imports were restricted, and environment groups would often protest against mining activities in India. When a surge in crude oil prices forcing government to effect a fuel price hike in 2008, Manmohan Singh chose to speak in the media about the need for alternate sources of energy. "We cannot remain captive to uncertain markets and unsure sources of supply. We have to develop renewable sources of energy, including nuclear energy," PM had said. This was at a time when the Left Front, supporting the UPA government from outside, was demanding a rollback of fuel price hike and at the same time was strongly opposing the nuclear deal. Their argument was that the nuclear deal with US will compromise India's independent foreign policy. Read More:Manmohan Singh left strong imprint on India's economic policy: PM Narendra Modi Despite the opposition from within the government, Prime Minister Singh continued to make a strong case for the Indo-US nuclear deal. On one instance, while speaking to Indian Foreign Service probationers in June 2008, he said, "It is very important for us to move forward and end this nuclear apartheid that the world has sought imposed on India." Manmohan Singh was clear that he saw little point in continuing in the government if coalition politics was given primacy over the survival of the nuclear deal. He saw assurances of a favourable India-specific safeguards agreement from IAEA, and matched the then US President George W Bush's personal commitment to the deal. Read More:Former PM Manmohan Singh passes away: Timeline of his five-decade old career In July 2008, the Left Front did withdraw their support to the ruling United Progressive Alliance (UPA), after India formally approached the IAEA for the Indo-US nuclear deal. A vote of confidence was called, which was eventually won by the Prime Minister Manmohan Singh's government. During the vote, Prime Minister Singh delivered a strong speech before the House. "I am convinced that despite their opportunistic opposition to the nuclear agreement, history will compliment the UPA Government for having taken another giant step forward to lead India to become a major power centre of the evolving global economy..." he said during his reply to the trust motion. | 2024-12-27 09:43 | 2024-12-27 | 09:43 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/dixon-tech-to-make-refrigerators-and-components-with-cellecor-gadgets-12898573.html | Dixon Tech to make refrigerators and components with Cellecor Gadgets | Atul Lall said the collaboration is aligned with the ‘Make in India’ initiative, and enhances Dixon’s reach in the refrigerator segment..Related stories. | Dixon Technologies' wholly-owned subsidiary, Dixon Electro Manufacturing, has signed an MoU with Cellecor Gadgets for the manufacturing of refrigerators and related components, according to a company filing on December 26. Shares ofDixon Technologieswere marginally higher in ealry trade on December 27, and on YTD basis, are higher by 181%.Cellecor Gadgets'shares were at higher by 5% in early trade, with a market capitalization of around Rs 1,300 crore. Cellecor is known as a leading Original Design Manufacturer and Original Equipment Manufacturer across products in the living appliances space like mobile phones, smart TVs, smartwatches, home and kitchen appliances. Read More:Dixon, Vivo India to form new manufacturing joint venture in India Atul Lall, vice chairman and managing director of the company said the collaboration is aligned with the ‘Make in India’ initiative, and enhances Dixon’s reach in the high margin refrigerator segment. Dixon has order book with marquee brands, and has started mass production for Voltas, Kelvinator, Acer, Lloyd and BPL. The company has backwardly integrated many processes and has plans to further invest in deep freezers, mini coolers, wine chillers, two-door frost free and side-by-side refrigerators. Read More:Dixon Tech to manufacture Google Pixel Atul Lall had previously said that the margins in the segment should improve once the company becomes completely operational on the component side. The segment promises to offer 'significant upside' on the margin front, he said. | 2024-12-27 09:39 | 2024-12-27 | 09:39 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/short-call-will-markets-stage-sharp-bounce-back-in-2025-all-eyes-on-q3-ntpc-green-bajaj-auto-in-focus-12898558.html | Short call: Will markets stage sharp bounce back in 2025? All eyes on Q3; NTPC Green, Bajaj Auto in focus | Dalal Street.Related stories. | The Indian stock market recently embarked on a thrilling roller coaster ride, leaving investors breathless. After a dazzling ascent to new heights, with Nifty scaling fresh peaks and Sensex flirting with 86,000, the market took a nosedive, plunging 10% in a dizzying descent. This dramatic shift can be attributed to a confluence of factors. The resurgence of the Chinese market triggered a wave of foreign outflows, as investors shifted their focus to the East. Notably, Foreign Institutional Investors (FIIs) continued their selling spree even during the late December holiday season, adding to the market's woes. Concerns about expensive valuations added fuel to the fire, while disappointing Q3 earnings reports further eroded investor confidence. The road ahead appears bumpy, according to experts. Inflation continues to linger above the RBI's comfort zone, casting a shadow over the economic outlook. Hopes for a Q3 rebound remain subdued, with analysts predicting modest growth at best. The RBI's downward revision of the GDP forecast from 7.2% to 6.6% added to the gloom, reflecting the slowdown in manufacturing, consumption, and mining sectors. However, there are glimmers of hope. The status quo victory in the Maharashtra elections has raised hopes for increased public spending in the second half of the fiscal year. A revival in rural demand could also provide a much-needed boost to the economy. But the road ahead is not without its challenges. Faltering urban consumption and potential asset quality issues remain key concerns. Q3 earnings season looms large, poised to be a critical turning point. Analysts, however, anticipate a lackluster performance, with negative news likely to have a more pronounced impact on the market than any positive surprises. The Indian stock market, it seems, is a tale of two cities: a land of both exhilarating highs and terrifying lows. Investors must navigate this volatile landscape with caution, carefully weighing the risks and rewards before making their next move. Bajaj Auto (Rs 8,862, 1%) Shares continued their upward momentum for the second consecutive day, buoyed by a strong rally in the auto index and the company's robust market share gains in the electric vehicle (EV) segment. Bull Case: Market experts see a sharp decline in the cost of production for the company's new electric two-wheelers and its increasing market share in the EV space. Key growth drivers include expansion of its domestic two-wheeler portfolio, a recovery in export markets with monthly run-rates nearing pre-COVID levels, and a strong EPS CAGR of 15% over FY25-27. Bear Case: Competitive intensity in the premium category could result in a decline in sales. Furthermore, the company has revised its estimate for growth in sales volumes of the two-wheeler industry during FY25 to around 5% from its earlier guidance of 5-8% amid a slowdown in consumption. NTPC Green Energy (Rs 125, 5.6%)Stock fell as the one-month lock-in for anchor investors expired, opening up around 2% equity to trade. Bull Case: NTPC Green Energy aims to add 16GW of renewable energy in the next three years and achieve 60GW capacity by 2032. The company plans to commission 3GW in FY25, 5GW in FY26, and 8GW in FY27, leveraging strategic agreements with Rajasthan and Maharashtra. It is also advancing into hydrogen and battery storage technologies. Bear Case: Delayed execution in projects could pose as a key risk for the firm, leading to an impact in the topline and margins. The company is substantially dependent on the availability and cost of solar modules, solar cells, wind turbine generators and other materials, components and equipment for its solar, wind and other projects. Any changes in pricing for this could erode margins. (Inputs by Zoya) | 2024-12-27 09:37 | 2024-12-27 | 09:37 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/ultratech-cement-acquires-8-7-stake-in-star-cement-for-rs-851-crore-12898638.html | UltraTech Cement acquires 8.7% stake in Star Cement for Rs 851 crore; shares jump 7% | This move marks UltraTech’s strategic investment in a non-controlling minority stake in the company..Related stories. | Cement major UltraTech Cement Ltd has announced the acquisition of an 8.69 percent stake in Star Cement Ltd for Rs 851 crore. The deal involves the purchase of up to 3.7 crore equity shares at a price not exceeding Rs 235 per share, excluding taxes and other levies. Star Cement's promoters and promoter group entities proposed selling their equity holdings, leading to UltraTech Cements' investment decision. The transaction was approved at UltraTech Cements board meeting earlier on December 27. This move marks UltraTech’s strategic investment in a non-controlling minority stake in the company. Further, Star Cement saw a large trade as 3.36 crore shares or 8.3 percent equity in the firm worth Rs 766 crore exchanged hands in a block deal window. As a result, shares of Star Cement jumped over seven percent to Rs 247.30 in trade at 9.20 am. Follow our market blog to catch all the live updates Earlier this month, on December 20, Competition Commission of India said it has approved UltraTech Cement Limited’s acquisition of India Cements Limited (ICL). Earlier in July this year, UltraTech Cement had announced the acquisition of a 32.72 per cent stake in India Cements from promoters and their associates in a Rs 3,954 crore deal in a move to expand its footprint in the highly competitive and fast-growing southern cement market, particularly Tamil Nadu. Besides, it had also announced a Rs 3,142.35 crore open offer to acquire 26 per cent share of ICL from its shareholders. The Indian cement industry, witnessing a consolidation and heightened rivalry between two corporate houses snapping smaller players, pins its hope on 2025 for an improvement in sales realisation, higher margins, and acceleration in demand, expecting around 8 per cent sales growth helped by increased government spending on big-ticket infra projects. After a weak October, there was a gradual volume recovery in cement during November. International brokerage CLSA said it remains positive of a demand rebound in 2HFY25 and FY26. Among the cement players, it prefers UltraTech Cement. | 2024-12-27 09:31 | 2024-12-27 | 09:31 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/agri-picks-report-december-27-2024-geojit-financial-services-12898649.html | Agri Picks Report December 27, 2024: Geojit Financial Services | commodities. | Geojit Financial Services's report on Daily Agri Picks The National Commodity and Derivatives Exchange on Monday said there would be a live trading session on Feb. 1 on account of the presentation of theUnion Budget2025-26 (Apr-Mar). • Farmers in Karnataka have sown rabi crops over 2.3 million hectares as of Saturday, up 12.3% on year from 2.1 million hectares sown in the corresponding period last year, according to a report released by the state agriculture government. Chana acreage in the state rose nearly 10% on year to 1 million hectares from 941,000 hectares sown last year. The acreage under horse gram, or kulthi dal, was 93,000 hectares, down from 95,000 hectares last year, the report showed. The total area sown under all pulses was 1.2 million hectares, up from 1.1 million hectares a year ago. Jowar, wheat, chana, onions, and chillies are the key crops grown in the state during the rabi season, according to the report. The state has set a target of sowing rabi crops on 2.6 million hectares for the season, of which 91.6% has been covered. The acreage under jowar as of Saturday was 554,000 hectares, up from 527,000 hectares a year ago, according to the report. The area sown under wheat was 143,000 hectares, up from 110,000 hectares sown last year, while that of maize rose to 130,000 hectares from 94,000 hectares last year. The total area sown under all oilseeds was 199,000 hectares so far, up from 146,000 hectares sown in the same period last year, according to the report. Under oilseeds, the acreage under groundnut rose to 145,000 hectares from 108,000 hectares in the previous year. Sugarcane acreage in the state so far was 88,000 hectares, up from 77,000 hectares sown a year ago, the report showed. As of Saturday, the state received 237 mm of rainfall since Oct. 1 in the northeast monsoon season, 31% above the normal rainfall of 180 mm, the report showed. For all commodities report,click here 27122024 - co | 2024-12-27 09:27 | 2024-12-27 | 09:27 |
moneycontrol.com | https://www.moneycontrol.com/news/business/earnings/market-correction-opens-doors-for-defense-stock-investments-antique-12898642.html | Market correction opens doors for defense stock investments: Antique | markets.Related stories. | Antique Stock Broking remains bullish on India’s defense sector, stating that the recent market correction has not dampened the sector's growth story. Instead, it said, the outlook has strengthened, supported by robust earnings visibility. Current valuations are reasonable given the earnings trajectory, and the correction offers a strategic opportunity to accumulate defense stocks, it added. The brokerage’s top picks include HAL, BEL, BDL, Mazagon Dock Shipbuilders, and PTC Industries. Follow our live blog for all the market action and latest updates Over the past three years, the Indian defense sector has delivered several multi-bagger stocks, with gains of 3-4x to as high as 8-10x between September 2022 and July 2024, before experiencing a correction from peak levels. Antique highlighted the emerging role of private players alongside well-established Defense Public Sector Undertakings (DPSUs), suggesting that unlisted companies with unique technologies and capabilities could unlock significant investment opportunities in the future. Despite a 20% YoY decline in defense capital spending in the first half of FY25, activity is expected to accelerate in Q4FY25, driven by large-ticket orders awaiting finalization, Antique believes. The government has retained a capital outlay of Rs 1.7 trillion (+9% YoY) in the UnionBudget 2024. Recent order finalizations, such as the Rs 400 billion contracts for Sukhoi engines and SU-30 MKI upgrades, signal sustained awarding momentum, which is likely to further boost visibility for key defense companies, it said. To enhance operational readiness, the Defence Acquisition Council (DAC) has approved Acceptance of Necessity (AoN) proposals worth Rs 4.4 trillion in 2024, a 29% YoY increase over 2023’s Rs 3.5 trillion. Notably, 94% of these approvals will benefit domestic companies, providing a strong growth outlook for PSUs like HAL, BDL, and BEL, it belives. Major projects, including light combat helicopters, Light Combat Aircraft Mk 1A, and Su-30 MKI upgrades worth Rs 2.2 trillion, have driven this growth. India's domestic defense production is also witnessing significant expansion, reaching over Rs 1.3 trillion in FY24 and projected to rise to Rs 1.8 trillion in FY25. This reflects the sector’s growing importance and its pivotal role in driving India’s self-reliance and strategic preparedness. | 2024-12-27 09:25 | 2024-12-27 | 09:25 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/indusind-bank-aims-to-offload-rs-1-573-crore-of-microfinance-loans-shares-in-focus-12898595.html | IndusInd Bank aims to offload Rs 1,573 crore of microfinance loans, shares gain | IndusInd Bank's stock has seen continued weakness since its September quarter earnings, after the lender reported a poor set of numbers..Related stories. | Private lender IndusInd Bank Ltd shares rose in early trade on December 27, after the bank decided to offload its non-performing microfinance loan pool of 10.6 lakh retail loan accounts amounting to Rs 1,573 crore as the MFI sector continues to see stress. The lender will auction the microfinance NPAs via a public bidding process, and has invited bids on a 100 per cent cash basis. IndusInd Bankhas set a reserve price of Rs 85 crore for the auction, which is just over 5 percent of the total principal amount of these loans. Interested bidders were asked to submit their proposals by December 30. The loans up for sale make up 4.8 percent of the bank’s microfinance portfolio, which was valued at Rs 32,723 crore as of September 30. The bank reported Rs 2,259 crore in bad loans from its microfinance segment, while its total gross non-performing assets stood at Rs 7,639 crore at the end of the second quarter. At 9.20 am, shares of IndusInd Bank were quoting Rs 944.65 on the NSE, higher by 1.4 percent. DAM Capital slashed its target price on IndusInd Bank to Rs 1,200 per share, from its target price of Rs 1,600 apiece. However, the brokerage kept its buy call intact. The pressure on profitability will continue in FY25 due to the ongoing challenges in MFI lending. The return on asset (RoA) will remain in the range of one percent, added the brokerage, which will lead to a sharp cut in the EPS or earnings per share. As a result, DAM Capital cut its EPS estimates for FY25, FY26 and FY27 by 18 percent, 14 percent and 13 percent, respectively. The slippages for Q3 are expected to rise, while loan growth is likely to fall 12 percent on-year as a result of the continued decline in the MFI book Follow our market blog to catch all the updates IndusInd Bank's stock has seen continued weakness since its September quarter earnings, after the lender reported a poor set of numbers. IndusInd Bank reported a significant drop in its consolidated net profit for Q2FY25, falling 39.5 percent on-year to Rs 1,331 crore. The bank’s net interest income (NII), a key indicator of profitability, saw a growth of 5 percent on-year to Rs 5,347 crore during the July-September quarter. However, the growth in NII was below market expectations. IndusInd Bank's provisions and contingencies ballooned 87 percent YoY basis to Rs 1,820 crore from Rs 974 logged in the corresponding quarter of the previous fiscal, amid stress in its microfinance loan book. Recently, global brokerage UBS maintained a neutral call on IndusInd Bank, reducing its target price to Rs 1,150 per share from Rs 1,350, citing concerns over rising non-performing loans (NPLs) and deteriorating portfolio quality. | 2024-12-27 09:21 | 2024-12-27 | 09:21 |
moneycontrol.com | https://www.moneycontrol.com/news/business/personal-finance/2025-outlook-equity-s-long-term-prospects-remain-strong-bonds-may-continue-to-offer-stable-remunerative-returns-12898332.html | 2025 outlook: Equity’s long-term prospects remain strong, bonds may continue to offer stable, remunerative returns | The equity mutual funds segment may face continued volatility in the short term, but long-term prospects remain strong due to India’s economic growth story, favorable demographics, and government policies..Related stories. | As we move toward the end of 2024, it’s a good time to reflect on the performance of key asset classes throughout the year. Equities, debt, gold, real estate, and fixed-income products like bonds and mutual funds have all exhibited diverse behaviours, reflecting both global economic trends and domestic market dynamics. For investors, understanding these movements is critical to making informed decisions in the year ahead. A year of mixed performance across asset classes 2024 was marked by moderate growth in equities and fixed deposits, but strong performances from bonds and gold. Real estate growth showed signs of slowing down, while debt instruments provided the stability that investors sought in a volatile year.Equities showed slower growth in 2024 (9 percent) compared to 2023 (20 percent).Bonds performed better in 2024 (7.5 percent rise in short duration index) compared to 2023 (3.7 percent growth).Gold performed exceptionally well in 2024 (20 percent) compared to 2023 (15 percent).Real estate showed slower growth in 2024 (4.1 percent) compared to 2023 (5-7 percent).Fixed deposits remained stable but provided modest returns compared to more dynamic asset classes.Equities: A year of volatility and moderated expectations In 2024, the Indian equity market experienced a slowdown compared to the strong performance of 2023. In 2023, the Nifty 50 index rose by approximately 20 percent, driven by robust earnings, economic recovery, and optimism in retail driving small and microcap indices to all-time highs. This growth led to significant inflows into equity mutual funds, as retail investors sought long-term wealth creation. However, in 2024, the Nifty 50 showed a more modest 9 percent increase, reflecting heightened volatility due to global economic uncertainty, inflation concerns, and geopolitical tensions. Despite these challenges, India’s domestic growth prospects, especially in infrastructure, helped stabilise the market. Investors in equity mutual funds saw more returns, as the broader market continued to outperform large-cap funds. Bonds: A safe haven amidst uncertainty In 2024, bonds continued to offer stability in an uncertain market. Yields on government securities (G-Secs) remained steady, ranging between 6.8 percent and 7 percent, while AAA-rated corporate bonds delivered reliable returns of 7-8 percent. Despite fluctuations in interest rates, bonds proved to be a safe choice for conservative investors seeking capital preservation amid global economic volatility. The demand for debt products surged, reflected in the 24 percent growth in Assets Under Management (AUM) of debt funds in 2024, a significant increase from the 15 percent growth in 2023. In 2023, bonds had already offered stability, with long-term government bond yields around 7-7.2 percent, benefiting from higher interest rates and a risk-averse environment. However, the 2024 performance surpassed the previous year in terms of growth, as more investors flocked to debt funds during market turbulence. Gold: A hedge against inflation and volatility In 2024, gold prices surged by 26 percent, reaching approximately Rs 80,000 per 10 grams. This performance underscored gold’s role as a hedge against inflation, especially amid volatility in other markets. However, the high prices led to a decline in demand, with India’s gold consumption expected to fall to its lowest in four years. While gold provided exceptional returns, the price surge resulted in reduced demand, particularly from retail investors. Despite this,goldremained a solid performer for those seeking to safeguard wealth against inflation. Gold continued its strong performance from 2023, when prices had risen by around 15 percent as global inflation concerns and economic uncertainties pushed investors towards the yellow metal. Real estate: slower but steady growth In thereal estatesector, sector, 2024 saw slower growth compared to 2023. The All-India House Price Index increased by 4.1 percent in Q4 of 2024, a deceleration from 4.6 percent growth in Q4 2023. The slowdown was due to higher interest rates and inflation pressures impacting the market. Despite this, real estate remained a resilient asset class, showing steady growth in 2023, with property prices in major cities growing by 5-7 percent. However, the higher borrowing costs and cautious economic outlook in 2024 are expected to keep growth subdued in the near term. Also read |All-round mutual fund show: Defence, mid-cap, long-duration, silver funds, all turn chart toppers in 2024 Fixed deposits: Safe but modest returns For FDs, 2024 marked a slight moderation in interest rates. General investor rates fell to 6.0-7.0 percent, while senior citizen rates ranged from 6.5 percent to 7.5 precent. This reduction in rates followed the Reserve Bank of India's (RBI) pause in rate hikes. While FDs continued to provide safety and stability, their real returns were affected by inflation, which remained above 5 percent throughout the year. In 2023, FDs offered higher returns—5.5-7 percent for general investors and 6.5-7.5 percent for senior citizens—during a high-interest-rate environment. Given the stable returns in FDs, they remain an ideal solution for conservative investors seeking guaranteed returns and principal protection. Also read |Lookback @ 2024: Thematic and multi-cap strategies of PMSes top the returns chart Outlook for 2025: Mutual funds and bonds Diversified equity and hybrid funds set to do well As we look toward 2025, mutual funds in India are expected to continue playing a significant role in investors’ portfolios, offering a variety of options for both aggressive and conservative investors. The equity mutual funds segment may face continued volatility in the short term, but long-term prospects remain strong due to India’s economic growth story, favourable demographics, and government policies focused on infrastructure and manufacturing. Diversified equity funds along with hybrid options like Balanced Advantage and Multi-Asset Funds would be attractive options, while sector-specific funds may benefit from the evolving growth vectors like digital transformation and infrastructure. For debt mutual funds, 2025 may see more stability, as the RBI is expected to maintain a cautious approach on interest rates. Corporate bond funds may continue to outperform government bond funds due to the relatively higher yield differential, though credit risk will remain a factor to watch. Investors looking for steady returns with moderate risk may find debt funds attractive, especially in the low-interest rate environment. Also read |Year-ender 2024: How to assess your life and money goals, be financially ready for 2025 and beyond Bond markets: Stable and secure The bond market in India is likely to remain steady in 2025, with a focus on government bonds and high-quality corporate bonds. While interest rates might not rise significantly, bonds will remain an attractive safe haven for risk-averse investors, particularly in the face of global uncertainties. Corporate bonds offering attractive yields, particularly those from AAA-rated companies, could see sustained demand. For more adventurous investors, the bond market’s potential for capital gains in a stable interest rate environment could be an opportunity to explore. In terms of G-Secs, yields may remain stable, but lower rates will limit any significant upside. However, as inflation expectations normalise and economic growth steadies, bonds will continue to provide a consistent and low-risk source of income for investors. Looking ahead, investors should diversify across these asset classes, balancing risk and returns. 2025 may bring further opportunities in mutual funds, especially equity and debt funds, as well as bonds, which will remain key for capital preservation. Understanding market cycles and adjusting strategies accordingly will be essential for achieving long-term financial success. The author is Joint Managing Director, Tailwind Financial Services. | 2024-12-27 09:21 | 2024-12-27 | 09:21 |
moneycontrol.com | https://www.moneycontrol.com/news/business/earnings/nearly-100-firms-set-to-end-2024-with-valuation-of-over-rs-1-trillion-12898613.html | Nearly 100 firms set to end 2024 with valuation of over Rs 1 trillion | The number of companies boasting a market capitalization exceeding Rs 1 trillion has surged to 95 by the end of 2024.Related stories. | Despite significant market volatility, the number of companies boasting a market capitalization exceeding Rs 1 trillion has surged to 95 by the end of 2024. This marks a substantial rise from 74 firms in 2023 and demonstrates a sharp recovery from the static trends observed in 2021 and 2022, when the figure stood at 49 and 52, respectively. The market had faced considerable value erosion in 2021, driven by the economic challenges of the Covid-19 pandemic. Catch all the market action on our live blog Further, in addition to the current 95 firms, around 20 more companies are on the verge of crossing the Rs 1 trillion mark. Prominent names include Lupin Ltd, Persistent Systems, Indian Overseas Bank, Zydus Lifesciences, Jindal Steel & Power, ICICI Prudential Life Insurance, and PB Fintech among others. Analysts attribute this surge to India’s robust economic recovery post-Covid, which saw GDP growth rebound from a contraction of 5.8% in the pandemic-hit year to 9.1% in 2021-22. From FY14 to FY24, the total market cap of Nifty 50 companies has risen at a compounded annual growth rate (CAGR) of 14.5%, reflecting positive economic trends fuelled by increasing consumption, production, and business expansion. Ajay Garg, Director & CEO of SMC Global Securities, emphasised the role of growing investor participation in driving up stock prices and, consequently, market capitalisation. He noted that sectors such as fintech, green energy, and e-commerce are expected to dominate in 2025, likely contributing to the expansion of the Rs 1 trillion market cap club. “Investors should consider companies with robust business models and high valuations as they tend to be more resilient to volatility,” Garg advised. Incidentally, market turbulence in 2024 led to some notable exclusions from the Rs 1 trillion club. Companies such as Cholamandalam Investment, Shree Cement, Adani Energy Solutions, Tata Consumer Products, and IndusInd Bank have seen their valuations dip below the threshold. Experts also point out that the broader economic recovery has fuelled demand across sectors, boosting corporate earnings and driving valuations higher. Despite global uncertainties, foreign institutional investments have remained robust, supporting large-cap stocks and sustaining market resilience. High-growth sectors like BFSI, IT, and manufacturing have thrived, propelled by both structural and cyclical growth drivers. Jathin Kaithavalappil, Assistant Vice President at Choice Broking, highlighted this trend as a testament to the growing maturity of Indian capital markets and the confidence in the country’s long-term growth story. He, however, cautioned that market cycles are inevitable, and sustained economic stability, earnings growth, and policy support will be essential to maintaining this momentum. For investors, the expanding Rs 1 trillion club underscores the importance of identifying high-quality, well-managed companies with strong fundamentals. While the number of firms achieving this milestone is likely to grow, periods of market correction should be anticipated as part of the natural market cycle, Kaithavalappil added. | 2024-12-27 09:08 | 2024-12-27 | 09:08 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/tax-reforms-energy-transition-ftas-should-top-government-s-agenda-in-2025-morgan-stanley-12898616.html | Tax reforms, energy transition, FTAs should top government's agenda in 2025: Morgan Stanley | The next leg of reforms should include a thrust on infrastructure spending and changes in taxation, said the brokerage..Related stories. | International broking house Morgan Stanley expects robust growth signals in months ahead, accompanied by heightened capital market activity and slew of global developments. For the first quarter of the next calendar year, some of the key focus areas for the government should be bringing the primary deficit to zero. Further, the next leg of reforms should include a thrust on infrastructure spending and changes in taxation, ranging from restructuring of GST rates and direct tax reforms. The brokerage also said that the government should redirect more efforts towards energy transition and more free trade agreements, especially if President-elect Donald Trump's tariffs come into play. Follow our market blog to catch all the updates For the upcoming earnings season and for FY25, Morgan Stanley believes the earnings will be supported by an acceleration in government spending, expanded wedding season and a strong summer. There will also be an earnings upside in October-December quarter, following major reductions in earning estimates in recent weeks. As the domestic markets continue to see selling pressure, India's correlation of returns global equities continue to decline and is lower than historical levels. | 2024-12-27 09:08 | 2024-12-27 | 09:08 |
moneycontrol.com | https://www.moneycontrol.com/technology/qubo-q600-air-purifier-review-a-strong-contender-article-12898387.html | Qubo Q600 air purifier review: A strong contender | Qubo Q600.Related stories. | You can’t escape it. You simply can’t. We are talking about the deteriorating air quality, particularly in Delhi-NCR. So much so that when it is “very bad”, most people have no choice but to carry on and say, “oh at least it is getting better”. While there seems to be no solution in sight, people in urban households have turned to air purifiers. With AQI levels regularly crossing hazardous thresholds, finding an effective air purifier is critical for maintaining a healthier indoor environment. Outside is a different story altogether. Qubo’s Q600 Smart Air Purifier claims to tackle bad air quality in a compact, little package. We tested the air purifier during some really bad air quality days and here’s how it performed: Qubo Q600: How it looks The air purifier is rather compact and has a nice look to it. The Qubo Q600 smart air purifier minimalistic design with a unique squircle-shaped chassis. It’s made of plastic but feels sturdy and houses a cylindrical filter within. The outer shell is very similar to those we have seen on Philips and a few other purifiers — it is perforated on the sides. What this does is that it enables better air intake. The top of the purifier has a grille, which is designed to release clean and purified air indoors. You also get an LED panel with touch controls, which can be a bit tricky to operate. A color display shows real-time PM2.5 particle levels for easy monitoring of air quality. Qubo Q600: How it performs Some air purifiers can be a bit difficult to set up. No such issues with the Qubo Q600 as setting it up was a breeze (no pun intended). All you need to do is just take out the filter from the back panel, remove the plastic cover, and push it back inside the chamber. It’s literally a plug and play device. But there’s an option to download the app if you want to customise — something we didn’t do, at least while setting up. Before we get down to how it purified the air, let’s get some basics out of the way. You get an auto mode and you can also adjust the fan speed. Furthermore, there’s also QSense AI mode (surprise, surprise. AI is here as well). This mode automatically turns off the device when the air quality is good and turns it back on if pollution levels go up. If that’s not enough then you get a countdown mode. Which is basically a timer where you can set it to one hour, two hours, four hours or eight hours. That’s a pretty standard setting you must have seen in ACs and some air purifiers as well. The display panel is also a bit smart — in the sense it comes with colour coded indicators. There’s green, orange, and red which flashes depending on the indoor AQI. In terms of purifying the air, the Qubo Q600 performs well and it was tested quite a bit. Day after day the AQI was quite bad and put it on auto mode to see how well it works. We had indoor PM2.5 around 160 but it also went to a whopping 410 PM2.5 as well. In the auto mode, with AQI around 170, the air purified kicked into top gear with highest speed. It takes a bit of time to drop to ‘green’ levels. For instance, with AQI around 230, it took about 15 minutes for the air purifier to bring it to 30. When the AQI levels were around 160 or so, then it takes about 10 minutes. The lowest AQI which we saw was close to 12 — which is really good performance for an air purifier. The app is quite useful as it shows you daily, weekly, monthly, and yearly insights to see how well it’s doing. There are the usual operations to turn off the purifier from your phone and even automate it. It also works with Google Assistant as well as Amazon Alexa. Qubo Q600 review: Should you buy it? The one thing that certainly works in the Qubo Q600 is the compact size. It’s not an eyesore and quietly does job in a corner of a room. It has all the features you need, plus some extra ones that make it even more useful. There are smart features like the QSense AI mode and offers voice integration as well. The Qubo Q600 is a reliable and efficient device that can help you fight indoor air pollution. Priced at Rs 12,990, it offers a lot of value and should be on your list if you are in the market for an air purifier. | 2024-12-27 09:04 | 2024-12-27 | 09:04 |
moneycontrol.com | https://www.moneycontrol.com/news/india/not-been-a-weak-pm-history-will-be-kinder-to-me-manmohan-singh-last-press-conference-before-demitting-office-12898592.html | 'Not been a weak PM, history will be kinder to me': Manmohan Singh's last press conference before demitting office | Manmohan Singh was Prime Minister for two terms in the Congress-led United Progressive Alliance government from 2004 to 2014..Related stories. | In his last press conference as Prime Minister on January 3, 2014, Manmohan Singh remarked that “history will be kinder to me than the contemporary media”. "I do not believe that I have been a weak Prime Minister ... I honestly believe that history will be kinder to me than the contemporary media or for that matter the Opposition in Parliament... Given the political compulsions, I have done the best I could do." "...I have done as well as I could do according to the circumstances... It is for history to judge what I have done or what I have not done," said Singh, who was the prime minister for 10 years till Narendra Modi took charge on May 26, 2014. Watch the full press conference. Singh was responding to questions about his inability to rein in his ministers and his refusal to act in several situations. Singh had also chosen the press conference to launch a blistering attack on BJP's then prime ministerial candidate Modi and referred to the 2002 Gujarat riots under the Chief Minister. The BJP at that time had projected Modi as a strong leader while targeting Singh over the issue of "weak" leadership in the run-up to the next Lok Sabha polls. "If you measure the strength of the Prime Minister by presiding over mass massacre of innocent citizens on the streets of Ahmedabad, then I do not believe in it.... I do not think that this kind of strength this country needs least from its Prime Minister," Singh had said. "I have full confidence that the next Prime Minister will be from the UPA... It will be disastrous for the country to have Narendra Modi as Prime Minister... I sincerely believe what Narendra Modi is saying is not going to materialise," he had said. Maintaining that his two terms as prime minister in UPA I and UPA II displayed the Congress's ability to run a coalition government and dispelled the perception that this party cannot run coalitions, Singh said though some compromises were made in the process, they were on "peripheral issues and not on national problems". "Nobody has asked me to step down because of any inadequacy that characterised my tenure as prime minister," was his response when asked about "negative" perceptions within Congress about his leadership. Singh died at Delhi's AIIMS hospital on Thursday. He was 92. In a statement, the hospital said the Congress veteran was being treated for age-related medical conditions and had "sudden loss of consciousness at home". "Despite all efforts, he could not be revived and was declared dead at 9.51pm," the statement said. Singh was Prime Minister for two terms in the Congress-led United Progressive Alliance government from 2004 to 2014. He had been in poor health for the last few months. | 2024-12-27 08:56 | 2024-12-27 | 08:56 |
moneycontrol.com | https://www.moneycontrol.com/news/india/rain-and-cold-wave-grip-delhi-imd-warns-of-heavy-rainfall-and-hailstorms-across-north-india-12898614.html | Rain and cold wave grip Delhi, IMD warns of heavy rainfall and hailstorms across North India | The IMD predicts the minimum temperature on Friday will settle at 12°C, while the maximum is likely to reach 20°C..Related stories. | Delhi woke up to rainfall and a drop in temperature on Friday, December 27, as the ongoing cold wave conditions intensified. Early morning showers, accompanied by a slightly foggy atmosphere, were reported across several parts of the national capital, including Moti Lal Nehru Marg and India Gate. The temperature stood at 13°C around 7:20 am, with the India Meteorological Department (IMD) forecasting heavy rainfall and strong winds for December 27 and 28. The IMD predicts the minimum temperature on Friday will settle at 12°C, while the maximum is likely to reach 20°C. Rainfall is expected to continue for the next two days, with dense fog anticipated to further affect visibility. Similar weather conditions have also been reported in neighboring Noida, which witnessed light drizzle early in the day. Air Quality remains ‘very poor’ Despite the rainfall, Delhi’s air quality remains in the ‘very poor’ category, according to the Central Pollution Control Board. However, there has been a slight improvement since Thursday, with further progress anticipated. Earlier this week, the Central Government’s air quality panel revoked Stage IV measures under the Graded Response Action Plan (GRAP) for Delhi and NCR, though restrictions under Stages I, II, and III remain in place. IMD issues weather alerts across North India The IMD has issued warnings of hailstorms across northern states, including Himachal Pradesh, Punjab, Haryana, Chandigarh, Rajasthan, and Uttar Pradesh, on Friday. Madhya Pradesh is also expected to experience similar conditions. A 2–3°C temperature drop is forecast in northern states, while heavy snowfall is predicted in the western Himalayan region over the next two days. The weather department has also warned of thunderstorms and moderate rainfall in northwestern and central India due to an active western disturbance. | 2024-12-27 08:56 | 2024-12-27 | 08:56 |
moneycontrol.com | https://www.moneycontrol.com/news/world/aviation-experts-say-russia-s-air-defence-fire-likely-caused-azerbaijan-plane-crash-as-nation-mourns-12898579.html | Aviation experts say Russia's air defence fire likely caused Azerbaijan plane crash as nation mourns | Kazakhstan’s parliamentary speaker, Maulen Ashimbayev, also warned against rushing to conclusions based on pictures of the plane’s fragments, describing the allegations of air defence fire as unfounded and unethical.. | Aviation experts said Thursday that Russian air defence fire was likely responsible for the Azerbaijani plane crash the day before that killed 38 people and left all 29 survivors injured. Azerbaijan Airlines’ Embraer 190 was en route from Azerbaijan’s capital of Baku to the Russian city of Grozny in the North Caucasus on Wednesday when it was diverted for reasons still unclear and crashed while making an attempt to land in Aktau in Kazakhstan after flying east across the Caspian Sea. The plane went down about 3 km (2 miles) from Aktau. Cellphone footage circulating online appeared to show the aircraft making a steep descent before crashing into the ground and exploding in a fireball. Other footage showed a part of its fuselage ripped away from the wings and the rest of the aircraft lying upside down on the grass. Azerbaijan mourned the crash victims with national flags at half-staff across the country on Thursday. Traffic stopped at noon, and sirens sounded from ships and trains as the nation observed a moment of silence. Speaking at a news conference Wednesday, Azerbaijani President Ilham Aliyev said that it was too soon to speculate on the reasons behind the crash but mentioned that the weather had forced the plane to change from its planned course. “The information provided to me is that the plane changed its course between Baku and Grozny due to worsening weather conditions and headed to Aktau airport, where it crashed upon landing,” he said. Russia’s civil aviation authority, Rosaviatsia, said that preliminary information indicated the pilots diverted to Aktau after a bird strike led to an emergency on board. Authorities in Azerbaijan, Kazakhstan, and Russia were tight-lipped about a possible cause of the crash, but a lawmaker in Azerbaijan blamed Moscow. Rasim Musabekov told the Azerbaijani news agency Turan that the plane was fired on while in the skies over Grozny and urged Russia to offer an official apology. “Those who did this must face criminal charges,” Musabekov was quoted by Turan as saying, adding that compensations to the victims should also be paid. “If it doesn’t happen, relations will be affected.” As the official crash investigation started, some experts pointed out that holes seen in the plane’s tail section could indicate that it came under fire from Russian air defence systems fending off a Ukrainian drone attack. Ukrainian drones had previously attacked Grozny, the capital of the Russian republic of Chechnya, and other regions in the country’s North Caucasus. An official in Chechnya said another drone attack on the region was fended off on Wednesday, although federal authorities didn’t report it. Mark Zee of OPSGroup, which monitors the world’s airspace and airports for risks, said that the analysis of the images of fragments of the crashed plane indicates that it was almost certainly hit by a surface-to-air missile, or SAM. “Much more to investigate, but at high level we’d put the probability of it being a SAM attack on the aircraft at being well into the 90-99% bracket,” he said. Osprey Flight Solutions, an aviation security firm based in the United Kingdom, warned its clients that the “Azerbaijan Airlines flight was likely shot down by a Russian military air-defense system.” Osprey provides analysis for carriers still flying into Russia after Western airlines halted their flights during the war. Osprey CEO Andrew Nicholson said that the company had issued more than 200 alerts regarding drone attacks and air defense systems in Russia during the war. “This incident is a stark reminder of why we do what we do,” Nicholson posted online. “It is painful to know that despite our efforts, lives were lost in a way that could have been avoided.” Yan Matveyev, an independent Russian military expert, noted that images of the crashed plane’s tail reveal the damage compatible with shrapnel from a small surface-to-air missile, such as the Pantsyr-S1 air defence system. “It looks like the tail section of the plane was damaged by some missile fragments,” he said. Matveyev added that it remains unclear why the pilots decided to fly hundreds of miles east across the Caspian Sea instead of trying to land at a closer airport in Russia after the plane was hit. “Perhaps some of the plane’s systems kept working for some time and the crew believed that they could make it and land normally,” Matveyev said, adding that the crew could also have faced restrictions on landing at another venue in Russia. Caliber, an Azerbaijani news website with good government connections, also claimed that the airliner was fired upon by a Russian Pantsyr-S air defence system as it was approaching Grozny. It questioned why Russian authorities failed to close the airport despite the apparent drone raid in the area. Khamzat Kadyrov, head of Chechnya’s Security Council, said that air defences downed drones attacking the region on Wednesday. Caliber also wondered why Russian authorities didn’t allow the plane to make an emergency landing in Grozny or other Russian airports nearby after it was hit. Asked about the claims that the plane had been fired upon by air defence assets, Kremlin spokesman Dmitry Peskov told reporters that “it would be wrong to make hypotheses before investigators make their verdict.” Kazakhstan’s parliamentary speaker, Maulen Ashimbayev, also warned against rushing to conclusions based on pictures of the plane’s fragments, describing the allegations of air defence fire as unfounded and unethical. According to Kazakh officials, those aboard the plane included 42 Azerbaijani citizens, 16 Russian nationals, six Kazakhs, and three Kyrgyzstan nationals. Russia’s Emergencies Ministry on Thursday flew nine Russian survivors to Moscow for treatment. | 2024-12-27 08:45 | 2024-12-27 | 08:45 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/brokerage-radar-dam-capital-upgrades-tata-motors-escorts-kubota-to-buy-motilal-oswal-remains-bullish-on-jsw-infra-12898575.html | Brokerage Radar | DAM Capital upgrades Tata Motors, Escorts Kubota to 'buy', Motilal Oswal remains bullish on JSW Infra | Brokerage Radar.Related stories. | Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes JSW Infra, Home First Finance and more. DAM Cap On AutosUpgrade Tata Motors To Buy From NEUTRAL, Target At Rs 870/ShUpgrade Escorts To Buy From Neutral, Target At Rs 3,550/ShUpgrade Bajaj Auto To Buy From Sell, Target At Rs 9,750/ShTop Picks: M&M, TVS Motor And RK ForgingExpect Recovery In FY26 Due To Favourable Macros, Though, Near-term Slowdown Is Inevitable MOSL On JSW InfraBuy Call, Target At Rs 375/ShCapacity Expansion To Aid Growth; Well-positioned To Gain Higher Market ShareVolume Growth Trajectory To Remain StrongFocused On Ramping Up Capacity To 400 mt By 2030Est A Volume/Revenue/EBITDA/PAT CAGR Of 14%/19%/20%/19% Over FY24-27 MOSL On Home First FinBuy Call, Target At Rs 1,250/ShCo Is Not Seeing Any Spillover Of Stress From Microfinance Or Short-term Personal LoansAsset Quality Remains Largely StableDemand Continues To Remain Strong In Affordable Segment, Particularly In Self-ConstructionCo Has Ability To Penetrate Deeper Into Its Existing StatesWithin The Next 12-24 Mths, It Could Potentially Become First New-age Affordable Hsg Co Antique On Defence SectorNSE Defence Index Corrected By 21% From July’24 PeakBelieve Defence Story Has Not Diminished, Rather Outlook Has Further ImprovedThere Is Significant Earnings VisibilityValuation, Given Earnings Trajectory, Are Not UnreasonableRecent Correction Provides Meaningful Opportunity To Accumulate Defence StocksRemain Bullish, Top Picks Are HAL, BEL, Bharat Dynamics, Mazagaon Docks, & PTC Industries | 2024-12-27 08:31 | 2024-12-27 | 08:31 |
moneycontrol.com | https://www.moneycontrol.com/news/india/india-lost-one-of-its-most-illustrious-sons-world-leaders-remember-manmohan-singh-12898577.html | World leaders remember Manmohan Singh: 'India lost one of its most illustrious sons' | Manmohan Singh passed away on Thursday night at the age of 92 due to age-related medical conditions.Related stories. | Condolences poured in from across the world as leaders from various countries paid tribute to Manmohan Singh, former Prime Minister of India. Former President of Afghanistan, Hamid Karzai in a post on X said that India has lost one of its most illustrious sons. “India has lost one of its most illustrious sons. #Dr_Manmohan_Singh was an unwavering ally and friend to the people of #Afghanistan. I profoundly mourn his passing and extend my deepest condolences to his family, the government, and the people of India. May his soul find eternal peace,” said Karzai.#Indiahas lost one of its most illustrious sons.#Dr_Manmohan_Singhwas an unwavering ally and friend to the people of#Afghanistan. I profoundly mourn his passing and extend my deepest condolences to his family, the government, and the people of India.May his soul findpic.twitter.com/ZrY5bCFVIRHamid Karzai (@KarzaiH)December 26, 2024 According to former Maldivian President Mohamed Nasheed, Singh was a "benevolent father figure" and a good friend of Maldives. “So sad to hear Manmohan Singh has passed. I always found him a delight to work with, and like a benevolent father figure. He was a good friend of the Maldives,” said Nasheed on X. The US State Department released a statement paying "condolences to the people of India". "Dr. Singh was one of the greatest champions of the U.S.-India strategic partnership, and his work laid the foundation for much of what our countries have accomplished together in the past two decades. His leadership in advancing the U.S.-India Civil Nuclear Cooperation Agreement signified a major investment in the potential of the U.S.-India relationship. At home, Dr. Singh will be remembered for his economic reforms that spurred India’s rapid economic growth.We mourn Dr. Singh’s passing and will always remember his dedication to bringing the United States and India closer together," it said. Russian Ambassador to India, Denis Alipov said that the passing away of Singh is a moment of poignant sorrow. He wrote on X, "It is a moment of poignant sorrow and grief for India and for Russia. Dr Manmohan Singh's contribution to our bilateral ties was immeasurable. His suave demeanor was always endearing and unquestionable was his expertise as an economist and his commitment to the progress of India." Manmohan Singh passed away on Thursday night at the age of 92 due to age-related medical conditions, stated AIIMS. The soft-spoken economist, who played a key role in the emergence of India as one the rising powers in the 21st century, was always praised by top leaders across the world. Speaking on the sidelines of a G20 summit in Toronto (Canada), then US President Barack Obama had said, "I can tell you that here at G20, when the Prime Minister speaks, people listen.” Former German Chancellor Angela Merkel wrote in “Freedom: Memoirs (1954-2021)” that she had first met Singh in April 2006 when they officially opened the Hannover Messe. According to her, Singh’s “primary aim was to improve living standards for the two-thirds of India’s 1.2 billion population who lived in rural areas”. The Centre Union government declared a seven-day mourning in honour of former prime minister Manmohan Singh, PTI reported citing officials. | 2024-12-27 08:28 | 2024-12-27 | 08:28 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/concord-enviro-systems-ipo-listing-today-on-bse-and-nse-muted-debut-expected-should-you-book-profits-or-hold-12898585.html | Concord Enviro Systems IPO listing today on BSE and NSE: muted debut expected; should you book profits or hold? | Analysts recommend a cautious approach for investors for Concord Enviro Systems IPO investors..Related stories. | Concord Enviro Systems Ltd. (CESL) shares are set to debut on the NSE and BSE today at 10 am, with expectations of a subdued listing due to cautious investor sentiment. Analysts recommend monitoring the stock closely post-listing, with a preference for booking profits if a premium is achieved. Mumbai-basedConcord Enviro Systemsraised Rs 500 crore through its IPO, which closed on December 23 with a 10.67 times subscription. The issue was priced at Rs 480-500 per share and included a fresh issue of Rs 175 crore and an offer-for-sale of Rs 325.3 crore. Proceeds from the fresh issue will be used for a greenfield project in the UAE, a brownfield expansion in Vasai, debt repayment, and working capital needs. Concord Enviro Systems listing expectations: Book profits Narendra Solanki, Head of Fundamental Research at Anand Rathi Shares, suggests holding Concord Enviro Systems stock for the long term, citing the company’s capabilities in water and wastewater treatment, including zero liquid discharge (ZLD) technology. "While the issue is valued at a P/E of 35.01x and EV/EBITDA of 22.1x, its return on net worth of 12.92 percent is moderate. We recommend holding the stock with a long-term view," he said. Check all IPO news here Sagar Shetty, Research Analyst at StoxBox, sounds caution due to Concord Enviro’s inconsistent financial performance and aggressive dilution of promoter holdings. "Negative operating cash flow in FY24 and subdued investor confidence reflected in the low GMP suggest caution. Investors allocated shares should consider booking profits on listing gains and monitor future performance closely," he advised. Concord Enviro Systems financial performance and growth outlook Concord Enviro Systems reported a 655.2 percent on-year increase in net profit at Rs 41.4 crore for FY24, though its profitability in FY23 was inconsistent, with a 66.7 percent decline compared to FY22. Revenue rose 44.8 percent to Rs 497 crore in FY24, but the company’s operating cash flow and past profit fluctuations underscore the need for careful evaluation. The company’s projects, including expansions in the UAE and Vasai, aim to enhance its global footprint and operational efficiency. Analyst views Given the mixed signals in financial performance and valuation metrics, analysts recommend a cautious approach for investors. Concord Enviro Systems IPO allottees are advised to book profits if the listing sees gains, while those with a long-term view may hold the stock while closely monitoring its performance in subsequent quarters. | 2024-12-27 08:27 | 2024-12-27 | 08:27 |
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