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moneycontrol.com
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https://www.moneycontrol.com/news/business/ipo/nelsoft-files-draft-papers-with-sebi-for-raising-funds-via-ipo-12898571.html
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Nelsoft files draft papers with SEBI for raising funds via IPO
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Equirus Capital and IIFL Capital are the lead managers for the issue..Related stories.
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Pune-based Nelsoft Ltd has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO includes a fresh issue of Rs 1,000 crore and an offer for sale of up to 8 million shares by existing promoters and shareholders. Catch all the market action on our live blog The proceeds from the IPO will be utilized for capital expenditure, including civil construction and interior development of its Viman Nagar office, setting up new workstations and infrastructure at the Hinjewadi office, and procuring advanced IT infrastructure such as computer graphics workstations, servers, cloud systems, scanners, network switches, and printers. Additionally, funds will be used for the purchase of software subscriptions and licenses. Equirus Capital and IIFL Capital are the lead managers for the issue. Nelsoft Ltd, a technology-driven engineering services and solutions (ER&D) company, has over 20 years of experience catering to clients in the Architecture, Engineering, and Construction (AEC), Manufacturing, and Industrial Plant sectors. The company’s offerings focus on digitalization, digitization, and automation to enhance efficiency and sustainability in design-build-operate activities. For FY24, Nelsoft reported revenue of Rs 325.85 crore, up from Rs 291 crore in FY23, with a net profit of Rs 57.85 crore compared to Rs 46.64 crore in the previous year.
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2024-12-27 08:25
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2024-12-27
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08:25
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moneycontrol.com
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https://www.moneycontrol.com/news/business/personal-finance/how-to-keep-your-credit-card-spending-in-check-and-maximise-rewards-this-holiday-season-12898373.html
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How to keep your credit card spending in check and maximise rewards this holiday season
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Many banks and merchants provide seasonal benefits on credit cards, such as discounts on travel bookings, dining experiences, and entertainment..Related stories.
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As the year draws to a close, many people find themselves grappling with financial challenges. That’s because the long holiday coupled with the festive spirit leads to increased credit card spending on gifts, travel, and other year-end expenses. However, a well-thought-out strategy can aid in checking overspending, managing debt, and handling finances wisely. Here are some tips to help you draw a good balance between leisure spending and financial prudence while using your credit card this holiday season. Understand your financial position Before you dive into year-end shopping and holiday spending, it's essential to first assess your current financial health. It is important to understand your credit card balance, credit limit, credit score and available funds to repay the credit card bill. “Review your recent spending patterns to determine whether you have room for additional expenses. If your credit card balance is high, prioritise clearing it to avoid overdue charges,” says a spokesperson from Mastercard. Create a holiday spending plan A key element of financial discipline during the holiday season is having a clear spending plan. Start by listing your potential purchases, including gifts, travel and lifestyle expenses and other holiday-related costs. Once you’ve identified these expenses, divide them into essential and leisure categories. “Set a maximum spending limit that takes both your immediate financial needs and long-term goals into account,” says the Mastercard spokesperson. Setting a spending limit ensures you stay within your means while making the most of your holiday. Also read |Why 'holiday now pay later' schemes may be loan traps Maximise credit card rewards One of the main advantages of using a credit card is the opportunity to earn rewards. During the holiday season, credit cards often roll out offers on specific categories, such as travel, shopping, and dining. “To maximise your rewards, ensure that you select a credit card that aligns with your year-end spending plans,” says Harshil Morjaria, a certified financial planner at ValueCurve Financial Solutions. For instance, if you’re planning to travel, use a card that offers extra points on airfare or hotel bookings. Another strategy is to concentrate your spending on one or two cards to accumulate points quickly. For example, if one card offers 5 percent cashback on gifts and 2 percent on other purchases, make sure to use it for all your holiday shopping to take advantage of the higher cashback rate. Also read |Credit card limit reduced? Here's what might have triggered it Access offers and deals The holiday season is brimming with opportunities to access special deals, discounts, and exclusive offers from credit card issuers. Many banks and merchants provide seasonal benefits on credit cards, such as discounts on travel bookings, dining experiences, and entertainment. “To ensure you don’t miss out, make sure you activate these offers on your card,” says Morjaria. Moreover, shopping online through a credit card often provides instant discounts, cashback and bonus points. Implement card controls As spending tends to spike during the holiday season, it’s crucial to maintain control over your credit card usage. One of the best ways to prevent overspending is by setting transaction alerts. “These notifications can help you track your expenses in real time and ensure that you are staying within yourbudget,” says the Mastercard spokesperson. Additionally, consider using your temporary card freeze feature to avoid impulsive purchases. Another useful strategy is to set daily or weekly spending limits. Also read |Trump’s proposed max 10% interest on credit cards; how does India fare? Leverage personal finance management tools Many banks and financial institutions now offer apps with budgeting and personal finance management features. These tools can help you track spending, set financial goals, and monitor your credit card balance in real time. By using these apps, you can reflect on your spending patterns and adjust your financial strategy as needed. Don’t forget the due dates It’s important to stay on top of your credit card bills to avoid late payment charges and interest. Set reminders for payment due dates to ensure timely payments. “Missed payments can lead to penalties and negatively impact your credit score, which can affect your future borrowing power,” says Morjaria. “Equally important is managing your credit utilisation ratio, which plays a key role in maintaining a healthy credit score. Try to keep your balance below 30 percent of your credit limit to avoid an impact on your credit score,” the Mastercard spokesperson adds. The year-end period presents both challenges and opportunities. By following a structured approach that includes assessing your financial position, planning your holiday spending, maximising credit card rewards, and utilising budgeting tools, you can enjoy the season without falling into debt. So, take control of your spending, keep an eye on your financial goals, and make the most of this holiday season.
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2024-12-27 08:17
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2024-12-27
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08:17
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moneycontrol.com
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https://www.moneycontrol.com/news/business/ipo/transrail-lighting-ipo-listing-today-on-bse-and-nse-strong-debut-expected-should-you-buy-sell-or-hold-12898572.html
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Transrail Lighting IPO listing today on BSE and NSE: strong debut expected; should you buy, sell or hold?
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Engineering and construction company Transrail Lighting raised Rs 839 crore through its IPO, which was subscribed 81 times..Related stories.
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Transrail Lighting Ltd shares are set to debut on the NSE and BSE today at 10 am, with strong listing gains anticipated following the IPO’s robust 81 times subscription. Analysts remain positive on the company’s growth potential and market position, recommending a long-term hold for investors who were allotted shares. Engineering and construction companyTransrail Lightingraised Rs 839 crore through its initial public offering, which closed on December 23. The IPO, priced at Rs 410-432 per share, included a fresh issue of Rs 400 crore and an offer-for-sale of 1.01 crore shares by promoter Ajanma Holdings. The proceeds from the fresh issue will be used for working capital requirements, capital expenditure, and general corporate purposes. Transrail Lighting listing expectations: Issue fairly priced Narendra Solanki, Head of Fundamental Research at Anand Rathi Shares, said that Transrail Lighting’s order book of Rs 10,213 crore (2.5 times FY24 revenue) provides strong business visibility. "At the upper price band, the stock is valued at 24.8x its FY24 EPS with a market cap-to-sales ratio of 1.4. The issue is fairly priced, and investors should hold shares post-listing for long-term gains," he said. Check all IPO news here Sagar Shetty, Research Analyst at StoxBox, said the company’s diversification plans and international presence offers mid- to long-term opportunities. "With operations in 58 countries and plans to expand into allied infrastructure sectors and the solar EPC industry, Transrail Lighting is well-positioned to capitalise on emerging opportunities. Investors should remain invested for the medium to long term," he said. Transrail Lighting financial performance and growth outlook Transrail Lighting’s robust order book, combined with its integrated manufacturing capabilities for lattice structures, conductors, and monopoles, ensures stable revenue growth. The company is strategically expanding into new markets and product lines, supported by growing demand for power and government initiatives in the transmission and distribution sector. Analysts expect the stock to list at a premium of 39-44 percent over its upper price band, driven by strong demand and positive market sentiment. Analyst views Analysts recommend that conservative investors consider booking partial profits if listing gains exceed expectations. However, long-term investors are advised to hold shares to benefit from Transrail Lighting’s strong market presence, diversification plans, and growth potential in the power transmission sector. Non-allottees may explore buying opportunities on dips post-listing.
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2024-12-27 08:06
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2024-12-27
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08:06
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moneycontrol.com
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https://www.moneycontrol.com/news/business/real-estate/housing-supply-in-top-9-cities-drops-33-sales-fall-21-in-q4-cy24-hyderabad-sees-biggest-drop-in-supply-12898136.html
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Housing supply in top 9 cities drops 33%, sales fall 21% in Q4 CY24; Hyderabad sees biggest drop in supply
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Hyderabad reported the highest decline in supply of new units, according to the data from PropEquity.Related stories.
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Housing supply in the top nine real estate markets dropped by around 33 percent on an annualised basis and housing sales by 21 percent on-year in October-December 2024. According to data from National Stock Exchange-listed real estate data analytics firm PropEquity, supply fell to 85,765 housing units in the last three months of 2024, against 1,27,936 units in the same period last year. However, supply was 7 percent higher than in July-September 2024, when it was 80,284 units. Housing sales fell to 1,08,261 units in October-December 2024 versus 1,37,225 units in the same period last year. However, on a sequential basis, sales were up 5 percent, from 1,03,213 units in the fourth quarter of the previous calendar year, data showed. The top nine markets are Bengaluru, Hyderabad, Chennai, Kolkata, Pune, Thane, Navi Mumbai, Mumbai and Delhi-National Capital Region. Only Delhi-NCR—which encompasses the satellite cities of Gurugram in Haryana and Noida in Uttar Pradesh, among others—bucked the national trend as housing supply in the area rose 59 percent to 11,223 units in Q4 CY24 from 7,072 units in the same period last year, while sales rose 25 percent to 12,915 units in from 10,354 units over the same time frame. On a yearly basis, housing supply fell the most in Hyderabad (52 percent), followed by Thane (48 percent), Pune (41 percent), Kolkata (37 percent), Navi Mumbai (30 percent), Mumbai (25 percent), Chennai (17 percent) and Bengaluru (11 percent). Hyderabad led the fall in sales table as well (47 percent), followed by Kolkata (33 percent), Mumbai (27 percent), Pune (24 percent), Thane (16 percent), Navi Mumbai (13 percent), Bengaluru (13 percent) and Chennai (9 percent). Why the dip in supply and sales? Experts attribute the dip in housing supply and sales to 2023 being a standout year on both parameters. Samir Jasuja, CEO and founder, PropEquity, explained, “The y-o-y basis drop is due to the high base effect, as 2023 was a peak year for both sales and launches. A closer look at the numbers reveals that despite the drop, the supply-to-absorption ratio in 2024 remains the same as 2023, which indicates that the fundamentals of the real estate sector are strong and healthy,” Jasuja said. He added that though the annual trend shows a dip, housing supply and sales on a quarterly basis were higher owing to the festive season demand. Sunil Sisodiya, founder, Geetanjali Homestate, a Gurugram-based real estate consultancy, said that the yearly decline in housing supply and drop in sales in the last three months paint a complex picture shaped by localised challenges and shifting consumer preferences. "Hyderabad’s steep fall in supply and sales stems from stricter zoning laws and a slowdown in IT sector-driven demand. Conversely, in Mumbai and Chennai, high property prices and elevated interest rates deterred mid-segment buyers, leading to a broader market correction. However, Delhi-NCR bucked the trend, leveraging targeted infrastructure upgrades and affordable housing schemes to attract both developers and buyers," Sisodiya told Moneycontrol. He said that such regional divergence highlights the importance of city-specific strategies. The data indicates that areas with proactive urban planning and diversified demand drivers remain resilient, signalling potential pathways for a broader recovery. Garvit Tiwari, director and co-founder, InfraMantra, a real estate consultancy also based in Gurugram, said that with the economy showing some signs of a slowdown, the pause in exuberance from homebuyers and investors was felt through the year. “This pause may also be on account of low or minimal activity during the April-September period owing to general elections and monsoon. As a result, home sales seem to have moderated from the 2023 peak, but the health of the real estate sector continues to be robust,” he said.
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2024-12-27 08:01
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2024-12-27
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08:01
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moneycontrol.com
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https://www.moneycontrol.com/news/business/freight-operations-begin-at-heelalige-goods-terminal-on-bengaluru-hosur-rail-route-12898556.html
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Freight operations begin at Heelalige Goods Terminal on Bengaluru–Hosur rail route
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Heelalige, located on Bengaluru's outskirts, is expected to cater to the increasing demand for goods transportation in the Bengaluru and Hosur (Tamil Nadu) regions..Related stories.
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Freight operations have officially started at Heelalige Goods Shed, located on the Bengaluru–Hosur rail route. South Western Railway officials on December 26 said the initiation of goods handling with the first consignment of cement being unloaded at the terminal. “The consignment, comprising 17 BCN (Bogie Covered Wagon) wagons, carried 22,235 bags of cement weighing a total of 1,119.4 tonnes, marking a significant milestone for the newly developed Heelalige Goods Terminal,” said a statement. Also read:Railway industry looking for higher spending on technology, cargo capacity in Budget for 2024-25, eyeing PLI scheme for railway components Heelalige, located on the outskirts of Bengaluru, is expected to cater to the increasing demand for goods transportation in the Bengaluru and Hosur (Tamil Nadu) regions. "Its strategic location and convenient road access via the Dommasandra–Whitefield main road ensure seamless connectivity for lorries and transport vehicles, making it a key facility to decongest goods traffic in and around Bengaluru and Hosur," the statement said. Also read:Railways plans to offer 200 more Gati Shakti Cargo Terminals to corporate houses, freight operators The newly developed terminal is expected to emerge as a major hub for goods transportation in the region. “With the capacity to handle full rakes of up to 59 wagons, the terminal is equipped to manage a variety of goods, excluding petroleum and iron ore. Key infrastructure includes high-mast lighting for the loading area, a large circulating area for lorries, and a concreted loading zone, all designed to facilitate efficient operations,” the statement read. Officials said that the terminal's development aims to ease congestion at the Whitefield Satellite Goods Terminal. “The advanced facilities at the Heelalige Goods Terminal will enable it to manage higher volumes of goods traffic, contributing to enhanced efficiency in freight transport and logistics for the Bengaluru and Hosur regions,” the officials said. Also read:Airport at Tamil Nadu's Hosur to benefit Bengaluru's tech hub Electronics City and nearby areas “The commencement of operations at Heelalige is expected to boost goods handling and logistics for businesses in Bengaluru and Hosur. With its strategic location and potential for growth, it will play a vital role in the region's freight network,” the statement said. Also read:Can Indian Railways keep up the momentum in freight traffic?
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2024-12-27 07:57
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2024-12-27
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07:57
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moneycontrol.com
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https://www.moneycontrol.com/news/business/markets/nazara-acquires-another-10-26-in-subsidiary-absolute-sports-for-rs-72-73-crore-12898553.html
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Nazara acquires another 10.26% in subsidiary Absolute Sports for Rs 72.73 crore
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Absolute Sports is the parent of Sportskeeda, and Nazara is purchasing the stake from the founding shareholders..
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Gaming platform company Nazara Technologies has acquired another 10.26% stake in Absolute Sports - a subsidiary - for Rs 72.73 crore, raising its stake in the company to 81.94%, an exchange filing said on December 26. Nazara has a share purchase agreement (SPA), dated September 18, 2024 with subsidiary Absolute Sports and founding shareholders Porush Jain and Srinivas Cuddapah for the acquisition of 19.35% stake. This stake acquisition by Nazara is part of the existing SPA, the statement has said. "...we wish to inform you that the Company, today, i.e., December 26, 2024, has acquired 21,830 equity shares of INR 1/- each, representing 10.26% of the equity share capital of Absolute, from its Founding Shareholders." Absolute Sports is the parent of Sportskeeda, andNazara Techis purchasing the stake from the founding shareholders. Sportskeeda has maintained its ranking among top 10 US sports news websites as of September 30. Absolute Sports has increased its revenue and EBITDA by 22% and 18% respectively in H1 FY25. In H1FY25, gaming contributed 36% to the company's revenue, while e-sports contributed 57% to it. Nazara operates in three business segments; Gaming, Esports, and Ad-tech. North America remains Nazara's largest market with 39% share in revenue, while India and Rest of the World are at 31% and 30% respectively in H1FY25. Sportskeeda's business continues to grow well in terms of revenue and EBITDA, however, it saw a short term dip during Pro Football Network, which recorded an on-year decline in EBITDA. "Pro Football Network was impacted during September which affected its traffic flow when the NFL season was starting. We believe this is a temporary glitch and the site should recover in the next few quarters," said the company.
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2024-12-27 07:55
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2024-12-27
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07:55
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moneycontrol.com
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https://www.moneycontrol.com/news/business/markets/here-are-the-top-global-cues-for-today-s-trade-first-tick-2-12898003.html
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Here are the top global cues for today’s trade - First Tick
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Market Today.Related stories.
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Indian benchmark indices Sensex and Nifty 50 are likely to open on positive note on December 27, tracking cues from GIFT Nifty trading around 23,915.5, a short while ago this morning. Track the latest updates onGIFT Nifty right here on Moneycontrol. In yet another volatile session, the Indian equity indices closed with little change on December 26, with the Nifty at 23,750 led by auto, pharma, energy stocks. At close, the Sensex was down 0.39 points at 78,472.48, and the Nifty was up 22.55 points or 0.10 percent at 23,750.20. Here is how financial markets across the globe fared overnight: GIFT Nifty (Up) The GIFT Nifty is trading higher, indicating a strong start for the day. Nifty futures were trading at 23,915.5 at 07:00 am IST. Asian Equities (Up) Japanese shares led gains in Asia on the yen’s weakness, following a lackluster day on Wall Street that saw muted moves in stocks and government bonds.Change From Previous Close (%)MTD (%)YTD (%)Topix0.72-0.387.95Nikkei0.70-0.079.15Hang Seng-0.294.2821.13Taiwan-0.044.5121.96Kospi-0.83-6.48-18.81US Equities (Flat) Wall Street closed mixed on Thursday and the U.S. benchmark Treasury yield eased after scaling the highest level since May in light, directionless post-Christmas trading. The Dow Jones Industrial Average edged up 0.07% to 43,325.80, the S&P 500 fell 0.04% to 6,037.59 and the Nasdaq Composite fell 0.05% to 20,020.357.Change From Previous Close (%)MTD (%)YTD (%)Dow Jones0.07-2.6417.80S&P500-0.04129.71Nasdaq-0.055.1336.67US Bond Yield (Down) The US 10-Year Treasury was down 9 basis points to 4.57 percent, while the 2-Year Treasury was down 5 basis points to 4.32 percent, in the early Friday trade..Current PriceMTDYTDUS 10-Year Treasury4.574.263.79US 2-Year Treasury4.324.224.24Dollar Index (Flat) The dollar index was steady against the other major currencies in the early Friday trade.Current PriceMTDYTDDollar Index108.11106.08100.98Asian currencies (Mixed) Asian currencies were trading mixed against the US dollar in the early Friday trade with Indonesian Rupiah., Japanese Yen, Philippines Peso, Malaysian Ringgit were trading with gains, while South Korean Won, Thai Baht, Taiwan Dollar and China Renminbi were trading marginally lower.Change From Previous Close (%)MTD (%)YTD (%)Indonesian Rupiah0.043-1.90-4.88South Korean Won-0.673-5.90-12.67Japanese Yen0.158-4.23-10.61Philippines Peso0.3571.57-4.19Thai Baht-0.0851.040.255Taiwan Dollar-0.058-0.632-6.63China Renminbi-0.044-0.730-2.72Malaysian Ringgit0.031-0.5952.77Singapore Dollar-0.015-1.38-2.86Crude (Down) Oil prices were lower in early trading. Brent crude futures and U.S. West Texas Intermediate crude were both 0.2% lower.Change From Previous Close (%)MTD (%)YTD (%)US West Texas-0.222.13-3.04Brent Crude-0.230.16-5.13Gold (Flat) Gold was steady in quiet, post-holiday trading, after mixed jobless claims data in the US did little to alter bets on the outlook for Federal Reserve interest rate cuts.Change From Previous Close (%)MTD (%)YTD (%)Gold0.01-0.3627.67Silver0.05-2.6425.31Fund Flow Action Foreign institutional investors (FIIs) extended their selling on December 26 as they offloaded equities worth Rs 2,376.67 crore, while domestic institutional investors extended their buying as they bought equities worth Rs 3,336 crore on the same day.26th DecMTDYTDFII Net Flows-2,376.67-9,120.81-2,89,954.28DII Net Flows3,336.1624,929.505,40,399.53Hope you're all set for today's trade, we wish you a profitable day ahead.
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2024-12-27 07:52
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2024-12-27
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07:52
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moneycontrol.com
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https://www.moneycontrol.com/news/business/ipo/dam-capital-advisors-ipo-listing-today-on-bse-and-nse-strong-debut-expected-should-you-buy-sell-or-hold-12898546.html
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DAM Capital Advisors IPO listing today on BSE and NSE: strong debut expected; should you buy, sell or hold?
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Analysts expect significant premium over the issue price after DAM Capital raised Rs 840 crore in its IPO..Related stories.
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DAM Capital Advisors shares are set to debut on the NSE and BSE today at 10 am, with the market anticipating robust listing gains after its IPO was subscribed nearly 82 times. While analysts expect significant premium over the issue price, they suggest a mixed approach for investors based on their risk appetite and investment horizon. Investment banker Dharmesh Mehta-ledDAM Capital Advisorsraised Rs 840 crore through its IPO, which closed on December 23, garnering massive interest from qualified institutional buyers and non-institutional investors. The issue, priced at Rs 273-283 per share, was entirely an offer-for-sale by existing shareholders, including the promoter and four major investors. DAM Capital Advisors listing expectations: Long term wealth creator Narendra Solanki, Head of Fundamental Research at Anand Rathi Shares, sees DAM Capital as a long-term wealth creator, citing its market leadership and strategic growth plans. "At the upper price band, the issue is valued at a PE of 22.8x based on FY25 annualised earnings, which is fully priced. Investors should consider booking partial profits on listing gains but hold for long-term growth," he said. Check all IPO news here Prashanth Tapse, Senior Vice President of Research at Mehta Equities, expects listing gains of up to 60 percent over the IPO price. "Conservative investors may book profits if the stock exceeds expectations. For long-term investors, the stock remains a hold, as DAM Capital’s strong market presence and ability to navigate market volatility are key strengths," he added. Abhishek Pandya, Research Analyst at StoxBox, said the company’s robust financial performance and industry tailwinds are the reasons to hold for the medium to long term. "With a 12.1 percent market share in FY24 IPOs and QIPs, DAM Capital has cemented its position as a leader in the investment banking space," he noted. DAM Capital financial performance and growth outlook DAM Capital Advisors reported an EBITDA CAGR of 73.4 percent between FY22 and FY24, with FY24 EBITDA at Rs 1,030.2 million. Its total income grew at a 38.8 percent CAGR over the same period, reflecting its operational efficiency and growth trajectory. The company’s focus on expanding fee-based businesses and forming global partnerships further positions it for sustained growth. Analysts suggest mixed approach for IPO investors post listing While analysts remain optimistic about DAM Capital's long-term potential, they recommend that investors tailor their strategy based on market conditions. Conservative investors may consider booking profits if the stock sees strong listing gains, while long-term investors are advised to hold shares to benefit from the company’s growth and strong market position. Non-allottees, on the other hand, could look to accumulate shares on post-listing dips, especially if profit-booking attempts create buying opportunities.
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2024-12-27 07:43
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2024-12-27
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07:43
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moneycontrol.com
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https://www.moneycontrol.com/news/business/markets/daily-voice-highly-unlikely-that-nifty-would-deliver-double-digit-returns-in-2025-says-ambit-s-nitin-bhasin-12898523.html
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Daily Voice: Highly unlikely that Nifty would deliver double-digit returns in 2025, says Ambit's Nitin Bhasin
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Nitin Bhasin is the Head of Institutional Equities at Ambit Institutional Equities.Related stories.
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It is highly unlikely that Nifty would deliver double-digit returns in 2025, Nitin Bhasin of Ambit Institutional Equities said in an interview to Moneycontrol. With earnings growth slowing down, negative earnings surprises accelerating, expensive valuations and worsening sentiments, he believes caution should be exercised. According to Head of Institutional Equities at Ambit Institutional Equities, CY25 is expected to be a stock-picker’s market with significant divergence in median and index returns! Like Q2FY25, he expects BFSI and IT to continue to be drivers of Nifty earnings growth in Q3FY25 as well. Moreover, "BFSI and IT are forecasted to contribute ~60% of incremental Nifty FY25 EPS growth. Apart from these, telecom is expected to witness substantial earnings growth due to tariff hike of ~15% undertaken across the sector in July 2024," said the Chartered Accountant with nearly 24 years of experience, including 21 years in equity research. Do you think the US Federal Reserve will definitely restrict itself to 2 rate cuts in 2025, instead of the 3-4 cuts it had earlier indicated? United States is about to go through a change in Presidency. Donald Trump has already made promises such as cutting corporate tax rates, providing incentives to manufacturers and even impose greater tariffs on imports from China, Canada, Mexico, etc. These policies are inflationary in nature and may be introduced during a time when US labour markets and consumer spending remain resilient. Inflation too remained 2.7% YoY in November 2024, higher than the targeted 2%. In such a situation, Fed would like to wait & watch before committing to full-fledged rate cut cycle. What will the Reserve Bank of India’s path look like in terms of rate cuts in 2025, following the Fed's stance in the December meeting? In our opinion, India’s final stages of disinflation is taking longer than what was initially expected as food prices remain sticky at elevated levels (7.6% in 8MFY25). MPC’s (Monetary Policy Committee) own estimates suggests CPI inflation is top touch target 4% only in Q2FY26 as food prices are set to keep near term inflation elevated. Keeping uncertainties related to food inflation in mind, we don’t expect more than 50bps rate cut in CY25. Is the rural theme looking attractive for buying now? The macro data remains weak but few ideas can be looked from bottom-up perspective. It’s a stock picker’s market. Rural real wage has continued to contract in FY25YTD (1.1% YoY). Although indicators like FMCG volume has shown growth, it should be noted that it has been achieved on back of price cuts and lower base. PLFS (Periodic Labour Force Survey) data also showed rise in share of agricultural work force, indicating continued stress in higher paying non – farm labour market. The only bright spot has been agriculture sector, which has seen higher sowings due to favourable rainfall. Rural 2-wheeler and passenger vehicle sales are growing faster in rural than the urban market. On the back of good monsoon lifting market sentiments and the festive season, tractor sales data also remains robust. So, these plays can be looked at! Do you believe that 2025 may not be easy-going for equity markets to achieve 10-15% gains? We expect normalization in Nifty returns as market drivers i.e., earnings growth, earnings revision, valuation, interest rates and sentiment reflected in RBI Surveys doesn’t inspire confidence. It is highly unlikely that Nifty would deliver double-digit returns in 2025. Over FY21-24, Nifty earnings estimates were sustainable but in FY25, Nifty earnings estimates have been cut by 4.3% since March 2024. A disappointing Q3FY25 reporting season can accelerate downgrades further. Proportion of companies delivering negative earnings surprises in NSE500 universe, was the highest in last quarter since June 2021. Additionally, large pockets of market continue to trade within 5% premium of all-time high (ATH) valuations. Lastly, the prevailing optimism is beginning to fade. Current industrial outlook declined led by moderation in demand conditions and household expectation of inflation remains elevated. With earnings growth slowing down, negative earnings surprises accelerating, expensive valuations and worsening sentiments, we believe caution should be exercised. Time to be selective, as CY25 is expected to be a stock-picker’s market with significant divergence in median and index returns! We expect polarization to increase in CY25 that has been associated with weak market returns over the last two decades. Which sectors are compelling buys right now for 2025? Across equity cohorts, valuations are expensive whereas earnings growth has slowed down! In relative preference order, we like banks and IT. Banks sector stands out on our sectoral framework, which looks at Market Capitalization (Mcap) contribution in conjunction with profit contribution of a sector to broader universe (NSE500). The profit contribution of Banks to the NSE500 profit pool is ~26%, while Mcap contribution is only 12%. Our analysis suggests that profit contribution will be sustainable in FY25 and it is not going to taper off. FY25 is expected to be a year of earnings growth normalization and Banks are at a confluence of reasonable valuations and decent earnings growth. As such, the ATH divergence between Mcap and profit contribution should narrow down. Additionally, never in the last 2 decades, when Bank Nifty/Nifty ratio slipped to -2 Z-score, have Banks underperformed the following year. Apart from BFSI, quality factor is expected to outperform in near to medium term. Over the past 5 months, quality and low volatility performed better compared to other factors. With EPS growth expected to normalize in FY25, we expect quality to outperform, a trend that has just begun. Evidence from US suggests that Quality factor outperformance has been associated with the event of slowdown in earnings growth. Dissection of the NSE200 Quality index reveals that IT comprises of the 2nd highest weight in the factor. Lastly, 12m forward. IT returns have been positive in most instances post 1st Fed rate-cut. With BFSI & IT being primary drivers of Nifty earnings growth in Q2FY25 and FY25E, we expect IT to outperform as well in the near-to-medium term. Which sectors are expected to drive earnings growth in the December quarter? BFSI and IT were the primary drivers of Nifty earnings growth in Q2FY25 & we expect this to continue in the December quarter. Moreover, BFSI and IT are forecasted to contribute ~60% of incremental Nifty FY25 EPS growth. Apart from these, telecom is expected to witness substantial earnings growth due to tariff hike of ~15% undertaken across the sector in July’24. Usually, earnings improvement comes with a lag of about 1-2 quarters.
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2024-12-27 07:15
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2024-12-27
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07:15
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moneycontrol.com
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https://www.moneycontrol.com/technology/wordle-1287-here-are-some-hints-and-answer-for-december-27-2024-puzzle-article-12898459.html
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Wordle 1287: Here are some hints and answer for December 27, 2024 puzzle
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Wordle.
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Wordle is a daily word game that challenges players to guess a five-letter word in six attempts. Feedback comes through coloured tiles: green for letters in the correct position, yellow for letters in the wrong position, and gray for incorrect letters. Released at midnight in your time zone, Wordle offers a daily challenge to players worldwide. Wordle Hints for December 27, 2024Today’s word is a noun.It contains two vowels.The word starts with the letter “G.”There is no repeated letter in the word.The word refers to a cereal plant. If these hints don’t lead to the solution, the answer is provided below. Wordle Answer for December 27, 2024The answer for today’s Wordle is GRAIN. According to Webster’s New World College Dictionary, it refers to cereal plants like wheat or rye. Today’s difficultyTesters who solved the puzzle in advance rated today’s Wordle as 4.3 guesses out of 6, categorizing it as moderately challenging. For personalized insights into your gameplay, consult WordleBot for analysis. How to play WordleVisit The New York Times Games to play. Players have six attempts to guess the daily word, with hints offered through color-coded feedback. Words can include repeated letters but are not plural forms. Wordle also tracks your gameplay statistics, such as success rates and streaks. For more challenges, try spin-offs like Dordle or Quordle, which bring unique twists to the Wordle experience.
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2024-12-27 07:14
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2024-12-27
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07:14
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moneycontrol.com
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https://www.moneycontrol.com/news/business/ipo/mamata-machinery-ipo-listing-today-on-bse-and-nse-investors-eye-bumper-gains-should-you-buy-sell-or-hold-12898229.html
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Mamata Machinery IPO listing today on BSE and NSE, investors eye bumper gains; should you buy, sell or hold?
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Mamata Machinery IPO, priced in the range of Rs 230-243 per share, garnered strong interest from retail, institutional, and high-net-worth investors..Related stories.
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Mamata Machinery shares are set to get listed on NSE and BSE today at 10 am, with IPO investors eyeing bumper listing gains after robust subscription to its public issue. While conservative investors may book profits at listing, analysts advise long-term investors to hold the stock due to its growth potential and reasonable valuations. Gujarat-based packaging machinery manufacturerMamata Machinery’s Rs 179-crore initial public offering was subscribed a whopping 195 times despite a subdued stock market last week. The IPO priced in the range of Rs 230-243 per share garnered strong interest from retail, institutional and high-net-worth investors. Analysts are optimistic about the company's growth prospects, citing its extensive product portfolio, global footprint, and leadership in packaging machinery technology. They recommend holding Mamata Machinery shares for the long term on the back of the company’s investments in research and development (R&D) and continuous innovation. Check all IPO news here Mamata Machinery, which operates under the brand names 'Vega' and 'Win’, offers end-to-end manufacturing solutions for the flexible packaging industry. Its comprehensive product range caters to both packaging and non-packaging sectors, solidifying its presence across the entire value chain. Reasonable valuation, strong market presence Narendra Solanki, Head of Fundamental Research - Investment Services at Anand Rathi Shares, said that the company’s valuation is reasonable. "At the upper price band, the company is valued at a price-to-earnings ratio of 16.6x, with a post-issue market capitalisation of Rs 5,979 million and a return on net worth of 27.4% based on FY24," he said. "We find the valuation reasonable and recommend investors to hold Mamata Machinery stock for the long term, given its healthy financial outlook," Solanki added. Prashanth Tapse, Senior Analyst at Mehta Equities, expects a robust debut for Mamata Machinery stock, forecasting potential gains of up to 100 percent over the IPO price. "We advise conservative investors to book profits if prices exceed our expectations. For long-term investors, however, the recommendation is to hold despite short-term market volatility. Non-allottees should consider buying on dips post-listing," he said. 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.
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2024-12-27 07:09
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2024-12-27
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07:09
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moneycontrol.com
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https://www.moneycontrol.com/news/business/ipo/unimech-aerospace-ipo-allotment-status-how-to-check-details-online-via-kfin-tech-nse-bse-check-latest-gmp-12898263.html
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Unimech Aerospace IPO allotment status: How to check details online via KFin Tech, NSE & BSE; Check latest GMP
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Unimech Aerospace IPO shares will be listed on the BSE and NSE on 31st December, following a bumper subscription of 174.93 times to its Rs 500-crore issue..Related stories.
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Unimech Aerospace IPO shares are likely to be allotted to successful bidders on December 27, a day after the Rs 500-crore initial share sale concluded with a whopping 174.93 times subscription. The public issue of high-precision engineering solutions companyUnimech Aerospace and Manufacturing Ltdhad seen demand soaring on the final day of bidding with investors booking for over 82.28 crore shares, while only 47.04 lakh shares were available. The issue had a price band of Rs 745-785 apiece. The investors who subscribed to the mega issue by Unimech Aerospace can check their allotment status on the official website of the registrar, KFin Technologies Limited. The share finalization can also be verified on the websites of the exchanges, NSE and BSE. Unimech Aerospace IPO allotment date today: Steps to check share allotment status on KFin Tech Step 1:Open the direct link to the registrar on this URL (https://evault.kfintech.com/ipostatus/). Step 2:Select the company from the dropdown menu. Step 3:Investors can check the allotment status by filling in details like PAN, Application number or DP client ID. Step 4:Press the Submit button Step 5:The allotment status will be shown in the window. Check All IPO NewsHere Unimech Aerospace IPO allotment status check on NSE Step 1:Open the website of NSE by clicking on this direct link (https://www.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp). Step 2:Register by signing up using your details and then Submit. Step 3:Select 'Unimech Aerospace' Step 4:Investors can check the allotment status by filling in details like their IPO Application number. Step 5:Press the Submit button Step 6:The allotment status will be shown in the window. Unimech Aerospace IPO GMP hits 80% as issue concludes with 175 times subscription on Day 3 Unimech Aerospace IPO allotment status check on direct link of BSE Step 1:Open the website of Bombay Stock Exchange (BSE). Step 2:Click on 'Investors' option. Step 3:On the 'Investor Services' dropdown, click on 'Status of Issue Application'. Step 4:Click on 'Application Status Check'. Step 5:Select Equity in the issue type. Step 6:Fill in the required details including the 'Issue Name'. Step 7:Enter PAN number and click on Search to view the status Unimech Aerospace IPO GMP Today News According to market observers, the shares of Unimech Aerospace are commanding a GMP of over 80 percent. Investorgain quoted a GMP of Rs 630 for the shares of the company in the unofficial market, indicating a listing gain of nearly 80.25 percent. Unimech Aerospace shares will be listed on the BSE and NSE on December 31.
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2024-12-27 07:02
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2024-12-27
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07:02
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moneycontrol.com
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https://www.moneycontrol.com/news/business/markets/trade-spotlight-how-should-you-trade-interglobe-aviation-sun-pharma-himadri-speciality-chemical-devyani-international-and-others-on-december-27-12898526.html
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Trade Spotlight: How should you trade InterGlobe Aviation, Sun Pharma, Himadri Speciality Chemical, Devyani International, and others on December 27?
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Top Buy Ideas for December 27.Related stories.
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The market remained directionless due to a lack of triggers since the start of the current week, closing flat on December 26. The market breadth favoured the bears, with 1,494 shares falling compared to 1,010 shares gaining on the NSE. The benchmark Nifty 50 needs to break the rangebound trade to establish a firm direction for the January series starting on December 27. Below are some trading ideas for the near term: Chandan Taparia, Senior Vice President | Head – Technical Research and Derivatives at Motilal Oswal Financial Services InterGlobe Aviation| CMP: Rs 4,725 InterGlobe has retraced from major support levels and moved upward, forming a large-bodied bullish candle on the daily chart. It has bounced from its key 200-day exponential moving average (DEMA), suggesting a potential trend reversal. The MACD (Moving Average Convergence Divergence) indicator has given a bullish crossover, supporting the upward momentum. Strategy: Buy Target: Rs 4,950 Stop-Loss: Rs 4,610 Sun Pharmaceutical Industries| CMP: Rs 1,841.35 Sun Pharmaceutical is giving an ascending triangle breakout with a surge in buying volumes on the daily chart. The RSI (Relative Strength Index) indicator has given a bullish crossover and is trending upward, confirming the upward momentum. Strategy: Buy Target: Rs 1,925 Stop-Loss: Rs 1,795 Hindustan Petroleum Corporation| CMP: Rs 419.3 HPCL has formed a Cup and Handle pattern on the daily chart and has moved upward after testing its 200-day exponential moving average (DEMA) support zone. The ADX (Average Directional Index) line is rising, suggesting that the upward movement has strength and is likely to continue. Strategy: Buy Target: Rs 454 Stop-Loss: Rs 399 Hardik Matalia, Derivative Analyst at Choice Broking Himadri Speciality Chemical| CMP: Rs 565.8 HSCL has recently experienced a bullish breakout from an Inverted Head and Shoulders pattern on the daily chart, supported by significant trading volumes that confirm strong momentum. The stock has demonstrated resilience by rebounding from its demand zones, which act as crucial support levels. If HSCL sustains its position above Rs 580, it could potentially move toward an upward target of Rs 630. The RSI stands at 57.94 and is trending upward with a positive crossover, indicating that the stock is not yet in overbought territory, supporting the continuation of the uptrend. Additionally, HSCL is trading above key moving averages, including the short-term (20-day) EMA, medium-term (50-day) EMA, and long-term (200-day) EMA, further reinforcing the bullish outlook. Given these technical indicators and strong price action, entering a long position in HSCL at Rs 565.8 appears promising. Strategy: Buy Target: Rs 630 Stop-Loss: Rs 535 Devyani International| CMP: Rs 182.88 Devyani is forming a rounding bottom pattern near a key support zone. The stock has been consolidating within a wide trading range following a slight correction near its demand zone. It is now poised for a breakout from the rounding bottom pattern, supported by a notable increase in trading volumes. The formation of a strong bullish candle on the daily chart further reinforces its positive outlook. If Devyani sustains above the Rs 185 level, it could extend its upward momentum toward the next target of Rs 200. The RSI is currently at 66.81 and trending upward, indicating increasing buying strength. Additionally, the stock has moved above its key moving averages, including the short-term (20-day), medium-term (50-day), and long-term (200-day) EMAs, highlighting the strength of its underlying uptrend. In summary, given the favourable technical setup, buying Devyani at the current market price presents a compelling opportunity for potential gains. Strategy: Buy Target: Rs 200 Stop-Loss: Rs 172.5 Virat Jagad, Technical Research Analyst at Bonanza Apollo Tyres| CMP: Rs 542.25 Apollo Tyres has recently broken out from a Flag and Pole pattern on the daily chart, a strong bullish indicator suggesting the potential for a sustained uptrend. The breakout is supported by a surge in trading volume, reflecting increased buying interest and reinforcing the stock's positive outlook. Additionally, the stock is trading above key EMAs, aligning with the ongoing bullish trend. The DMI+ (Directional Movement Index) is higher than the DMI-, and the ADX is above 25, suggesting strong upward momentum. Overall, these technical signals point to a bullish scenario, with potential for further price appreciation in the near term. Strategy: Buy Target: Rs 580 Stop-Loss: Rs 520
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2024-12-27 03:36
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2024-12-27
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03:36
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moneycontrol.com
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https://www.moneycontrol.com/news/business/markets/trading-plan-can-nifty-surpass-23-850-in-new-series-bank-nifty-climb-above-51-750-12898525.html
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Trading Plan: Can Nifty surpass 23,850 in new series, Bank Nifty climb above 51,750?
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Nifty Trading Plan.Related stories.
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The Nifty 50 and Bank Nifty closed flat after a rangebound and volatile session on December 26. The Nifty 50 has been in the range of 23,650–23,850 for three days in a row. A break below the lower band of the range could drive it down towards 23,500 (the previous week's low), but decisively surpassing the upper band could take it towards 24,000 in the immediate term, experts said. The Bank Nifty faces a hurdle at 51,750, and breaking above this level could pull the index towards the 52,000–52,100 zone. However, falling below 51,000 could push the index back to last week’s low. On Thursday, December 26, the Nifty 50 rose by 23 points to 23,750, while the Bank Nifty fell by 62 points to 51,171. The market breadth was weak, with 1,494 shares declining against 1,010 shares advancing on the NSE. Nifty Outlook and Strategy Hardik Matalia, Derivative Analyst at Choice Broking On the daily chart, the Nifty index formed a Doji candlestick pattern with a small bearish body and long upper and lower wicks, indicating indecision among buyers and sellers. It was largely a sideways session throughout the day. On the downside, the 23,650 level serves as critical support. A breach of this level could push the index further down toward the 23,500–23,200 range. On the upside, 24,050 acts as a key resistance level, with the next major hurdle at 24,200. A sustained close above these levels is crucial to reversing the prevailing bearish trend. In this volatile environment, traders are advised to exercise caution, implement strict stop-loss strategies, and avoid carrying long positions overnight to mitigate risks effectively. Key Resistance: 24,050, 24,200 Key Support: 23,650, 23,500 Strategy: Sell Nifty Futures on a rise near the 24,050 level, with a stop-loss at 24,200, targeting the 23,200 level. Chandan Taparia, Senior Vice President | Head – Technical Research and Derivatives at Motilal Oswal Financial Services This week, Nifty traded in a narrow range of 300 points, showing little movement compared to last week’s sharp fall. The index consistently faced resistance near the 23,870–23,900 zone while finding support around 23,600. The tug-of-war between bulls and bears resulted in multiple Doji candles and inside bar formations on the daily chart, which indicate indecision. Even on the weekly chart, Nifty has formed a Doji candle. The index continues to hover near its 200-day EMA while trading below short-term moving averages. Now, it has to hold above the 23,700 zone for a bounce towards the 23,850 and 24,000 zones, whereas supports are seen at 23,600 and 23,500. Key Resistance: 23,850, 24,000 Key Support: 23,600, 23,500 Strategy: Buy Nifty Futures on a decline with support at 23,500, targeting the 23,850 and 24,000 zones. Virat Jagad, Technical Research Analyst at Bonanza The RSI (Relative Strength Index) hovers near the oversold region, highlighting weak momentum and reinforcing a flat-to-negative bias. This technical setup suggests a lack of clear direction, with sideways movement likely to persist, keeping the Nifty 50 under pressure in the near term unless a decisive breakout occurs. Key Resistance: 23,800, 24,000 Key Support: 23,700, 23,400 Strategy: Sell Nifty Futures below 23,700 with a stop-loss at 23,850, targeting 23,400. Bank Nifty - Outlook and Positioning Hardik Matalia, Derivative Analyst at Choice Broking On the daily chart, the Bank Nifty formed a bearish-bodied candle with a long upper wick and a slightly lower wick, reflecting indecision between buyers and sellers. If the index falls below the 51,000 level, bearish sentiment may persist, potentially pushing the index to lower levels. Additionally, the index is trading below its short-term (20-day) and medium-term (50-day) EMAs, signaling the need for a cautious approach. Key support levels are at 51,000 and 50,700. A breakdown below these levels could lead to a further decline toward the 50,300 mark. On the upside, 51,500 serves as immediate resistance, followed by 52,000. A sustained breakout above 52,000 is critical to reversing the prevailing bearish trend. Traders are advised to closely monitor these key levels, as price action around them will be pivotal in determining the index's next directional move. Key Resistance: 51,500, 52,000 Key Support: 51,000, 50,700 Strategy: Sell Bank Nifty Futures on a rise near the 51,800 level, with a stop-loss at 52,000, targeting the 51,000–50,300 levels. Chandan Taparia, Senior Vice President | Head – Technical Research and Derivatives at Motilal Oswal Financial Services The Bank Nifty index is currently stuck between its 50 DEMA and 200 DEMA, with stock-specific action being observed. As long as it holds below the 51,500 zone, some weakness could be seen, potentially pushing it towards 50,750 and then 50,500 levels. On the upside, resistance is seen at the 51,500 and 51,750 zones. Key Resistance: 51,500, 51,750 Key Support: 50,750, 50,500 Strategy: Sell Bank Nifty Futures on a bounce with a resistance at 51,750, targeting downside levels of 50,750 and 50,500. Virat Jagad, Technical Research Analyst at Bonanza The Bank Nifty index has been consolidating over the past five sessions, oscillating within a defined range of 50,750 to 51,750. The index is currently trading near its trendline support, requiring a bounce from this level to sustain any potential upside. On the daily chart, a small negative candle with upper and lower shadows reflects market volatility and indecision among traders. The RSI remains below the midline, indicating subdued momentum and supporting the sideways trend. A decisive breakout above the 51,750 level is essential for Bank Nifty to resume its upward trajectory. Key Resistance: 51,750, 52,500 Key Support: 50,750, 50,000 Strategy: Buy Bank Nifty Futures near 51,000 with a stop-loss at 50,700, targeting 51,600.
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2024-12-27 03:05
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2024-12-27
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03:05
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moneycontrol.com
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https://www.moneycontrol.com/news/business/markets/trade-setup-for-december-27-top-15-things-to-know-before-the-opening-bell-12898489.html
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Trade setup for December 27: Top 15 things to know before the opening bell
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NIfty Trade Setup.Related stories.
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The Nifty 50 closed the rangebound trade on a flat note, rising 0.1 percent on December 26, the expiry session for monthly Futures & Options contracts. The upside has been capped at the 23,850 level (which coincides with the 200-day SMA) and the downside at the 23,650-23,700 zone (which somewhat coincides with the 200-day EMA) for the third consecutive session. The breaking of this trading range on either side can give firm direction to the index, with 24,000 being the next target on the higher side and 23,500 being the support on the lower side, experts said. Here are 15 data points we have collated to help you spot profitable trades: 1)Key Levels For TheNifty 50(23,750) Resistance based on pivot points: 23,830, 23,877, and 23,954 Support based on pivot points: 23,676, 23,629, and 23,552 Special Formation: The Nifty 50 continued to form an inside bar kind of pattern on the daily charts for the third straight session, indicating rangebound trading. The index remained below the 10, 20, 50, and 100-day EMAs (Exponential Moving Averages) (though it sustained a tad above the 200-day EMA), indicating bearish sentiment. The momentum indicator RSI (Relative Strength Index at 38.8) and MACD (Moving Average Convergence Divergence) falling below the zero line indicated negative bias. 2)Key Levels For TheBank Nifty(51,171) Resistance based on pivot points: 51,589, 51,775, and 52,076 Support based on pivot points: 50,986, 50,800, and 50,499 Resistance based on Fibonacci retracement: 51,572, 52,133 Support based on Fibonacci retracement: 50,659, 49,787 Special Formation: The Bank Nifty formed a bearish candlestick pattern with sizeable upper and lower shadows on the daily charts, indicating volatility and being rangebound, though it made an attempt to cross the 100-day EMA intraday. Overall, the sentiment remains bearish given the index trading below 10, 20, 50, and 100-day EMAs. Also, the RSI (at 40) and MACD dropped further below the zero line, showing a negative bias. 3)Nifty Call Options Data According to the weekly options data, the 24,000 strike holds the maximum Call open interest (with 46.92 lakh contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 25,000 strike (46.8 lakh contracts), and the 24,500 strike (43.73 lakh contracts). Maximum Call writing was observed at the 25,000 strike, which saw an addition of 25.96 lakh contracts, followed by the 24,500 and 23,800 strikes, which added 23.64 lakh and 21.29 lakh contracts, respectively, while there was hardly any Call unwinding seen. 4)Nifty Put Options Data On the Put side, the maximum open interest was seen at the 23,800 strike (with 45.26 lakh contracts), which can act as a key level for the Nifty. It was followed by the 23,000 strike (27.43 lakh contracts), and the 23,500 strike (27.2 lakh contracts). The maximum Put writing was placed at the 23,800 strike, which saw an addition of 26.03 lakh contracts, followed by the 23,000, and 23,700 strikes, with 12.18 lakh, and 11.75 lakh contracts added, respectively, while there was hardly any Put unwinding seen. 5)Bank Nifty Call Options Data According to the monthly options data, the 52,000 strike holds the maximum Call open interest, with 10.58 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 53,000 strike (10.35 lakh contracts) and the 51,500 strike (7.74 lakh contracts). Maximum Call writing was visible at the 52,000 strike (with the addition of 3.79 lakh contracts), followed by the 52,500 strike (2.15 lakh contracts) and the 51,500 strike (2.02 lakh contracts), while there was hardly any Call unwinding seen. 6)Bank Nifty Put Options Data On the Put side, the maximum open interest was seen at the 51,500 strike (with 8.12 lakh contracts), which can act as a key level for the index. This was followed by the 51,000 strike (7.51 lakh contracts) and the 50,000 strike (7.1 lakh contracts). The maximum Put writing was observed at the 51,000 strike (which added 1.73 lakh contracts), followed by the 52,000 strike (1.62 lakh contracts) and the 51,500 strike (1.52 lakh contracts), while there was hardly any Put unwinding seen. 7)Funds Flow (Rs crore) 8)Put-Call Ratio The Nifty Put-Call ratio (PCR), which indicates the mood of the market, dropped to 0.89 on December 26, from 0.94 level in the previous session. The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market. 9)India VIX The India VIX, a fear indicator, snapped a two-day fall, rising 6.51 percent to the 14.03 level, which is still below the cautious level, hence there is still some comfort for bulls. 10)Long Build-up (1 Stock) A long build-up was seen in 1 stock. An increase in open interest (OI) and price indicates a build-up of long positions. 11)Long Unwinding (91 Stocks) 91 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding. 12)Short Build-up (8 Stocks) 8 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions. 13)Short-Covering (127 Stocks) 127 stocks saw short-covering, meaning a decrease in OI, along with a price increase. 14)High Delivery Trades and High Rollovers Here are the stocks that saw a high share of delivery trades. A high share of delivery reflects investing (as opposed to trading) interest in a stock. Here are the stocks which saw the highest rollovers on expiry day. 15)Stocks Under F&O Ban Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit. Stocks added to F&O ban: Nil Stocks retained in F&O ban: Nil Stocks removed from F&O ban: RBL Bank Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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2024-12-27 01:39
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2024-12-27
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01:39
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moneycontrol.com
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https://www.moneycontrol.com/news/india/former-pm-manmohan-singh-lost-consciousness-at-home-what-aiims-said-in-its-statement-12898498.html
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Former PM Manmohan Singh lost consciousness at home: What AIIMS said in its statement
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Former PM Manmohan Singh (Courtesy: AP file photo).Related stories.
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Former Prime Minister, regarded as the architect of India's economic reforms, died at 92 in Delhi on December 26. He was rushed to the emergency ward of All India Institute of Medical Sciences (AIIMS) in a critical condition earlier on Thursday after he fell consciousness at home. 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. Here's the full statement released by the hospital: "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 statement was cited by the BJP even as it took potshots at Congress MP Priyanka Gandhi Vadra's husband Robert Vadra, who had shared the news of the former PM's death before any official confirmation. The post on X was later deleted by Vadra. "According to the AIIMS medical bulletin, former Prime Minister Dr. Manmohan Singh was declared dead at 9:51 pm on December 26, 2024. However, Robert Vadra, Sonia Gandhi's son-in-law, announced his demise on Facebook at 9:23 pm — 28 minutes before his passing. Tragic insensitivity with which the situation was dealt by the Gandhis," BJP’s Amit Malviya posted, also sharing the AIIMS statement and what appeared to be a screenshot of Vadra's post.
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2024-12-27 00:26
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2024-12-27
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00:26
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moneycontrol.com
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https://www.moneycontrol.com/news/business/markets/stocks-to-watch-today-dam-capital-transrail-lighting-mamata-machinery-gensol-power-mech-skf-india-aarti-pharmalabs-in-focus-on-27-december-12898493.html
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Stocks to Watch Today: DAM Capital, Transrail Lighting, Mamata Machinery, Gensol, Power Mech, SKF India, Aarti Pharmalabs in focus on 27 December
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Stocks To Watch Today.Related stories.
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Let's catch up on the latest news from the stock market. From significant investments to major deals, order wins, and acquisitions, here’s a quick look at which stocks will be in focus in today's trade: Stocks To Watch IndusInd Bank The private sector lender has 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% cash basis, aiming to optimise its balance sheet and improve liquidity. Gensol Engineering The company has 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. Power Mech Projects The company has secured a Rs 186 crore order from Jaiprakash Power Ventures. Under the order, it will provide field operation and maintenance services for the 2 x 660 MW Jaypee Nigrie Super Thermal Power Plant in Nigrie, Madhya Pradesh, for the next five-year period, starting from January 1, 2025, to December 31, 2029. Jubilant FoodWorks The company has 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. NHPC The loss amounting to Rs 1,005.1 crore, caused by a flash flood at the Teesta-V Power Station (510 MW) in Sikkim, has been revised to Rs 1,075.97 crore. The company has received Rs 150 crore for material damage loss, while a payment of Rs 250 crore for business interruption loss is in the advanced stage of approval and is likely to be released by the insurer shortly. Furthermore, the company anticipates that three units of 250 MW each of the Subansiri Lower HE project will be completed by May 2025, and the remaining five units (each of 250 MW) will be completed by May 2026, in a phased manner. Gujarat Fluorochemicals The Board has approved the slump sale of a 57 MW captive power plant to the company’s subsidiary IGREL Mahidad, for Rs 200 crore. Additionally, the Board has approved an investment of up to Rs 40 crore in the company’s subsidiary IGREL Mahidad, and Rs 200 crore in Flurry Wind Energy in one or more tranches for a 26% stake. The Board has also approved the purchase of up to 107 MW of power from IGREL Mahidad and 350 MW from Flurry Wind Energy at Rs 4 per unit. HMA Agro Industries The Board has approved the sanction of various credit facilities amounting to Rs 160 crore granted by HDFC Bank to HMA Agro. Dixon Technologies The company’s subsidiary, Dixon Electro Manufacturing, has signed an MOU with Cellecor Gadgets for the manufacturing of refrigerators and related components for Cellecor. RBL Bank The private sector lender has participated in the initial public offering (IPO) of DAM Capital Advisors through an offer-for-sale process and divested its entire shareholding of 8.16% in DAM. After this transaction, the bank no longer holds any equity shareholding in DAM Capital. The IPO was open from December 19 to December 23. Dhani Services The company’s subsidiary Juventus Estate (as a licensee/landowner) has obtained registration for the development of the residential project “Indiabulls Estate & Club-I” at Sector 104, Gurugram, on the 8-lane Dwarka Expressway, from the Haryana Real Estate Regulatory Authority in Gurugram. Additionally, the Board will meet on December 13 to consider raising funds via the issue of equity through a qualified institutions placement or preferential issue. SKF India The Board has approved the demerger of the company’s industrial business into SKF India (Industrial), a wholly owned subsidiary of the company, which is subject to the receipt of requisite approvals, including from the National Company Law Tribunal, BSE, National Stock Exchange of India, and the Securities and Exchange Board of India. SKF Industrial will issue 1 equity share for every 1 share held by eligible shareholders of SKF India. SKF Industrial will be listed on BSE and NSE. The said scheme of arrangement will result in the creation of two listed companies with mirror shareholding, with the resulting company housing the industrial business and the company housing the automotive business. Lemon Tree Hotels The company has signed a License Agreement for a Lemon Tree Hotel with 76 rooms in Bapane, Maharashtra. The property will be managed by its subsidiary Carnation Hotels and is expected to open in FY26. Bulk Deals Aarti Pharmalabs Ace investor Sunil Singhania’s Abakkus Asset Manager bought a 1.18% stake in the company at an average price of Rs 575.04 per share, valued at Rs 61.52 crore via block deals. However, promoter entities Tulip Family Trust and Orchid Family Trust sold a 1.1% stake (10 lakh shares) in the company at an average price of Rs 575 per share, amounting to Rs 57.5 crore. EPACK Durable India Advantage Fund S4-I sold a 0.58% stake in EPACK at an average price of Rs 500.12 per share, amounting to Rs 28.05 crore. One Mobikwik Systems Peak XV Partners Investment Holdings III sold a 1.5% stake in Mobikwik at an average price of Rs 679.38 per share, valued at Rs 81.63 crore. SG Mart Oaklane Capital Management LLP bought a 1.6% stake in SG Mart at an average price of Rs 370.12 per share, amounting to Rs 66.62 crore. Mainboard Listing on December 27 DAM Capital Advisors, Transrail Lighting, Mamata Machinery, Sanathan Textiles, Concord Enviro Systems SME Listing on December 27 Newmalayalam Steel Stock Trades Ex-Date for Split Mazagon Dock Shipbuilders Stocks Trade Ex-Bonus NMDC, Hardwyn India Stock Trades Ex-Date for Rights Dhanlaxmi Bank, Anupam Finserv
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2024-12-27 00:04
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2024-12-27
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moneycontrol.com
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https://www.moneycontrol.com/news/india/manmohan-singh-architect-of-1991-reforms-and-new-economic-era-12898497.html
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Manmohan Singh: Architect of 1991 reforms and new economic era
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Former Prime Minister of India Manmohan Singh.Related stories.
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Manmohan Singh, who is credited with successfully anchoring the sinking ship of the Indian economy by ushering in bold economic reforms under Prime Minister P V Narasimha Rao, died at the age of 92 on Thursday. When Singh took the reins of the Finance Ministry in 1991, India's fiscal deficit was close to 8.5 per cent of the GDP, the balance of payments deficit was huge and the current account deficit was close to 3.5 per cent of GDP. To make things worse, foreign reserves were just enough to pay for two weeks of imports indicating that the Indian economy was in deep crisis. Against this backdrop, the new economic era was brought in through theUnion Budget1991-92 presented by Singh. It was a turning point in the economic history of independent India which witnessed bold economic reforms, abolition of licence raj and opening of many sectors to private players and foreign players so that capital could flow in. He is credited with putting India on the new economic policy path which allowed Foreign Direct Investment (FDI), rupee devaluation, moderation in taxes, and privatisation of public sector companies. His role in ushering in a comprehensive policy of economic reforms is now recognized worldwide. "I present to you the budget of 1991-92", Singh had said when he stood to present the iconic union budget that took the Indian economy into the direction of liberalisation, globalisation and privatisation. The budget marked a significant shift towards a markets-focused economy. This paved the way for rapid economic growth in the decades that followed. "No power on Earth can stop an idea whose time has come," Singh had said, as he concluded his Budget speech. Under his tenure, the regulations on import and export were relaxed, and significant changes were made to cater to the needs of businesses. The initiatives taken during his tenure resulted in monumental growth of the services sector especially IT and telecom. On the capital market side, the establishment of the National Stock Exchange (NSE) in 1992 was another highlight of his regime. He continued as the Finance Minister till 1996, when the Rao government was voted out. Singh got another chance in May 2004 to serve the country, this time as the Prime Minister of India. He replaced Atal Bihari Vajpayee as the 14th Prime Minister of the country. In the new avatar, Singh carried forward the ideas of economic liberalisation in 1991 as this path was now tried and tested. In 2007, India achieved its highest GDP growth rate of 9 per cent and became the second fastest-growing major economy in the world. During his tenure as Prime Minister, the Mahatma Gandhi National Employment Guarantee Act (MGNREGA) was enacted in 2005 to deal with rural distress and perk up income. Indirect tax reforms were introduced by ushering in the value added tax, replacing sales tax. Besides, a Rs 76,000 crore farm debt waiver and debt relief scheme was implemented across the country which benefited crores of farmers.He also steered the nation during the 2008 global financial meltdown and announced a huge stimulus package to deal with the situation. Aadhaar was introduced through the Unique Identification Authority of India during his tenure as prime minister for targetted subsidy transfer. Direct Benefit Transfers for many schemes were announced under his leadership. He also promoted financial inclusion in a big way and many bank branches were opened during his tenure as the Prime Minister. Other reforms like the Right to Food and the Right of Children to Free and Compulsory Education Act were enacted during his regime. PTI DP TRB MR
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2024-12-27 00:00
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2024-12-27
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moneycontrol.com
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https://www.moneycontrol.com/news/india/manmohan-singh-dies-at-92-india-declare-seven-day-mourning-for-former-pm-12898494.html
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Manmohan Singh dies at 92: India declares seven-day mourning for former PM
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Former PM Manmohan Singh.Related stories.
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The government on December 26 announced a seven-day national mourning following the death of former Prime Minister Manmohan Singh at the age of 92, official sources said. As a mark of respect, all government programs scheduled for Friday have been cancelled, and the Cabinet will meet at 11 am, the people said, requesting anonymity. Singh's last rites will be performed with full state honours as a tribute to a leader who played a key role in shaping India's economic destiny. As Finance Minister in the 1990s, Singh ushered in liberalization policies that transformed India's economy and lifted millions of people out of poverty. During his tenure as Prime Minister from 2004 to 2014, Singh oversaw significant economic growth, implemented key reforms, and strengthened India's position on the global stage.As the nation mourns the loss of this leader, tributes have poured in from across the political spectrum, with his simplicity, integrity, and commitment to the nation being celebrated by leaders and people alike. Condoling his demise, President Droupadi Murmu calling Manmohan Singh "one of the greatest sons of Bharat" who made critical contributions to reforming the Indian economy. "Former Prime Minister Dr Manmohan Singh Ji was one of those rare politicians who also straddled the worlds of academia and administration with equal ease. In his various roles in public offices, he made critical contributions to reforming Indian economy. He will always be remembered for his service to the nation, his unblemished political life and his utmost humility. His passing is a great loss to all of us. I pay my respectful homage to one of the greatest sons of Bharat and convey my heartfelt condolences to his family, friends and admirers," she posted on X, formerly Twitter.
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2024-12-26 23:58
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2024-12-26
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23:58
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moneycontrol.com
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https://www.moneycontrol.com/news/india/former-pm-manmohan-singh-passes-away-political-leaders-across-party-lines-pay-tribute-12898464.html
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Former PM Manmohan Singh passes away: Political leaders across party lines pay tribute
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In this Thursday, Oct. 17, 2019 file image, Congress senior leader and former prime minister Manmohan Singh addresses a press conference, in Mumbai..Related stories.
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Former prime minister Manmohan Singh, the architect of India's economic reforms, died here on Thursday night. He was 92. Singh's death was announced by the All India Institute of Medical Sciences, Delhi, where he was admitted to the Emergency ward around 8.30 PM in a critical condition. Condolences started pouring in from across the political spectrum as the news of the demise of the former Prime Minister was out. Priyanka Gandhi Vadra Congress general secretary Priyanka Gandhi Vadra on Thursday condoled the demise of former prime minister Manmohan Singh and said he remained steadfast in his commitment to serve the nation despite being subjected to unfair and deeply personal attacks by his opponents. "Few people in politics inspire the kind of respect that Sardar Manmohan Singh ji did. His honesty will always be an inspiration for us and he will forever stand tall among those who truly love this country as someone who remained steadfast in his commitment to serve the nation despite being subjected to unfair and deeply personal attacks by his opponents," Priyanka Gandhi said in a post on X. Sharad Pawar NCP (SP) president Sharad Pawar on Thursday condoled the death of former prime minister Manmohan Singh, saying the country has lost a great economist, visionary reformer and a global statesman. "Deeply saddened to learn about the passing of Dr Manmohan Singh, former Prime Minister of India. Our nation has lost one of its greatest economists, a visionary reformist, and a global statesman," said Pawar, who was agriculture minister in Singh's cabinet. Vice President Jagdeep Dhankhar Vice President Jagdeep Dhankhar on Thursday condoled the death of former prime minister Manmohan Singh, saying he transformed India's economic landscape. A Padma Vibhushan awardee and architect of India's economic liberalisation in 1991, Singh "boldly steered our nation through a critical transition, opening new pathways for growth and prosperity", the Vice President Secretariat said, quoting Dhankhar who is also chairperson of the Rajya Sabha. Gajendra Singh Shekhawat Union Culture Minister Gajendra Singh Shekhawat condoled the demise of former Prime Minister Manmohan Singh on Thursday, saying he created a distinct identity in Indian politics as an expert in economics. "The demise of former Prime Minister Shri Manmohan Singh is very sad news. He created a distinct identity in Indian politics as an expert in economics. His good deeds will be remembered. I pray to God to give strength to the family and supporters. Respectful tribute! Om peace!" the Union minister posted on X in Hindi. Mamata Banerjee West Bengal Chief Minister Mamata Banerjee on Thursday expressed shock over the demise of former prime minister Manmohan Singh. She extended her condolences to the bereaved family of the former PM, and remembered her days of working with Singh, saying she would miss his affection."Profoundly stunned and saddened by the sudden demise of our former prime minister Manmohan Singh ji. I had worked with him and saw him from very close quarters in the Union cabinet. His erudition and wisdom were unquestionable, and the depth of the financial reforms ushered in by him in the country are widely acknowledged," Banerjee wrote on X. UP CM, governor, other leaders condole Manmohan Singh's demise Uttar Pradesh Governor Anandiben Patel, Chief MinisterYogi Adityanathand several other leaders of the state on Thursday condoled the demise of former prime minister Manmohan Singh. Devendra Fadnavis Maharashtra Chief Minister Devendra Fadnavis on Thursday condoled the death of former prime minister Manmohan Singh saying the country has lost a great scholar, statesman and economist. "With the demise of former PM Manmohan Singh, we have lost a great scholar, economist and statesman. His contributions to Indian economic reforms, serving the nation as PM for ten years, will be remembered forever," he said on X. Siddaramaiah Condoling the passing away of former Prime Minister Manmohan Singh, Karnataka Chief Minister Siddaramaiah on Thursday called him a statesman of unparalleled wisdom. He said Singh's legacy will continue to inspire generations. "Deeply saddened by the passing of former Prime Minister Shri Manmohan Singh ji. A statesman of unparalleled wisdom, his leadership and vision left an indelible mark on our nation," Siddaramaiah posted on 'X'. "It was during his tenure as PM that I became the CM of Karnataka for the first time. His encouragement of our budgetary measures and the influence of landmark UPA policies like the Right to Food Act shaped Karnataka's progress and welfare initiatives. My heartfelt condolences to his family and loved ones," he said.
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2024-12-26 23:48
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2024-12-26
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23:48
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moneycontrol.com
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https://www.moneycontrol.com/news/india/when-manmohan-singh-said-history-will-be-kinder-to-me-12898492.html
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When Manmohan Singh said 'history will be kinder to me'
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Manmohan 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..
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Months before he demitted office as prime minister in 2014, Manmohan Singh had famously asserted that his leadership was not weak and history would be kinder to him than what the media projected at that time. Addressing a press conference in January 2014, in what was one of his last media interactions, Singh had said, ”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,” Singh, who was the prime minister for 10 years till Narendra Modi took charge on May 26, 2014. He was responding to a volley of questions regarding criticism that his leadership was ”weak” and he was not decisive on many occasions.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 Prime Minister by presiding over mass massacre of innocent citizens on 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.
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2024-12-26 23:46
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2024-12-26
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moneycontrol.com
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https://www.moneycontrol.com/news/india/when-manmohan-singh-had-requested-jnu-vc-to-be-lenient-with-protesting-students-12898491.html
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When Manmohan Singh had requested JNU VC to be lenient with protesting students
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Former PM Manmohan Singh.Related stories.
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Former prime minister Manmohan Singh was shown black flags at Jawaharlal Nehru University (JNU) by Left-backed students who were staging a protest during his visit to the campus in 2005. The incident led to show-cause notices to students by the university with few of them getting detained by the Delhi Police. However, a day later Singh intervened, suggesting to the then vice chancellor (VC) B B Bhattacharya to be lenient with students. Singh died in New Delhi on Thursday night at the age of 92 after he had sudden loss of consciousness at home. In his speech at the university where he went to unveil a statue of former prime minister Jawaharlal Nehru, Singh had said, "Every member of a university community, if he or she wishes to aspire to be worthy of the university, must accept the truth of Voltaire's classic statement. Voltaire proclaimed 'I may disagree with what you have to say, but I shall defend, to the death, your right to say it'. That idea must be the corner stone of a liberal institution." "The students waved black flags at him. The VC had then received a call from the PMO asking him to be lenient with students as protesting is their right. The students were then let off after a warning," a retired JNU professor said on condition of anonymity. JNU has been an epicentre of widespread protests in the past decade with the sedition controversy in 2016 triggering a debate about freedom of speech and expression on campus. Bhattarcharya had in 2016 narrated the incident during an interview. "Manmohan Singh had told me 'please be lenient, Sir'. I said I have to at least warn them… but the problem today is that lines of communication with students have broken down," he had said. Former JNU student leader Umar Khalid, who was also booked in the sedition row in 2016 and continues to be in jail in a separate case, had also shared the incident. "In 2005, Manmohan Singh faced black flags in JNU as a protest against his economic policies. It became a big news. The admin immediately sent notices to students. The very next day, PMO intervened & asked the admin not to take any action as protest was students' democratic right," he had said in a post on X (then Twitter) in 2020. "PM Manmohan Singh facing sloganeering and black flags from student protestors began his speech by quoting Voltaire: 'I may not agree with what you say, but I will defend to death your right to say it'," he had added.
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2024-12-26 23:42
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2024-12-26
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23:42
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moneycontrol.com
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https://www.moneycontrol.com/news/india/recalling-manmohan-singh-s-iconic-budget-speech-that-changed-indian-economy-12898458.html
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Recalling Manmohan Singh's iconic Budget speech that changed Indian economy
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Manmohan Singh addressing a press conference a day after presenting the Budget in 1991 (Archive | Reuters).Related stories.
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Former Prime Minister Manmohan Singh, described as the architect of Indian economic reforms, died in Delhi on December 26. The Congress veteran was admitted to the emergency ward of AIIMS in a critical condition around 8.30 PM. Releasing the official statement, AIIMS said Singh was treated for age-related medical conditions and had sudden loss of consciousness at home. "With profound grief, we inform thedemise of the former Prime Ministerof 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 statement read. Singh, who was Prime Minister for two terms in the Congress-led UPA government from 2004 to 2014, had retired from Rajya Sabha in April 2024. Before becoming the PM, he served as Finance Minister in the government of Prime Minister PV Narasimha Rao from 1991 to 1996, implementing reforms that helped stabilise India's economy. As the then Finance Minister, Singh on July 24, 1991 read out - over a duration of 1 hour and 35 minutes - a speech that opened up India's economy to the world. With a fragile Indian economy facing a severe balance of payments crisis, the 1991Budgetintroduced sweeping economic reforms that liberalised the country and measures to boost domestic growth. In his speech, Manmohan Singh reminded the House that India was left with just 15 days worth of forex reserves in its kitty. "The current level of foreign exchange reserves, in the range of Rs.2500 crores, would suffice to finance imports for a mere fortnight," he said. Without mincing his words, Manmohan said that there is no time to lose. "Neither the Government nor the economy can live beyond its means year after year." He then announced measures to "liberalise the policy regime for direct foreign investment" into India. The former finance minister, who went on to become the Prime Minister from 2004 to 2014, also announced a radical policy that would end the crippling license raj system in the country. "It is essential to increase the degree of competition between firms in the domestic market so that there are adequate incentives for raising productivity, improving efficiency and reducing costs. In the pursuit of this objective, we have announced important changes in industrial policy which will bring about a significant measure of deregulation in the domestic sector, consistent with our social objectives and the binding constraints on the balance of payments," Manmohan told Parliament. The then Congress government also took the historic step of opening up Indian economy to the world - facilitating a two-way access to global markets and technologies. "The time has come to expose Indian industry to competition from abroad in a phased manner. As a first step in this direction, the Government has introduced changes in importexport policy, aimed at a reduction of import licensing, vigorous export promotion and optimal import compression. The exchange rate adjustments on 1st and 3rd July 1991 and the enlargement and liberalisation of the replenishment licence system constitute the two major initial steps in the direction of trade policy reform," he said. 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". "I do not minimise the difficulties that lie ahead on the long and arduous journey on which we have embarked. But as Victor Hugo once said, 'No power on earth can stop an idea whose time has come'. I suggest to this august House that the emergence of India as a major economic power in the world happens to be one such idea. Let the whole world hear it loud and clear. India is now wide awake. We shall prevail. We shall overcome".
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2024-12-26 23:40
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2024-12-26
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23:40
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moneycontrol.com
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https://www.moneycontrol.com/news/india/history-shall-judge-you-kindly-kharge-mourns-manmohan-singh-s-death-12898465.html
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History shall judge you kindly: Kharge mourns Manmohan Singh's death
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Former PM Manmohan Singh.Related stories.
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Congress president Mallikarjun Kharge on Thursday described former prime minister Manmohan Singh as a visionary statesman and an economist of unparalleled stature whose enduring legacy of ushering in India's growth, welfare and policies of inclusivity will forever be cherished. Former prime minister Manmohan Singh, the architect of India's economic reforms, died in New Delhi on Thursday night. He was 92. "Undoubtedly, history shall judge you kindly, Dr. Manmohan Singh ji!" Kharge said in post on X, soon after Singh died at AIIMS. "With the passing of the Former Prime Minister, India has lost a visionary statesman, a leader of unimpeachable integrity, and an economist of unparalleled stature. His policy of Economic Liberalisation and Rights-based welfare paradigm profoundly transformed the lives of crores of Indians, virtually creating a Middle Class in India and lifting crores out of poverty," the Congress president, who is also the Leader of Opposition in Rajya Sabha, said. Mourning "the loss of a lifelong senior colleague", Kharge described Singh as a gentle intellectual and a humble soul who embodied the aspirations of India, having risen through the ranks with unwavering dedication. "I am proud to have been a part of his Cabinet as Labour Minister, Railway Minister and Social Welfare Minister. A man of action rather than words, his immense contribution to nation-building will forever be etched in the annals of Indian history," he said. Kharge said in this moment of sorrow, he extends his deepest and heartfelt condolences to his family, friends and countless admirers. May they get the strength to overcome this huge loss, he said. "His enduring legacy of ushering in India's growth, welfare and policies of inclusivity will forever be cherished. May his soul rest in eternal peace," the Congress chief said. Singh's death was announced by the All India Institute of Medical Sciences (AIIMS), Delhi, where he was admitted in the Emergency ward around 8.30 pm in a critical condition. An AIIMS bulletin said "he was treated for age-related medical conditions and had sudden loss of consciousness at home" on December 26.
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2024-12-26 23:27
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2024-12-26
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moneycontrol.com
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https://www.moneycontrol.com/news/india/immense-loss-for-nation-top-bjp-leaders-pay-tributes-to-manmohan-singh-12898461.html
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'Immense loss for nation': Top BJP leaders pay tributes to Manmohan Singh
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Former PM Manmohan Singh.
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Top leaders of the ruling BJP on Thursday paid rich tributes to former prime minister Manmohan Singh, with its president J P Nadda describing his death as immense loss for the nation. Home Minister Amit Shah said Singh played an important role in governing the country in different capacities, including as RBI governor, finance minister and then prime minister. Nadda said on X, "A visionary statesman and a stalwart of Indian politics, throughout his remarkable career in public service, he consistently voiced for the welfare of the downtrodden. His leadership earned admiration and respect across party lines." The BJP chief said Singh's legacy will continue to inspire generations in their pursuit of nation-building. Defence Minister Rajnath Singh said Singh played a key role in rebuilding India's economy during difficult times. He said, "He was widely respected for his service and intellect. His contribution to India's progress will always be remembered." Singh, the architect of India's economic reforms, died in New Delhi on Thursday night. He was 92. He was India's prime minister as the head of the Congress-led UPA government for two terms from 2004 to 2014.
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2024-12-26 23:17
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2024-12-26
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moneycontrol.com
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https://www.moneycontrol.com/news/india/in-2012-manmohan-singh-underwent-operations-never-quite-recovered-physically-mani-shankar-aiyar-in-book-12898457.html
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In 2012, Manmohan Singh underwent operations, never quite recovered physically: Mani Shankar Aiyar in book
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Former PM Manmohan Singh.Related stories.
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In 2012, the then prime minister Manmohan Singh underwent operations for multiple coronary bypasses and never quite recovered physically as it slowed him down and this showed up in governance, veteran Congress leader Mani Shankar Aiyar says in his latest book. He says that Pranab Mukherjee should have been given the reins of the UPA-II government and Singh elevated to President when the office of Rashtrapati presented an opening in 2012.Aiyar’s insight into the period post 2012 comes into spotlight as Singh, who was the country’s prime minister from 2004-14, passed away at AIIMS here.The 83-year-old Aiyar states in the book that if this step had been taken, the UPA would not have gone into a ”paralysis of governance”. He says the decision to retain Singh as the prime minister and shift Mukherjee to the Rashtrapati Bhawan ”doomed” any prospects the Congress might have had to form UPA-III.Aiyar puts forward these ideas in his forthcoming book ”A Maverick in Politics” published by Juggernaut.In the book, Aiyar talks about his early days in politics, navigating through the Narasimha Rao years, his time as a minister in UPA I, his Rajya Sabha term and then his ”decline…fade out…fall”.”In 2012, the prime minister (Manmohan Singh) underwent operations for multiple coronary bypasses. He never quite recovered physically. It slowed him down and this showed up in governance. As for the party, there was no official announcement about the Congress president’s health when she took ill at about the same time as the PM,” Aiyar says. It soon became clear that in both the offices –the PM’s and the party president’s — there was stasis, a distinct absence of governance, while several crises, particularly Anna Hazare’s ’India Against Corruption’ movement, were either not handled effectively or not handled at all, says the diplomat-turned-politician.”The choice of Rashtrapati: Manmohan Singh or Pranab Mukherjee. Personally, I was of the view that Pranab Mukherjee should have been given the reins of the government and Dr Manmohan Singh elevated to President of India when the office of Rashtrapati presented an opening in 2012,” he says. "This was principally because we needed a very active PM in good health and with the energy to lead the government (Pranab Da) and a person of high distinction who had served his country exceptionally well (Dr Singh) to preside over the nation. Pranab’s memoirs indicate that this was in fact contemplated,” Aiyar points out.He quotes Mukherjee as saying in his memoir that while Sonia Gandhi was ’on holiday in the Kausambi hills’, she had given the ’vague impression’ that she was considering making Singh the ’presidential nominee’.”This led Pranab to wonder ’if she selected Singh for the presidential office, she may choose me as the prime minister’. For reasons to which neither I, nor it seems anyone else, was made privy, the decision was taken to retain Dr Manmohan Singh as PM and shift Pranab Mukherjee upstairs as Rashtrapati,” says Aiyar.That, in my view, doomed any prospects the Congress might have had to form UPA-III, he adds. While the Indian media slammed the government, Time magazine ran a very damaging cover story that described Singh as a ’Do Nothing’ Prime Minister, he recalls in the book.Aiyar argues that Mukherjee’s left-wing reputation would have disturbed the business community and the Americans if he were made PM, but there was no one more experienced than him.”I hazard the view that if this obvious step had been taken, we would not have gone into a paralysis of governance and thus opened the door to the worst excesses of Hindutva in the general elections of 2014,” he says. In the book, Aiyar also recounts his own most telling memory of the ”meltdown of UPA II” was when he returned home one evening he found his wife, Suneet, sitting before the TV set with a shattered look on her face.”When I inquired what the matter was, she raised her stricken face and exclaimed, ’No scams today!’ We, therefore, went into the 2014 general elections very much a runner up. In the event, the election exposed the Indian National Congress as a broken reed that fell from 404 seats in 1984 to 44 seats in 2014,” Aiyar says.
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2024-12-26 23:15
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2024-12-26
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23:15
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moneycontrol.com
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https://www.moneycontrol.com/news/india/former-pm-manmohan-singh-passes-away-timeline-of-his-five-decade-old-career-12898455.html
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Former PM Manmohan Singh passes away: Timeline of his five-decade old career
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Former prime minister Manmohan Singh.
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Former prime minister Manmohan Singh, described as the architect of Indian economic reforms, died on December 26. Here is the timeline of his five-decade old career in bureaucracy and politics: 1954: Completed Master’s in Economics from Panjab University 1957: Economic Tripos (3-year degree prog) from Cambridge University 1962: D.Phil in Economics from Oxford University 1971: Joins Government of India as Economic Advisor in Commerce Ministry 1972: Appointed Chief Economic Advisor in Finance Ministry 1980-82: Member, Planning Commission 1982-1985: Governor of the Reserve Bank of India 1985-87: Served as Deputy Chairman of Planning Commission 1987-90: Secretary General of South Commission in Geneva 1990: Appointed Advisor to Prime Minister on Economic Affairs March 1991: Appointed chairman of University Grants Commission 1991: Elected to Rajya Sabha from Assam, and re-elected in 1995, 2001, 2007 and 2013 1991-96: Finance Minister under P V Narasimha Rao government 1998-2004: Leader of the Opposition in Rajya Sabha 2004-2014: Prime Minister of India
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2024-12-26 23:09
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2024-12-26
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23:09
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moneycontrol.com
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https://www.moneycontrol.com/news/india/manmohan-singh-left-strong-imprint-on-india-s-economic-policy-pm-narendra-modi-12898404.html
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Manmohan Singh left strong imprint on India's economic policy: PM Narendra Modi
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Narendra Modi with Dr Manmohan Singh.Related stories.
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Prime Minister Narendra Modi condoled the passing of former Prime Minister and senior Congress leader Manmohan Singh on Thursday. PM Modi in a post on X wrote," 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." Manmohan Singh's death was announced by the All India Institute of Medical Sciences, Delhi, where he was admitted in the Emergency ward around 8.30 PM in a critical condition. An AIIMS bulletin said "he was treated for age related medical conditions and had sudden loss of consciousness at home" on December 26. "Resuscitative measures were started immediately at home. He was brought to medical emergency at AIIMS Delhi at 8.06 pm. Despite all efforts, he could not be revived and was declared dead at 9.51 pm," said the bulletin. Singh, who was prime minister for two terms in the Congress-led UPA government from 2004 to 2014, had been in poor health for the last few months. He is survived by wife Gurcharan Singh and three daughters. Singh, who was finance minister under the then prime minister P V Narasimha Rao, was the architect and the brainchild of economic reforms in 1991 that pulled India from the brink of bankruptcy and ushered in an era of economic liberalisation that is widely believed to have changed the course of India's economic trajectory.
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2024-12-26 23:06
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2024-12-26
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23:06
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moneycontrol.com
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https://www.moneycontrol.com/news/india/former-pm-manmohan-singh-passes-away-at-92-12898447.html
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Former PM Manmohan Singh passes away at 92; PM Modi calls him 'one of India's most distinguished leaders'
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Former PM Manmohan Singh.Related stories.
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Former Prime Minister Dr. Manmohan Singh breathed his last at 92 on December 26. He was admitted to the emergency department of All India Institute of Medical Sciences (AIIMS) in Delhi after his health deteriorated earlier today. Making the official announcement, AIIMS said that the Congress veteran was being treated for age-related medical conditions and had a sudden loss of consciousness at home on Thursday. "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 statement read. As Prime Minister, Manmohan Singh steered the economy further towards liberalisation and globalisation. But before he became the PM, he served as finance minister in the government of Prime Minister PV Narasimha Rao from 1991 to 1996, implementing reforms that helped stabilise India's economy. Condoling his death, Congress leader Salman Khurshid said Dr. Manmohan Singh's contributions to the nation and his dedication to public service will always be remembered. "Deeply saddened by the passing of Dr. Manmohan Singh, former Prime Minister of India. His contributions to the nation and his dedication to public service will always be remembered. My heartfelt condolences to his family and loved ones. ," he posted on X, formerly Twitter.Deeply saddened by the passing of Dr. Manmohan Singh, former Prime Minister of India. His contributions to the nation and his dedication to public service will always be remembered. My heartfelt condolences to his family and loved ones.pic.twitter.com/0OmVanuiNaSalman Khurshid (@salman7khurshid)December 26, 2024 Mourning the Congress veteran's death, Prime Minister Narendra Modi called Manmohan Singh one of India's most distinguished leaders. "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," he said. 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 economicpic.twitter.com/clW00Yv6oPNarendra Modi (@narendramodi)December 26, 2024 Manmohan Singh presented a groundbreakingbudgetthat marked a significant shift in India's economic policy, abolishing India's License Raj, reducing tariffs and interest rates, and starting to dismantle government monopolies. He opened up the Indian economy to foreign investment and technology. Singh's reforms lifted millions of Indians out of poverty and created millions of new jobs over the next three decades. Singh had retired from the Rajya Sabha in April 2024 after a span of 33 years. He entered the Rajya Sabha in October 1991, months after becoming the Union Finance Minister in the PV Narasimha Rao-led government. Born on September 26, 1932 in a village in the Punjab province of undivided India, Singh is survived by his wife, Gursharan Kaur, and their three daughters. His legacy as the architect of economic reform will be remembered for generations to come.
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2024-12-26 23:01
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2024-12-26
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23:01
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moneycontrol.com
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https://www.moneycontrol.com/technology/elden-ring-price-drop-steam-is-offering-flat-40-discount-here-s-how-to-get-the-deal-article-12898452.html
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Elden Ring price drop: Steam is offering flat 40% discount, here’s how to get the deal
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Elden Ring.
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Steam is currently holding a Winter Sale and as a part of it, the game distribution platform is offering up to 90% discount on select titles. One of the most interesting deals among all is on Elden Ring. Currently, the game is selling at a massive discount of 40% and here’s everything you’ll need to know about the discount. Elden Ring at 40% discount Listed at Rs 3,599, the game has received a discount of 40% which translates to Rs 1,440. Including the discount, the game is currently selling at Rs 2,159. This is one of the lowest prices we’ve witnessed so far. Know if your PC can run the gameCategoryMinimum RequirementsRecommended RequirementsOSWindows 10Windows 10/11ProcessorIntel Core i5-8400 or AMD Ryzen 3 3300XIntel Core i7-8700K or AMD Ryzen 5 3600XMemory12 GB RAM16 GB RAMGraphicsNVIDIA GeForce GTX 1060 (3 GB) or AMD Radeon RX 580 (4 GB)NVIDIA GeForce GTX 1070 (8 GB) or AMD Radeon RX Vega 56 (8 GB)DirectXVersion 12Version 12Storage60 GB available space60 GB available spaceSound CardWindows Compatible Audio DeviceWindows Compatible Audio DeviceAdditional NotesRequires a 64-bit processor and operating systemRequires a 64-bit processor and operating systemElden Ring: Game details Elden Ring is an action RPG set in a vast interconnected world known as the Lands Between. Players explore open fields and dungeons while facing various enemies and bosses. Combat involves a mix of melee, magic, and strategic use of weapons and skills. Character customization allows players to adjust their appearance, weapons, armour, and abilities to suit different play styles. The game’s story is based on a mythology created by George R.R. Martin, offering choices that impact events. Multiplayer features include cooperative gameplay and competitive modes, such as duels and invasions, supporting interaction with a large online community.
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2024-12-26 22:56
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2024-12-26
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22:56
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moneycontrol.com
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https://www.moneycontrol.com/technology/top-5-gaming-phones-launched-in-2024-that-offers-good-value-for-money-article-12898363.html
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Top 5 gaming phones launched in 2024 that offers good value-for-money
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gaming phones.
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Buying a new phone is not an easy task, especially when your major requirement is gaming or high-end tasks like photo editing or video editing. Now, there are hundreds of options available and most flagship phones get the seamless gaming part right, but their value-for-money proposition might not be that good. We tell you the phones that offer good value based on how much they cost. So, we’ve picked five phones launched in 2024 that offer good value for money and are also good with gaming. Apple iPhone 16Apple iPhone 16 is an expensive phone, but when it comes to performance, features and overall quality, it is one of the most appealing phones. Also, with the A17 Bionic chip onboard, the phone offers impressive gaming performance without any lag or issues. That’s not it, the phone’s updated camera setup 48MP main camera paired with a 12MP sensor, and the phone also delivers on the camera front and manages to justify the Rs 79,900 price tag too. Samsung Galaxy S24Again, the Galaxy S24 is one of the finest phones you can buy in the Android ecosystem. The phone costs around Rs 50,000 these days and offers a flagship Exynos 2400 processor with fluid performance and a top-notch triple rear camera setup. Moreover, the phone also has a 120Hz refresh rate display and delivers an all-around performance. Plus, the phone comes with a host of AI features and seven years of software support. OnePlus 12ROnePlus 12R runs on Snapdragon 8 Gen 2 chip and it is one of the best chipsets you can find at the Rs 35000 price bracket. Not only does the phone offer good gaming performance, but it also offers a good overall camera and software experience with updated OxygenOS features. Moreover, the phone is slated to receive several years of Android updates too. Xiaomi Redmi Note 14 Pro+ 5GLaunched recently, the phone starts at Rs 30,999. It comes with a good 120Hz refresh rate display with 1.5K resolution and it is powered by Snapdragon 7s Gen 3 chipset. The chip has enough power to handle most gaming needs including demanding games like Genshin Impact. Also, it has a good camera and a massive 6200mAh battery which delivers a whopping two days of battery life on a single charge. Vivo T3 UltraVivo T3 Ultra is one of the most underrated phones in the market. Slated to cater the needs of demanding users, the phone comes with a powerful MediaTek Dimesity chip that delivers fast and fluid performance. The phone’s thermal management is on point and offers a wide range of game-centric features too. That’s not it, at the starting price of Rs 31,999, the phone has a good big 5500mAh battery and a capable 50MP dual camera setup too.
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2024-12-26 22:52
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2024-12-26
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22:52
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moneycontrol.com
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https://www.moneycontrol.com/news/business/formal-sector-employment-dips-for-a-third-consecutive-month-in-november-12898427.html
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Formal sector employment dips for a third consecutive month in November
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Formal employment outlook is not so rosy.
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New entrants to formal job market dipped for a third consecutive month in October, according to data released by the Ministry of Statistics and Programme Implementation on December 26. While new subscribers to the Employees’ Provident Fund Scheme declined to its lowest level this year of 0.75 million from 0.99 million in the previous month, subscriptions to lesser remunerative Employees' State Insurance Scheme (ESIC) also declined. New subscribers to ESIC fell to a six-month low of 1.29 million in October compared with 1.51 million jobs added in the previous month. However, the national pension scheme (NPS), which has a smaller base than the other two social security schemes, rose in October compared with the previous month. NPS added 64,977 subscribers, the highest in five months, according to government data, as central government added more subscribers compared with the previous month. Women gain as everyone loses out Women’s share of new jobs added to the EPF improved in October compared with the previous month, as women accounted for around 28 percent of new jobs created up from 25 percent in the previous month. While jobs for women and men both declined in October, new male subscribers declined more than women. New male subscriptions were down around 200,000 from the previous month, while women subscriptions were down 50,000 during this period.
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2024-12-26 22:24
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2024-12-26
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22:24
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moneycontrol.com
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https://www.moneycontrol.com/news/india/noida-liquor-shops-to-stay-open-till-11-pm-on-dec-31-license-must-for-even-house-parties-12898417.html
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Noida: Liquor shops to stay open till 11 pm on Dec 31, license must for even house parties
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Citizens were made aware of the requirement for licenses to serve liquor at such events and instructed to consume only licensed alcohol approved for sale in Uttar Pradesh.
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Liquor shops across Noida and Greater Noida in Gautam Buddh Nagar will operate for an additional hour on New Year’s Eve, remaining open from 10 am to 11 pm on December 31, officials said on Thursday. District Excise Officer Subodh Shrivastava also stressed the importance of compliance with regulations for private and commercial celebrations as he emphasised the need for procuring occasional bar licenses for serving alcohol during New Year parties, even those at homes. ”Given that many people organize parties during the New Year celebrations, especially where liquor is served, our department is issuing single-day licenses for Rs 1,100. The process is entirely online and ensures the safe and legal consumption of alcohol,” Shrivastava explained. He added that representatives of various societies were recently briefed in a meeting attended by officials from the Excise Department, the police, and the entertainment department. Citizens were made aware of the requirement for licenses to serve liquor at such events and instructed to consume only licensed alcohol approved for sale in Uttar Pradesh, he said. The Excise Officer noted that licenses for parties differ based on location with private space parties requiring Rs 4,000 per license while commercial venues (restaurants, banquet halls) needing Rs 11,000 per license. ”Whether the party is hosted at a private residence or a commercial space, obtaining the necessary license is mandatory. Non-compliance will result in legal action,” Shrivastava warned. According to the officer, the district has witnessed a 20 per cent increase in license applications compared to last year, with many citizens opting to comply with the online process. ”With a few days left in the year, we anticipate an even higher number of licenses being issued as people prepare to celebrate responsibly,” he added. Shrivastava also reiterated that only alcohol approved for sale in Uttar Pradesh should be consumed, cautioning against illicit alternatives.
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2024-12-26 21:32
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2024-12-26
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21:32
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moneycontrol.com
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https://www.moneycontrol.com/news/business/ipo/concord-enviro-systems-to-debut-on-december-27-here-is-what-analysts-expect-on-listing-12898394.html
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Concord Enviro Systems to debut on December 27, here is what analysts expect on listing
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Concord Enviro Systems.Related stories.
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Water and wastewater treatment solutions provider Concord Enviro Systems is set to debut on the bourses, effective December 27. Analysts remain cautious on the company considering the inconsistency in financial performance, and divided in their opinion on the expected stock performance, though its public issue received decent demand from investors. The Rs 500-crore initial share sale was subscribed 10.67 times during December 19-23, with qualified institutional buyers picking 17.32 times their reserved portion. Non-institutional and retail investors bid 14.2 times and 5.56 times their allotted quotas. The issue is currently trading at a premium of over 8 percent of its upper price band of Rs 701 per share in the grey market (an unofficial market for trading in IPO shares till the listing), "reflecting low investor confidence", Sagar Shetty, Research Analyst at StoxBox said. He also remains cautious on the company given its inconsistent financial performance, which is further underscored by the negative operating cash flow in FY24. Concord Enviro reported 655.2 percent on-year increase in net profit at Rs 41.4 crore for the fiscal 2024, but in the fiscal 2023, the profit was down by 66.7 percent to Rs 5.5 crore compared to previous fiscal 2022. Revenue in the year ended March 2024 at Rs 497 crore increased by 44.8 percent, compared to previous fiscal, but the profit in FY23 was up by just 4 percent to Rs 343.2 crore compared to fiscal 2022. Click Here To ReadAll IPO News Further, in the five-month period ended August 2024, the profit was just at Rs 0.5 crore on revenue of Rs 206.2 crore. According to Sagar Shetty, additional concerns arise from the aggressive dilution of promoter holdings post-listing. "For those who have been allocated shares, we advise booking profits if there is a premium listing and closely tracking the company's performance in future quarters," he said. Concord Enviro Systems, which competes with VA Tech Wabag, Triveni Engineering, Praj Industries, Ion Exchange, and Thermax, provides water and wastewater treatment and reuse solutions, including zero liquid discharge (ZLD) technology. It generates revenue from sale of systems and plants, operations and maintenance of installed plants, and supplying consumables and spares for installed plants. As of August 2024, it serviced over 289 domestic customers and 21 international customers including Diageo Mexico Operaciones, S.A. De C.V, Grasim Industries, AB Mauri, Anthem Biosciences, Bhopal Glues and Chemicals, Kasyap Sweetners, LANXESS India, Puja Spintex, SFC Environmental Technologies, SMS, and Tagros Chemicals India. At the upper price band company is valuing at P/E of 35.01x, with an EV/EBITDA of 22.1x and market cap of Rs 1,450.8 crore post issue of equity shares and return on net worth of 12.92 percent. Narendra Solanki, Head Fundamental Research-Investment Services at Anand Rathi Shares and Stock Brokers suggests investors to hold the stock for long term. Mumbai-based Concord Enviro Systems has raised Rs 175 crore via fresh issue, and Rs 325.3 crore through offer-for-sale. The fresh issue proceeds will be utilised for the greenfield project in UAE, the brownfield project in Vasai, repaying debt, purchase of plant and machinery, and working capital requirements. Further, it will also invest fresh issue money in the joint venture, Reserve Enviro, to grow pay-per-use/pay-as-you-treat business, and technology and other growth initiatives to access new markets.
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2024-12-26 21:03
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2024-12-26
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21:03
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moneycontrol.com
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https://www.moneycontrol.com/technology/top-5-value-for-money-gaming-phones-launched-in-2024-article-12898363.html
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Top 5 value-for-money gaming phones launched in 2024
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gaming phones.
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Buying a new phone is not an easy task, especially when your major requirement is gaming or high-end tasks like photo editing or video editing. Now, there are hundreds of options available and most flagship phones get the seamless gaming part right, but their value-for-money proposition might not be that good. We tell you the phones that offer good value based on how much they cost. So, we’ve picked five phones launched in 2024 that offer good value for money and are also good with gaming. Apple iPhone 16Apple iPhone 16 is an expensive phone, but when it comes to performance, features and overall quality, it is one of the most appealing phones. Also, with the A17 Bionic chip onboard, the phone offers impressive gaming performance without any lag or issues. That’s not it, the phone’s updated camera setup 48MP main camera paired with a 12MP sensor, and the phone also delivers on the camera front and manages to justify the Rs 79,900 price tag too. Samsung Galaxy S24Again, the Galaxy S24 is one of the finest phones you can buy in the Android ecosystem. The phone costs around Rs 50,000 these days and offers a flagship Exynos 2400 processor with fluid performance and a top-notch triple rear camera setup. Moreover, the phone also has a 120Hz refresh rate display and delivers an all-around performance. Plus, the phone comes with a host of AI features and seven years of software support. OnePlus 12ROnePlus 12R runs on Snapdragon 8 Gen 2 chip and it is one of the best chipsets you can find at the Rs 35000 price bracket. Not only does the phone offer good gaming performance, but it also offers a good overall camera and software experience with updated OxygenOS features. Moreover, the phone is slated to receive several years of Android updates too. Xiaomi Redmi Note 14 Pro+ 5GLaunched recently, the phone starts at Rs 30,999. It comes with a good 120Hz refresh rate display with 1.5K resolution and it is powered by Snapdragon 7s Gen 3 chipset. The chip has enough power to handle most gaming needs including demanding games like Genshin Impact. Also, it has a good camera and a massive 6200mAh battery which delivers a whopping two days of battery life on a single charge. Vivo T3 UltraVivo T3 Ultra is one of the most underrated phones in the market. Slated to cater the needs of demanding users, the phone comes with a powerful MediaTek Dimesity chip that delivers fast and fluid performance. The phone’s thermal management is on point and offers a wide range of game-centric features too. That’s not it, at the starting price of Rs 31,999, the phone has a good big 5500mAh battery and a capable 50MP dual camera setup too.
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2024-12-26 21:03
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2024-12-26
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21:03
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moneycontrol.com
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https://www.moneycontrol.com/news/india/former-pm-dr-manmohan-singh-admitted-to-delhi-s-aiims-hospital-12898405.html
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Former PM Dr Manmohan Singh admitted to Delhi's AIIMS hospital
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Former prime minister Dr Manmohan Singh.
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Former prime minister Manmohan Singh was admitted to AIIMS Delhi on Thursday evening after his health deteriorated, sources said to news agency PTI. They said the condition of 92-year-old Singh was critical.He was brought to the emergency department of the hospital, they said. This is a breaking story, please check back for more updates
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2024-12-26 21:02
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2024-12-26
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21:02
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moneycontrol.com
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https://www.moneycontrol.com/news/world/azerbaijan-airlines-flight-was-downed-by-russian-air-defence-system-report-12898389.html
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Azerbaijan Airlines flight was downed by Russian air defence system: Report
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An Embraer passenger jet crashed near the city of Aktau in Kazakhstan on Wednesday, killing 38 people, after diverting from an area of Russia in which Moscow has used air defence systems against Ukrainian drone strikes in recent months..
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An Azerbaijan Airlines flight that crashed in Kazakhstan on Wednesday was downed by a Russian air defence system, four sources in Azerbaijan with knowledge of the investigation told Reuters. An Embraer passenger jet crashed near the city of Aktau in Kazakhstan on Wednesday, killing 38 people, after diverting from an area of Russia in which Moscow has used air defence systems against Ukrainian drone strikes in recent months. Azerbaijan Airlines flight J2-8243 had flown hundreds of miles off its scheduled route from Azerbaijan’s Baku to Grozny, in Russia’s Chechnya, to crash on the opposite shore of the Caspian Sea, after what Russia’s aviation watchdog said was an emergency that may have been caused by a bird strike. Officials did not immediately explain why it had crossed the sea, but the crash came after Ukrainian drone strikes this month hit the Chechnya region of southern Russia. The nearest Russian airport on the plane’s flight path was closed on Wednesday morning. Russian, Azerbaijani and Kazakhstani officials have all called for investigations into the crash.
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2024-12-26 20:43
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2024-12-26
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20:43
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moneycontrol.com
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https://www.moneycontrol.com/entertainment/conman-sukesh-chandrashekhar-wishes-jacqueline-fernandez-on-christmas-via-letter-from-jail-writes-i-am-gifting-you-not-a-bottle-of-wine-but-an-entire-vineyard-in-the-country-of-love-article-12898367.html
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Conman Sukesh Chandrashekhar wishes Jacqueline Fernandez on Christmas via letter from jail, writes, "I am gifting you not a bottle of wine but an entire vineyard in the country of love..."
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Sukesh Chandrashekhar wishes Jacqueline Fernandez on Christmas.Related stories.
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Imprisoned conman Sukesh Chandrashekhar, currently incarcerated in Delhi’s Tihar Jail, sent a letter to Bollywood actress and his alleged girlfriend, Jacqueline Fernandez on Christmas. The letter, which has sparked significant attention, adds another layer to the ongoing saga involving the two. Sukesh, who has been involved in high-profile cases, continues to make headlines with his communications from prison. Jacqueline has previously been linked to the case, and this letter has further fueled media interest surrounding their connection. In his letter, Sukesh Chandrashekhar expressed his love for Jacqueline Fernandez and mentioned that he would gift her something extremely expensive. The letter has gone viral on social media, sparking widespread attention and fueling curiosity about the nature of their relationship. Sukesh in the letter wrote, "Baby girl, Merry Christmas. Another beautiful year and most favourite festival is passing without our love and togetherness. Our souls are connected. When I wish you a Merry Christmas, I am able to hold both our hands and look into your eyes."Conman Sukesh Chandrashekhar has written a letter to Jacqueline Fernandez on Christmas from Tihar jail.byu/Chai_LijiyeinBollyBlindsNGossip He further revealed in the letter that he was planning to gift Jacqueline. "Today, I am gifting you not a bottle of wine but an entire vineyard in the country of love 'France', which you never even dreamed of." Sukesh Chandrashekhar has promised to gift Jacqueline Fernandez a 107-year-old vineyard, complete with a stunning Tuscan-style house. In the letter, he also expressed a strong desire to meet the actress, adding that soon the entire world would witness them together. This bold declaration has only intensified the curiosity surrounding their relationship, leaving fans and social media users eagerly awaiting any further developments. He also mentioned "I am desperate to take a walk in this garden holding your hand. The world may think that I am crazy, but I am really crazy in love with you. Wait till I come out, then the whole world will see us together." Earlier this year, Chandrashekhar penned a letter to Fernandez on his birthday in which he mentioned how much he loves and misses her. "You and your love is the bestest gift which is priceless in my life, you know I am here for you standing by you come what may. Love you my baby, thank you for giving me your heart. I also thank all my supporters and friends, for all your wishes on my birthday. I have received hundreds of letters, greetings. I feel blessed, thank you," his letter concluded. In another letter from Tihar Jail, Sukesh Chandrashekhar wished Jacqueline Fernandez a Happy Holi. He assured her that he would bring back all the colors that had faded or disappeared, further emphasizing his deep affection and commitment. The heartfelt message has added a layer of intrigue to their ongoing connection, leaving fans captivated by the intensity of Sukesh's declarations. Also Read:Varun Dhawan shares his formula for a 'happy marriage' , says, "I love my wife more than I love myself..." Sukesh Chandrashekhar was arrested for orchestrating a massive scam, where he posed as the Union Home and Law secretaries to extort approximately ₹200 crore from the wife of former Religare promoter Malvinder Singh. His criminal activities led to his detention, highlighting his involvement in one of India's most high-profile con jobs. The Enforcement Directorate (ED) summoned Jacqueline Fernandez and Nora Fatehi for questioning regarding their involvement in the extortion case linked to Sukesh Chandrashekhar. While Sukesh claimed to be in a relationship with Jacqueline, the actress denied these allegations. Sukesh Chandrashekhar allegedly gifted Jacqueline Fernandez several luxury items, including cars and jewelry. In a separate case, he is accused of bribing Election Commission officials to secure the AIADMK's symbol for the VK Sasikala faction. Sukesh faces charges under the criminal sections of the Prevention of Money Laundering Act (PMLA).
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2024-12-26 20:00
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2024-12-26
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20:00
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moneycontrol.com
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https://www.moneycontrol.com/news/business/ipo/analysts-expect-double-digit-return-on-sanathan-textiles-debut-on-december-27-12898324.html
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Analysts expect double-digit return on Sanathan Textiles debut on December 27
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Sanathan Textiles IPO.Related stories.
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Shares of Sanathan Textiles are expected to debut with double-digit premium on December 27, due to healthy subscription demand for its IPO despite weakness in equity markets, said analysts who in majority advised holding the stock for long term. The maiden public issue of the polyester, and cotton yarn manufacturer was subscribed 35.12 times during December 19-23 with strong demand from all categories of investors. Qualified institutional buyers bought 75.62 times their allotted quota, followed by non-institutional and retail investors who picked 42.21 times and 8.93 times their reserved portions. Prashanth Tapse, Senior VP Research – Research Analyst at Mehta Equities believes the subscription demand was on the back of reasonable valuations when compared with peers, which are trading at premium and the company has left something on the table for new investors to gain on listing day. Considering market sentiments and healthy subscription demand, he expects the company to list with decent gain around 25 percent and more over its issue price of Rs 321 per share. "Expected healthy listing gain is justified as we believe Sanathan is well placed to meet the rising global demand for yarn and textile products," he said. Click Here To ReadAll IPO News Narendra Solanki, Head Fundamental Research-Investment Services at Anand Rathi Shares and Stock Brokers, and Akriti Mehrotra, research analyst at StoxBox also believe that the company will be listed at a premium of around 26 percent based on the current grey market price. With an installed capacity of 2,23,750 MTPA facility at Silvassa, Sanathan Textiles is one of the few companies (amongst their peer group) in India with presence across the polyester, cotton and technical textile (which find application in multiple end-use segments including automotive, healthcare, construction, sports and outdoor, and protective clothing) sectors. Polyester yarn business contributed the maximum at 77 percent to revenue, and cotton yarn at around 19 percent. Based on its operating income, it had a market share of 1.7 percent in the overall Indian textile yarn industry in the fiscal 2024. Also read:IPO GMP update: DAM Capital, Transrail, Mamata Machinery premiums surge up to 105% in grey market ahead of tomorrow's listing The company plans to expand operations across all three verticals to meet the anticipated increase in demand. As part of this strategy, it is in the advanced stages of commissioning a greenfield facility, the Punjab manufacturing facility, with Phase 1 expected to become operational in fiscal 2025. At the upper band, the company is valuing at 20.2x its FY24 EPS, while it asked for market capitalisation of Rs 2,709.4 crore, with a market cap-to-sales ratio of 0.9 based on its FY24 earnings. The IPO comprised of fresh issue of equity shares worth Rs 400 crore, and an offer-for-sale of Rs 150 crore. Sanathan Textiles will utilise fresh issue proceeds for repaying debt, and general corporate purposes. Strategy Post Listing Prashanth Tapse of Mehta Equities advised that conservative allotted investors can think of booking profits over and above our expectations. Further, "Long-term investors should consider holding it for long term despite knowing short term volatility & risk in the markets. For non-allotted investors, we advise accumulating shares if there is a dip post listing due to profit booking attempts," he said. The global yarn industry and the demand for yarn products are expected to grow in the coming years, driven by the increasing demand for apparel from the fashion industry and the rapid expansion of e-commerce platforms. Investors may continue to hold the shares for long term gains, Narendra Solanki advised. Akriti Mehrotra of StoxBox believes the company is well-positioned to benefit from India’s growing textile sector, which is driven by rising domestic demand and government initiatives like the PLI scheme. However, she advised booking profits on a premium listing as according to him, the company faces challenges, including a modest market share of 1.7 percent, and declining revenues and profits, and high working capital requirements. While the company is expanding its production capacity and focusing on recycled yarn, these risks should be considered by the participants, said Akriti who advised monitoring the company’s performance in the coming quarters. On the financials front, Sanathan Textiles recorded a 12.4 percent decline in profit at Rs 133.8 crore for the fiscal 2024, down from Rs 152.7 crore in the previous fiscal. Revenue also dropped by 11.2 percent to Rs 2,957.5 crore, from Rs 3,329.2 crore in the same period. Profit in the June 2024 quarter stood at Rs 50 crore on revenue of Rs 781.1 crore.
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2024-12-26 19:37
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2024-12-26
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19:37
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moneycontrol.com
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https://www.moneycontrol.com/news/business/stocks/bulk-deals-abakkus-asset-manager-picks-up-1-18-stake-in-aarti-pharmalabs-12898358.html
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Bulk deals: Abakkus Asset Manager picks up 1.18% stake in Aarti Pharmalabs
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Oaklane Capital Management LLP bought 18 lakh shares (1.61 percent) of SG Mart Ltd at Rs. 370.12..
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Abakkus Asset Manager Private Limited bought 10.7 lakh shares (1.18 percent stake) of Aarti Pharmalabs Limited via a bulk deal on December 26 at Rs 575.08. Promoter group entities Orchid Family Trust and Tulip Family Trust were the sellers. Shares of Aarti Pharmalabs closed 7.5 percent higher at Rs 629. The Mumbai-based pharma company is engaged in the development of Active Pharmaceutical Ingredients and New Chemical Entities, API intermediates amongst others. Here are some of the other bulk deals today. EPACK Durable LimitedIndia Advantage Fund S4-I sold 5.61 lakh shares (0.58 percent) of EPACK Durable Limited at a Rs 500.12 per share. The stock was trading 4 percent higher at 4.02 percent. One Mobikwik Systems LtdPeak XV Partners Investment Holdings III sold 12.02 lakh shares (1.55 percent) of One Mobikwik Systems Ltd at Rs. 679.38. The stock was trading around 2.3 percent higher at close. Shanti Overseas (Ind) LtdPromoter Ayush Kacholia sold 7.5 lakh shares of Shanti Overseas (Ind) Ltd at a price of Rs. 16.22. At close, the stock was trading around 1 percent higher at Rs 16.30. SG Mart LtdOaklane Capital Management LLP bought 18 lakh shares (1.61 percent) of SG Mart Ltd at Rs. 370.12. The stock closed around 0.53 percent higher at Rs 371.65.
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2024-12-26 19:37
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2024-12-26
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19:37
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moneycontrol.com
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https://www.moneycontrol.com/news/business/ev-registrations-hit-a-speed-bump-this-year-after-record-growth-in-2023-12898243.html
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EV registrations hit a speed bump this year after record growth in 2023
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Related stories.
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Coming off a high in calendar year 2023, the electric vehicle (EV) segment saw the pace of sales growth moderating this year. Industry observers cited reduced incentives for EVs, rising consumer confidence in hybrid vehicles, insufficient charging infrastructure and higher retail prices the key as factors for the slowdown in the sales of battery-powered vehicles, apart from, of course, the high base effect. While nearly 1.9 million EVs were sold in 2024—representing a 24 percent increase from 1.5 million in 2023—it marked a significant slowdown compared to the 50 percent growth seen between 2022 and 2023. The electric two-wheeler (E2W) segment saw a 32 percent growth in volumes this year to 11,36,131 units on an on-year basis. Here again, the pace of growth was lower, with sales rising 36 percent to 8,60,478 units from 6,31,410 units in 2022, as per data from Vahan, the government portal. In the electric passenger vehicle (PV) segment, the growth was slower still. Total e-car sales were up just 20 percent this year at 87,687 units versus 73,273 units sold in 2023. Last year, sales had skyrocketed 120 percent from 33,209 units. The proportion of EVs to total PV sales remained at around 2 percent for 2024 as well. According to ICRA Limited, EV penetration levels remain modest, particularly for cars and trucks, offsetting a higher adoption rate for two/three-wheelers and buses. “The pace of growth was affected by a reduction in subsidies, elevated ownership costs, rising consumer preferences for hybrid cars, slower growth in creation of charging infrastructure, a cautious stance of financiers towards EVs, etc.," aid Srikumar Krishnamurthy, senior vice president and co-group head, corporate ratings, ICRA. However, he maintained that the government’s policy measures remain supportive as the PM E-DRIVE scheme is expected to aid faster EV adoption, apart from development of the EV manufacturing ecosystem. “Also, factors such as improving charging infrastructure and a reduction in vehicle prices on account of a decline in battery prices is expected to propel adoption,” added Sukumar. 2025: beginning of the EV revolution? Despite challenges, industry experts affirm that India is at the cusp of an EV revolution, with 2025 poised to be a pivotal year in its journey toward sustainable transportation. Furthermore, the rollout of multiple new EVs such as Maruti Suzuki eVitara, Tata Sierra EV and Avinya, MahindraBE 6and XEV 9e, Hyundai Creta Electric, Kia Syros Electric, MG Cyberster, etc., are expected to lead to all-time high volumes. According to Puneet Gupta, director, S&P Global Mobility, EVs have caught the consumer's eye in India in 2024. He stated that just the MG Windsor EV, launched in September this year, has amassed an impressive 50,000 pending bookings that will be fulfilled in 2025. “Major automakers such as Suzuki, Toyota, Hyundai, Mahindra and Kia are gearing up to unveil their EV portfolios, potentially propelling India toward a pivotal inflection point in its electrification journey,” said Gupta of S&P GlobalMobility
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2024-12-26 19:05
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2024-12-26
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19:05
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moneycontrol.com
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https://www.moneycontrol.com/news/india/satish-wagh-murder-wife-paramour-plotted-murder-paid-rs-5-lakh-supari-12898264.html
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Satish Wagh murder: Wife, paramour plotted murder; paid Rs 5 lakh supari
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Satish Wagh had learnt about his wife's extra-marital affair which led to his killing on December 9..Related stories.
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Maharashtra BJP MLC Yogesh Tilekar's uncle Satish Wagh's murder was plotted by his wife along with her paramour. The victim had learnt about his wife's extra-marital affair which led to his contract killing on December 9. In the latest development, police on December 25 arrested Wagh's wife Mohini who had asked her paramour to eliminate her husband. According to an official, the contract to kill Wagh (55) was given to four persons. "The killing was a fallout of her (Mohini's) extra-marital relationship with the Waghs' former tenant," an official said. The killers, who were paid Rs 5 lakh by Mohini's paramour Akshay Jawalkar, abducted and murdered Satish Wagh on December 9. "Wagh was bundled into a car near Shewalwadi Chowk in Hadapsar area of Pune city and later found murdered near Yavat on Pune-Solapur Highway in the district. His body was found around 40 kilometres from the spot he was abducted," police said. "Mohini Wagh, 48, was arrested on Wednesday after evidence showed her involvement in the conspiracy to kill her husband. It has been found in the probe that Mohini had asked their former tenant Akshay Jawalkar (29) to kill her husband. Accordingly, Jawalkar gave Rs 5 lakh as 'supari' (contract) to four others to execute the murder," Additional Commissioner of Police (Crime) Shailesh Balkawade said. Jawalkar's family was Wagh's tenants for several years and during their stay there, a relationship developed between Akshay and Mohini. During the probe, it came to light that when Satish Wagh came to know about his wife's extra-marital relationship, he opposed it. "Thereafter, the Jawalkar family moved elsewhere, but Akshay and Mohini continued to be in touch. Wagh used to beat Mohini up over the issue," cops said. Apart from Mohini and Jawalkar, police have so far arrested Pawan Shyamsundar Sharma (30), Navnath Arjun Gursale (31), Vikas Sitaram Shinde (28) and Atish Jadhav in connection with Wagh's murder.
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2024-12-26 19:03
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2024-12-26
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19:03
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moneycontrol.com
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https://www.moneycontrol.com/technology/instagram-working-on-a-new-feature-that-allows-users-to-view-story-highlights-from-a-week-ago-article-12898217.html
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Instagram working on a new feature that allows users to view Story Highlights from a week ago
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instagram.
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Instagram Stories have become popular in the last few years, allowing users to catch up with people they follow or view their status updates quickly. However, these updates only last for 24 hours, and many mutual followers may miss these stories after the 24-hour window. Thankfully, this could change soon, as the Instagram app developers are reportedly testing a new feature that allows users to view Story Highlights from mutual followers for a week after they were posted. Instagram Story Highlights: Here’s how it works According to a TechCrunch report, Instagram is currently testing a way to show users followed user’s Story Highlights after they've viewed all the regular Stories from their feed. This new section will be displayed at the end of the Stories tray, which is the area at the top of your feed where you see Stories from your friends. Moreover, the Story Highlights feature will be only visible after a user has gone through the rest of the stories of all followed people on their feed. If the homepage is still flooded with stories from remaining users and the user never reaches the end of the current Story updates, they will never be able to see the older Story Highlights. This new feature could significantly enhance the user experience by making it easier to view older Stories from close friends or acquaintances. A Meta spokesperson also confirmed the testing of this feature and it was first spotted by social media expert Ahmed Ghanem.
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2024-12-26 19:01
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2024-12-26
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19:01
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moneycontrol.com
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https://www.moneycontrol.com/news/india/attacks-on-police-posts-to-underlying-pro-khalistani-networks-2024-saw-sharp-spike-in-militant-activities-in-punjab-12898355.html
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Attacks on police posts to underlying pro-Khalistani networks: 2024 saw sharp spike in militant activities in Punjab
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Arms and other items recovered at the site of an encounter of three terror suspects, allegedly involved in the grenade attack in Gurdaspur, by a joint team of Uttar Pradesh and Punjab police, in Pilibhit, Uttar Pradesh. (PTI Photo).Related stories.
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Punjab has witnessed a disturbing surge in militant activity over the past month, with a spate of eight grenade and Improvised Explosive Device (IED) attacks targeting police establishments. These incidents, coupled with a broader pattern of violence throughout 2024 has put the spotlight on a nexus between local gangs and pro-Khalistan militants, raising serious security concerns. Wave of attacks on police stations The recent wave of attacks began on November 23, when an IED was planted at the Ajnala police station in Amritsar but failed to detonate. This was followed by a grenade attack on November 29 at the Gurbaksh Nagar police post in the same district. Subsequent incidents included a failed grenade attack on the Aasron police post in Nawanshahar on December 2; an explosion at Majitha Police Station in Amritsar on December 4, initially dismissed by police as a "tyre burst" but alleged by opposition leader Bikram Majithia to be a grenade attack; a grenade attack on the Ghania Ke Bangar police station in Batala, Gurdaspur, on December 14. Similar attacks at the Islamabad police station in Amritsar on December 17, the Bakshiwala police post in Gurdaspur on December 18 and the Wadala Bangar police post under Kalanaur Police Station in Gurdaspur on December 20. Incidents of violence in 2024 Punjab witnessed escalating violence throughout 2024, ranging from gang wars to targeted killings. The year began with the murder of Sarpanch Awan Kumar Khullar in Tarn Taran, allegedly orchestrated by Germany-based gangster Amritpal Singh Bath. In April, former militant Rattandeep Singh, linked to the Bhindranwale Tiger Force of Khalistan (BTKF), was assassinated in Nawanshahar, with US-based gangster Gopi Nawanshahria claiming responsibility. The same month, Vikas Prabhakar, a Vishwa Hindu Parishad (VHP) leader, was killed in Ropar by operatives of a Pakistani-backed terror module. By October, the murder of Gurpreet Singh in Faridkot, attributed to the Canada-based Khalistan Tiger Force (KTF), further put the spotlight on the troubling nexus between local violence and international terror networks. Where have investigations led police? Investigations have implicated several pro-Khalistan groups, each with significant overseas operations. The Babbar Khalsa International (BKI) was found responsible for the Ajnala police station attack, reportedly orchestrated by Harwinder Singh Sandhu, alias Rinda, with support from Pakistan's ISI. The Khalistan Zindabad Force (KZF) directed the Aasron attack, with handlers operating out of Germany, the UK, and other countries. Meanwhile, the Khalistan Tiger Force (KTF), led by Canada-based Arshdeep Singh alias Arsh Dalla, has been linked to multiple killings in Punjab. Key figures driving these militant activities include Harwinder Singh Sandhu alias Rinda, a former gangster turned militant who operates under ISI patronage from Pakistan. Declared a terrorist in 2023, Rinda is involved in smuggling arms, ammunition and drugs into India. Arshdeep Singh alias Arsh Dalla heads the KTF and manages recruitment and fundraising activities, orchestrating targeted killings from Canada. Another critical operative, Lakhbir Singh Sandhu alias Landa, also based in Canada, works closely with Rinda and masterminded high-profile attacks, including the 2022 RPG strike on Mohali’s Punjab Police Intelligence Headquarters. A National Investigation Agency (NIA) chargesheet from November 2023 further revealed the extensive gangster-terror network. Darmanjot Singh alias Darman Kahlon, linked to Landa, facilitates the smuggling of weapons and drugs from Pakistan. Parveen Wadhwa alias Prince coordinates communication within the Bishnoi terror syndicate, while Yudhvir Singh alias Sadhu specialises in arms procurement. Vikas Singh provides safe havens and logistical support for gang members, playing a crucial role in executing terror plots, including the 2022 RPG attack. The increasing coordination between pro-Khalistan militants and local gangsters has significantly heightened security risks. With foreign-based operatives and ISI-backed networks actively fueling violence, Punjab faces growing challenges in ensuring peace and stability. Punjab’s police have ramped up counter-terror operations, leading to several arrests and the identification of key operatives. However, some argue that the government’s efforts lack a comprehensive strategy to dismantle the gangster-terror network.
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2024-12-26 18:56
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2024-12-26
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18:56
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moneycontrol.com
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https://www.moneycontrol.com/news/india/govt-planning-to-send-human-into-deep-sea-in-early-2026-union-minister-jitendra-singh-12898354.html
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Govt planning to send human into deep sea in early 2026: Union Minister Jitendra Singh
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Union Minister of State (Independent Charge) for Science, Jitendra Singh.
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The Centre is planning to send a human into the deep sea with the mission likely to coincide with the human space mission in early 2026, Union Minister of State (Independent Charge) for Science, Jitendra Singh said on Thursday. Speaking at the ’Commemoration of the 20th anniversary of the 2004 Indian Ocean Tsunami’ at the Indian National Centre for Ocean Information Services (INCOIS), he recalled that Prime Minister Narendra Modi had mentioned the Deep Sea Mission in the past Independence Day address.”We are also planning to send a human into the deep sea. I was telling Ravichandran (Secretary, Ministry of Earth Sciences) that it would be a strange coincidence—one human in space and another in the deep sea. This will happen almost simultaneously,” Singh said.The human space mission, initially planned for 2025, may not take place next year, but is now expected in early 2026, he added.”… one Indian up there, and one Indian in the deep sea. That will be once again, a record of sorts,” Singh said, also emphasising the increasing importance of oceanic exploration in the country’s journey toward becoming a ’Viksit Bharat’.Advocating for the sustainable exploration and conservation of India’s 7,500-kilometre coastline and its abundant marine resources, the minister said the government is working to create an ecosystem to support these efforts.He told PTI Videos that the services and information provided by INCOIS are not only relevant to coastal communities along India’s shoreline but also to people worldwide. Lauding the state-of-the-art facility, he said the institute is providing services that contribute not only to the development of a ’Viksit Bharat’ but also to India’s significant contribution to the world.Recalling the devastation caused by the 2004 Tsunami, Singh spoke about the crucial lessons learned and the transformative policies that followed. He added that the tragedy catalysed the establishment of institutions like INCOIS, which now stands as a testament to India’s commitment to safeguarding lives and livelihoods.An official release in 2023 said that as part of the Samudrayaan Mission undertaken by the Union Ministry of Earth Sciences, the country aims to send three individuals 6,000 meters below sea level for exploration.
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2024-12-26 18:51
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2024-12-26
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18:51
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moneycontrol.com
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https://www.moneycontrol.com/news/business/companies/tata-group-chairman-chandrasekaran-s-year-end-note-promises-jobs-push-sees-ai-acceleration-ahead-12898254.html
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Tata Group chairman Chandrasekaran's year-end note sees 'new manufacturing golden age' ahead for India
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Tata Group Chairman N Chandrasekaran said the big strategic bets in the hitech industries and manufacturing are starting to bearing fruit..Related stories.
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Tata Group Chairman N Chandrasekaran in his year-end note has shared the ambition of creating 5 lakh manufacturing jobs over the next five years, and added that India is poised to benefit with its talent pool and rising manufacturing prowess, as the world navigates through geopolitical instability. The note to Tata Group employees, shared on December 26, talked about 'big strategic bet' by the group in manufacturing, telecom, retail and hospitality. Construction is underway at over seven new manufacturing plants at the group, including India's first semiconductor fab in Dholera, he said. Chandrasekaran also mentioned about the electronics assembly plant in Karnataka, automotive plant in Tamil Nadu and MRO facilities in Bengaluru, and battery cell manufacturing factories in Gujarat. The year-end note underscored the group plans to create massive jobs in not just manufacturing, but also in across retail, tech services, airlines, and hospitality. "Our Group plans to create 500,000 manufacturing jobs over the next half decade. These will come in part from the aforementioned investments in facilities across India-factories and projects that will produce batteries, semiconductors, electric vehicles, solar equipment and other critical hardware destined to play a central role in the economy of tomorrow," said N Chandrasekaran. The note mentions few listed companies such asTCSandTejas Networks, which delivered an indigenous 4G mobile telecom stack for BSNL. The group's retail companies 'continue to scale up', he said, and Air India has brought together four airlines to create one integrated airline. The Taj brand underIndian Hotelscontinues to be the world's strongest hotel brand, he added. Read More:Air India-Vistara merger an important milestone, says Tata Sons' N Chandra The Age of AI He sounded extremely excited to share the prospects in digital and Al, and said a 'fundamental reversal' is taking place in the technology space. While in the past, scientific progress predominantly 'fuelled'' technological progress, Today, the opposite is happening. "...advancements in technology are leading to scientific discoveries," said Chandrasekaran. He added that the world will continue to see significant acceleration in the use of Al in fields such as healthcare and mobility. A Manufacturing 'Golden Age' for India Manufacturing, on the other hand, has the potential to 'transform' India's economy. Chandrasekaran said the global supply chains 'continue to shift in India's favour', as businesses strike a new balance between resilience and efficiency. "What might have seemed like a short-term reaction to the pandemic has proved much more enduring. Amid relentless geopolitical instability, the equation has tilted firmly toward resilience - and India, with our vast talent pool and growing manufacturing capacity, is poised to benefit," said Chandrasekaran. The plan to add 5 lakh jobs over next five years 'give hope' to the one million youth entering India's workforce every month. "Manufacturing has powerful multiplier effects; indirect employment opportunities from sectors such as semiconductor manufacturing are substantial," Chandrasekaran said in the note. What Ratan Tata Meant to the Group Mentioning about late Ratan Tata, Chandrasekaran's note said the year will have 'deeper and more personal resonance' for everyone at the Group. "There isn't room in this letter to capture fully what he meant to us, not even amongst the many tributes we have seen across the world. So I will simply say again that our Group has lost an irreplaceable role model and leader. And I have lost a cherished mentor and friend," Chandrasekaran wrote in his note. Read More:'Pursue growth' is Tata Sons boss N Chandrasekaran's message to group CEOs Tata Group chairman ended the letter on an optimistic note. "After a year marked by loss, it is with a sense of hope and optimism that I look ahead to 2025." The economy is strong, he said, and the demographics are in India's favour. This pool of young talent will will build the nation's future 'literally, with their hands and with their minds.'
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2024-12-26 18:45
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2024-12-26
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18:45
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moneycontrol.com
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https://www.moneycontrol.com/news/india/eci-releases-world-s-largest-electoral-dataset-for-2024-elections-here-are-the-major-takeaways-12898353.html
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ECI releases ‘world's largest electoral dataset’ for 2024 elections: Here are the major takeaways
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Election Commission of India.
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In a significant move aimed at promoting electoral transparency and research, the Election Commission of India on Thursday released the 'world's largest' electoral datasheet comprising 42 statistical reports on the 2024 parliamentary elections and 14 reports each on four state Assembly elections. The poll watchdog said that these 100 statistical reports will be a treasure trove for academicians, researchers and election watchers globally for policy insights and in-depth analysis. The dataset includes detailed information such as Parliamentary and Assembly constituency-wise electors, polling station numbers, voter turnout by state or constituency, party-wise vote shares, gender-based voting patterns, women’s participation, regional trends, constituency summaries, the performance of national and state parties, winning candidate analysis, and more. Here are the major takeaways from the reports on 2024 Lok Sabha elections: - State and UT with highest/ lowest number of polling stations:Uttar Pradesh recorded the highest number of polling stations at 1,62,069, while Lakshadweep had the fewest with 55. Eleven parliamentary constituencies had fewer than 1,000 polling stations, whereas three had more than 3,000. Bihar saw the largest increase in polling stations with 4,739 additional stations compared to 2019, followed by West Bengal with 1,731. - Women's participation soars:The 2024 parliamentary polls highlighted significant strides in women's participation. Of the 97.97 crore registered electors, 47.63 crore were women, up from 43.85 crore in 2019, comprising 48.62% of the total electors compared to 48.09% in 2019. Puducherry led with the highest percentage of female electors (53.03%), followed by Kerala (51.56%). The female-to-male elector ratio reached a record high of 946 per 1,000 males, up from 926 in 2019. - Female voters surpassing male voters: Female voter turnout was 65.78%, surpassing male turnout (65.55%), marking the second instance in Lok Sabha history where women outvoted men, as they did in 2019. Dhubri (Assam) had the highest female voting turnout at 92.17%, followed by Tamluk (West Bengal) at 87.57%. In terms of representation, 800 women contested the elections, up from 726 in 2019. Maharashtra had the highest number of female candidates (111), followed by Uttar Pradesh (80) and Tamil Nadu (77). However, 152 constituencies had no female candidates. - Rise in registered voters: The number of registered electors in the 2024 elections reached 97.97 crore, marking a 7.43% increase from 91.19 crore in 2019. Out of these, 64.64 crore votes were cast, an increase from 61.4 crore in 2019, with 64.21 crore votes cast via EVMs and 42.81 lakh through postal ballots. - Record voter turnout:Dhubri in Assam recorded the highest voter turnout at 92.3%, while Srinagar in Jammu & Kashmir saw the lowest at 38.7%, though this was a significant improvement from 14.4% in 2019. Eleven parliamentary constituencies had a turnout below 50%. The datasheet not only sheds light on the changing dynamics of India's elections but also promises to be a useful tool for long-term analysis of political and electoral trends.
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2024-12-26 18:39
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2024-12-26
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18:39
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moneycontrol.com
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https://www.moneycontrol.com/news/business/markets/fiis-net-sell-shares-worth-rs-2-377-crore-diis-net-buy-rs-3-336-crore-shares-12898257.html
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FIIs net sell shares worth Rs 2,377 crore, DIIs net buy Rs 3,336-crore shares
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At close, the Sensex was down 0.39 points at 78,472.48, and the Nifty was up 22.55 points or 0.10 percent at 23,750.20..Related stories.
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Domestic institutional investors (DIIs) net bought shares worth Rs 3,336 crore, while on the other hand, foreign institutional investors (FIIs) net sold shares worth Rs 2,377 crore, provisional data from NSE showed. During the trading session, DIIs bought Rs 11,592 crore and sold shares worth Rs 8,256 crore, and FIIs purchased Rs 4,256 crore in shares while offloading equities worth Rs 6,633 crore. For the year so far, FIIs have net sold equities worth Rs 3.09 lakh crore, while DIIs have net bought Rs 5.99 lakh crore worth of shares. Also read:Taking Stock: Sensex flat, Nifty at 23,750 amid expiry; media, FMCG drag, auto, pharma rally Market View At close, the Sensex was down 0.39 points at 78,472.48, and the Nifty was up 22.55 points or 0.10 percent at 23,750.20. Adani Ports, Shriram Finance, M&M, Maruti Suzuki, SBI Life Insurance were among major gainers on the Nifty, while losers were Titan Company, Asian Paints, Nestle, JSW Steel, Grasim Industries. On the sectoral front, auto, energy, pharma, realty, PSU Bank gained, while metal, FMCG, media saw selling.
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2024-12-26 18:24
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2024-12-26
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18:24
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moneycontrol.com
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https://www.moneycontrol.com/news/world/the-biggest-election-year-your-ultimate-guide-to-elections-that-defined-2024-12894800.html
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The biggest election year: Your ultimate guide to elections that defined 2024
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Many of these elections, including the Lok Sabha polls in India, garnered significant global attention and shaped the geopolitical landscape of the world in the post-Covid reality..Related stories.
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2024 was the ultimate election year with nearly 3.7 billion people — about half the world’s population — casting their vote across 70 countries. Many of these elections, including the Lok Sabha polls in India, garnered significant global attention and shaped the geopolitical landscape of the world in the post-Covid reality. While the US presidential race was the most followed event of the year, it was far from the only major election that made headlines. From Asia to Africa and Europe to the Americas, the year was marked by intense, closely fought electoral battles across continents. Surge in global electoral participation For the first time in modern history, an election cycle saw more than two billion eligible voters, making 2024 the largest election year in history, according to the United Nations Development Programme. Beyond sheer numbers, the elections were defined by a dramatic shift in political power worldwide. In many countries, the elections were less about individual candidates and more about the state of democracy, global economic instability, social unrest, and geopolitical tensions. Across the globe, voter dissatisfaction with the status quo was palpable. From the US to Europe, many voters turned to opposition parties as a response to a variety of local challenges, including economic inequality, inflation and the failures of established political elites. Notably, many parts of the world saw elections taking place for the first time since the Covid pandemic. And the economic impact of the lockdown also weighed heavy on the minds of voters. According to Carnegie Endowment for International Peace think-tank, 2024 was a terrible year for the incumbents with a majority of countries voting out the ruling party or leader. A recap of the 5 big elections of 2024 that made headlines in India too: United States Republican and Democratic presidential candidates, Donald Trump and Kamala Harris. Credit: Reuters Photos The 2024 United States presidential election, undoubtedly the most-watched in the world, took a dramatic and unexpected turn. Initially set to be a rematch between President Joe Biden and former President Donald Trump, the election became a spectacle of political and personal upheaval. Midway through the year, Biden’s re-election campaign was marred by a disastrous debate performance and growing health concerns, prompting a last-minute shift in the Democratic Party’s candidate. Eventually, Vice President Kamala Harris replaced Biden as the Democratic nominee. On the other hand, Trump faced his own set of challenges, most notably surviving an assassination attempt that stirred immense national attention. Despite the turbulence, Trump’s campaign gained momentum, particularly in key swing states. His victory marked a dramatic comeback, securing his first-ever popular vote win. As the election unfolded, it became evident that the Republican Party would control both the Senate and potentially the House, ushering in a new wave of political reforms focused on economic stability, immigration, and foreign policy. The challenges Biden faced and Trump’s resurgent popularity highlights the deepening polarisation that has defined American politics in recent years. In particular, Trump’s rhetoric on immigration, economic reforms, and the Middle East played a pivotal role in galvanizing his support base, which in turn shaped the broader national conversation on governance. Bangladesh Sheikh Hasina. Credit: Bloomberg Photos In South Asia, Bangladesh’s election was another defining moment in 2024. The January election saw the ruling Awami League, led by Sheikh Hasina, secure a fourth consecutive term in power. While Hasina’s victory was hailed by her supporters, it was overshadowed by significant allegations of voter suppression, violent protests, and irregularities, which observers believed undermined the integrity of the electoral process. These allegations sparked widespread discontent, leading to mounting unrest across the nation. The situation reached a boiling point when student-led protests against Hasina’s government escalated into a full-scale anti-government movement. These protests, fueled by controversial policies and the perception of electoral fraud, forced Hasina to flee to India in August. In the aftermath of Hasina's departure, the military, in agreement with the protest leaders, installed Nobel Peace Prize laureate Muhammad Yunus as the head of an interim government. This political upheaval set the stage for a snap election in 2025, a year that will be crucial for determining Bangladesh’s future direction. While Hasina’s departure and Yunus’ installation as interim head brought hope to many, the road ahead for Bangladesh remains uncertain. Pakistan Pakistan Prime Minister Imran Khan. Credit: Facebook/@ImranKhanOfficial Pakistan's 2024 elections were influenced heavily by the shadow of former Prime Minister Imran Khan. Khan’s ouster in 2022, followed by his imprisonment and the subsequent ban on his party, Pakistan Tehreek-e-Insaf (PTI), did not end his political influence. Khan couldn't contest from jail and was embroiled in a litany of legal cases. Most of the aides were jailed alongside him. To borrow a cricket analogy, the former PM was batting on an uncertain wicket, with most of his teammates back in the dressing room. However, the cricketer-turned-politician still managed to out-score his opponents when over 90 Independents associated emerged victorious in the general election. This was also a wake-up call for the Army-government nexus since the enduring popularity of Khan overshadowed the much-hyped comeback of Nawaz Sharif. The results reflected a deeply fragmented political landscape as the ruling establishment had to form a coalition government. The lacklustre mandate for the PML-N faded Nawaz's hopes of returning as PM. Eventually, Shehbaz Sharif became the consensus candidate. The election outcome not only marked a shift in leadership but highlighted the continuing tension between the military-backed establishment and popular political movements, particularly the one led by Khan. United Kingdom British Prime Minister Keir Starmer. Credit: Reuters Photos Across the Atlantic, the United Kingdom’s general election on July 4 marked a notable shift in its political landscape. After 14 years of Conservative rule, the Labour Party, led by Keir Starmer, secured a decisive victory, propelled by growing dissatisfaction with the economic and political policies of former Prime Minister Boris Johnson’s administration. Scandals, coupled with a deteriorating economic situation, had decimated the Conservative Party’s support base and proved fatal for Rishi Sunak, making way for Labour’s resurgence. The Labour Party’s victory was seen as part of a broader shift in the UK’s political alignment, reflecting growing concerns about economic inequality and a reevaluation of the country’s role in Europe. The result was also a referendum on the UK’s handling of Brexit, as many voters sought a new direction in post-Brexit Britain, calling for a more inclusive and equitable economic strategy. For the first time in over a decade, the UK was set to pivot away from Conservative policies suggesting that economic reforms and a more progressive agenda would dominate the political discourse in the coming years. Sri Lanka Sri Lanka's newly elected President, Anura Kumara Dissanayake. Credit: X (@anuradisanayake) Sri Lanka, like many countries in the region, found itself embroiled in political turmoil amidst the economic crisis. The election in Sri Lanka was deeply influenced by the country’s economic struggles, which had led to widespread dissatisfaction with the ruling party. Bucking the global trend, the country saw a shift towards the Left. Anura Kumara Dissanayake, who represents the Leftist coalition National People's Party (NPP), secured a decisive victory in the presidential elections. Later, his party also won the parliamentary polls. Here are the other elections that shaped the global landscape in 2024: Like Sri Lanka,Bhutanwas also impacted by economic crises, while theMaldivesshifted its political alliances from India towards China as President Mohamed Muizzu campaigned on an “India-Out” platform, highlighting what he described as a long-standing economic dependence on New Delhi. His pro-China stance was solidified further when his party secured a parliamentary majority in April 2024. InTaiwan, elections in January saw Vice President William Lai of the Democratic Progressive Party (DPP) emerge victorious, despite increasing pressure from China. Beijing’s growing military and political tactics aimed at asserting its claim over Taiwan loomed large over the election, as the island’s future sovereignty remained uncertain. Lai’s victory signifies Taiwan’s continued resistance to Beijing’s influence, but the question of how Taiwan will navigate its relationship with China in the coming years remains one of the most pressing geopolitical concerns in East Asia. Middle East Ayatollah Ali Khamenei. Credit: AFP Photos InIran, the year began with legislative elections in which conservatives dominated, but the death of President Ebrahim Raisi in a helicopter crash set the stage for an unexpected presidential race. Reformist candidate Masoud Pezeshkian gained a lead in the first round of the election, but ultimately lost to his conservative rival in the runoff. Despite this, power in Iran still lies primarily with the Supreme Leader, Ayatollah Ali Khamenei, and the country’s domestic and foreign policies are unlikely to change significantly in the near future. Southeast Asia InIndonesia, the February presidential election brought retired general Prabowo Subianto to power, following a campaign focused on economic issues like poverty, employment, and sustainability. Subianto’s victory also highlighted the growing political influence of Indonesia’s younger generations, particularly Gen Z and millennials, who are increasingly demanding changes to the country’s political system. Despite Prabowo’s win, his party only secured third place in the legislature, creating a fragmented political environment that will require coalition-building. South Korean President Yoon Suk Yeol. Credit: Reuters Photos South Koreaheld parliamentary elections in April, resulting in a significant defeat for President Yoon Suk Yeol’s ruling party. Voter dissatisfaction was high, and the opposition Democratic Party secured a majority in the National Assembly, signaling a shift in political sentiment. However, this shift was met with political tension, as President Yoon attempted to impose martial law in December, accusing opposition leaders of “anti-state” activities. The National Assembly swiftly overturned this decision, underscoring the ongoing political struggles within South Korea. InJapan, Prime Minister Fumio Kishida’s resignation amidst a financial scandal led to an October election, which saw his Liberal Democratic Party (LDP) lose its majority for the first time in over a decade. The LDP’s loss marked the beginning of a potential political realignment in the country, as the political landscape continues to evolve. Europe Europe was characterised by the rise of far-right movements and the increasing fragmentation of traditional political parties. TheEuropean Parliamentelections held in June saw the European People’s Party hold its ground as the largest bloc, but the far-right made significant gains, securing 187 seats out of 266 in the opposition bloc. In France, the National Rally, led by Marine Le Pen, emerged as a significant force, but the left-wing New Popular Front ultimately overtook the far-right in parliamentary elections, forcing President Macron to dissolve Parliament and call for new elections. Russian President Vladimir Putin. Credit: BBC Russia’s election, held amidst political repression and the suppression of opposition, saw President Vladimir Putin secure a contested victory with nearly 90 percent of the vote. The election, widely criticized as neither free nor fair, highlighted Putin’s continued grip on power, despite widespread international condemnation. Africa: In Africa, 2024 was a year marked by growing political instability, particularly the rise of military coups across the continent.Chad’sMay presidential election saw Mahamat Déby, the son of the late president Idriss Déby, extend the family’s rule, despite widespread concerns about the legitimacy of the election.Senegalsaw pro-democracy protests erupt when opposition leaders were imprisoned, but the government allowed elections to proceed, signalling a degree of resilience in the country’s democratic processes. InSouth Africa, the African National Congress (ANC) failed to secure a majority in the National Assembly for the first time since the end of apartheid. The ANC retained its position as the largest party, but the shift to a coalition government marked a major change in South African politics, showing growing discontent with the ruling party. North and South America InMexico, the presidential election saw Claudia Sheinbaum of the Morena Party win a landslide, making her the country’s first female president. Sheinbaum’s victory ensured that President Andrés Manuel López Obrador’s populist policies would continue to dominate Mexican politics, with a strong focus on anti-poverty measures. El Salvador’selection was one of the most important in Central America, with President Nayib Bukele winning a second term. Bukele’s popularity remained high due to his tough stance on crime, though his authoritarian policies have raised concerns both domestically and internationally. Venezuelan President Nicolas Maduro. Credit: AFP InVenezuela, President Nicolás Maduro faced significant opposition in a highly contested election. Despite being declared the winner, allegations of election fraud and widespread protests cast doubt on the legitimacy of the process, as the country continues to struggle with political and economic crises. The 2024 election year was marked by a significant reshaping of the global political landscape. Economic concerns, political instability, and frustration with the functioning of representative democracy all played central roles in this year’s elections.
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2024-12-26 18:24
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2024-12-26
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18:24
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moneycontrol.com
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https://www.moneycontrol.com/news/india/protest-erupts-over-ishwar-allah-tero-naam-bhajan-at-vajpayee-commemoration-event-in-patna-bjp-leader-says-height-of-intolerance-12897908.html
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Protest erupts over ‘Ishwar Allah tero naam’ bhajan at Vajpayee commemoration event in Patna, BJP leader says ‘height of intolerance’
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According to several reports, the singer was interrupted by protesters and prevented from continuing the bhajan (Image: PTI).Related stories.
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Controversy erupted at a Patna event commemorating former Prime Minister Atal Bihari Vajpayee when acclaimed folk singer Devi sang the lines “Ishwar Allah tero naam” in her rendition of Raghupati Raghav Raja Ram, sparking protests among the audience. Following this, the noted singer had to apologise. According to several reports, the singer was interrupted by protesters and prevented from continuing the bhajan, a piece closely tied to Mahatma Gandhi's legacy. In response, BJP leader and former Union minister under Vajpayee, Shahnawaz Hussain, denounced the act, calling it “the height of intolerance.” The incident took place at the Bapu Sabhagar auditorium and the event was titled ‘Main Atal Rahunga’. Former Union minister Ashwini Kumar Choubey, who co-organised the event with the NGO Dinker Shodh Sansthan, said the incident should not have happened, Indian Express reported. Folk singer Devi told The Indian Express that she had been invited by the organisers to perform a bhajan at the event. “I was also also invited to get felicitated on the occasion. There was a request from the organisers to sing a bhajan. As we had gathered to commemorate Vajpayee ji, I thought it befitting to sing Mahatma Gandhi’s favourite bhajan, Raghupati Raghav Raja Ram,” she explained. Elaborating further, she said that everything was going on in a smooth manner after she started singing until ‘Ishwar Allah tero naam’ bit, which sparked protest from a section of audience. Reportedly, there were around 50-60 protestors who created ruckus. “After Ashwini Kumar Choubey pacified the crowd, I sang a Chhath song… But I was dismayed at the protest against Gandhi’s favourite bhajan that has been sung and heard across the world with utmost respect. What happened was unfortunate,” Devi said. Shahnawaz Hussain too expressed his disappointment at the behaviour of protestors. “I had quoted Atal ji during my address. He used to say, ‘chhote dil se koi bada nahi hota (no one makes it big with a small heart)’. The protest of the bhajan is the height of intolerance. I felt too embarrassed and ashamed,” he was quoted as saying by Indian Express.
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2024-12-26 18:18
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2024-12-26
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18:18
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moneycontrol.com
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https://www.moneycontrol.com/news/india/mahatma-gandhi-s-legacy-under-threat-from-those-in-power-sonia-gandhi-writes-to-cwc-12898319.html
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Mahatma Gandhi's legacy under threat from those in power: Sonia Gandhi writes to CWC
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Sonia Gandhi.Related stories.
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Sonia Gandhi, Chairperson of Congress Parliamentary Party, penned a long letter to party members as the Congress Working Committee partook in a meeting in Karnataka's Belagavi. Expressing regret for not being present at the venue, Gandhi reminded the Congress fraternity how the 1936 meeting of the Congress in Belagavi was a definitive moment for the party. Setting the tone for the CWC sessions, Gandhi appealed to the Congress fraternity to safeguard the values that Mahatma Gandhi fought for. "Today, we rededicate ourselves to preserve, protect and promote the legacy of Mahatma Gandhi. He has been and will continue to be the fundamental source of our inspiration. It was he who moulded and guided all our remarkable galaxy of leaders of that generation," expressed the CPP chief. She added that Mahatma's legacy is under threat from those in power in New Delhi and the ideologies and institutions that have nurtured them. The extended CWC meeting, held at the same venue where Mahatma Gandhi presided over the Congress a century ago, sought to reaffirm the party's commitment to preserving constitutional values and Gandhian ideals. Earlier today, Congress President Mallikarjun Kharge accused the BJP of systematically undermining democratic institutions at the Congress Working Committee’s (CWC) “Nav Satyagraha Baithak” in Belagavi, as the party marked the centenary of Mahatma Gandhi’s 1924 session presidency. The Congress President also expressed concern over what he termed a growing mistrust in the electoral process. “People’s faith in the electoral process is gradually decreasing, and questions are being raised on the impartiality of the Election Commission,” remarked Kharge.
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2024-12-26 18:16
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2024-12-26
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18:16
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moneycontrol.com
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https://www.moneycontrol.com/news/business/rbi-stance-corporate-hirings-may-have-led-to-demand-slowdown-finmin-12898238.html
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RBI stance, corporate hirings may have led to demand slowdown: Finmin
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Finance Minister Nirmala Sitharaman.Related stories.
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Structural factors may have contributed to a slowdown in India's GDP growth in the first half of the current fiscal, the finance ministry said on December 26, adding that a combination of monetary policy stance and macroprudential measures by the central bank could have contributed to the demand slowdown. The central bank kept the repo rate unchanged in 2024 at 6.5 percent, though it shifted its stance from 'withdrawal of accommodation' to 'neutral' in the October policy. Hiring and compensation practices in the corporate sector have also played their part in slowing urban consumption growth, the finance ministry added in its monthly economic review for November 2024. India’s real GDP grew 5.4 percent during Q2 of FY25 and 6 percent for H1 of FY25. The slowdown in growth was primarily concentrated in some manufacturing sections compared to the previous quarter. When it comes to consumption, rural demand has been trending higher than its urban counterpart. Several high-frequency indicators, including sales of personal vehicles and fast-moving consumer goods (FMCGs), credit growth as well as fuel usage have been pointing at a more pronounced slowdown in urban consumption. As per data from Federation of Automobile Dealers Associations (FADA), In the two-wheeler segment, sales in rural markets sharply rose by 19.93 percent YoY in November 2024, while in urban areas, it was at a much lower 9.08 percent. A similar trend was seen in passenger vehicles as well. In fact, after accelerating to a seven-quarter high of 7.4 percent in Q1 FY25, Private Final Consumption Expenditure or PFCE, slowed down to 6 percent during July-September. PFCE is a key indicator to measure spending incurred by households. In its monthly economic review for November 2024, the ministry said given signs of a pick up in urban depend and expectations of food prices easing going ahead, there are good reasons to believe that the outlook for growth in H2 of FY25 is better than what we have seen in the first half of the current fiscal. The RBI has projected CPI inflation at 4.8 percent for FY25, with Q3 at 5.7 percent and Q4 at 4.5 percent. "The farm sector outlook is optimistic, generating hopes that food price pressures will decline gradually," according to the review. The finance ministry acknowledged the Reserve Bank of India's decision to lower the cash reserve ratio from 4.5 percent to 4 percent in its policy meeting in December 2024. "That should help boost credit growth, which has slowed a little too much and quickly in FY25," the ministry said in its review.
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2024-12-26 18:08
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2024-12-26
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18:08
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moneycontrol.com
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https://www.moneycontrol.com/news/business/ipo/anya-polytech-sme-ipo-sees-11-23x-subscription-on-day-1-amid-strong-retail-nii-demand-12898235.html
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Anya Polytech SME IPO sees 11.23x subscription on Day 1 amid strong retail, NII demand
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Related stories.
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The initial share sale of Anya Polytech & Fertilizers saw 11.23 times on the first day of bidding, December 26, despite no bids from qualified institutional buyers and muted trading in the equity markets. Thecompany, which manufactures HDPE & PP bags, and zinc sulphate fertilizers, plans to raise Rs 44.8 crore through public issue of 3.2 crore equity shares at the upper end of price band of Rs 13-14 per share. Investors applied for 25.72 crore equity shares against the offer size of 2.29 crore shares via 23,451 applications, the subscription data on the NSE showed. Retail and non-institutional investors were at the forefront to support the issue, bidding 20.78 times and 7.9 times their allotted quotas. Qualified institutional buyers have not participated in the offer yet. Click Here To ReadAll IPO News Thecompany, which also manufactures micronutrient mixture and trades in the single super phosphate, has already raised Rs 12.74 crore through its anchor book on December 24. It has issued 91 lakh shares to seven anchor investors including Zeta Global Funds, NAV Capital, Aarth AIF, Nexus Equity Growth Fund, and Next Orbit Growth Fund, at a price of Rs 14 per share. Uttar Pradesh-based Anya Polytechwill utilise IPO proceeds (excluding offer expenses) for capital expenditure & working capital requirements. Further, the some funds will also be used for setting-up 1 x 2 TPH biofuel pellet plant by Yara Green Energy, and the remainder for general corporate purposes. Anya Polytechwill close its public issue on December 30, and list its equity shares on the NSE Emerge, effective January 2. The sole merchant banker handling the issue is Beeline Capital Advisors.
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2024-12-26 18:07
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2024-12-26
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18:07
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moneycontrol.com
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https://www.moneycontrol.com/news/business/companies/sumitomo-mitsui-financial-group-infuses-rs-3-000-crore-into-smfg-india-credit-via-rights-issue-12898252.html
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Sumitomo Mitsui Financial Group infuses Rs 3,000 crore into SMFG India Credit via rights issue
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Post this infusion, SMICC’s Capital Adequacy Ratio (CAR) is expected to strengthen further, reinforcing the company’s robust financial foundation, it added..
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Sumitomo Mitsui Financial Group, Inc (SMFG) made Rs 3,000-crore equity infusion in SMFG India Credit Co. Ltd (formerly Fullerton India Credit Co. Ltd.) (SMICC) through a rights issue. This investment also includes Rs 300 crore directed towards its wholly-owned subsidiary, SMFG India Home Finance Co. Ltd. (formerly Fullerton India Home Finance Co. Ltd) (SMFG Grihashakti). As of September 30, 2024, SMICC’s Asset Under Management (AUM) stood at Rs 49,800 crore, showcasing a year-on-year growth sof 25.1%. SMFG in April 2024 had infused Rs 1,300 crore in SMICC through rights issue and with this latest capital infusion of Rs 3,000 crore, SMICC has received the highest-ever fund infusion of Rs 4,300 crore for any financial year since inception. "This strategic investment reflects SMFG’s unwavering focus on supporting SMICC’s growth trajectory and enhancing financial inclusion across the Nation," said SMICC. Post this infusion, SMICC’s Capital Adequacy Ratio (CAR) is expected to strengthen further, reinforcing the company’s robust financial foundation, it added. On this landmark infusion, Pankaj Malik, Chief Financial Officer, SMFG India Credit said: “This fund infusion demonstrates the confidence that SMFG places in the growth potential of the Indian market and SMFG India Credit’s vision. The enhanced capital base not only allows us to scale our business operations but also solidifies our ability to serve a diverse customer base with innovative financial solutions. As we continue to expand, our focus remains steadfast on driving financial inclusion and empowering underserved communities across the country.”
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2024-12-26 17:45
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2024-12-26
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17:45
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moneycontrol.com
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https://www.moneycontrol.com/news/business/economy/india-s-economy-poised-for-6-5-growth-in-fy25-finmin-12898240.html
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India’s economy poised for 6.5% growth in FY25: Finmin
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The infrastructure sector is expected to gain traction, with cement, steel, and electricity industries benefiting from post-monsoon demand and government-led initiatives..Related stories.
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India's economic growth is projected to reach around 6.5 percent in real terms for FY25, supported by strong rural and urban demand, improved capital formation, and robust government spending, the Finance Ministry said on December 26. “On the demand side, rural demand remains resilient, as highlighted by the 23.2 percent and 9.8 percent growth in two- and three-wheeler sales and domestic tractor sales, respectively, in October-November 2024. Urban demand is picking up, with passenger vehicle sales registering YoY growth of 13.4 percent in the same period and domestic air passenger traffic witnessing robust growth. Consequently, we expect the economy to grow at around 6.5 percent in real terms in FY25,” the Finance Ministry said in its Monthly Economic Review (MER) for November 2024. The economy is expected to perform better in the October-March period, following a 5.4 percent GDP growth rate in Q2. “Growth in October-March is likely to be better than in H1. Food price pressures are likely to decline gradually, supported by an optimistic farm sector outlook,” the report noted. Government capital expenditure is a major growth driver, with increased spending boosting infrastructure projects and capital goods sectors. “There are signs of capital formation growth rebounding early in H2 FY25. The order books for infrastructure and capital goods grew sharply in FY24 and H1 FY25, indicating a pent-up investment impulse that will play out in the quarters ahead,” the report added. The infrastructure sector is expected to gain traction, with cement, steel, and electricity industries benefiting from post-monsoon demand and government-led initiatives. FY26 Emerging Uncertainties Looking ahead to FY26, the Finance Ministry warned of fresh uncertainties stemming from global factors. “Global trade growth is looking more uncertain than before. Elevated stock markets, a strong US dollar, and policy rate adjustments in the United States are pressuring emerging market currencies,” it said. These uncertainties, coupled with evolving geopolitical dynamics, could impact India’s economic trajectory despite strong domestic fundamentals. “Sustaining growth will require deeper commitments from all economic stakeholders,” the ministry emphasised. Inflation On inflation, the Reserve Bank of India (RBI) has projected CPI inflation at 4.8 percent for FY25, with Q3 and Q4 inflation at 5.7 percent and 4.5 percent, respectively. “The optimistic farm sector outlook generates hope that food price pressures will decline gradually,” the report stated. Urban and rural demand indicators point toward a steady recovery. Rural demand was bolstered by 23.2 percent and 9.8 percent growth in two- and three-wheeler sales and domestic tractor sales, respectively, in October-November 2024. Urban demand also gained traction, with passenger vehicle sales recording a 13.4 percent YoY growth and domestic air passenger traffic witnessing robust expansion. “Hiring and compensation practices in the corporate sector have contributed to the moderation of urban consumption growth. However, with the RBI lowering the cash reserve ratio from 4.5 percent to 4 percent in December 2024, credit growth is expected to revive,” the report added. Labour Market Signals Recovery The labour market outlook remains strong, driven by a rise in new employment opportunities. The Employees’ Provident Fund Organisation (EPFO) added 7.5 lakh new members in October 2024, with 58.5 percent of them being first-time job seekers in the 18–25 age group. According to the TeamLease Employment Outlook Report, net employment is expected to grow by 7.1 percent in H2 FY25, led by sectors like logistics, electric vehicles (EVs), and agriculture. Similarly, the ManpowerGroup Employment Outlook Survey revealed that India has the strongest hiring sentiment globally, with a net employment outlook of 40 percent for Q4 FY25. “AI-ML, oil and gas, FMCG, and global capability centres are the key drivers of hiring activity,” the report highlighted.
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2024-12-26 17:44
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2024-12-26
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17:44
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moneycontrol.com
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https://www.moneycontrol.com/news/india/fake-gandhis-doing-politics-in-name-of-mahatma-gandhi-present-congress-not-original-hd-kumaraswamy-12898237.html
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Fake Gandhis doing politics in name of Mahatma Gandhi, present Congress not original: HD Kumaraswamy
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JD(S) leader HD Kumaraswamy.
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JD(S) leader and Union Minister HD Kumaraswamy launched a scathing attack on Congress and said that the present party in the country is not the ”original” one, and stating that fake Gandhis are doing politics in the name of Mahatma Gandhi. Kumaraswamy said, ”Today the Congress leaders have gathered in Belagavi in the name of Gandhi to commemorate the centenary celebrations of the Indian National Congress session that was presided over by him. The government is spending crores of rupees on it, but I did not see Gandhi’s cutout anywhere, instead of Gandhi, the fake Gandhis who are doing politics in the name of Gandhi. Their large scale cutout has been erected.” The JD(S) leader further said,”What is the contribution of these people (Congress leaders)?..what is their contribution in the name of Gandhi? What have they done in the last one year?” he asked, and questioned the Congress and the party’s government in Karnataka.Congress is commemorating the centenary celebrations of the 1924 Indian National Congress session that was presided over by Mahatma Gandhi in Belagavi, as part of which it is holding an extended Congress Working Committee (CWC) meeting on Thursday and a public meeting on December 27.The event is being organised by the fake Congress, not the original one, Kumaraswamy said, and added that Gandhi had called for the disbanding of the Congress.”Congress has split how many times? Is the original Congress that fought for the freedom of the country still there? Which Congress is this? The Congress that is there in Karnataka is Ali Baba and the forty thieves — Congress. Not the one that works for the people,” he said. "In 18 months since this government came to power in twobudgets, there is a loan of Rs 2 lakh crore, who will repay it? …In the name of guarantees, the government is misleading people. It is not giving them the power of employment. There is no development, there is no capital expenditure….” he said, adding that merely taking Gandhi’s name won’t help.Targeting the Congress government for ill treatment meted to BJP MLC C T Ravi after his arrest following allegations of using a derogatory word against Minister Laxmi Hebbalkar last week, Kumaraswamy questioned the inaction of the Home Minister in taking action against those responsible.”You (Congress govt) are celebrating Gandhi, but in the state you are allowing goondagiri culture. Will you protect Gandhi’s name? Crores of public money is being spent on this event, to give what kind of message?” he asked.Pointing out that the Andhra Pradesh government and the chief minister are constantly in touch with him regarding setting up a steel industry with an investment of over one lakh crore, the union minister said they are also making efforts and giving cooperation regarding Rashtriya Ispat Nigam Ltd (RINL) factory in Andhra Pradesh, and asked, ”what cooperation am I getting here (in Karnataka from govt)?” . *With Agency Inputs
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2024-12-26 17:35
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2024-12-26
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17:35
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moneycontrol.com
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https://www.moneycontrol.com/news/india/sribhumi-police-seize-over-1-5-lakh-yaba-tablets-worth-rs-45-crore-arrest-smuggler-12898154.html
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Sribhumi police seize over 1.5 lakh Yaba tablets worth Rs 45 crore, arrest smuggler
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Police raided a lorry with registration number AS01AD-1696 and recovered the illicit drugs.
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In a major operation against drug trafficking, Sribhumi district police seized over 1.5 lakh Yaba tablets, valued at around Rs 45 crore, in the Hatikhira area under Bazaricherra police station on Tuesday night. The tablets were being smuggled into Tripura from outside the state. Acting on a tip-off, police raided a lorry with registration number AS01AD-1696 and recovered the illicit drugs. During the raid, police arrested Sushanta Rudra Pal, a drug smuggler from Tripura. Assam Police stated that the operation was successful due to timely intelligence and coordinated efforts. A case has been filed under the NDPS Act against Rudra Pal, who was presented before the Sribhumi district court on Wednesday. This seizure represents a significant step in the ongoing battle against drug trafficking in the region, as authorities intensify efforts to dismantle illegal drug operations and enhance public safety and security.
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2024-12-26 17:32
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2024-12-26
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17:32
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moneycontrol.com
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https://www.moneycontrol.com/technology/telegram-becomes-profitable-surpasses-1-billion-in-revenue-for-2024-article-12898182.html
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Telegram becomes profitable, surpasses $1 billion in revenue for 2024
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Telegram.
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Telegram has reached a huge milestone—it's now officially profitable. Telegram co-founder Pavel Durov announced on X that the messaging app made over $1 billion in revenue in 2024. By the end of the year, Telegram had more than $500 million in cash reserves, exluding its crypto assets. A big part of this success came from Telegram Premium, the platform’s paid subscription service. Premium subscribers tripled in 2024, reaching over 12 million users. Ads also brought in more money, with advertising revenue growing several times compared to previous years. Over the past four years, Telegram borrowed about $2 billion to keep expanding. This fall, the company used favorable bond prices to repay a significant chunk of its debt, which shows its growing financial stability. However, Durov noted there’s still work to do to fully strengthen the company’s finances. Telegram’s profitability wasn’t just about ads and subscriptions. The platform rolled out creative money-making features like Stars, Gifts, Giveaways, Mini Apps, the Affiliate Platform, Telegram Business, and Telegram Gateway. These additions gave Telegram multiple revenue streams while staying true to its core principles—respecting user privacy and maintaining independence. Reaching profitability is a big step for Telegram, showing that social media platforms can succeed financially without compromising on user rights. It’s a clear sign that with the right strategies, innovation, and focus, platforms can thrive in a competitive market.
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2024-12-26 17:31
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2024-12-26
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17:31
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moneycontrol.com
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https://www.moneycontrol.com/news/business/markets/rbl-bank-divested-entire-holding-in-dam-capital-during-recently-concluded-ipo-12898234.html
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RBL Bank divested entire 8.2% stake in DAM Capital after the IPO for Rs 163 crore
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The bank said it now does not hold any equity stake in the investment bank after the transaction..Related stories.
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RBL Bank has divested its entire 8.16% stake in DAM Capital through an OFS during the public issue that was open between December 19-23 for a sum of Rs 163.32 crore, excluding taxes, the company said in an exchange filing on December 26. The bank said it now does not hold any equity stake in the investment bank after the transaction. The corporate action was initiated on December 26, a day before the listing of the pure play investment bank. "RBL Bank participated in the Initial Public Offering (IPO) of DAM Capital Advisors (DAM Capital) through an offer for sale process and divested its entire holding i.e. 57,71,000 equity shares of face value of Rs. 2 each, representing 8.16% of the issued and paid-up equity share capital of DAM Capital. Following the above transaction, the Bank does not have anyequity shareholding in DAM Capital," a company filing said. The 57.71 lakh shares represent 8.16% equity in DAM Capital which was sold through offer for sale, as part of IPO of DAM Capital. Prior to this, RBL Bank had sold 10.60 lakh shares, representing 1.50% stake in DAM Capital in the secondary market, the lender informed. This secondary market transaction was below the threshold limit requiring disclosure, as per SEBI regulations. Read More:Chance to participate in growth story from the beginning: DAM Capital's Dharmesh Mehta The Rs 840 croreIPO of DAM Capitalclosed on December 23 to with a massive 81.88 times subscription. Qualified institutional buyers were at the forefront of boosting the subscription numbers, bidding 166.33 times their allotted quota, followed by non-institutional investors who bought 98.47 times their reserved portion. This is being updated.
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2024-12-26 17:30
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2024-12-26
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17:30
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moneycontrol.com
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https://www.moneycontrol.com/news/india/pm-modi-to-issue-over-58-lakh-svamitva-property-cards-on-friday-12898230.html
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PM Modi to issue over 58 lakh SVAMITVA property cards on Friday
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Prime Minister Narendra Modi.
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Over 58 lakh property cards providing ’Record of Rights’ will be issued for owners in over 50,000 villages across 12 states and union territories on Friday at a virtual event which will be addressed by Prime Minister Narendra Modi, officials of Panchayati Raj Ministry said on Wednesday. At least 13 union ministers will meanwhile address events in different states where the property cards will be distributed, officials said. SVAMITVA Scheme, which was launched in 2020, aims at providing a ”Record of Rights” to every property owner in the Village Abadi area. Officials from the Panchayati Raj Ministry said the virtual event, which will be addressed by the Prime Minister, property cards will be issued to 58 lakh property owners in approximately 50,000 villages across 10 states – Chhattisgarh, Gujarat, Himachal Pradesh, Madhya Pradesh, Maharashtra, Mizoram, Odisha, Punjab, Rajasthan, Uttar Pradesh and two Union Territories- Jammu-Kashmir and Ladakh. Meanwhile, several union ministers will reach out to the beneficiaries at different locations in these states, and also distribute some of the property cards. In Rajasthan, Union Minister Shivraj Singh Chouhan will attend an event in Jodhpur, while JP Nadda will be in Jaipur, Bhupender Yadav in Alwar, Annpurna Devi will be in Kota, and Arjun Ram Meghwal will be in Bikaner. In Maharashtra, union minister Piyush Goyal will address an event in Ahilya Nagar, MoS Raksha Nikhil Khadse in Nandurbar, and Murlidhar Mohol will be in Pune. Union Minister Manohar Lal Khattar will address an event in Bhatinda, Punjab, Jyotiraditya M. Scindia will be in Guna, Madhya Pradesh, while Jitendra Singh will be in Kathua, Jammu and Kashmir. Secretary Panchayati Raj Vivek Bharadwaj said including the latest tranche, 2.19 crore property cards have been finalised so far. Besides, 92 percent of the drone mapping has been done covering around 3.17 lakh of the over 3.44 lakh villages that were the target. The scheme’s targets are likely to be achieved by 2026. Survey of rural land in India for Settlement and record of rights had last been completed many decades back. Moreover, Abadi (inhabited) area of villages were not surveyed/ mapped in many States. Hence, no record of Rights could be created for the Village Abadi areas. The scheme aims to provide an integrated property validation solution for rural India. The demarcation of inhabited land in rural areas would be done by the use of drone’s technology with the collaborative efforts of the Ministry of Panchayati Raj, State Revenue Department, State Panchayati Raj Department and Survey of India The outcome from the scheme would include creating/ updating the ’record-of-rights’ in the revenue/property registers and issuance of property cards to the property owners. So far, 31 States/UTs have joined the Scheme. Of these, Sikkim, Telangana and Tamil Nadu had participated only in the pilot phase of the Scheme. Further, States of West Bengal, Bihar, Nagaland and Meghalaya have not joined the Scheme.
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2024-12-26 17:08
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2024-12-26
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17:08
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moneycontrol.com
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https://www.moneycontrol.com/budget/in-pre-budget-meet-eepc-suggests-new-income-tax-slab-of-25-for-msmes-article-12898183.html
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In pre-Budget meet, EEPC suggests new income tax slab of 25% for MSMEs
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Union Finance Minister Nirmala Sitharaman.Related stories.
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In a pre-Budget meeting with Finance Minister Nirmala Sitharaman on December 26, apex engineering exports promotion body EEPC India proposed introducing a conditional 25 percent income tax slab for Micro, Small and Medium Enterprises (MSME) manufacturing units that are partnerships, LLPs, or sole proprietorships This new income tax slab can come with the condition that the extra 10 percent saved must be reinvested in the business, EEPC proposed. "This will give MSMEs extra cushion of 10 percent for expansion or working capital improvement and improve their liquidity. This will also generate employment due to expansion undertaken by MSME units," EEPC India said. Sitharaman chaired her fourth pre-Budgetconsultation with stakeholders and experts from export, trade and industry sectors in New Delhi ahead of the presentation of the annual financial statement for 2025-26. EEPC also batted for increasing funds allocated under the Market Access Initiative (MAI) Scheme to Rs 1,200 crores to support MSMEs in participating in international trade events and connect with their global counterparts. "Allocating specific funds for capacity-building programs targeting prospective exporters in interior districts and rural areas would enable them to enter international markets," said EEPC India Chairman Pankaj Chadha. In order to support MSMEs in transitioning to sustainable energy practices, EEPC India has proposed to introduce a policy allowing 100 percent depreciation on investments in solar power generation by such firms, similar to previous benefits provided for wind power generation. This would incentivise MSMEs to reduce their carbon footprint and lower energy costs, EEPC said. Among other proposals, EEPC India recommended establishing a transparent and effective mechanism to ensure MSMEs can access steel at affordable price amid speculations that the government may introduce a safeguard duty on the metal. "The introduction of a safeguard duty on certain steel imports may increase the landed cost of steel, leading to higher domestic prices. For MSMEs, steel constitutes 60 percent of their production costs, making them vulnerable to global competition and potential job losses. While steel producers have agreed to supply steel at export parity prices, MSMEs often purchase from intermediaries like agents or distributors," Chadha said. Like Federation of Indian Export Organisations (FIEO), EEPC India too recommended hiking the cap under the Interest Equalization Scheme to Rs 10 crores to provide more substantial financial support to MSME exporters.
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2024-12-26 17:07
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2024-12-26
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17:07
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moneycontrol.com
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https://www.moneycontrol.com/technology/oneplus-13-vs-oneplus-13r-how-the-two-premium-phones-compare-article-12898227.html
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OnePlus 13 vs OnePlus 13R: How the two premium phones compare
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OnePlus 13.
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OnePlus has confirmed that it will launch its next-generation flagship phones – OnePlus 13 and OnePlus 13R via an event on January 7, 2025. The company has already unveiled the OnePlus 13 in China and the phone will go global, including India, starting January 2025. Considering that the OnePlus 13 is expected to retain the features, and specifications same as the Chinese version, we’ve compared the OnePlus 13 and OnePlus 13R (based on the information available) to to help you choose the right option for you. OnePlus 13 vs OnePlus 13R price comparisonIn the new OnePlus 13 series, the OnePlus 13 will be the flagship and the OnePlus 13R will sit below it and will cater to the affordable flagship segment. The company has not announced the pricing of the phones as of now, but the OnePlus 13 will cost more compared to the OnePlus 13R. OnePlus 13 vs OnePlus 13R displayThe OnePlus 13R features a 6.7-inch AMOLED screen with 1240x2772 pixels resolution, the OnePlus 13 features a 6.82-inch LTPO AMOLED panel with 2k resolution. Not only this, the OnePlus 13R will come with Corning Gorilla Glass Victus 2 and the OnePlus 13 will feature more premium Crystal Shield Super-Ceramic Glass. The phone also supports Dolby Vision and HDR10+ with up to 4500 nits peak brightness, compared to 4000 nits on the former, offering slightly better resolution and brightness capabilities. OnePlus 13 vs OnePlus 13R processorThis is where the price difference of both phones becomes more evident. The OnePlus 13 will be powered by Snapdragon 8 Elite chip, while the OnePlus 13R will come with the last year's flagship – Snapdragon 8 Gen 3 chipset. Talking about the RAM, the OnePlus 13 is expected to come with up to 24GB RAM, while the OnePlus 13R might max out at 16GB RAM option. OnePlus 13 vs OnePlus 13R cameraOnePlus 13 features a triple-camera system, including a 50MP main sensor and a specialised periscope telephoto lens. In contrast, the OnePlus 13R is expected to simplify its camera setup, offering a 50MP primary sensor paired with a macro lens. OnePlus 13 vs OnePlus 13R batteryOnePlus 13 features a 6000mAh battery with up to 100W wired and 50W wireless charging support. Surprisingly, the OnePlus 13R is also expected to offer the same battery and charging setup.
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2024-12-26 17:06
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2024-12-26
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17:06
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moneycontrol.com
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https://www.moneycontrol.com/news/business/markets/gujarat-fluorochem-to-sell-captive-power-plant-to-arm-igrel-mahidad-invest-in-two-subsidiaries-12898133.html
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Gujarat Fluorochem to sell captive power plant to arm IGREL Mahidad, invest in two subsidiaries
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IGREL Mahidad is into generation, purchase, and T&D of electricity from conventional and non-conventional sources..Related stories.
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Gujarat Fluorochemicals has approved the slump sale of a 57 MW captive power plant to wholly-owned subsidiary IGREL Mahidad for a lump sum consideration of Rs 200 crore, the company said on December 26 in an exchange filing. IGREL Mahidad is into generation, purchase, and T&D of electricity from conventional and non-conventional sources. The board of Gujarat Fluorochem also approved an investment of up to Rs 40 crore by subscribing equity shares of IGREL Mahidad in one or more tranches. This investment will be used to support IML's capital expenditure, said the company. Gujarat Fluorochem said it will also be investing up to Rs 200 crore in Flurry Wind Energy (FWEPL), a promoter-owned company, for a 26% stake. "The fund being infused in FWEPL is to support the capital expenditure requirements of FWEPL," said the company, adding that FWEPL will generate wind electricity to supply to Gujarat Fluorochemicals. A power purchase agreement was also signed betweenGujarat Fluorochemand IGREL Mahidad as well as Flurry Wind Energy at the rate of Rs 4 per unit, based on the number of units generated. GFL will purchase 107 MW and 350 MW power from IGREL Mahidad and Flurry Wind Energy respectively, and aims to utilise it to meet the requirements of company's plants. The company recently raised Rs 1,000 crore in subsidiary GFCL EV at a valuation of Rs 25,000 crore, in order to meet the capex requirements for new business.
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2024-12-26 17:05
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2024-12-26
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17:05
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moneycontrol.com
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https://www.moneycontrol.com/news/india/bjp-tops-list-brs-gets-more-contributions-than-congress-in-2023-24-report-12898143.html
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BJP tops list, BRS gets more contributions than Congress in 2023-24: Report
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Total donations declared by BJP and Congress do not include receipts via electoral bonds..
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The BJP received contributions amounting to Rs 2,244 crore in 2023-24, a sharp increase compared to Rs 700 crore in the previous fiscal year, according to a report by Times of India. Meanwhile, the Congress reportedly received Rs 288.9 crore during the same period, up from Rs 79.9 crore in 2022-23. These figures are based on the contribution reports submitted to the Election Commission (EC), which are now publicly available. According to the TOI report, a significant portion of the contributions to both BJP and Congress came through Prudent Electoral Trust. The BJP received Rs 723.6 crore from this trust, which also donated Rs 156.4 crore to Congress. The Prudent Electoral Trust accounted for about one-third of BJP’s total declared contributions and more than half of Congress’s inflow. The top donors to Prudent in 2022-23 included Megha Engg & Infra Ltd, Serum Institute, ArcelorMittal group & Bharti Airtel. The list of donors for 2023-24 has yet to be disclosed. Total donations declared by BJP and Congress do not include receipts via electoral bonds. The electoral bond scheme was invalidated by the Supreme Court in February 2024. As a result, direct contributions and donations via electoral trusts have become the primary sources of funding for political parties. Calling it "unconstitutional", the Supreme Court said the electoral bonds scheme, which allowed anonymous donations to political parties, violated the right to information of citizens, impacting free speech and expression. The SC had mandated the EC to disclose the donors, the amounts donated by them and the recipients Regional parties' declaration Regional parties have also declared contributions through electoral bonds and other means in their 2023-24 reports. According to the TOI report, the Bharat Rashtra Samithi (BRS) reported receiving Rs 495.5 crore via electoral bonds, while the DMK collected Rs 60 crore and the YSR Congress Rs 121.5 crore through the same route. The Jharkhand Mukti Morcha (JMM) declared Rs 11.5 crore from electoral bonds and additional contributions of just over Rs 64 lakh.
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2024-12-26 17:05
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2024-12-26
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17:05
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moneycontrol.com
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https://www.moneycontrol.com/news/india/cwc-meet-at-belagavi-bjp-attacks-congress-over-india-s-distorted-map-at-the-venue-12898187.html
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'Incorrect' Indian map row in Belagavi: D K Shivakumar says posters will be removed
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BJP leader Sudhanshu Trivedi.Related stories.
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Reacting to the controversy over the alleged misrepresentation of the Indian map on the posters displayed by the Congress at the Congress Working Committee meeting in Karnataka's Belagavi, Karnataka Deputy chief minister D K Shivakumar, who is also the Congress Karnataka unit president, said the posters would be removed if there is any mistake. Hours ahead of the Congress Working Committee meeting in Karnataka's Belagavi, the Bharatiya Janata Party (BJP) attacked the Congress over a distorted map of India on a banner at the venue. "Some leaders might have made some mistake, we are removing everything. Don't try to pick a small stone in the curd... We have done according to Indian tradition and values of those days... BJP is there to attack us, they can't digest. There is no medicine for jealousy. Let them do what they want..." Shivakumar reporters in Belagavi, according to news agency PTI. The saffron party accused the Congress of “appeasement politics” and asked whether it was done at the instance of George Soros, a Hungarian-American philanthropist, whom the BJP has accused of sponsoring Prime Minister Narendra Modi’s critics. Leading the charge for BJP, Sudhanshu Trivedi said the map on the banner at the venue of the Congress Working Committee meeting excluded Pakistan-occupied Kashmir (PoK) and Aksai Chin from India. “...the picture about the Congress working with the forces bent to destroy India is quite clear now…and this is not just one incident,” added Sudhanshu Trivedi. Trivedi said it was not just about maps and claimed the Congress supported people who spoke about cutting the “Chicken’s Neck” or Siliguri Corridor—a narrow strip of land in West Bengal connecting northeastern states with the rest of India—during the protests against the Citizen (Amendment) Act or CAA. “What was the relation between Chicken’s Neck during the CAA protests,” asked the BJP leader. The Congress is holding an extended CWC meeting on Thursday in Belagavi and a public meeting on December 27, as part of the centenary celebrations of the 1924 Indian National Congress session that was presided over by Mahatma Gandhi. As part of the government programme to commemorate the occasion, there will be the unveiling of the statue of Mahatma Gandhi on December 27 at the premises of Suvarna Vidhana Soudha, by Leader of Opposition in Rajya Sabha and AICC President Mallikarjun Kharge and Leader of Opposition in Lok Sabha Rahul Gandhi.
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2024-12-26 17:02
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2024-12-26
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17:02
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moneycontrol.com
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https://www.moneycontrol.com/news/business/markets/technical-view-nifty-unlikely-to-see-upward-trend-till-it-decisively-closes-above-200-sma-level-of-23-850-12898228.html
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Technical View: Nifty unlikely to see upward trend till it decisively closes above 200 SMA level of 23,850
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Nifty Technical View.Related stories.
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The Nifty 50 saw rangebound trading for the third consecutive session, closing flat with a positive bias on December 26, the monthly F&O expiry session, due to a lack of triggers on both the domestic and global fronts. The index remained in the range of 23,650-23,850, with the upper band of the range coinciding with the 200-day SMA. Hence, unless the index gives a decisive close above it (23,850), a rally towards the 24,000-24,300 zone is unlikely, while support is placed at 23,650-23,700, with the upper band coinciding with the 200-day EMA, according to experts. The Nifty 50 opened higher at 23,778, remained in the range of 23,650-23,850, and closed at 23,750, up 23 points. The index formed a small bearish candlestick pattern with sizable upper and lower shadows, indicating volatility. Technically, "the market has consistently taken support near 23,650 while experiencing profit booking near the 200-day SMA (simple moving average) or at 23,850. It also formed a small candle on the daily charts, which supports the continuation of rangebound activity in the near future," Shrikant Chouhan, Head of Equity Research at Kotak Securities, said. For traders, according to him, the immediate breakout level is 23,850 or the 200-day SMA. "Above this level, the market could move up to 23,950-24,000. Conversely, if it drops below 23,650, it could retest the levels of 23,550-23,500," Shrikant said. As per the weekly derivative data, the maximum Call open interest was seen at the 24,000 strike, followed by the 24,500 and 23,800 strikes, with maximum Call writing at the 24,500 strike, followed by the 23,800 and 24,000 strikes. On the Put side, the 23,800 strike holds the maximum open interest, followed by the 22,500, 23,000, and 23,500 strikes, with maximum writing at the 23,800 strike, followed by the 22,500 and 23,000 strikes. The above options data indicated that the 23,800-24,000 zone is expected to be a resistance area for the Nifty, with support at the 23,500 level. Bank Nifty The Bank Nifty erased initial gains and could not sustain above the 100-day EMA (51,635), remaining rangebound with a negative bias for the rest of the session. It closed 62 points down at 51,171. The index formed a bearish candlestick pattern with sizable upper and lower shadows on the daily timeframe, indicating volatility. The 200-day simple moving average (200-DSMA) is placed around 50,560, which will act as strong support, while the 100-day exponential moving average (100-DEMA) around 51,635 serves as resistance. "In the short term, the index is likely to consolidate between 50,550 and 51,650, with a breakout in either direction determining its future movement," Hrishikesh Yedve, AVP of Technical and Derivatives Research at Asit C Mehta Investment Intermediates, said. Meanwhile, the India VIX, the volatility index, rebounded sharply after a two-day fall, rising 6.51 percent to the 14.03 level, which is still somewhat favourable for bulls.
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2024-12-26 16:57
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2024-12-26
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16:57
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moneycontrol.com
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https://www.moneycontrol.com/news/business/economy/india-s-worse-off-than-china-indonesia-and-mexico-on-us-export-tariffs-12898114.html
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India’s worse off than China, Indonesia and Mexico on US export tariffs
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Terms of trade aren't as good for India.Related stories.
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Reciprocity is already a norm in US-India goods trade, as 72.6 percent of Indian products exported to the US attract a 5 percent or less tariff, according to aMoneycontrolanalysis, whereas other nations get more favourable treatment. Donald Trump at a press conference on December 18 had noted that the word ‘reciprocal’ was important in trade relations. “If India charges us 100 percent, do we charge them nothing for the same? You know, they send in a bicycle and we send them a bicycle. They charge us 100 and 200. India charges a lot. Brazil charges a lot. If they want to charge us, that's fine, but we're going to charge them the same thing,” the President-elect noted. Donald Trump has also threatened higher tariffs against China, Canada and Mexico. The analysis shows that these countries are treated more favourably than India by the US at present. For instance, 74.5 percent of Chinese exports to the US attract tariffs of five percent or less. About 78.5 percent of Indonesian exports and 99.97 percent of Mexican exports to the US have tariffs of less than 5 percent. An earlier analysis byMoneycontrolfound that India imposed higher tariff rates than China, Mexico, Indonesia and Taiwan. While India imposed a 10 percent or less tariff on 63.5 percent of the imports coming from the US, the corresponding figure for China, according to World Bank data, was 90 percent, while that for Indonesia, Mexico, and Vietnam was 79 percent, 76.5 percent, and 63.5 percent, respectively. India’s tariffs also increased much faster. Nearly four percent of products entering India from the US were subject to a levy of over 30 percent, while only China, Indonesia, and Mexico levied over 30 percent duty on around one percent of the products. Indian goods entering the US suffer a similar fate. Of the 3,773 products exported to the US, just 2,739 attract a tariff of 5 percent or less, 316 or 8.4 percent attract a 10-20 percent tariff, and another 1 percent attract over 30 percent.In terms of value, $4.1 billion worth of exports from India to the US attract tariffs of over 20 percent.
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2024-12-26 16:52
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2024-12-26
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16:52
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moneycontrol.com
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https://www.moneycontrol.com/news/world/how-china-is-using-this-mysterious-island-for-developing-fast-breeder-nuclear-weapons-12898089.html
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How China is using this mysterious island for developing 'fast breeder' nuclear weapons
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Illustration for representational purpose only..Related stories.
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Changbiao is one of the 5,000 islands along China’s vast coastline. Located in the East China Sea, the islet has historically lacked geographical or historical significance. That, however, has changed. This nondescript island, which has largely been uninhabited, has now become the epicenter of China’s ambitious nuclear arsenal development. Shrouded in mystery, the island is silently witnessing the construction of advanced ‘fast-breeder’ nuclear reactors. Recent media reports highlight growing skepticism toward the Chinese Communist Party’s claims that these reactors are intended for ‘civilian’ use only. The Western world believes that the activities on Changbiao Island could herald the ‘third nuclear age’ for humanity. The fast-breeder nuclear reactors—CFR-600—are sodium-cooled, pool-type, fast-neutron nuclear reactors. China has asserted that these reactors will be used to meet the country’s growing energy needs, describing them as a renewable energy source that relies on non-fossil fuels. However, a report in The Telegraph recently suggested that China might use these reactors to produce weapons-grade plutonium, significantly enhancing its nuclear arsenal. The December 5 report also indicated that Russia is assisting China in building the reactors. Moscow is reportedly supplying critical components for the project. A 2022 satellite image of Russia’s state-owned atomic energy corporation, Rosatom, allegedly showed a fuel load being transported to the Chinese island. A recent US Department of Defense assessment also stated that China is likely using the CFR-600 reactors for plutonium production. According toThe Telegraph, the first reactor is already operational at 50% capacity, while the second reactor is expected to be fully operational by the end of 2026. A major concern is the secrecy surrounding these reactors. China has maintained strict confidentiality about operations on Changbiao Island. No one outside the country is fully aware of what is happening there. A 2021Al Jazeerareport noted that China did not provide necessary declarations to the International Atomic Energy Agency (IAEA) for database updates. Consequently, the reactors have not been included in the global database. As per 2021 data from the nuclear watchdog IAEA, China has as many as 50 fully operational nuclear reactors. However, this list does not include the two fast-breeder nuclear reactors on Changbiao Island. Fast-breeder reactors use fast neutrons to generate more plutonium compared to conventional nuclear fuels. This process is particularly effective at producing ultra-pure plutonium-239, which is ideal for manufacturing nuclear weapons.
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2024-12-26 16:45
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2024-12-26
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16:45
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moneycontrol.com
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https://www.moneycontrol.com/news/business/commodities/rupee-ends-at-record-closing-low-for-3rd-straight-session-as-dollar-firms-12898185.html
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Rupee ends at record closing low for 3rd straight session as dollar firms
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Indian twenty rupee currency notes are displayed at a roadside currency exchange stall in New Delhi.
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Rupee ends at record closing low for 3rd straight session as dollar firms The rupee ended at 85.2625 to the dollar, against 85.20 in the previous session. It hit an all-time low of 85.2825 earlier in the session The Indian rupee settled at a record closing low for a third consecutive session on Thursday, pressured by a firm dollar and importers' month-end dollar demand. The rupee ended at 85.2625 to the dollar, against 85.20 in the previous session. It hit an all-time low of 85.2825 earlier in the session. "Importers were pretty active in the session, while trading volumes were relatively low towards the year-end," a trader with a private bank said. The rupee's drop to 85 from 84 happened over two months, while the decline to 84 from 83 took nearly 14 months. Since slipping below the 84 handle in mid-October, the rupee has been falling gradually amid concerns over India's growth slowdown, foreign outflows, worries over U.S. President-elect Donald Trump's trade policies and a hawkish Federal Reserve. Persistent interventions from the Reserve Bank of India (RBI) have, however, kept the rupee's decline in check. Amid repeated interventions from the RBI, the real effective exchange rate of the rupee, or its value relative to multiple foreign currencies after adjusting for inflation, stood at a multi-year high of 108.14 in November. "This means that the rupee is overvalued and hence, any major upside can be ruled out," said Anil Bhansali, head of treasury at Finrex Treasury Advisors. As such, any dip on the dollar-rupee pair is a buying opportunity, with the rupee expected to remain in a weakening mode, Bhansali said. The dollar has rallied against its major peers and Asian currencies, helped by the rise in U.S. Treasury yields and supported by expectations that the Federal Reserve will cut rates at a measured pace next year. Fed policymakers indicated earlier this month that they will deliver fewer rate cuts in 2025 than they had previously forecast.
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2024-12-26 16:39
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2024-12-26
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16:39
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moneycontrol.com
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https://www.moneycontrol.com/news/india/delhi-university-to-introduce-phd-in-hindu-studies-from-new-academic-session-12898137.html
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Delhi University to introduce PhD in Hindu Studies from new academic session
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File photo.Related stories.
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Delhi University is planing to introduce a PhD programme in Hindu Studies form the 2025-26 academic session, according to a proposal by a Standing Committee. The Governing Body of the Centre for Hindu Studies has recommended that the PhD programme be introduced in 2025-26. The programme was earlier intended to begin in the current academic session but was postponed, as per the proposal. The initiative to introduce a PhD in Hindu Studies is aimed at creating opportunities for students, the Joint Director of the Centre for Hindu Studies, Prerna Malhotra said. "Our Governing Board has recommended starting a PhD in Hindu Studies, and the matter will be placed before the Academic Council. Students have been approaching the Centre, enquiring about research opportunities, especially those who have already qualified JRF and NET in Hindu Studies. As a premier institution, Delhi University is committed to providing such opportunities and advancing research in diverse areas of Hindu Studies," she told PTI. Initially, the Centre for Hindu Studies may offer 10 seats, including those under applicable reservation and supernumerary categories. The seats may increase in the future depending on the Centre's infrastructure and academic requirements, the proposal states. The Academic Council of DU will review and decide on the recommendation during its meeting on December 27. Once the Council approves the recommendation, the proposal will be presented for approval to the Executive Council, the university's highest decision-making body. "In continuation of the decision of the Governing Body of the Centre for Hindu Studies taken on June 21, 2024, it was decided to recommend initiating a PhD in Hindu Studies with effect from the academic session 2025-26," the proposal stated. The eligibility criteria for the PhD programme will align with Delhi University's guidelines. Applicants must have a Master’s degree in Hindu Studies or allied subjects with at least 55 percent marks, along with JRF/NET qualification or success in the university’s PhD eligibility test. Applicable relaxations for reserved categories will be provided as specified in the PhD Information Bulletin. Until regular appointments are made, research supervision will be handled by faculty from allied departments and colleges of the university who have expertise in Hindu Studies and have expressed interest. Delhi University currently offers only a two-year Master’s programme in Hindu Studies. The Centre for Hindu Studies, established in 2023 with a focus on Brahmanical texts, began its first MA batch in November 2023.
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2024-12-26 16:35
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2024-12-26
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16:35
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moneycontrol.com
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https://www.moneycontrol.com/news/india/ken-betwa-river-linking-project-centre-s-ambitious-rs-45-600-crore-project-and-the-concerns-around-it-explained-12898153.html
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Ken-Betwa river-linking project: Centre's ambitious Rs 45,600-crore project and the concerns around it explained
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Prime Minister Narendra Modi laid the foundation stone of Ken-Betwa River Linking Project, in Khajuraho, Madhya Pradesh on Wednesday, December 25, 2024. (PTI Photo).Related stories.
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Prime Minister Narendra Modi on Wednesday (December 25) laid the foundation stone for the ambitious Ken-Betwa river-linking project in Madhya Pradesh’s Khajuraho. This flagship initiative aims to address the chronic water scarcity plaguing the drought-prone Bundelkhand region, spanning parts of Uttar Pradesh and Madhya Pradesh. Speaking at the event, Prime Minister Modi shed light on the transformative potential of the project. "The people of Bundelkhand have long struggled for every drop of water, yet previous governments failed to provide a lasting solution. Even after seven decades of Independence, disputes over river water between States persisted, with no concrete efforts to resolve them," the PM said. He described the project as a critical step toward ensuring water security and fostering socio-economic development in the region. While the Ken-Betwa Link Project promises a lifeline for Bundelkhand, it has sparked debates over its viability. Significant legal, environmental and technical concerns loom large, casting doubt on its long-term success. Critics question whether the promised prosperity can outweigh the potential ecological costs and unresolved challenges tied to the project. What is Ken-Betwa Link Project? Approved by the Union Cabinet in December 2021 at an estimated cost of Rs 44,605 crore, KBLP aims to connect the Ken and Betwa rivers via a canal. The Daudhan Dam on the Ken River, located within the Panna Tiger Reserve, will serve as the water source. The project promises to irrigate 6.3 lakh hectares annually, supply drinking water and generate 103 MW of hydroelectric power. The canal is planned to traverse Chhatarpur, Tikamgarh and Jhansi districts. Yet, experts have expressed skepticism over the government's reliance on a "surplus and deficit" water model, citing insufficient scientific validation. Hydrological inconsistencies, coupled with ecological fragility, cast a shadow over KBLP's long-term benefits. Cost of development The Ken-Betwa Link Project (KBLP) is set to roll out in two distinct phases. Phase I will focus on building the Daudhan Dam along with essential infrastructure, such as tunnels and powerhouses. Phase II will see the development of the Lower Orr Dam, the Bina Complex Project and the Kotha Barrage. The contract for constructing the Daudhan Dam has been awarded to infrastructure giant NCC Ltd. The government has portrayed the project as a lifeline for Bundelkhand, promising irrigation, drinking water and hydroelectric power. However, hasty implementation without thorough technical and legal scrutiny risks exacerbating water conflicts between Madhya Pradesh and Uttar Pradesh, squandering public funds and dashing local expectations. Environmental and legal challenges around KBLP The Congress party has slammed the government for pushing ahead with the Ken-Betwa Link Project, accusing it of prioritising political gains over ecological responsibility. The timing of the inauguration, they claim, underscores a disregard for the severe environmental costs, particularly for the Panna Tiger Reserve. This sanctuary, which has become a symbol of successful tiger conservation, now faces the threat of habitat fragmentation and biodiversity loss as vast stretches of forestland risk submergence under the project. Panna, which lost all its tigers by 2009, underwent a decade-long conservation effort to reintroduce the species successfully. The proposed dam threatens to submerge the reserve’s deep gorges, critical for tiger habitation, thereby undoing years of ecological restoration. The Jal Shakti Ministry, however, remains steadfast in its defense of the project. Brushing aside the criticisms, officials claim that the potential benefits far surpass the environmental trade-offs. “The Ken-Betwa Link Project is a game-changer for Bundelkhand,” the ministry declared in a statement. “It will eliminate water scarcity, paving the way for the region’s socio-economic transformation,” it added. Addressing concerns about the potential impact of the river-linking project on wildlife at the Panna Tiger Reserve, Prime Minister Modi assured that the well-being of the reserve’s animals would be a priority during the construction of the canal. "We will ensure that the needs of the animals are taken into account as the project moves forward," he stated. Ecological and hydrological concerns The Ken River, a non-perennial source, raises doubts about its ability to sustain the Betwa and meet Bundelkhand's demands. State agency reports have presented inconsistent data, reinforcing the need for an independent hydrological investigation — a step yet to be undertaken. Critics argue that restoring traditional water systems, such as Bundelkhand’s historic Chandel-era lakes and ponds, could address the region’s water woes more sustainably. Field-pond schemes have also proven effective locally, further questioning the necessity of an expensive and ecologically disruptive dam.
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2024-12-26 16:16
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2024-12-26
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16:16
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moneycontrol.com
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https://www.moneycontrol.com/news/business/startup/rbi-sets-up-expert-panel-to-craft-ethical-ai-framework-for-financial-sector-12898150.html
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RBI sets up expert panel to craft ethical AI framework for financial sector
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It will also review regulatory and supervisory approaches on AI with focus on the financial sector globally..Related stories.
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The Reserve Bank of India (RBI) has constituted a high-level committee to develop a Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the financial sector. The initiative, announced in the Monetary Policy Statement on December 6, 2024, underscores the central bank's focus on fostering responsible AI innovation while addressing associated risks. The committee, chaired by Pushpak Bhattacharyya, Professor at IIT Bombay, brings together leading experts from academia, industry, and government. Its key objective is to establish a governance framework to guide ethical AI adoption across financial institutions, including banks, non-banking financial companies (NBFCs), Fintechs, and payment system operators (PSOs), the circular issued on December 26 notes. The panel comprises Debjani Ghosh, Distinguished Fellow at NITI Aayog and former NASSCOM President; Balaraman Ravindran, Head of the Wadhwani School of Data Science and AI at IIT Madras; Abhishek Singh, Additional Secretary at the Ministry of Electronics and IT; Rahul Matthan, Partner at Trilegal; Anjani Rathor, Chief Digital Experience Officer at HDFC Bank; and Hari Nagaralu, Head of Security AI Research at Microsoft India. Suvendu Pati, CGM of RBI’s FinTech Department, will act as the Member Secretary. The committee has been tasked with assessing the current state of AI adoption in financial services, both globally and domestically, and reviewing international regulatory and supervisory practices. It will identify risks associated with AI, propose mechanisms for risk evaluation and mitigation, and recommend a comprehensive governance framework for ethical AI use in the Indian financial sector. RBI’s Fintech Department will provide secretarial support to the committee, which can also invite domain experts and industry representatives for consultations, per the framework. The panel is expected to submit its report within six months of its first meeting.
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2024-12-26 16:07
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2024-12-26
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16:07
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moneycontrol.com
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https://www.moneycontrol.com/news/business/mizuho-makes-a-binding-bid-for-avendus-capital-12898169.html
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Mizuho makes a binding bid for Avendus Capital
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People aware of the matter said Mizuho’s bid could value Avendus Capital in the ballpark of Rs 6,000–6,500 crore.Related stories.
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After Nomura Holdings submitted a binding bid for Avendus Capital, Mizuho Financial Group has also furnished its final bid for the company. Best known for its investment banking practice, people aware of the matter said Mizuho’s bid could value Avendus Capital in the ballpark of Rs 6,000–6,500 crore. Mizuho plans to take full control over the homegrown firm. The bid is said to have come through by Friday last week and is a binding agreement. On December 18, Moneycontrolreportedthat Nomura was the first to place a binding bid for Avendus Capital at a valuation of Rs 5,000–6,000 crore. US private equity major KKR, which holds a controlling stake of over 60 percent, along with a few other investors such as Gaja Capital and Yogesh Mahansaria, founder and CEO of Alliance Tire Group, have placed their shares for sale, roughly representing 80 percent stake in Avendus Capital. Founder promoters namely Ranu Vohra, Gaurav Deepak and Kaushal Aggarwal, may also offer their shares for sale to the interested buyer, though they may retain management control in the company for a few years. “Aspects related to management control and who will head the company post acquisition are still under discussion,” said a person aware of the matter. Golden handshake clause However, it is gathered that the sale consideration being offered by interested investors--- so far Nomura and Mizuho--- include elements of a ‘golden handshake’ component as a few senior management executives may not stay with the company post the deal. “A few CXO level executives have expressed their desire to pursue alternative outside Avendus once the transaction concludes,” a person aware of the matter confirmed. “We are still in the process and cannot comment on specifics. We will keep you posted if there is any material development,” said an official spokesperson of Avendus Capital over an email when asked for comments on the latest development. "We have no comment," said an official spokesperson for Mizuho. More bids ahead It is expected that around the first week of January, another bid could come from Carlyle. According to the people cited, the present dispensation at Avendus, including a few of its founders are rooting for Carlyle to pick up controlling stake in the company. “Being a financial investor, Carlyle might ensure continuity for the current team at Avendus, including its promoters,” said a person who didn’t want to be named. However, much will depend on valuations as the non-binding offer from Carlyle which was furnished around mid-July, wasn’t as compelling in terms of valuations when seen against that of Mizuho and Nomura. People aware of the matter say Carlyle’s bid was around Rs 4,500–5,200 crore. It's not clear if TVS Credit Services Limited, a subsidiary of Venu Srinivasan led TVS Motors makes a bid for Avendus. “While TVS Credit showed some interest in the business, valuations offered so far didn’t come across as very enticing,” said another person who didn’t want to be named.
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2024-12-26 16:06
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2024-12-26
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16:06
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moneycontrol.com
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https://www.moneycontrol.com/news/business/stocks/taking-stock-sensex-flat-nifty-at-23-750-amid-expiry-media-fmcg-drag-auto-pharma-rally-12898103.html
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Taking Stock: Sensex flat, Nifty at 23,750 amid expiry; media, FMCG drag, auto, pharma rally
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Market Today.Related stories.
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In yet another volatile session, the Indian equity indices closed with little change on December 26, with the Nifty at 23,750 led by auto, pharma, energy stocks. At close, the Sensex was down 0.39 points at 78,472.48, and the Nifty was up 22.55 points or 0.10 percent at 23,750.20. Adani Ports, Shriram Finance, M&M, Maruti Suzuki, SBI Life Insurance were among major gainers on the Nifty, while losers were Titan Company, Asian Paints, Nestle, JSW Steel, Grasim Industries. BSE midcap and smallcap indices ended flat. On the sectoral front, buying was seen in the auto, energy, pharma, realty, PSU Bank, while selling was seen in the metal, FMCG, media. Outlook for December 27 Aditya Gaggar Director of Progressive Shares The bulls are finding it difficult to overcome the immediate hurdle of 23,850. After a firm opening, the Index advanced under the leadership of the Banking stocks but the rally quickly fizzled out and in the absence of any triggers, the markets oscillated in a tight range before concluding the day at 23,750.20 with marginal gains of 22.55 points. Among the sectors, Auto and Pharma were the top performers whereas Media and FMCG were the laggards. The lacklustre activity was seen in the broader markets also. As stated earlier, we need a convincing move on either sides of a well-maintained range of 23,650-23,850. Chandan Taparia, Head-Equity Derivatives & Technicals, Wealth Management, MOFSL This week Nifty traded in a narrow range of 300 points, showing no clear direction. For the last three days index struggled near the 23870 level on the upside while finding support around 23600 on the downside. This tug of war between bulls and bears led to the formation of multiple Doji candles and inside bars on the daily chart indicating indecision. Nifty is hovering near its 200-day EMA and trading below its short-term moving averages as well. On the weekly chart, the index has formed a Doji candle indicating support-based buying, but with limited upside potential. FII selling pressure has been significant as reflected by a decline in the Long-Short ratio which has dropped to 23%. Based on the current price structure as long as Nifty trades above the 24500 zone index can witness some swings towards 23900-24000 zone. On option front, Maximum Call OI is at 24000 then 25000 strike while Maximum Put OI is at 23800 then 23000 strike. Call writing is seen at 23800 then 24000 strike while Put writing is seen at 23800 then 23000 strike. Option data suggests a broader trading range in between 23200 to 24200 zones while an immediate range between 23500 to 23900 levels.
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2024-12-26 15:59
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2024-12-26
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15:59
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moneycontrol.com
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https://www.moneycontrol.com/news/india/mayawati-accuses-congress-of-disrespecting-ambedkar-supporting-capitalists-12898148.html
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Mayawati accuses Congress of disrespecting Ambedkar, supporting capitalists
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In a post in Hindi on X, Mayawati criticised political parties for relying on the financial support of capitalists and big businesses, and adopting a "pro-rich" and "anti-poor and anti-farmer" stance..
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Bahujan Samaj Party Supremo Mayawati on Thursday hit out at the Congress party, accusing it of disrespecting Dr. Bhimrao Ambedkar and his followers while promoting the interests of capitalists. In a post in Hindi on X, Mayawati criticised political parties for relying on the financial support of capitalists and big businesses, and adopting a ”pro-rich” and ”anti-poor and anti-farmer” stance.She referred to the financial donations received by parties in 2023-24, citing reports that revealed the BJP received the highest contributions, followed by the BRS (Bharat Rashtra Samithi) and the Congress.Mayawati said, unlike other parties, the BSP is clean and free from the influence of the wealthy elite as it functions on the ”hard-earned money” donated by its workers.She said the BSP relies on grassroots support unlike the Congress, which, according to her, opposes capitalists in public but benefits from their financial contributions.”The Congress party has double standards,” Mayawati said, adding that the party acts in favour of the rich once it assumes power. Mayawati also accused the Congress of ignoring the legacy of Ambedkar, the architect of India’s Constitution, and disrespecting him and his followers.She claimed that the party uses Ambedkar’s name for ”deceptive politics” aimed at securing votes and asked people to remain cautious of such tactics.
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2024-12-26 15:58
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2024-12-26
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15:58
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moneycontrol.com
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https://www.moneycontrol.com/news/business/markets/acme-solar-holdings-shares-end-higher-on-rs-1-988-crore-pfc-financing-for-hybrid-projects-12898138.html
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ACME Solar Holdings shares end higher on Rs 1,988-crore PFC financing for hybrid projects
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ACME Solar shares have fallen 5 percent in the last month..Related stories.
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ACME Solar sharesclosed over a percent higher to Rs 239 on December 26 after the company announced it has secured Rs 1,988 crore in financing from Power Finance Corporation (PFC) for a 300 MW solar-wind hybrid renewable energy project. The stock hit an intraday of Rs 247. ACME Solar is advancing a hybrid renewable energy project, combining solar power in Bikaner, Rajasthan, and wind energy in Bhuj, Gujarat. The project, backed by a power purchase agreement (PPA) with NTPC, has secured grid connectivity and fully acquired land for its solar component. Operations are expected to commence by June 2025. Also read:Deloitte ignored red flags raised by lender in Zee Entertainment audit case: NFRA Separately, the company has won a 300 MW solar project under the SECI-ISTS XVIII scheme at a tariff of Rs 3.05 per unit. To meet this commitment, ACME Solar plans to reallocate capacity from its under-construction ACME Sikar project in Rajasthan, using the existing grid infrastructure at Bikaner-2. This SECI project benefits from an Inter-State Transmission System (ISTS) waiver, offering a critical incentive for renewable energy projects operational by mid-2025. ACME Solar Holdings made its stock market debut on November 13. The shares made a weak stock market debut, listing at a discount of over 13 percent from the issue price of Rs 289. The Rs 2,900-crore IPO of the Gurugram-based company got subscribed 2.75 times on the closing day of bidding on Friday. The Initial Public Offering (IPO) had a price band of Rs 275 to Rs 289 per share.Read more:Unimech Aerospace IPO GMP hits 80% as overall subscription crosses 44 times on Day 3 of bidding ACME Solar shares have fallen 5 percent in the last month.
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2024-12-26 15:58
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2024-12-26
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15:58
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moneycontrol.com
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https://www.moneycontrol.com/news/india/congress-cwc-meet-in-belagavi-sparks-map-row-bjp-says-shameful-congress-reacts-12898126.html
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Congress CWC meet in Belagavi sparks map row: BJP says ' shameful', Congress reacts
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The Congress is holding an extended session the Congress Working Committee– the party's highest decision-making body – and a rally in Belagavi, Karnataka..Related stories.
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A controversy has erupted over the alleged misrepresentation of the India map on the posters displayed by the Congress to commemorate the centenary of 1924 Congress session in Karnataka's Belagavi, with the BJP dubbing it as "vote bank" politics by the national party. The ruling Congress has reportedly put up these posters throughout Belagavi town as part of celebrations for the centenary event. According to BJP, the Indian map featured on the posters omits the Gilgit region of Pakistan-Occupied Kashmir as well as the Aksai Chin region, currently under the Chinese administration, which are integral parts of Jammu and Kashmir. BJP spokesperson Sudhanshu Trivedi said the map on the banner at the venue of the Congress Working Committee meeting excluded Pakistan-occupied Kashmir (PoK) and Aksai Chin from India. “...the picture about the Congress working with the forces bent to destroy India is quite clear now…and this is not just one incident.” The national unit of BJP strongly criticised the Congress. In a post on ‘X’ it said, “RaGa's Mohabbat ki Dukaan is always open for China! They would break the nation. They've done it once. They'll do it again.” The BJP Karnataka unit termed the "incorrect depiction" of the Indian map as a way to appease its "vote bank". “@INCKarnataka, has shown utter disrespect for India’s sovereignty by displaying a distorted map at their Belagavi event, portraying Kashmir as part of Pakistan. All this just to appease their vote bank. This is shameful!” the party posted on ‘X’. Hitting out at the Congress, BJP’s Vijayapura MLA Basanagouda Patil Yatnal demanded that the police register a case against the organisers. “The publication of an incorrect map of India not only constitutes a breach of Geospatial information standards but also violates the law,” Yatnal said in a post on ‘X’. According to him, under section 74 of the IPC, displaying a wrong map of India is a clear offence. It is also a violation under the National Honour Act. “This is the way how the Congress celebrates its historic CWC session by distorting the map of India, not showing PoK as part of Indian territory. Shame on @INCKarnataka.” “I appeal to the @SPBelagavi to register a case against the organizers for wrongfully depicting the map of India immediately,” he said. What does Congress say? The Congress, meanwhile, distanced itself by arguing that these are not official banners of the party. “These are not official banners of Congress, they are put out by some followers. If some well-wishers or followers put banners to welcome leaders they don’t take into confidence what the government says," said Congress MLC Nagaraj Yadav.
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2024-12-26 15:47
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2024-12-26
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15:47
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moneycontrol.com
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https://www.moneycontrol.com/budget/in-pre-budget-meet-fieo-bats-for-steps-to-gain-25-bn-extra-exports-from-possible-us-china-trade-war-article-12898071.html
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In pre-Budget meet, FIEO bats for steps to gain $25 bn extra exports from possible US, China trade war
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Finance Minister Nirmala Sitharaman.Related stories.
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In a pre-Budget consultation chaired by Union Finance Minister Nirmala Sitharaman, Federation of Indian Export Organisations (FIEO) on December 26 urged the Centre to take steps to maximise gains for Indian exports with the United States (US) intending to impose higher tariffs on China. As per a study conducted by FIEO, India can get additional exports worth around $25 billion due to potential tariff wars between US and China in sectors such as electronics and electricals, automotive parts and components, organic chemicals, apparel & textiles, footwear, furniture & home decor, toys, among others. FIEO pitched for a marketing scheme focussing on the US with a corpus of Rs 250 crore per year (Rs 750 crore overall) for three years to generate additional exports by the end of this time period. "For that we require increasing our presence in the US with showcasing in a large number of exhibitions, buyer sellers meet and tie up with large local associations of retailers and distributors in the US with proactive support of the government," FIEO President Ashwani Kumar highlighted in the pre-Budgetmeeting. Sitharaman chaired the fourth pre-Budget consultation with stakeholders and experts from export, trade and industry sectors in New Delhi. The apex trade body also suggested extending the Interest Equalisation Scheme with a cap of Rs 10 crore per exporter. FIEO pointed out that the Interest Equalisation Scheme, which ends on December 31, 2024 with an annual cap of Rs 50 lakh for MSMEs in manufacturing, is insufficient for many of these firms. "A long term Interest Equalisation Scheme will help the exporters to quickly conclude orders offering the most competitive rates to push our exports. This is all the more relevant for orders in which the profit margins are wafer thin and availability of interest subvention of 3 percent may help the exporters to clinch or lose the order," FIEO's Kumar said. FIEO requested for a tax deduction of 200 to 250 percent for research and development spending under section 35(2AB) of the Income Tax Act citing that it would be crucial to drive exports especially in the sunrise sectors. Apart from that, the trade body while acknowledging that the Shipping Corporation of India has been acquiring additional fleets, recommended infusing more equity into the corporation or encouraging a large private sector shipping line so that India can reduce dependence on international companies. "We are remitting over $100 Bn as transport service charges annually and shipping freight is a major component of the same," Kumar said.
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2024-12-26 15:46
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2024-12-26
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15:46
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moneycontrol.com
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https://www.moneycontrol.com/news/business/markets/nifty-sensex-trade-flat-amid-volatility-metal-realty-stocks-drag-vix-rises-6-12897921.html
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Nifty, Sensex end flat amid volatility; midcaps recover; India VIX rises 6%
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Asian Paints, JSW Steel, Nestle, Titan Company and Tata Consumer Products were the major losers..Related stories.
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Benchmark indices Nifty and Sensex ended near the flatine, giving up early gains due to a lack of significant triggers and subdued activity in the year-end holiday season. Thin trading volumes and pressures from the final monthly F&O further kept the cautious sentiment intact on December 26. In the afternoon, realty and metal stocks recovered to end in the positive. At close, the Sensex was down 0.39 points or 0.00 percent at 78,472.48, and the Nifty was up 22.55 points or 0.10 percent at 23,750.20. About 1599 shares advanced, 2219 shares declined, and 95 shares unchanged. Follow our LIVE blog for all the latest market updates Market experts anticipate that indices will consolidate within a narrow range for the remainder of the year, as the absence of significant positive or negative triggers limits movement. With most catalysts already priced in, the third quarter earnings season and the upcomingUnion Budgetare expected to set the tone for the next market trajectory. In addition to persistent foreign institutional investor (FII) selling, factors like rising bond yields and a strengthening dollar index could dampen sentiment further. Among sectoral indices, Nifty PSU Bank and private bank indices pared losses to end slightly higher. Auto stocks extended their gains for the second consecutive session, with Maruti Suzuki, M&M, and Tata Motors leading the charge. M&M and Maruti Suzuki rose after Motilal Oswal picked the two as their preferred bets from the sector. Nifty Metal and Realty, down for the majority of the session, recovered to end in the green. Nifty FMCG and Media index fell up to 0.4 percent. Losses in HUL, ITC, and Tata Consumer Products dragged the index lower. Also read:Goldman Sachs in talks to acquire Multiples PE-led HR services firm PeopleStrong India VIX, which is the barometer to assess market anxiety, flared up over 6 percent on December 26 to cross the 14 levels again. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, suggests that RBI’s revised Q3 FY25 GDP growth forecast of 6.8 percent is encouraging, but the cut in full-year growth to 6.4 percent from 7.2 percent signals caution. A February rate cut and fiscal stimulus are seen as necessary to meet the FY26 growth target of 6.6 percent. In the near term, markets may consolidate as they await Budget and policy measures, with reactions hinging on their growth impact. The broader market showcased a mixed performance. While the midcap index rose 0.12 percent, the smallcap index ended flat. 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. Follow:Unimech Aerospace IPO Day 3 GMP Live: Unimech Aerospace subscribed 90.41 times so far, GMP hints at bumper listing Among individual stocks, Godfrey Phillips shares rose nearly 7 percent, rebounding from a seven-day fall after the board approved the appointment of Siddharth Chawla as the Chief Operating Officer (COO). Former ITC veteran Chawla's tenure will commence on January 7, 2025. Siddharth Chawla stepped down from ITC as the Business North India Head in 2019. EPACK Durable stock gained 5 percent, following a clarification on a media report on plans for a Chinese television manufacturer to invest in EPACK Durable's wholly owned subsidiary. In an exchange filing on December 24, the company said that the discussions are currently in a preliminary stage and that an update will be provided to the exchanges, as and when required. Shares of NTPC Green Energy tumbled over 4 percent on December 26, as the one-month lock-in period for anchor investors expired today. Following the lock-in expiry, as many as 1.83 crore shares of NTPC Green Energy, or a 2 percent stake in the company, became eligible to trade, opening the doors for anchor investors to go ahead and offload 50 percent of their holdings in the stock if they wished to do so. "Upside momentum continues to be missing. Hence, even though 23,700 remained intact on Tuesday despite several downswings, the bias is swiftly shifting lower. We would require an early push above 23,760 to negate all that and get back on to the 24,165 trajectory right away," says Anand James of Geojit Financial Services. "Downside markers will continue to remain at 23,600, with 23,900 seen as the immediate upside challenge, given the low momentum," he added. Adani Ports, M&M, Maruti Suzuki, SBI Life Insurance, and Shriram Finance were the top gainers on the Nifty. Asian Paints, JSW Steel, Nestle, Titan Company and Grasim were the major losers.
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2024-12-26 15:43
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2024-12-26
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15:43
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moneycontrol.com
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https://www.moneycontrol.com/news/opinion/india-s-manufacturing-journey-is-set-to-get-better-in-2025-12897899.html
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India’s manufacturing journey is set to get better in 2025
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Building on India’s advancements in robotics and precision engineering, the next frontier lies in harnessing the transformative power of AI and AI-human collaboration.Related stories.
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Prashant Prakash As India enters a transformative phase, 2024 was a landmark year for its entrepreneurial and industrial ecosystem. With $9.2 billion raised across 984 deals and 20 successful IPOs, the year underscored India’s growing ability to attract global investments and deliver strong exits. Global corporations like Airbus, Apple, Samsung, and Foxconn further validated India’s emergence as a reliable manufacturing hub with significant investments. Looking forward to 2025, India continues to benefit from a combination of macroeconomic and geopolitical trends that strengthen its position as a global leader. The country’s skilled and youthful workforce, producing over 4 million engineers annually, provides the technical capability to address challenges across industries. Geopolitical tensions and the resulting China+1 strategy are prompting global companies to diversify supply chains and turn to India as a strategic alternative to traditional manufacturing hubs. Additionally, stable governance, with a third consecutive term for the current government, offers a predictable and supportive business environment that encourages long-term investments. The future of manufacturing India is undergoing a transformative shift in manufacturing, evolving from addressing local challenges to creating globally competitive solutions. This journey is underpinned by four key pillars: precision engineering, robotics, R&D-led manufacturing, and defense. Together, these pillars reflect India’s ambition to redefine global supply chains, harness advanced technologies, and build self-reliance in critical sectors. Precision engineering is at the heart of India’s manufacturing transformation, enabling the creation of world-class products for aerospace, defense, and automotive industries. Startups like Agnikul, JEH Aerospace, and Fabheads are leading this charge by developing high-precision components that not only meet but often exceed international benchmarks. India’s vast engineering talent pool, combined with advancements in materials science, precision tools, and manufacturing processes, is helping bridge global capacity gaps. For instance, the global aerospace sector faces record-high order backlogs with constrained production capacity—a challenge India’s precision engineering capabilities can address. Airbus’s establishment of a Maintenance, Repair, and Overhaul (MRO) center in India underscores the country’s readiness to deliver exacting quality standards and support global supply chains. R&D, the key to long-term competitiveness While precision engineering establishes India as a key player in delivering high-quality and scalable manufacturing solutions, R&D-led manufacturing ensures the country remains at the forefront of innovation. By addressing the needs of rapidly evolving industries like specialty chemicals, biotechnology, life sciences, and advanced materials, India is creating a robust foundation for long-term global competitiveness. These key sectors are already witnessing robust growth. For example, the specialty chemicals sector is growing at an annual rate of 12 percent, contributing over $40 billion in exports annually. Emerging areas such as clean energy, circular economy solutions, and agriculture further showcase India’s R&D potential. Companies like Biocon highlight the success of innovation-led manufacturing, while startups like ScimpliFy (accelerating product development through advanced R&D platforms) and S4S (innovating in food processing with clean energy solutions) exemplify how India is combining R&D and manufacturing to create unique global opportunities. India’s natural resources and geographic advantages, coupled with its focus on sustainability, position it as a leader in creating solutions for a clean and circular economy. These efforts ensure that India remains at the forefront of industries demanding continuous innovation. Building on advancements in R&D-driven manufacturing, India is integrating robotics into its supply chains, addressing labour shortages and enhancing consistency in global industries. India's robotics sector is transforming global industries by delivering consistent, high-quality outputs while tackling labour shortages and supply chain challenges. Startups such as Grey Orange, 10X construction and CynLr are leading the charge with AI-driven robotics solutions for logistics, manufacturing construction drawing substantial investment in 2024. The global industrial robotics market is projected to reach $42 billion by 2030, with rising adoption in key markets like the US and Europe. In 2023 alone, the U.S. deployed 40,000 robots, while Germany adopted 26,000 installations. India’s capabilities, combined with the declining costs of robotic systems—from $46,000 in 2010 to $27,000 in 2017—enable its companies to tap into this growing demand. Global giants like ABB, FANUC etc. are expanding operations in India, while domestic firms are exporting robotic solutions to sectors like automotive and aerospace. By integrating robotics into its industrial ecosystem, India is complementing its precision engineering strengths, solidifying its position as a global automation leader. Transitioning from a global outlook to a focus on self-reliance, India is rapidly advancing its defense manufacturing capabilities. Driven by increased budget allocations and initiatives such as iDEX (Innovations for Defence Excellence), the sector has seen a remarkable transformation. With a defensebudgetof Rs 5.94 lakh crore (approximately $72 billion) in 2023-24, India is making significant strides in promoting indigenous innovation and minimizing dependence on imports. Indigenization levels have surpassed 65% in key categories, aligning with India’s vision of creating a resilient and self-sufficient defense ecosystem. Startups like Aero, Nabh Dhristi, and Rekise are developing cutting-edge solutions such as armoured vehicles, aviation systems, and precision weaponry. These innovations not only bolster India’s national security but also enable exports to allied nations, enhancing its global stature in defense manufacturing. India’s growing industrial base and government support are creating opportunities for private players and startups to innovate in advanced components and systems tailored to strategic needs. This ecosystem is positioning India as a global leader in defense manufacturing. AI-Human collaboration: The symbiosis of the future Building on India’s advancements in robotics and precision engineering, the next frontier lies in harnessing the transformative power of AI and AI-human collaboration to redefine productivity, decision-making, and innovation across industries. The software total addressable market (TAM) has expanded 10x due to AI, as AI-native solutions now undertake human-intensive workflows that were previously impossible. As AI adoption accelerates, its limitations—such as a lack of judgment and contextual understanding—highlight the growing need for AI-human collaboration. Rather than replacing human expertise, AI complements it, creating hybrid systems that combine computational power with human intuition to solve complex challenges. We envision humans transitioning into oversight and creative roles, working alongside AI agents that handle intensive tasks. India is uniquely positioned to lead this trend, not just as a volume producer of talent but as a quality producer. With globally recognized expertise in technology, data science, finance, accounting, legal, and compliance, India can build integrated AI-plus-human solutions. Companies like Qure.ai in healthcare exemplify the potential of AI-human collaboration, combining advanced algorithms with human oversight to drive innovation globally and Ema is unlocking the collaborative future of AI and human employees working together at large enterprises. A transformative phase ahead As 2025 begins, India is redefining global industries through a focus on manufacturing and AI-human collaboration. This transformation is powered by its engineering talent, cost efficiency, and expertise in scaling innovative solutions globally. (Prashant Prakash is founding partner of Accel Partners in India).Views are personal, and do not represent the stand of this publication.
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2024-12-26 15:41
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2024-12-26
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15:41
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moneycontrol.com
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https://www.moneycontrol.com/news/business/personal-finance/yearender-2024-of-mules-phishing-in-the-dark-web-how-scamsters-played-us-12898033.html
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Yearender 2024: Of mules & phishing in the dark web — how scamsters played us
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The "Digital Arrest" scam is a prime example of the growing sophistication of online scams..Related stories.
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The worldwide web has become dark and dangerous, with fraudsters using sophisticated methods to snare Indians. We saw digital arrest scams, fake WhatsApp groups, UPI and money mule frauds make headlines through the year, highlighting the need for vigilance and awareness. Digital arrest This is an ace in the toolkit of online conmen, and several complaints about the same have been lodged with the cyber cell. In a digital arrest, fraudsters impersonate law enforcement officials, deceiving victims into divulging personal information or sending money under the threat of fake legal cases involving the victim or his / her family. Initially, they contact victims via phone calls, and then shift to video calls on platforms like WhatsApp or Skype. Victims are threatened with a fake digital arrest for alleged financial misconduct or some other concocted reason. Some fearful people succumb, resulting in financial loss and potential identity theft. To protect yourself from such scams, beware of unsolicited contact from self-proclaimed government officials demanding urgent `legal' action. Scammers often use threatening language, create a false sense of urgency and warn of imminent arrest. They also request sensitive information or payment, promising to "clear your name" or "assist with the investigation”. Fake service suspension warnings A new scam has gained momentum during the year, where victims receive calls, WhatsApp messages or SMSs from fraudulent numbers, which claim that their telecom / power, etc, services will be suspended because of suspicious activity. “When victims engage with the scammer, they are directed to a fake `police' or `cybercrime' representative, and pressurised into paying to resolve the fabricated issue. The method is similar to the digital arrest scam,” says Paritosh Desai, Chief Product Officer, IDfy, an Indian identity verification company. WhatsApp groups & dubious investment tips In 2024, WhatsApp-based scams witnessed a sharp rise, prompting financial institutions to sound the alarm. HSBC Asset Management and Kotak Securities warned investors about impostors masquerading as officials. Scammers created fake WhatsApp groups — for instance, VIP861 HSBC GLOBAL SUMMIT and 85-HSBC Global Academy — posing as HSBC India Asset Management. HSBC has issued statements calling out these fraudulent activities and advising investors to exercise extreme caution. Kotak Securities has also cautioned investors against dealing with unknown individuals posing as company officials. According to Kotak, such entities have been using Indian and international mobile numbers, as well as social media platforms, to commit fraud. The scammers falsely claim to be associated with reputable financial institutions and show fake identification to appear legit. Fake investment schemes with guaranteed returns The National Stock Exchange (NSE) has issued multiple warnings about individuals offering guaranteed returns on stock market investments, providing stock tips, and asking for sensitive trading account information (login id and password). Such schemes are prohibited by law and put investors at risk of financial loss or fraud. To stay safe, the NSE advises investors not to engage with such individuals or share their login credentials. Instead, use the Know / Locate your Stockbroker facility on the NSE website to verify the authenticity of brokers and their authorised personnel. The rise of money mules Conmen use a multiplicity of bank accounts to launder money and facilitate illegal transactions. These accounts are opened by individuals, also known as money mules, who are recruited by scammers often through online job postings or social media. Mules are unaware that their bank and social media accounts and phone numbers are being used for fraudulent activities, such as phishing and identity theft. Recently, the Indian government froze over 4.5 lakh such bank accounts, highlighting the severity of the issue. “The Reserve Bank of India’s (RBI's) launch of the MuleHunter.AI marks a significant step in the fight against financial fraud involving mule accounts,” says Jaya Vaidhyanathan, CEO, BCT Digital, which provides risk management products to banks and financial institutions. The RBI tool uses machine learning algorithms and data analytics to identify potential mule accounts and alert banks and financial institutions. This initiative is part of the RBI's efforts to strengthen the security of the Indian banking system and protect customers from financial fraud. “These frauds have become a significant challenge for the banking industry and the Indian economy, with some large banks reporting fraudulent transactions worth Rs 400-500 crore every month,” Vaidhyanathan adds. UPI scam UPI scams involve various tactics to deceive victims. “Scammers are sending fake images showing a successful money transfer, then asking the victim to return the `overpaid' amount,” says Desai. Victims may also receive convincing SMS notifications about receiving money, prompting them to transfer funds to the scammer. Additionally, scammers use fake UPI QR codes to take money from victims, or create misleading UPI handles to trick them into sharing sensitive information like PINs or OTPs. Tips to prevent financial frauds If you receive calls or messages about legal issues from unknown people claiming to be cops, customs officers, etc., exercise caution. Experts recommend remaining calm and not letting fraudsters exploit your fear. “Legitimate government agencies and law enforcement officers will never demand money or conduct investigations via phone or video calls. Verify the caller's identity and consult trusted sources before taking any action,” says Desai. Additionally, report suspicious numbers and activities to the national cybercrime helpline, 1930, or the Department of Telecommunication, and document all interactions to aid authorities. Protecting personal information is key to fraud prevention. “Consumers should take steps to safeguard sensitive data, such as PAN, Aadhaar, and bank details,” says Ranjan Reddy, Founder and CEO, Bureau, an identity verification platform for fraud prevention and compliance management. Further, avoid sharing such information over unverified platforms and ensure regular monitoring of credit reports for any unauthorised activities, he adds. Protect your devices and financial information by enabling multi-factor authentication, especially for financial apps. “Utilise advanced security features like biometric authentication to secure your transactions,” says Desai. You can also regularly review your financial statements to detect any suspicious activity, allowing you to report and address potential issues promptly.
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2024-12-26 15:35
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2024-12-26
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15:35
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moneycontrol.com
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https://www.moneycontrol.com/news/india/batenge-to-katenge-sp-ki-topi-lal-10-sharp-one-liners-by-yogi-adityanath-that-made-waves-in-2024-12898102.html
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'Batenge to Katenge', 'SP ki topi lal ...': 10 sharp one-liners by Yogi Adityanath that made waves in 2024
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Uttar Pradesh Chief Minister Yogi Adityanath.Related stories.
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In 2024, Uttar Pradesh Chief MinisterYogi Adityanath’s fiery speeches and impactful statements not only strengthened his political standing but also resonated deeply with the people of India and beyond. His rhetoric often blended political critique with a unifying call for Sanatan Dharma followers, inspiring debates on social, cultural and political fronts. One of his most iconic statements this year -“Katenge To Batenge, Ek Rahenge To Nek Rahenge”—emerged as a rallying cry during assembly elections, emphasizing unity among Sanatan followers. This slogan echoed widely, uniting communities in Uttar Pradesh and across the nation. The Chief Minister’s remarks targeted the opposition, particularly the Samajwadi Party (SP) and Congress, exposing what he described as their history of misgovernance, appeasement, and pseudo-secularism. His speeches in rallies in 2024 reinforced his connection with the masses, projecting him as a leader who prioritizes justice, unity, and cultural pride. Here are some of his one-liners that created waves: "SP should give an account of Mangalsutra of Alka Rai, Pooja-Jaya Pal" (April 25, Etawah) During a public rally in Etawah,Yogi Adityanathcriticized the Samajwadi Party (SP) for its alleged involvement in fostering lawlessness during its tenure. He demanded accountability for the murders of BJP MLA Krishnanand Rai, Raju Pal, and advocate Umesh Pal, questioning the SP’s silence on the plight of widows like Alka Rai, Pooja Pal, and Jaya Pal. The Chief Minister also highlighted the tragic killings of Kar Sevaks in Ayodhya and the widows left to fend for themselves. He questioned SP’s role in justice for victims of mafia violence, including Nandkishore Rungta, the VHP’s international treasurer. These remarks underscored his focus on law and order and justice for victims of political and criminal violence. "Bajrang Bali's power in OBC society will burn Ravana’s Lanka" (July 29, Lucknow) At the BJP Backward Class Morcha’s state meeting, Adityanath accused opposition parties of attempting to divide Hindu society under the guise of secularism. Emphasizing the strength of the OBC community, he likened their unity to Bajrang Bali’s power, asserting that such collective strength could dismantle the “Lanka” of division and pseudo-secularism. "No ‘Sadbhavna’ for Mafia and Goons, only the ‘Bullet Train’ of justice" (August 1, Lucknow) Reacting to a public incident in Gomti Nagar,Yogi Adityanathcriticized the SP’s alleged protection of criminals like Manoj Yadav and Mohammad Arbaaz. Declaring that his government prioritizes women’s safety, he vowed swift justice for those undermining this commitment, labeling it as the “bullet train of justice.” "Kannauj's 'Nawab Brand' exposes SP’s real face" (August 20, Lucknow) Addressing BJP workers in Lucknow, the CM accused the SP of perpetuating lawlessness and pointed to incidents in Ayodhya and Kannauj as examples. He described these as emblematic of SP’s infamous “Nawab brand,” which he argued reflects their governance failures and disregard for public safety. "Batenge to katenge, ek rahenge to nek rahenge" (August 26, Agra) This iconic statement, delivered at the unveiling of Rashtraveer Durgadas Rathore’s statue in Agra, resonated as a call for national unity. Adityanath urged people to avoid the mistakes of divided nations like Bangladesh, emphasizing that unity is key to a prosperous India. "SP ki topi laal, kaarname kaale" (August 29, Kanpur) While inaugurating development projects in Kanpur, Adityanath highlighted the SP’s past, claiming its history is riddled with “black deeds.” This remark aimed to remind people of SP’s alleged failures and criminal ties. "Accidental Hindus raised in Roman culture can’t tolerate Ram Mandir" (September 30, Haryana) During an election rally in Haryana, Adityanath accused Congress leaders of hypocrisy, suggesting they could not appreciate the Ram Mandir’s significance due to their “Roman culture.” This statement drew sharp criticism from Congress while reinforcing the BJP’s Hindutva agenda. "Dekh Sapai, bitiya ghabrai" (November 8, Meerut) Addressing concerns over women’s safety during SP’s regime,Yogi Adityanathused this phrase to describe the fear experienced by women under SP rule. This narrative strengthened BJP’s campaign, emphasizing the party’s commitment to law and order. "Akhilesh: The CEO of a mafia-criminal production house" (November 10, Ambedkar Nagar) During the assembly by-election campaign, Adityanath launched a scathing attack on SP chiefAkhilesh Yadav, accusing him of nurturing a “production house” of criminals and mafias. He named figures like Atiq Ahmed and Mukhtar Ansari as products of this system, holding the SP responsible for fostering a culture of lawlessness. "India will uphold the legacy of Ram, Krishna, and Buddha" (December 16, Lucknow) In the Winter session, Adityanath reaffirmed India’s commitment to cultural pride, questioning why Hindu processions face opposition while Muslim festivals are accommodated. He emphasized the need for mutual respect and tolerance. Yogi Adityanath’s statements throughout 2024 showcased his focus on cultural pride, unity and justice. His rhetoric effectively countered opposition narratives while resonating with the masses.
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2024-12-26 15:34
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2024-12-26
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15:34
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moneycontrol.com
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https://www.moneycontrol.com/technology/apple-faces-legal-trouble-over-alleged-misuse-of-wireless-charging-technology-article-12898081.html
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Apple faces legal trouble over alleged misuse of wireless charging technology
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Apple.Related stories.
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Wireless charging technology in Apple products has become something we rely on daily. While the charging speeds may not be the fastest, it certainly saves us from the hassle of tangled cords. However, this convenient feature is now at the heart of a legal battle between Apple and a South Korean company, LS Cable & Systems. What’s the Lawsuit about? LS Cable is accusing Apple of stealing its wireless charging technology. The company filed a lawsuit this month in the US District Court in California, claiming that Apple used its patented wireless charging method without permission. The patent, known as US8013568, was first registered in 2011 and covers charging devices without needing to physically plug them in. LS Cable isn’t just making noise now, they’ve been ahead of the curve for years. Back in 2011, they introduced a smartphone cover that could wirelessly charge an iPhone 4 and Galaxy S2. Then, in 2013, they unveiled a super-thin wireless charging module for smartphones. Fast forward to 2017, and Apple launched its own wireless charging pad, AirPower. The idea was great, but it ended up getting canceled due to overheating issues. Apple’s alleged copying Now, LS Cable says Apple used their technology for its devices like iPhones, Apple Watches, and AirPods. Not only that, but LS Cable claims that Apple also adopted Broadcom’s wireless charging chip, which is part of the technology they argue was copied from their patent. According to LS Cable, they reached out to Apple multiple times—starting in 2019—warning them about the infringement, but Apple never responded. What’s next? This lawsuit is the first time LS Cable has taken legal action against Apple in the U.S., and it’s a big deal. If LS Cable wins, Apple could face a hefty payout. For now, all eyes are on the courtroom to see how this wireless charging war unfolds.
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2024-12-26 15:30
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2024-12-26
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15:30
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moneycontrol.com
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https://www.moneycontrol.com/technology/from-chennai-s-srm-university-to-white-house-a-look-at-sriram-krishnan-s-rise-article-12898093.html
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From Chennai's SRM University to White House: A look at Sriram Krishnan’s ascent
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He created one of India’s first tech blogs when the Indian tech community was still at its nascent stage. Krishnan’s blog became a destination for aspiring programmers..Related stories.
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From the lecture halls of SRM University in Chennai to a seat at the White House, Sriram Krishnan’s journey is one of dint of hard work and deep passion for technology. Coming from a middle-class family, Sriram grew up loving technology and innovation. On December 23, 2024, Krishnan’s extraordinary journey eventually culminated in him being nominated as theSenior White House Policy Advisoron AI by US President-elect Donald Trump. He started coding at a time when neither computers nor the internet were considered basics. He grew up without having internet access, Krishnan would buy coding books and practice coding basics every night, prompting him to pursue a career in information technology, according to a BBC report published in Novemeber, 2022. Unlike many of his peers who stuck to mugging up textbooks, he had already turned programming into a passion and a daily habit. He created one of India’s first tech blogs when the Indian tech community was still at its nascent stage. Krishnan’s blog became a destination for aspiring programmers. “In 2004, when Sriram was graduating from SRM University, I discovered his blog — one of the first programming blogs from India. I was so impressed I wanted to hire him, but Microsoft had already done that,” Zoho founder Sridhar Vembu on X (formerly Twiter) after the announcement. The Beginnings: Microsoft After graduating with a B.Tech degree in 2004, Krishnan was deeply involved in building and scaling cloud services at Microsoft, a domain that would soon become central to the future of AI. It would be only the start of a career that would carry Krishnan up the ranks at some of the most powerful tech companies in the world. His work on Microsoft Azure helped the company’s cloud platform become one of the leading services in the market. It was during this time that Krishnan also became an inventor, with multiple patents filed in his name around cloud computing. Following his Microsoft stint, Krishnan's career path took him to Facebook, where he was instrumental in scaling some of the company’s best-performing products. Facebook, Snapchat: Up, up, and above Following his Microsoft stint, Krishnan's career path took him to Facebook, where he was instrumental in scaling some of the company’s best-performing products. He ran several billion-dollar businesses, including the Facebook Audience Network, which helped broaden the company’s advertising revenue. Facebook grew tremendously under his leadership, and Krishnan’s role became critical to the company’s ability to monetise the platform. Yet Krishnan, at Facebook, was never one to rest. In 2016, he took the plunge to Snapchat’s parent company, Snap. While at Snap, he led the company’s direct response business. Krishnan’s work at Snap allowed the company to zero in on its advertising strategy, a key for any long-term success. Teething Twitter Krishnan's stint was in Twitter, now X, as its Senior Director of Product. At the time, the microblogging site was facing its own unique issues and Krishnan was leading the company’s core consumer product teams. Twitter saw impressive growth under his leadership, including a borderline 20 percent penetration jump in annual growth. Moreover, his strategic vision off the golf course helped his technology leadership better the user experience on the platform, thereby making it a more engaging space for its users. His vision was strategic and in a way off the golf course, shaping the tech leadership around him to make the experience in the platform better for every user. It was on Twitter where Krishnan’s profile in tech took off. A company that was playing an increasingly prominent role during the time, Krishnan found himself standing at the intersection of tech, politics, and public discussion. Within the industry, his work was extremely well known, and his thoughts on product strategy were frequently sought after by business leaders. Also read:Sriram Krishnan is ‘helping’ Elon Musk with Twitter. Venturing into Venture Capital Simultaneously, when Krishnan was working in his corporate role, he was also nurturing a growing portfolio as an angel investor. He invested early in some of the most promising startups in tech, such as Figma, Notion, Cameo, Coda, SpaceX, and Cred. Additionally, his vision and ability to identify trends in Web3, cryptocurrency, and other emerging technologies also established him as a forward-thinking and visionary tech leader. In 2019, Krishnan came on board as a general partner at Andreessen Horowitz (a16z), where he guided investments in AI, Web3, and other technologies. His work at venture capital firm a16z broadened his influence in the field, and he soon established himself as one of Silicon Valley’s top investors. The husband-wife duo set the ball rolling during the Covid pandemic on Twitter's clubhouse. This is when their profile really picked up. Consequently, they interviewed the who's who of the tech world such as Tesla and SpaceX founder Elon Musk, venture capital firm Andreessen Horowitz's general partner Marc Andreessen, and Facebook founder Mark Zuckerberg. Recognising his potential, Musk also roped in Sriram when he took over Twitter. The Krishnan Podcast “Change is the only constant”, seemed to be Krishnan’s mantra. From corporate leadership and investing, he soon stepped into public speaking and contributed to discussions on the future of technology. Krishnan, along with his wife Aarthi Ramamurthy started co-hosting the “Aarthi and Sriram” podcast, a hit show at the intersection of tech, entrepreneurship, and personal growth. Fast forward to early 2024, the podcast has gained massive traction, with listeners returning to hear Krishnan and Ramamurthy talk about topics ranging from Web3 to AI. Through his podcast, he shared his thoughts on the future of technology and the impact of policy in the future. Krishnan’s skill in explaining complicated tech concepts in approachable language also made him a popular speaker at industry conferences and panels. The White House Dream Announcing the appointment, Trump said, “Sriram Krishnan will serve as the Senior Policy Advisor for Artificial Intelligence at the White House Office of Science and Technology Policy.” The appointment is part of a broader push to shape US policy on artificial intelligence (AI). Krishnan, who has held leadership roles at Microsoft, Twitter, Yahoo!, Facebook, and Snap, will collaborate with David O. Sacks, the newly designated White House AI & Crypto Czar. “Working closely with David Sacks, Sriram will help ensure continued American leadership in AI and shape policy coordination across government, including engagement with the President’s Council of Advisors on Science and Technology,” Trump added. "I'm honored to be able to serve our country and ensure continued American leadership in AI working closely with," Krishnan wrote on his former company’s platform, X. Also read:Elon Musk’s Indian-origin advisor defends Twitter’s pay-for-verification plan
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2024-12-26 15:25
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2024-12-26
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15:25
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moneycontrol.com
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https://www.moneycontrol.com/news/india/supreme-court-collegium-recommends-3-judicial-officers-as-judges-for-rajasthan-high-court-12898131.html
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Supreme Court collegium recommends 3 judicial officers as judges for Rajasthan High Court
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Supreme Court olf India.
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The Supreme Court collegium headed by Chief Justice Sanjiv Khanna has recommended the appointment of three judicial officers as judges of Rajasthan High Court. The collegium, also comprising Justices B R Gavai and Surya Kant, held its meeting on December 22 and recommended names of Chandra Shekhar Sharma, Pramil Kumar Mathur, and Chandra Prakash Shrimali. In another resolution, the collegium approved the proposal for appointment of judicial officer Ashish Naithani as a judge of the Uttarakhand High Court. It also approved the proposal for the appointment advocates Pravin Sheshrao Patil as a judge of the Bombay High Court and advocate Praveen Kumar Giri as a judge of the Allahabad High Court.
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2024-12-26 15:24
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2024-12-26
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15:24
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moneycontrol.com
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https://www.moneycontrol.com/technology/2024-turns-out-a-blockbuster-year-for-brokers-despite-lower-returns-article-12897997.html
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2024 turns out a blockbuster year for brokers despite lower returns
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Representative Image.Related stories.
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Stock broking firm Groww added more than 50 lakh users till November 2024, more than double the number it had signed up last year. The Bengaluru-based company had closed 2023 with 24 lakh new users. Most of the top 10 brokers had similar healthy addition of investors this year when tallied against 2023, even though the market performance was more subdued in 2024. Bengaluru-headquartered Zerodha added 14 lakh users in 2024, far outgrowing 2 lakh it had added a year back. The country’s third largest broker Angel One had 24 lakh new users this year, compared with 11 lakh in 2023. The top three brokers, Groww, Zerodha and Angel One, had investor bases of around 1.3 crore, 81 lakh and 76 lakh, respectively, till November, shows data available with the National Stock Exchange. Top Brokers Late last year, Groww had surpassed Zerodha as the largest broking company and this May, it saw the total number of active traders on the platform grow to over 10 million. At the third spot, Angel One, is snapping at the heels of Zerodha. While 2024 saw around 9 percent return in the stock market, Indian equity markets saw good returns of around 20 percent in 2023. But the new investor addition was better this year. “This is a reflection of new players aggressively trying to attract users. We saw Groww, Share.Market, Dhan, Angel One, HDFC Securities and INDMoney trying to attract customers with marketing,” said the CEO of one of the leading discount brokers. While the number of demat accounts or investors is around 160 million or 16 crore, the number of unique users is around 5 crore. “There is a lot of room to grow before we reach any saturation point. The growth will be cyclical according to market sentiment and returns, the economy continues to grow and we will see more investors coming for a couple of decades,” said Ujjwal Jain, CEO of Share.Market, the discount broking platform run by payments firm PhonePe. The company has seen rapid user growth since April. Even in October and November, when the markets hit the lowest levels this year, the customer addition remained better than most months of 2023. Other players in the top ten league such as HDFC Securities, which recently launched discount broking platform HDFC Sky, Kotak Securities, SBICAP Securities and Dhan also saw good growth during 2024. “The customers came on investment platforms with a lag watching last year's returns. And for most of 2024, the markets were touching new peaks every month. Even the slowdown in October and November seem to result from festivities and cyclical slowdown and not necessarily because of the returns,” said a founder whose discount broking app features among the top ten players. Broking firms are, however, bracing for higher taxes on trading, lower exchange rebates, and stricter restrictions on retail futures and options trading during the current financial year. Most broking firms could see a 30-50 percent hit to the topline during the second half of FY 25.
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2024-12-26 15:18
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2024-12-26
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15:18
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moneycontrol.com
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https://www.moneycontrol.com/entertainment/sonakshi-sinha-and-zaheer-iqbal-serve-major-couple-goals-during-their-australia-vacation-see-pics-article-12898087.html
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Sonakshi Sinha and Zaheer Iqbal serve major couple goals during their Australia vacation, see pics
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Sonakshi Sinha and Zaheer Iqbal.
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Following their travels to the Philippines, the US, and Italy, Sonakshi Sinha and Zaheer Iqbal are now in Australia. The newlywed couple, who tied the knot in June this year, is making the most of their time together. On Wednesday, December 25, the Dabangg actress posted a collection of photos on Instagram from their visit to Lizard Island, situated in Queensland's Great Barrier Reef. Sonakshi’s post began with a cute selfie of the couple in beachwear, followed by a shot of her husband, Zaheer Iqbal, with a monitor lizard. The following images show the couple enjoying some peaceful moments together, with a stunning sea view in the background. In one photo, Sonakshi is seen with her back to the camera, taking in the natural beauty of the place. In the next series of pictures, Sonakshi and Zaheer are seen enjoying the sun in their beachwear. Sonakshi wore a black outfit, while Zaheer kept it casual in shorts, going shirtless. The couple took turns capturing each other’s photos during the golden hour. To wrap up the post, Sonakshi shared a glimpse of their dinner date on the island, followed by a stunning shot of the evening sky. She captioned the post as, "An island so nice, a story won’t suffice!!! Loved every bit of this hidden gem – @lizardisland, tucked away in @queensland @australia… untouched nature trails, the bluest blues, the first time we saw the monitor lizards and an overall amazing experience! Can’t wait to visit again!!"View this post on InstagramA post shared by Sonakshi Sinha (@aslisona)
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2024-12-26 15:17
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2024-12-26
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15:17
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moneycontrol.com
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https://www.moneycontrol.com/news/world/alibaba-e-mart-to-create-4-billion-e-commerce-jv-in-south-korea-12898097.html
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Alibaba, E-Mart to create $4 billion e-commerce JV in South Korea
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Customers exit an E-Mart Inc. store in Seoul, South Korea, on Tuesday, Aug, 30, 2022. South Korea is scheduled to release consumer price index (CPI) figures on September 2..Related stories.
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Alibaba Group Holding Ltd. agreed to merge its South Korean operations with E-Mart Inc.’s e-commerce platform to better compete in the country’s fast-paced online retail sector. AliExpress International and Gmarket are creating a 50-50 joint venture, according to a stock exchange filing by E-Mart which confirmed a report by Bloomberg News. The companies plan to make further investments in the JV, which will own 100% of Gmarket. The new entity could be valued at about $4 billion, people familiar with the matter told Bloomberg, asking not to be identified discussing confidential information. E-Mart shares rose 5.5% in Seoul, giving the company a market value of $1.4 billion. Alibaba’s Hong Kong-listed stock has gained around 11% this year, valuing the firm at more than $200 billion. The deal would help the companies face off against local rivals including Naver Corp. and Coupang Inc. This month, South Korea’s consumer confidence dropped by the most since the outbreak of Covid-19, battered by the political turmoil triggered by President Yoon Suk Yeol’s declaration of martial law and his impeachment. Alibaba has been seeking to expand its international footprint to make up for slower growth in its core Chinese e-commerce business. The internet pioneer’s domestic e-commerce operations reported anemic growth in the September quarter, dragging down financial results that benefited from progress in its cloud division and international business, which encompasses Lazada and the Temu-like AliExpress. Once a dominant player in China’s e-commerce field, Alibaba is struggling to grow amid competition from rising rivals like PDD Holdings Inc. and ByteDance Ltd. That’s forced a hard pivot under the leadership of co-founder Eddie Wu, who took on the chief executive officer role more than a year ago, toward consolidating its core businesses and focusing investment into the most promising growth areas. Alibaba is now integrating its domestic and international e-commerce operations, under the leadership of Jiang Fan, and has been steadily selling off holdings it doesn’t consider essential. Alibaba last week agreed to sell its Intime department store business to Youngor Fashion Co. for around $1 billion in a move to offload non-core assets. The deal will see the Chinese e-commerce giant record a loss of 9.3 billion yuan ($1.3 billion) on its initial investment in Intime. E-Mart has been expanding its e-commerce business both organically and via acquisitions. In 2021, it acquired a controlling stake in eBay Inc.’s South Korean online marketplace for about $3 billion, expanding its customer base in categories such as groceries and general merchandise.
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2024-12-26 15:16
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2024-12-26
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15:16
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moneycontrol.com
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https://www.moneycontrol.com/news/india/sambhal-revives-mrityu-kup-in-kot-purvi-to-preserve-historical-religious-sites-12898098.html
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Sambhal revives 'Mrityu Kup' in Kot Purvi to preserve historical religious sites
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The structure is located close to the Shahi Jama Masjid, a court-ordered survey of which led to violence last month.Related stories.
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In their attempt to restore 68 pilgrimage sites and 19 ancient wells, the administration in Sambhal on Thursday commenced the renovation and excavation of the ancient "Mrityu Kup" (well of death) at Kot Purvi. The initiative is part of a broader effort to identify and restore wells that are believed to hold great religious and spiritual significance. According to locals, the well was abandoned several years ago and filled with debris, which will be cleared. The well is not only a historic landmark but also a sacred site where devotees believe they can attain salvation by bathing, the locals told PTI. The well is deeply embedded in the region's spiritual fabric, with locals holding it in high regard for its mythological importance. "Thursday marks the beginning of the excavation of the Mrityu Kup, a very ancient and revered site. The excavation is being carried out with the cooperation of the Nagar Palika. The well is immensely popular, and its renovation will further strengthen our faith. The district administration has been highly supportive in ensuring the development of this important cultural and religious landmark," local councillor Gagan Varshney said. The excavation and renovation of the "Mrityu Kup" is expected to bolster Sambhal's religious tourism prospects, local officials claim. The structure is located close to the Shahi Jama Masjid, a court-ordered survey of which led to violence last month, leaving four people dead. The violence broke out after protesters clashed with security personnel during the survey of the Mughal-era mosque. The protesters torched vehicles and pelted stones at police, who used tear gas and batons to disperse the mob. Around 20 security personnel had sustained injuries in the clash and the deputy collector had fractured his leg, officials had said. Internet services were suspended in the district because of the violence. Images shared on social media showed protesters pelting stones at the security personnel from atop buildings and in front of the Shahi Jama Masjid. Later, police personnel were purportedly seen cornering and hitting people as they tried to disperse a large crowd from a narrow alleyway. Visuals also showed a lane strewn with many slippers, bricks and stones. In another clip, some police personnel in riot gear were purportedly seen firing gunshots towards a lane while flames leapt, and smoke billowed into the air in the background. Several people were detained in connection with the violence. Tension was brewing in Sambhal since the mosque was surveyed on the orders of a local court following a petition that claimed that a Harihar temple stood at the site previously. (With PTI inputs)
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2024-12-26 15:16
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2024-12-26
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15:16
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moneycontrol.com
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https://www.moneycontrol.com/news/business/weddings-get-glitz-back-as-budgets-surge-haven-t-hit-the-ceiling-yet-say-industry-players-12898104.html
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Weddings get glitz back as budgets surge; haven't hit the ceiling yet, say industry players
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According to a Justdial report released on December 24, metropolitan cities drove 34 per cent growth in demand for wedding services with the national capital dominating with a 44 per cent rise in wedding searches and 4x surge in resort venue searches..Related stories.
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Marriages might be made in heaven but for those on the earth, the occasion to celebrate the exchange of vows is back to being an expensive affair. And no one’s complaining. Not too long ago, the world watched in awe as business tycoon Mukesh Ambani’s son Anant Ambani tied the knot with Radhika Merchant in a whopping Rs 5,000-crore affair. While those are astronomical numbers, the middle class and upper middle class, too, joined the party through 2024 and the lull in the wedding market seen in 2020-2021 appears to be a thing of the past. According to a Justdial report released on December 24, metropolitan cities drove 34 per cent growth in demand for wedding services with the national capital dominating with a 44 per cent rise in wedding searches and 4x surge in resort venue searches. Till November this year, weddingbudgets saw a 6.7 per cent increase year-on-year with the average spend at Rs 35.6 lakh, according to a survey done by all-in-one wedding planning solutions provider WedMeGood, which caters to 1.8 million monthly users across its web and app platforms. Numbers shared by the Confederation of All India Traders (CAIT) suggest a similar trend. The average wedding spend in 2022 was about Rs 20 lakh, in 2023 it rose to Rs 25 lakh, whereas this year it went up further to Rs 30 lakh per wedding, CAIT Founder and General Secretary Praveen Khandelwal told PTI. Gold and jewellery rates, too, went up through the year, reflective of the change in mindset so far as wedding spends are concerned. The country’s gold imports recorded an over four-fold increase to USD 14.86 billion in November, according to commerce ministry data. Gold prices, which were about Rs 63,500 per 10 grams in January, are hovering around Rs 80,000 in December. The increase in imports was mainly on account of festival and wedding demands, as per the data. Jewellers said not just gold, the demand for alternative jewellery, too, went up this year. Sheetika Tondon, Founder of Amaltas Jewels — a contemporary jewellery brand offering certified lab-grown diamond ornaments — said, ”As gold prices continue to soar, Indian jewellers are seeing a shift in consumer behaviour, particularly in the wedding sector. This year saw customers gravitating towards lightweight, versatile designs and value-driven alternatives like lab-grown diamonds and gemstone jewellery.” The destination weddings segment, the worst-hit in 2020 and 2021 due to the Covid pandemic, is also back with a bang. According to WedMeGood, about one in every four weddings was held away from the hometown. The share of destination weddings in 2022 was 18 per cent, which rose to 21 per cent in 2023 and surged further to 26 per cent this year, WedMeGood Founder Mehak Shahani said. ”Destination weddings are steadily on the rise. While traditional hotspots like Rajasthan remain popular, there is an increasing trend of couples seeking unique locations and personalised experiences. This shift is moving towards larger, multi-day events that accommodate extended families, often with guest lists exceeding 250 people,” Leena Murthy, Founder of The Ark Lifestyle, a luxury wedding and event planner based out of India and Dubai. With the rise in wedding budgets, those engaged in associated sectors, such as wedding photographers, wedding card dealers, choreographers, and orchestras, also saw a sharp growth through 2024. According to the Justdial data, the demand for cinematic wedding photographers was up 2x, while that of wedding card dealers was 44 per cent, photographers 28 per cent, choreographers 24 per cent, and orchestras 15 per cent. The average wedding photography budget in India was 4-5 per cent, said Akash Agarwal, Co-founder of WeddingNama — a luxury wedding photography brand. ”Internationally, this percentage is much higher and can range somewhere around 10-15 per cent or even more. Even though it seems like wedding photography budgets have gone up a lot, there is still a lot of scope for growth when we look at international standards. As a collective, the wedding photography industry has grown leaps and bounds in the next decade and it still is one that’s going to grow further,” Agarwal said. Industry players have observed a change in wedding demands, with couple preferring ”immersive experiences” over traditional methods. ”The focus is now on creating memorable experiences through innovative design, decor, and services, rather than just the destination itself… ”Couples are willing to increase budgets by up to 50 per cent for these unique experiences, driving growth in the wedding industry,” Murthy said. However, despite the steep rise in wedding spends, ”the ceiling has not been hit yet”, Shahani said. "Spends in 2025 are largely going to be determined by how hospitality prices increase or stabilise. Given that venues and food form about 60-70 per cent of wedding spends — and that we are seeing room rates also stabilise now — we may not see a huge increase in spending next year,” he said. According to Murthy, ”Key trends for the year include personalised surprises and extended celebrations, AI-driven planning, minimalist decor with statement pieces, innovative food experiences, and emphasis on sustainability. While overall budgets remain stable, couples are strategically allocating funds to reflect their values and create memorable moments.” ”Industry projections indicate it could reach Rs 10 lakh crore by 2025. Additionally, the wedding services market in India is forecast to experience substantial growth, with estimates suggesting it could expand from Rs 1 lakh crore to Rs 3.5-4 lakh crore in the next five years,” CAIT’s Khandelwal added.
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2024-12-26 15:12
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2024-12-26
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15:12
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moneycontrol.com
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https://www.moneycontrol.com/technology/samsung-to-borrow-this-iphone-camera-feature-for-its-galaxy-smartphones-with-one-ui-7-update-article-12898110.html
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Samsung to borrow this iPhone ‘camera’ feature for its Galaxy smartphones with One UI 7 update
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Samsung Galaxy S23.Related stories.
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Samsung is expected to roll out the One UI 7 update with Android 15 soon after the launch of Galaxy S25 series phones. The update is expected to bring fresh design, updated features and new AI features. The company is already beta-testing the update with select phones as of now. In a recent update, the company is also expected to bring advanced integration with the One UI 7 update and a new report suggests that it might bring Apple’s Continuity Camera-like feature to Galaxy devices. This feature aims to improve connectivity between Galaxy smartphones and other Samsung devices, such as Galaxy Books and tablets. Samsung Continuity camera feature details Camera Continuity will allow users to take photos or scan documents using a Galaxy smartphone and directly use them in Samsung Notes or Samsung Internet on another Samsung device. This functionality mirrors Apple’s Continuity Camera, which enables users to insert photos or scanned documents from an iPhone or iPad into a Mac. Samsung’s existing ecosystem integration includes features like file transfers through Quick Share, cross-device copy-paste, and app continuity between devices linked to a Samsung account. However, the “Continue on other devices” functionality is currently limited to Samsung Notes and Samsung Internet. The One UI 7 update may expand the continuity feature to work with more apps. Android Authority’s Mishaal Rahman discovered the improvement in the latest One UI 7 beta. The feature is expected to require a software update for Galaxy Books and other devices to function. For Camera Continuity to work, the devices must be connected to the same Wi-Fi network, within Bluetooth range, and logged into the same Samsung account. This connectivity ensures a seamless transfer of images or scanned documents between devices.
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2024-12-26 15:11
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2024-12-26
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15:11
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moneycontrol.com
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https://www.moneycontrol.com/news/business/ipo/ipo-gmp-update-dam-capital-transrail-mamata-machinery-premiums-surge-up-to-105-in-grey-market-ahead-of-tomorrow-s-listing-12898018.html
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IPO GMP update: DAM Capital, Transrail, Mamata Machinery premiums surge up to 105% in grey market ahead of tomorrow's listing
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IPO GMP update today price: DAM Capital, Transrail, Mamata Machinery premiums surge up to 105% in grey market ahead of tomorrow's listing.Related stories.
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DAM Capital Advisors, Transrail Lighting and Mamata Machinery IPO shares are set to list on stock exchanges on December 27, following the bumper subscription of their initial public offerings (IPOs). All three IPOs received robust investor response, with the issues being oversubscribed during the bidding period from December 19 to 23. The excitement surrounding these IPOs is well palpable in the grey market, where premiums are trading significantly above their respective issue prices. According to market observers, the shares are commanding a grey market premium (GMP) ranging from 40 percent to as high as 105 percent, reflecting strong investor sentiment. Grey market premiums are indicative of the additional price that investors in the unregulated market are willing to pay over the IPO price. While GMP trends often signal potential listing gains, the final listing price will ultimately depend on broader market sentiment and trading demand on the actual listing day. Check ALL IPO NewsHere DAM Capital, Transrail Lighting and Mamata Machinery IPO GMPIPOGMP% PremiumDAM Capital Advisors15053Transrail Lighting16739Mamata Machinery255105Key Details of IPOs DAM Capital AdvisorsIPO: Issue was subscribed 81.88 times. The maiden share sale by the investment bank was fully subscribed hours after opening for bidding on December 19. Earlier, it raised Rs 251 crore from anchor investors. The initial share sale had a price band of Rs 269-283 per share. Transrail LightingIPO: Rs 839-crore issue was subscribed 80.80 times subscription. Earlier, it mobilised Rs 246 crore from anchor investors. The maiden share sale had a price band of Rs 410-432 per share. Mamata MachineryIPO: The Rs 179-crore initial share sale by the packaging machinery manufacturer fetched a whopping 194.95 times subscription. The issue had a price range of Rs 230-243 per share. Earlier, it raised over Rs 53 crore from anchor investors.
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2024-12-26 15:04
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2024-12-26
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15:04
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moneycontrol.com
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https://www.moneycontrol.com/news/india/explainer-the-never-ending-legal-tussle-over-delhi-s-administrative-control-12898099.html
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Explainer: The never-ending legal tussle over Delhi’s administrative control
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File photo of PM Modi and former Delhi CM Arvind Kejriwal.Related stories.
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Ahead of the Delhi assembly elections in 2025, another round of tussle between the Delhi government led by the Aam Aadmi Party (AAP) and the Union government is on the anvil. This time, the reason for the conflict is a scheme named ‘Mukhyamantri Mahila Samman Yojana' announced by the Delhi government in the 2024-25 budget. Under the scheme, Rs 1,000 per month was to be provided to all women over 18 years of age. The row erupted when on December 25, the Women and Child Development Department of the Delhi government clarified that "no such scheme" exists right now. The department also cautioned citizens against sharing personal details as “it may lead to the risk of information leaking in the public domain, which may lead to crime/cybercrime/banking fraud.” READ: AAP's Mahila Samman Yojana triggers row: Newspaper ads, war of words with BJP and more In a strong reaction, Delhi Chief Minister Atishi on December 25 accused the Bharatiya Janata Party (BJP) of pressurising the officials to bring out the notice. This incident has once again ignited the debate over who holds the reins of power in the national capital. It is important to note that since 2015, the Union government and the AAP government in Delhi have been at loggerheads on various issues, ranging from the powers of the Lieutenant Governor (LG) to control over services. Important Facts In mid-1947, when India was only a few months away from gaining full independence and the Constituent Assembly was deliberating over the nature of independent India’s Constitution, a special Committee headed by Pattabhi Sitaramayya held a detailed discussion over the governance structure of the national capital. The Sitaramayya Committee recommended a separate self-government in Delhi with a three-member Council of Ministers to aid and advise the Lieutenant Governor and a 50-member Legislative Assembly with power to legislate on all matters in the State List and the Concurrent List, which meant a near-statehood for the capital city. Jawaharlal Nehru, Sardar Patel, C. Rajagopalachari, Dr Ambedkar and Dr Rajendra Prasad, among others rejected this proposal outrightly. So, the debate over who controls the national capital is as old as the independent India. Initially, Delhi was a Part C State. It was made a Union Territory in 1956. Following the recommendations of the Balakrishnan committee (1989) and with the 69th Constitutional amendment it got a Legislative Assembly with the enactment of the National Capital Territory Act, 1991. Years that followed saw the Congress government at the Centre with few interregnums ensuring the absence of conflict between two centres of power. However, since 2015, (with the BJP coming to power in the Centre) there has been an ongoing power tussle between the Union government and the Delhi government with many attempts being made to resolve this tussle through court interventions. Delhi High Court Judgment, 2016 In 2015, the Union government issued a notification taking away the control over services from the Delhi legislature, and empowering the Lieutenant Governor (LG) to discharge functions of the Central Government in relation to the same. In 2016, the Delhi High Court ruled that the LG is the "administrative head" of the national capital. “The matters connected with 'Services' fall outside the purview of the Legislative Assembly of NCT of Delhi... Therefore, the direction in the impugned Notification [of the Centre] of February, 2015 that the Lt. Governor of the NCT of Delhi shall in respect of matters connected with 'Services' exercise the powers and discharge the functions of the Central Government to the extent delegated to him from time to time by the President is neither illegal nor unconstitutional”, the Bench headed by Chief Justice G. Rohini. In its 194-page judgement, the court concluded that “On a reading of Article 239 and Article 239AA of the Constitution together with the provisions of the Government of National Capital Territory of Delhi Act, 1991 and the Transaction of Business of the Government of NCT of Delhi Rules, 1993, it becomes manifest that Delhi continues to be a Union Territory even after the Constitution (69th Amendment) Act, 1991 inserting Article 239AA making special provisions with respect to Delhi.” Article 239 and Article 239AA According to the Supreme Court Observer under Article 239 of the Constitution of India, the administration of UT’s is handled by an administrator appointed by the President. However, in 1991, the Constitution (Sixty-ninth Amendment) Act, 1991 introduced Article 239AA which created an elected Legislative Assembly and a Council of Ministers including a Chief Minister for NCT Delhi. This Assembly has the power to make laws for NCT Delhi with respect to any of the matters under the State or Concurrent Lists (except public order, police and land matters). The ‘Lieutenant Governor’ (the LG) of Delhi was designated the Administrator of the NCT Delhi. The relationship between Articles 239 and 239AA is the source of the current political contest between the Union and NCT Delhi government over the administrative control over the NCT Delhi territory. The SC has previously ruled upon the scope of the LG’s powers in 2018. A five-judge Bench held that the LG is bound by the aid and advice of the Council of Ministers for all matters where the Legislative Assembly has the power to make laws. They also ruled that the LG only needs to be consulted on decisions taken by the Council, but his concurrence isn’t required. Appeal against HC judgment and the SC judgment of 2018 The Delhi government appealed against the Delhi High Court judgment. The Supreme Court in 2018 held that LG must act on the “aid and advise” of the council of ministers of Delhi. The Union Government sought to overcome the Supreme Court’s decision by enacting the Government of National Capital Territory (Amendment) Act, 2021 (the Amendment) which came into force on April 27th, 2021. The amendment expanded the list of matters where the LG’s opinion was mandatory and the nature of Bills that the LG could refer to the President. Again in 2023, a Constitution Bench of the Supreme Court gave control over services in Delhi to the Delhi government. In response, the Union government promulgated an Ordinance to amend the Government of the National Capital Territory of Delhi (GNCTD) Act, 1991, excluding “services” from the purview of the Delhi legislature. It also established the National Capital Civil Services Authority, which consists of the Chief Minister, the Chief Secretary of Delhi, Principal Home Secretary of Delhi. The Authority will make recommendations to the Lieutenant Governor (LG) regarding transfers and postings of officials and disciplinary matters. The Ordinance empowers the LG to exercise his sole discretion on several matters including those related to the National Capital Civil Services Authority, and the summoning, prorogation and dissolution of the Delhi Legislative Assembly. In August 2023, the Union government introduced the Government of National Capital Territory of Delhi (Amendment) Bill, 2023, which was passed in both houses of Parliament and got the assent of the President on August 12. The Delhi government has challenged this new act in the apex court which is yet to hear the appeal.
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2024-12-26 15:03
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2024-12-26
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15:03
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moneycontrol.com
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https://www.moneycontrol.com/news/business/companies/india-could-be-our-biggest-market-in-the-next-two-years-canva-co-founder-cameron-adams-12898085.html
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India could be our biggest market in the next two years: Canva co-founder Cameron Adams
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Canva co-founder Cameron Adams.Related stories.
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Australian online graphic design platform Canva counts India as its fifth-largest market and aims to make it the biggest within the next two years, driven by a surge in internet users, content creators and enterprise users. In an interview with Moneycontrol from Australia, Canva co-founder and Chief Product Officer Cameron Adams also spoke about its plans to build an India team, how AI will shape trends in 2025, the future of design roles and its IPO plans. Canva currently has over 220 million monthly active users and 21 million paid subscribers. Founded in Australia a decade ago by by Melanie Perkins, Cliff Obrecht, and Cameron Adams, Canva was last valued at $25.6 billion in 2023 and has plans for public listing. EDITED EXCERPTS: AI has been a huge focus of all your launches this year, right from Canva Create to the recent Dream Lab that you unveiled in October. Take us through the year that was. Cameron Adams:It's been a huge 2024 for us. We pulled the covers off a whole host of AI features, including Magic Edit capabilities for our photo editor, improvements to Magic Write for any text that you want to include in Canva, as well as stuff all the way from the homepage to the moment that you publish. Being able to use Magic Translate in Canva is a really highly used feature within our visual creation platform. And India is one of our highest users of Magic Translate. Canva started out as a community focused product, focused on independent creators, but this year you've sort of sharply focused on the enterprise customer. Cameron Adams:So, we're entering the second decade of Canva. The first decade was a lot about social media, individuals and small businesses. And as Canva has grown, we're now over 220 million users that use it every single month. Within the last three to four years, a huge number of those have been enterprise users, people using it on large teams, inside large organizations. And we launched Canva Enterprise this year with a keen focus on delivering the tools that large teams need when they're looking at a visual communications platform like Canva. So that means increased security, better administration, speaking to larger teams and providing use cases across the organization. So, it's not just a marketing tool. It's something that the HR department can use. It's something that the sales department can use, something that you can use for internal communications, just wall to wall within enterprises. Are you also seeing a lot of demand from India for your enterprise offering? And from which industries or sectors? Cameron Adams:So, India is Canva’s fifth biggest market. It's a critical one for us. And we've seen a great take up of the product there. We've had 139 million presentations created this year alone in India. So, I think that gives you a taste of the appetite that Indians have for expressing themselves in a much richer way that they can do in Canva. How difficult is building in an AI era? Because every week you have some new startups, some exciting new product that's promising magic using AI. Cameron Adams:It's an exciting time. We've had research teams and product teams using machine learning at Canva for just over seven years now. But I think you have seen a real change in the way that products are developed and the ways that product teams interact with each other over the last couple of years. And it has honestly been exciting to see what AI can now unlock for our users and our customers and the different ways that you can create products now utilizing AI. We really see it as a partnership between humans and machines and the ability for AI to suggest new ideas, to help you in your brainstorming, to help you convert something from a big messy whiteboard into a proper strategy doc, into a presentation that you might deliver to your board. How do you ensure that you don't lose your moat? Cameron Adams:I think any company, any organization that's thinking about innovation, even outside of the AI era, always needs to stay on their toes. You can never rest on your laurels and assume that what you built 10 years ago is going to be a big enough moat for the next 10 years. We've been keenly aware of that, and we have always sprinted to be at the front of the pack and make sure that we're using the best technology, but ultimately delivering the best experience to our customers. And we set up Canva 12 years ago now with the mission of empowering the world to design. We see AI as a huge enabler of our mission. What are the two, three big trends that you see playing out in 2025, in terms of the impact AI will have? Cameron Adams:I think there's still a massive amount of change ahead of us. It might slow down slightly, but I think it's more about people getting comfortable with AI and understanding it and weaving it properly into their workflows. So that's on both the human side as well as the product creation side. As people get more used to AI and understand how it works and how they can partner with it appropriately, I think it'll make its way deeper into our workflows and deliver more powerful returns. You've seen a lot of shiny things come out from AI. Finding the real world uses that they can use generative AI for is still a bit of a learning process. And I think 2025 will be a year where lots more people start using it for practical real-world examples. I think another big trend that we're starting to see emerge is AI agents. But again, it's one of these areas that I think people are going to need to get used to it and understand it and figure out the right ways to work with it to get the most out of it. What would your message be to students who are perhaps starting to become graphic designers and illustrators? Will those roles still exist in companies if design is automated to such an extent? Cameron Adams:I think those roles will exist, but they'll be updated for the AI age. And I think pretty much across all markets, all different specialties, AI will be changing the work that's done and changing the sort of skills that you need to bring to perform in that area, whether that's finance or graphic design or even sales or marketing. Those jobs are going to exist, but the job that you'll be doing will look different than the job that you did last year. And I think particularly in design, there will be a stronger focus on your role as an editor, as a tastemaker, as someone who understands style and as someone who can direct more than you're on the tools. So, I still think there will be a need to be able to draw, to put together layouts, to understand typography and color and all the fundamental skills that you need for visual communication. But the way that you deploy those will be different. You'll be working more with an AI partner as well as human teammates. People who lock themselves into a particular tool set are ones that often get surpassed as those tools change. So, I think locking yourself into a particular tool set is a bad idea and updating your knowledge of tools and adapting to new tools is a great idea. As these tools keep getting better and better, there's obviously a lot of concern around deepfakes and AI generated images. What more needs to be done? Cameron Adams: Misinformation has been something that has been possible for many years. And I think we really need to pay attention to it, whether it's developed with AI or whether it's just someone using some image manipulation software or it's someone just posting something on social media that was taken from five years ago and claiming that it was yesterday in some other location. I think we must be aware of mis and disinformation and make sure that we have the right legislative framework to deal with it, as well as the right product kind of technology aspect to deal with it. We have a very strong trust and safety team within Canva who are constantly testing our tools that are already out there, as well as the tools that we're developing and making sure that they're safe for the audiences that we deal with, whether that's businesses or schools or universities or non-profits who might be accessing Canva. But there is also a massive role for government to play in setting the policy and legislative framework and making sure that people who spread misinformation and use tools the wrong way are prevented and penalized as well. In the beginning of the interview, you told us that India is your fifth biggest market globally. What plans do you have for India next year in terms of growing your business here, hiring people, expanding your presence in this market? Cameron Adams:Yeah, so it is our fifth biggest global market, more than doubled in growth last year, which is amazing, particularly for a country the size of India. We're continuing to double down on our investment. And we have this thing which we call truly local. We want you to be able to use Canva in your market and feel like it is precisely made for you, and it's made for the community and the society that you're in. And India is one of our key markets for that, making sure that we have the right photos and illustrations and templates and language accessibility that you would expect from a native Indian product. To do that, we have a massive team that focuses on all that content, particularly Indian content. And we have started developing a team on the ground there. So, we hired our first few people there in the last year and we'll continue to grow that out and make sure that India is not just number five, that it can be number one. When will India become your number one market? Cameron Adams:Oh, I can't put in an accurate guess, but I would hope that within the next two years, India could be our top market. And in terms of the design talent there, are you seeing a lot of talent available? Cameron Adams:Yeah, there's fantastic design talent in India. We have several creators that come from India. So, we have a massive library of design elements that you can use in Canva. Will we see a Canva IPO in 2025 or is it too early to call that? Cameron Adams:Too early to call. An IPO is on the horizon, but when exactly it's going to happen, we can't put a flag in the sand yet. Finally, Cameron, tell us about how you use AI every day apart from experimenting with Canva's own AI tools. How do you use it in your life? Cameron Adams:I use it as a constant partner to test messages that I'm sending, whether that's email messages or more visual messages that I might be sending through a pitch deck. I also love creating unique images with it. So, using Dream Lab, which we launched just a couple of months ago to create just the right image that no one else has ever seen before can be impactful.
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2024-12-26 15:02
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2024-12-26
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15:02
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moneycontrol.com
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https://www.moneycontrol.com/news/opinion/bjp-s-master-message-was-the-defining-feature-of-2024-s-political-mobilisation-12897901.html
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BJP’s master message was the defining feature of 2024’s political mobilisation
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-.Related stories.
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Suhas Palshikar As the year of Lok Sabha election, much public focus this year was on who wins, how and what that means. This was natural. But now, elections are almost six months behind us and we can take a re-look at what message this year gave, what continuity that message contains and what larger implications for political culture of the country stem from that message. Partisans of the BJP may proffer development as the message; supporters of INDIA bloc would point to cronyism as the message; gullible media and economists will lap up to ‘India story’ as the proud message. The first and the third predictably overlap because they originate in a common delusional approach that chooses to ignore many distortions and skews in the economy. The message of cronyism is attractive for opponents of the ruling party but has so far failed to resonate with the general public. During the campaign, the INDIA bloc in fact identified a more pertinent message of the year: unemployment and economic misery of the large sections. In terms of popular perceptions, these issues certainly had much relevance: in Lokniti’s pre-election survey (with which this author is associated), more than half the respondents mentioned price rise or unemployment as issues that would be upper most in their minds at the time of voting. Similarly, in the post-election survey, a whopping 58 percent listed either of these economic issues or poverty as the most disliked things about the Modi government. This message had a reasonable objective basis and yet, it affected voting choices to a limited extent. The public is less agitated over the economy than one would have expected. Neither is the political rhetoric attending to questions of material well-being of citizens nor are there any sustained mass movements on the issue. Efficacy of a master message This is mainly because, over time, most issues are drowned by a master message that the year witnessed prominently. This message has been rather popular among the people across social sections and states, a message that is likely to remain strong and bound to be the prism through which most other social phenomena will be seen and understood by many—politicians, lay citizens, opinion makers, financial bosses and intellectuals. The year began with the grand ceremony for consecration of the Ram Temple at Ayodhya. In a sense, this was a continuation of Hindu mobilization that gathered momentum in the late eighties and early nineties. But what surpassed everything in January 2024 was the complete ownership of the event of consecration by the Indian state. Already, the boundaries between the private faith of rulers and the public imagery of a secular state were confused for last few years. Now the distinction between the state and the self-proclaimed representative organization of Hindus, too seamlessly merged in the spectacle that unfolded on the occasion. The inauguration marked the formalization of the process of converting India into a Hindutva state. In July, the government had withdrawn an old circular prohibiting government servants to formally associate with the RSS. These developments flag the transformation of the state and its institutions. In between, election season produced more candid articulations that strengthened the Hindutva ethos of public discourse. Following the handsome victory of the BJP in Maharashtra, many pro-Hindutva commentators and social media handles openly credited the victory to Hindu unity. So, on the one hand, the state machinery is turning more and more openly pro-Hindutva and on the other hand, language of politics is becoming more suffused with Hindutva appeal. Thus, the key message this year offers is that India is a nation of Hindus, that its state is pro-Hindu, that the Muslim minority is permanently under suspicion and that the might of the nation-state is equivalent to ascendance of Hindus over other communities in the country. What the Lokniti’s surveys showed The message is received in its spirit by the Indian public too. As Lokniti’s pre-election survey in March shows, a large number of people (48 percent) viewed the Ram Temple consecration as something that would consolidate Hindu identity. Similarly, during the post-election survey, when respondents were asked to name one thing about the Modi government that they liked the most, the only thing that was mentioned by majority of respondents was the Ram Mandir—while 23 percent mentioned this, no other work of the government received mention in two-digit percentage points. The conflation of religion and nationalism, the aspiration that state machinery should be pro-Hindu and the imagined and constructed schism between majority and minority are not exactly new. This ideological project goes back one full century and next year actually marks the centenary of the formulation of this project. Admittedly, it has travelled a long way and undergone many internal modifications too. But the core beliefs and assertions have not changed at all since 1925. Overcoming initial fault lines The Hindutva project initially existed in wilderness because its advocates were not clear about tackling the caste question as also the question of intra-Hindu diversity. A systematic ‘social engineering’ from mid-seventies meant that young politicians from what is today known as the OBC bloc were groomed for bigger role in mass politics. In short, there is a century-long history to the politics of Hindutva and it is a history of gradual expansion of Hindutva and its legitimacy. Post-1990, Hindutva became politically ascendant and ideologically acceptable to many sections. Since 2014, it has received a mascot facilitating its spread and legitimacy. This development cannot be confined to any one moment or year; nevertheless, 2024 will still pass on a critical message: that both the state and the public culture have shifted. Conclusion Four factors will consolidate this message of Hindutva in the time to come. In the first place, as indicated by the Temple consecration ceremony, the state and all its arms will openly transform and become pro-Hindutva. Two, the political arena will be dominated by this majoritarian thinking. Three, as already witnessed during past one decade, dead silence will be the response of the corporate world. Finally, and right around us as common citizens, the social sphere—our housing societies, schools and universities, public libraries and local festival managing committees--all will be occupied by ideas and actors subscribing to Hindutva. Suhas Palshikar ([email protected]), based in Pune, taught political science. Views are personal and do not represent the stand of this publication.
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2024-12-26 15:00
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2024-12-26
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15:00
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moneycontrol.com
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https://www.moneycontrol.com/banking/mc-exclusive-we-re-on-course-to-be-small-finance-bank-talks-on-with-rbi-fino-payments-bank-chief-rishi-gupta-article-12898045.html
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MC Exclusive | We're on course to be small finance bank, talks on with RBI: Fino Payments Bank chief Rishi Gupta
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Rishi Gupta, MD and CEO, Fino Payments Bank.Related stories.
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Stating clearly the bank’s interest to be upgraded to a small finance bank from being a payments bank, Rishi Gupta, the managing director and chief executive of Fino Payments Bank, shared exclusively withMoneycontrolthat the bank won’t be give up on its aspiration to move up the ladder even if payments banks were allowed to extend credit to borrowers at some point of time. Also clearing the air around why the reverse merger with its parent entity is taking longer than expected, Gupta urged that SFB conversion and collapsing the holding company structure should be viewed as separate corporate events. As the conversation progressed, the Fino chief elaborated on the bank’s plans to firm up its deposit base and how penetration into the UPI market is helping it. Excerpts from the exclusive interaction: Where do we stand on reverse merger? The reverse merger process started last year in July. We received a communication from the holding company that they would like to look at how we can do a corporate restructuring between both the companies for the benefit of the two entities and their shareholders and stakeholders at large. The committee is now looking at it. Once we get the approvals from the holding company, we would take it to a formal board meeting for a detailed discussion. Once that process is over, the formal process of appointing a merchant banker, getting the swap ratios, and making regulatory applications will kick off. Is it because of the diversified shareholding at your parent company that they are taking longer than expected to initiate the process? All the investors, big and small, are on the same page. There is no disconnect with any investor as such. Every investor has internal approval process. Some investors are more flexible to give an in-principle approval before a formal go-ahead, while others want to get a broad consensus before even giving the in-principle approval. We are expecting some movement happening on that side. I would not like to put a time frame to it, but the sooner, the better. Usually if approvals take more than three months to come through, the application is kept in abeyance… If that be the case, would life be materially different for Fino Payments Bank as SFB conversion would take longer? I don't know about this 90-day rule. Having said that, there has been engagement with the RBI on this application. There are conversations happening and data shared when sought. Nothing is on hold. It is just that the approval involves a longer, lengthy process. We look at SFB as an add-on to our payments bank. We come from a digital, distribution and data driven DNA. We built businesses around transactions, and then we move those transactions into ownership. We call this strategy as transaction to activation and accounts to monetisation (TAM strategy). Monetisation will come through SFB conversion. Our payments bank journey has been seven-year-plus and we have been fairly successful. We have more than 1.26 crore customers and they demand that we do more with them. Having done the hard work of laying the foundation, customers have services expectation. At some point of time, they would also like to take some loans. We see there is a huge opportunity and demand. Financial inclusion has moved from access to banking to effectiveness of banking by bringing more products and services under one umbrella. That is where we believe that as a payments bank, our journey to an SFB will be holistic. If payments banks are allowed to do small-ticket lending, will that help or you would still want to be an SFB? We have applied for SFB licence and are eligible to move away from all the restrictions to a more open bank. Therefore, SFB will be preferred. Converting to SFB will have its challenges. But, when we started as a payments bank, everybody was very sceptical. Not only us, but other players in the industry too have proved that it can be successful. If lending is permitted for payments banks, it may act as a bridge for us but we will continue with our aspiration of converting into an SFB. CASA deposits stood at Rs 1,800 crore in Q2. As you building the deposit base fast in anticipation of a licence upgrade? Our CASA base has been growing at 35–40 percent on a year-on-year basis. I expect the same growth to continue for the next couple of years. We have seen that customer balances are also growing. Active customer balance will be about Rs 2,000 or a little more. We are seeing that a lot of customers who are becoming digitally active (that’s 55–60 percent of our new customers), moving to UPI. People have still not moved to use Fino as a primary bank account. With the SFB model coming in, we'll be able to offer more products like recurring and fixed deposits with higher interest rates. We can also tweak our savings bank rate and offer them a higher interest. You are also strengthening your UPI base. How is this adding to your financials? Fino started as a phygital (physical outlets with digital devices) company, and we built up the entire distribution channel. Couple of years back, the government started to push digital in a big way. We also started to see customers coming and asking us how UPI can be made available on Fino ecosystem leading to our foray into offering UPI. Initially we were never aggressive and facilitated UPI transactions using an outsourced switch. However, with rapid increase in UPI transactions on our platform, we built our own UPI switch, which went live about 18 months ago. We were one of the testing banks for the UPI circle. Now about 1.5 percent of UPI ecosystem transaction volume come through the Fino platform. For smaller value transactions, the percentage of cost is very high in UPI. There is no direct revenue source from UPI right now, but indirectly through balances and higher renewal percentage, we are able to recover a part of cost. Your capital adequacy was at 75 percent in Q2. At this level, isn't capital becoming a cost for you, rather than comfort? Would you deploy it on inorganic options? Capital adequacy will become very relevant when we move to an SFB model. We will have to add more capital to the business, because the SFB model is very different from the payments bank model. We are not looking at acquisitions right now. Maybe, as an SFB, there could be something which we could consider.
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2024-12-26 14:59
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2024-12-26
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14:59
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moneycontrol.com
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https://www.moneycontrol.com/news/india/the-satanic-verses-returns-throwback-to-1989-when-salman-rushdie-s-book-unleashed-chaos-in-mumbai-12897845.html
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'The Satanic Verses' returns: Throwback to 1989 when Salman Rushdie's book unleashed chaos in Mumbai
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The controversial book 'The Satanic Verses' by British-Indian author Salman Rushdie is once again available in the market. A Delhi bookseller has started selling the book after importing it from the United States. Recently, a petition was filed in the Delhi High Court to lift the ban on this book. Its reappearance in the market is reminiscent of February 1989, when the book triggered bloodshed in Mumbai. In 1988, the then Rajiv Gandhi government imposed a ban on the book, considering the protests from the Muslim community. The book stirred controversies globally, with attacks on its publishers and vandalism at stores selling it. About two and a half years ago, in New York, Salman Rushdie himself suffered a severe attack that left him blind in one eye. Although the government had banned the book, three months after the ban, angered members of the Muslim community decided to hit the streets in protest. Various Muslim organizations set a date in February 1989. A march was planned from Mastan Talab in Nagpada to the British consulate at Flora Fountain in the afternoon. Urdu newspapers carried advertisements urging Mumbai’s Muslims to join the march. As soon as news of the march reached the Mumbai Police, they grew concerned about possible law and order issues. In a preemptive move, the police arrested the leaders spearheading the march the night before. However, this turned out to be a grave mistake. Unaware of the arrests, a massive crowd gathered at Mastan Talab. By the afternoon, thousands began marching towards Flora Fountain via Mohammed Ali Road. With the leaders in custody, the crowd lacked direction or control. Around 3pm, as the march reached Crawford Market in South Mumbai, the police set up barricades to stop it. Senior officers appealed to the protestors to return and proposed that a five-member delegation could visit the British consulate to submit their memorandum of protest. However, the enraged crowd refused to listen. While negotiations were ongoing, stones, empty bottles, and footwear were suddenly hurled at the police from the crowd. The police responded with a baton charge. Chaos ensued on Mohammed Ali Road, with protestors scattering into nearby alleys and re-emerging to pelt stones at the police. The situation turned violent, escalating into a full-blown riot on Mohammed Ali Road. Rioters set vehicles ablaze, torched a police outpost at the entrance of Chakla Street near Masjid Bunder, and destroyed several police vehicles. For about two hours, violence raged on Mohammed Ali Road. The police used tear gas to disperse the rioters, but the canisters failed to explode—they were later found to be expired. Eventually, the police resorted to firing. Twelve people lost their lives in the police firing. Among the dead were innocent bystanders with no connection to the violent protests. Two of the victims were travelers from Kerala, passing through Mumbai on their way to Umrah. They were shot while watching the chaos below from their hotel window. Another young man, returning home after closing his shop, also fell victim to police bullets. Chaos erupted at Mumbai’s JJ Hospital, where the injured were being brought in one after another. The influx of casualties and the crowd of their family members created a state of utter pandemonium in the hospital. This incident once again highlights Mumbai’s reactive character—a city where events occurring in any corner of the world evoke a response. Salman Rushdie wrote the book in Britain, a death fatwa was issued by Iran, the ban was imposed by the government in Delhi, but it was Mumbai’s streets that bore the brunt of the bloodshed.
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2024-12-26 14:57
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2024-12-26
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14:57
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moneycontrol.com
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https://www.moneycontrol.com/news/business/deloitte-ignored-red-flags-raised-by-lender-in-zee-entertainment-audit-case-nfra-12898024.html
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Deloitte ignored red flags raised by lender in Zee Entertainment audit case: NFRA
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NFRA issued an order against Deloitte in the Zee matter..Related stories.
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Deloitte is under regulatory scanner for ignoring red flags in its audit of Zee Entertainment, with the National Financial Reporting Authority (NFRA) highlighting serious lapses. On December 23, National Financial Reporting Authority (NFRA) imposed a Rs 2 crore fine on Deloitte, barred partner A.B. Jani from audits for five years, and restricted another partner, Rakesh Sharma, for three years. This order adds to regulatory issues, which Deloitte has faced. Deloitte is expected to challenge the NFRA order, potentially leading to prolonged litigation, possibly reaching the Supreme Court. NFRA’s orders can be contested at the National Company Law Appellate Tribunal (NCLAT) or in High Courts. Controversy over Yes Bank FD The case dates to March 2020 when Yes Bank, one of the many lenders of the ZEE group sent an email to Deloitte, raising concerns over alleged governance failures in the company and which it described as a “colossal failure of the finance audit as a control function.” The crux of the issue is around a Rs 200 crore fixed deposit (FD) given byZeeas a guarantee to Yes Bank for loans to Essel Green Mobility, a group entity. NFRA found that neither the creation nor the redemption of this FD had board or shareholder approval. Despite this, Deloitte did not raise any red flags or conduct further investigations as mandated by the Companies Act. The Rs 200-crore fixed deposit (FD) maintained by Zee with Yes Bank was due for maturity on September 10,2019. However, Yes Bank prematurely closed the FD on July 24,2019 and the lender used the amount to settle the loans due from seven related parties of Zee, including Essel Green Mobility. This led to a conflict between Zee and Yes Bank since neither the Zee board nor its shareholders had given any approval for closure of the FD. Zee questioned how Yes Bank could unilaterally wind-up the FD without board approval of Zee. However, Yes Bank was acting based on letter of comforts(LOCs) given by Zee promoter Subhash Chandra. Three months later, on September 18,2019 the seven related parties together transferred the Rs 200 crore back to Zee saying Yes Bank had ‘erroneously’ transferred the money to them. Zee and Yes Bank decided to settle the issue without any further escalation. NFRA found that neither the creation nor the redemption of this FD had board or shareholder approval as mandated by law. Despite this, Deloitte did not raise any red flags or conduct further investigations as mandated by the Companies Act The NFRA order further highlights key lapses by Deloitte. The regulator noted that Deloitte neither responded to specific governance and financial red flags raised by Yes Bank in its email to the auditor nor it took any steps to address them. Additionally, Deloitte seemingly sided with Zee’s internal management the reasons for which are not completely clear. Notably When Zee conducted an internal investigation into the episode on October 17,2019, the probe was led by Rakesh Chaturvedi, Zee’s head of internal audit. This investigation excluded promoters and group entities and concluded that no wrongdoing had occurred. Deloitte accepted these findings without further questioning or independent checks, breaching all audit norms. Since the whole issue involves significant financial and governance implications on the company, the board is required to share all the details of the case with the auditors. However, NFRA probe showed the company shared selective information with the auditor and Deloitte did not further probe what the report terms as missing links. An email sent to Deloitte remained unanswered at the time of publishing the story. Letters of Comfort For instance, on September 30, 2019, Zee asked Yes Bank why the FD had been closed without consent of Zee. This email was part of the audit file shared with Deloitte. However, in response to this email, Yes Bank cited a letter of comfort from Zee promoter Subhash Chandra in 2018 and accused Zee of feigning ignorance. This reply from Yes Bank was not shared by Zee with the auditors. NFRA opined Deloitte did not attempt to verify if Yes Bank had responded to the email from Zee. NFRA’s findings also point to Deloitte’s lack of “ professional skepticism”, a fundamental requirement in auditing as per convention. Despite multiple warning signs, Deloitte failed to question discrepancies or probe deeper into Zee’s transactions. NFRA highlighted that Deloitte was aware Subhash Chandra had been issuing letters of comfort to banks, even though he was neither a full-time director nor an authorized signatory at Zee. Deloitte had flagged the existence of these letters in previous audits but did not follow up further. As a result of these findings, NFRA imposed a Rs 2 crore fine on Deloitte, barred partner A.B. Jani from audits for five years, and restricted another partner, Rakesh Sharma, for three years. This order adds to Deloitte’s growing list of regulatory troubles in India. The firm had already faced action over its audit of IL&FS, which remains under investigation by multiple agencies, including the Enforcement Directorate (ED) and Serious Fraud Investigation Office (SFIO). Legal experts believe the latest NFRA action will increase scrutiny on Deloitte, with market regulator SEBI already probing Zee Entertainment. SEBI had issued an interim order against Zee promoters last year.
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2024-12-26 14:57
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2024-12-26
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14:57
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moneycontrol.com
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https://www.moneycontrol.com/news/business/startup/from-buzzing-ipos-to-fight-for-leadership-key-trends-that-shaped-india-s-ev-2w-market-in-2024-and-what-lies-ahead-12898049.html
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From buzzing IPOs to fight for leadership: Key trends that shaped India’s EV 2W market in 2024 and what lies ahead
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India's EV two wheeler market.Related stories.
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The electric two-wheeler (2W) industry in India had a roller-coaster year in 2024, filled with highs, lows, and defining moments. From the jolt of subsidy cuts to fierce competition for market dominance and the entry of India's first EV 2W player into public markets, the year showcased India’s growing prominence in electric mobility. One of the pivotal shifts was the industry's movement away from a subsidy-driven ecosystem following the end of the FAME II scheme in June 2023. Despite initial disruptions, the market stabilized and matured, achieving a historic milestone as retail sales of electric scooters and motorcycles surpassed 1 million units in a single year. As of November 30, 2024, cumulative EV 2W retail sales had crossed 10.7 lakh units, up 37 percent year-on-year, according to Vahan data. However, November’s standalone sales saw a 15 percent dip month-on-month to 1.18 lakh units, attributed to a post-festive demand slowdown. Year 2024 in reveiw The Fight for Market Leadership In a hypercompetitive landscape with over 170 players, six original equipment manufacturers (OEMs)—Ola Electric, TVS Motor Co., Ather Energy, Bajaj Auto, and the Greaves Electric-Ampere Vehicles combine—dominated the market. Ola Electricmaintained its leadership position, expanding market share despite subsidy cuts. Aggressive discounts and a rapid expansion of its retail network were key to its strategy. The company grew its store network from 800 to 4,000 outlets. “With our newly opened stores co-located with service centers, we have redefined the EV purchase and ownership experience. We promised, and now we have delivered! Today marks a significant milestone in India’s EV journey,” Ola’s founder and MD Bhavish Aggarwal said on November 25. Other players likeTVS MotorandBajaj Autosolidified their positions by introducing diversified models targeting Tier 2 and Tier 3 cities. TVS iQube and Bajaj Chetak gained traction in these regions, which are emerging as EV growth hotspots. Ather Energy focused on technology upgrades, such as improved battery efficiency and connectivity features, enhancing its appeal. “You will see market share becoming even more competitive in 2025 as players adopt aggressive strategies to expand EV adoption across India,” an industry insider noted. IPO Buzz and Investment Trends 2024 also marked a turning point in India’s EV 2W sector, with Ola Electric’s IPO raising Rs 6,000 crore at a valuation of nearly $7 billion. This landmark listing reflected strong investor confidence in the sector. Ather Energy announced plans to go public, signaling the maturing ecosystem. However, overall EV investments declined, from $808 million in 2023 to $586 million in 2024 (YTD). VC Investments in EVs Experts noted a shift in funding priorities toward infrastructure players like Battery Smart and Exponent Energy, which raised funds for fast-charging and battery-swapping solutions. “Even though we saw lower investments, newer players emerged and apart from just OEMs players like Exponent and Battery Smart raised significant funds. Showing investors interest in the overall ecosystem,” An active EV sector investor told Moneycontrol. Investment in EVs Charging Infrastructure: Progress and Challenges Charging infrastructure remained a priority. The UnionBudget 2024emphasized expanding EV manufacturing and charging networks, with programs like 'Charging Bharat' enabling the installation of over 10,000 public charging points. Ola Electric also committed to deploying 10,000 chargers by the year’s end. Exponent Energy introduced fast-charging networks for commercial EVs, further driving adoption. However, challenges like range anxiety and lack of standardization persist, particularly in remote areas. Battery swapping also gained momentum, with solutions aimed at improving urban mobility. Pulkit Khurana, co-founder of Battery Smart, said, “Strengthened infrastructure and government support have accelerated EV adoption in smaller cities. Battery swapping, especially for two- and three-wheelers, has emerged as a game-changer.” Policy Landscape The policy environment was a mixed bag. The central government reduced FAME’s allocation by 44 percent to Rs 2,671 crore for FY25, down from Rs 4,807 crore in FY24. However, the PM E-DRIVE scheme, with a Rs 10,900 crore outlay, aims to support EV adoption until 2026. State-level policies provided a silver lining. Tamil Nadu, Karnataka, and Maharashtra introduced incentives like tax rebates and subsidies on charging infrastructure. The National Battery Swapping Policy was also announced, but its lack of implementation timelines left stakeholders skeptical. Bounce co-founder Vivekananda Hallekere said, “We need a stable, long-term policy. Whether subsidies are available or not, certainty is crucial for planning and growth.” Trends to Watch in 2025 As the EV 2W industry moves into 2025, key trends are set to shape its trajectory: Key Trends in 2025 to lookout for Quick commerce and last-mile delivery players will increasingly adopt EV fleets to cut costs and emissions. “Bounce and others are tailoring vehicles for the growing quick-commerce segment. The B2B side will pick up significantly by atlast 3X to 4X,” Hallekere added. Mainstream financing players are expected to make EVs more accessible, boosting adoption. Niche models like battery-as-a-service will also gain traction. “We are seeing even traditional players getting into EV financing, however, we use few niche players in the battery-as-a-service model. We will see consumers adopting this model, finding true value,” said Xitij Kothi, co-founder of EV startup Vidyut. Pricing will also play a key role in increasing adoption. Kothi also added tht there is rise in interest within the EV resale market. “ We are seeing consumers getting more resale value of EVs and this market will result in more players and business models coming in”. Battery technology advancements will help in improved range and cost reductions will unlock new business models, such as leasing and swapping. With domestic competition intensifying, more players will explore export markets, leveraging India’s manufacturing strengths to meet global demand.
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2024-12-26 14:47
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2024-12-26
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14:47
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moneycontrol.com
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https://www.moneycontrol.com/elections/assembly-election/delhi/aap-wants-congress-out-of-india-grouping-issues-24-hour-ultimatum-article-12898035.html
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AAP wants Congress out of INDIA grouping, issues 24-hour ultimatum
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AAP leader Sanjay-Singh.Related stories.
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A development that may have significant ramifications for the INDIA grouping, two senior leaders of Aam Aadmi Party- Atishi and Sanjay Singh issued a 24-hour ultimatum to the Congress to take action against its leader Ajay Maken, failing which the AAP will talk to other members of the grouping to remove Congress from the bloc. AAP's blistering attack on the Congress comes in the wake of Maken's remarks while releasing a 'White Paper' on the 'misdeeds' of both AAP and the BJP. The senior Congress leader went on to add that aligning with AAP has severely dented its prospects in the national capital. "If there is one word to describe former Delhi chief minister Arvind Kejriwal here then it would be Farziwal," he said while releasing the white paper titled "Mauka Mauka, Har Baar Dhoka". "If anyone is the king of fraud in the entire country then it is Kejriwal and that is why we have come here with a white paper on the Kejriwal government and also on the BJP government at the Centre," Maken said. Mincing no words, Sanjay Singh said his party will ask INDIA bloc parties to remove the Congress from alliance if no action taken against Ajay Maken. Delhi chief minister Atishi on Wednesday stated that the notices issued in newspapers against welfare schemes announced by the AAP are false, accusing the BJP of pressuring the Delhi government officials to execute this. A complaint, filed by the Youth Congress on Wednesday, was prompted by the notices against the proposed Mahila Samman Yojana and Sanjeevani Yojana. The massive face-off comes months after the AAP and Congress contested the Lok Sabha polls in Delhi in alliance. During the general election, leaders of both parties had campaigned for each other's candidates. The efforts, however, came to naught because the BJP won all seven seats in the capital.
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2024-12-26 14:46
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2024-12-26
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