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moneycontrol.com

https://www.moneycontrol.com/news/india/did-pv-narasimha-rao-visit-biren-singh-responds-to-congress-jibe-why-pm-can-t-visit-manipur-12901500.html

'Did PV Narasimha Rao visit': Biren Singh responds to Congress' jibe 'why PM can't visit Manipur’

The chief minister claimed that firing incidents have declined in the state over the past 20 months since the ethnic conflict broke out in May 2023..

After senior Congress leader Jairam Ramesh questioned why Prime Minister Narendra Modi has not visited violence-hit Manipur, Chief Minister N Biren Singh has asked why former Prime Minister PV Narasimha Rao did not travel to the Northeastern state during the turmoil in 1992-93. "Did Shri PV Narasimha Rao, who served as the Prime Minister of India from 1991 to 1996 and was the President of the Indian National Congress during this time, come to Manipur to extend an apology?" Singh said in a post on X.Everyone, including yourself, is aware that Manipur is in turmoil today because of the past sins committed by the Congress, such as the repeated settlement of Burmese refugees in Manipur and the signing of the SoO Agreement with Myanmar-based militants in the state, spearheadedhttps://t.co/A0X9urZ7M6N. Biren Singh (@NBirenSingh)December 31, 2024 He said "this entire year has been very unfortunate". "I want to say sorry to the people of the state for what's happened till today since last May 3. Many people lost their loved ones. Many people left their homes. I feel regret. I apologise. But now, I hope after seeing the last three to four months progress towards peace, I believe by 2025, the normalcy will be restored in the state," he said while addressing the media on the last day of 2024. After Singh on Tuesday apologised for the ethnic conflict in the state, the Congress asked why Prime Minister Narendra Modi can’t go there and do the same even though he travels across the country and the world. In a post on X, Congress general secretary Jairam Ramesh said the people of Manipur cannot understand their neglect by the prime minister, whom he accused of deliberately avoiding a visit to Manipur. "Why can't the Prime Minister go to Manipur and say the same thing there? He has deliberately avoided visiting the state since May 4, 2023, even as he jets around the country and the world," Ramesh said in his post. "The people of Manipur simply cannot understand this neglect," he said. Singh had apologised for the ethnic conflict in Manipur, which claimed over 250 lives and rendered thousands homeless since May 2023, appealing to all communities to forget and forgive past mistakes and live together in a "peaceful" and "prosperous" state. "I want to say sorry for what happened in the state. Many people lost their loved ones and many had to leave their homes. I regret and want to apologise. But after seeing relative peace in the last three-four months, I hope that normalcy will be restored in the coming year. "Whatever happened has happened... I want to appeal to all communities to forgive and forget our past mistakes and start life afresh by living together in a peaceful and prosperous Manipur," Singh said in Imphal. The chief minister also claimed that firing incidents have declined in the state over the past 20 months since the ethnic conflict broke out in May 2023.

2025-01-01 10:49

2025-01-01

10:49

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/ireda-share-price-skyrockets-nearly-6-on-q3-update-12901493.html

IREDA share price skyrockets nearly 6% on Q3 update

IREDA share price skyrockets nearly 6% on Q3 update.Related stories.

IREDA share price surged nearly 6 percent on 1st January after the state-owned company logged 41 percent loan disbursement growth in the December quarter. Indian Renewable Energy Development Agency (IREDA) witnessed significant growth in loan disbursements, increasing by 41 percent YoY to Rs 17,236 crore from Rs 12,220 crore a year ago. The stock touched an intraday high of Rs 227.65 per share on the NSE, rising 5.76 percent from its previous close. As per provisional figures,IREDAsanctioned loans worth Rs 31,087 crore in the third quarter, marking an extraordinary 129 percent Year-on-Year (YoY) rise compared to Rs 13,558 crore in the corresponding period last year, according to a company statement. "IREDA's outstanding performance reflects our unwavering commitment to driving India's renewable energy transition. "The 129 per cent growth in loan sanctions underscores the increasing confidence of stakeholders in our capabilities and our pivotal role in supporting green energy projects," Pradip Kumar Das, Chairman and Managing Director of IREDA, said in the statement.

2025-01-01 10:47

2025-01-01

10:47

moneycontrol.com

https://www.moneycontrol.com/technology/garena-free-fire-max-redeem-codes-for-january-1-2025-grab-skins-bundles-diamonds-and-more-exciting-rewards-article-12901505.html

Garena Free Fire MAX redeem codes for January 1, 2025: Grab skins, bundles, diamonds, and more exciting rewards

In the exciting world of Free Fire MAX, where players face off in intense battles against global opponents, getting exciting rewards like diamonds, pets, skins, and outfits is a big win. Luckily, redeem codes make it easy for gamers to get these treasures without using real money. Garena Free Fire MAX is a widely acclaimed multiplayer battle royale game developed by 111 Dots Studio, known for its adventure-driven gameplay. By creating a registered account and playing the game, you can enjoy its unique features and benefits. Every day, the developers of Garena Free Fire MAX release a new set of redeem codes, each offering the potential to unlock a range of rewards, from stylish skins to powerful weapons and valuable diamonds. Garena Free Fire MAX Redeem Codes for today, January 1 FFM2N0E2W5YAERA BMD8FUSQO4ZGINA 68SZRP57IY4T2AH V8CI2B3TL6QYXG7 NRD8L6Y7M4E29U1 VQRB39SHXW10IM8 68SZRP57IY4T2AH CT6P42J7GRH50Y8 590XATDKPVRG28N 2W9FVBM36O5QGTK WOPLMFJ4NTDHR3V 4PAS6TQ87CXMLNV NRD8L6Y7M4E29U1 Garena Free Fire Max January 1: How to redeem codes Step 1: Go to the redemption website by clicking on this link: https://reward.ff.garena.com/ Step 2: Log in using your credentials from one of the supported platforms like Google, Facebook, Huawei ID, Apple ID, or VK. Step 3: Once logged in, you will be directed to a page where you can input the 12-digit redemption codes. Step 4: After successfully redeeming the codes, claim your rewards from the in-game mail section.

2025-01-01 10:45

2025-01-01

10:45

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/paytm-shares-fall-3-5-as-npci-delays-implementation-of-30-upi-market-share-cap-12901492.html

Paytm shares fall 3.5% as NPCI delays implementation of 30% UPI market share cap

Paytm shares fall 3.5% as NPCI delays implementation of 30% UPI market share cap.Related stories.

Paytm shares fell over 3% on January 1 as the National Payments Corporation of India has extended thecap on volumesprocessed by Unified Payments Interface (UPI) applications by two more years to December 2026. The move will benefit Google Pay and Walmart-backed PhonePe. According to the proposal, first made in November 2020, digital payment firms would not be allowed to hold more than 30% share of the volume of transactions processed via UPI. At 10:15 am on January 1,Paytm shareswere trading 3.5% lower at Rs 983 apiece. The market capitalisation of the stock is Rs 62,626 crore. Its 52-week low is Rs 310 and 52-week high is Rs 1,063. The stock was among top losers on BSE Midcap index on January 1. Google Pay and Walmart-backed PhonePe are the two most widely used apps in India to make UPI payments. Other players include fintech companies such as Paytm, Navi, Cred and Amazon Pay. PhonePe's share of UPI payments stood at 47.8% in November 2024 while Google Pay's share was at 37%, according to regulatory data. The two firms processed a combined 13.1 billion transactions in November, the data showed. The mandate, which was to take effect from the end of 2024, will now kick in at the end of December 2026, according to a statement from NPCI. NPCI, an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association, is an umbrella organisation for operating retail payments and settlement systems in India (IBA). NPCI governs the Unified Payments Interface (UPI) framework in India. The NPCI also lifted a cap on WhatsApp Pay's UPI product onboarding users.

2025-01-01 10:30

2025-01-01

10:30

moneycontrol.com

https://www.moneycontrol.com/news/world/going-down-russian-helicopter-pilot-after-hit-by-ukraine-drone-12901469.html

'Going down': Russian helicopter pilot after hit by Ukraine drone; video surfaces online

Russia alsolaunched an aerial attack on Ukraine on Tuesday, striking the capital and other regions with multiple missiles and drones..

Ukraine military intelligence has claimed that its naval drone had destroyed a Russian chopper and damaged another near Cape Tarkhankut over the Black Sea. In a video shared by Ukraine's GUR spy agency, the Russian helicopter pilot was heard panicking during a radio call after being hit by a Ukrainian missile. “GUR soldiers destroyed an air target for the first time in the world using a Magura V5 naval drone,” posted the Ukrainian agency on X.#Magura V5https://t.co/Td2vPEy6Stpic.twitter.com/UC3SNnp6ahDefence intelligence of Ukraine (@DI_Ukraine)December 31, 2024 It was the first time that a Ukrainian naval drone had downed a Russian helicopter. In the video, a helicopter could be seen through a thermal imager. It was shown as a bright object against the dark sky. After being hit by a missile fired from a Magura V5 naval drone, the Russian chopped drowned into the Black Sea. In the intercepted radio communications, the pilot could be heard saying, "482, I'm hit, going down!" reported Forbes. The intercept continues, "There was an explosion - I got hit. The launch came from the water. Then there was another flash. I didn't see where it went, but the first one hit me directly and exploded nearby - I felt it on the helicopter. Some systems have failed." Meanwhile, Russia launched an aerial attack on Ukraine on Tuesday, striking the capital and other regions with multiple missiles and drones. Ukraine's air force reported a ballistic missile threat at 3 am (0100 GMT), with at least two explosions heard in Kyiv minutes later. Another missile alert was issued at 8 am followed by at least one explosion in the city. Missile debris fell in the Darnytskyi district of the capital with no reports of casualties or damage, the local administration said. Authorities in the northeastern Sumy region reported strikes near the city of Shostka, where the mayor, Mykola Noha, said 12 residential buildings had been damaged as well as two educational facilities. He said some “social infrastructure objects” were destroyed, without providing detail. The air force also reported missiles and drones targeting several other regions of Ukraine.

2025-01-01 10:29

2025-01-01

10:29

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/upi-transaction-value-stays-above-rs-20-lakh-crore-for-8th-straight-month-in-dec-12901472.html

UPI transaction value stays above Rs 20 lakh crore for 8th straight month in Dec

UPI transactions stay above Rs 20 lakh mark in December.

Transactions made through the Unified Payments Interface (UPI) remained well above Rs 20 lakh crore for the eighth month in a row in December, ending the year on a high note. UPI transactions totaling Rs 23.25 lakh crore were 27.5 percent higher than in November, but remained below the Rs 23.5-lakh-crore summit they had climbed in October. Transaction volumes, however, reached their highest in December at 16.73 billion, compared with 15.48 billion a month back. The volume was 39 percent higher than that of the last year's, but the pace of growth tapered off from over 40 percent seen in the first seven months of the fiscal. In terms of daily volumes, 540 million transactions were done daily using a network of over 600 banks, while Rs 74,990 crore of daily transactions were carried out on this platform. The value per transaction too increased to Rs 1,400 during the October-December quarter from Rs 1,393 in the previous quarter. National Payments Corporation of India on December 31 gave a breather to top UPI apps, pushing the market cap deadline to December 2026. Market leaders PhonePe and GPay have two years to cut their market share.

2025-01-01 10:19

2025-01-01

10:19

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sjvn-stock-soars-6-5-after-mou-with-bihar-govt-for-rs-5-663-crore-project-12901480.html

SJVN stock soars 8% after MoU with Bihar govt for Rs 5,663 crore project

SJVN shares have corrected 15 percent in the past three months..Related stories.

Shares of SJVN soared 8 percent on January 1 after the company inked a Memorandum of Understanding (MoU) with the Bihar government for a project worth Rs 5,663 crore. At 10.01 am, shares ofSJVNwere trading at Rs 111.21 on the NSE. Furthermore, the surge in the stock today was also triggered by heavy trading volumes. As much as two crore shares already changed hands so far, higher than the one month daily traded average of 67 lakh shares. As per the pact, SJVN will develop the 1,000 MW Hathidah Durgawati Pumped Storage Project (PSP). The project will feature a levelized tariff of Rs 9.39 per kWh, calculated at February 2024 price levels with a pumping energy rate of Rs 3 per kWh. The development of Pumped Storage Projects in Bihar is expected to generate direct and indirect employment for 5,000 people and attract an investment of around Rs 10,000 crore. Follow our market blog to catch all the live action In August 2022, the Ministry of Power appointed SJVN as the nodal agency for developing Pumped Storage Projects (PSPs) in Bihar. The company was subsequently allocated four projects: Telharkund PSP (400 MW), Sinafdar PSP (345 MW), Panchgotia PSP (225 MW), and Hathidah Durgawati PSP (1,600 MW). The Hathidah Durgawati project, proposed on the Durgawati River in Bihar's Kaimur District, will have an installed capacity of 1,000 MW (4x250 MW). It will be designed to deliver a daily peak energy output of 6.325 Million Units (MU) and an annual peak energy generation of 2,308.65 MU. The order win bolstered SJVN's portfolio as the company is currently developing about 12,000 MW of power storage projects across various states such as Maharashtra, Karnataka, Mizoram Himachal Pradesh and now Bihar.

2025-01-01 10:12

2025-01-01

10:12

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/escorts-kubota-shares-drop-3-as-december-tractor-sales-decline-yoy-12901474.html

Escorts Kubota shares drop 3% as December tractor sales decline YoY

Escorts Kubota shares drop 3% as December tractor sales decline YoY.Related stories.

Escorts Kubota shares tumbled over 3 percent in January 1 trade after the tractor sales declined for the December month Year-on-year (YoY). The farm and construction equipment firmEscorts Kubota Ltdreported a 10.82 percent decline in December tractor sales at 5,472 units against 6,136 units on YoY basis. The shares of the company snapped the 3-day gaining streak. The stock touched an intraday low of Rs 3,225.55 per share on the NSE, down by 3.21 percent. At around 10 am, the shares of the company were trading at Rs 3,248.25 per share, down 2.53 percent. Revenue for Escorts Kubota in the second quarter remained flat at Rs 2,488.5 crore, marginally higher than Rs 2,478 crore recorded in the corresponding period last year. The company reported a net profit of Rs 324 crore, reflecting a robust 54 percent growth on a year-on-year basis. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at Rs 265 crore, showing no significant change compared to Rs 264 crore reported in the same quarter last year. The EBITDA margin also remained stable at 10.6 percent.

2025-01-01 10:08

2025-01-01

10:08

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/agri-picks-report-january-01-2025-geojit-financial-services-12901486.html

Agri Picks Report January 01 2025: Geojit Financial Services

commodities.

Geojit Financial Services's report on Daily Agri Picks Farmers in Maharashtra have sown rabi crops over 5.8 million hectares as of Monday, up 21.6% on year from 4.7 million hectares in the same period last year, according to a report released by the state agriculture department. Chana acreage in the state so far rose 16% on year to 2.6 million hectares from 2.2 million hectares last year. The total area sown under all pulses in the state was 2.7 million hectares, up from 2.3 million hectares a year ago, according to the report. Chana accounted for 45.3% of the total rabi acreage in the state so far. Rabi crops are sown after the southwest monsoon and harvested between January and April in the state. Besides chana, the major rabi crops grown in the state are wheat, jowar, barley, oats, chana, mustard, and peas. The state has achieved 106.6% of its normal acreage of 5.4 million hectares. The acreage under jowar as of Monday rose to 1.5 million hectares from 1.3 million hectares last year, the report showed. The area sown under wheat also rose to 1.1 million hectares from 747,140 hectares a year ago. Similarly, the acreage under maize was 408,659 hectares, up from 256,419 hectares last year.The area sown under all oilseeds so far was 53,610 hectares, up from 52,668 hectares a year ago. Under oilseeds, the acreage under safflower fell to 31,268 hectares from 36,993 hectares last year, according to the report. The water level in dams across Maharashtra was 77.7% of the live storage capacity as of Tuesday, compared with 61.9% a year ago, according to data from the state water resources department. For all commodities report,click here 01012025 - co

2025-01-01 10:05

2025-01-01

10:05

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/bajaj-auto-stock-slips-2-on-weak-december-sales-data-12901471.html

Bajaj Auto stock slips 2% on weak December sales data

Bajaj Auto shares rose close to 30 percent in 2024..Related stories.

Shares of Bajaj Auto fell as much as 2 percent in opening trade on the first trading day of 2025 as the company's sales data for December left investors disappointed. The two-wheeler company's total sales for the month fell one percent on year to 3.23 lakh units as against 3.26 lakh units in the same month of the previous fiscal. Not just that, the auto sales for December also came well below the Street's expected 3.55 lakh units, further dragging sentiment. Domestic sales also took a hit and slipped 15 percent to 1.62 lakh units in December, down from 1.90 lakh units in the year ago period. At 09.29 am, shares ofBajaj Autowere trading at Rs 8,652 on the NSE. Follow our market blog to catch all the live action The sluggish sales data last year has dragged Bajaj Auto's shares close to 30 percent during the April-August period, making it amongst the worst hit auto stocks. Analysts at Emkay Institutional Equities however, believe the steep correction is unwarranted. It sees the outlook improving for exports, with a sharp recovery underway, even as demand in the domestic market falters. Macro challenges in highly under-penetrated key African markets like Nigeria are now largely behind while Latin America is seeing sustained growth, Emkay said.

2025-01-01 09:42

2025-01-01

09:42

moneycontrol.com

https://www.moneycontrol.com/news/business/earnings/indian-markets-open-flat-to-begin-2025-after-a-stellar-2024-performance-12901470.html

Indian markets open flat to begin 2025 after a stellar 2024 performance

US equity markets wrapped up 2024 on a volatile note, with the S&P 500 and Nasdaq 100 recording a fourth consecutive session of losses.Related stories.

Indian equity markets started 2025 on a subdued note after delivering robust returns last year. By 9:20 AM, the benchmark Sensex rose 0.12% (92 points) to 78,235, while the Nifty gained 0.03% (20.55 points) to 23,665. Among sectoral indices, Nifty Healthcare led the gainers with a 0.44% rise, followed by Nifty IT and FMCG, which advanced 0.3% and 0.2%, respectively. On the losing side, Nifty Auto dropped 0.2%, while Metal and Realty shed 0.1% each. Overnight, US equity markets wrapped up 2024 on a volatile note, with the S&P 500 and Nasdaq 100 recording a fourth consecutive session of losses. This year-end pullback erased over $1 trillion from large-cap market valuations. Despite the dip, the S&P 500 has surged over 50% since the beginning of 2023, marking its best two-year performance since the late 1990s. Bond yields remained elevated across maturities, though Treasuries managed a modest annual gain, smaller than 2023’s. The Bloomberg Dollar Spot Index had its strongest year in nearly a decade. As investors enter 2025, key challenges include inflation and the Federal Reserve’s cautious stance on rate cuts, as highlighted by Chair Jerome Powell. Additionally, the potential impact of President-elect Donald Trump’s pro-growth policies on inflation and fiscal dynamics will be closely monitored. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that domestic equities face near-term weakness due to subdued GDP and earnings growth. The strong dollar (Dollar Index at 108.5%) and elevated US bond yields could sustain FII selling in early 2025, despite counterbalancing DII buying. Elevated valuations and lackluster growth remain a drag on market sentiment. A potential trend reversal depends on Q3 corporate results showing signs of earnings recovery, though a broad-based sharp rebound is unlikely. Positive triggers could emerge from a growth-oriented Budget and a potential rate cut by the MPC in February. Investors are advised to stay cautious and track key macroeconomic data for market cues. The Sensex and Nifty delivered annual gains of 8.17% and 8.8%, respectively, marking their ninth consecutive year of positive returns. While headline indices performed well, the broader market outshone, with BSE MidCap and SmallCap indices advancing over 25% each. Notably, this marks the fifth consecutive year of gains for the BSE MidCap and the second for the BSE SmallCap, underlining the strong momentum in mid- and small-cap stocks.

2025-01-01 09:25

2025-01-01

09:25

moneycontrol.com

https://www.moneycontrol.com/banking/mc-exclusive-third-term-as-axis-bank-chief-will-be-about-continuing-our-journey-amitabh-chaudhry-article-12901456.html

MC Exclusive | Third term as Axis Bank chief will be about continuing our journey: Amitabh Chaudhry

Amitabh Chaudhry, MD & CEO, Axis Bank.Related stories.

Amitabh Chaudhry has his plans chalked out as he readies to take over the Axis Bank corner office for three more years as the managing director and chief executive until December 31, 2027. Asked about his plans for the third term, Chaudhury stressed that continuing with the what the bank has built so far is his priority. “I tell my teams internally that we just need to win more and more as we've come a long way,” he said in this exclusively interview toMoneycontrol. The House GPS (Growth, Profitability and Sustainability), a strategy that he had set for the bank within months of taking the charge back in 2019, is what will guide him and his teams as they enter the new year. You canwatch this interviewhere, or read excerpts from the exclusive interaction... How will your third term be different from the first two? We had set an agenda when I joined the bank in 2019 and we called it the GPS strategy - growth, profitability and sustainability.  It came to be known as House of GPS. An 18 percent return in equity was on matrix. We delivered that in eight of the nine quarters, as we look back from here, partly helped by benign credit cost. But one of the most important elements of that strategy was not only making the bank more relevant but more sustainable, creditable and an all-weather franchise. The only way you can get there is by improving the overall market positioning. We were the No 3 bank at that time and still is. But, can we look at some businesses where our market share on an incremental basis moves to No 11, and become No 1? That was what we wanted. It's a long journey. A lot of what we are doing is not a 3–6-year target. We have a  great franchise, a great platform. I tell my teams that we just need to win more and more as we've come a long way. The third term will be all about just continuing that journey. Execute better, create more sustainability, win and become number one in more businesses, continue to invest for the future and find those opportunities which will present themselves. For example in the merchant acquisition business, we were ranked a distant third. But, in the last two years, our incremental market share has been upwards of 30 percent and now we have moved to No 1 position. We have 20.6 percent market share. We now have 31.5 percent market share in the UPI space. It was 16–17 percent when I joined. We need to keep expanding that space more, so that our competition feels more uncomfortable. How would you want your investors, regulator and other stakeholders to remember your nine-year tenure at the bank? Going after market cap might not be the best thing to do, because then you might end up taking decisions which are more in the short term and not in the long run. We just need to ensure that the House of GPS is achieved and market cap could come as an outcome of that strategy. We have definitely proved to investors that we are a proposition they need to look at quite seriously in terms of returns they can make. We need to bring in more consistency in our numbers. Our volatility is a bit more than what I would want. Second, there is a lot more that we can do as a franchise on the corporate salary side for deposits. As far as regulators are concerned, we want to be perceived as a bank where Axis Bank will not do something, which the regulator will look at and wonder why this is happening in this bank. We have restructured and added people on our board which reflects that intention. We will continue to go in that direction. After six years as MD and CEO of Axis Bank and another term to go, how important is scale to now? We have to be aware of where we stand, in context with some of the others out there. It is not just about size or market cap, though all of them are important. But it's also about the respect, what customers think about you, and so on. That's why we launched the customer obsession project. In our defined spaces, let's say in customer obsession, I want to become number one. Can we get there? It’s the journey we have traversed and how far we have come, and it's only a matter of time that if we keep executing, we will get there. It is no rocket science. It's just a lot of hard work and intent. Max life is rebranded into Axis Max life. Your stake is at 20 percent now. Would you want to increase your stake to beyond 50 percent at some point? It will involve a lot of capital to increase Axis’s stake to 50 percent at this stage. It might not make sense. We're quite happy where we are with Max; we have the right to appoint the chairman and a few more board seat. We see our role as shareholders, partners, and as someone who they can learn from based on our experience. They (Max) are the ones who said that they would want to rebrand themselves as Axis Max. What about the other subsidiaries, especially Axis Capital and Axis Finance? We don't see a problem in Axis Capital as such. There is retain brokerage done in one subsidiary and institutional brokerage in another. Let's see what the RBI comes back with. On the NBFC side, the RBI is quite clear that the demarcation between NBFCs owned by the bank, and the bank should be very clear. Are you open to merging Axis Finance with the bank? We have still not decided that and it will be too early to speculate now. We have been infusing equity into Axis Finance consistently. The RBI has been telling us that they would not like us to continue putting money into this subsidiary. At some stage, we (RBI) would like you (Axis Bank) to dilute your shareholding. This particular circular (October 2024) is asking for even more clear denunciation.

2025-01-01 09:24

2025-01-01

09:24

moneycontrol.com

https://www.moneycontrol.com/news/india/may-2025-bring-everyone-new-opportunities-endless-joy-pm-modi-president-murmu-wishes-nation-12901467.html

'May 2025 bring everyone new opportunities, endless joy': PM Modi, President Murmu wishes nation

Prime Minister Narendra Modi.

Extending his greetings to the nation on the New Year, Prime Minister Narendra Modi on Wednesday hoped it brings "new opportunities, success and endless joy". "Happy 2025! May this year bring everyone new opportunities, success and endless joy. May everybody be blessed with wonderful health and prosperity," he said on X.Happy 2025!May this year bring everyone new opportunities, success and endless joy. May everybody be blessed with wonderful health and prosperity.Narendra Modi (@narendramodi)January 1, 2025 Meanwhile, President Droupadi Murmu also extended her heartfelt greetings for the new year. Taking to X, the President wished for 2025 with joy, harmony, and prosperity for all and called for creating a brighter, more inclusive, and sustainable future for India as well as the world. "Wishing everyone a very Happy New Year! May the year 2025 bring joy, harmony, and prosperity to all! On this occasion, let us renew our commitment to work together for creating a brighter, more inclusive, and sustainable future for India and the world," President Murmu said on X.

2025-01-01 09:17

2025-01-01

09:17

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sebi-tightening-pulls-down-equity-f-o-volume-to-16-month-low-in-december-12901457.html

SEBI tightening pulls down equity F&O volume to 16-month low in December

markets.Related stories.

The average daily turnover (ADTV) in the equity derivatives segment fell to a 16-months low in December following regulatory tightening aimed at curbing speculative trading and reducing retail participation. In contrast, cash market turnover, which has been declining for five consecutive months, saw a slight month-on-month increase of 4.4 percent in December. The BSE and NSE combined ADTV for the F&O segment reached Rs 280 trillion in December, the lowest since August 2023, marking a 36.56 percent decrease from Rs 442 trillion in November. More importantly, the decline is as high as 48 percent if the December volumes are compared with that of September. Index futures turnover dropped for the second consecutive month, while turnover in stock futures, index options, and stock options has declined for three months in a row. Experts attribute the continued contraction in derivatives volumes to stricter regulations that have curtailed the factors fuelling speculative activity among retail traders. Measures such as larger contract sizes, increased margins, and a reduction in the number of tradable products have been put in place to address market froth and the persistent issue of retail traders suffering consistent losses. Additionally, global economic uncertainties and domestic market volatility have prompted traders to adopt a more cautious approach, leading to lower participation in the derivatives market. According to Shrey Jain, Founder & CEO of SAS Online, a deep discount broker, recent measures announced by the Securities and Exchange Board of India (SEBI) have led traders to adopt a more cautious stance when entering new positions. As a result, turnover in the derivatives segment has significantly dropped in recent months. Looking ahead, Jain noted that the introduction of larger contract sizes for weekly derivatives, effective January 1, may further reduce trading volumes. In contrast, cash market turnover, which has been declining for five consecutive months, saw a slight month-on-month increase of 4.4 percent in December. Akshay Chinchalkar, Head of Research at Axis Securities, explained this uptick by pointing to two key factors: a busy IPO quarter, with notable listings such as Swiggy and Hyundai, which fuelled investor interest, and SEBI's new same-day settlement regulation for the top 500 stocks, set to take effect on January 31, 2025. These developments signal the regulator's intent to encourage long-term equity investment. Narinder Wadhwa, Managing Director & CEO of SKI Capital, believes that the modest rise in cash market turnover reflects a strategic shift by investors seeking safer options amid increased market volatility. He also mentioned that the festive season, including the period from Thanksgiving to New Year, typically sees lower trading volumes due to foreign portfolio investors (FPIs) taking extended breaks.

2025-01-01 08:54

2025-01-01

08:54

moneycontrol.com

https://www.moneycontrol.com/news/business/personal-finance/looking-ahead-2025-gold-may-continue-to-sparkle-but-focus-on-asset-allocation-not-past-returns-say-experts-12901283.html

Looking ahead @ 2025: Gold may continue to sparkle, but focus on asset allocation, not past returns, say experts

Investing in gold in 2025: Focus on your asset allocation instead of chasing returns.Related stories.

It was a golden year for the yellow metal. International gold prices appreciated by close to 27 percent in 2024, adding glitter to investors’ portfolios. AMoneycontrol analysisshowed that gold's performance is next only to that of equities in India. The rise in gold prices was triggered by a gamut of factors includinggeo-political tensions in the Middle-eastand interest rate cuts by several central banks across the world. “The significant appreciation allowed gold to outperform US equities by about 2.6 percent, hitting multiple highs culminating in a final all-time high price of $2,790 per troy ounce. Several factors contributed to this bullish trend, including heightened geopolitical tensions, interest rate cuts, election outcomes leading to anticipated macro changes, and continuing trend of diversification of reserves and investments into gold,” says Chirag Mehta, Chief Investment Officer, Quantum Mutual Fund. Year-round shine in 2024 This year gold lived up to its reputation of being a hedge against and inflation and a safe haven asset in times of turbulence. “The Middle East, in particular, has become a focal point for rising tensions, particularly with the ongoing conflict between Israel and Hamas and broader instability in the region. These geopolitical crises have led to a heightened demand for gold and silver, as both metals are considered safe-haven assets in times of uncertainty,” says Navneet Damani, Head, Research, Commodities and Currency, Motilal Oswal Financial Services. Collective demand for gold from central banks contributed to the increase in prices. Also read:As equities turn volatile, gold posts its biggest gain in 45 years “The uptrend was significantly influenced by the Federal Reserve's announcement of multiple rate cuts aimed at controlling rising inflation, which catalysed a bullish run for gold that began shortly after the first such announcement in September 2024,” adds Mehta. By the end of 2024, the US Fed had effected a total rate cut of one percentage point. Buoyancy to persist in 2025? While analysts and financial advisors expect gold’s shimmer to remain intact in the New Year as well, the trajectory depends on several factors. For one, policies of US president-elect Donald Trump once he assumes office will have a role to play. “Unveiling of initial Trump policies may bring cheer to the US economy and the dollar but may not last long as the economic underpinnings will lead to execution challenges,” says Mehta. His emphasis on ‘America First’, could involve the imposition of tariffs and other trade measures. “Such policies are likely to reshape the economic landscape, impacting both the US dollar and the gold market. The focus on domestic production and self-sufficiency could be inflationary and also enhance volatility in currency markets, further driving investors toward gold,” he adds. Damani also expects the surge in gold prices and the demand to continue, though the first half of calendar year 2025 could see some correction, giving investors the opportunity to add gold to their portfolio.  “We maintain a positive bias and have revised our upward potential target towards Rs 81,000 on the domestic front. Over the next two Years, gold could be on track for the targets of Rs 86,000, hence “Buy on dips" is recommended. We could see Comex Gold targeting $2,830 from a medium-term perspective, while longer term targets could extend to $3,000 and higher,” Motilal Oswal Financial Services said in a research note. According to the firm, dollar volatility will be a factor to watch out for. “The ongoing geopolitical tensions...have reinforced the dollar's appeal, creating a tug-of-war between the strength of the US currency and the demand for precious metals. As the dollar remains volatile, it adds another layer of uncertainty to the outlook for gold and silver prices,” Motilal Oswal Financial services said in a note. Also read:Gold ETFs see nearly 4x surge in inflows amid strong investor demand and global uncertainty Don’t chase returns, focus on asset allocation Despite the overall positive outlook around gold, retail investors should focus on their asset allocation and long-term financial plan, say financial advisors. “Many make the mistake of projecting recent performance onto the future. So, if you expect gold to deliver the same kind of returns, it may not necessarily be possible. Retail investors should look at allocating 10-15 percent of their investment portfolio to gold. If there are gaps, they can increase their holdings via the systematic investment route,” says Amol Joshi, Founder, PlanRupee Investment Advisors. Also, instead of attempting to bridge the entire gap at one go, look at investing over three to six months. “And, do bear in mind that the allocation does not include your gold jewellery, for example. That is purely for consumption purposes and should not be taken into account for computing the exposure to gold in your portfolio,” says Joshi.

2025-01-01 08:51

2025-01-01

08:51

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/short-call-will-january-s-seasonality-bring-dark-clouds-over-the-market-jindal-steel-vodafone-idea-in-focus-12901438.html

Short Call | Will January’s seasonality bring dark clouds over the market? Jindal Steel, Vodafone Idea in focus

Short Call.Related stories.

As the calendar flips to 2025, the Indian market is giving off "new year, same old blues" vibes. After wrapping up December 2024 with a 2% decline, January comes packed with significant events that could steer market sentiment. Trump 2.0 taking charge in the US, the Q3 earnings season and the buzz around the Union Budget, will be shaping up the market trajectory of January. However, January comes with its own touch of seasonality, one that is not so welcoming. Over the past decade, the Nifty has ended January in the red seven out of ten times. And if history repeats itself, those growling bears might have their way again. Adding to the weight is the persistent selling pressure from Foreign Institutional Investors (FIIs) in recent months, apart from a brief pause in early December. That trend also gains an upper hand in January’s seasonality, as FIIs have remained net sellers six times between 2015 and 2024. But that’s not all, uncertainty around the policies that Trump’s incoming government may take is also keeping investors jittery. Lastly, adding the cherry on top is expectations of yet another quarter of subdued earnings growth for India Inc. Now while a new year does present an opportunity for a fresh start, the current backdrop suggests that January’s seasonality may win the game this time around. Vodafone Idea (Rs 7.94, +2%) Stock rose after the government approved a waiver for requirement of bank guarantees for spectrum acquired by telecom operators in previous auctions. Bull case: Citi noted that the latest development brings major relief to Vodafone Idea, as its inability to provide bank guarantees had been a key obstacle in securing debt funding from banks. Bear case: Despite its recent capital raise, the company continues to lose customers due to the late rollout and inconsistent rollout of 5G which will add pressure to its revival. Jindal Steel and Power ( Rs 930, +1.20%) Shares rose after Nuvama issued "buy" rating with target at Rs 1,292. Bull case: JSPL's resolution of its pellet plant bottleneck could significantly ramp up steel production, potentially reaching 8.3 million tons by FY26, while government capex initiatives and higher steel prices in Q4FY25 offer strong growth prospects. Bear case: Despite promising Q4FY25, the company's revised EBITDA forecasts for FY25/26 reflect concerns over lower volumes, which could dampen overall performance and growth momentum in the near term. (Inputs from Lovisha and Vaibhavi)

2025-01-01 08:31

2025-01-01

08:31

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/bse-and-nse-closed-on-january-1-2025-check-what-stock-market-holiday-calendar-says-12901402.html

BSE and NSE closed today? Check what stock market holiday calendar says about January 1, 2025

BSE, NSE update Latest Updates on January 1st, 2025.Related stories.

Are the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) closed today on account of New Year’s Day? No, they are not. The benchmark indices of the Indian stock markets – Sensex and Nifty 50 – are operating as usual today, January 1, 2025. There is no trading holiday today. As per the official holiday calendar issued by NSE India, New Year’s Day, which falls on a weekday, is not listed among the non-trading days. This means that the pre-open trade will begin at the usual time of 9:00 am, and the markets will commence the day’s trading at the fixed time of 9:15 am. The markets will conclude the day’s trading with the 3:30 pm closing bell. What are the timings of Indian stock markets? The stock markets in India operate on five weekdays – Monday to Friday – and remain closed on weekends, i.e., Saturday and Sunday. The trading hours for the benchmark indices are from 9:15 am to 3:30 pm. On all regular trading days, the pre-open session is held between 9:00 am and 9:15 am. Are the US stock markets closed today? Yes, the US stock markets will not operate today on account of New Year’s Day. According to an official communication by the Securities Industry and Financial Markets Association, the US stock markets will begin trading for 2025 on January 2. Trading concluded early on December 31. After the January 1 holiday, the US stock markets will remain shut on January 9 to observe a national day of mourning for the demise of former US President and Nobel Laureate Jimmy Carter. Will the London Stock Exchange remain closed today? Like the US stock markets, the London Stock Exchange will also remain closed today. As per available data, the next scheduled closure of the LSE will be on April 18, 2025, on account of Good Friday. Other key international indices, such as the Stock Exchange of Hong Kong, Euronext Paris, Tokyo Stock Exchange, and Shanghai Stock Exchange, will also remain closed today.

2025-01-01 08:25

2025-01-01

08:25

moneycontrol.com

https://www.moneycontrol.com/news/podcast/will-a-new-year-bring-stability-to-the-markets-focus-on-thomas-cook-india-and-kalpataru-projects-market-minutes-12901410.html

Will a new year bring stability to the markets? Focus on Thomas Cook India and Kalpataru Projects | Market Minutes

2025-01-01 08:22

2025-01-01

08:22

moneycontrol.com

https://www.moneycontrol.com/news/opinion/the-mandala-of-organisational-wellness-a-blueprint-for-success-12901400.html

The Mandala of Organisational Wellness: A blueprint for success

When we look at the Mandala of Organizational Wellness, its lucidly simple that we refer to the interconnectedness of an organisation's various components..Related stories.

By Saundarya Rajesh As India moves closer to her first century of freedom, the year 2025 is a landmark one in many ways. It’s an amazingly mathematical year (it’s a square, the product of 2 squares and the sum of three squares!), it heralds a quarter century of liberalisation, and it is the Silver jubilee anniversary of the inauguration of the Special Economic Zone (SEZ’s) in India. Most critically, to someone like me in the space of Diversity, Equity and Inclusion, 2025 marks a quarter century of women’s urban labour force participation in India crossing the double-digit mark. And so to wish you organisational success and organisational wellness in a year as special as 2025, the right metrics are required. Organisations have a pretty clear idea of success and it is associated mostly with revenue and income. Some also factor in innovation and others, beating the competition. But what of organisational wellness? We constantly hear about individual wellness, but what about an organization? A corporate, an enterprise? If we had to do a master health check-up for a business, what would we count as the key metrics? It can’t be the same as success, right? Let’s dive in. Success and wellness from an organisational standpoint are two different things. While YoY growth in traditional metrics such as revenue and profitability are important, they only tell part of the story. To truly understand if your company enjoys real wellness, to check if your business is truly healthy and sustainable, let’s take the Mandala approach. The concept of the mandala as a representation of the universe, with its concentric circles and pivotal middle point, emerges from the Rig Veda and has been powerfully symbolised by Buddhism. An esoteric symbol for spiritual growth, self-reflection, and meditation, the mandala represents the interconnectedness of the universe in a profoundly beautiful manner. It suggests that everything is connected and that the individual self is part of a larger whole. When we look at the Mandala of Organizational Wellness, its lucidly simple that we refer to the interconnectedness of an organisation's various components. By applying this ancient symbol of the mandala, let’s create a framework to measure an organisation's real wellness. The mandala consists of three concentric circles, each representing a different level of organisational wellness. The innermost circle of the mandala represents the elementary metrics that describe an organisation's current health. These metrics include P&L and Balance sheet items such as Topline revenue, Bottomline profitability, EBIDTA (Earnings Before Interest, Depreciation, and Amortization), PAT (Profit After Tax), ROI and Share value. If you love math and quants, you could throw some exciting numbers into the mix such as Quick ratio/acid test, Gross burn ratio, Return on Sales, Customer Lifetime Value et al. This circle, which is at the core of why the enterprise exists, tell us how the heart of the business is functioning. Let’s call these the Primary or Core metrics. The middle circle of the mandala represents the cardinal metrics that determine an organization's long-term sustainability. These metrics include the extent of diversity and inclusion in your workplace, how happy your employees are, what is your talent density, how much of your revenue came from innovation, your business’s connectedness to the community, and your employee churn rate. You could also track interesting (and challenging) metrics such as Volunteer time-off, Slack channel mood, employee generated content, exit conversations and mentoring program engagement. These we can refer to as the Cardinal or Long-term growth metrics. These metrics are critical to an organisation's long-term success, as they help to build a super strong employee culture, develop unshakeable trust, foster innovation, and ensure that the organisation remains relevant and competitive. By prioritising these metrics, organisations can create a strong foundation for future growth and success. Let’s now move to the outermost circle of the mandala. These are the vital metrics that determine an organisation's social license to operate. There maybe a ton of licences that you obtain from the government to keep your business legitimate, but do you have a social licence to be part of your employee/customer/stakeholder’s world? Metricising these are not just tough, they are the KRA of every soulful leader. They include the loyalty of your customers, the loyalty of your employees, the loyalty of stakeholders, your reputation and brand trust, the extent of environmental consciousness and sustainability focus in your leadership thought, your company’s ethical behaviour and social responsibility. These are the Vital metrics, the ones which may seem expendable, but in reality they are the ones that actually deliver to you, your social licence to operate. They measure your ability to leave a legacy of transformation. Now that we have the mandala’s composite in place, here are a few ways to make sure that your organisation is at the pink of wellness in the year 2025: 1. Begin by conducting a thorough assessment of each of these mandala factors: Using the definitions we have arrived at, put together questions about each circle of the Mandala for which you can then find answers with your org’s data repository. Collate your answers for Core metrics, Cardinal Metric and Vital metrics. Use January for this. 2. Highlight areas for improvement: Your own annual business plan will tell you how you need to perform to meet the baselines in each of the 3 metrices. For Core metrics look at efficiency improvement, for cardinal metrics look at scaling up your DEI practices and for the Vital, pick up a new project in environmental sustainability. Develop strategies for each and prioritise them in your organisation's goals and objectives. Use February to March for this. 3. Flip the script: Once you have the plan clear for Core, Cardinal and Vital metrics, begin with the end in mind. Start with the vital plan implementation. Start tracking your product’s performance to build customer trust, begin fostering real respect in your workplace by practices small acts of inclusion and create unexpected moments of delight for your employees. Now that we have a reasonably clear idea of organisational wellness, let’s go back to our wish for a successful 2025. Imagine building or starting a business that thrives for generations, fueled by a harmonious blend of purpose, people, and profit. This, to me, is real success. Diverse perspectives ignite innovation, empathy builds loyalty, and social responsibility attracts top talent and customers. The result? A resilient, high-performing business that is the epitome of organisational wellness. Here's wishing that you ignite a powerful transformation that prioritises what truly matters. The Mandala of Organisational Wellness is your catalyst for growth, empowering you to build an unshakeable foundation for long-term success. And yes, a successful new year 2025 to you! (Saundarya Rajesh is Founder - President of Avtar Group.) Views are personal, and do not represent the stand of this publication.

2025-01-01 08:15

2025-01-01

08:15

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/brokerage-radar-tata-chem-gets-reduce-call-caution-for-nbfcs-banks-and-real-estate-12901409.html

Brokerage Radar: Tata Chem gets 'reduce' call, caution for NBFCs, banks and real estate

Brokerage Radar.Related stories.

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes stocks like Tata Chemicals and Transport Corp along with sectors like NBFCs, real estate, banks and more. HSBC On Tata ChemReduce Call, Target At Rs 820/ShMinimum Import Prices (MIP) For Soda Ash In India A Positive Development In Challenging MktMIP Protects Domestic Players From Further Global Soda Ash Price DeclinesMinimum Import Prices Can Have A Positive Rub-Off On VolumesMaintain Reduce As Industry Demand Outlook Remains Muted Amid Oversupply Risk Nomura On NBFCsModerating Growth; Risk In Unsecured Retail Continues To Be In SpotlightRBI’s Stress-Test Projections Show That NBFCs’ NPAs Should Stay At 3.4% By Sep’25In A High-Risk Case Scenario, NBFCs’ NPLs Could Pick Up To 6%Remain Cautious On NBFCs Atleast Till H1CY25Shriram Housing Finance Continues To Be Top PickMaintain Buy On Aadhar, Five Star & LIC HFNegative On SBI Cards, M&M Fin & Reduce Call On CreditAccess GrameenReduce Call On Cholamandalam Investment & Bajaj Finance Nomura On BanksRBI Flags Stress In Unsecured Retail, MFI; Sanguine OtherwisePrefer Banks With Strong Deposit Franchises, Strong Retail UnderwritingPrefer Banks With Lower Exposure To Unsecured Retail SegmentsTop Picks Are ICICI Bank & SBI Among Large Banks, & Federal Bank Among Midcap Banks Antique On Real EstateQ3 Sales Booking May Remain Muted For AB Realty, Prestige, Sobha, Sunteck Realty & Kolte-PatilQ3 Sales Booking Are Expected To Remain Muted Due To Limited Or Lack Of New LaunchesExpect Godrej Props, Macrotech Developers, DLF, Oberoi & Brigade To Post Good NumbersQ4FY25 Is Expected To See A Surge In Launches From AB Realty, Prestige, SobhaExpect Surge In Launches In Q4 For Godrej Props, DLF, Brigade Ent, Sunteck Realty & Kolte-PatilOptimistic That Most Of Real Estate Players Will Be Able To Launch Remaining Proj Pipelines In Q4Top Picks Are Aditya Birla Real Estate & Oberoi Realty Emkay On 2-wheelersThere Is Steep Correction Of 24% In 2-wheeler Stocks From Recent PeakSteepest Decline At 33%/30% For Hero MotoCorp/Bajaj Auto Is UnwarrantedOutlook On Exports Is Improving & Poised For Sharp RecoveryMacro Challenges In Highly Under-penetrated Key African Mkts Like Nigeria Are Now Largely BehindLatin America Is Seeing Sustained Growth Equirus On Transport CorpLong Call, Target At Rs 1,395/ShFreight Would See Modest Growth Amid Margin Stress & Modal Shift In Cargo From Road To RailProspects Look Good For Supply Chain Solutions Given An Evolving Logistics IndustrySeaways Would Benefit From GoI’s Thrust On Coastal Shipping & Order For New ShipsAmid Segment-Specific Tailwinds, Build In 12%/13%/15% Rev/EBITDA/PAT CAGR Over FY24-FY27

2025-01-01 08:08

2025-01-01

08:08

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/daily-voice-omniscience-s-vikas-gupta-foresees-substantial-steps-in-union-budget-to-drive-economic-growth-boost-consumption-12901388.html

Daily Voice: OmniScience's Vikas Gupta foresees substantial steps in Union Budget to drive economic growth, boost consumption

Vikas Gupta is the CEO and Chief Investment Strategist at OmniScience Capital.Related stories.

Being the first full budget after the elections, significant announcements are anticipated, including increased capex in railways, power, roads, ports, and airports, along with large allocations to defense and incentives for private and foreign investments in sectors, said Vikas Gupta of OmniScience Capital in an interview to Moneycontrol. Additionally, according to him, consumer-focused tax relief measures may be introduced to boost consumption. He foresees substantial steps to drive economic growth. He believes large banks as undervalued and critical to India’s economic growth. "With expected 14-16% credit growth over the next 3-5 years, driven by government and private capex and housing finance, public sector banks are significantly undervalued, while private banks are also attractively priced," said Vikas with more than 20 years of experience in capital markets. Do you think the big theme to play in India in 2025 is to bet on rupee depreciation, as IT and pharma are likely to get a boost? The USD has appreciated against most major currencies, with the Euro down by 6-7%, Yen by 10-11%, and the Canadian and Australian dollars by 8-9%. The Dollar Index (DXY) is up 6%, while the INR has depreciated by only 3%. In this context, INR depreciation isn't significant. While IT and pharma earn substantial USD revenues, they also have exposure to other developed markets. With the INR appreciating against the Euro and other major currencies by 3% or more, a large part of the gains from USD appreciation is offset. For the IT sector, there’s near-term uncertainty due to discussions on H1-B visas. If more H1-Bs are issued, it could favour client engagement and revenue growth, but current visibility remains low, and guidance for large firms is in single-digit growth. Valuations already factor in modest growth rates, limiting upside potential. In the pharma sector, potential changes under Trump's policies could lower costs, impacting pricing and margins. While increased drug imports from India may occur, regulations like price caps could temper growth. Additionally, Trump might use India's IT and pharma revenues as negotiating levers for other trade deals, creating near-term risks. Are the valuations in the health insurance sector looking reasonable? The health insurance sector generally appears expensive. However, opportunities may exist for those with sector-specific insights to identify undervalued picks. Some companies are part of larger conglomerates, so evaluating their consolidated valuations is critical. Are you fully invested in large banks? Yes, we see large banks as undervalued and critical to India’s economic growth. Despite froth in mid- and small-cap companies, the banking sector—constituting nearly 35% of the Nifty 50—is mispriced. With expected 14-16% credit growth over the next 3-5 years, driven by government and private capex and housing finance, public sector banks are significantly undervalued, while private banks are also attractively priced. Housing finance is similarly underpriced, making these sectors key allocations for us. Do you expect the government to make major decisions in the upcoming Union Budget to boost growth and consumption? Yes, being the first full budget after the elections, significant announcements are anticipated, including increased capex in railways, power, roads, ports, and airports, along with large allocations to defense and incentives for private and foreign investments in sectors where India aims for global competitiveness, such as PLI schemes and tax benefits. Additionally, consumer-focused tax relief measures may be introduced to boost consumption. While the specific measures are yet to be revealed, we foresee substantial steps to drive economic growth. Is it better to have low market return expectations for 2025? Do you foresee major risks and concerns? We expect reasonable market returns in 2025, as the Nifty’s PE of 23 is at its 10-year average and below the 5-year average of 25. With double-digit earnings growth projected for FY26 and potential RBI rate cuts, markets should perform well, driven by earnings growth, re-rating of Nifty closer to a PE of 25 due to low inflation and interest rates, and dividend and free cash flow yields. However, risks include potential tariffs or trade restrictions from Trump, which could cause short-term volatility, and a resurgence of US inflation, possibly slowing down or reversing expected Fed rate cuts, creating market disruptions. Do you expect further consolidation in the cement sector, especially after the recent UltraTech deal? Yes, consolidation in the cement sector is likely. With anticipated large-scale infrastructure capex by the government, private investments, FDI in manufacturing, and rising housing demand, the sector is poised for significant growth. Consolidation will naturally align with this opportunity. Where would you put your money if the market corrects further before the Union Budget? If the market experiences corrections, we see attractive opportunities in sectors like large-cap banking, power, housing finance, logistics, and infrastructure EPCs. Additionally, defense and railways, with their significant growth potential, remain compelling. Such a correction would provide an excellent opportunity to invest in these sectors at even more favourable valuations.

2025-01-01 07:46

2025-01-01

07:46

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/a-one-steels-india-plans-to-raise-rs-650-crore-via-ipo-files-drhp-with-sebi-12901401.html

A-One Steels India plans to raise Rs 650 crore via IPO, files DRHP with SEBI

A-One Steels India IPO.Related stories.

Bangalore-based A-One Steels India is planning to raise Rs 650 crore through initial public offering (IPO) for facility expansion and debt reduction. It has filed preliminary papers with the capital markets regulator SEBI. As per the DRHP filed on December 30, the IPO will consist of fresh issuance of shares worth Rs 600 crore, and an offer-for-sale of Rs 50 crore worth shares by promoters who held 85.56 percent shareholding in the company. Public shareholders own 14.14 percent stake. A-One Steels, with six manufacturing facilities Karnataka and Andhra Pradesh, is a backward integrated steel manufacturer in southern India with a diversified portfolio of long and flat steel, and industrial products used in steel manufacturing. As of June 2024, it had a total installed capacity of 14.97 lakh metric tons per annum (MTPA) of steel (intermediate and finished) products. The company competes with listed entities like MSP Steel and Power, Jai Balaji Industries, and Shyam Metallics and Energy. Click Here To ReadAll IPO News The steel manufacturer intends to spend Rs 344.4 crore out of the fresh issue proceeds for expansion of manufacturing facility and Rs 40 crore for group captive power plant. Further, Rs 100 crore will be used for repaying debt out of its total outstanding borrowings of Rs 1,396.2 crore till September 2024. PL Capital Markets, and Khambatta Securities are appointed as the merchant bankers for the issue.

2025-01-01 07:39

2025-01-01

07:39

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/sun-pharma-shares-in-focus-as-company-to-sell-100-stake-in-japanese-arm-12901299.html

Sun Pharma shares in focus as company to sell 100% stake in Japanese arm

Sun Pharmaceutical Industries.Related stories.

Sun Pharmaceutical Industriesshare price will remain in focus on January 1 after the company is going to sell its entire holding in Japanese subsidiary. The company has entered into an agreement with Zaza Industrial Holdings K.K, Japan, under which company has agreed to sell 100 percent shares held in Sun Pharma Japan Technical Operations, a step-down subsidiary of the company (through its subsidiary, Sun Pharma Japan Limited). Consequently, Sun Pharma Japan Technical Operations shall cease to be a subsidiary of the company. The expected date of completion of sale/disposal will be January 31, 2025. Catch all the market action on our live blog Turnover of Sun Pharma Japan Technical Operations is less than 0.5 percent of Sun Pharma’s consolidated turnover for FY 2023-24. The said subsidiary operates a plant in Saitama, Japan, which manufactures products for Sun Pharma Japan. As part of the sale agreement, the plant is contracted to supply products to Sun Pharma until May 2026. The share touched a 52-week high of Rs 1,960.20 and a 52-week low of Rs 1,258.10 on 30 September, 2024 and 02 January, 2024, respectively. Currently, the stock is trading 3.86 percent below its 52-week high and 49.79 percent above its 52-week low.

2025-01-01 07:35

2025-01-01

07:35

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/kalpataru-projects-shares-in-focus-on-orders-win-worth-rs-1011-crore-12901298.html

Kalpataru Projects shares in focus on orders win worth Rs 1011 crore

Kalpataru Projects International.Related stories.

Kalpataru Projects Internationalshare price will remain in focus on January 1 following the company along with its international subsidiaries have secured new orders/notification of awards of Rs 1,011 crore. The company bagged an orders in the transmission & distribution (T&D) business in overseas market, orders in the railway business in India and orders in the buildings & factories (B&F) business in India. “We are pleased with the strong momentum in order inflows, which has significantly strengthened our order book, with YTD inflows now exceeding Rs 17,300 crore. Notably, 85% of these orders, come from our core T&D and B&F businesses," said Manish Mohnot, MD & CEO, Kalpataru Projects International. "The T&D business has grown steadily in the last three quarters, while the B&F business has strengthened its leadership with new and repeat orders. These achievements further bolster our confidence in achieving sustainable and profitable growth, driven by our robust expertise and leadership in the market,” he added. Catch all the market action on our live blog In the month of December, the company raised Rs 1,000 crore via s Qualified Institutions Placement (QIP) and also raised Rs 200 crore by issuing non-convertible debentures (NCDs) in November. The share touched a 52-week high of Rs 1,449.15 and a 52-week low of Rs 696.00 on 06 September, 2024 and 02 January, 2024, respectively. Currently, the stock is trading 10.5 percent below its 52-week high and 86.36 percent above its 52-week low. The company share rose more than 80 percent in last one-year.

2025-01-01 07:34

2025-01-01

07:34

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/here-are-the-top-global-cues-for-today-s-trade-first-tick-5-12901241.html

Here are the top global cues for today’s trade - First Tick

Market Today.Related stories.

Indian benchmark indices Sensex and Nifty 50 are likely to see flat to negative opening on January 1, tracking cues from GIFT Nifty trading around 23,734.50 , a short while ago this morning. Track the latest updates onGIFT Nifty right here on Moneycontrol. India's benchmark indices, Sensex and Nifty, capped 2024 with robust performances, recording annual gains of 8.17% and 8.8%, respectively. This marks the ninth straight year of positive returns, underscoring the sustained momentum in the Indian equity markets. In the last trading session of 2024, the benchmarks witnessed volatile swings in trade to eventually end near the flatline. At close, the Sensex was down 109.12 points or 0.14 percent at 78,139.01, and the Nifty was up 13.25 points or 0.06 percent at 23,658.15. Here is how financial markets across the globe fared overnight: GIFT Nifty (Down) The GIFT Nifty is trading marginally lower, indicating a flat to negative start for the day. Nifty futures were trading at 23,734.50 at 07:00 am IST. Asian Equities Asian indices were shut today. -2.30Change From Previous Close (%)MTD (%)YTD (%)Toipx-3.89-Nikkei-4.21-Hang Seng-3.28-Taiwan-3.47-Kospi--US Equities (Down) Wall Street lost ground on Tuesday as investors closed the book on a remarkable year for equities, during which the U.S. stock market was powered to record highs by the twin engines of the artificial-intelligence boom and the U.S. Federal Reserve's first interest rate cuts in three-and-a-half years. The Dow Jones Industrial Average on Tuesday fell 29.51 points, or 0.07%, to 42,544.22, the S&P 500 lost 25.31 points, or 0.43%, to 5,881.63 and the Nasdaq Composite lost 175.99 points, or 0.90%, to 19,310.79.Change From Previous Close (%)MTD (%)YTD (%)Dow Jones-0.07-5.2712.88S&P500-0.43-2.5023.31Nasdaq-0.900.4828.61US Bond Yield (Flat) The US 10-Year and 2-Year Treasuries were remain unchanged.Current PriceMTDYTDUS 10-Year Treasury4.564.183.87US 2-Year Treasury4.244.174.24Dollar Index (Up) The dollar touched the strongest level since November 2022 during the final session of the year. The New Zealand and Australian dollars were lagging behind peers.Current PriceMTDYTDDollar Index108.33106.44102.20Asian currencies (Mixed) Asian currencies were trading mixed against the US dollar in the early Wednesday trade.Change From Previous Close (%)MTD (%)YTD (%)Indonesian Rupiah0.068-1.40-South Korean Won-0.371-4.89-Japanese Yen--4.83-Philippines Peso-0.0961.12-0.096Thai Baht0.1870.6210.187Taiwan Dollar-0.012-0.491-China Renminbi--0.362-Malaysian Ringgit--0.268-Singapore Dollar--1.52-Crude (Gains) Oil prices edged higher in thin holiday trading, heading for a flat annual performance as the market braces for a global surplus next year.Change From Previous Close (%)MTD (%)YTD (%)US West Texas1.03-0.10Brent Crude0.88--3.12Gold (Up) Gold posted biggest gain in 14 years, with a 27% advance in 2024 fueled by US monetary easing, geopolitical risks, and central bank purchases.Change From Previous Close (%)MTD (%)YTD (%)Gold0.69--Silver-0.17--Fund Flow Action Foreign institutional investors (FIIs) offloaded equities worth Rs 4,645 crore on December 31, while domestic institutional bought equities worth Rs 3,546 crore on the same day.31st DecMTDYTDFII Net Flows-4,645.22-16,982.48-21,627.70DII Net Flows4,546.7334,194.7338,741.46Hope you're all set for today's trade, we wish you a profitable day ahead.

2025-01-01 07:31

2025-01-01

07:31

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/trading-plan-will-nifty-defend-23-600-bank-nifty-hold-50-600-on-closing-basis-12901399.html

Trading Plan: Will Nifty defend 23,600, Bank Nifty hold 50,600 on closing basis?

Nifty Trading Plan.Related stories.

The Nifty 50 recouped significant losses intraday by taking support at 23,450 and closed flat with a positive bias above the upward sloping support trendline on December 31. However, it remained below all key moving averages and continued to trade in a range-bound fashion. Hence, as long as the index holds 23,600–23,500 on a closing basis, resistance is seen at 23,700, followed by the 23,900–24,000 zone. However, if it breaches 23,500, the first target is 23,400 (50-week EMA), followed by 23,263 (November low), experts said. On Tuesday, December 31, the Nifty 50 recovered 185 points from its day's low to end at 23,658, up 13 points. The Bank Nifty declined by 66 points to 50,887. The market breadth was positive, with 1,572 advancing shares compared to 931 declining shares on the NSE. Nifty Outlook and Strategy Dhupesh Dhameja, Derivative Research Analyst at Samco Securities Currently, the Nifty 50 is stuck within the defined range of 23,500 to 24,000, with significant open interest buildup on both Calls and Puts, reinforcing the ongoing standoff between buyers and sellers. At present, the index is holding firm above its crucial support zone of 23,500–23,450, a level bolstered by Put writers and a solid base formation, which is offering buying interest from lower levels. On the upside, the 23,800–24,000 resistance zone remains formidable, driven by heavy Call writing and swing highs, posing a significant challenge for further upside. For any meaningful uptrend to unfold, the index must decisively clear the psychological 24,000 mark, which serves as a critical turning point. Conversely, weakness would emerge if the index decisively breaches its support zone (23,500–23,550), potentially triggering a sharp downside move, fueled by unwinding of buying positions. Until a breakout materializes on either side, a cautious range-trading approach, buying at support and selling at resistance, seems prudent. Key Resistance: 23,800, 24,000, 24,200 Key Support: 23,500, 23,300, 23,000 Strategy: Traders can implement a Bull Put Spread by buying the 23,800 Put strike at Rs 180 and selling the 24,000 Put strike at Rs 319, both for the January 2 weekly expiry. In case of stop-loss, the strategy can be held until expiry, with the maximum loss capped at Rs 4,556. In case of target, hold the strategy till expiry for a maximum profit of Rs 10,444, or consider booking profits once the mark-to-market (MTM) profit crosses Rs 5,000. Ashish Kyal, CMT, Founder / CEO of Waves Strategy Advisors For the past 11 trading sessions, the Nifty has not given a close above the prior candle's high, which is a negative sign. The overall trend continues to be "sell on rise" unless we see a close above the prior day's high. From a short-term perspective, volatility will be very high, given the thin volumes and the extreme loss margin being implied, with FIIs on holiday mode. We can expect wild swings within a broader range. In summary, the overall trend for the Nifty continues to remain on the downside. A breach below 23,530 will resume the downtrend, while on the upside, 23,950 is the crucial resistance to watch out for. Key Resistance: 23,950 Key Support: 23,270 Strategy: Short positions can be created below 23,530, with a stop-loss at 23,600, targeting 23,460, followed by 23,400. Preeti K Chabra, Founder of Trader Delta The Nifty index at 23,644 faced resistance at the crucial 200 DEMA of 23,693 on the last day of 2024. For the past 3 trading sessions, Nifty has been forming a lower high and lower low sequence, trading in a downward channel on the daily chart. Also, looking at the daily sequence of Nifty in the week of December 23, all minor gains were sold in the big bearish candle of December 30. We advise traders to adopt a sell-on-rise stance in Nifty until we see a breakout from the channel. We find support on the weekly chart at the 50 EMA of 23,428, followed by 23,263. Key Resistance: 23,693, 23,872 Key Support: 23,428, 23,263 Strategy: Sell Nifty Futures if the price faces resistance near the 23,693 level. Set a target of 23,428 with a stop-loss at 23,693. Bank Nifty - Outlook and Positioning Dhupesh Dhameja, Derivative Research Analyst at Samco Securities The Nifty Bank index continued to hover within a narrow trading range, displaying minimal price movement and recurring indecisive candlestick patterns, reflecting a lack of clear direction. Currently, the index is trading near a key support zone between 50,500 and 50,450, coinciding with the 200-day exponential moving average (200-DEMA), which has historically served as a solid support level. As long as the index holds above this support, buying interest continues to emerge from lower levels. The index is trading below the critical psychological level of 51,000, which is acting as immediate resistance. A breakout above this level could spark a resurgence in buying momentum, propelling the index higher. Options data further supports this view, with substantial Put writing observed at lower strikes (50,500–50,400) and significant Call writing at higher strikes (51,200–51,500), thereby establishing a defined trading range for the index. For any sustained uptrend to materialize, the index must secure a decisive move above the 51,000-resistance level, marking a crucial turning point. Conversely, a breach below the 50,500–50,450 support zone could accelerate the bearish trend, exacerbated by potential unwinding of buying positions. Until a breakout occurs in either direction, a cautious range-trading strategy is advised, buying at support and selling at resistance. Key Resistance: 51,000, 51,500, 52,000 Key Support: 50,500, 50,000, 49,700 Strategy: Traders may consider a conditional buy on January futures if the index breaks above the 51,450–51,500 range. Set a stop-loss below 51,000 to manage risk, with a target range of 52,100–52,200 for potential upside. Preeti K Chabra, Founder of Trader Delta Bank Nifty had a disappointing start this week, with a false breakout on December 30, which took many traders by surprise. It is currently trading below the crucial resistance of the 150 DEMA of 51,073 and is forming a lower high and lower low sequence on the daily chart. Bank Nifty is trading at a Relative Strength Index (RSI) of 38.07 and is trending downward, suggesting bearishness. We advise traders to adopt a sell-on-rise view in Bank Nifty. We see support for Bank Nifty at the 200 DEMA of 50,475. Key Resistance: 51,073 Key Support: 50,475 Strategy: Sell Bank Nifty Futures if we see rejection in the area of 51,073, targeting 50,475, with a stop-loss of 51,073. Ashish Kyal, CMT, Founder / CEO of Waves Strategy Advisors Bank Nifty is currently approaching channel support near the 50,590 level. A breakdown below this could accelerate further selling pressure. Since December 20, prices have protected the previous day's high, which is a negative sign. In the previous session, prices witnessed a minor pullback from the support level of 50,590 and closed Tuesday's session on a positive note. However, prices still managed to protect the previous day's high, which keeps the overall undertone on the negative side. In summary, the trend for Bank Nifty is negative. For now, a break below 50,590 is needed for the further correction to continue. On the upside, the nearest resistance is at 51,100. A break above it could result in deeper pullbacks. Key Resistance: 51,100 Key Support: 50,000 Strategy: Short positions can be created below 50,590, with targets of 50,230, followed by 50,000, and a stop-loss at 50,950.

2025-01-01 03:31

2025-01-01

03:31

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/trade-spotlight-how-should-you-trade-muthoot-finance-escorts-jubilant-foodworks-sun-pharma-united-breweries-and-others-on-january-1-12901389.html

Trade Spotlight: How should you trade Muthoot Finance, Escorts, Jubilant Foodworks, Sun Pharma, United Breweries, and others on January 1?

Top Buy Ideas.Related stories.

The benchmark indices showed a healthy recovery from the day's low, with the Nifty 50 closing flat with a positive bias on December 31. The market breadth was positive, as a total of 1,572 shares gained against 931 declining shares on the NSE. The market is expected to remain rangebound until it decisively rebounds and sustains above the 200-day SMA. Below are some trading ideas for the near term: Amol Athawale, VP Technical Research at Kotak Securities Balkrishna Industries| CMP: Rs 2,910 Balkrishna Industries has shown a robust rally from the lower levels in recent sessions. Moreover, there is a fresh breakout along with decent volume from the ascending triangle chart formation on the daily scale. As a result, the comfortable close above its breakout zone suggests that upward momentum is likely to persist in the coming sessions. Strategy: Buy Target: Rs 3,110 Stop-Loss: Rs 2,810 United Breweries| CMP: Rs 2,037 On the daily and weekly scale, United Breweries is in a rising channel chart formation with a higher high and higher low series pattern. The stock witnessed a steady recovery from lower levels. Additionally, technical indicators like the ADX (Average Directional Index) and RSI (Relative Strength Index) are indicating further upside potential, which could boost the bullish momentum in the near future. Strategy: Buy Target: Rs 2,180 Stop-Loss: Rs 1,970 Zydus Lifesciences| CMP: Rs 971.7 Zydus Life is in an accumulation zone where it has been trading in a rangebound mode for many sessions. The texture of the chart formation and the RSI indicator suggest that the stock is likely to break out from the rectangle formation, leading to a new leg of upward movement in the near term.Strategy: Buy Target: Rs 1,040 Stop-Loss: Rs 935 Ashish Kyal, CMT, Founder / CEO of Waves Strategy Advisors Sun Pharmaceutical Industries| CMP: Rs 1,886.35 The Pharma sector has outperformed other sectors in the past four consecutive trading sessions, with Sun Pharmaceutical in sync with this performance. The stock has been trading within an upward-sloping channel for over a year. It has not closed below its prior day's low since December 18, keeping the daily tone on the positive side as long as no close occurs below the previous day's low. The Bollinger Bands have recently started expanding, which is a positive sign. In summary, the current trend for Sun Pharmaceutical is positive. A breach above the Rs 1,920 level can lift prices towards Rs 2,000, followed by Rs 2,090, as long as Rs 1,835 holds as support on the downside. Strategy: Buy Target: Rs 2,000, Rs 2,090 Stop-Loss: Rs 1,835 Jubilant Foodworks| CMP: Rs 718.1 Jubilant Foodworks has protected its prior day's low since December 20, which keeps the daily bias in favour of the bulls. The stock has also formed a Cup and Handle pattern. A price close above Rs 712 confirms the breakout of this pattern. The ADX on the daily chart indicates strong momentum, with readings at 30.30 (above 25), supporting the continuation of the bullish trend. A breach above Rs 725 can lift prices toward Rs 750, followed by Rs 780. On the downside, Rs 690 is the nearest support. Strategy: Buy Target: Rs 750, Rs 780 Stop-Loss: Rs 690 Kalyan Jewellers India| CMP: Rs 766.25 Kalyan Jewellers was consolidating near the Ichimoku cloud support. Recently, the stock broke out of the consolidation and saw a bounce on the upside. Volumes have started picking up, which is a positive sign. Prices are now approaching the previous swing high, located near Rs 784. A decisive breakout above Rs 784 is needed for the bullish momentum to continue. In summary, the trend for this stock is bullish. A break above Rs 784 can push the price higher toward Rs 810-820, as long as Rs 745 holds on the downside. Strategy: Buy Target: Rs 784, Rs 820 Stop-Loss: Rs 745 Om Mehra, Technical Analyst at Samco Securities JSW Holdings| CMP: Rs 15,346.5 JSW Holdings is showing promising signs of a breakout as it wraps up 2024 with renewed momentum. The stock surged 5% in the last trading session of the year, supported by strong price action and increasing volumes. After a sharp rally in November, which pushed the stock to Rs 18,000, it entered a consolidation phase with robust support around Rs 14,000. The recent upsurge points to a potential breakout, with the Supertrend indicator continuing to signal an uptrend, further strengthening the bullish outlook. The rising volume further supports the continuation of the upward trend. Immediate support is seen in the Rs 14,500-14,400 zone. Hence, one can initiate a long position at the CMP (current market price). Strategy: Buy Target: Rs 17,200 Stop-Loss: Rs 14,250 Escorts Kubota| CMP: Rs 3,332.55 Escorts Kubota has shown a promising recovery from its recent lows around the Rs 3,150 level, which acted as a strong demand zone, supported by robust volumes. The stock has managed to reclaim the Rs 3,300 mark and was up 2.03% on Tuesday, reflecting renewed buying interest. A higher high-higher low formation in the hourly chart signals the beginning of a potential uptrend. A break above Rs 3,360, backed by sustained volumes, could open the gates for further rally. Hence, one can initiate a long position at the CMP.Strategy: Buy Target: Rs 3,600 Stop-Loss: Rs 3,180 Muthoot Finance| CMP: Rs 2,136.15 Muthoot Finance is exhibiting strong bullish signals, with higher highs and higher lows indicating a sustained upward trend. The stock is trading near its 52-week high, signaling strong upward momentum. Strong volume further supports the bullish trend. The RSI above 65 and the recent bullish engulfing pattern strengthen this outlook. Additionally, the MACD (Moving Average Convergence Divergence) bullish crossover adds further validation to the positive momentum. Hence, one can initiate a long position at the CMP. Strategy: Buy Target: Rs 2,350 Stop-Loss: Rs 2,020

2025-01-01 02:46

2025-01-01

02:46

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/stocks-to-watch-today-kalpataru-projects-itc-sjvn-newgen-software-utkarsh-sfb-tvs-holdings-in-focus-on-1-january-12901387.html

Stocks to Watch Today: Kalpataru Projects, ITC, SJVN, Newgen Software, Utkarsh SFB, TVS Holdings in focus on 1 January

Stocks To Watch Today.Related stories.

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 SJVN The company has signed a Memorandum of Understanding (MoU) with the Bihar government for the development of the 1,000 MW Hathidah Durgawati Pumped Storage Project and other PSPs. Sun Pharmaceutical Industries The pharma major has entered into an agreement with Zaza Industrial Holdings KK, Japan, to sell 100% of its shares in Sun Pharma Japan Technical Operations, a step-down subsidiary (through its subsidiary Sun Pharma Japan), for Japanese yen one only. Consequently, Sun Pharma Japan Technical Operations will cease to be a subsidiary of the company. ITC Following the demerger of the company’s hotels business into ITC Hotels, effective January 1, 2025, the entire shares held by ITC in eight companies—Fortune Park Hotels, Bay Islands Hotels, Landbase India, WelcomHotels (Lanka), Srinivasa Resorts, International Travel House, Gujarat Hotels, and Maharaja Heritage Resorts—will be transferred to ITCHL, effective January 1. Kalpataru Projects International The EPC company has secured new orders worth Rs 1,011 crore, including from the transmission & distribution and railway businesses in India. With this order, the year-to-date (YTD) order inflows now exceed Rs 17,300 crore. Piramal Enterprises The company has invested Rs 1,000 crore in its subsidiary, Piramal Capital & Housing Finance, through a rights issue subscription. Piramal Capital will utilize the amount for business and general corporate purposes. There is no change in the company’s shareholding percentage in Piramal Capital following this investment. Utkarsh Small Finance Bank The bank has sold its portfolio of unsecured stressed microfinance institution (MFI) loans (non-performing assets and written-off accounts), with an outstanding of Rs 354.54 crore, to an Asset Reconstruction Company (ARC) for Rs 52 crore. LT Foods The company has completed the acquisition of a 17.5% stake in Nature Bio-Foods, its organic arm, from India Agri Business Fund II Limited, for Rs 110 crore. Post-acquisition, Nature Bio-Foods has become a wholly-owned subsidiary. Newgen Software Technologies The company has accepted an award letter for a project worth $1.64 million for providing credit automation services and a purchase order worth Rs 20.9 crore for the Newgen Remittance system license cost. Additionally, its subsidiary, Newgen Software Technologies Pte in Singapore, has received a project worth SGD 1.74 million for a knowledge and records management system (KRMS). Another subsidiary, Newgen Software Inc in the US, has executed a scope of work worth $1.8 million with a banking client for digital account opening, retail loans, ECM, and collection upgrades. IndoStar Capital Finance The company has approved the sale of a portion of its commercial vehicle loan book to Assets Care & Reconstruction Enterprise. The sale includes accounts tagged in Stage 3, with dues outstanding aggregating Rs 174 crore. TVS Holdings The company has sold its entire shareholding of 25.54 crore equity shares, representing a 100% stake in its subsidiary TVS Emerald, to VEE ESS Trading (a promoter group company) for Rs 485.85 crore. Hazoor Multi Projects The Board has approved the appointment of Francisca Rosario as Chief Financial Officer and Radheshyam Laxmanrao Mopalwar as Chairman, replacing Pawankumar Nathmal Mallawat. Dineshkumar Laxminarayan Agrawal has resigned as Executive Director, and Akshay Pawan Kumar Jain as Whole-Time Director of the company. Persistent Systems Sunil Sapre retired as Executive Director of the company, effective December 31. Captain Pipes The company has approved fund-raising of Rs 20.6 crore and the issue of 1.25 crore shares on a preferential basis to investors at a price of Rs 16.5 per share. Vishnu Prakash R Punglia The company has received a contract worth Rs 7.3 crore from Hissar Builders for fabricating FOB steel girders at Gamharia, SINI, and Rajkharswan (RKSN) stations in the Chakradharpur division. Kirloskar Industries The Securities and Exchange Board of India (SEBI) has advised Kirloskar Industries to disclose the Deed of Family Settlement (DFS) dated September 11, 2009, entered into among Kirloskar family members in their personal capacity, under SEBI regulations. The question of whether the DFS is binding on Kirloskar companies is pending before the Civil Court since 2018. Despite this, SEBI has opined on matters that are sub-judice. The company maintains that it is not bound by the DFS, nor does it impose any restrictions or liabilities on it. Kirloskar Industries is currently seeking legal counsel to challenge SEBI’s decision. Bulk Deals Easy Trip Planners Promoter Nishant Pitti sold a 14.09% stake in Easy Trip (out of a 14.21% stake) at an average price of Rs 15.68 per share. However, Arunaben Sanjaykumar Bhatiya bought a 0.67% stake at an average price of Rs 15.86 per share. AGS Transact Technologies Neomile Growth Fund - Series I bought a 1.16% stake in AGS Transact at an average price of Rs 65 per share. However, promoter Vineha Enterprises sold a 1.18% stake at the same price. Unimech Aerospace and Manufacturing VQ Fastercap Fund bought a 0.99% stake in Unimech at an average price of Rs 1,387.56 per share. Gujarat Toolroom Bridge India Fund sold a 2.15% stake in the company at an average price of Rs 16.4 per share. Stock Trades Ex-Date for Bonus Surya Roshni

2025-01-01 01:23

2025-01-01

01:23

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/new-year-s-eve-2024-quick-commerce-food-delivery-firms-witness-record-breaking-order-volumes-12901384.html

New Year’s Eve 2024: Quick commerce, food delivery firms witness record breaking order volumes

Quick commerce is projected to account for about $1 billion in sales (8 percent of the total sales) during the season.Related stories.

This New Year’s Eve 2024 ushered in record breaking demand for quick commerce firms, food delivery platforms, and other consumer internet companies. Executives from companies, including Blinkit, Swiggy Instamart, Zepto, took to X (formerly Twitter) to share notable consumer trends and record-breaking order volumes. “We have already crossed the total number of orders we did on NYE 2023. Happened around 5 PM today!” Albinder Dhindsa, CEO, Blinkit, said in a post on X on 31 December. According to Dhindsa, the company recorded its highest ever orders in a day, highest orders per minute (OPM) and per hour (OPH), as well as highest total tips given to delivery partners in a day. To accommodate the anticipated large (electronics/party) orders, Blinkit launched its all-electric large order fleet. Currently live in Delhi and Gurugram, the new fleet will be rolled our in other cities as well. Blinkit’s biggest order on NYE was worth Rs 64,988 in Kolkata. Similarly, rival Instamart, too, reported record order volumes,surpassing last year's salesand previous peaks of Mother’s Day and Diwali, said Swiggy Instamart CEO Amitesh Jha. “Categories such as snacks, party essentials, and gifting are seeing the most notable growth. In 2024, Swiggy Instamart expanded to over 42 cities, serving 68 cities currently, ensuring that no celebration—big or small—is ever out of reach," he added. The company, which operates 24x7, waived off its late-night fees for the day to keep the party going. Bhubaneswar and Mangaluru emerged as Instamart’s busiest new cities on the occasion, with top orders from these regions being chocolates, chips, and soft drinks, revealed Phani Kishan, co-founder and Chief Growth Officer, Swiggy. In fact, a user in Bhubaneswar bought protein bars Rs 12,000. Cities like Ludhiana, Rajkot, Pondicherry, and Kanpur also saw their surge on Instamart by 2-3x, compared to an average day. The story was not very different for Blinkit, who also saw most of its demand come for products like chips, soft drinks, chocolates, and condoms. Dhindsa said that Blinkit delivered as over 2.34 lakh packets of aloo bhujia, over 45,000 cans of tonic water, more than 6,000 packets of ice cubes, over 1,000 lipsticks and 762 lighters by 8 PM. Surprisingly, an obscure favourite of customers turned out to be grapes. Dhindsa claimed that Blinkit sold seven-times the grapes it does than on a regular day. Meanwhile, Instamart shared that, for the first time ever on NYE, the firm completely sold out its stock of grapes. Meanwhile, Zepto CEO Aadit Palicha took to LinkedIn to share that the company’s sales were up 200 percent compared to the previous NYE. Zepto was selling as many as 3,345 ice cube packets per hour, up 2.62x from last year. Palicha predicted that, in 2025, quick commerce will start hitting a scale where “it will become comparable to e-commerce.” He emphasized that the customer value proposition will level up next year, as unit economics of quick commerce and initiatives to build operating leverage change. Likewise, Tata-owned grocery delivery platform BigBasket witnessed a 1290 percent increase in ice cube sales, 278 percent rise in mocktails – with a 552 percent surge in non-alcoholic beverages. In addition, the platform saw a 325 percent increase in sales of disposable cups and plates. Also selling in significant numbers were cards and party games, which were up 300 percent, revealed Bigbasket CEO Hari Menon shared in a post on X. To capitalize on the growing demand, the Tata-owned firm is planning toroll out its own quick food delivery servicein 2025. The firm will also start medicine deliveries via Tata 1mg next year. Other cloud kitchen players, who typically sell on Swiggy, Zomato and other platforms, said their individual businesses were on a high too. Food and beverage brand Curefoods, for instance, hit record sales, surpassing last year’s orders by 10 PM. Ankit Nagori, founder and CEO, Curefoods, in a post of X said that the company saw the bulk of its orders coming from Bangalore, Chennai, and Mumbai. “Biggest order till now is a 32 pizza order. I am guessing a startup in Bangalore is celebrating NYE,” he claimed. Margherita pizzas, chocolate truffle cakes, and egg biryanis were the platform’s the most frequently ordered dishes. Curefoods, on Tuesday, also announced that it had entered into an agreement with the Landmark Group to acquire operations of Krispy Kreme, the popular doughnut brand, in the South and West of India.

2025-01-01 00:13

2025-01-01

00:13

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/maize-milling-company-regaal-resources-files-ipo-papers-with-fresh-issue-of-rs-190-crore-12901340.html

Maize milling company Regaal Resources files IPO papers with fresh issue of Rs 190 crore

Regaal Resources IPO.Related stories.

Kolkata-headquartered maize milling company Regaal Resources filed draft papers with the capital markets regulator SEBI on December 31 to raise funds through an initial public offering (IPO) primarily for debt reduction. The IPO will consist of a fresh issuance of equity shares worth Rs 190 crore and an offer-for-sale (OFS) of 90 lakh shares by the promoters. The Kishorepuria family-owned company may consider a pre-IPO placement of up to Rs 38 crore before the IPO launch. If this pre-IPO placement is completed, the amount raised will be deducted from the fresh issue. Regaal Resources, with its manufacturing facility located in Kishanganj, Bihar, is one of India’s largest producers of maize-based specialty products, boasting an installed crushing capacity of 750 tonnes per day (TPD). The company offers a range of products, including native maize starch, modified starch (a plant-based natural starch), gluten, germ, enriched fiber, food-grade starches (such as maize flour, icing sugar, custard powder, and baking powder). These products cater to various industries, including food processing, paper, animal feed, and adhesives. Click Here To ReadAll IPO News Prominent customers of Regaal Resources include Emami Paper Mills, Manioca Food Products, Century Pulp & Paper, Kush Proteins, Shri Guru Oil Industries, Mayank Cattle Food, Aarnav Sales Corporation, AMV Sales Corporation, Eco Tech Papers, Genus Paper, Krishna Tissues, and Maruti Papers. The company competes with listed entities such as Sanstar, Gujarat Ambuja Exports, Gulshan Polyols, and Sukhjit Starch and Chemicals. Also read:Sunil Singhania's Abakkus-backed Caliber Mining and Logistics plans to raise Rs 600 crore via IPO, files draft papers with SEBI It plans to utilize Rs 147 crore from the fresh issue proceeds primarily to repay its outstanding borrowings, which stood at Rs 439.5 crore as of October 2024. The remaining funds will be allocated for general corporate purposes. The public issue will be managed by Pantomath Capital Advisors and Sumedha Fiscal Services.

2024-12-31 23:15

2024-12-31

23:15

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/trade-setup-for-january-1-top-15-things-to-know-before-the-opening-bell-12901358.html

Trade setup for January 1: Top 15 things to know before the opening bell

Nifty Trade Setup.Related stories.

The Nifty 50 showed a smart recovery after breaking its November low intraday, finishing the final session of the current calendar year moderately higher on December 31. The index defended the upward-sloping support trendline on a closing basis for another session, raising hopes of an upward trend. However, the overall sentiment remains bearish. Experts suggest the index is likely to trade in the range of 23,400–24,000 in the upcoming sessions of the new year. A rally towards 23,900 is possible if the index defends the 23,500 level on a closing basis. Conversely, a decisive close below 23,500 could drive the index down towards 23,300, which marks the November low. Here are 15 data points we have collated to help you spot profitable trades: 1)Key Levels For TheNifty 50(23,658) Resistance based on pivot points: 23,666, 23,740, and 23,828 Support based on pivot points: 23,511, 23,457, and 23,369 Special Formation: The Nifty 50 formed a bullish candlestick pattern on the daily charts, with minor upper and sizeable lower shadows. This indicates a counterattack by bulls following an attempted false downside breakout from the range. Despite this recovery, the index remains below all key moving averages. Furthermore, momentum indicators such as RSI, MACD, and KST continue to show a negative bias, signaling underlying weakness. 2)Key Levels For TheBank Nifty(50,887) Resistance based on pivot points: 50,892, 51,016, and 51,148 Support based on pivot points: 50,670, 50,588, and 50,456 Resistance based on Fibonacci retracement: 51,578, 52,128 Support based on Fibonacci retracement: 50,664, 49,787 Special Formation: The Bank Nifty also formed a bullish candlestick pattern on the daily timeframe after a strong recovery from the day’s low. It found support at the 200-day SMA and the low of December 20, raising the possibility of an upward rally. However, the overall sentiment remains bearish. The index is trading below the 10, 20, 50, and 100-day EMAs and within the lower band of Bollinger Bands. Momentum indicators remain in negative territory, adding to the cautious outlook. 3)Nifty Call Options Data According to the weekly options data, the maximum Call open interest was seen at the 24,500 strike (with 1.39 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 24,300 strike (97.9 lakh contracts), and the 24,000 strike (96.15 lakh contracts). Maximum Call writing was observed at the 24,500 strike, which saw an addition of 43.07 lakh contracts, followed by the 24,300 and 23,700 strikes, which added 36.09 lakh and 24.09 lakh contracts, respectively, while the maximum Call unwinding was seen at the 24,450 strike, which shed 4.69 lakh contracts, followed by the 24,400 and 24,450 strikes, which shed 3.7 lakh and 2.76 lakh contracts, respectively. 4)Nifty Put Options Data On the Put side, the 23,000 strike holds the maximum open interest (with 79.01 lakh contracts), which can act as a key support level for the Nifty. It was followed by the 23,500 strike (62.9 lakh contracts), and the 23,200 strike (50.18 lakh contracts). The maximum Put writing was placed at the 23,600 strike, which saw an addition of 19.27 lakh contracts, followed by the 22,800, and 23,500 strikes, with 18.05 lakh, and 16.03 lakh contracts added, respectively, while the maximum Put unwinding was seen at the 23,200 strike, which shed 11.31 lakh contracts, followed by the 23,800 and 24,000 strikes, which shed 9.42 lakh and 3.95 lakh contracts, respectively. 5)Bank Nifty Call Options Data According to the monthly options data, the maximum Call open interest was seen at the 52,000 strike, with 13.82 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 (13.55 lakh contracts) and the 51,500 strike (8.33 lakh contracts). Maximum Call writing was visible at the 51,000 strike (with the addition of 2.52 lakh contracts), followed by the 53,000 strike (1.64 lakh contracts) and the 50,800 strike (84,360 contracts), while the maximum Call unwinding was seen at the 51,800 strike, which shed 19,455 contracts, followed by the 53,200 and 51,600 strikes, which shed 17,535 and 14,130 contracts, respectively. 6)Bank Nifty Put Options Data On the Put side, the 51,000 strike holds the maximum open interest (with 10.89 lakh contracts), which can act as a key level for the index. This was followed by the 51,500 strike (8.71 lakh contracts) and the 50,000 strike (8.13 lakh contracts). The maximum Put writing was observed at the 51,000 strike (which added 2.26 lakh contracts), followed by the 50,800 strike (1.14 lakh contracts) and the 50,000 strike (85,605 contracts), while the maximum Put unwinding was seen at the 52,500 strike, which shed 30,450 contracts, followed by the 51,500 and 51,400 strikes, which shed 15,045 and 14,985 contracts, respectively. 7)Funds Flow (Rs crore) 8)Put-Call Ratio The Nifty Put-Call ratio (PCR), which indicates the mood of the market, rose to 0.99 on December 31, from 0.88 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 measure of market volatility, climbed above 14, closing 3.4 percent higher at 14.45. This signals caution for bulls. If the VIX sustains above this level, bulls should remain vigilant moving forward. 10)Long Build-up (69 Stocks) A long build-up was seen in 69 stocks. An increase in open interest (OI) and price indicates a build-up of long positions. 11)Long Unwinding (29 Stocks) 29 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding. 12)Short Build-up (70 Stocks) 70 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions. 13)Short-Covering (59 Stocks) 59 stocks saw short-covering, meaning a decrease in OI, along with a price increase. 14)High Delivery Trades Here are the stocks that saw a high share of delivery trades. A high share of delivery reflects investing (as opposed to trading) interest in a stock. 15)Stocks Under F&O Ban Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit. Stocks added to F&O ban: Nil Stocks retained in F&O ban: Nil Stocks removed from F&O ban: Nil Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

2024-12-31 22:58

2024-12-31

22:58

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sebi-fines-motilal-oswal-financial-services-rs-5-lakh-for-violating-stock-broker-regulations-12901346.html

SEBI fines Motilal Oswal Financial Services Rs 5 lakh for violating Stock Broker Regulations

The violations included the broker's authorised person (AP) terminal details being mapped with another stock broker.Related stories.

The market regulator has fined Motilal Oswal Financial Services (MOFSL) Rs 5 lakh for violating various provisions under the Stock Brokers Regulations and the regulator's directives. In an order issued on December 31, the Securities and Exchange Board of India's (SEBI's) Adjudicating Officer Amar Navlani wrote, "In the instant case, I note that the material available on record does not quantify any disproportionate gain or unfair advantage or the amount of loss caused to an investor or group of investors as a result of the violations committed by the Noticee". Also read:Three states account for a third of country's investor base; 12 other interesting facts from NSE's 2024 recap "Further, as regards repetitive nature of default, I note from SEBI website that Adjudication Orders dated April 29, 2022 and February 28, 2020 were passed in respect of Noticee imposing monetary penalty. Further in this regard, I also note from material available on record that in the instant matter SEBI has inter alia observed repetitive nature in respect of violation relating to mismatch of email ids. In this regard, I note that Noticee being a SEBI registered intermediary had failed to comply with the extant applicable provisions of the Stock Brokers Regulation and SEBI Circulars, importance of which cannot be undermined, as brought out and dealt with in the foregoing and which SEBI is duty bound to enforce compliance of. Such non-compliance accordingly needs to be dealt with suitable penalty." The violations included the broker's authorised person (AP) terminal details being mapped with another stock broker, the broker's AP's email ID and mobile number being uploaded as that of client's and uploading the contact details of clients (email ID and mobile number) wrongly onto the exchange.

2024-12-31 22:36

2024-12-31

22:36

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/sunil-singhania-s-abakkus-backed-caliber-mining-and-logistics-plans-to-raise-rs-600-crore-via-ipo-files-draft-papers-with-sebi-12901329.html

Sunil Singhania's Abakkus-backed Caliber Mining and Logistics plans to raise Rs 600 crore via IPO, files draft papers with SEBI

Caliber Mining and Logistics plans to raise Rs 600 crore via IPO.Related stories.

Maharashtra-based Caliber Mining and Logistics, which is backed by Sunil Singhania's Abakkus Asset Managers, plans to tap capital market for Rs 600 crore fund raising as it has filed preliminary papers with SEBI for initial public offering (IPO). The IPO comprises of fresh issuance of shares worth Rs 500 crore, and an offer-for-sale of Rs 100 crore worth shares by promoters, as per the draft papers filed on December 30. Further, it may consider raising Rs 100 crore in the pre-IPO round. If it manages to complete the said pre-IPO placement, the fresh issue size will get reduced to the extent of such amount. Promoters, the Chadda family, own 94.91 percent shareholding in the Caliber Mining, and the remaining 5.09 percent stake is held by public shareholders including 3.89 percent stake of Abakkus Four2eight Opportunities Fund, the category II Alternative Investment Fund. The coal mining and logistics provider that competes with listed peers like Power Mech Projects, NCC, Sindhu Trade Links, and Dilip Buildcon has raised Rs 62 crore via private placement of 25,83,333 equity shares at a price of Rs 240 per share in September-October this year. Out of which Rs 50 crore were provided by Abakkus for 20,83,333 equity shares. Click Here To Read AllIPO News Caliber Mining and Logistics offers coal extraction, overburden removal, coal loading and unloading, road transportation and coordination of rail transportation services, with mining and overburden removal operations located in Maharashtra, Chhattisgarh and Madhya Pradesh. Its largest customers are mine owing subsidiaries of state-owned Coal India - Western Coalfields, and Northern Coalfields. In the contractual mining market, in terms of value, it had a market share of less than 1 percent in the fiscal 2020, which increased to 3.5 percent in the fiscal 2024. Also read:Neelkanth Realtors plans to tap capital market for funding Neelkanth Plaza project, files IPO papers The company is planning to use Rs 175 crore out of fresh issue proceeds for repaying debt (against the total outstanding borrowings of Rs 767.65 crore till October 2024); Rs 200 crore for purchase of machinery; and the remainder funds for general corporate purposes. It has a fleet size of 1,473 (including 100 leased trucks, equipment and machines) vehicles, comprising of 600 tippers, 46 loaders, 96 excavator, 447 tip trailers. Coal mining services contributed 69.4 percent to its revenue in the fiscal 2024, and logistics segment accounted for 27.87 percent to topline. Profit in the year ended March 2024 grew by 2 percent to Rs 95.1 crore compared to Rs 93.2 crore in the previous fiscal despite strong topline, impacted partly by sharp increase in power & fuel, employees and other expenses. Revenue during the fiscal 2024 at Rs 953 crore increased by 45.5 percent compared to Rs 655 crore in the fiscal 2023. Also read:Contract research firm Anthem Biosciences files for Rs 3,395 crore IPO Caliber Mining has an order book of Rs 5,084.7 crore (including advance work orders) as of October 2024, of which 96.60 percent comprised coal mining services and overburden removal services, and the remaining 3.40 percent comprised logistics services contracts and work orders. DAM Capital Advisors is the sole book running lead manager handling the public issue.

2024-12-31 21:15

2024-12-31

21:15

moneycontrol.com

https://www.moneycontrol.com/technology/crossbeats-launches-blaze-b50-soundbar-with-50w-audio-and-4000mah-battery-article-12901093.html

Crossbeats launches Blaze B50 Soundbar with 50W Audio and 4000mAh Battery

Crossbeats has launched its latest audio product, the Blaze B50 soundbar, in India on December 27, 2024. Priced at ₹2,999, the soundbar is designed to enhance audio experiences with immersive sound technology and long-lasting playtime. The Blaze B50 features 50W audio output, delivering surround sound with deep bass and precision clarity. Powered by a 4000mAh battery, it offers over 10 hours of continuous playback, ensuring uninterrupted music or movie sessions. The soundbar also incorporates 52mm titanium drivers to enhance audio quality further. Key functionalities include FM radio for tuning into favourite channels and multiport connectivity options for easy device pairing. The soundbar is also equipped with True Wireless Stereo (TWS) pairing, allowing users to connect multiple devices simultaneously. A built-in microphone enables hands-free calling, expanding its utility beyond entertainment purposes. The Blaze B50 is coated with a scratch-resistant finish to protect it from wear and tear, ensuring durability. Commenting on the launch, Archit Agarwal, Co-founder of Crossbeats, said that the Blaze B50 was introduced to cater to the growing popularity of soundbars in households. He added that the product is aimed at providing an enhanced listening experience while incorporating advanced technology. The Blaze B50 Soundbar is available for purchase on Crossbeats’ official website and Amazon India.

2024-12-31 21:12

2024-12-31

21:12

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/new-year-s-eve-2024-quick-commerce-food-delivery-firms-end-the-year-with-record-orders-12901333.html

New Year’s Eve 2024: Quick commerce, food delivery firms end the year with record orders

Quick commerce players report record NYE sales.Related stories.

The year came to close on a high note for quick commerce and food delivery platforms, as they clocked their highest-ever orders on New Year’s Eve (NYE). Executives from companies like Blinkit, Swiggy Instamart, and Zepto, took to X (formerly Twitter) to share notable consumer trends and record order volumes. “We have already crossed the total number of orders we did on NYE 2023. Happened around 5 PM today!” Albinder Dhindsa, CEO, Blinkit, said in a post on X on 31 December. To accommodate the anticipated large (electronics/party) orders, Blinkit launched its all-electric large order fleet. Currently live in Delhi and Gurugram, the new fleet will be rolled out in other cities as well. Similarly, rival Instamart, too, reportedrecord order volumes, surpassing the last year's sales and previous peaks of Mother’s Day and Diwali, said Swiggy Instamart CEO Amitesh Jha. “Categories such as snacks, party essentials, and gifting are seeing the most notable growth. In 2024, Swiggy Instamart expanded to over 42 cities, serving 68 cities currently, ensuring that no celebration—big or small—is ever out of reach," he added. Bhubaneswar and Mangaluru emerged as Instamart’s busiest new cities on the occasion, with top orders from these regions being chocolates, chips, and soft drinks, revealed Phani Kishan, co-founder and Chief Growth Officer, Swiggy. In fact, a user in Bhubaneswar bought protein bars worth Rs 12,000. Cities like Ludhiana, Rajkot, Pondicherry, and Kanpur also saw their surge on Instamart by 2-3x, compared to an average day. The story was not very different for Blinkit, who also saw most of its demand come for products like chips, soft drinks, chocolates, and condoms. Dhindsa said that Blinkit delivered as over 2.34 lakh packets of aloo bhujia, over 45,000 cans of tonic water, more than 6,000 packets of ice cubes, over 1,000 lipsticks and 762 lighters by 8 PM. Surprisingly, an obscure favourite of customers turned out to be grapes. Dhindsa claimed that Blinkit sold seven-times the grapes it does than on a regular day. Meanwhile, Instamart shared that, for the first time ever on NYE, the firm completely sold out its stock of grapes. Meanwhile, Zepto CEO Aadit Palicha shared that the company was selling as many as 3,345 ice cube packets per hour, up 2.62x compared to the previous year. Other cloud kitchen players, who typically sell on Swiggy, Zomato and other platforms, said their individual businesses were on a high too. Food and beverage brand Curefoods, for instance, saw the bulk of its orders coming from Bangalore, Chennai, and Mumbai. “Biggest order till now is a 32 pizza order. I am guessing a startup in Bangalore is celebrating NYE,” Ankit Nagori, founder and CEO, Curefoods, said on X. Margherita pizzas, chocolate truffle cakes, and egg biryanis were the platform’s the most frequently ordered dishes. Curefoods, on Tuesday, also announced that it had entered into an agreement with the Landmark Group toacquire operations of Krispy Kreme, the popular doughnut brand, in the South and West of India. Meanwhile, Tata-owned grocery delivery platform BigBasket, to capitalize on the growing demand, is planning to roll out its own quick food delivery service in 2025. The firm will also startmedicine deliveries via Tata 1mg next year, said CEO and co-founder Hari Menon said in a post on X.

2024-12-31 21:02

2024-12-31

21:02

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/bulk-deals-pine-oak-global-fund-buys-4-lakh-shares-of-mos-utility-12901327.html

Bulk deals: Pine Oak Global Fund buys 4 lakh shares of MOS Utility

Representational image.Related stories.

Neomile Growth Fund - Series I bought 14.73 lakh shares (1.16 percent) of AGS Transact Technologies Ltd at Rs 65 per share via a bulk deal on December 31. Vineha Enterprises Private Limited was the seller. The stock closed at Rs 64.85, around 1.73 percent higher. These were the other major bulk deals of the day. Easy Trip Planners LtdArunaben Sanjaykumar Bhatiya purchased 2.4 crore shares (0.68 percent) of Easy Trip Planners Ltd at Rs 15.86 per share. Promoter Nishant Pitti sold 4.99 crore shares (1.41 percent) at Rs 15.68 per share. The stock closed nearly 7 percent lower at Rs 15.85. Mos Utility LimitedPine Oak Global Fund bought 4 lakh shares (1.60 percent) of Mos Utility Limited at Rs 270 per share. The stock closed at Rs 275, around 0.82 percent higher. Unimech Aerospace and Manufacturing LtdVQ Fastercap Fund purchased 5.04 lakh shares of Unimech Aerospace and Manufacturing Ltd at Rs 1,387.56 per share. The stock was listed on both bourses at a premium of 86 percent before closing on the NSE at Rs 1,376.25, around 75 percent above its issue price. On the BSE, the stock closed at Rs 1,373.20. Gujarat Toolroom LtdBridge India Fund sold 50 lakh shares (4.29 percent) of Gujarat Toolroom Ltd at Rs 16.4 per share. The stock closed 4.99 percent higher at Rs 16.4.

2024-12-31 20:56

2024-12-31

20:56

moneycontrol.com

https://www.moneycontrol.com/news/india/bjp-deploys-its-hate-mongers-to-kc-venugopal-on-nitish-rane-s-kerala-mini-pakistan-remark-12901326.html

'BJP deploys its hate mongers to...': KC Venugopal on Nitish Rane's 'Kerala mini Pakistan' remark

Congress general secretary KC Venugopal. (File photo/ANI).

As a huge political row erupted, Congress general secretary KC Venugopal on Tuesday slammed Nitish Rane for his "Kerala is mini Pakistan" remark and also condemned the BJP for using offensive language to target Kerala. Taking to X, Venugopal said, "From time to time, the BJP deploys its hate mongers to spew venom against Kerala. Using terms like ‘Mini Pakistan’ shows they have deep-rooted animosity for the people of Kerala." "To use abusive language for the land of Sree Narayana Guru, Chattambi Swamikal and Mahatma Ayyankali, who advocated for egalitarianism, inclusivity and social justice, shows the BJP’s disregard for its own fellow citizens," he added. Also Read:'Deeply malicious': Pinarayi Vijayan denounces BJP leader Nitish Rane's 'Kerala mini Pakistan' remark Venugopal accused the BJP of disregarding the values promoted by these leaders in the post. "If PM Modi has any shame about Mr. Rane’s statements, he should sack him immediately. The people of Kerala have rejected, and will never accept the BJP for this very reason - they do not understand the beauty of its harmonious living," the Congress leader stated. Nitish Rane, son of former Maharashtra Chief Minister Narayan Rane, recently targeted Rahul Gandhi and Priyanka Gandhi Vadra and said the siblings were elected from Kerala's Wayanad because the state is "mini Pakistan". "Kerala is mini Pakistan that is why Rahul Gandhi and his sister are elected from there. All terrorists vote for them. This is the truth, you can ask. They have become MPs after taking terrorists with them," Rane had said. Later, after facing widespread criticism, Nitish Rane issued a clarification stating he was drawing a comparison between the situation in Kerala and Pakistan. "The way Hindus are treated in Pakistan... if such situations happen in our very own country, we must take action against that. That is what I was trying to say in my speech," he explained. He also alleged issues of religious conversion and "love jihad" in Kerala. (With inputs from ANI)

2024-12-31 20:40

2024-12-31

20:40

moneycontrol.com

https://www.moneycontrol.com/news/business/2024-india-s-fuel-consumption-jumps-backed-by-higher-petrol-demand-in-the-year-12901313.html

India's fuel consumption surges in 2024, driven by higher petrol demand

India’s petrol consumption rose by almost 8 percent in the year till November from the previous year, while diesel witnessed a growth of 2.4 percent in the same period..Related stories.

India’s fuel demand saw an uptick in 2024 as the country’s energy consumption continues to grow amid the aim of becoming a ‘Viksit Bharat’ by 2047. According to the oil ministry data, India’s petrol consumption rose by almost 8 percent in the year till November from the previous year, while diesel—the most consumed petroleum product in the country—witnessed a growth of 2.4 percent in the same period. The increased fuel consumption of the country could be attributed to the rise in industrial activity and economic growth. In 2024, India’s diesel consumption reached 83,087 tonnes by November, according to official data, while petrol consumption stood at 36,137 tonnes during the same period. Domestic demand of other petroleum products such as aviation turbine fuel (ATF) and liquefied petroleum gas (LPG) also saw significant growth in the year. Fuel demand in 2024 Petrol & Diesel Rates Today Tuesday, 31st December, 2024 PetrolRate in Mumbai Today Tuesday, 31st December, 2024 DieselRate in Mumbai Today The growth momentum in demand of diesel—mainly used by trucks, commercially run passenger vehicles and farm machinery—was relatively steady in the year majorly due to prolonged monsoons in the year and a change in consumption pattern. Amid expanding middle class and rising consumer spending, India’s petrol demand is picking up over diesel. Amid rising demand, India’s oil companies including Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) have plans to set up new refineries while increasing capacity of existing refineries. Demand outlook Despite growing focus on alternative fuels, India’s reliance on oil for meeting its energy demand is expected to remain strong in the coming years. The government has stated that it expects India to become the largest contributor to the rise in global oil demand by 2030, as growth in developed economies and China is projected to initially slow and eventually decline. According to the government’s Indian Oil Market Outlook to 2030 report, massive industrial expansion would translate into robust diesel demand, accounting for almost half of the rise in the nation’s demand and more than one-sixth of total global oil demand growth through to 2030. India’s petroleum product demand is projected to grow by nearly 2 million barrels per day (bpd) by 2035, an analysis by S&P Global Commodity Insights has said.

2024-12-31 20:19

2024-12-31

20:19

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/indo-farm-equipment-ipo-fully-booked-on-day-1-records-17-71x-subscription-with-demand-across-categories-of-investors-12901312.html

Indo Farm Equipment IPO fully booked on day 1, records 17.71x subscription with demand across categories of investors

Indo Farm Equipment IPO.Related stories.

The initial public offering of Indo Farm Equipment, the tractors and pick & carry crane manufacturer, has received overwhelming response from across categories of investors, closing the first day with a massive 17.71 times subscription on December 31. The public bidding for the issue will remain open till January 2. Thecompanywill finalise the share allotment by January 3, and the trading in Indo Farm shares will commence on the bourses effective January 7. Investors have applied for 15 crore equity shares on Tuesday, against the offer size of 84.70 lakh shares, the subscription data on the exchanges showed. Non-institutional investors led the subscription demand, buying 28.57 times their allotted quota, followed by retail investors who were at the second spot with subscribed at 18.55 times their reserved portion. Qualified institutional buyers were also showed strong interest in the issue on day 1, subscribing 8.10 times the part set aside for them. Click Here To ReadAll IPO News Indo Farm Equipment IPO shares were available at around 40 percent premium over the upper price band in the grey market (an unofficial market for trading in IPO shares till the listing), the market observers said. Incorporated in 1994,Indo Farm Equipmenttargets to raise Rs 260.15 crore through maiden public issue which comprises of fresh issue of 86 lakh shares worth Rs 184.9 crore, and an offer-for-sale of 35 lakh shares worth Rs 75.25 crore at the upper end of price band of Rs 204-215 per share. Promoter Ranbir Singh Khadwalia is the selling shareholder in the offer-for-sale. TheChandigarh-based companythat also deals in other farm equipment (harvester combines, rotavators and other related spares & components) has already raised Rs 78.05 crore via anchor book on December 30. It will utilise fresh issue proceeds for the expansion of pick & carry cranes manufacturing capacity, repaying debt, and general corporate purposes. Further, it will also invest some amount (from fresh issue funds) in NBFC subsidiary Barota Finance for financing the augmentation of its capital base to meet future capital requirements.

2024-12-31 20:10

2024-12-31

20:10

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/three-states-account-for-a-third-of-country-s-investor-base-12-other-interesting-facts-from-nse-s-2024-recap-12901316.html

Three states account for a third of country's investor base; 12 other interesting facts from NSE's 2024 recap

Record 2,044 crore (20.44 billion) orders were placed in a single day on July 23, 2024..Related stories.

Maharashtra, Uttar Pradesh, and Gujarat account for one-third of the investor base, as of December 26, according to National Stock Exchange's (NSE's) report of highlights of the past year. Uttar Pradesh saw the most number of new investor registrations this year, which grew at 36.2 percent year on year (YoY). And, among large states beyond the top 10 states, Bihar saw the highest growth in new investor registrations with 40.5% YoY growth. Here are 12 interesting facts from the highlights. 1.Median investor age dropped to 35.8 years (as of November 2024) from 41.1 years four years back. 2.Investor registrations now cover 99.84 percent of pin codes; barring 30 pin codes (airports/inhabitable areas) 3.NSE enabled Rs 17.9 lakh crore in total fund mobilisation in CY24 (as of Decevember 30, 2024). 4. As of November 2024, nearly a quarter (~23%) of global new listings occurred on NSE in 2024. 5. Hyundai Motor India Limited’s Rs 27,859 crore IPO in October 2024 was India’s largest ever and the world’s second largest in 2024. 6. India’s largest FPO was Rs 18,000 crore raised by Vodafone Idea Limited (April 2024) 7. NSE EMERGE saw a record 178 SME listings in CY24 (highest-ever since inception), raising Rs 7,348 crore; NSE EMERGE marked its 500th listing on July 22,2024. 8. Average funds per SME IPO raised in 2024 was Rs 41 crore; highest amount an SME IPO raised was Rs 198 crore by Danish Power and the lowest was Rs 6 crore raised by Hoac Foods India. 9. In 2024, nine projects on the Social Stock Exchange (SSE) platform raised over Rs 20.50 crore, with 10 projects raising over Rs 22 crore overall; The highest amount raised by an NPO was Rs 10 crore by Swades Foundation's project. 10. Record 2,044 crore (20.44 billion) orders were placed in a single day on July 23, 2024. 11. NSE’s global market share rose to 82 percent in equity derivatives in terms of contracts traded from 74 percent  in 2023. 12. Retail investors (direct + indirect via mutual funds) held 17.6 percent of NSE-listed market capitalisation as of September 2024, versus 10.9 percent ten years ago in March 2014. Direct holding of individuals stood at 9.6 percent as of September 2024 versus 8 percent as of March 2014, and indirect holding via mutual funds at 8 percent versus 2.9 percent as of March 2014.

2024-12-31 19:54

2024-12-31

19:54

moneycontrol.com

https://www.moneycontrol.com/news/business/personal-finance/looking-ahead-2025-gold-may-continue-to-shine-but-focus-on-asset-allocation-not-past-returns-say-experts-12901283.html

Looking ahead to 2025: Gold may continue to shine, but focus on asset allocation, not past returns, say experts

Investing in gold in 2025: Focus on your asset allocation instead of chasing returns.Related stories.

It was a golden year for the yellow metal. International gold prices appreciated by close to 27 percent in 2024, adding glitter to investors’ portfolios. AMoneycontrol analysisshowed that gold's performance is next only to that of equities in India. The rise in gold prices was triggered by a gamut of factors includinggeo-political tensions in the Middle-eastand interest rate cuts by several central banks across the world. “The significant appreciation allowed gold to outperform US equities by about 2.6 percent, hitting multiple highs culminating in a final all-time high price of $2,790 per troy ounce. Several factors contributed to this bullish trend, including heightened geopolitical tensions, interest rate cuts, election outcomes leading to anticipated macro changes, and continuing trend of diversification of reserves and investments into gold,” says Chirag Mehta, Chief Investment Officer, Quantum Mutual Fund. Year-round shine in 2024 This year gold lived up to its reputation of being a hedge against inflation and a safe haven asset in times of turbulence. “The Middle East, in particular, has become a focal point for rising tensions, particularly with the ongoing conflict between Israel and Hamas and broader instability in the region. These geopolitical crises have led to a heightened demand for gold and silver, as both metals are considered safe-haven assets in times of uncertainty,” says Navneet Damani, Head, Research, Commodities and Currency, Motilal Oswal Financial Services. Collective demand for gold from central banks contributed to the increase in prices. Also read:As equities turn volatile, gold posts its biggest gain in 45 years “The uptrend was significantly influenced by the Federal Reserve's announcement of multiple rate cuts aimed at controlling rising inflation, which catalysed a bullish run for gold that began shortly after the first such announcement in September 2024,” adds Mehta. By the end of 2024, the US Fed had effected a total rate cut of one percentage point. Buoyancy to persist in 2025? While analysts and financial advisors expect gold’s shimmer to remain intact in the New Year as well, the trajectory depends on several factors. For one, policies of US president-elect Donald Trump once he assumes office will have a role to play. “Unveiling of initial Trump policies may bring cheer to the US economy and the dollar but may not last long as the economic underpinnings will lead to execution challenges,” says Mehta. His emphasis on ‘America First’, could involve the imposition of tariffs and other trade measures. “Such policies are likely to reshape the economic landscape, impacting both the US dollar and the gold market. The focus on domestic production and self-sufficiency could be inflationary and also enhance volatility in currency markets, further driving investors toward gold,” he adds. Damani also expects the surge in gold prices and the demand to continue, though the first half of calendar year 2025 could see some correction, giving investors the opportunity to add gold to their portfolio.  “We maintain a positive bias and have revised our upward potential target towards Rs 81,000 on the domestic front. Over the next two Years, gold could be on track for the targets of Rs 86,000, hence “Buy on dips" is recommended. We could see Comex Gold targeting $2,830 from a medium-term perspective, while longer term targets could extend to $3,000 and higher,” Motilal Oswal Financial Services said in a research note. According to the firm, dollar volatility will be a factor to watch out for. “The ongoing geopolitical tensions...have reinforced the dollar's appeal, creating a tug-of-war between the strength of the US currency and the demand for precious metals. As the dollar remains volatile, it adds another layer of uncertainty to the outlook for gold and silver prices,” Motilal Oswal Financial services said in a note. Also read:Gold ETFs see nearly 4x surge in inflows amid strong investor demand and global uncertainty Don’t chase returns, focus on asset allocation Despite the overall positive outlook around gold, retail investors should focus on their asset allocation and long-term financial plan, say financial advisors. “Many make the mistake of projecting recent performance onto the future. So, if you expect gold to deliver the same kind of returns, it may not necessarily be possible. Retail investors should look at allocating 10-15 percent of their investment portfolio to gold. If there are gaps, they can increase their holdings via the systematic investment route,” says Amol Joshi, Founder, PlanRupee Investment Advisors. Also, instead of attempting to bridge the entire gap at one go, look at investing over three to six months. “And, do bear in mind that the allocation does not include your gold jewellery, for example. That is purely for consumption purposes and should not be taken into account for computing the exposure to gold in your portfolio,” says Joshi.

2024-12-31 19:50

2024-12-31

19:50

moneycontrol.com

https://www.moneycontrol.com/news/india/security-forces-clash-with-mob-of-kuki-women-in-manipur-s-kangpokpi-in-fresh-escalation-12901309.html

Security forces clash with mob of Kuki women in Manipur's Kangpokpi in fresh escalation

The incident happened at Uyokching near Thamnapokpi. (File photo/PTI).Related stories.

A mob led by Kuki-Zo women clashed with security forces in Manipur's Kangpokpi district on Tuesday, triggering fresh tensions in the ethnic strife-hit state. The incident happened at Uyokching near Thamnapokpi after the mob tried to "disrupt" the deployment of a combined team of Army, BSF and CRPF, police said in a post on X. The joint forces "dispersed" the crowd with "minimum use of force" and now the situation is "peaceful and under control", they said. The security forces were deployed at the hilltop to "dominate the area and prevent any untoward incident in the area", they added. Locals claimed that several people were injured in the action by the security forces that happened in Saibol village in Twiching, which is located in the so-called 'buffer zone' between the Kuki-held Hills and Meitei-dominated Imphal Valley. They said that the local women had gathered to protest what they described as the "forceful occupation" of community bunkers by security personnel. A Kuki leader alleged that the situation escalated when the forces used tear gas to disperse the demonstrators. "It was like a battlefield," said one protester, adding, "We came to voice our concerns, not to face war tactics." Following the incident, the Committee on Tribal Unity (CoTU) blocked the National Highway 2, a critical road connecting the region to the rest of the country, for an indefinite period, demanding the withdrawal of central forces. "Our people have suffered enough. The use of excessive force on unarmed women is unacceptable," a CoTU spokesperson said. Blocking the NH-2 would disrupt the supply of commodities to the Metei areas in Imphal Valley. The Women's Wing of the Indigenous Tribal Leaders' Forum (ITLF) claimed that many women were injured in the use of force by the security personnel. "This incident is particularly disturbing as it occurs during the Christmas-New Year period, a time when people come together to celebrate peace, love, and joy. Instead, the CAPF's actions have brought fear, trauma, and suffering to the community. Since it wounded the sentiments of the Kuki-Zo community, the Saibul-Twichin incident would be closely monitored by the Kuki-Zo community worldwide," it added. There was, however, no confirmation from the government on the number of people injured. The Kuki Women Organisation for Human Rights (KWOHR) alleged that the security forces targeted Kuki women who were peacefully protesting against the "increasing violence activities perpetrated by adversary community and insecurity caused by these forces". "It is deeply troubling that these central security forces, entrusted with maintaining peace and order, have instead engaged in actions that exacerbate the suffering of the Kuki-Zo community," it alleged. "The KWOHR condemns in the strongest possible terms the actions of the CAPF personnel in this incident, particularly the physical assault and molestation on Kuki women, including the tearing of their clothing and the use of excessive force in the form of lathi charges and firing of tear gas on unarmed innocent Kuki women," it said. The Kuki Women's Union claimed the actions by the security forces not only undermined the principles of democracy and justice but also exacerbated the existing trust deficit between the central authorities and the Kuki community. "At last, if the Central Armed Police Forces (CAPF) is incapable of manning the Buffer Zones and preventing Meiteis from attacking us, even after more than 19 long months, they should abandon the Buffer Zones so that our volunteers can take necessary steps to protect us," it said. More than 250 people have been killed and thousands rendered homeless in ethnic violence in Manipur since May last year.

2024-12-31 19:47

2024-12-31

19:47

moneycontrol.com

https://www.moneycontrol.com/technology/iphone-16-oneplus-12r-and-more-most-popular-phones-of-2024-article-12901078.html

iPhone 16, OnePlus 12R and more: Most popular phones of 2024

smartphones.

This year, we saw several phones stepping into the Indian smartphone market to cater to a variety of users. 5G connectivity was the sole focus of most brands in 2024, with most budget smartphones also adopting this change. We also have some budget candy bar-sized and foldable smartphones this year to challenge the evergreen flagships from Samsung, Apple, and Google. While some got lost in the crowd, some selected smartphones managed to shine even in the most jam-packed and competitive market, like the Indian smartphone segment. As the year comes to an end, we round up some of the most popular smartphones that we saw in 2024. CMF Phone 1 The modular design language of the CMF Phone 1, makes it stand out among the rival brands. It is also mostly lag-free while performing day-to-day such as scrolling through regular apps or consuming multimedia content, messaging, and calls. As far as photography is concerned, the CMF Phone 1 is on par with rival brands in its price range. Moreover, the battery can easily last for more than a day with normal usage. Motorola Edge 50 Pro Motorola's Edge 50 Pro is a complete package for most users looking for an all-rounder package. The phone also has a premium metallic frame, which is hard to find in rival smartphones of its price category. Further, the device has a nicecurved display, that keeps up with all your tasks. Lastly, its 125W charging support ensures that the device’s battery can be topped up in minutes. OnePlus 12R OnePlus 12R has all the right features to deliver a flagship-grade experience at almost half the price of most other flagship smartphones. It does well in terms of performance, and photography, and comes with with long battery life. Unlike other flagship smartphones, OnePlus is bundling the 100W super-fast charger and a high-quality silicone cover case in the retail box, which is a bonus. Apple iPhone 16 In 2024, the vanilla iPhone 16 turned out to be the most impressive of the entire series as it came with several improvements that bridged the gap between Pro-series iPhones. This year, Apple has provided the base phone with an Action button and also the newly introduced Camera Control button that the new Pros also come with. We also have a new 48MP main sensor on the back and the ability to shoot 4k videos with the front camera. Add these benefits with the A18 chip and Apple Intelligence support; the iPhone 16 is surely the most value you can find in an iPhone in 2024. Vivo X200 Pro With an impressive 200MP main camera sensor and two other 50MP ultrawide lenses, the Vivo X200 Pro delivers sharp imagery in almost any lighting condition. The user has to just point the camera to the subject and be assured that the images can be flaunted on social media. Besides photography, the device also does well in all other key areas as it has a rigid build quality, top-notch performance, and long battery life. Samsung Galaxy S24 Ultra This year, the Samsung Galaxy S24 Ultra continues the legacy of its impressive predecessors with an even higher benchmark. Though the phone was launched in January, not many phones managed to match its high standards, as it offers a premium display, superb quad camera setup, and long battery life. Besides the exclusive Galaxy AI features, the S Pen’s versatility makes it an impressive package. Vivo X Fold3 Pro The Vivo X Fold3 Pro manages to solve many of the issues that have been plaguing the foldable smartphone category for years. It promises a long battery life with fast charging, weighs like a normal smartphone, and also boasts a large main inner display with superb colour output. Vivo has also bundled a capable and versatile triple camera setup with this phone.

2024-12-31 19:07

2024-12-31

19:07

moneycontrol.com

https://www.moneycontrol.com/news/business/finmin-leaves-interest-rates-on-small-savings-schemes-unchanged-for-q4fy25-12901266.html

FinMin leaves interest rates on small savings schemes unchanged for Q4FY25

Small savings schemes are majorly operated by post offices.Related stories.

The Finance Ministry on December 31 left the interest rates on various small savings schemes unchanged for the quarter beginning January 1, 2025. This marks the fourth consecutive quarter that these rates remain unchanged. "The rates of interest on various Small Savings Schemes for the fourth quarter of FY 2024-25 starting from 1st January, 2025 and ending on 31st March, 2025 shall remain unchanged from those notified for the third quarter (1st October, 2024 to 31st December, 2024) of FY 2024-25," as per a notification from the finance ministry. The central government notifies the interest rates on small savings schemes, majorly operated by post offices and banks, every quarter. This means that savers will earn the following interest rates on the some of the key schemes-- •Sukanya Samriddhi Scheme -- 8.2 percent,•Three-year term deposit -- 7.1 per cent•Public Provident Fund (PPF) 7.1 percent•Post office savings deposits schemes -- 4 percent•Kisan Vikas Patra -- 7.5 percent (Will mature in 115 months)•National Savings Certificate (NSC) -- 7.7 per cent.•Monthly Income Scheme -- 7.4 percent•Senior Citizen Savings Scheme -- 8.2 percent Small savings interest rates, while set by the government, are linked to market yields on government securities at a spread of 0-100 basis points over the yield of these securities of comparable maturities. As such, when market yields on government securities fall, interest rates on small savings schemes are typically lowered. However, the link between interest rates on small savings and yields on government securities has weakened over a period of time.

2024-12-31 19:03

2024-12-31

19:03

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/neelkanth-realtors-plans-to-tap-capital-market-for-funding-neelkanth-plaza-project-files-ipo-papers-12901274.html

Neelkanth Realtors plans to tap capital market for funding Neelkanth Plaza project, files IPO papers

Neelkanth Realtors IPO.Related stories.

Bhimjyani Group-owned Neelkanth Realtors has approached capital market for raising funds to develop Neelkanth Plaza project in Thane, Maharashtra, as it has filed draft red herring prospectus with SEBI for IPO. The real estate developer, with focus in Mumbai’s eastern suburbs and Thane city in the Mumbai Metropolitan Region (MMR), targets to raise funds via entirely fresh issue of 1.35 crore shares with no offer-for-sale component. The company has 39 projects with developable area of 15.68 lakh square feet, while it has three ongoing projects with RERA carpet area 1.11 lakh, and four upcoming projects with an estimated RERA carpet area of 3.75 lakh square feet. The Rs 67.83 crore out of the fresh issue proceeds will be utilised for the development of commercial project - Neelkanth Plaza - in Thane. The remainder IPO funds will be used for repaying debt (NCDs), and general corporate purposes. As of November 27, 2024, the total amount outstanding towards non-convertible debentures (NCDs) was Rs 200 crore. Click Here To Read AllIPO News On the financials front, Neelkanth Realtors has recorded profit at Rs 17.5 crore for the year ended March 2024, growing sharply from Rs 0.07 crore in the previous fiscal, however, revenue in the same period fell 5.8 percent to Rs 54 crore. In the quarter ended June 2024, profit stood at Rs 2.4 crore on revenue of Rs 14.3 crore. The sole book running lead manager handling the public issue will be Swastika Investmart.

2024-12-31 18:54

2024-12-31

18:54

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/fiis-net-sell-shares-worth-rs-4-645-crore-diis-net-buy-rs-4-547-crore-shares-12901234.html

FIIs net sell shares worth Rs 4,645 crore, DIIs net buy Rs 4,547-crore shares

At close, the Sensex was down 109.12 points or 0.14 percent at 78,139.01, and the Nifty was up 13.25 points or 0.06 percent at 23,658.15. About 2,239 shares advanced, 1,571 shares declined, and 97 shares were unchanged..Related stories.

On the last trading day of the year, domestic institutional investors (DIIs) net bought shares worth Rs 4,547 crore, while on the other hand, foreign institutional investors (FIIs) net sold shares worth Rs 4,645 crore, provisional data from NSE showed. During the trading session, DIIs bought Rs 13,550-crore shares and sold shares worth Rs 9,004 crore, and FIIs purchased Rs 5,950-crore shares while offloading equities worth Rs 10,595 crore. For the year so far, FIIs have net sold shares worth Rs 3.16 lakh crore, while DIIs have net bought Rs 6.09 lakh crore worth of shares. Also read:Taking Stock | Sensex, Nifty end 2024 with decent gains, clock ninth straight year of positive returns Market View At close, the Sensex was down 109.12 points or 0.14 percent at 78,139.01, and the Nifty was up 13.25 points or 0.06 percent at 23,658.15. About 2,239 shares advanced, 1,571 shares declined, and 97 shares were unchanged. All sectors closed in the red except for pharma. Top losers on the Sensex and Nifty include Asian Paints, Bajaj Finance and Bajaj Finserv while Dr Reddy's, Sun Pharma and Cipla were the top gainers. Vinod Nair, Head of Research, Geojit Financial Services noted that the final day of the year concluded with minor losses, despite a recovery from the day's lows. However, he added that the pressure of consolidation is dragging the domestic momentum amid negative global cues and ongoing concerns over a strengthening dollar index and US bond yields. Nair added, "The market's focus is expected to shift back to domestic Q3 results for insights into potential growth and earnings recovery and to the Union budget, offering a short- to medium-term perspective amid global uncertainties."

2024-12-31 18:48

2024-12-31

18:48

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sebi-relaxes-deadline-for-rollout-of-cyber-security-and-resilience-framework-gives-three-more-months-12901270.html

SEBI relaxes deadline for rollout of cyber security and resilience framework; gives three more months

The SEBI circular also said that the data localisation requirements has been kept in abeyance..Related stories.

The market regulator has relaxed the compliance deadlines for regulated entities (REs) to implement the Cybersecurity and Cyber Resilience Framework (CSCRF). The framework had been announced through a circular issued on August 20, 2024. Under that, deadline for six categories of REs where cybersecurity and cyber resilience circular already exists was  January 01, 2025; and that for other REs where CSCRF was being issued for the first time was April 01, 2025. With the latest circular dated December 31, the Securities and Exchange Board of India (SEBI) has extended these deadlines. The latest circular from the regulator has said that "regulatory forebearance" will be extended till March 31, 2025, for REs who had to otherwise comply with the new norms by January 1, 2025. The circular said, " For any non-compliance during this period that comes to the notice of the regulator, no regulatory action shall be taken provided the REs are able to demonstrate meaningful steps taken / progress made in implementation of CSCRF. An opportunity shall be given to the REs to demonstrate the same before any regulatory action is considered by SEBI". Further, the deadlines for the same for KYC Registration Agencies (KRAs) and Depository Participants (DPs) have been extended from January 1, 2025, to April 1, 2025. The SEBI circular also said that the data localisation requirements has been kept in abeyance. The circular said, " Based on the feedback received on the provisions of Data Localisation, a need is felt for further consultations. Accordingly, the guidelines and provisions with regard to Data Localisation [Data Security standard (PR.DS.S2)] has been kept in abeyance until further notification."

2024-12-31 18:46

2024-12-31

18:46

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/unimech-aerospace-and-manufacturing-stock-clocks-75-rally-on-market-debut-closes-with-rs-7-000-crore-market-cap-12901204.html

Unimech Aerospace and Manufacturing stock clocks 75% rally on market debut, closes with Rs 7,000-crore market cap

Unimech Aerospace and Manufacturing.Related stories.

Unimech Aerospace and Manufacturing shares garnered strong interest from investors, rising more than 75 percent on December 31. This was the last debut of the current calendar year 2024 from the mainboard segment. The stock opened strong, as expected, rising 86 percent to Rs 1,460 on the National Stock Exchange, and went up to Rs 1,485 intraday, followed by some profit taking which drove it down up to Rs 1,327.75 (the day's low), where it formed Morning Star kind of candlestick pattern on the 15-minute charts, the bullish reversal pattern. The stock recouped those intraday losses and closed at Rs 1,376.25, up 75.32 percent over the issue price of Rs 785, with volume of 84.2 lakh shares. On the BSE, the stock surged 74.93 percent to finish at Rs 1,373.20, with volume of 6.97 lakh shares. The engineering solutions provider is valued at Rs 6,983.67 crore on the closing basis. Click Here To ReadAll IPO News Unimech Aerospacespecialises in manufacturing and supply of aero tooling, ground support equipment, electro-mechanical sub-assemblies and other precision engineered components for aerospace, defence, energy, and semiconductor industries, catering to top global airframe and aero-engine OEMs (original equipment manufacturers) and their approved licensees. The Bangalore-based company has raised Rs 500 crore through IPO, which comprised of fresh issue and an offer-for-sale of shares worth Rs 250 crore each. The offer got subscribed 175.31 times during December 23-26. The fresh issue proceeds will be utilised for the expansion through purchase of machineries and equipment, working capital requirements, repaying debt, and general corporate purposes.

2024-12-31 18:41

2024-12-31

18:41

moneycontrol.com

https://www.moneycontrol.com/news/india/telangana-thief-breaks-into-liquor-shop-passes-out-after-getting-drunk-held-12901219.html

Telangana: Thief breaks into liquor shop, passes out after getting drunk; held

The thief entered the liquor shop by removing the shop’s roof tiles and disabled the CCTV cameras. (Representational image).

An almost successful robbery stint for a thief turned into a disappointment when he broke into a liquor shop in Telangana’s Medak district but ended up getting drunk and passing out only to find himself being caught the next morning before he could escape with the loot. The incident occurred late on Sunday at Kanakadurga Wines. The thief entered the liquor shop by removing the shop’s roof tiles and disabled the CCTV cameras to avoid being caught. He then collected cash from the drawer and even packed the security system’s hard disk. However, he likely couldn’t resist the temptation of liquor and ended up getting drunk. The thief passed out on the shop floor. When the shop staff arrived the next morning, they found him unconscious, surrounded by liquor bottles and scattered cash, India Today reported. Narsing, the in-charge of Kanakadurga Wines in Medak district, was among those who found the drunk thief on Monday morning. "We shut shop at 10 pm on Sunday. When we opened at 10 am the next morning, we saw him lying unconscious. He had removed roof tiles for entry and taken money from the cash box. He was shifted to the hospital. Police are still investigating if he had an accomplice," he said, NDTV reported. The thief is yet to be identified. A case has been registered, and the police were waiting for him to regain consciousness to proceed with the investigation.

2024-12-31 18:31

2024-12-31

18:31

moneycontrol.com

https://www.moneycontrol.com/news/world/putin-says-in-new-year-address-that-russia-will-move-forward-in-2025-12901239.html

Putin says in New Year address that Russia will 'move forward' in 2025

Russian President Vladimir Putin (Courtesy: Reuters photo).

President Vladimir Putin told Russians in a New Year address that the country would move forward with confidence in 2025. Putin's seasonal message was being broadcast at midnight in each of Russia's 11 time zones, starting with Kamchatka and Chukotka in the far east. He said that Russia had strengthened its unity in the first quarter of the 21st century, achieving significant goals and overcoming trials. "And now, on the threshold of the new year, we are thinking about the future. We are confident that everything will be fine, we will only move forward. We know for sure that the absolute value for us was, is and will be the fate of Russia, the well-being of its citizens," he said. Putin paid tribute to Russian soldiers fighting in the war in Ukraine, describing them as "true heroes", but did not refer in detail to the state of the conflict or make predictions for how the battlefield situation would evolve in 2025.

2024-12-31 18:28

2024-12-31

18:28

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/waaree-energies-secures-major-2gw-solar-epc-contract-from-jindal-renewables-12900966.html

Waaree Energies secures major 2GW solar EPC contract from Jindal Renewables

Waaree Energies has been selected by Jindal Renewables to provide engineering, procurement, and construction (EPC) services for a 2GW solar PV plant in Rajasthan, India..Related stories.

Waaree Energies Ltdshares gained 3.12 percent today, at closing, following announcement of providing engineering, procurement, and construction (EPC) services to Jindal Renewables. IT entails setting up of a 2GW solar PV plant in Rajasthan, aligning with Jindal Renewables' previously announced ambitious plan to develop 12GW of renewable energy projects, including storage and green hydrogen facilities, by 2030. Waaree Energies Ltd. shares closed at Rs 2,862.00 today, marking an increase of 3.12 percent (Rs 86.55). Follow for more live updates Waaree's subsidiary, Waaree Renewable Technologies Limited, will be responsible for the design, supply, construction, and commissioning of the solar plant. "This partnership with Jindal Renewables reinforces our dedication to delivering state-of-the-art renewable energy solutions," said Viren C Doshi, director of Waaree Renewable Technologies Limited. As of recent, the company had announced investments in renewable energy projects: Rs 551 crore in a 300 MW Electrolyser manufacturing plant and Rs 2,073 crore in a 3.5 GWh Lithium-Ion Advanced Chemistry Storage Cell manufacturing plant. These projects, along with a Rs 130 crore investment in expanding its inverter business, will be funded through a combination of debt and internal accruals. To support these initiatives, the company has appointed Amit Paithankar, its Chief Executive Officer (CEO), as an Additional Director of the company. Waaree Energies reported a net profit of Rs 375.6 crore for the July-September 2025 quarter, representing a 17 percent increase compared to the same period in the previous fiscal year. The company's total income for the quarter reached Rs 3,663.4 crore, up from Rs 3,558.5 crore in the corresponding period of the previous year.

2024-12-31 18:21

2024-12-31

18:21

moneycontrol.com

https://www.moneycontrol.com/news/india/bills-on-simultaneous-polls-aimed-at-installing-fascistic-rule-manik-sarkar-12901211.html

Bills on simultaneous polls aimed at installing fascistic rule: Manik Sarkar

Former Tripura CM Manik Sarkar.

Senior CPI(M) leader and former Tripura chief minister Manik Sarkar on Tuesday alleged that the BJP-led central government was trying to put in place a fascistic rule in the country by introducing bills on simultaneous elections. The two 'One Nation One Election' (ONOE) bills, including one requiring an amendment in the Constitution, that lay down the mechanism to hold simultaneous polls, were introduced in the Lok Sabha earlier this month. “The move is nothing but an attempt to install a fascistic rule in the form of one country, one leader, one language and one culture. It will also divert the people’s attention from the real issues - price rise, unemployment and distress in the farm sector,” Sarkar asserted. Taking a dig at the Congress, he said the country had simultaneous elections till 1967, and the practice was “broken by the Congress-led government for their own interests”. “The central government introduced the two bills seeking simultaneous elections, in spite of knowing that those will not be passed in Parliament,” Sarkar claimed. Sarkar also criticised Union Home Minister Amit Saha for his recent remarks on BR Ambedkar. “The Jan Sangh (BJP’s predecessor) had been opposing the Constitution from the very beginning. Naturally, they don’t like Ambedkar, who had scripted the Constitution,” he added.

2024-12-31 18:03

2024-12-31

18:03

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/the-great-indian-capital-market-deals-party-of-2024-will-the-revelry-continue-in-2025-12901184.html

The great Indian capital market deals party of 2024: Will the revelry continue in 2025?

The great Indian capital market deals party of 2024: Will the revelry continue in 2025?.Related stories.

When it came to equity capital market transactions across the globe in 2024, the Indian market stood out like a parakeet among sparrows. With 337 issues (mainline and SME), it rose to the top in global IPO volumes for the first time, storming ahead of the US, which had 183 issues and listing more than two and half times as many as Europe, as per a recent EY report. India also emerged as the 2nd largest market, overtaking several developed ones, as we completed an equity raise of $70 billion in CY24. The year also saw the mammothHyundai Motor India IPOdethroning LIC and breaking the all-time record in terms of size at Rs 27,856 crore. QIPs (qualified institutional placements) and block/bulk deals joined the party as well. As of December 26, 95 QIPs raised around Rs 1,37,560 crore registering a y-o-y growth of 111 per cent and 153 per cent respectively, according to data by Prime Database. Bulk and block deals witnessed a 61 per cent rise in volumes during the same period. These stats look even more impressive considering they were clocked during a phase of weak global macros, choppy desi equity markets, rising geopolitical tensions and a lacklustre show by India Inc in the recent quarter. Moneycontrol spoke to a cross-section of top investment bankers and capital market lawyers to dissect the key annual deal trends in equity capital markets even as they put on their soothsayer hats and shared their outlook for the new year. The dominant deal themes V Jayasankar, MD and Member of the Board, Kotak Investment Banking is optimistic about the equity capital market business going ahead as he highlights the sectoral breadth of deal activity, an aspect perhaps unique to India. "A surge in equity fund raises, particularly in H2, was broad based as all key sectors such as digital technology, healthcare, auto & industrial, consumer, real estate & hotels, financial services, infrastructure and IT services contributed significantly," he says. South Korean auto giant Hyundai is not the only MNC which grabbed the headlines this year. LG India, a subsidiary of LG Electronics Inc, filed draft papers for a mega Rs 15,000-crore issue. That's not all. Auto parts firm Cararro India, an arm of Italy's Carraro group listed on the bourses while Norway's Orkla which owns spices and condiments brand MTR is also preparing for a local market debut. Nipun Goel, President and Head (Investment Banking) at IIFL Capital feels the trend of MNCs listing their Indian subsidiaries to capitalise on the growth and valuations in the domestic capital markets stands out. "A related consideration is MNCs monetising their stakes in Indian listed subsidiaries to release capital for the parent. This is in stark contrast to the early 2000s when a number of MNCs delisted their Indian subsidiaries since they did not see strategic value in having local arms listed," he says. Goel adds, "Another important theme playing out in India is PE (private equity) controlled companies choosing an IPO for a liquidity event. This was inconceivable till a few years ago due to the perception of overhang of imminent supply. However, given the successful exits by select PEs in businesses where they had controlling stakes, it has inspired many others to adopt public listing as a preferred route to unlock value." So, what are the factors which have ring-fenced the Indian primary markets from a challenging global environment? According to Prashant Gupta, Partner and Head of Capital Markets at Shardul Amarchand Mangaldas ( SAM), "This has been driven by relatively decent valuations in IPOs, as well as a supply of high-quality issuers. 2024 also saw the return of new economy IPOs with listings by Ola Electric, Firstcry, Swiggy, ixigo, among others." Manan Lahoty , Partner and Head of Capital Markets at Cyril Amarchand Mangaldas (CAM) feels that the increase in IPOs by companies controlled by financial sponsors indicates a greater degree of familiarity and comfort with the regulatory landscape and obligations of being a promoter of a listed company. "The average deal size has increased with billion-dollar deals becoming common," he adds. 2024 saw 11 large sized IPOs (greater than Rs 4,000 crore) as compared to just one such IPO in 2023. Will 2025 also see mega IPOs by MNCs? Most dealmakers expect subsidiaries of global companies to target an India listing and be truly a part of the 'India growth story.' Atul Mehra, MD and CEO at Axis Capital is one of them. "India is a preferred destination for investors and corporates due to its ability to offer relatively better valuations, high liquidity, a resilient economy and favourable government policies," he told Moneycontrol. "Numerous companies based out of the US and Singapore have started making a move to shift their domicile to India and they would soon be tapping into the Indian capital markets. We believe that over a period of the next 12-18 months, many more such companies could get listed in India," Mehra elaborated. Apart from raising capital, a listing in India also offers a fillip to the branding of the MNCs' business. Kotak's Jayasankar concurs. "Listing the Indian subsidiary in India has certain strategic objectives. Firstly, the brand becomes even more Indianised with local investors investing significantly as in the case of the Hyundai listing. Certain corporates may seek reallocation of capital to their global businesses taking advantage of robust valuations in India," he shares. Gupta shares that SAM, which acted on the listings of Hyundai India and Cararro India and the filings of Travel Food Services (promoted by Britain's SSP Group) and LG India continues to work with companies with European and US parentage on potential IPOs of their India businesses. He is hopeful these deals will be completed in 2025. But IIFL's Goel has a word of caution. "The only caveat is that such MNCs and their advisors need to price the IPOs reasonably to ensure a good after-market performance. Else the sentiment can turn sour to such listings," he says. Listings across sectors: The retail/HNI/QIB report card Domestic mutual funds and insurance companies with increasing assets under management (AUM) are playing the anchor role in the development of the Indian capital markets and have been the price setters in most of the IPOs, also providing for necessary liquidity in the secondary markets by participating through block trades and QIPs. That's the word coming in from Axis Capital's Mehra. He reveals, "Additionally, increasing participation of large family offices and alternate investment funds (AIFs) have provided significant support to the QIB book for IPOs. Today, domestic institutional investors (DIIs) account for a significant 60-70 per cent of IPO subscriptions, showcasing their strong influence in the markets. This year, we witnessed 4 major IPOs closing on the same day, with over Rs 2 lakh crore of funds being blocked." Promising management teams, attractive valuations and sectoral themes led to a strong response from retail investors and high-net-worth individuals (HNIs) throughout the year. Strong anchor books further bolstered the confidence of this category. IIFL's Goel feels that India has truly become “Atmanirbhar” from a capital standpoint. "The domestic participation across QIBs, HNI and retail has been extremely strong. The response to well-priced IPOs like Bajaj Housing (IPO demand of $39 billion with 8 million applications) and Waaree Energies (IPO demand of $29 billion with 8 million applications) amply demonstrates the market depth and breadth for such offerings," he explains. Acknowledging the increased reliance on Indian institutional investors over the last few years, a trend which continued in 2024, CAM's Lahoty highlights a key change in stance. "Issuers are no longer concerned about bunching of IPOs and several larger transactions have overlapped in terms of timing." Others like SAM's Gupta add that though Indian MFs continued to play a crucial role in most deals in 2024, FPIs still invested more in 2024 than Indian MFs overall in IPOs. "Hopefully, with interest rates coming off more in the US, we will see FPIs driving more deals than in 2023 and 2024," he told us. But some dealmakers feel that steady domestic inflows into mutual funds along with participation by retail and HNI investors have made India less susceptible to the vagaries of FPI flows as far as ECM activity is concerned. "To illustrate, we had record FPI outflows in the October quarter, yet we saw perhaps the busiest ever ECM activity in this quarter with fund raise of $18 billion. Despite the FPI outflow, I would add that we at Kotak saw equally enthusiastic participation by DIIs and FPIs in many of our deals. Also, there is an overarching perception that DIIs are value seekers and FPIs are price leaders. We at Kotak have seen this myth broken several times this year," shares Jayasankar. Will PE funds and VCs spur more ECM deals and exits? The answer is an overwhelming yes, according to the dealmakers we spoke to. "Given the number of PE/VC backed companies in India, I think such companies will always continue to play a central role in the Indian capital markets, whether in the primary markets or secondary trades (buck/block deals)," feels SAM's Gupta. Some feel private equity funds have become the new-age strategics. "Financial sponsors are the new Tatas and Birlas playing a role similar to the one these large industrial houses displayed from the 1970-1990s by promoting numerous ventures. Financial sponsors have played a crucial role and will continue to play a crucial role in the growth of the Indian economy, at the same time nurturing and promoting the Indian entrepreneurial spirit," echoes Axis Capital's Mehra. Expecting the financial sponsor community to be an active participant in the domestic capital markets in 2025, he anticipates that approximately $12-15 billion of supply / liquidity would come from this segment. Kotak's Jayasankar shares Mehra's optimism and feels private equity has had an exceptionally good run investing and divesting across cycles. Take for instance the world's largest private equity fund Blackstone. In 2024, it saw the Dalal Street debut of three of its portfolio companies -Aadhar Housing Finance, International Gemmological Institute of India andVentive Hospitality(JV with Panchshil). "We are seeing private equity investors take majority control increasingly. A vibrant M&A market as well as capital markets give them options of optimising returns either through strategic sale or block deals. Venture capitalists too have invested very significantly into our internet technology ecosystem. Overall, private investors have become significant minority and majority investors providing growth capital and this trend will continue to rise significantly as we are also getting comfortable with professionally managed companies along with promoter backed ones, " Jayasankar explains. IIFL's Goel points to a telling statistic. "Of the 153 IPOs done in CY2023 and 2024, 53 companies had investments from PE investors. It is fair to assume that a number of them would likely monetise their stake partially or fully over the next 12-24 months." Top sectoral picks for deal activity in 2025 Here is the outlook from SAM's Gupta. "While there are 2-3 large NBFC IPOs expected in 2025 (HDB and Tata Capital), in general that has been one sector that has been less active than before. I think 2025 will see a significant number of listings by new economy companies as they are now cash generating and large in scale. Healthcare / pharma also continue to see a lot of activity with a couple of large deals expected." Noting that 2024 was also a momentous year for QIP activity, Gupta feels that as long as the markets remain buoyant, that trend will continue. "2024 saw large QIPs by energy companies (JSW, Adani, Torrent), manufacturing and real estate, but generally less activity across financial services," he says. CAM's Lahoty expects to see more single speciality healthcare, hospitality, auto component and new age companies to tap the IPO market in the new year. The segment of new age tech (keep in mind that Walmart-backed Flipkart, last valued at $36 billion, is preparing for a mega India listing) also has supporters in IIFL's Goel and Axis Capital's Mehra. "It is a sector that has witnessed a remarkable comeback, especially given the funding winter between 2022-2023, which forced a number of companies to tighten their belts and refine their business models to focus on profitability instead of pure growth. We believe that there shall be at least two dozen IPOs from new-age tech in the next 12-24 months," Goel predicts. Mehra also expects deal action in the real estate space (both residential and office) as he believes balance sheets of firms have become stronger and the headroom for growth is very high. "We believe the next decade belongs to industrials and manufacturing companies with emphasis on high precision, high quality and cost effectiveness," he says, also adding hospitals and pharma for the domestic market to his list. Earnings, economy and reforms: Deal impact Last month, Jefferies noted that this season saw the highest rate of earnings downgrades since April-June 2020 across 121 companies it covers, while Motilal Oswal highlighted an 8% drop in earnings growth for 166 companies — marking the worst performance in 17 quarters against a projected 4% decline. If weak corporate earnings continue in the next quarter, would this dampen overall deal sentiment or will the markets have to depend on good news in the form of rate cuts from the RBI and Budget 2025 to drive momentum? Corporate earnings, continuation of strong SIP flows and the broader economy's resilience bolstered by robust government reforms are the three key drivers for capital markets momentum to continue in 2025, as per Mehra of Axis Capital. According to IIFL's Goel, "Given the strong domestic participation in the ECM market, I think the cyclicality aspect in ECM business has been addressed. Furthermore, the breadth of offerings (market-cap wise, sector-wise) has significantly expanded, and a large number of newly listed companies have been meeting/beating the expectations. However, if investors don’t see market earnings pick-up in the near term, they may demand higher margin of safety while pricing the IPOs and will accordingly reflect in the valuations." Kotak's Jayasankar tells Moneycontrol that large caps and mid caps seem fine from a valuation perspective as the Nifty 50 is trading at a 12 per cent premium compared to its 10-year average, factoring superior India growth prospects relative to the world. "The strong and consistent domestic flows will be key driver to ECM deal activity, which may be tempered by global flows and economic development. One key lesson for FPIs in CY24 is that Indian market provides exit along with certain correction, but entry or re-entry is likely to be at elevated levels. It would be interesting and exciting to see how this plays out on deal street in CY25," he signs off.

2024-12-31 17:57

2024-12-31

17:57

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/india-s-core-sector-growth-rises-to-four-month-high-of-4-3-in-november-12900684.html

India’s core sector growth rises to four-month high of 4.3% in November

Core sector growth for November.Related stories.

India’s core sector growth rose to a four-month high of 4.3 percent in November as compared to 3.7 percent in October, with four of the eight sectors exhibiting better performance than the previous month, according to data released on December 31. November marks the third consecutive month of expansion owing to a favourable base. The index of eight core industries represent India’s infrastructure output and have a 40 percent weight in the industrial production index. Industrial production had increased to a three-month high of 3.5 percent in October, helped by the festive season push. Coal steady, electricity, cement rise Six of the eight sectors recorded an expansion in November, with cement, fertilisers  and electricity sectors doing better even as coal held steady. The cement industry expanded at the fastest pace in 13 months of 13 percent, rising from 3.1 percent growth in the previous month, while coal sector held steady with 7.5 percent growth down from 7.8 percent in the previous month. Sequentially, coal was the one of the two sectors besides petroleum to record growth. Coal sector expanded 7.3 percent over the previous month, as overall sector contracted by 3.3 percent in sequential terms. Electricity growth picked up to 3.8 percent from 2 percent in the previous month, while fertiliser growth was 2 percent from 0.4 percent in October. Crude oil and natural gas continued to witness contraction, even as pace softened for crude oil industry. The expansion in core industries bodes well for the economy, which witnessed a growth slowdown to a seven-quarter low of 5.4 percent. This prompted the RBI and economists to lower their GDP forecast for the year. According to the RBI estimate, the Indian economy is now expected to expand 6.6 percent in FY25, compared with the 7.2 percent projected earlier.

2024-12-31 17:32

2024-12-31

17:32

moneycontrol.com

https://www.moneycontrol.com/technology/spotify-users-find-pornographic-content-in-search-results-article-12901090.html

Spotify users find pornographic content in search results

spotify.Related stories.

Spotify has come under fire after users found explicit and pornographic material on the platform. The discovery was initially highlighted by a Reddit user who posted a screenshot showing a pornographic video appearing in suggested results during a search for rapper M.I.A. While the specific video mentioned was not visible during follow-up searches, similar explicit videos were uncovered in the platform's "Video" tab. Some of these videos were uploaded as podcasts, with one account featuring a mix of erotic audio and sexually graphic videos. Another account, bearing a nonsensical alphanumeric name, had been posting explicit videos since mid-November. Spotify responds to moderation concerns In response to the controversy, Spotify representative Laura Batey told The Verge that the flagged content was removed as it violated the platform’s policies, which strictly prohibit sexually explicit material. However, questions remain about how such content bypassed Spotify’s moderation systems. The incident highlights gaps in Spotify’s content reporting mechanism.Reporting explicit content on the music streaming app is no cakewalk. In order to report an offensive content, users are required to copy the offending content’s URL and report it via a separate webpage, as the app lacks an in-built reporting button. This cumbersome process raises concerns about the platform’s ability to quickly address policy violations. Explicit content on Spotify is not new. Past reports, including a 2022 Vice investigation, have pointed to sexually explicit audio, graphic playlist cover art, and other inappropriate materials on the platform. Users have also noted that explicit audio tracks occasionally appear in algorithm-generated playlists like Discovery Weekly. This latest revelation has prompted calls for Spotify to enhance its moderation and content reporting tools to ensure a safer experience for its users.

2024-12-31 17:31

2024-12-31

17:31

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/technical-view-counterattack-by-bulls-helps-nifty-defend-trendline-support-crossing-23-700-crucial-for-further-rally-12901188.html

Technical View: Counterattack by bulls helps Nifty defend trendline support, crossing 23,700 crucial for further rally

Nifty Trend.Related stories.

The Nifty 50 showed a remarkable recovery of nearly 200 points from the day’s low due to a counterattack by the bulls and closed flat with a positive bias on the final day of the calendar year 2024, December 31. This recovery has increased the likelihood of an upward move toward 23,900. However, to achieve this, the index must decisively clear the 23,700 hurdle, which coincides with the 200-day EMA. Until then, 23,500 is expected to act as immediate support (the November low), followed by 23,400 (the 50-week EMA) as a crucial support level, according to experts. The Nifty 50 started the day lower, falling to 23,460 in the morning, but quickly began to recover and finished at 23,658, up 13 points. This action defended the upward-sloping support trendline, forming a bullish candlestick pattern with upper and lower shadows on the daily charts. Technically, this market action indicates a counterattack by bulls after an attempted false downside breakout from the range. "The crucial 200-day EMA is in the limelight again. The upside bounce on Tuesday could be an early indication of another round of upward movement in the market," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. Overall, the Nifty is expected to remain within a broad range of 23,500–24,000 in the near term. Having bounced back from the lower range, further upside toward 24,000 levels is likely in the coming week, according to Shetti. For the week so far, a small red candle has been formed on the weekly chart, positioned next to a similar green candle from last week. This suggests broader rangebound movement in the market, Nagaraj added. On the weekly options front, the 24,500 strike holds the maximum Call open interest, followed by the 24,000 and 24,300 strikes, with maximum Call writing at the 24,500 strike, followed by the 24,300 and 23,700 strikes. On the Put side, the maximum open interest was observed at the 23,000 strike, followed by the 23,500 and 23,200 strikes, with maximum writing at the 23,600 strike, followed by the 23,500 and 22,800 strikes. This derivative data suggests that the Nifty 50 may remain within the 23,000–24,000 range in the short term. Meanwhile, on the monthly timeframe, the Nifty 50 formed a bearish candlestick pattern, declining by 2 percent in December, extending its downtrend for the third consecutive month. For the year 2024, however, it gained 8.8 percent, marking the ninth straight year of an upward rally. Bank Nifty The Bank Nifty also defended the upward-sloping support trendline and formed a bullish candlestick pattern on the daily charts, indicating strength. Despite this, it closed 66 points lower on Tuesday at 50,887. The index has found support at 50,600, which coincides with the 200-day SMA or the previous week's low. In the short term, the Bank Nifty is expected to trade within the 50,500–52,000 range, with a breakout in either direction determining its future course, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta Investment Intermediates. On the upside, the 50-day Exponential Moving Average (50-DEMA), near 51,915, will act as a resistance level, Yedve noted. On the downside, the India VIX, a volatility index, spiked above the 14 mark, signaling some caution for bulls. The index ended 3.4 percent higher at 14.45, following a 5.55 percent rise in the previous session.

2024-12-31 17:25

2024-12-31

17:25

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/taking-stock-sensex-nifty-end-2024-with-decent-gains-clock-ninth-straight-year-of-positive-returns-12901135.html

Taking Stock | Sensex, Nifty end 2024 with decent gains, clock ninth straight year of positive returns

markets.Related stories.

India's benchmark indices, Sensex and Nifty, capped 2024 with robust performances, recording annual gains of 8.17% and 8.8%, respectively. This marks the ninth straight year of positive returns, underscoring the sustained momentum in the Indian equity markets. While the headline indices posted decent gains for the year, it was the broader market that took centerstage. The broader markets, which house small and midcap stocks, outperformed the benchmarks by a huge margin. The BSE MidCap and BSE SmallCap indices advanced more than 25 percent each. What's more impressive is that this marks the fifth consecutive year of gains for the BSE MidCap and the second for the BSE SmallCap, showcasing the strong momentum and growth potential of mid- and small-cap stocks. Leading the charge were the pharma and real estate sectors, which posted stellar gains of 39 percent and 33 percent, respectively, while healthcare took the crown as the top performer, soaring 41 percent. In contrast, Nifty Media struggled, shedding nearly 25 percent, highlighting the sector's ongoing challenges. The Nifty Bank index lagged the benchmarks with a modest 5 percent rise, while the Nifty IT and Nifty Auto indices powered ahead, both climbing over 20 percent. Among individual stocks, Trent, M&M, and Bharti Airtel stood out as the shining stars of the Nifty 50, while Asian Paints and IndusInd Bank experienced significant setbacks. In the midcap space, Dixon Technologies, BSE Ltd, OFSS, and RVNL emerged as the big winners, while Vodafone Idea, AU Small Finance Bank, and Bandhan Bank faced steep declines, reflecting the diverse dynamics of the market this year. As for today, the last trading session of 2024, the benchmarks witnessed volatile swings in trade to eventually end near the flatline. At close, the Sensex was down 109.12 points or 0.14 percent at 78,139.01, and the Nifty was up 13.25 points or 0.06 percent at 23,658.15. About 2,239 shares advanced, 1,571 shares declined, and 97 shares were unchanged. Meanwhile, both benchmark indices, Sensex and Nifty, saw sharp declines in the December quarter, falling 7.3 percent and 8.5 percent, respectively—their steepest quarterly drops since June 2022. Broader markets also faced significant setbacks, with the BSE MidCap and SmallCap indices dropping 6 percent and 3.5 percent, marking their worst performances since mid-2022 and March 2023, respectively. The downturn was fueled by global uncertainties, including potential tariff wars following the US presidential elections, expectations of fewer Federal Reserve rate cuts, and ongoing geopolitical tensions. Domestically, weak corporate earnings, slowing economic growth, tight liquidity, delayed government spending, and inflationary pressures further dampened investor sentiment. Despite these challenges, experts remain optimistic about India's relative insulation from global shocks and its long-term growth trajectory. However, GDP growth is projected to moderate to 6.3% in 2025 due to fiscal tightening and slower credit expansion stemming from the Reserve Bank of India's macro-prudential measures. Analysts anticipate rate cuts to commence in early 2025, with a cumulative reduction of 50 basis points by mid-year. Nonetheless, subdued retail loan growth is expected to persist even as interest rates ease. Outlook for 2024 Goldman Sachs 2025 Outlook We are entering a favorable phase of the economic cycle, with interest rate cuts aligned with economic growth expected to support equity markets. However, global equities have already risen 40% since October 2023, leaving them more vulnerable to potential setbacks. Elevated equity valuations offer limited room for further expansion, suggesting that index returns will primarily rely on earnings growth. We project total equity returns in USD to reach 10% by the end of 2025. Given high valuations and an unusually concentrated equity market, diversification is crucial to improving risk-adjusted returns. Our approach emphasizes a balanced mix of sectors and investment styles, focusing on Alpha generation over Beta exposure. Key themes for 2025 include capitalising on broadening market opportunities, identifying selective value investments, diversifying geographically, and leveraging increased capital market activity. This diversified and strategic focus aims to navigate market risks effectively while enhancing overall returns. Deepak Ramaraju, Senior Fund Manager, Shriram AMC Global GDP is set to grow to 3.3% in 2025, with India leading at 6.9%. Strong domestic demand in Asia and China’s stimulus drive regional growth, while inflation eases amid geopolitical risks. Gold, after a 30% rally, may remain rangebound, while silver could rise further due to industrial demand and supply constraints. A weaker DXY may boost metals. Indian equities have weathered volatility, supported by liquidity improvements and government spending. FY25 GDP growth is forecast at 6.6%, with recovery to 7.1% by 1HFY26. Challenges include inflation, high rates, and delayed spending. Key opportunities lie in infrastructure, defense, railways, and FMCG, driven by H2 government spending and rate cuts. IT and banks are poised for growth on stronger credit and discretionary spending. Jeffries India View India remains the fastest-growing major economy, although corporate EPS growth expectations have been revised down. The impact of Trump's policies on India is limited due to the low manufacturing and export base, with services, particularly IT, being largely unaffected. A stronger USD and reduced rate cut expectations in 2025 may weigh on emerging markets, but the INR is unlikely to fall below Rs 86-87/USD. This could benefit the IT sector.FPI outflows are a concern due to a stronger US economy and dollar, but India’s relatively low weight in FPI portfolios and strong domestic flows provide some cushion. India’s growing weight in global indices makes it essential for global funds to maintain exposure.

2024-12-31 17:24

2024-12-31

17:24

moneycontrol.com

https://www.moneycontrol.com/technology/npci-extends-upi-market-cap-deadline-yet-again-by-two-years-article-12898361.html

NPCI extends 30% market share cap on UPI apps by another two years, removes user limits for WhatsApp

Representative Image.Related stories.

The National Payments Corporation of India (NPCI), which runs the popular mobile payments platform UPI, has extended the market cap deadline by another two years, a move that is likely to come as a relief for dominant apps such as PhonePe and Google Pay. In a move to boost digital payments and spur competition, NPCI has also removed user onboarding limits for WhatsApp Pay. It had earlier put a cap on the digital payments platform at 100 million users. This is the second time NPCI has extended the timeline by two years, as PhonePe and Google Pay corner a nearly eighty five percent share of digital payments in India, even as new players entered the fray this year. "Considering various factors, the timeline for compliance of existing TPAPs who are exceedingthe volume cap, is extended by two years i.e. till December 31, 2026," the RBI said in a circular on December 31. In November 2020, NPCI had introduced a cap to ensure no single third-party app provider (like Google Pay or PhonePe) controls more than 30 percent of total UPI transaction volumes, with a deadline of December 31, 2024 to comply. The idea was to avoid concentration risk in the market  and ensure user and system security as digital payments via UPI continue to surge,crossing  171 billion transactions in 2024, a 45 percent growth compared to the previous year. As per the latest available data, both PhonePe and Google Pay exceed the cap with the former commanding 48 percent of the market and the latter cornering another 37 percent of the market. During this year, Navi, super.money and Fampay broke into the top 10 UPI apps, giving NPCI hope that new players can create a space for themselves in the market. However, these players together have less than 2 percent of the market, hardly enough to create any dent in the PhonePe-Google Pay duopoly. In 2024 alone, 20 companies received third-party application provider (TPAP) approval from NPCI, which is required to provide customers with UPI services. According to the NPCI website, 40 firms have received TPAP approval since 2016. UPI market share will balance out, but it will take more time than we initially envisaged: NPCI CEO Dilip Asbe To be noted, the market cap rule does not apply to bank apps, but the banks are minor players as of now. The popular UPI payment platforms are TPAP and partner with banks to connect to the NPCI network to facilitate transactions. Moneycontrol had exclusively written in May about NPCI leaning towards extending the deadline again to avoid any disruption in India's rapidly growing digital payments ecosystem. The possibility of deadline extension was further hinted byNPCI chief Dilip Asbe in an exclusive interviewwith Moneycontrol in October, wherein he acknowledged that it will take longer than expected for the market share to balance out. "Network effects have kicked in, there is no doubt about that… but now the pipeline is good, and the interest is renewed, many of them will also look at credit and credit line on UPI. I think the market will balance out, but it will take some time. It will need some more time than what we earlier envisaged. But for sure the market will balance this out," he said. Additionally, he defended the role of Bhim as a “national infra” and not in competition with third-party apps, noting, “Bhim is the country’s own app. Today when the countries are looking at UPI globalisation, in fact, BHIM also is going back as one of the apps to be given back to that country so that country can operate a Bhim app of their own. But obviously, our primary goal is to ensure that Bhim remains popular." Is NPCI playing fair? Concerns grow over BHIM’s advantage in UPI market The NPCI in Augustspun off its BHIM appas a separate company to aggressively grow the market share and also appointed veteran banker Lalitha Nataraj as its chief executive officer.

2024-12-31 17:20

2024-12-31

17:20

moneycontrol.com

https://www.moneycontrol.com/news/business/data-driven-disruption-insights-from-moneycontrol-india-fintech-conclave-2024-12901187.html

Data-Driven Disruption: Insights from Moneycontrol India Fintech Conclave 2024

Related stories.

Fintech companies bet on data as the biggest asset to maximise the growth of their businesses. Along with the ever-expanding diverse options of fintech platforms providing payment gateways, digital lending, retail investing and much more, there is a niche branch of enterprises of database providers who are offering operational and analytical capabilities making deployment of cross-cutting technologies even more effective. Industry experts at the Moneycontrol India Fintech Conclave 2024 deliberated on this much attained relevance of such organisations who have seamlessly blended in the tech ecosystem for seamlessness of fintech operations. The Conclave, with the theme “Innovate: Transform: Regulate”, which returned after the success of its inaugural edition last year has been a definitive platform for fintech leaders, policymakers, start-up founders, bankers, regulators and technologists. In addition to enlightening the audience on the factors accelerating the fintech growth in India, the latest disruptions, building an inclusive digi-finance landscape and expanding UPI in foreign countries, the discussions, this year also centred on creating data strategies and data management much critical to driving the fintech engine. Krishna Thirtha, Regional Business Head, Couchbase, joined for an insightful discussion at the conclave highlighting the need for effective data base systems, platforms and how crucial it is to businesses today. Most businesses grapple with the predicament of having sustainable data management strategies and utilising AI efficiently to gain their solid foothold in the market. The discussion centred on the need for having a data management and futureproofing a data platform strategy which has become increasingly important. The idea is to have the ability to blend in the tech ecosystem and adopting a sturdy problem-solving approach. Third party database providers have emerged potent partners for businesses endeavouring to transform their business operations making the technology component even more fierce. Couchbase is powering the cashing layer of LinkedIn and is creating risk and fraud analytics applications for Falcon. “A platform like Falcon has to deal on millisecond response time to detect any potential fraud on credit card swipes, a security feature which Couchbase enabled”, said Thirtha. The near future will witness strong synergies between such resourceful tech-driven database providers and businesses, helping them scale up. Taking examples from the current Indian market, Thirtha highlighted,“As far as effective collaborations go, Couchbase is staying true to a problem solving approach in our engagements. Our primary focus will be to identify specific use cases which can make way for an incremental enrichment to the existing application landscape as the lead motion by blending in Couchbase (ex - Caching, Search, Analytics etc) instead of having to rip and replace existing database systems. On the other hand we keep a hawk eye on the value Couchbase can bring to the business with parameters like faster time 2 market, total cost of ownership and boosting developer productivity.” The stimulating discussions at Moneycontrol India Fintech Conclave 2024 captured the dazzling speed at which digital transactions took place in 2024, the evolving relationships between banks and fintechs, navigating the disruptions and spotlighted the need for holistic regulations directing the fintech sector. It also brought to attention the aspect of how rich and diverse data sets alone may not prove to be a game changer for businesses but, that the accompanying data management systems and resources are equally crucial. This becomes even more relevant for firms vying to cash in on AI in fintech domain in the coming years and making services more efficient, faster and secure for its customers. CatchKrishna Thirtha share interesting perspectiveson the pioneering database tactics and the powerful collaborations it can lead to making fintech work for all.

2024-12-31 17:19

2024-12-31

17:19

moneycontrol.com

https://www.moneycontrol.com/news/business/indian-rupee-may-face-pressure-in-2025-as-strong-dollar-geopolitics-and-rbi-interventions-shape-outlook-12901068.html

Indian rupee may face pressure in 2025 as strong dollar, geopolitics, and RBI interventions shape outlook

Rupee.Related stories.

The Indian rupee, which has been on a depreciating track for the last few weeks, is likely to remain under pressure in 2025 due to expectations of a strong dollar driven by the US Federal Reserve’s rate trajectory and US government policies under the new President, experts said. Further, geopolitical tensions and the Indian Union Budget in February will be important factors influencing the rupee’s movement, they added. “Exogenous factors are likely to play a greater role in the rupee’s weakness going ahead, particularly the Fed’s trajectory and the US government policies under the new President will be important. The odds are increasingly tilting towards a stronger dollar in 2025, which suggests that the pressure on INR will likely remain,” said Aditi Gupta, economist at Bank of Baroda. Going downhill Headwinds have increased for the Indian rupee in the last few weeks due to various factors such as outflows by foreign portfolio investors for equities, a strong dollar index, a likelihood of fewer rate cuts by the US Federal Reserve in 2025, India’s sluggish growth, and widened merchandise trade deficit. Higher volatility has pushed the rupee to hit record lows every alternative day. In the last two months, the rupee has depreciated to 85.6200 against the US dollar on December 31, down from 84.0837 on October 30. The higher volatility in the rupee has forced the Reserve Bank of India (RBI) to intervene heavily both in spot and forward markets. This was evident from the sale of dollars in the forward market by the RBI in the last seven to eight months and a drop in foreign exchange reserves. All this intervention has helped the Indian rupee to remain less volatile among its Asian peers so far in 2024. The rupee has depreciated 2.72 percent year-to-date, according to Bloomberg data. RBI’s role critical Going ahead, experts believe that the central bank will continue to intervene in the currency market with a similar strategy to curb the volatility. Further, the RBI may allow the rupee to depreciate with shallow intervention if other Asian currencies continue to fall. “If Asian currencies continue to depreciate, the RBI intervention may remain shallow and let the rupee depreciate in order to maintain export competitiveness. The RBI may intervene only to curb excess volatility if any,” said Kunal Sodhani, vice-president at Shinhan Bank. Earlier today Moneycontrol citing forex experts reported thatthe central bank is unlikely to change its strategy of stepping into the currency market to ensure the stability of the rupee. Even though the Indian currency has been under pressure and trading downhill for the last few days, it has depreciated only 2.74 percent year-to-date. The rupee features among the least volatile currencies in Asia which, according to currency experts, is because of timely and strategic interventions by the RBI. Experts also added that the dividend paid by RBI to the government is not likely to be impacted due to rupee depreciation. “The impact on RBI dividend is not likely to be much as lower interest income (on foreign currency assets) is likely to be offset by increased profit on dollar sales,” Gupta from Bank of Baroda added. Further, Harsimran Sahni Executive, Vice President Head Treasury at Anand Rathi Global Finance said a depreciation of the rupee and appreciation in foreign assets could increase the RBI’s dividends and result in higher profit margins, provided the RBI maintains a sufficient cushion of foreign exchange to manage future volatility and unknown risks. Therefore, the depreciation could positively impact the RBI’s dividend and add to the government’s revenue. Earlier this year,the central board of the RBI approved the transfer of Rs 2.11 lakh crore as surplus to the government for the financial year 2023-24. This is the highest-ever yearly surplus transfer to the government by the Indian central bank.

2024-12-31 17:17

2024-12-31

17:17

moneycontrol.com

https://www.moneycontrol.com/news/india/over-50-vehicles-punctured-due-to-iron-board-on-mumbai-nagpur-highway-12901193.html

Over 50 vehicles punctured by iron board on Mumbai-Nagpur highway, stranded overnight

motorists were left trapped on the roadway overnight because no aid arrived for a long time. (Image: X).

Panic erupted along the Mumbai-Nagpur Samruddhi Highway after more than 50 vehicles had their tires punctured by an iron board that had fallen onto the road. The incident occurred around 10 p.m. on December 29 between the Malegaon and Vanoja toll plazas in Washim district, involving four-wheelers and freight trucks, reported NDTV. This caused a long traffic gridlock on the freeway. Furthermore, motorists were left trapped on the roadway overnight because no aid arrived for a long time. The board is being studied to see whether it fell inadvertently or was thrown maliciously. This comes at a time when the safety of the high-speed corridor is being questioned. A fatal mishap near Kadwanchi hamlet in Jalna district in June left six people dead and four injured. These kinds of accidents have prompted concerns regarding the operational preparedness of the roadway and the safety precautions taken for commuters. The Samruddhi Mahamarg is a 701-kilometer access-controlled, six-lane motorway in Maharashtra that is only half operational. It is one of the longest greenfield road projects in the nation, linking Nagpur, the third-largest city in the state, with Mumbai. The construction cost was Rs 55,000 crore.

2024-12-31 17:17

2024-12-31

17:17

moneycontrol.com

https://www.moneycontrol.com/news/business/why-india-needs-more-ftas-in-an-era-of-disruptions-and-rising-protectionism-12901165.html

Why India needs more FTAs in an era of disruptions and rising protectionism

India presently has bilateral trade agreements covering goods and services with Singapore, South Korea, Japan, Malaysia, Mauritius, United Arab Emirates (UAE), Australia and an FTA in services and investment with the Association of South East Asian Nations (ASEAN)..Related stories.

Supply chain disruptions, rising protectionism and impending tariff wars brought to the forefront the importance of bilateral trade deals like never before, in 2024. The Economic Survey 2023-24 said that FTAs could play a role in limiting the impact of geopolitical headwinds on India’s merchandise exports. Infact, we have seen Indian authorities publicly batting for a more competitive domestic industry to aid efforts to link the country with the global supply value chains in a larger way. Back in July 2024, Commerce Minister Piyush Goyal had criticised industry for repeatedly asking for protection, which in turn could delay efforts to close Free Trade Agreements (FTA) with United Kingdom (UK) and the European Union (EU). Though India ended 2024 with only one trade agreement with the European Free Trade Association (EFTA) consisting of Iceland, Liechtenstein, Norway and Switzerland, a bunch of them are in the pipeline. At present, India has bilateral trade agreements covering goods and services with Singapore, South Korea, Japan, Malaysia, Mauritius, United Arab Emirates (UAE), Australia and an FTA in services and investment with the Association of South East Asian Nations (ASEAN). Rewind 2024 India and EEFTA nations signed the Trade and Economic Partnership Agreement (TEPA) in March 2024, marking New Delhi’s first free trade deal with a key economic bloc in Europe. What was notable about this particular FTA was a promise that EFTA countries, through their private companies, will facilitate an investment of $100 billion and generate one million jobs in India in the next 15 years. Negotiations for a broad-based Trade and Investment Agreement between the EFTA states and India were launched in January 2008, but after 13 rounds, talks were paused in 2013. Talks resumed in October 2016, and after around 21 rounds of negotiations, the trade pact between both sides was inked. The agreement has 14 chapters, which include areas such as goods, services, rules of origin, intellectual property rights (IPRs), and investment promotion. While the India-UK FTA negotiations were paused in May 2024 due to impending general elections, both parties have announced resumption of talks from January 2025. New Delhi and London have been in talks for a bilateral trade deal since January 2022, concluding 13 rounds of negotiations. The country also signed a Protocol for Establishment of Joint Economic and Trade Committee with the Dominican Republic as well, in March 2024, to set up a platform to discuss commerce, mitigating challenges and exchange ideas. India also spent a better part of the year negotiating for tweaks in existing FTAs in a bid to ensure more balanced outcomes. It is presently in the process of reviewing the trade deal with the 10-nation grouping of the Association of Southeast Asian Nations (ASEAN) as New Delhi felt that it had lost more than gained. Apart from that, India is also seeking a review meeting with the UAE over issues around rules of origin in the Comprehensive Economic Partnership Agreement (CEPA) between them, signed on May 2022. This comes amid concerns over concessions to UAE via the trade deal on imports of silver and gold may have led to a sharp rise in inbound shipments of precious metals in India, thereby pushing up India's trade deficit. New Delhi is currently in talks for FTAs with European Union, Oman, Peru, Sri Lanka and is negotiating a Comprehensive Economic Cooperation Agreement (CECA) with Australia building upon the market access commitments in the Economic Cooperation Trade Agreement (ECTA) between them. Weaker merchandise Data indicates why trade deals have become crucial for India at this juncture, especially due to the impact of global headwinds on India’s merchandise exports. Merchandise exports during January-October 2024 were $372.62 billion, as compared to $359.27 billion during the same period last year, registering a growth of 3.7 percent, as per data available from Commerce Ministry. According to think tank Global Trade Research Initiative (GTRI), merchandise exports are expected to reach $441.5 billion in 2024, showing a modest increase of 2.34 percent over $431.4 billion in the previous year. This is in sharp contrast to services exports that is projected to grow by 10.31 percent to $372.3 billion in the current year, up from $337.5 billion in 2023. GTRI points out that India’s export landscape is undergoing a transformation that highlights both opportunities and vulnerabilities. Sectors such as machinery and electronics are gaining prominence, with machinery's share in the export basket rising from 3.8 percent in 2014 to 6.9 percent in 2024, and electronics climbing from 3.3 percent in 2014 to 7.9 percent in the current year, traditional areas such as textiles and garments are witnessing a decline. Textiles and garments, which accounted for 21.1 percent of exports in 2004, now represent just 8 percent, while gems and jewellery have dropped from 16.9 percent in 2004 to 7.5% percent in 2024, GTRI said, adding that this decline reflects changing global demand and India’s struggle to remain competitive in labour-intensive industries. Challenges abound 2025 may pose similar challenges for Indian exports due to a range of issues from slowing growth in developed economies to geopolitical tensions like the Russia-Ukraine war, Israel-Hamas conflict and the consequent disruptions in the Red Sea shipping routes. Adding to this is the potential threat of higher tariffs under President-elect Donald Trump’s upcoming administration in the United States, a country that is India’s top export market. Trump has already threatened 100 percent tariffs on goods coming in from BRICS nations, including India, if there are attempts made to undermine the US dollar as the reserve currency of the world. BRICS, a group of five key economies—Brazil, Russia, India, China and South Africa—expanded to 10 members from January 2024, with Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) joining. The US President-elect has also expressed plans to impose 25 percent tariffs on all imports from Mexico and Canada and an additional 10 percent on goods from China, sparking concerns over retaliation from its key trading partners thereby impacting global commerce. There are other battles, India has been fighting on the FTA front, be it European Union’s green regulations, including the Carbon Border Adjustment Mechanism (CBAM) that could increase the cost of Indian exports as well as deter FTA talks. Even with the UK, New Delhi is facing hurdles when it comes to facilitating the entry of skilled workers from India into Britain via the proposed trade deal. FTAs matter While, navigating trade in today’s world order is tough, there are a few silver linings for India to maximise on. The Engineering Export Promotion Council (EEPC) points out since the signing of the interim trade deal two years ago, India's engineering exports to Australia have witnessed a growth of more than 6 percent. In the fiscal year 2023-24, Australia emerged as one of the top 10 export destinations for India, highlighting the increasing importance of bilateral trade deals. The Economic Survey too pointed out that the FTA between India and UAE is expected to increase the bilateral trade in goods and services to $100 billion and $15 billion, respectively, within five years of signing the pact. This is likely to benefit about $26 billion worth of Indian products that are subjected to 5 percent import duty by the UAE, the Survey said. Apart from that, India could focus on its edge in service exports to negotiate FTAs and gain on the merchandise side. “The government needs to work out core policy for realising the growth potential of this (services) sector,” Ajay Srivastava, founder, GTRI, said, citing that between 2018-2019 and 2023-2024, India’s merchandise exports grew at a compound annual growth rate (CAGR) of 5.8 percent, while services exports surged ahead at a CAGR of 10.5 percent. While, India’s services exports reached an all-time monthly high of $34.31 billion in October, it is expected to be larger, at $35.67 billion in November (in value terms), versus merchandise exports that came in at $32.11 billion. Infact, the country’s services share in total exports stands at 43.8 percent, which is higher than the global average of 24.7 percent. The impending tariff war between China and US could also become an opportunity for India. Federation of Indian Export Organisations (FIEO) says that New Delhi could increase its exports to the United States with Trump planning to impose higher duties on Beijing. 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. In November, the country’s central bank too weighed in on the importance of bilateral trade deals to unlock India’s true potential. In its monthly bulletin, the Reserve Bank of India's (RBI) said that the country needs a "panoply" of bilateral trade agreements with better market access to capitalise on the China plus one trend in global manufacturing. The key, however, is to improve market access – over the last five years, the article said, adding that, it is estimated that India’s total imports from FTA partners (ASEAN, UAE, SAFTA, Australia, South Korea, Japan, Mauritius) increased by 37.9 percent while exports grew only 14.5 percent. This further highlights the importance of a standard operating procedure for FTA negotiations, a policy currently in works. FTAs, therefore, could play a key role in unleashing India's strengths in services exports as well as in being the top international provider of new-age goods like electronics. “As 2025 approaches, proactive measures and strategic reforms will be critical to managing global uncertainties and sustaining export growth,” GTRI’s Srivastava said.

2024-12-31 17:03

2024-12-31

17:03

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/india-s-april-november-fiscal-deficit-at-rs-8-5-lakh-crore-or-52-5-of-fy25-target-12900673.html

India's April-November fiscal deficit at Rs 8.5 lakh crore or 52.5% of FY25 target

Government spending data for November.Related stories.

India’s fiscal deficit at Rs 8.5 lakh crore or 52.5 percent of the Budget target, crossed the halfway mark in the first eight months of the year, according to government data released on December 31. Between April and November 2024, the deficit remained higher than the previous year’s spending figure of 50.7 percent, even as capex spending lagged last year's pace. Despite a pickup, capex spending was at Rs 5.13 lakh crore or 46.2 percent of the budgetary goal of Rs 11.1 lakh crore, compared with 58.5 percent spent during the April-November period last fiscal. "Revenue expenditure rose by just 1 percent YoY in the month of November 2024 whereas capital expenditure displayed a healthy 21 percent expansion, albeit on a modest base. The GoI’s capex needs to expand by 65 percent YoY in December 2024-March 2025 or record a monthly run rate of Rs. 1.5 trillion, to meet the FY2025 RBE, which appears increasingly daunting," said Aditi Nayar, chief economist, Icra. The government spent 60.1 percent of its budgetary target compared with 59 percent spent in the previous year. Revenue receipts have lagged last year's target, with net tax revenue collection at 55.9 percent, lower than the previous year. "The anticipated miss in the capex target is expected to offset any shortfall on account of disinvestment and taxes, as well as the impact of the recent supplementary demand for grants. Accordingly, ICRA expects the fiscal deficit to mildly trail the FY2025 RBE of Rs. 16.1 trillion or 4.9 percent of GDP," Nayar added. With the FY26 Budget about a month away, industry bodies have asked the government to keep its foot on the gas regarding capex. India’s economy is expected to do better in the third quarter after growth dipped to a seven-quarter low of 5.4 percent in Q2FY25. It will still not breach the 7 percent mark. In their meeting with the finance minister on December 30, industry associations pushed for income tax cuts to boost consumption and continue with the capex thrust. The Confederation of Indian Industry (CII) recommended raising the allocation for capex by 25 percent in the FY26 Budget. In contrast, the Federation of Indian Chambers of Commerce & Industry (Ficci) suggested a hike of 15 percent in the outlay.

2024-12-31 17:00

2024-12-31

17:00

moneycontrol.com

https://www.moneycontrol.com/news/world/france-says-it-carried-out-missile-strikes-against-isis-in-syria-last-weekend-12901171.html

France says it carried out missile strikes against ISIS in Syria last weekend

The French airstrike followed a similar military strike by the United States in Syria. (Courtesy: Reuters file photo).

France carried out missile strikes last weekend in Syria, targeting Islamic State sites in the country, French Armed Forces Minister Sebastien Lecornu said on Tuesday. "On Sunday, French air forces carried out targeted strikes against Islamic State sites based on Syrian territory," Lecornu wrote on social media platform X. The French airstrike followed a similar military strike by the United States in Syria, which the US said had killed two Islamic State operatives. Syria faces an uncertain political future after the Hayat Tahrir al-Sham (HTS) group ousted former President Bashar al-Assad on December 8. The lightning campaign led by HTS ended a 13-year civil war, but it has left a host of questions about the future of a multi-ethnic country where foreign states including Turkey and Russia have strong and potentially competing interests.

2024-12-31 16:45

2024-12-31

16:45

moneycontrol.com

https://www.moneycontrol.com/news/india/nitesh-rane-s-reflects-sangh-parivar-s-approach-towards-kerala-says-cm-vijayan-12900984.html

Nitesh Rane's reflects Sangh Parivar’s approach towards Kerala, says CM Vijayan

Nitish Rane is not fit to continue in his post..Related stories.

After Maharashtra minister Nitesh Rane called Kerala a "mini Pakistan", Kerala Chief Minister Pinarayi Vijayan termed the remarks “highly provocative and condemnable”. “The Maharashtra minister’s words reflected the Sangh Parivar’s approach towards Kerala. Sangh Parivar is of the view that it can alienate places where it finds it difficult to gain control, by unleashing such hate campaigns. The minister is not fit to continue in his post. It is surprising that the leadership of the party that rules the country has not reacted to the statement of the minister, who has breached the oath of office by insulting the Constitution of the country,” said the Kerala CM. The CM also said that the minister who made the hateful statement does not deserve to continue in that position. Addressing a function in Pune, Rane had said Kerala is mini Pakistan that is why “Rahul Gandhi and his sister are elected from there”. Leader of Opposition in the Kerala Assembly, V D Satheesan, said Rane, who called Kerala a “mini-Pakistan” and insulted Rahul Gandhi and Priyanka Gandhi, should resign from his position as a minister. Satheesan reminded that a similar statement was also made by senior CPI(M) leader and politburo member A Vijayaraghavan, who said that Rahul secured victory in the Wayanad seat twice with the support of communal forces and that extremist elements were present at Priyanka Gandhi’s campaign rallies. KPCC chief K Sudhakaran MP has alleged that both the BJP and the CPI(M) are orchestrating a coordinated effort to tarnish Kerala’s secular legacy. In a statement, he said that BJP leader and Maharashtra Minister Nitesh Rane’s hate speech, based on CPI(M) Politburo member Vijayaraghavan’s statement, stands as evidence of this conspiracy. AICC general secretary K C Venugopal said the minister had hurt Kerala’s secular mindset. “People want to know whether the Prime Minister and Kerala Chief Minister have the same view. It is the CPI(M) stand that prompted the BJP to spit communal venom. The minister should quit, and he should be disqualified. The Congress will politically and legally fight against the statement which depicted people of Wayanad as terrorists,” he told Indian Express. After Priyanka’s win in byelections in the Wayanad Lok Sabha seat, the CPI(M) in Kerala had alleged that a communal Muslim alliance was behind the Gandhis’ victories.

2024-12-31 16:39

2024-12-31

16:39

moneycontrol.com

https://www.moneycontrol.com/technology/gta-vi-trailer-create-guinness-world-book-records-surpasses-gta-v-s-record-by-more-than-100-article-12901014.html

GTA VI trailer create Guinness World Book Records, surpasses GTA V's record by more than 100%

GTA VI.

Since its release in December last year, the Grand Theft Auto VI (GTA 6) trailer has become a monumental success on YouTube, breaking several Guinness World Records. The upcoming game is set to be the biggest gaming title launch of 2025, generating a projected $3bn in its first year. As of December 30, 2024, the video has surpassed over 230 million views on YouTube, which is more than double the views of the predecessor, GTA V. GTA 6 trailer breaks several viewership records: Key details In addition to its overall viewership, the GTA 6 trailer set several Guinness records within its first 24 hours of release. The video achieved the title of ‘Most Viewed Video Game Reveal on YouTube in 24 Hours,’ ‘Most Viewed YouTube Video in 24 Hours,’ and ‘Most Liked Video Game Trailer on YouTube in 24 Hours" and continues to break other viewership records. These accolades showcase the growing anticipation of the game after GTA V was released more than a decade ago, in 2023. The trailer has also surpassed double the views of the previous game video, as the Grand Theft Auto 5 trailer, which was released 13 years ago, has gained over 115 million views so far. Gamers across the globe are also waiting for the release of a second trailer of GTA 6, with industry insiders suggesting that it is likely to drop between January and February 2025.

2024-12-31 16:33

2024-12-31

16:33

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/top-gainers-losers-today-stocks-that-moved-the-most-on-december-31-2024-12900926.html

Top Gainers & Losers today: Stocks that moved the most on December 31, 2024

Benchmark indices Nifty and Sensex showed a mixed trend on December 31, the final trading day of 2024..Related stories.

Benchmark indices Nifty and Sensex showed a mixed trend on December 31, the final trading day of 2024. Avanti Feeds (Rs 672, 12.08%) Shares of shrimp farming companies--Avanti Feeds and Apex Frozen Foods surged after domestic brokerage Incred Equities rolled out a strong growth outlook for the industry. Incred sees a strong recovery making its way for the shrimp industry in CY2025, driven by rebounding global demand and reduced competition from Ecuador, where overproduction led to industry consolidation. Shriram Properties (Rs 106.85, 2.62%) Shriram Properties shares saw a 4 percent surge following the company's announcement of the strategic sale of a 3.9-acre land parcel in Chennai. The land has been sold to a prominent South Indian healthcare and educational group and is strategically located on GST Road that holds significant potential for retail or commercial development. Venus Remedies(Rs 315.5, 1.77%) Pharma company and injectable manufacturer Venus Remedies has expanded its reach into Eastern Europe, after the company received Good Manufacturing Practice (GMP) certificate from the government of Moldova, sending shares higher by over 3%. Earlier in December, Venus Remedies also managed to secure Marketing Authorization in the Philippines. Tata Chemicals (Rs 1,052, 1.96%) Shares of Tata Chemicals Ltd, Gujarat Heavy Chemicals gained as the government announced minimum import price for soda ash. In a notification, Directorate General of Foreign Trade said the import policy for soda ash has been changed from 'Free' to 'Restricted' and that minimum import price is Rs 20,108/MT. RVNL (Rs 422.70, 3.53%) Rail Vikas Nigam Ltd. shares advanced nearly eight percent in the morning session on the last trading day of 2024, after the railway stock was declared the lowest bidder for two projects. RVNL won a project from the Central Railway worth Rs 137 crore. For the second project that Rail Vikas Nigam Limited emerged as the lowest bidder is from the East Coast Railway for a total consideration of Rs 404 crore. Zomato (Rs 277.95, -1.47%)Zomato shares declined despite reports that Magicpin, the hyper-local e-commerce firm backed by the online food delivery giant, plans to go public in 2025. The company has initiated talks with investment banks and law firms to appoint advisors for its IPO, according to a Moneycontrol report. Easy Trip Planners (Rs 15.85, -6.98%) Easy Trip Planners shares worth Rs 53 crore were sold off in a block deal on the exchanges on December 31, with co-founder Nishant Pitti being the likely seller. Around 3.4 crore shares, making up a one percent stake in the company, changed hands in the block deal. The transaction was executed at an average price of Rs 15.50 apiece, translating sharp discount to Friday's closing level. Adani Wilmar (Rs 308.45, -6.7%) Adani Wilmar shares fell nearly 7%, a day after the Adani Enterprises announced plan to exit the JV with Singapore's Wilmar International, offloading its entire 44% stake in the company as part of a $2 billion deal. The price of up to Rs 305 at which Adani Group is selling its stake is a 7% discount to Monday's closing price. Mphasis (Rs 2,852, -2.84%) Information technology stocks took a hit, falling upto 2 percent as elevated US Treasury yields continue to weigh on emerging markets. Meanwhile, a more than 1 percent drop in Wall Street's tech-heavy Nasdaq Composite index overnight, also soured sentiment for the sector. As a result of losses across most constituents, the Nifty IT index also closed lower, emerging as the worst hit sectoral index. Zinka Logistics Solutions (Rs 481.90, -5%) Global brokerage Morgan Stanley kicked off coverage on recently listed Zinka Logistics Solutions Ltd, giving it an underperform rating with a target price of Rs 450 per share. This indicates a downside potential of around 16 percent from the previous session's closing price. While the brokerage recognizes Zinka's niche position and strong competitive advantages in a fragmented market, it believes the stock's recent rally, which is up 105 percent since its November 2024 listing, makes it less attractive at current levels.

2024-12-31 16:24

2024-12-31

16:24

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/npci-lifts-upi-user-onboarding-limit-for-whatsapp-payments-12901169.html

NPCI lifts UPI user onboarding limit for WhatsApp Payments

npci.Related stories.

The National Payments Corporation of India (NPCI) has lifted the user onboarding cap for WhatsApp Pay, allowing the platform to offer UPI services to its entire user base in India. "With this development, WhatsApp Pay can now extend UPI services to its entire user base inIndia. Previously, NPCI had permitted WhatsApp Pay to expand its UPI user base in a phased manner," NPCI said in a statement on December 31. NPCI, which governs the Unified Payments Interface (UPI) framework in India, initially imposed user onboarding limits on payment services like WhatsApp Pay to ensure a gradual and phased rollout. This was mainly to monitor scalability, performance, and security concerns in the highly sensitive payments ecosystem. When WhatsApp Pay launched, it was capped at onboarding only a small percentage of UPI users. This cautious approach aimed to mitigate risks associated with adding a large user base all at once and to allow WhatsApp to fine-tune its operations. Gradually, NPCI raised the limit in phases. In November 2022, WhatsApp Pay’s cap was increased to 100 million users. Removing the onboarding limit entirely marks a significant milestone, sources told Moneycontro. For WhatsApp, this unlocks the potential to expand its payments feature to its massive existing user base in India, which exceeds 500 million users. The development comes as NPCI has also extended the market cap deadline by another two years. "Considering various factors, the timeline for compliance of existing TPAPs who are exceedingthe volume cap, is extended by two years i.e. til December 31, 2026," the RBI said in a circular on December 31. According to the NPCI rule issued in early 2021, no single UPI app should have more than 30 percent of the UPI payments market.

2024-12-31 16:19

2024-12-31

16:19

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/rajputana-stainless-files-draft-papers-for-ipo-firm-plans-to-set-up-new-manufacturing-plant-12901151.html

Rajputana Stainless files draft papers for IPO, firm plans to set up new manufacturing plant

Rajputana Stainless IPO.Related stories.

Gujarat-based long and flat stainless-steel products manufacturer Rajputana Stainless is planning to tap capital markets to raise funds for new manufacturing facility and working capital requirements, as it has filed preliminary papers with the SEBI for initial public offering (IPO). The IPO will be a combination of fresh issue of 1.9 crore equity shares, and an offer-for-sale of 35 lakh shares by promoter Shankarlal Deepchand Mehta. Promoters including Shankarlal Deepchand Mehta hold 78.21 percent stake in Rajputana Stainless, while 21.79 percent shares are owned by public shareholders. The company manufactures long and flat stainless-steel products like billets, forging ingots, rolled black bar, rolled bright bar, flat & patti and other ancillary products. Stainless Steel is a value-added product with high corrosion resistant properties. It plans to spend Rs 18.3 crore out of net fresh issue proceeds for setting up of manufacturing facility for stainless steel seamless pipes to expand product portfolio and Rs 37.68 crore for working capital requirement for the said facility. Click Here To Read AllIPO News Further, Rs 76.5 crore will be used for repaying debt as by the end of October 2024 it had total outstanding borrowings of Rs 135.8 crore. And the remainder IPO funds will be used for general corporate purposes. Nirbhay Capital Services is appointed as the merchant banker for the public issue.

2024-12-31 16:17

2024-12-31

16:17

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/riding-the-2025-wave-top-5-blue-chip-stocks-to-watch-out-for-in-the-new-year-12900931.html

Riding the 2025 wave: Top 5 blue chip stocks to watch out for in the new year

BEL, Kotak Mahindra Bank, ONGC, Trent and Coal India were the top gainers on the Nifty..Related stories.

As the calendar turns to 2025, investors are gearing up for an exciting year of market action, following the rollercoaster ride of 2024. The Nifty rallied strongly until September before sliding 10 percent from its peak, while the Sensex scaled fresh record highs only to face a similar sharp correction. As the dust settles and a new year of opportunities dawns, here are the top five blue-chip stocks poised to make waves in 2025. HDFC Bank:India’s largest private sector lender commands a market share of 14.42 percent in advances and 11.41 percent in deposits. With a robust presence across core financial segments such as banking, insurance, asset management, and securities, the bank remains a key player in the country’s financial landscape. Despite marginal deterioration in asset quality during Q2, the bank’s overall financial health remains solid. Both Gross NPA (GNPA) and Net NPA (NNPA) levels continue to be at the lower end of historical trends, reflecting strong risk management practices. The elevated CD ratio, while a hurdle, has been a key factor pressuring the bank’s margins and valuation multiples. However, as HDFC Bank continues to improve this ratio, margins are expected to recover gradually over the coming quarters. Follow our LIVE blog for all the latest market updates L&T:The company's transformative investments in green energy, data centres, digital platforms, and semiconductor design are set to enhance its digital and sustainability footprint, complementing its core business strengths. The management remains focused on the profitable execution of its robust order book and seizing emerging opportunities while limiting exposure to non-core areas. With its strong foundation and diversified portfolio, L&T is well-positioned for sustained growth in a stable business environment. In the second quarter of FY25, L&T secured orders worth Rs. 80,045 crore at the group level, marking a 10 percent year-on-year growth. These orders spanned diverse sectors, including renewables, urban transit, roads, nuclear power, hydropower, precision engineering, and offshore hydrocarbons. International orders accounted for Rs 32,057 crore, comprising 52 percent of the total inflow. Also read:Trent, M&M steal spotlight as top Nifty gainers in 2024; IndusInd Bank, Asian Paints lead the laggards pack Shriram Finance:The company is well-positioned for robust growth, with expectations to increase its market share in the used commercial vehicle (CV) financing segment by 6-8 percent over the next decade, Axis Securities said. This growth will be fuelled by the under-penetration of organised players in the market, a financing opportunity worth Rs 1,800 billion due to replacement demand for 1.45 million new and pre-owned trucks, and anticipated freight capacity growth outpacing GDP growth. The company’s diversified portfolio, following its merger with e-SHTF and e-SCUF, now includes Gold Loans, 2-wheeler Loans, MSME Loans, and Personal Loans, reducing its reliance on the cyclicality of the CV financing business. Its asset quality is expected to remain strong, even with its significant exposure to the used-CV segment, thanks to its structured recovery mechanism and a solid personal loan portfolio. The company faces challenges from macroeconomic factors such as lower government capex and slower urban consumption but is confident in maintaining steady credit costs. Read more:Unimech Aerospace shares see blockbuster listing, IPO investors’ money nearly doubles as expected Bharti Airtel:The company is well-positioned in India, with its comprehensive portfolio that includes fibre optic cables, mobile phones, and desktop telephones. Airtel leads the telecom industry in Average Revenue Per User (ARPU), currently at Rs 233, surpassing Reliance's Rs 195. The company expects further ARPU growth, driven by a richer customer mix, stronger 2G-to-4G/5G conversion, and rising rural penetration. Its 5G customer base has seen impressive growth, reaching approximately 105 million. In addition to ARPU, Airtel’s EBITDA is also on the rise, showing a significant improvement both quarter-on-quarter and year-on-year. The company has substantial revenue and profit growth potential, fuelled by expanding its rural distribution, continued network investments, and broader 4G/5G coverage, Axis Securities said in a note. Strategic moves, including tower sales, minority investments, and potential IPOs in mobile money, add further upside. Airtel’s digital portfolio is gaining momentum, and the company is maintaining a strong share of net 4G/5G customer additions. ICICI Bank:One of India’s largest private-sector banks, ICICI continues to demonstrate robust growth across its diversified portfolio of financial products and services catering to retail, SME, and corporate customers. With a vast network of over 6,600 branches and 16,120 ATMs as of September 2024, the bank is also leveraging its advanced digital platforms to enhance customer experience. ICICI Bank expects margins to remain stable, supported by low credit costs. However, risks such as economic slowdown and potential deterioration in asset quality remain. With its focus on digital adoption and risk-calibrated growth, the bank is well-positioned for continued expansion and profitability. Following its second quarter, a host of brokerages - international and domestic - issued bullish calls on the stock. Despite the margin compression during the quarter, the bank’s management remains optimistic, believing that the worst of the margin pressure is over. "Although NII is expected to stabilise over the year, gross non-performing loans (NPL) remained steady, and credit costs were well-controlled. These factors position ICICI Bank and HDFC Bank as standout performers among private lenders," CLSA noted. Motilal Oswal raised the bank’s EPS estimates by 2.8 percent for FY25 and 1.8 percent for FY26, projecting a return on assets (RoA) of 2.19 percent and return on equity (RoE) of 17.4 percent by FY26.

2024-12-31 16:15

2024-12-31

16:15

moneycontrol.com

https://www.moneycontrol.com/news/india/bjp-calls-kejriwal-chunavi-hindu-over-scheme-for-priests-and-granthis-aap-chief-hits-back-12901167.html

BJP calls Kejriwal ‘Chunavi Hindu’ over scheme for priests and granthis; AAP chief hits back

AAP chief Arvind Kejriwal.Related stories.

The Delhi Bharatiya Janata Party (BJP) attacked AAP chief Arvind Kejriwal on Tuesday, calling him a "chunavi (electoral) Hindu" for promising Rs 18,000 monthly compensation to temple priests and gurdwara granthis ahead of the Delhi assembly election. The Delhi BJP posted an image on X, depicting Arvind Kejriwal in a dramatic priest-like avatar, similar to actor Rajpal Yadav's character in 'Bhool Bhulaiyaa' - wearing rudraksha beads, flower garlands, and vermilion.10 ?pic.twitter.com/KMKntiOlXWBJP Delhi (@BJP4Delhi)December 31, 2024 Along with the poster, the Delhi BJP listed four examples to paint Kejriwal as a "chunavi Hindu". First, they took a dig at Kejriwal for supporting priests and granthis now, saying that the former CM has been distributing salaries to Imams for the last 10 years. "Now that the elections have come, he remembered the priests and the glands?" the X post said. However, right after the AAP chief announced this new scheme for priests and granthis, the All India Imam Association (AIIA) protested at his residence claiming that they had not been paid for 17 months. The post further alleged that Kejriwal and his grandmother were not happy with the construction of the Ram temple. It claimed that the AAP government opened up liquor shops outside temples and gurudwaras and accused Kejriwal of playing anti-Hindu politics. Earlier, Kejriwal quoted his maternal grandmother as saying that her ‘Ram’ cannot reside in a temple constructed after the demolition of a mosque. Responing to the criticism, Kejriwal said that BJP has been abusing him since he announced the Pujari Granthi Samman Yojana. In a post on X, he challenged the BJP by asking if the country would benifit from such insults. "You hold power in 20 states and have been in charge in Gujarat for 30 years. Why have you failed to show respect to the priests and granthis all this time? Isn’t it time to change that? I've already set an example for everyone. Instead of hurling insults at me, why don’t you take action in your 20 states? That way, everyone can benefit," he said.

2024-12-31 16:09

2024-12-31

16:09

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/62-of-nifty50-companies-have-set-carbon-neutrality-or-net-zero-targets-iias-sustain-12901159.html

62% of Nifty50 Companies have set carbon neutrality or net zero targets: IiAS Sustain

Most companies in the hard to abate sectors, which comprise a significant portion of greenhouse gas (GHG) emissions, have disclosed climate targets with Coal India being the sole exception, said the report..Related stories.

Sixty two percent or 31 of Nifty50 companies have a carbon neutrality ornet zerotarget, said a report by a proxy advisory. For these companies, the median year to meet these targets is 2040. India has committed to reduce carbon emissions by 50 percent by 2030 and for the entire economy to be net zero by 2070. According to a Insitutional Investor Advisory Services (IiAS) Sustain's report, 20 of the Nifty50 companies have a net zero target and 11 have a carbon neutrality target. A net zero target aims to eliminate greenhouse gas emissions why carbon neutrality target aims to balance emissions produced and emissions removed. Also read:Centre must push states to comply with renewable purchase obligations, says industry Among these, 20 companies have set a net zero target with a median year of 2040. For 11 companies that have declared a carbon neutral target, the median year is 2032. Interestingly, most companies in the hard to abate sectors, which comprise a significant portion of greenhouse gas (GHG) emissions, have disclosed climate targets with Coal India being the sole exception, said the report. This information was taken from the disclosures made by the Nifty50 constituents upto 30 September 2024. Of the 19 companies, which not have not committed to either a net zero or a carbon neutrality target year, a few have articulated a de-carbonization strategy. General observationsThree of the ten financial sector companies have disclosed a target year. SBI is the first and expects to be carbon neutral by 2030. Two of the four PSUs in the NIFTY50 have disclosed net zero targets. BPCL has a Net zero target by 2040. NTPC has a Net zero target by 2070. All six IT services companies have disclosed a net zero target; Infosys has been carbon neutral since 2020. Climate TargetsInfosys has been Carbon Neutral since 2020. Of the carbon neutrality target for the balance, the earliest target is for Cipla (2025) and the longest-dated target is for Maruti Suzuki (2070). For net zero, the earliest target is for Tata Consultancy Services (2030), while NTPC states it will achieve net zero by 2070.

2024-12-31 16:06

2024-12-31

16:06

moneycontrol.com

https://www.moneycontrol.com/news/business/bigbasket-to-roll-out-quick-food-and-medicine-deliveries-in-2025-ceo-hari-menon-12900981.html

BigBasket to roll out quick food and medicine deliveries in 2025: CEO Hari Menon

Hari Menon, CEO of BigBasket.Related stories.

Tata-owned grocery delivery platform BigBasket is planning to roll out its own quick food delivery service in 2025 to compete with Swiggy’s Bolt, Zepto Café and Blinkit’s Bistro. The company will also start medicine deliveries via Tata 1mg next year, said CEO and co-founder Hari Menon. The forays come at a time when quick commerce companies are entering new sectors to push up average order values (AOVs) and improve their profitability. After the rise of ten-minute grocery delivery, initiatives like rapid food and medicine deliveries are now catching on. Fifteen-minute food delivery, in particular, has quickly become a mainstay for quick commerce players. BothZeptoandBlinkithave launched their own quick food delivery apps Café and bistro, respectively. Similarly,Swiggy has launched Bolt– which is now present in 400 cities. High demand has also incentivised companies like Ola, andMagicpin, to join the race, alongside hyperlocal startups like Zing andSwish. “2025 is ambitious (as it should be). (BigBasket will be) expanding to over 30,000 items to all Tier 1 cities, launching pharma deliveries with Tata 1mg, (and) rolling out food delivery of your favourite foods,” Menon said in a post on X (formerly Twitter). To be sure, Swiggy was the first quick commerce playerto start delivering medicines. The firm started out with basic over the counter (OTC) medicines such as pain relief sprays and others through Instamart, before partnering with PharmEasy to expand its assortment. Since then, rivals Blinkit and Zepto have also hopped on the medicine delivery bandwagon. Quick commerce, despite being less than four years in existence, has become a $5.5-billion industry, thanks to users who are now opting to purchase from rapid delivery platforms, instead of kiranas and legacy e-commerce websites like Flipkart and Amazon. Due to the high demand, BigBasket pivoted to focus completely on quick commerce in 2024. The company fully transitioned to focus on quick-commerce in October, promising flat 10-min deliveries across all cities it operated in. The Tata-owned firm has also been expanding its categories at a rapid pace this year, and now offers over 30,000 SKUs, Menon said. In September, the company had made an entry into the consumer electronics category,starting with iPhones. During the month, it sold as many as 10 iPhones a day. The company also partnered with Croma and Tata Cliq for category expansion in electronics and fashion, respectively. The company also made improvements in its delivery time; as many as 90 per cent of BigBasket orders delivered in tier 1 cities were done in two hours, up from 60 per cent previously, the CEO added. However, Instamart still remains thefastest quick commerce playerwith an average delivery time of 8 minutes, outpacing competitors Zepto at 9 minutes and market leader Blinkit at 11 minutes, according to a recent report by JP Morgan. Likemany of its competitors, the festival season drove a lot of sales for BigBasket in 2024. The company sold 20,000 gold coins during Akshay Trithiya, and the same number of Christmas trees in one day in the lead up to the holiday.

2024-12-31 16:06

2024-12-31

16:06

moneycontrol.com

https://www.moneycontrol.com/news/business/fpi-investment-in-govt-securities-in-jp-morgan-bond-index-doubled-in-2024-12901088.html

FPI investment in govt securities in JP Morgan bond index doubled in 2024

Bonds.Related stories.

Investment by the foreign portfolio investors (FPI) in the government securities in the JP Morgan Bond index has doubled in 2024 on back of better returns compared to advanced economies, robust economic fundamentals, and least volatile rupee among Asian peers, experts said. According to the Clearing Corporation of India Ltd, investment by FPI in the government securities (G-sec) under Fully Accessible Route (FAR) has increased to Rs 2.51 lakh crore as on December 31, as compared to Rs 1.30 lakh crore on January 1. FAR enables non-residents to invest in specified Government of India dated securities without any investment ceilings. Most of the securities in the FAR are part of the JP Morgan Government Bond Index-Emerging Markets. “India stands out for offering higher yields alongside robust economic fundamentals. Additionally, the Indian rupee has shown relatively low volatility compared to its peers, thanks to the continuous efforts of the RBI. This makes a strong case for increasing foreign investment in the Indian bond market,” said Mataprasad Pandey, vice-president of Arete Capital Service. The investment by FPI has increased in the Indian government bonds after the JP Morgan Chase & Co on September 22, 2023, had announced the inclusion of Indian bonds in their global bond index. Further, the investment gained traction after June 28, when JP Morgan included 29 Indian government securities under FAR in its emerging market index. Since the announcement of Indian bond inclusion in global bond index by JP Morgan, and till the actual inclusion of bonds in index, FPIs' investment in FAR securities has increased around 98 percent. However, the investment has seen some downward trend due to sharp jump in the yields on US treasury notes. When the yield on US treasury notes goes up and Indian bond yields remain stable, it reduces the spread between both and leads to FPI pulling money from India and investing in their home country for better returns. Going ahead, money market experts believe that another two-bond inclusion next year is expected to increase flows in these bonds. Bloomberg is set to include Indian bonds in the Bloomberg Emerging Market (EM) Local Currency Government Index and related indices from January, 2025. This will be followed by Indian bonds inclusion in FTSE Russell bond index from September 2025.

2024-12-31 15:57

2024-12-31

15:57

moneycontrol.com

https://www.moneycontrol.com/news/india/nitesh-rane-s-remarks-stir-backlash-again-loose-cannon-in-maharashtra-bjp-12900970.html

Nitesh Rane's remarks stir backlash again: Loose cannon in Maharashtra BJP?

BJP MLA Nitesh Rane.

There are a few leaders in Indian politics who are often in the news for their quirky or controversial utterances. Digvijay Singh of the Congress and Sanjay Raut of the Shiv Sena (UBT) are a few examples. Maharashtra BJP leader Nitesh Rane, who recently became a minister in Devendra Fadnavis' cabinet, has joined the list of motormouth leaders. His recent statementcalling Kerala a "Mini Pakistan"has led to an uproar in state politics. Nitesh Rane is unapologetic about his statement, in which he claimed that Congress leaders Rahul Gandhi and Priyanka Gandhi Vadra win from Kerala because terrorists vote for them and the state has become a "Mini Pakistan." After facing backlash from the opposition and a lack of support from his party colleagues, Rane defended his statement by expressing concerns about the diminishing Hindu population and cases of religious conversions in Kerala. This is not the first time that Nitesh, the younger son of BJP MP Narayan Rane, has made a communally provocative speech. During the assembly election campaign, he threatened to beat up members of a minority community by entering their places of worship. Although two criminal cases were filed against him, no coercive action was taken. Viral videos have shown Nitesh assuring his supporters not to worry, saying, "Boss (Fadnavis) is sitting in the Sagar bungalow." Fadnavis, who was the Home Minister in Eknath Shinde's government, continues to hold the portfolio now as the Deputy Chief Minister. In 2020, Nitesh Rane made a sensational claim that actor Sushant Singh Rajput didn't commit suicide but was murdered at the behest of a minister in Uddhav Thackeray's government, whom he referred to as "Penguin." Nitesh asserted that he had evidence to support his claim. However, he has neither publicly disclosed the "evidence" nor has the CBI summoned him regarding the matter. The CBI completed its investigation two years ago, and no murder case has been registered in Sushant's death. It remains a case of suicide, which the Mumbai Police had initially registered as an Accidental Death Report (ADR) in June 2020. Given Nitesh Rane's penchant for letting his tongue get the better of him, the BJP put him to good use two years ago. Every morning, Sanjay Raut, the Shiv Sena (UBT) leader, would address the press outside his residence, making bitter remarks against the BJP and Fadnavis. Nitesh was tasked with responding to Raut in a similar tone, targeting Uddhav Thackeray and Aaditya in return. Nitesh joined the BJP following his father, Narayan Rane, who resigned from the Congress around a decade ago. His elder brother, Nilesh Rane, is also an MLA belonging to Eknath Shinde's Shiv Sena.

2024-12-31 15:53

2024-12-31

15:53

moneycontrol.com

https://www.moneycontrol.com/news/india/bengaluru-suburban-rail-s-phase-2-to-cover-146-km-to-link-proposed-circular-rail-12901112.html

Bengaluru suburban rail's Phase 2 to cover 146 km, to link proposed circular rail

Bengaluru suburban rail project.Related stories.

Bengaluru suburban rail's Phase 2 project will cover 146 km and integrate with the proposed circular rail network. Karnataka Rail Infrastructure Development Company (K-RIDE), which is executing the Bengaluru suburban rail project, said the proposed extensions include a 146 km network covering Devanahalli to Chikkaballapur (18 km), Chikkabanavara to Kunigal (50 km), Chikkabanavara to Dobbaspet (36 km), Kengeri to Hejjala (11 km), Heelalige to Anekal Road (11 km), and Rajanukunte to Oderahalli (20 km). The ongoing suburban rail project consists of four corridors with a total length of 148 km. This includes the 41.4 km Sampige Line connecting KSR Bengaluru City, Bengaluru Airport, and Devanahalli, 25 km Mallige Line connecting Benniganahalli and Chikkabanavara, 35.5 km Parijaata Line between Kengeri and Whitefield and 46.25 km stretch connecting Heelalige and Rajanukunte. Also, read:Exclusive: Vande Metro, circular rail to ease Bengaluru's traffic congestion: Ashwini Vaishnaw Separately, Union Ministry of Railways has proposed a 287 km circular rail network around Bengaluru city, which connects key areas such as Nidvanda-Doddaballapur (40.9 km), Doddaballapur-Devanahalli (28.5 km), Devanahalli-Malur (46.5 km), Malur-Heelalige (52 km), Hejjala-Solur (43.5 km), Solur-Nidavanda (34.2 km), and Hejjala-Heelalige (42 km). Officials said that the DPR for the circular rail is being prepared. A K-RIDE official toldMoneycontrol:“We have sought approval from the Union Ministry of Railways to conduct a feasibility study for the suburban rail expansion and its integration with the proposed circular rail network.” Also, read:Bengaluru suburban rail expansion plans to satellite towns stalled as South Western Railway raises red flags In the past, K-RIDE had proposed a 452 km expansion of the suburban rail network to link Bengaluru with nearby towns and cities, including Devanahalli-Chikkaballapur, Chikkaballapur-Kolar, Chikkabanavara-Tumakuru, Chikkabanavara-Magadi, Kengeri-Mysuru, Whitefield-Bangarpet, Heelalige-Hosur, and Rajanukunte-Gauribidanur. However, this proposal was rejected by the South Western Railway (SWR) last year. In March 2023, railway board clarified that prior approval is required from the zonal railways to initiate any surveys for suburban rail projects. Rail enthusiast Pruthvin Reddy welcomed the suburban rail’s extension plan. “It’s a positive move to connect the suburban rail with the circular railway. This will benefit residents of satellite towns and help decongest Bengaluru. Once the feasibility study is complete, K-RIDE will need to prepare a detailed project report (DPR), after which work can commence upon approvals from the Union and state governments.” Also, read:Bengaluru's traffic conundrum: Metro rail to the outskirts, suburban rail confined to city limits, and tunnel vision

2024-12-31 15:51

2024-12-31

15:51

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/contract-research-firm-anthem-biosciences-files-for-ipo-12900965.html

Contract research firm Anthem Biosciences files for Rs 3,395 crore IPO

Anthem Biosciences was incorporated in 2006 by ex-Biocon executive Ajay Bharadwaj along with chief operating Officer KC Ravindra and chief scientific officer Ganesh Sambasivam..Related stories.

Contract research company Anthem Biosciences has filed for a Rs 3,395 crore ($397 million) initial public offering, as per the Draft Red Herring Prospectus filing with BSE on December 31. Anthem Bio will not be issuing fresh shares in the public issue.. Anthem Biosciences is a Contract Research, Development and Manufacturing Organization (CRDMO) with fully-integrated operations across drug discovery, development and manufacturing. The Bengaluru-based pharma company is run by Ajay Bhardwaj, a former Biocon executive, who is the founder, CEO and Managing Director at Anthem Biosciences. The company was incorporated in 2006. On June 2020,Moneycontrolwas the first to report that Anthem Biosciences waslooking to dilute stake, valuing the entire firm at $1 billion. Investment bank O3 capital was mandated to find a buyer, the report had added. Ajay Bhardwaj, CEO, Anthem Biosciences had at that time said, “Anthem is at an inflection point in its growth after establishing its credentials as a researcher and manufacturer of both chemistry-based small molecule therapeutics and fermentation-based biopharmaceuticals. It’s a rarefied space where the company has very few peers worldwide. Anthem Bio's CEO Ajay Bhardwaj had previously said that in FY25 the focus was on growing the complex specialty ingredients business, which has a 'large market opportunity'. Anthem Biosciences offers early-stage drug discovery services and over the years has forward-integrated into contract manufacturing as well. Anthem competes with the likes of Syngene International and Divi's Laboratories among India's API manufacturers. According to Statista, the global size of the contract development and manufacturing organizations (CDMO) market is projected to exceed $320 billion by 2033. This is being updated.

2024-12-31 15:47

2024-12-31

15:47

moneycontrol.com

https://www.moneycontrol.com/news/india/will-file-defamation-cases-against-delhi-cm-atishi-aap-mp-sanjay-singh-cong-s-sandeep-dikshit-12901061.html

Will file defamation cases against Delhi CM Atishi, AAP MP Sanjay Singh: Cong’s Sandeep Dikshit

Dikshit, son of former Delhi chief minister Sheila Dikshit, is contesting the upcoming assembly elections in the national capital, against former CM and AAP convenor Arvind Kejriwal.

Congress candidate from the New Delhi Assembly constituency Sandeep Dikshit has said that he will file defamation cases against Delhi chief minister Atishi and Aam Aadmi Party (AAP) Rajya Sabha MP Sanjay Singh over their allegation against him of receiving financial support from the Bharatiya Janata Party (BJP). At a press conference, Dikshit said, “5-6 days ago, Delhi CM Atishi said that I am taking a huge amount of money from the BJP... For the last 10-12 years, they have targeted Congress, me and my family. I have several questions to ask AAP from the last 10-12 years...” “He (Arvind Kejriwal) used to walk around with 360-page evidence against the Sheila Dikshit government. BJP's Vijay Kumar Malhotra told me that a delegation of BJP met Arvind Kejriwal after he became CM and asked for that evidence. Arvind Kejriwal showed 360 newspaper cuttings. He is the first person who gives newspaper cutting as evidence,” the Congress leader added further. Dikshit, son of former Delhi chief minister Sheila Dikshit, is contesting the upcoming assembly elections in the national capital, against former CM and AAP convenor Arvind Kejriwal. Earlier, Atishi and Singh alleged in a press conference that BJP was funding Congress candidates in Delhi. Atishi claimed Sandeep Dikshit and the Congress candidate from Jangpura, Farhad Suri, are receiving support from the BJP. She said it’s evident that Congress has a nexus with BJP in Delhi elections.#WATCH| Delhi: Congress candidate from New Delhi Assembly Constituency Sandeep Dikshit says he will file a criminal and civil defamation case against CM Atishi and AAP MP Sanjay Singh.He says, "5-6 days ago, Delhi CM Atishi said that I am taking a huge amount of money from thepic.twitter.com/ynLrnjKcAXANI (@ANI)December 31, 2024 “The day when CM Atishi said that we are taking money from BJP, that day former PM Manmohan Singh passed away. That is why we could not do a press conference. After this press conference, I will file a criminal and civil defamation case against CM Atishi and Sanjay Singh. I will ask them to give me Rs 10 crore. I will donate Rs 5 crore for Yamuna cleaning and Rs 5 crore for the issue of pollution in Delhi,” Dikshit stated.

2024-12-31 15:47

2024-12-31

15:47

moneycontrol.com

https://www.moneycontrol.com/news/india/deeply-malicious-pinarayi-vijayan-denounces-bjp-leader-nitish-rane-s-kerala-mini-pakistan-remark-12901033.html

'Deeply malicious': Pinarayi Vijayan denounces BJP leader Nitish Rane's 'Kerala mini Pakistan' remark

Kerala Chief Minister Pinarayi Vijayan slammed Nitish Rane for his 'Kerala mini Pak' comment. (File photo/PTI).Related stories.

Amid a huge political row, Kerala Chief Minister Pinarayi Vijayan hit back at Maharashtra minister and BJP leader Nitish Rane for his "mini Pakistan" remark on the southern state and described it as "deeply malicious". Taking to X, Vijayan said, "The derogatory remark by Maharashtra Fisheries and Ports Minister Nitesh Rane, labelling Kerala as 'mini-Pakistan', is deeply malicious and utterly condemnable. Such rhetoric reflects the hate campaigns orchestrated by the Sangh Parivar against Kerala, a bastion of secularism & communal harmony. We strongly denounce this vile attack on Kerala, & call upon all democratic & secular forces to unite against Sangh Parivar's hateful propaganda." The derogatory remark by Maharashtra Fisheries and Ports Minister@NiteshNRane, labelling Kerala as mini-Pakistan, is deeply malicious & utterly condemnable. Such rhetoric reflects the hate campaigns orchestrated by the Sangh Parivar against Kerala, a bastion of secularism &Pinarayi Vijayan (@pinarayivijayan)December 31, 2024 Nitish Rane, son of former Maharashtra Chief Minister Narayan Rane, recently targeted Rahul Gandhi and Priyanka Gandhi Vadra and said the siblings were elected from Kerala's Wayanad because the state is "mini Pakistan". Also Read:Maharashtra minister Nitish Rane calls Kerala 'mini Pakistan', clarifies after huge row "Kerala is mini Pakistan that is why Rahul Gandhi and his sister are elected from there. All terrorists vote for them. This is the truth, you can ask. They have become MPs after taking terrorists with them," Rane had said. After the issue snowballed, Nitish Rane issued a clarification stating he was drawing a comparison between the situation in Kerala and Pakistan. "The way Hindus are treated in Pakistan... if such situations happen in our very own country, we must take action against that. That is what I was trying to say in my speech," he explained. He also alleged issues of religious conversion and "love jihad" in Kerala. Meanwhile, Congress leader KC Venugopal demanded a response from Prime Minister Narendra Modi, terming Rane's remarks as part of an orchestrated hate campaign.

2024-12-31 15:43

2024-12-31

15:43

moneycontrol.com

https://www.moneycontrol.com/news/india/upcoming-elections-in-india-key-battles-that-will-shape-india-s-political-landscape-in-2025-12900990.html

Upcoming elections in India: Key battles that will shape India's political landscape in 2025

(L-R) Jan Suraaj Party founder Prashant Kishor, AAP supremo Arvind Kejriwal and Shiv Sena (UBT) chief Uddhav Thackeray (Courtesy: PTI).Related stories.

After the 2024 Lok Sabha polls and the recently-concluded Maharashtra and Jharkhand assembly elections, all eyes are now on Delhi and Bihar going to polls in 2025. While Delhi will vote in February, Bihar elections are likely in October/November 2025. Elections will also be held to fill eight seats in Rajya Sabha across two states - Assam and Tamil Nadu - as the terms of the current MPs will end in June/July 2025. Another battle which will be keenly followed are the polls to the Brihanmumbai Municipal Corporation (BMC), especially in the wake of Mahayuti's resounding victory in Maharashtra. The elections to the richest civic body in the country, BMC, will be held in early 2025. Delhi elections 2025 Elections to the 70-member Delhi Assembly are due in February. The ruling Aam Aadmi Party (AAP) announced that it will go solo this election, and not partner with Congress. The Arvind Kejriwal-led party is seeking to retain power in Delhi for the third consecutive time. In the last assembly election in 2020, AAP won 63 of 70 seats and in 2015, the party emerged victorious in 67 seats. Among the 70 assembly seats, New Delhi - represented by former Chief Minister Arvind Kejriwal - is one of the most high-profile ones. In 2020, Kejriwal defeated BJP's Sunil Yadav by a margin of over 21,000 votes. The AAP national convener is eyeing his fourth straight win from New Delhi assembly constituency. In 2013, Kejriwal defeated three-time CM of Delhi late Sheila Dikshit who represented the New Delhi constituency thrice - 1998, 2003 and 2008. Sheila Dikshit's son and Congress leader Sandeep Dikshit will take on the AAP supremo from New Delhi assembly in the upcoming election. The Bharatiya Janata Party (BJP) won the seat just once (1993, Kirti Azad). AAP has once again named Delhi CM Atishi as its candidate from Kalkaji. Saurabh Bharadwaj, national chief spokesperson of the party, is eyeing his fourth straight win from Greater Kailash. Kejriwal, who was arrested in March 2024 in connection with the ED's probe in excise policy case, walked out of jail in September in what was a huge win for the party ahead of the key Delhi elections. The term of the current assembly in Delhi expires on February 23, 2025. In the run-up to the polls, Kejriwal has announced three major schemes to woo both women voters as well as senior citizens. The AAP supremo on December 12 notified the launch of Mukhyamantri Mahila Samman Yojana, under which eligible women who are above 18 years will be offered monthly financial assistance of Rs 1,000. In addition, he said that if AAP returns to power, the amount will be increased to Rs 2,100. Another key scheme announced by Kejriwal is the 'Sanjeevani' scheme which aims at providing free healthcare service to seniors citizens in Delhi. However, a massive row erupted after two Delhi government departments distanced themselves from AAP's schemes. Both the Women and Child Development and Health departments cautioned the public against providing personal details to anyone on the pretext of registration for 'non-existent' schemes. Bihar elections 2025 Assembly elections are also due in Bihar next year. The stakes are particularly high in Bihar this time since it will be the first high-profile showdown between NDA and INDIA bloc since the Maharashtra polls. In the closely-contested 2020 elections, NDA emerged victorious with 125 seats, with BJP clinching 74 and JD(U) securing 43. The Opposition grand alliance won 110 seats with the Rashtriya Janata Dal (RJD) emerging as the single-largest party with 75 seats. However, much drama unfolded in Bihar over the last five years. In 2022, Nitish severed ties with BJP and again joined hands with RJD and Congress to form the Mahagathbandhan government. However, just months before the 2024 Lok Sabha polls, Nitish returned to the NDA fold again after snapping ties with RJD and Congress. Nitish's proclivity for switching alliances has earned himself the nickname of 'Palturam'. While he frequently flip-flops, the JD(U) supremo still remains pivotal to Bihar politics and has proved his worth in the Lok Sabha polls as well. His next move ahead of the 2025 assembly elections will be keenly followed. The 2025 battle for Bihar will also be interesting with the entry of former political strategist Prashant Kishor. Founded in 2022, Kishor's party Jan Suraaj will contest in all 243 seats in the assembly polls slated to take place in October/November 2025. Rajya Sabha polls: Assam Elections will be held to fill two of seven seats in Assam in 2025 as the terms of the sitting members are scheduled to end. The tenures of BJP MP Mission Ranjan Das and Asom Gana Parishad (AGP) MP Birendra Prasad Baishya will end on June 14, 2025. Assam has seven seats in the Rajya Sabha, with six being held by the BJP-led NDA. Mission Ranjan Das was elected unopposed on August 26, 2024 as the seat fell vacant after Kamakhya Prasad Tasa was elected to the Kaziranga Lok Sabha constituency. A veteran BJP leader, Das is currently the chairman of Assam State Transport Corporation (ASTC). AGP's Birendra Prasad Baishya, who was re-elected to Rajya Sabha in June 2019, will retire on June 14, 2025. He was an MP from Rajya Sabha from 2008 to 2014. The AGP leader also served as Union Minister of Steel and Mines from June 1996 to March 1998. Asom Gana Parishad is a key ally in the BJP-led coalition government in Assam. Rajya Sabha polls: Tamil Nadu The terms of six of the total 18 MPs from Tamil Nadu will end on July 24, 2025. Elections will be held to fill the seats which will be vacated by MM Abdulla, M Shanmugam, P Wilson, N Chandrasegharan, Vaiko and Anbumani Ramadoss. DMK MP Abdulla was elected unopposed to Rajya Sabha in September 2021 after the death of AIADMK's A Mohammedjan in March. With Abdulla's election, Tamil Nadu CM MK Stalin's demand that a Muslim be sent to the Parliament from DMK's quota was also fulfilled. DMK leaders Shanmugam and Wilson, AIADMK's N Chandrasegharan, Marumalarchi Dravida Munnetra Kazhagam party (MDMK) leader Vaiko and Pattali Makkal Katchi's (PMK) Ramadoss were all elected unopposed to Rajya Sabha on July 25, 2019. BMC polls After the Mahayuti's massive victory in the Maharashtra assembly elections held in November, the BJP is now eyeing the all-important Brihanmumbai Municipal Corporation (BMC) polls scheduled to be held in early 2025. The term of the previously elected representatives of the BMC ended in March 2022 and polls are due for almost three years now. For the upcoming BMC polls, Shiv Sena (Eknath Shinde faction) has already announced that it will contest as part of Mahayuti. The BJP, Shiv Sena (Shinde faction) and NCP (Ajit Pawar) are part of the Mahayuti alliance. The undivided Shiv Sena controlled the cash-rich BMC for 25 consecutive years from 1997 to 2022. The high-profile polls hold great significance as BMC is the richest municipal corporation in the country. The election will also be crucial for former CM Uddhav Thackeray who is hoping to re-assert his dominance in Maharashtra and prove himself as the real heir to Bal Thackeray's legacy amid an intense tussle with Shinde's Sena. After the 2017 BMC polls, the Shiv Sena leads the tally with 84, followed by BJP (82), Congress (31), NCP (9), MNS (7) and others (14).

2024-12-31 15:42

2024-12-31

15:42

moneycontrol.com

https://www.moneycontrol.com/technology/gccs-outpace-it-in-2024-way-ahead-in-job-addition-market-cap-article-12901002.html

GCCs outpace IT in 2024; way ahead in job addition, market cap

Representative image.Related stories.

Global Capability Centres (GCCs) are powering the next wave of software job creation, outpacing the traditional information technology (IT) sector, which has struggled to maintain its momentum. India, now hailed as the GCC capital of the world, has added over three lakh employees and nearly $20 billion in market capitalisation. In stark contrast, IT companies have added less than a lakh in headcount and just $6 billion in market value during the same period. The stark decrease in numbers comes at a time when the IT industry is facing demand pressure triggered by a macroeconomic slowdown in the key markets of North America and Europe. Top IT companies generate 50-65 percent of their revenue from these markets. Although the slowdown appears to be fading now, there’s a wider debate on how the future will evolve for both industries. "India today has solidified its position as the 'GCC Hotspot of the World.' Government policies and investments in talent development have also fueled this growth, which continues at a sustained pace," management consulting Zinnov's president Nilesh Thakker told Moneycontrol. Thakker added that while service providers have been cautious due to economic conditions, they’re adapting their models to support this GCC-driven ecosystem. A GCC is a dedicated offshore unit established by a company in a foreign country to in-source IT and related business functions. GCCs, also called captives, have been the buzzword set for exponential growth in the coming years. This can also be understood from the fact that India had over1,700 GCCs and an export revenue of $65 billion in FY24, growing at over 40 percent from the previous year. Moreover, India's Economic Survey 2024 showed thatGCCs will contribute roughly 3.5 percent to India’s GDP by 2030, generating an estimated revenue of $121 billion by then “One of the significant highlights of GCCs this year is the recognition as a formidable industry segment along with the huge contribution to GDP growth and job creation,” said Sameer Dhanrajani, CEO of AI advisory and consulting firm AIQRATE. In the short term, GCCs are expected to create around 3.5 lakh new jobs in 2025, according to AIQRATE. One of the largest employers in the GCC space, German technology conglomerate Siemens believes 2024 has been a transformative year for the captives, marked by economic, geopolitical, and technological shifts. “The adoption of hybrid work models and Generative AI (Gen AI) has redefined product development and enhanced innovation, enabling businesses to focus on delivering value-driven outcomes,” Siemens Technology Services' CEO and MD Pankaj Vyas toldMoneycontrol. GCCs in India are also driving decision-making for global firms and are no longer just back offices. Interestingly, data that reveals Indians constitute approximately 10-13 percent of leadership roles in GCCs. Currently, about 100 Indian Chief Investment Officers/Senior Vice Presidents are employed in GCCs with salaries falling in the million-dollar club, Moneycontrol reported in July citing data from ANSR Research and TeamLease Digital. Also read:Indians occupy 10-13% leadership positions in GCCs Hype to Adoption: Gen AI In 2024, Gen AI become mainstream within the GCC space in India, with advancements in cloud computing, edge computing, predictive AI, and more. In 2024, Dell Technologies says the sector integrated AI, automation, and new-age digital technologies. Consequently, this push has not only led to better operational efficiencies but has also catapulted GCCs' into expansion mode. “Their expansion into high-growth sectors like sustainability and fintech further strengthened their global position,” said Kavita Mehra, General Manager of Dell Technologies’ India Center of Excellence. This is because 2024 was the year when the number of GenAI/AI proof-of-concepts (PoC) implementations was on the rise. Various entities reporting between 20-50% PoCs advancing to production and generating business value. Also read:Over 50% of AI proofs-of-concept in production, driving business value: Wipro Cloud chief GCCs are also investing heavily in Gen AI, with dedicated teams focused on AI, machine learning (ML), and data analytics. The emphasis is moving from routine tasks to high-value strategic roles. “Moving away from being cost-efficient, the focus has shifted towards driving revenue through innovation in customer experience, core R&D, and transformational business models,” said Biju Davis, vice president of engineering at revenue optimisation and compliance platform Model N. These insights paint a clear picture: 2024 is the year when GCCs fully embraced the potential of Gen AI. 2025 Outlook As the industry steps into 2025, experts believe the momentum has been established. GCCs will continue to solidify their role in innovation and digital transformation in the coming year. Nonetheless, for GCCs to remain competitive, the key will lie in maintaining a balance between driving innovation and managing talent effectively. “The success of 2025 will hinge on how well GCCs balance digital transformation with effective talent management, ensuring they maintain a competitive edge in a fast-changing business landscape,” Mehra said. Meanwhile, 2025 will also be a year when more state governments will roll out GCC-friendly policies for growth and employment opportunities. Karnataka is the first state in the country to come up with a dedicated GCCpolicy to attract higher investments in the sector. West Bengal has also announced a GCC policy. Karnataka is also facing tough competition from Tamil Nadu, which has announced plans to incentivise the creation of high-paying jobs in new GCCs. Also read:Karnataka, Tamil Nadu woo GCCs with incentives in state budgets “2025 will be year of great emergence for GCCS with state governments creating GCC-friendly policies along with new employment opportunities being created by GCCs,” Dhanrajani added. Multinational companies now have a deeper understanding of the vast talent pool in India, particularly in the fields of AI and digital technologies. This growing confidence in Indian setups shows the trust MNCs have on Indian talent. 2025 appears to be a transformative year for GCCs, with the industry’s focus on new opportunities in digital innovation, talent management, and business models. Also read:IT companies set up dedicated GCC Strategic Business Units as demand booms

2024-12-31 15:41

2024-12-31

15:41

moneycontrol.com

https://www.moneycontrol.com/technology/apple-makes-apple-tv-free-for-the-first-weekend-of-2025-key-details-article-12900988.html

Apple makes Apple TV+ free for the first weekend of 2025: Key details

Apple TV+.

In case there have been certain shows on Apple TV+, which you have always wanted to see but weren’t willing to fork out the monthly subscription, then this is your chance. Apple is giving all-access pass to customers all around the world. “Enjoy Apple TV+ for free the first weekend of 2025 (January 3 through January 5), Apple TV+ will be free on any device where Apple TV+ is available. All you need is an Apple ID to see what all the buzz is about,” said Apple in a statement. What can you watch on Apple TV+ There are popular shows likeTed Lasso, The Morning Show, Slow Horses. Plus, new seasons ofSilo, Shrinking, Bad Sisters, Presumed Innocent, have also landed on Apple’s streaming platform. There are other sci-fi series likeDark Matter, For All Mankind and Foundation, which have got positive reviews. In case you want to catch movies, then there are the likes ofFly Me to the Moon, The Family Plan, WolfsandThe Instigators. How much does Apple TV+ cost? Apple charges Rs 99 per month for Apple TV+ subscription. You can also get it bundled with Apple One plan, which starts at Rs 195 and gives Apple Music, Apple Arcade, and iCloud storage as well.

2024-12-31 15:28

2024-12-31

15:28

moneycontrol.com

https://www.moneycontrol.com/news/india/cm-pinarayi-vijayan-slams-nitesh-rane-over-kerala-is-mini-pakistan-remark-not-fit-to-continue-as-minister-12901080.html

CM Pinarayi Vijayan slams Nitesh Rane over 'Kerala is mini Pakistan' remark: 'Not fit to continue as minister'

Kerala Chief Minister Pinarayi Vijayan came down heavily on Maharashtra minister Nitesh Rane over his remarks. (File Photo: PTI).Related stories.

Kerala Chief Minister Pinarayi Vijayan has come down heavily on Maharashtra minister Nitesh Rane over his objectionable remarks, terming it deplorable and highly provocative. Addressing a gathering in Pune on Monday, Rane referred to Kerala as "mini Pakistan" and claimed that Congress leaders Rahul and Priyanka Gandhi won elections from the state because "terrorists vote for them". "Kerala is mini Pakistan… that is why Rahul Gandhi and his sister are elected from there. All terrorists vote for them. This is the truth, you can ask. They have become MPs after taking terrorists with them," Rane had said. In a strongly-worded reaction to Rane's remarks, CM Vijayan demanded that the Maharashtra government remove Rane as minister and wondered why the BJP has remained tight-lipped over the leader's remarks. "The Maharashtra minister’s words reflected the Sangh Parivar’s approach towards Kerala. Sangh Parivar is of the view that it can alienate places where it finds it difficult to gain control, by unleashing such hate campaigns. The minister is not fit to continue in his post. It is surprising that the leadership of the party that rules the country has not reacted to the statement of the minister, who has breached the oath of office by insulting the Constitution of the country,” said Vijayan. While the Congress objected to Rane's remarks, it also sought to link them to the recent comments by the leaders of CPI(M) on the election victories of Rahul and Priyanka from Kerala's Wayanad. "People want to know whether the Prime Minister and Kerala Chief Minister have the same view. It is the CPI(M) stand that prompted the BJP to spit communal venom. The minister should quit, and he should be disqualified. The Congress will politically and legally fight against the statement which depicted people of Wayanad as terrorists," Congress general secretary in-charge (organisation) KC Venugopal said. Following Priyanka's victory in the byelections on the Wayanad Lok Sabha seat, the Kerala CPI(M) had alleged that a "communal Muslim alliance" was behind the sibling's electoral victories from the constituency. While Priyanka's victory marked her debut in the Lok Sabha, her brother Rahul represented the constituency from 2019-2024. He contested and won the Lok Sabha elections in 2024 but vacated the seat to retain Rae Bareli, his second Lok Sabha constituency. Earlier this month, CPI(M) politburo member A Vijayaraghavan said at a party convention that Rahul would not have reached Delhi without the support of the communal Muslim alliance. Referring to Priyanka's victory from the seat after Rahul vacated it, Vijayaraghavan said the worst extremist elements were in her procession. Notably, Rahul's victory in Wayanad in 2019 had led to BJP leaders invoking Pakistan over the overwhelming presence of the green flags of Congress ally Indian Union Muslim League (IUML) along with the Tricolour during a roadshow ahead of the nomination process. "When a procession is taken out, you cannot make out whether it is an India or a Pakistan procession," Union Home Minister Amit Shah had then remarked. CPI(M) had raked up a controversy over Muslim voters in the constituency when Congress decided to field Priyanka from Wayanad. Vijayan had then said that Priyanka was contesting with the support of the Jamaat-e-Islami, which is not in "favour of a democratic system". The CM said the Jamaat-e-Islami stood for an “Islamic regime” and the “extremist section” was “trying to gain influence in the Indian Union Muslim League”.

2024-12-31 15:22

2024-12-31

15:22

moneycontrol.com

https://www.moneycontrol.com/news/business/incidents-in-2024-were-unfortunate-hope-normalcy-returns-in-2025-manipur-cm-biren-singh-12901039.html

Sorry for loss in ethnic clashes, hope normalcy returns in 2025: Manipur CM Biren Singh

Biren Singh.

Terming the happenings in Manipur over the past year as 'unfortunate', chief minister Biren Singh expressed regret over ethnic clashes that engulfed the state since May 2023. 2024 was yet another year of turmoil in Manipur. The divide between the Meitei community in the valley and the Kuki tribes in the hills deepened in 2024, triggering human casualties, widespread violence, mob attacks and drone strikes on civilian areas. The chief minister expressing remorse over large scale displacement and violence in the state, said: "Many people left their homes. I feel regret. I apologise. But now, I hope after seeing the last three to four months progress towards the peace, I believe by 2025, the normalcy will be restored in the state.” Singh was addressing the press in Imphal. For the first time, the ethnic violence, previously confined to Imphal valley and surrounding districts of Churachandpur and Kangpokpi and Moreh border town in Tengnoupal district, took a new turn when a man was found dead in Jiribam district bordering Assam in June. The state also witnessed a new kind of warfare when suspected Kuki youths dropped drone-operated bombs at Koutruk village and nearby Senjam Chirang in Imphal West district on September 1, leading to the death of a woman and injuring nine. On May 3, 2023, members of the Kuki and Naga tribes, who inhabit Manipur's hills and are regarded as Scheduled Tribes, or India's most disadvantaged groups, launched a protest against the possible extension of their benefits to the dominant Meiteis. Manipur shares a nearly 400-km (250-mile) border with Myanmar and the coup there in 2021 pushed thousands of refugees into the Indian state. Kukis share ethnic lineage with Myanmar's Chin tribe and Meiteis feared they would be outnumbered by the arrival of the refugees.

2024-12-31 15:13

2024-12-31

15:13

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sensex-recovers-600-pts-from-day-s-low-nifty-above-23-650-in-last-session-of-2024-it-stocks-drag-pharma-gains-12900977.html

Sensex recovers 600 pts from day's low, Nifty above 23,650 in last session of 2024; IT stocks drag, pharma gains

BEL, Kotak Mahindra Bank, ONGC, Trent and Coal India were the top gainers on the Nifty..Related stories.

Benchmark indices Nifty and Sensex showed a mixed trend on December 31, the final trading day of 2024. While Nifty clawed its way into the green, Sensex remained in the red as IT heavyweights weighed on the market. Gains in pharma, PSU banks, and oil and gas stocks provided some relief, but nervousness lingered amid a rising dollar index and persistent FII selling as the year drew to a close. At 3 pm, the Sensex was down 89.46 points or 0.11 percent at 78,158.67, and the Nifty was up 8.60 points or 0.04 percent at 23,653.50. About 2006 shares advanced, 1452 shares declined, and 80 shares unchanged. Follow our LIVE blog for all the latest market updates "Today’s gain was driven by selective buying, but I doubt it will sustain. The sharp volatility we’re seeing might lead to the market closing higher, but one shouldn't read much into it give that overall tone in the market continues to be negative," Ajit Mishra, Senior Vice President of Religare Broking said in a conversation with Moneycontrol. He added that the first two months of 2025 will likely be volatile. Three key factors will set the tone: the new president of the US and any implications for global trade, the Union Budget, and the Q3 earnings. These will influence the market’s trajectory for the first half of the year. Q3 looks like a mixed quarter. Some improvement is expected in specific areas, like the capex cycle showing signs of recovery, but I doubt the changes will be substantial. Market reactions will likely hinge on management commentary rather than just the numbers. "Even if earnings are flat, optimistic commentary could be taken positively, leading to selective participation," he added. Small and midcap stocks showed resilience, advancing 0.7 percent and 0.1 percent, respectively. Furthermore, the two have remained more resilient, falling just 5 percent in the last three months. Nifty, on the other hand, has lost almost 9 percent over the same duration. Also read:Trent, M&M steal spotlight as top Nifty gainers in 2024; IndusInd Bank, Asian Paints lead the laggards pack The IT index led the afternoon's slide, tumbling 2 percent as heavyweights Infosys, TCS, and HCL Tech dragged it lower. The sector, heavily reliant on US revenues, struggled amid market jitters following the US Federal Reserve’s signal of fewer rate cuts in 2025 than anticipated. Realty stocks followed suit, with the index slipping over 1 percent, weighed down by Lodha, Godrej Properties, and DLF. The Nifty Bank index also dipped 0.5 percent as private lenders HDFC Bank and ICICI Bank slipped. On the brighter side, Nifty Pharma emerged as a top performer, gaining 1 percent with Sun Pharma, Lupin, Cipla, and Dr Reddy’s leading the charge. Auto stocks recovered modestly, rising 0.4 percent, while oil and gas stocks added 0.5 percent. Among individual stocks, shares of shrimp farming companies--Avanti Feeds and Apex Frozen Foods--surged around 6 percent each on December 31 after domestic brokerage Incred Equities rolled out a strong growth outlook for the industry. Incred sees a strong recovery making its way for the shrimp industry in CY2025, driven by rebounding global demand and reduced competition from Ecuador, where overproduction led to industry consolidation. RVNL shares were a bright spark, rising 8 percent, snapping a 9-session losing streak on the bourses. This comes after the railway stock was declared the lowest bidder for two projects. The first, RVNL won a project from the Central Railway worth Rs 137 crore. RVNL has a timeline of 24 months to complete the project. Read more:From Swiggy to Mobikwik: How 2024's IPO frenzy bolstered the startup ecosystem Shares of Easy Trip Planners tanked 10 percent after a block deal worth Rs 53 crore took place on the exchanges on December 31, with co-founder Nishant Pitti being the likely seller. Around 3.4 crore shares, making up a one percent stake in the company, changed hands in the block deal. The transaction was executed at an average price of Rs 15.50 apiece, translating a sharp discount to yesterday's closing level. "With 23600 staying intact despite multiple attacks yesterday, we will begin the day expecting bargain hunting, which could help lift Nifty to 23770 or 23950 in an optimistic scenario. Alternatively, a direct fall below 23566 could negate the upswing hopes, but a fall past 23263, the recent low, is less expected," Anand James, Chief Market Strategist at Geojit Financial Services, said. BEL, Kotak Mahindra Bank, ONGC, Trent and Coal India were the top gainers on the Nifty. Major laggards included Adani Enterprises, TCS, Tech Mahindra, Infosys, and SBI Life Insurance.

2024-12-31 15:07

2024-12-31

15:07

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/moneycontrol-pro-panorama-a-peek-into-2025-through-rbi-s-financial-stability-report-12900952.html

Moneycontrol Pro Panorama | A peek into 2025 through RBI's Financial Stability Report

The RBI is confident that growth would bounce back in the ensuing two quarters..Related stories.

Dear Reader, The Panorama newsletter is sent to Moneycontrol Pro subscribers on market days. It offers easy access to stories published on Moneycontrol Pro and gives a little extra by setting out a context or an event or trend that investors should keep track of. As the year 2025 unfolds, forecasts ranging from what the zodiac signs and numerology hold in store to political trends and global economic growth are hogging headlines. After a rewarding 2024, when global growth, corporate earnings and financial markets were resilient in spite of several geopolitical upheavals, elections and even climatic conditions, challenges and uncertainties loom ahead in 2025. The Reserve Bank of India’s (RBI)Financial Stability Report (FSR)(December 2024), released on Monday, gives cues on global economic growth with detailed analysis and outlook forecasts on India’s macro-economic stability, financial sector and corporate earnings. The underlying message from the bank is that the Indian economy is displaying steady growth against an uncertain global backdrop. Globally, growth is steady with the battle against inflation (the topmost concern across economies) winding down without the risk of a major recession. But what one needs to watch out for is the risk from escalating geopolitical tensions, uncertainty about trade and industrial policies in the aftermath of major global elections, and potential tightening of financial conditions, which could drag global output lower from expected levels. Emerging market economies, including India, need to brace for the impact of “global spillovers and growing uncertainty in trade policies and logistics disruptions” on their financial systems. The FSR’s reference to India’s resilient financial system, underpinned by strong macroeconomic fundamentals and healthy balance sheets of banks and non-banks, is particularly comforting at a time when the global developed economies are seeing rising indebtedness. Despite a moderation in the real gross domestic product growth (y-o-y) to 6 percent in the first half of 2024-25 from 8.2 percent and 8.1 percent growth recorded during H1 and H2 of 2023-24 respectively, the RBI is confident that growth would bounce back in the ensuing two quarters. This it explains will be on the back of a “pick-up in domestic drivers, mainly public consumption and investment, strong service exports and easy financial conditions”. The key uncertainty internally is that the rising frequency of extreme weather events (e.g., heat waves and unseasonal rains) continue to pose risks for food inflation dynamics. It is known that after falling until August 2024, the consumer price index (CPI) inflation reversed as food prices rose. The fall in the rupee versus the US dollar too poses risks of imported inflation, which could take a toll on India’s economy, points outVijay Bhambwani in this article. All these factors, along with the stellar performance of most asset classes, raise pertinent questions for investors in Indian markets. Will all assets, including real estate and gold, continue to offer robust rewards ahead, given that India is touted to be the fastest growing economy? Will equity markets bounce back and rise as was the case in the first six months of 2024? Or, is it time to be cautious? Indeed, Indian equities outperformed emerging market peers in 2024 so far, with the MSCI India Index recording a return of 19.5 percent compared to 8.3 percent for MSCI Emerging Markets Index (MSCI-EMI) as on December 12, 2024. To be sure, equity markets have corrected. “Despite the recent correction, equity valuations remain elevated across metrics, such as trailing and forward price-to-earnings (P/E) ratios, market capitalisation-to-GDP and earnings yield,” says the FSR. Is it then time for investors to temper expectations? “Bloated unrealistic expectations are birthed in frenzied bull markets,” says Larissa Fernand, MC Pro’s columnist on personal finance. Inher column here, she points out that corporate earnings growth is coming off and valuations are high. The FSR report too, rings bells of caution for equity investors. “Q2:2024-25 corporate results, however, indicate a slowdown in earnings as reflected in earnings per share (EPS) estimates,” it says. To justify the current valuations for all indices, the required earnings growth should exceed the expected earnings growth to forestall a large and abrupt market correction. Investing insights from our research team Indo Farm Equipment IPO: A quality issue at a steep valuation Jubilant FoodWorks: India business outlook improving, but valuation expensive Tracker Pro Economic Tracker: Auto sales, labour market hit a soft patch; consumer sentiment shines What else are we reading? The 2025 New Year resolutions that will not be made… Watch out for Trump tariff twist to 2025 trade trajectory Chart of the Day | India's import dependence for L-ion batteries to come off sharply Will India carve out a significant role for itself in the undersea cable wars? India’s real estate sector is on the verge of a transformation in 2025 Pressure is ratcheting up on US banks over debanking(republished from the FT)2024 in Supreme Court: Eight judgements which will reverberate Overreliance on fiscal policy harms India’s economic growth prospects RSS prepares for centenary year with organisational growth and outreach Markets IPOs in 2024: More than 60% mainboard IPOs prove lucky for investorsTechnical Picks:MUTHOOTFIN, HUDCO, SUNPHARMA. Vatsala KamatMoneycontrol Pro

2024-12-31 15:03

2024-12-31

15:03

moneycontrol.com

https://www.moneycontrol.com/news/india/arvind-kejriwal-visits-marghat-wale-baba-temple-registers-priest-under-pujari-granthi-samman-yojana-12900998.html

Arvind Kejriwal visits Marghat Wale Baba temple, registers priest under Pujari Granthi Samman Yojana

The priest of Marghat Wale Baba temple was registered under the Pujari Granthi Samman Yojana. (Image: X/@ArvindKejriwal).Related stories.

Former Delhi Chief Minister and Aam Aadmi Party (AAP) national convenor Arvind Kejriwal on Tuesday launched the Pujari Granthi Samman Yojana by registering the priest of Marghat Wale Baba temple under the scheme. According to Kejriwal, under the Pujari Granthi Samman Yojana, announced ahead of the Delhi Assembly elections in February, all the Hindu temple priests and granthis of Gurudwaras will be paid a monthly honorarium of Rs 18,000 if the Aam Aadmi Party (AAP) returns to power in Delhi. "Today I visited Marghat Baba's temple (ISBT) and launched the Pujari Granthi Samman Yojana. Today is the birthday of the Mahant ji here. I also celebrated his birthday with him," he said in a post on X. (ISBT)pic.twitter.com/hRfvVQ1AxGArvind Kejriwal (@ArvindKejriwal)December 31, 2024 The AAP chief was accompanied by his wife Sunita Kejriwal during the temple visit. The former Delhi CM alleged that the BJP tried its best to stop the registration process for the scheme but no one can stop a devotee from meeting the god, PTI reported. Priests protest outside Pracheen Hanuman Mandir The politics over the honorarium has gathered momentum in Delhi. After Kejriwal announced the honorarium, a group of priests staged a protest outside the Pracheen Hanuman Mandir in Connaught Place on Tuesday and demanded that the former Delhi CM clarify why no financial support was provided under the government schemes in the last 10 years. BJP leader Vijay Goel lashed out at Kejriwal over his declaration of Pujari Granthi Samman Yojana and told PTI that all these announcements are mere election promises. "Why Arvind Kejriwal is not contesting the elections on poor drinking water, pollution in Delhi, corruption, water, electricity problem and bad roads conditions?" he asked. (With inputs from PTI)

2024-12-31 14:57

2024-12-31

14:57

moneycontrol.com

https://www.moneycontrol.com/news/business/personal-finance/seven-money-resolutions-for-a-financially-secure-2025-12900959.html

Seven money resolutions for a financially secure 2025

Consolidating debt is a crucial step towards achieving financial stability in 2025..Related stories.

The start of a new year is a time for reflection, renewal, and resolution. For your finances, the beginning of 2025 presents a fresh opportunity to reassess your financial priorities. Whether you're a seasoned saver or just starting out on your financial journey, making a few simple resolutions can help you stay on track, avoid common money pitfalls, and make progress towards your goals. I will invest systematically, and not react to market fluctuations Break the cycle of chasing past returns in 2025. According to Kirang Gandhi, a Pune-based financial advisor, the key to intelligent investing is to focus on understanding valuations rather than being driven by fear or greed. Make informed decisions by investing when the market offers value, and avoid buying high and selling low. Market volatility can be a catalyst for long-term wealth creation, but it requires a disciplined approach. “Rather than making impulsive decisions based on external events, focus on consistent and systematic investing to achieve your financial goals,” says Mayank Bhatnagar, Co-founder and COO, FinEdge, wealth management platform. I will step-up my investments regularly to build a bigger portfolio Stepping up your investments can be as simple as increasing yoursystematic investment plan (SIP)amounts in a mutual fund scheme. For example, if you've been investing Rs 5,000 monthly in an SIP since 2020 and receive a 20 percent salary hike in 2025, consider boosting your SIP by 20 percent to Rs 6,000 monthly. This incremental investment of Rs 1,000 monthly can potentially yield higher returns in the long run, propelling you towards your financial objectives. Also read |Money changes in January: RBI’s new FD rules, quicker credit data updation, deadlines for tax-saver investment proofs, and more I will buy and review my insurance coverage to ensure adequate protection “Rethink your perspective on insurance. Prioritise financial security over short-term tax gains on insurance,” says Krishan Mishra, CEO, FPSB India, the Indian subsidiary of the US-based Financial Planning Standards Board Ltd. By ensuring protection against unforeseen events, insurance plays a critical role in achieving long-term financial stability, he adds. As your financial situation evolves, your insurance coverage may need to be adjusted. Review and upgrade your health and life insurance every five years to ensure adequate protection across life-stages. Check policy terms, exclusions, and nominee details to ensure you and your loved ones are financially secure. I will resist the temptation to blindly invest in exotic and unregulated instruments Steer clear of exotic and unregulated investment schemes, such as cryptocurrency, forex trading, and unregistered collective investment schemes. These high-risk investments can lead to significant financial losses. “Instead, focus on established and regulated asset classes, such as stocks, bonds, and mutual funds, to ensure a stable and secure financial future,” says Vivek Banka, Co-Founder, GoalTeller, a goal-based financial planning platform. Also read |Investment strategies for 2025: Your guide to identifying the right themes I will not be lured by easy access to loan schemes Make 2025 the year you escape the debt trap. The temptation of'Buy Now, Pay Later' schemes, no-cost EMIs, and credit card debt has ensnared many. The path to financial freedom starts with a simple resolution: spend only what you earn and prioritise saving for what truly matters. “Your wealth is not just a number; it’s your ticket to freedom, peace, and a legacy. Build it with care, protect it with wisdom, and grow it with discipline. The decisions you make today will define the life you live tomorrow,” says Gandhi. I will not fall into debt traps Consolidating debt is a crucial step towards achieving financial stability in 2025. If you have multiple debts with high interest rates, such as credit cards and personal loans, consider consolidating them into a single loan with a lower interest rate and a longer repayment tenure. This can help simplify your finances, reduce your monthly payments, and save on interest costs, ultimately freeing up more money for savings and investments. Also read |How to chalk out practical debt reduction strategies I will put a clear financial plan in place and adhere to it Make 2025 the year you take charge of your financial future. Create a clear and focused financial plan, driven by purpose and direction, rather than simply rushing forward. “A financial goal without a rational plan is merely a dream, and afinancial planwithout execution is just a hollow promise,” says Bhatnagar. The key to achieving financial success lies in taking the first step. Turn your financial aspirations into reality by putting your plans into action and investing with intention and purpose. Considering the rupee's projected decline to Rs 86/$ by end-2025, as indicated by USDINR futures, it's essential to incorporate this potential inflation risk into your financial planning strategy.

2024-12-31 14:49

2024-12-31

14:49

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/varun-beverages-acquires-african-assets-raises-rs-75-billion-via-qualified-institutional-placement-12900935.html

Antique maintains 'buy' on Varun Beverages, hikes target price to Rs 710

Varun Beverages Ltd. (VBL) has expanded its operations in Africa through the acquisition of two key beverage companies: SBC Tanzania and SBC Beverages Ghana.Related stories.

Antique Stock Broking reiterated its bullishness on Pepsico bottler Varun Beverages Ltd., hiking its target price as international volumes are set to rise following its acquisitions in Africa.It maintained a "Buy" recommendation for Varun Beverages Ltd. (VBL) with an increased target price of Rs 710 per share, up from the previous target of Rs 690. This recommendation is based on a projected price-to-earnings (P/E) multiple of 50 times the company's estimated earnings per share in calendar year 2026 (CY26). With the recent announcement of Varun Beverages Ltd. (VBL) expanding its operations in Africa, the report anticipates VBL's share of international volume to increase to ~36.5 percent by CY26 (19.3 percent in CY23). The brokerage expects VBL to deliver overall volume of 21 percent, revenue 24 percent, and EBITDA CAGR of 28 percent, over CY23-26. The CY24/ 25/ 26 EPS estimates were revised by -3 percent/ +10 percent/ +3 percent. As CNBC-TV 18 reports observed, VBL being among PepsiCo's largest bottling partners globally, has managed to deliver positive annual returns every single year since listing. It has exhibited a year-to-date return of 30 percent in 2024. While this growth rate is slightly lower than the company's average annual returns since its 2016 IPO, it comfortably surpasses the 9 percent gain observed in the Nifty 50 index. The key acquisitions include the Tanzanian market which has about 200 million cases, and a 34 percent market share, at an enterprise value of Rs 17.5 billion; and the Ghanaian market that has about 20 million cases, with 11 percent market share for Rs 1.9 billion. As of recent, VBL had also announced of increasing its stake in Lunarmech Technologies to 100 percent. The report believes Tanzania to be a well-penetrated market for PepsiCo and have the capacity to deliver mid-teen volume growth going forward. On the other hand, Ghana is a relatively small market but a strategic location for VBL to understand nearby growth markets in West Africa and provides opportunity for market share gains in Ghana. VBL conducted a Qualified Institutional Placement (QIP) raising Rs 75 billion from institutional investors.  This is to enable the company to utilize Rs 56 billion of the proceeds to repay debt, transforming VBL into a net cash company. A portion of these funds will be utilized to repay existing debt, while the remainder will be allocated towards funding the acquisitions and supporting future growth initiatives. Varun Beverages stock is currently trading at Rs 633.55. The stock is down 1.54 percent today, with a price change of Rs 9.90.

2024-12-31 14:45

2024-12-31

14:45

moneycontrol.com

https://www.moneycontrol.com/news/opinion/economists-don-t-ignore-social-trends-they-can-upend-your-forecasts-12900978.html

Economists, don’t ignore social trends. They can upend your forecasts

If people just hate and mistrust each other, how will the economy function anyway?.Related stories.

It is that time of the year where we look forward to bidding goodbye to the Old Year 2024 and welcoming the New Year 2025. The economics community gets busy giving their outlook for 2025 and beyond. Reading through economic outlooks, one realizes that economists are ignoring a major risk confronting the World Economy: Rising cases of hate crimes and genocide. In the United States, number of hate crime offenses has increased from nearly 7000 -8000 throughout 1990s. The number of hate crime had touched 10000 levels in 2001 due to the 9/11 attack and declined to near 6000 levels. Since 2016, according to FBI data, the number of hate crimes particularly in last four years have increased every year to touch 12500 levels in 2023. UK follows suit Leadership Conference Education Fund, a civil and human rights organisation in US on itsState of Hate reportnotes that hate crimes rise typically during elections. We don’t have the data for 2024 yet but most likely the numbers are likely to remain high. Thedata from UKshows number of hate crime incidents declined in year ending March-2024 compared to March-2023 but has tripled over last 10 years. Source: (FBI) United Nationswarnsthat there are“alarming trends of growing xenophobia, racism and intolerance, violent misogyny, antisemitism and anti-Muslim hatred around the world”.UN puts the blame of rising hate crimes mainly on hate speeches which“has become one of the most common ways of spreading divisive rhetoric on a global scale”. It also adds that hate speeches and hatred is not new but its scale and impact have been amplified by new communications technologies.  We see it all around us how hate speeches become viral on social media platforms. Nature of leadership matters The United Nations does not mention another important factor for rising hatred and hate speeches. This factor is rise of strongmen leaders across the world. These speeches and sentiments are often ignited by the strongmen leaders and their followers. These strongmen leaders either usurp power by force or are ironically elected to power by people themselves. People elect strongmen leaders thinking they will revive their country only to realise later that not just there is irreversible damage but also their democratic powers have been taken away, perhaps for good. It is even more ironic to see women elect such strongmen leaders as these leaders even rob them of basic dignity. The problems don’t just end with strongmen delivering hate speeches but they lead to spectrum of huge societal problems. António Guterres, United Nations Secretary-General noted that “Hate speech is an alarm bell - the louder it rings, the greater the threat of genocide. It precedes and promotes violence.” Genocide Watchis an organisation which has been established to predict, prevent, stop, and punish genocide and other forms of mass murder. Genocide has prepared10 stages of genocide and also has a world mapwhich ranks different countries on their respective stage of genocide. It is a very worrisome map which shows how both autocracies and democracies are in danger to committing genocide in near future. Theannual reportsof the organisation tell us how the world looks to be in a very troublesome spot going ahead. Another organisation named ‘Early Warning Project’uses state-of-the-art quantitative and qualitative methods to predict mass atrocities around the world. Theworld mapby Early Warning Project gives you an equally depressing picture of the world. Economists shouldn’t ignore social trends Given this trend, it’s really worrisome that economists ignore these major risks of rising hate, genocide and atrocities across the world. One hardly sees international organisations or think-tanks mention the grave risks faced by humanity in their economic outlooks and research. If people just hate and mistrust each other, how will the economy function anyway? These concerns are no more limited to Africa or select countries but are spreading to developed economies as well. So it is not anymore just a basket case but a major issue facing the world economy. One can argue that economists should stick to economics and stay away from politics. This is a narrow approach of looking at economics and extremely dangerous given today’s times. The subject of economics developed as an interdisciplinary field of politics, philosophy and economics and then became super-specialised to become today’s economics. Economists need to go back to their roots and argue why and how humanity faces significant risks ahead because of lack of humanity. Economists occupy a special place in society as they write and talk across different forums. They should join forces with all other human-watch organisations to save both humanity and the economy. Economic advisers who lamely serve respective governments that incite hatred and violence should understand their disservice to humanity. The history of this period will judge all such feigned ignorance harshly. So, for 2025, one eternal hope and prayer is for less hate and more peace. Digging the past and constantly riling people will only lead to more graves in future. We have ample lessons and experiences from history on how all these events play out. This time of the year people give recommendations of movies, books, songs etc. My recommendation would be to hear the song “Heal the World” composed by Michael Jackson. Themusic and lyrics ofthe song remains highly relevant despite being composed 35 years ago.

2024-12-31 14:43

2024-12-31

14:43

moneycontrol.com

https://www.moneycontrol.com/news/india/bengaluru-signature-business-park-near-airport-taking-shape-after-16-years-tenders-floated-for-development-under-ppp-12900947.html

Bengaluru Signature Business Park near airport taking shape after 16 years; tenders floated for development under PPP

Park (BSBP), ChatGPT said: ChatGPT An artist's impression of Bengaluru Signature Business Park (BSBP).Related stories.

Karnataka's ambitious Bengaluru Signature Business Park (BSBP), spanning 407 acres near Kempegowda International Airport (KIA), is finally gaining momentum 16 years after it was conceptualised. First proposed in 2008, with its foundation stone laid in 2018, the project is now on track with the Karnataka State Industrial and Infrastructure Development Corporation (KSIIDC) inviting tenders for its development under the Public-Private Partnership (PPP) model. Located along the northern boundary of KIA, BSBP is designed to enhance Karnataka’s global status. KSIIDC officials toldMoneycontrolthat they will retain land ownership while offering development rights through long-term leases. In the first phase, 57 acres across four land parcels have been identified for development. Also, read:North Bengaluru turns city’s new hotspot, as infrastructure and business lead the way The Business District will cover three parcels—12.5 acres with a FAR (Floor Area Ratio) of 2.7 million square feet, 11.7 acres with a FAR of 2.5 million sq ft, and 9.6 acres with a FAR of 1.89 million sq ft. The fourth parcel, located in the MICE (Meetings, Incentives, Conferences, and Exhibitions) & Retail District, spans 23.7 acres with a FAR of 1.8 million sq ft. FAR (Floor Area Ratio) is the ratio of a building's total floor area to the area of the land it occupies, used to regulate building density and development scale. The project will have retail, office spaces, IT/R&D facilities, and hotels or serviced apartments, with a total FAR potential of up to 3.9 million sq ft, subject to approvals, including an NOC from the Airport Authority of India. According to tender documents, selected developers will have to complete work within 48 months (four years). While the minimum offer price starts from Rs 106.5 crore, depending on the plot, the highest bid above the minimum offer price will win the contract. The annual lease rent will be Rs 3 lakh per acre for the first 30 years, increasing to Rs 5 lakh per acre thereafter. Also, read:Bengaluru Airport City breaks ground for 2 million sq ft business park, targets Global Capability Centres State-of-the-art facilities According to a presentation by a private consultant hired by KSIIDC, 247.13 acres of developable land at BSBP is divided into 64 parcels, hosting four distinct districts (Business District, MICE & Retail District, Design and Culture District, and Innovation and Research District). Business District will offer commercial office spaces, business parks, R&D offices, and retail facilities. MICE & Retail District will host the Bengaluru International Convention Centre (BICC) and retail spaces. Design and Culture District will promote art, design, and cultural activities, featuring design studios, museums, and a theme park. Innovation and Research District will focus on R&D and innovation, providing campuses and multi-tenanted buildings for various industries. It will have well-integrated infrastructure, including water supply, sewage, roads, and waste management, alongside environmental measures like effluent treatment and solid waste disposal. Also, read:Karnataka's KWIN City to host 5 lakh residents, top foreign educational institutions Business District The Business District will be integrated development designed for business and corporate needs. It will have commercial and office spaces, business parks, R&D offices, and retail areas. Key components include an access flyover, business district park, signature tower, corporate offices, and green-facing parcels for R&D services. “Bengaluru lacks an organised Central Business District. This project will be the city’s first structured business hub,” said a KSIIDC official. The district will consist of high-rise buildings with contemporary architecture and will also have a walkable, pedestrian-friendly environment. The district will support leading corporates and essential services like banking. MICE and Retail District MICE and Retail District is envisioned as a hub focused on MICE (Meetings, Incentives, Conferences, and Exhibitions), hospitality, retail, entertainment, and leisure. Key features include a convention centre complex, hotels, a business centre, exhibition centre, convention ground, a club, MICE & retail spaces, a high street, and a mall, all spread across 35 acres. The district will house the Bengaluru International Convention Centre (BICC), which will be the city’s first 6,000-seat international convention venue. "The development will include mid-rise buildings with a signature project, the Bengaluru International Convention Centre, at its heart. A high street with retail and pedestrian-friendly walking streets and plazas will encourage vibrant street activities," said an official. Also, read:After KWIN City, Karnataka plans SWIFT City for startups in Sarjapur Design and Culture District Design and Culture District aims to promote design, art, and cultural activities by providing a platform for artists and designers to showcase diverse practices and crafts to enhance Bengaluru’s cultural identity. It will include office and workshop spaces, a design institute, a design experience centre, a club, a universal library, studios, lofts, and a cultural museum spanning five acres. "The district will have a theme park showcasing art and culture, a media centre, retail spaces, and studio apartments. As the first-of-its-kind in Bengaluru, it seeks to position the city as the 'design capital' of India and boost tourism," said an official. "Designed as a low-rise, high-density development with narrow, pedestrian-friendly streets, the district will have a 'bazaar' atmosphere, public plazas, and spaces for temporary galleries and art installations. It aims to attract India’s leading designers across various fields, including fashion, graphic design, new media, and furniture design," the official added. Innovation and Research District Innovation and Research District is designed to host campuses and multi-tenanted buildings for R&D and innovation companies. It will include R&D centres, parks, and a Centre of Excellence/Incubation Centre, supporting research in fields such as pharma, healthcare, IT, biotechnology, and agriculture. "As the first dedicated space for R&D and innovation in Bengaluru, the district enhances the city’s reputation as a technological hub while driving employment generation," said an official. "With low-rise structures, the district features a campus-style layout with courtyards, gardens, plazas, and water bodies, fostering collaboration and innovation in a serene environment," the official added. Also, read:Karnataka to set up 3 Global Innovation Districts for GCCs: Siddaramaiah

2024-12-31 14:43

2024-12-31

14:43

moneycontrol.com

https://www.moneycontrol.com/news/business/moneycontrol-presents-kerala-traders-and-investors-conclave-in-association-with-sens-promos-private-limited-12900974.html

Moneycontrol Presents Kerala Traders and Investors Conclave in Association with Sens Promos Private Limited

India’s premier financial platform,Moneycontrol, is thrilled to announce theKerala Traders and Investors Conclave, a two-day landmark event that will take place on January 8th and 9th, 2025, at Hotel Gokulam Park, Kochi. Organised in association withSens Promos Private Limited, the conclave aims to redefine the trading and investment landscape of Kerala, bringing together traders, investors, and financial experts under one roof. This first-of-its-kind initiative is designed to foster financial literacy, provide practical insights, and empower participants to make informed investment decisions. The event promises an exciting blend of live market sessions, specialized training, and panel discussions, offering a unique opportunity for both seasoned traders and beginners to gain invaluable knowledge and strategies directly from industry veterans.Agenda HighlightsThe two-day event features a dynamic and comprehensive agenda that caters to all levels of trading and investment expertise. Day 1:Opening Keynote Addressby Santosh Kumar Pasi, Founder of Pasi Technologies, setting the tone with a focus on navigating the financial markets in 2025.Live Trading Demonstration:Real-time market analysis with actionable insights from Praful Kulkarni, Founder of AlphaLeo Capital.Workshop on Equity Investments:Led by Sunil Mathai, Founder of TradeTalks, with strategies for building a long-term portfolio.Panel Discussion:"The Future of Trading in India," featuring Akshay Agarwal, Managing Director of Acumen Capital Market India Ltd., and other esteemed speakers.Day 2:Advanced Derivatives Training:In-depth sessions on options and futures trading by Ajay Suresh Kedia, Director of Kedia Advisory.Masterclass on Algorithmic Trading:A hands-on session led by Sivakumar Jayachandran, Founder of Oi Pulse & 1Cliq.Networking Opportunities:An exclusive gala dinner to connect with speakers, mentors, and peers.Esteemed Speakers and MentorsThe conclave will host a powerhouse lineup of over 15 speakers, including:Santosh Kumar Pasi,Founder of Pasi Technologies, renowned for his expertise in financial planning and trading strategies.Praful Kulkarni,Founder of AlphaLeo Capital, a thought leader in real-time market analysis.Sunil Mathai,Founder of TradeTalks, known for simplifying complex market concepts.Akshay Agarwal,Managing Director of Acumen Capital Market India Ltd., a veteran in equity and derivatives.Ajay Suresh Kedia,Director of Kedia Advisory, specializing in commodities and risk management.Sivakumar Jayachandran,Founder of Oi Pulse & 1Cliq, a pioneer in algorithmic trading.Uthara Ramakrishnan,Director at Artha Financial Services, with expertise in wealth management.Silby Poulose,Founder of Fintalks, focusing on financial literacy for young investors.Hari Prasad,Founder & CEO of LiveLong Wealth, a mentor in personal finance and investment.Ticket Categories and BenefitsThe event offers multiple ticket options to cater to diverse needs:Silver Pass (₹5,999):Access to all sessions on both days.Gold Pass (₹8,999):Access to all sessions, plus a one-night stay with double occupancy.VIP Pass (₹11,999):Includes all sessions, a one-night stay with single occupancy, and entry to the exclusive networking gala dinner.Transforming Financial Literacy in KeralaThe Kerala Traders and Investors Conclave is more than an event—it’s a movement toward financial empowerment. With its association with Moneycontrol, the conclave guarantees a well-rounded experience where participants can learn, connect, and grow under the guidance of industry stalwarts. This initiative reinforces Moneycontrol’s mission to democratize financial knowledge and equip individuals to navigate the complexities of modern financial markets with confidence. For booking your seat, please visit:https://thebrandstories.co.in/#tickets.

2024-12-31 14:42

2024-12-31

14:42

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/curefoods-acquires-krispy-kreme-from-landmark-group-12900975.html

Curefoods acquires Krispy Kreme from Landmark Group

Ankit Nagori is the founder of Curefoods, which operates EatFit and several other brands..Related stories.

Curefoods, a food and beverage (F&B) startup in India, has entered into an agreement with the Landmark Group to acquire operations of Krispy Kreme, the popular doughnut brand, in the South and West of India, the companies said in a joint press release on December 31. While the current agreement allows Curefoods to run and operate Krispy Kreme in the South and West of India, Curefoods is also in discussions to expand operations to the North and East of India over the coming months, founder Ankit Nagori told Moneycontrol. Krispy Kreme, under Curefoods, currently has over 50 touchpoints and has plans to expand to over 350 additional points of access in India over the next five years. The deal is a mix of cash and equity. Curefoods has given money and shares in the company to the Landmark Group, Nagori said. “This partnership underscores our commitment to expanding into categories beyond our cloud kitchen ecosystem and investing in well-loved brands to enhance our presence in India’s food market,” he added. Binny Bansal-backed Curefoods has been expanding operations by bringing Frozen Bottle and other brands under its fold, along with an existing portfolio of brands such as EatFit, Cakezone, Nomad Pizza, Sharief Bhai Biryani, among others. ALSO READ:Curefoods in talks to raise $40 million in Series D round of funding, eyes IPO in 18 months Overall, it has over 500 cloud kitchens and offline stores that cater to over 10 cuisines, across 40 cities in India. “We’ve had a very fruitful partnership with Krispy Kreme Doughnut Corporation (KKDC) and created a growing and profitable business…we’re delighted to see it join the Curefoods portfolio where, we’re certain, it will continue to grow significantly in the years to come,” K A Madappa, President, Citymax Hotels Pvt Ltd & Business Head of Krispy Kreme said. Founded in 2016, Bengaluru-based Curefoods competes with firms like Rebel Foods, Biryani by Kilo, and EatClub (formerly Box8), which are at the forefront of the industry and are building a house of food brands.

2024-12-31 14:38

2024-12-31

14:38

moneycontrol.com

https://www.moneycontrol.com/news/india/new-bypass-in-goa-could-be-boon-for-tourists-coming-from-karnataka-12900973.html

New bypass in Goa could be boon for tourists coming from Karnataka

Goa Chief Minister Dr Pramod Sawant on Christmas eve inaugurated the 11.9 km Nuvem-Navelim Western Bypass.

A newly-constructed bypass is expected to reduce the travel time between Panaji and Canacona, helping local commuters as well as the tourists arriving in Goa from Karnataka. Goa Chief Minister Dr Pramod Sawant on Christmas eve inaugurated the 11.9 km Nuvem-Navelim Western Bypass which diverts traffic from Margao city, the state's commercial capital. It was a "Christmas Gift" for the people of Goa, Sawant said. The bypass is a part of 279.38-km highway infrastructure works currently underway in the state, funded by the Union government under the aegis of the National Highway Authority of India. The chief minister, who has launched a slew of projects in the state, said his government has given a special thrust to infrastructure in the last five years. All the roads, bridges and other projects sanctioned by the Union government will be completed in the next four years, he added. The new bypass, which has cost Rs 482 crore, will ease traffic congestion in South Goa district and increase connectivity to North Goa. The commissioning of the bypass will reduce the travel time between Panaji and Canacona on the southern end of the state, local residents feel. Saurabh, a tourist from Karnataka, appreciated the new road. "The quality of construction is also amazing, allowing you to cruise at 100 km/hr with ease. Traffic congestion has decreased significantly, making it a boon for commuters traveling from Margao to Canacona," he said. When he and his friends visited Goa earlier, they often complained about the narrow roads, he said. "This new road will greatly reduce that problem," he added. Advocate Leon Almeida, a local resident, described the new road as a "game-changer" for commuters traveling between Canacona and Margao, as well as those from Navelim. "I would like to thank the transport minister, chief minister, and everyone involved, including taxpayers," he said. Earlier, the road connecting North Goa with Margao's market area was a bottleneck, prone to congestion, but this bypass has eliminated that issue, Almeida said. "It is particularly helpful for tourists from outside Goa who travel up from Canacona," he said. Driving on the new road was a wonderful experience as the scenery is stunning, Almeida said, while noting that it also provides direct connectivity for ambulances from Navelim to South Goa District Hospital.

2024-12-31 14:26

2024-12-31

14:26

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/from-swiggy-to-mobikwik-how-2024-s-ipo-frenzy-bolstered-the-startup-ecosystem-12900890.html

From Swiggy to Mobikwik: How 2024's IPO frenzy bolstered the startup ecosystem

Startup IPOs in 2024.Related stories.

The Indian startup ecosystem staged a comeback in 2024 on the back of several successful new-age initial public offerings (IPOs), amid a recovering funding landscape. This year saw as many as 13 startups go public, including the likes of Swiggy, Mobikwik, and Ola Electric, among others, which together raised over Rs 29,000 crore ($3.4 billion) from the capital market in India, according to data from Avendus, an investment bank. A total of 13 IPOs during the year is significantly higher than five such public listings in 2023, and just two in 2022. For new-age companies, the public market listings during the year also included several bumper IPOs, the biggest of which came from Swiggy – which raised a massiveRs 11,327.43 crore and minted 500 crorepatis. There were others like Ola Electric, which raised Rs 6,145.56 crore and FirstCry ,which mopped up Rs 4.193.73 crore from the public market during the year. Startup IPOs picked up this year after companies recalibrated their business models from 'burn and grow' to focus on generating cashflows, a direct consequence of the funding winter that debilitated the startup world in 2022-23. “It took Indian startups close to two years to recalibrate business models, cut out unprofitable experiments and concentrate on generating operating cashflows. Once they demonstrated this, they began to tap the IPO markets,” said Siddarth Pai, Founding Partner, 3one4 Capital, a venture capital firm. While several new-age IPOs such as that of insurtech startup GoDigit (Digit Insurance), traveltech platforms Ixigo and TBO Tek, had a heavy offer for sale (OFS) component facilitating exits for early backers, there were others like Swiggy, which raised primary capital to expand operations and take on rivals. There were also companies such asMobiKwik, which only raised primary capital and did not have an OFS component. This year’s startup IPO run is, however, in stark contrast to 2021, where listings were marred by inflated valuations and a lack of clarity on financial performance, investors said. Four large startups that went public in 2o21, namely Zomato, Nykaa, Paytm, and PolicyBazaar, did not meet expectations after their stocks underperformed in the sessions that followed immediately after listing. In fact,Paytm’s share price crashed on its first day of listing. On the contrary, 2024 saw even smaller scale startups, which raised modest amounts of money, bring in huge demand. Software-as-a-service (SaaS) startupUnicommerce, for instance, raised Rs 276.57 crore via its IPO, which was oversubscribed a massive 168-times. Similarly, fintech firm Mobikwik and co-working space provider Awfis, with IPO sizes of Rs 572 crore and Rs 598.93 crore, saw subscriptions of 119-times and 109-times, respectively. On the small and medium enterprise (SME) front, firms like Trust Fintech, TAC Security, and Menhood have also raised Rs 63.45 crore, Rs 29.99 crore, and Rs 19.64 crore, respectively, market data showed. The secret sauce for startup IPOs As many as 10 of the venture-backed IPOs in 2024 have beentrading over their issue price. The median premium – of 53 percent over the issue price – is a function of buoyant markets and the fact that more startups are following the age-old adage of leaving value on their first brush with public markets. It also showed that companies would get investor interest if they left money on the table for retail investors. “Startups went public (in 2024) at lower values than their previous funding rounds. This single action demonstrated to the markets that there was still value left in the stock, prompting many to invest during the IPO. This signal is underreported, but had an outsized impact on IPOs,” Pai emphasised. Firms likeOla ElectricandMobikwiktook valuation cuts before listing. The Bhavish Aggarwal-led electric vehicle maker listed at a valuation of $4 billion – a 25 percent discount to its valuation of $5.4 billion, during its private fundraise in September 2023. Mobikwik, on the other hand, cut it IPO valuation to $250 million, down from its peak of $950 million a few years ago. On the other hand, companies including Swiggy and FirstCry did not seek higher valuations at the time of listing. The former’s valuation remained flat at $11.3 billion at the time of listing, while the latter was valued at $2.9 billion, broadly in range with their last venture capital funding. Along with a more mindful approach, IPO-bound startups also focused on delivering profitability and improved unit economics so they could be rewarded better when they tap the public markets. “Public markets are becoming attractive for private investors seeking lucrative exits, fueled by growing investor confidence in startups that now enter markets with greater stability in profitability and growth,” said Gaurav Sood, Managing Director and Head – Equity Capital Markets, Avendus Capital. Funding resurgence The buoyancy in India’s public markets also played a pivotal role in catalysing aresurgence in startup funding. This came after investor confidence was bolstered by startups exhibiting strong business fundamentals and near-term IPO prospects, investors said. As such, funding among startups increased 14 percent year-on-year to $10.94 billion in 2024, according to market research firm Venture Intelligence. A big chunk of this funding increase came from late-stage deals in IPO-bound firms such as quick commerce majorZepto, edtech unicornsPhysicsWallahandEruditus, beauty brandPurpelle, and cloud kitchen startupRebel Foods, who managed to raise large rounds this year, Moneycontrol reported earlier. “Startups with clear plans to go public promise liquidity and demonstrate financial discipline and market maturity—qualities that resonate strongly with institutional and late-stage investors,” explained Anirudh A Damani, Managing Partner, Artha Venture Fund – a micro VC fund. These companies, he added, typically exhibit strong fundamentals, such as profitability, predictable revenue streams, and transparent governance, which significantly de-risk the investment. New year, new hope As the IPO frenzy continues into 2025, investors expect a record 20 or more startups to go public next year. With a simultaneous uptick in pre-IPO funding on the cards, the increased activity in public markets is set to unlock newer pools of capital for startups across the board, investors said. "The year 2025 will be one of maturity. Today, there are maybe 15 venture backed companies that are public. But when that number triples, and these companies start to show credible financials quarter-on-quarter, the whole ecosystem will get strengthened," Sandeep Singhal, co-founder and managing partner at WestBridge Capital told Moneycontrol. It is, however, worth noting that the current IPO frenzy also carries risks. Investors note that there is a growing concern about inflated valuations and unsustainable business models sneaking into the mix. The key to keeping up the current momentum into 2025 would be for startups to concentrate on building sustainable businesses, while reducing the dependency on external capital. “Any narrative not supported by numbers or business fundamentals will fail the public market test,” Pai concluded.

2024-12-31 14:16

2024-12-31

14:16

moneycontrol.com

https://www.moneycontrol.com/news/india/atul-subhash-suicide-case-techie-s-counsel-says-wife-should-not-be-allowed-to-use-child-as-tool-for-bail-12900969.html

Atul Subhash suicide case: Techie’s counsel says wife should not be allowed to use child as tool for bail

Subhash, a 34-year-old engineer, died by suicide in Bengaluru on December 9.

Akash Jindal, the lawyer of Bengaluru techie Atul Subhash, said that the accused wife should not be allowed to use their child as a tool to get bail in court. Subhash died by suicide recently alleging harassment at the hands of his estranged wife and her family. The bail matter of Atul Subhash's wife Nikita Singhania is set for a court hearing in Bengaluru on January 4. Counsel representing Atul Subhash's family highlighted the escalating criminal nature of the case and argued that Nikita should not be granted custody of the child.  “The criminal nature is accumulating to this procedure and she can't take advantage of the child and we have sought total custody of the child,” the counsel said, according to a report by IANS. They also added that a habeas corpus petition has been filed with the Supreme Court, adding the court directed authorities across Uttar Pradesh, Haryana and Karnataka to ascertain the whereabouts of the child. Once found, further directions will be given on the custody of the child. The family expressed concern over the circumstances, questioning why the 4-year-old child had been staying away from his mother and residing in a hostel. “Atul, in his suicide video, had mentioned not to let the child be used as a tool for evading the judicial process. And that's exactly what is being done. Her lawyer has argued today that we are seeking custody behind her back. But it is not behind her back. Because the mother and the whole family have been arrested, nobody is there to take care of the child,” Akash was quoted as saying by ANI. “She was arrested while absconding and she will again try to abscond with the child when she's bailed out from the court. So, we contend that she should not be allowed to take the child as a tool to get the bailout of the judicial process,” he said. Subhash, a 34-year-old engineer, died by suicide in Bengaluru on December 9, allegedly due to harassment by his estranged wife and her family. A case of abetment to suicide has been filed against Singhania and her family members.

2024-12-31 14:14

2024-12-31

14:14

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/arts-and-antiques-in-vogue-for-aesthetic-indians-imports-surge-62-in-2024-12900934.html

Arts and antiques in vogue for aesthetic Indians, imports surge 62% in 2024

As demand for luxury goes up, Indians go for aesthetic buys.Related stories.

The lust for luxe shows a shift when it comes to the discerning Indian consumer. From expensive cars, watches, and accessories, the desire for luxury items seems to gravitate towards arts and antiquities. The result is a 61.6 percent surge to $279 million of imports in art objects and antiquities in the first 10 months of 2024, shows aMoneycontrolanalysis of data shared by the commerce ministry. Antiques saw the highest increase in imports, with $79 million of items being shipped to India between January and October 2024, clocking a 376 percent spurt over the previous year's figure. Paintings were the biggest import category, accounting for $164.3 million in imports, compared with $133.7 million during the similar period in 2023. Looking East While the United Kingdom and the United States continued to dominate the trade of art and antiquities, making up over half of the imports at $151.4 million, Korea was the third-biggest exporter to India. The East Asian country accounted for $68 million of imports, almost entirely in antiquities. Trade from the UK and the US at $79.7 million and $71.7 million, on the other hand, was mainly in paintings. Indians tried to procure higher-value items from these places. The average cost of paintings imported from the UK jumped over threefold to $946,250 from $274,681 in 2023. In case of the US, it doubled from $0.5 million to $1.04 million. But Singapore registered the highest increase as India imported just two paintings from the country for $3.28 million each. For antiquities, India imported six items from Korea at an average cost of $11.3 million each.

2024-12-31 14:00

2024-12-31

14:00

moneycontrol.com

https://www.moneycontrol.com/news/india/delhi-police-s-special-bandobast-for-rowdy-new-year-revelers-vip-lounge-free-transport-cell-block-party-12900760.html

Delhi Police's special 'bandobast' for rowdy New Year revelers: ‘VIP lounge, free transport, cell block party’

Related stories.

The countdown to 2025 has officially begun! As India prepares for grand celebrations to welcome the New Year, police authorities across states have implemented extensive security measures to ensure smooth and trouble-free festivities. In the national capital, amidst heightened security arrangements, the Delhi Police issued a warning to revelers with their trademark sense of humor. Taking to X (formerly Twitter), the Delhi Police announced that any hooligans causing disruptions would be treated to a "cell block party." The "venue" for this exclusive event? The nearest police station. The post humorously added that "free transportation" would be provided, along with an overnight stay in the "VIP Lounge" of the jail. It described the lounge as featuring a "comfortable sitting area with cold cell bars and hot beats." Who needs a countdown when you can count down the days until your release.#HappyNewYear2025#DelhiPoliceCarespic.twitter.com/Omfq4Y0FjkDelhi Police (@DelhiPolice)December 30, 2024 The post further encouraged citizens to report any troublemakers by dialling 112 and promised, "Let the good times roll." To maintain order and safety, approximately 20,000 security personnel, including paramilitary forces, have been deployed across Delhi-NCR as part of these comprehensive preparations. Traffic diversions in Central Delhi The police anticipate large crowds at various hotels, pubs, and restaurants located in Central Delhi. To ensure smooth traffic flow and prevent snarls during the midnight hours, special arrangements have been implemented in and around Connaught Place. These traffic diversions will come into effect from 7:00 PM onwards. The hotspots include Khan Market, Taj Vivanta, The Lalit, Le Meridien, Connaught Circus, ITC Maurya, The Imperial, The Park, Royal Plaza, Shangri-La, Taj Mahal, India Gate, The Metropolitan, The Claridges, Ashoka, Samrat, and Taj Palace. Other affected areas include Kartavya Path, ‘C’ Hexagon, Hanuman Mandir, and Bangla Sahib Gurudwara. According to the statement by Delhi Police, 23 inspectors, four ACPs and 11 companies of CRPF will be deployed for the New Year bandobast in Central Delhi. Meanwhile, Delhi Metro Rail Corporation has also issued a statement for December 31s plans. Metro commuters won’t be permitted to leave the Rajiv Chowk metro station after 9 p.m. on New Year's Eve.

2024-12-31 13:53

2024-12-31

13:53

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/venus-remedies-shares-rise-3-as-moldova-gmp-nod-paves-way-for-east-europe-expansion-12900930.html

Venus Remedies shares rise 3% as Moldova GMP nod paves way for East Europe expansion

Venus Remedies.

Pharma company and injectable manufacturer Venus Remedies has expanded its reach into Eastern Europe, after the company received Good Manufacturing Practice (GMP) certificate from the government of Moldova, sending shares higher by over 3%. "With this certification, we are now well-positioned to further extend our presence in the East European market," Venus Remedies said in a company statement. The approval from Moldovan Health Ministry is for Venus' antibiotic-carbapenem facility. The nod for the facility will ensure 'access to high-quality, effective, and reliable antibiotics' across the region, saidVenus Remedies. Earlier in December, Venus Remedies also managed to secure Marketing Authorization in the Philippines. Shares of Venus Remedies are down by 21% so far this year, and the company has a market capitalisation of around Rs 428 crore. This is being updated.

2024-12-31 13:42

2024-12-31

13:42

moneycontrol.com

https://www.moneycontrol.com/news/india/why-nimisha-priya-indian-origin-nurse-has-been-awarded-death-penalty-in-yemen-12900891.html

Why Nimisha Priya, Indian-origin nurse, has been awarded death penalty in Yemen?

- In 2014, she came in contact with Talal Abdo Mahdi, who promised to help her in starting her own clinic.

The Ministry of External Affairs (MEA) confirmed on Tuesday its awareness of the death sentence handed to Nimisha Priya, an Indian nurse accused of killing a Yemeni national. “We understand that the family of Priya is exploring relevant options. The government is extending all possible help in the matter,” MEA added. Priya has been convicted of murdering one Talal Abdo Mahdi, who died in July 2017, after she injected him with sedatives in order to get back her passport from his possession. A look at Nimisha Priya's case: -         Nimisha Priya is a nurse from Kerala’s Palakkad district, who moved to Yemen in 2008 to support her daily-wage labourer parents. -         She worked in private hospitals in Yemen for a few years before deciding to set up her own clinic. -         In 2014, she came in contact with Talal Abdo Mahdi, who promised to help her in starting her own clinic. Under Yemen’s law, only nationals are allowed to set up clinics and business firms. She set up a clinic in 2015, with the help of Mahdi. -         Tensions arose between her and Mahdi, with Priya alleging abuse, torture, and the confiscation of her passport, effectively stranding her in Yemen. -         Reports indicate that Mahdi falsely presented himself as her husband to Yemeni authorities, hindering her ability to seek assistance from them. -         With an aim to get her passport which was confiscated by Talal Abdo Mahdi back, she allegedly injected him with sedatives. However, sedation did not affect Mahdi, who was a substance abuser. -         She tried sedating him again, using a stronger sedative in order to retrieve her passport but he died within a few minutes due to a drug overdose. -         According to The New Indian Express, Nimisha’s 57-year-old mother, Prema Kumari, had reached Yemen’s capital Sana’a earlier this year, and has been staying there to secure a waiver of the death penalty and negotiate the blood money with victim’s family. -         Her mother even reached out to the Yemeni Supreme Court against the death sentence, however, it was rejected in 2023. -         Reports said Priya was handed capital punishment by a trial court in 2020 and Yemen's Supreme Judicial Council upheld the verdict in November 2023. The situation has taken a critical turn with President Rashad al-Alimi's recent approval of the death sentence. In response to media queries regarding the case of Nimisha Priya, MEA official spokesperson Randhir Jaiswal said, “We are aware of the sentencing of Nimisha Priya in Yemen. We understand that the family of Priya is exploring relevant options. The government is extending all possible help in the matter.”

2024-12-31 13:39

2024-12-31

13:39