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moneycontrol.com

https://www.moneycontrol.com/news/world/india-monitors-h-1b-backlash-in-us-in-touch-with-top-it-firms-12900903.html

India monitors H-1B backlash in US, in touch with top IT firms for more clarity

Donald Trump.Related stories.

Centre is closely monitoring the situation in the US regarding the backlash against Indian H-1B visa holders, particularly those in IT and management roles. Key ministries, including External Affairs, Commerce and IT, are tracking developments to ensure no issues arise for Indians working legally in the US. Officials are also keeping an eye on changes to US visa policies, especially for skilled professionals, as Donald Trump prepares to return to the White House. The Ministry of External Affairs is receiving regular updates from the Indian mission in the US to stay informed, according to a report in The Times of India. The newspaper quoted its sources in a report: "We shouldn't have a situation where there is an unpleasant issue which is created for our Indian workers who are (working) there legally. That is something that the government is constantly concerned about," a government source told TOI. "We would like to make sure that our competitive position in that regard is not affected. And definitely that other factors should not come in the way of legal frameworks, even from an American setup," the sources added. The report said that the government also wants to highlight how multi-national companies - including from the US - are setting up global capability centres (GCCs) in India, in a clear pointer to the need to have qualified Indian professionals in their midst. The fact that they are setting up GCCs in India shows that they are keen to hire qualified Indian workers for cutting-edge work, they added. The backlash has intensified following Trump’s appointment of Chennai-born Sriram Krishnan as Senior White House Policy Advisor on AI. Critics, like far-right activist Laura Loomer, claim H-1B visa holders are taking jobs from Americans, clashing with Trump’s "America First" agenda. However, Loomer's attacks were slammed by both Trump and Elon Musk. Speaking to the New York Post, Trump said, "I've always liked the visas, I have always been in favour of the visas. That's why we have them... I have many H-1B visas on my properties. I've been a believer in H-1B. I have used it many times. It's a great program."

2024-12-31 13:36

2024-12-31

13:36

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/tata-chemicals-ghcl-shares-rise-up-to-6-as-govt-announces-minimum-import-price-for-soda-ash-12900942.html

Tata Chemicals, GHCL shares rise up to 6% as govt announces minimum import price for soda ash

Tata Chemicals, GHCL shares rise up to 6% as govt announces minimum import price for soda ash.

Shares ofTata Chemicals Ltd, Gujarat Heavy Chemicals Ltd rose on December 21 as 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. The scheme will be effective till June 30, 2025, said DGFT. At 1:10 pm on December 31, GHCL shares on NSE were trading 6% higher at Rs 717 apiece while the shares of Tata Chemicals on NSE were trading 2% higher at Rs 1,061 apiece. Soda ash is a crucial component in several industries, with significant applications in glass manufacturing, chemical production, and the detergent industry. The government's intervention is aimed at stabilising the domestic market and supporting local producers. Furthermore, the notification stated that the current free import policy would resume on July 1, 2025, barring any subsequent amendments. This development impacts multiple sectors relying on imported soda ash.

2024-12-31 13:35

2024-12-31

13:35

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/buy-lupin-target-of-rs-2750-emkay-global-financial-12900879.html

Buy Lupin; target of Rs 2750: Emkay Global Financial

Buy.Related stories.

Emkay Global Financial's research report onLupin In Teva’s litigation with Amneal which blocked Amneal’s launch of gProAir, the US Court of Appeals had recently asked Teva to delist its patents in contention. While the ruling was expected to clear the way for Amneal’s launch of gProAir, Teva has now filed a petition seeking an en banc rehearing. More importantly, Teva’s petition includes references to the FDA’s recent correspondence with Amneal that suggests that an approval for Amneal’s gProAir is likely to be delayed. Given Amneal’s goal date (4QCY24), we had built in a decline in gProAir sales for Lupin (and Cipla) from 1QFY26. The delay is, therefore, an unexpected positive. Consensus has upgraded FY26 EPS for Lupin by ~13% over the last 3 months. Outlook We expect the earnings upgrade cycle to continue (our FY26 EPS is still ~15% ahead of Consensus estimate). We reiterate BUY. For all recommendations report,click here Lupin -Dec 31_2024 - emkay

2024-12-31 13:32

2024-12-31

13:32

moneycontrol.com

https://www.moneycontrol.com/technology/iphone-se-4-price-leaked-ahead-of-launch-tipped-to-be-costlier-than-the-predecessor-all-the-details-article-12900825.html

iPhone SE 4 price leaked ahead of launch, tipped to be costlier than the predecessor: All the details

iphone se.

After releasing the iPhone 16 a few months ago, the Cupertino tech major is expected to refresh the iPhone SE lineup in the first quarter of 2025. While Apple has yet to confirm plans for a new SE model, a new leak coming out of Korea gives us an insight into the price details of the phone. Moreover, the phone is expected to carry several iPhone 16 features, including camera and display specs with Apple Intelligence support. Apple iPhone SE 4: Expected pricing and other details According to a report from Korean outlet Naver, Apple could launch the iPhone SE 4 at a starting price of less than $500 (around Rs 42,000). Further, the publication has also mentioned that in South Korea it is expected to cost more than KRW 8,00,000 (around Rs 46,100). This makes it more expensive than the iPhone SE 3 (2022), which had a starting price of $429 (around Rs 36,700). However, considering all of the upgrades that the new model is rumored to pack, the $70 price hike would not be a bad deal. Another reason why we might see a slight hike in pricing could be because the iPhone SE 4 is expected to ship with Apple's first in-house 5G baseband chip, which is said to increase the price tag of the phone. Till now, Apple has used Qualcomm’s chip for connectivity. Additionally, the iPhone SE 4 is expected to feature a 6.1-inch OLED screen and run on the latest A18 chip, which also powers the base iPhone 16 models. It could also support Apple Intelligence features.

2024-12-31 13:30

2024-12-31

13:30

moneycontrol.com

https://www.moneycontrol.com/news/opinion/retrospect-your-debt-patterns-to-improve-your-credit-score-in-2025-12900940.html

Retrospect your debt patterns to improve your credit score in 2025

Reflecting on your 2024 debt pattern is essential to understand your credit standing and how it affects your credit score..Related stories.

By Sachin Seth As we step into the new year, it’s a great opportunity to assess and improve your financial planning, especially when it comes to managing your credit. The way you handle credit can have a significant impact on your financial future. Reflecting on your 2024 debt pattern is essential to understand your credit standing and how it affects your credit score. A credit score is a three-digit number that represents your creditworthiness, reflecting the likelihood of timely debt repayment. It offers insight into your financial behaviour and ability to manage credit responsibly. A strong credit score demonstrates reliability and trustworthiness, unlocking opportunities such as loans, credit cards, and favourable interest rates. Lenders and financial institutions use this score to evaluate the risk of extending credit. A high score signifies responsible credit management and repayment reliability, positioning you as a preferred borrower. Conversely, a lower score may indicate difficulties in managing credit, potentially limiting the types and terms of credit available. Maintaining a healthy credit score is crucial for enhancing financial credibility and expanding access to advantageous financial opportunities. As the new year begins, focusing on good credit habits can help you strengthen your financial profile and set the stage for long-term success. Here’s why it’s important to focus on your credit habits as the new year begins: Benefits of a Good Credit Score A good credit score can significantly enhance your financial opportunities. Here are some key benefits that can help you make smarter financial decisions: * Access to better interest rates: Lenders often offer lower interest rates to individuals with high credit scores. * Easier approval for loans and credit cards: A high credit score increases the likelihood of getting approved for loans and credit cards, helping you access the funds you need. * Increased negotiating power: When your credit score is high, you have more leverage to negotiate better loan terms. * Higher credit limits: A high credit score reflects responsible credit behaviour, potentially granting you higher credit limits and increased financial flexibility. Steps to Improve Your Credit Score Before the New Year - Review your credit report: Regularly monitoring your credit report can help you identify any discrepancies, enabling you to take timely action and avoid potential adverse impacts on your credit score. - Pay your EMI on time: Ensuring that you make all credit payments on time is crucial for maintaining and improving your credit score. - Retrospect your debt patterns: Review your debt levels and expenses. By understanding your income and expenditure behaviour, you can plan your repayment better and aim to improve your credit score. - Diversify credit mix: A balanced mix of secured and unsecured credit demonstrates responsible borrowing behaviour and positively improves your credit score. - Avoid new hard inquiries: Limit new credit applications, as each hard inquiry can temporarily lower your score. Hard inquiries occur when lenders check credit during applications. Setting Goals and Monitoring Progress As the new year approaches, setting a goal to improve your credit score can be a powerful resolution, offering long-term benefits and enhancing your overall financial stability. Embracing strategies to boost your credit score offers sustaining financial benefits, making it a valuable focus for the new year and beyond. (Sachin Seth is Chairman – CRIF High Mark and Regional MD India & South Asia CRIF.) Views are personal and do not represent the stand of this publication.

2024-12-31 13:29

2024-12-31

13:29

moneycontrol.com

https://www.moneycontrol.com/news/business/7-month-old-baby-found-in-garbage-bin-in-mumbai-12900932.html

7-month-old baby found in garbage bin in Mumbai

After being alerted, police reached the spot and sent the foetus to a hospital for post-mortem, a Charkop police official said..

A seven-month-old fetus has been found dumped in a garbage bin in Mumbai, police said on Tuesday. A passer-by spotted the fetus on Monday afternoon in the garbage bin of the Ashtavinayak Society building in Charkop area. After being alerted, police reached the spot and sent the fetus to a hospital for post-mortem, a Charkop police official said. "We are investigating if there is any evidence of concealing the death of a newborn baby and disposing of the body. We are collecting details of pregnant women in the locality as well as those who recently delivered babies," the official said. The post-mortem report is awaited, based on which a case will be registered, the police added.

2024-12-31 13:27

2024-12-31

13:27

moneycontrol.com

https://www.moneycontrol.com/news/india/watch-meerut-man-arrested-for-slapping-spree-due-to-dopamine-rush-12900758.html

Watch: Meerut man arrested for slapping spree due to 'dopamine' rush

Kumar was identified in at least three of the slapping incidents and was booked under BNS section 115 (voluntarily).

A 23-year-old unemployed graduate in Meerut, suffering from depression after his father's death and mother's remarriage, was arrested for allegedly slapping pedestrians, according to a report by Times of India. The man reportedly also slapped a woman and a retired PCS officer, "to experience dopamine rush”.  According to the TOI report, Kapil Kumar had been on a slapping spree for the last couple of months. The police, however, started receiving complaints lately. Purported videos of Kumar's behaviour were being circulated on social media. He was arrested on Sunday evening. The police told TOI that Kumar was identified in at least three of the slapping incidents and was booked under BNS section 115 (voluntarily). “He lost his father around five years ago and his mother remarried months later. He now stays with his mom and stepdad at Suraj Kund in Meerut. Kumar told cops he has been slapping people randomly while riding a scooter for dopamine rush and also encountered suicidal thoughts,” SP (Meerut city) Ayush Vikram Singhtold TOI.#UttarPradesh: A 23-year-old unemployed graduate in#Meerut, suffering from depression after his father's death and mother's remarriage, was arrested for slapping pedestrians, including a woman and a retired officer, seeking dopamine rush.pic.twitter.com/biIfUxrUogSiraj Noorani (@sirajnoorani)December 31, 2024 Dopamine is a neurotransmitter in the brain that contributes to feelings of alertness, focus, motivation, and happiness. "It seems Kumar has a medical condition, but it is unclear whether he receives medication. We're collecting more information about his background to ascertain all the facts," Ilam Singh, SHO of Nauchandi, told TOI. According to police, Kumar claimed that he had a troubled childhood, and his friends always used to harass him for his timid behaviour.  "During questioning, he told police that he was jobless, and nothing good was happening to him when he was at home and he was ‘not disturbing anyone'. So, one day, he thought that perhaps ‘something good might happen by doing a few bad things', following which he went on slapping strangers on the road…,” police told TOI. A CCTV footage surfaced online, in which a man could be seen strolling.  A youth on a two-wheeler passing by slaps him. The man was identified as a retired PCS officer. Later a woman, who claimed to be a close kin of a local complaint against an "unidentified man" for slapping her, according to TOI.

2024-12-31 13:18

2024-12-31

13:18

moneycontrol.com

https://www.moneycontrol.com/news/india/how-isro-s-spadex-mission-will-pave-way-for-gaganyaan-chandrayaan-4-12900916.html

How ISRO's SpaDeX mission will pave way for Gaganyaan, Chandrayaan-4

The ISRO chief also confirmed that the final docking in the just launched SpaDex mission is expected to take place around January 7..Related stories.

The Indian Space Research Organisation (ISRO) successfully launched the Space Docking Experiment (SpaDeX) mission on Monday. The SpaDeX mission represents a critical step in advancing India’s capabilities in orbital docking. Successful completion of this mission will enhance ISRO's ability to conduct complex operations in space and lay the groundwork for future interplanetary missions. The ISRO chief also confirmed that the final docking in the just launched SpaDex mission is expected to take place around January 7. The SpaDeX mission, ISRO's year-end project, is historic as it aims to achieve the rare feat of docking or merging two satellites in space. The project is a cost-effective technology demonstration mission for in-space docking using two small spacecraft launched by PSLV. Docking technology is crucial for long-term missions like Chandrayaan-4, the planned Indian space station, and the eventual manned Gaganyaan mission. The SpaDeX mission is far more than a simple technological demonstration. It is a strategic step towards several ambitious space objectives by India and will facilittate the Gaganyaan human spaceflight program, enable Chandrayaan-4 lunar sample return missions that will heavily rely on docking mechanism, and pave the way for developing the Bharatiya Antariksh Station (BAS), India's proposed space station. As ISRO begins to manuver the two satellites, all eyes will be trained towards the Low Earth Orbit as India aims to join the lite club with the docking technology. The revised timeline for Gaganyaan aligns with Isro's meticulous approach to space exploration. ISRO chief had previously stated that the agency would conduct multiple uncrewed missions before the manned flight to ensure all safety precautions are in place. The Indian government has approved the construction of the first unit of the Bharatiya Anatriksh Station, extending the scope of the Gaganyaan program. The programme aims to develop the first module of Bharatiya Antariksh Station (BAS-1) and conduct missions to validate various technologies for building and operating BAS. The programme also includes eight human spaceflight missions, with the goal of launching the first BAS-1 unit by December 2028.

2024-12-31 13:13

2024-12-31

13:13

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/export-focused-unimech-aerospace-says-make-in-india-a-massive-opportunity-as-listing-sizzles-street-12900744.html

Export-focused Unimech Aerospace says Make-in-India a 'massive opportunity' as listing sizzles Street

Shares of the company staged a strong debut on Dalal Street on the last day of the calendar year, delivering a listing with nearly 86% gains to the issue price..Related stories.

D-street debutant and aerospace component manufacturer Unimech Aerospace has plans to ramp up its domestic business, which is a 'massive opportunity' the company is yet to grab, and expects the second half of the fiscal to be better than H1FY25. Shares of the company staged astrong debut on Dalal Streeton the last day of the calendar year, delivering a listing with nearly 86% gains to the issue price. During the trading session on December 31, the shares have cooled off from opening highs but are still higher by more than 70% from issue price. P Anil Kumar, Chairman of Unimech said during a conversation with CNBC-TV18 that the capacity utilisation is picking up, and the company is in the process of growing its domestic business. During FY24,Unimech Aerospaceclocked over 97.6% of its revenue from exports, a disproportionately large share which underscored the export-focused nature of the orderbook. US was the largest market with over 92% share in total revenue. The company has mentioned shifts in government's defence expenditures and changes in airline activities as factors that could impact revenue. Unimech generates revenue from sale of high-precision products to global original equipment manufacturers (OEM) focusing on aerospace, defence, semi-conductor and energy. The management did mention about the need to increase the customer base during the pubic issue earlier in December. Currently, it derives more than 90% revenue from top five customers, as shown in the H1FY25 as well as FY24 revenue. Unimech Aerospace said it cannot predict with certainty if the future inventory levels will be consistent with historical levels, as some clients are pursuing localization strategy, while others are consolidating global platforms under a low-cost manufacturing jurisdiction. " Therefore, diversifying our customer base is essential to mitigate this risk. We are continuously exploring new markets and customer segments to reduce our dependence on a few major clients," said Unimech Aerospace. Funds raised via the public issue are key toUnimech’s expansion. It has allocated a significant part of that for capital expenditure over two phases. “The first phase, already underway, involves acquiring advanced CNC machines, welding centers, and specialised processing units. It will be completed within the next few months,” Puthan explained. “The second phase, which is expected to conclude in 12-18 months, will follow similar lines,” P Anil Kumar, the Chairman of the company toldMoneycontrolearlier in December. This expansion could double Unimech’s capacity in six months. As America potentially turns to create more jobs on US soil under President-elect Donald Trump, Unimech's Anil Kumar said the company also has plans to set up a manufacturing facility in the United States. Kumar said this move will help Unimech in participating in defence programmes that may face outsourcing curbs, and also reduce cost of logistics. The management said it is also exploring opportunities in the nuclear power space as well as in semiconductor technologies, along with plans to participate in domestic defence programmes. Unimech's focus on high-margin projects is resulted in an EBITDA margin of 37.9% in FY24, compared to 21.3% in FY22, and the management said they may have reached the best of the margin in the business. The capacity utilisation, hovering at around 95% could slightly dip, said the chairman as the company invests to expand capacity.

2024-12-31 12:57

2024-12-31

12:57

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/fiis-compensated-for-selling-in-secondary-markets-by-buying-even-more-in-ipos-qips-samir-arora-12900838.html

FIIs compensated for selling in secondary markets in 2024 by buying even more in IPOs, QIPs: Samir Arora

FIIs compensated for selling in secondary markets by buying even more in IPOs, QIPs: Samir Arora.Related stories.

Market veteran and founder of Helios Capital, Samir Arora, on December 31 floated a different theory about the ongoing topic of the heavy selling by foreign institutional investors (FIIs) in secondary markets. Arora responded to Safir Anand, renowned Intellectual Property Rights (IPR) lawyer and Senior Partner at Anand & Anand, who said 2024 saw the second highest FII selling in a decade. On X platform, Arora said, "Safir, Don't fall for sensational headlines from the newspapers. FII flows are overall positive in India in 2024 (and negative in secondary markets). Overall FIIs compensated for their selling in secondary markets by buying even more in primary issues and QIPs etc." V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, recently said that while FIIs sold equities worth Rs 1.19 lakh crore in 2024, they invested nearly Rs 1.21 lakh crore through primary markets, especially when the year saw a surfeit of initial share sales. "The selling spree by FIIs seen in October and November has declined in December. There has been occasional buying by FIIs in early December but they turned sellers again, though not on a sustained basis like in October and November. For December, through 27th FIIs have sold equity for Rs 656 crore only through the exchanges. An important characteristic about FII investment is that they have been consistent investors of equity through the primary market. In December through 27th FIIs invested Rs 17,331 crore through the primary market. "This trend of selling through the exchanges and buying through the primary market is discernible in the year-long trend in 2024. For 2024 till 27th December, FIIs sold equity for Rs 1,19,277 crore through the exchanges. In contrast to this selling trend they invested Rs 1,20,932 crore through the primary market. This means, FIIs are net investors in India so far this year. The selling through exchanges is mainly due to the high valuations and investing through the primary market is mainly due to the fair valuations. In the debt market, FIIs have invested Rs 1,12,409 crore so far this year (all data from NSDL)," said Vijayakumar. He also gave his prognosis for 2025 with regard to FII behaviour. "In early 2025, FIIs may again turn sellers into equity since the dollar has been appreciating (dollar index is above 108) and the US 10-year bond yields are attractive at around 4.4%. FIIs will turn buyers in India when there are indications of growth and earnings recovery." FIIs have sold shares for the past ten sessions in a row, offloading shares worth about $2.8 billion. Meanwhile, Arora also said that Indian markets should have a positive day on January 1, 2025 to spread cheer among most of the global markets that will be shut on the day. "Since India is the only (or one of few) market open tomorrow, it is our collective responsibility to spread cheer around the world tomorrow. Imagine if investors and traders around the world see a strong Indian market tomorrow, how happy they will be that 2025 has got off to a good start," said Arora.

2024-12-31 12:52

2024-12-31

12:52

moneycontrol.com

https://www.moneycontrol.com/technology/poco-x7-pro-poco-x7-to-launch-in-india-on-january-7-all-the-details-article-12900687.html

Poco X7 Pro, Poco X7 to launch in India on January 7: All the details

Poco phone.Related stories.

Poco is gearing up to launch two new smartphones in India. The company announced on social media that the X7 and X7 Pro will debut on January 7, unveiling their designs as well. Both models showcase distinctive camera modules and come in striking yellow and black color options. These bold designs highlight Poco’s signature aesthetic, building excitement ahead of the launch. Fans can look forward to seeing how these smartphones stack up in India’s competitive mobile market. Everything we know about Poco X7, X7 Pro The X7 Pro sports a dual rear camera setup in a sleek vertical oblong module, while the X7 features a squarish camera island housing three lenses. Interestingly, the X7 incorporates its flashlight within one of the lens-like cutouts, whereas the Pro opts for an external flash placement. Both models are expected to pack a powerful 50MP main camera with OIS, ensuring sharp and stable shots. Color options include Poco's distinctive yellow with black accents, while the Pro might also come in black and green, and the X7 could feature silver and green variants. Design-wise, the X7 Pro boasts flat edges and a flat display, while the X7’s curved edges and slightly curved screen cater to those who prefer a softer grip. Both models share a centered punch-hole design on the front for a seamless look. Under the hood, the X7 Pro is rumored to have a Dimensity 8400 Ultra chipset, a massive 6,000mAh battery, and 90W charging. The X7 could feature a Dimensity 7300 Ultra chip, a 5,110mAh battery, and 45W charging. The January launch will reveal their pricing and full details.

2024-12-31 12:43

2024-12-31

12:43

moneycontrol.com

https://www.moneycontrol.com/news/business/personal-finance/deadline-for-filing-belated-revised-income-tax-returns-extended-to-january-15-2025-12900780.html

ITR filing deadline: Last date for filing belated, revised tax returns extended to January 15, 2025

Representative photo.

The Central Board of Direct Taxes (CBDT) on December 31 extended the last date for filing belated or revised income tax returns for Assessment Year (AY) 2024-25 for individuals to January 15, 2025. The earlier deadline was December 31. "The Central Board of Direct Taxes ('the CBDT'), in exercise of its powers under section 119 of the Income-tax Act,1961 ('the Act'), extends the last date for furnishing belated return of income under sub-section (4) of section 139 of the Act or for furnishing revised return of income under sub-section (5) of section 139 of the Act for the Assessment Year 2024-25 in the case of resident individuals from 31 st December, 2024 to 15th January, 2025," the finance ministry said in a circular. The CBDT has asked the taxpayers to make use of the extended time to ensure accurate and complete filing of their returns. Those filing a belated ITR are subjected to a penalty of up to Rs 5,000. However, if your total income is less than Rs 5 lakh, this amount is limited to Rs 1,000. July 31 of the relevant AY (2024-25 at present) is the due date for salaried individuals and other taxpayers who do not have audit obligations. What is revised return? If you have already filed your return, but later realised that you made an error, omission or any wrong statement, you can file a revised return within the prescribed time limit. The current deadline has been moved from December 31, 2024 to January 15, 2025. What is belated return? In case you miss filing your return by July 31, you can still file a belated return. This can be filed up to three months before the end of the relevant assessment year. So, if you miss filing the ITR for FY 2023-24 by July 31, 2024, you can file a belated return until December 31, 2024. Now, this deadline is extended to January 15, 2025.

2024-12-31 12:40

2024-12-31

12:40

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/shrimp-stocks-avanti-feeds-and-apex-frozen-foods-soar-6-after-incred-predicts-strong-industry-comeback-in-2025-12900771.html

Shrimp stocks Avanti Feeds and Apex Frozen Foods soar 6% after Incred predicts strong industry comeback in 2025

India's shrimp exports to the US already surpassed 40 percent in recent months..Related stories.

Share 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. At 12.25 pm, shares ofAvanti Feedswere trading at Rs 632.60 on the NSE, wholeApex Frozen Foodswas at Rs 253.10. 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. Favorable market conditions, including declining input costs for fishmeal and soymeal, support this growth, the firm added. Follow our market blog to catch all the live action Adding to that, Incred also highlighted that India is already capturing a larger share of the market, with its shrimp exports to the US surpassing 40 percent in recent months. It sees this trend as a testament to the country's growing dominance in the global shrimp market. Meanwhile, earlier this month, Venezuelan Interior and Justice Minister Diosdado Cabello said they are conducting raids on the owner of Venezuela’s largest shrimp-farming company Grupo Lamar, in connection with a plot involving a coup. Shrimp magnate and owner of Grupo Lamar Jose Enrique Rincon is among the accused in the plot. WhileMoneycontrolcould not independently verify this development, it was still seen as a positive trigger which may further aid India's sea food exports to US and EU. Shrimps are one of Venezuela's biggest exports, with Grupo Lamar sending 80 percent of its produce to Europe. Also Read |Shrimp farming stocks Avanti Feeds, Kings Infra surge 5-6% on hopes of export growth

2024-12-31 12:37

2024-12-31

12:37

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sensex-recovers-500-pts-from-day-s-low-nifty-above-23-600-as-pharma-auto-stocks-gain-it-index-bleeds-2-12900709.html

Sensex recovers 500 pts from day's low, Nifty above 23,600 as pharma, auto stocks gain; IT index bleeds 2%

Kotak Mahindra Bank, BEL, ONGC, Dr Reddy's, and Sun Pharma were the top gainers on the Nifty..Related stories.

Benchmark indices Nifty and Sensex continued to trade in the negative, albeit off lows, on December 31, the final trading session of the year. Markets opened in the red as steep losses in IT and realty stocks set a dull tone for the day. Even a resilient showing by pharma, oil and gas, and auto stocks couldn’t lift the gloom, with investor sentiment overshadowed by relentless FII outflows. Despite the holiday lull, the foreign sell-off shows no signs of easing, keeping the pressure firmly on the markets. At noon, the Sensex was down 187.81 points or 0.24 percent at 78,060.32, and the Nifty was down 29.65 points or 0.13 percent at 23,615.25. About 1622 shares advanced, 1741 shares declined, and 97 shares unchanged. Follow our LIVE blog for all the latest market updates "The high U.S. bond yield and strong dollar will ensure that FIIs will continue to sell on every rise. DII buying will not be strong enough to take the market much higher. The fact is that even the DIIs and HNIs don't have the conviction to accumulate stocks, except in certain pockets of fair value," says V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. "Conviction to accumulate stocks will emerge only when macro indicators suggest a recovery in growth and earnings," he added. In the afternoon, the IT index was the worst performer with losses of a massive 2 percent. A sharp downturn in Infosys, TCS, and HCL Tech dragged the index lower. The drop in IT companies, which earn a significant share of their revenue from the US, comes amid broader market weakness since the US Federal Reserve, earlier this month, signalled fewer rate reductions in 2025 than expected earlier. The Realty index followed next, losing over a percent led by Lodha, Godrej Properties, and DLF. Nifty Bank also traded half a percent lower as private lenders HDFC Bank and ICICI Bank fell. Also read:IPOs in 2024: More than 60% mainboard IPOs prove lucky for investors Gainers included Nifty Pharma, rising one percent led by Sun Pharma, Lupin, Cipla and Dr Reddy's. Auto stocks also bounced back, rising 0.4 percent while the oil and gas index gained 0.5 percent. Meanwhile, the small and midcap stocks also mirrored weak trends with losses of 0.2 and 0.4 percent, respectively. 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. In an otherwise dull market, 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. 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. Read more:FIIs compensated for selling in secondary markets in 2024 by buying even more in IPOs, QIPs: Samir Arora Zinka Logistics shares were locked in 5 percent lower circuit for a second consecutive session after Morgan Stanley initiated an 'underweight' call on the stock. Along with that, the brokerage also assigned a target price of Rs 450 for the stock, translating into a downside potential of around 16 percent from the last closing price. "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. Kotak Mahindra Bank, BEL, ONGC, Dr Reddy's, and Sun Pharma were the top gainers on the Nifty. Tech Mahindra, Adani Enterprises, TCS, Infosys, and Wipro were the major laggards.

2024-12-31 12:35

2024-12-31

12:35

moneycontrol.com

https://www.moneycontrol.com/news/india/koi-bhi-mat-aana-warns-tourist-as-over-2-000-vehicles-stuck-in-manali-solang-valley-due-to-heavy-snowfall-12900748.html

Hundreds of vehicles stranded in Manali, Solang Valley amid heavy snowfall, tourist in viral video says 'mat aana'

A screen grab of a reel shared by the tourist. (Image: Instagram/chluckytyagi).

Manali and Solang Valley witnessed severe traffic chaos as heavy snowfall led to the stranding of over 2,000 vehicles as tourists flocked to celebrate New Year. The unexpected weather conditions caused significant disruptions, with tourists and locals facing prolonged delays. Rescue operations have evacuated nearly 1,800 vehicles, but around 200 heavy vehicles remain stuck. Chlucky Tyagi, a tourist, shared a video on Instagram, warning others to avoid the area due to the severe weather conditions, stating, "Koi bhi mat aana" (Don't come at all). The heavy snow has rendered roads slippery and impassable, exacerbating the situation. The local meteorological department forecasts continued light to moderate snowfall through December 29, with a brief dry spell expected on December 30 and 31, followed by more snow and rain in high-altitude areas on January 1. Authorities are reportedly working to clear the snow and ease traffic flow, but travellers are advised to avoid the area until conditions improve.

2024-12-31 12:35

2024-12-31

12:35

moneycontrol.com

https://www.moneycontrol.com/technology/garena-free-fire-max-redeem-codes-for-december-31-2024-earn-free-rewards-and-exciting-prizes-article-12900878.html

Garena Free Fire MAX redeem codes for December 31, 2024: Earn free rewards and exciting prizes

Garena Free Fire Max.

Garena Free Fire MAX is a highly acclaimed multiplayer battle royale game developed by 111 Dots Studio, renowned for its adventure-driven gameplay. By creating a registered account and participating in the game, players can fully experience its unique features and advantages. Redeem codes provide gamers with a convenient way to acquire these treasures without spending real money. Each day, the developers of Garena Free Fire MAX release new redeem codes, offering opportunities to unlock a variety of rewards, including stylish skins, powerful weapons, and valuable diamonds. Garena Free Fire MAX Redeem Codes for today, December 31 NRD8L6Y7M4E29U1CT6P42J7GRH50Y8YW2B64F7V8DHJM5VQRB39SHXW10IM8590XATDKPVRG28N2W9FVBM36O5QGTKBMD8FUSQO4ZGINAO74JF9YC6HXKGDUAJEBVGL3ZYTKNUS68SZRP57IY4T2AHV8CI2B3TL6QYXG7WOPLMFJ4NTDHR3V4PAS6TQ87CXMLNV Garena Free Fire Max December 31: How to redeem codes Step 1: Visit redemption website by clicking on this link: https://reward.ff.garena.com/ Step 2: Sign in using your credentials from one of the supported platforms such as Google, Facebook, Huawei ID, Apple ID, or VK. Step 3: Upon logging in, you will be directed to a page where you can enter the 12-digit redemption codes. Step 4: Once the codes are successfully redeemed, collect your rewards from the in-game mail section.

2024-12-31 12:31

2024-12-31

12:31

moneycontrol.com

https://www.moneycontrol.com/news/opinion/controversy-over-places-of-worship-act-secularism-justice-and-religious-harmony-in-india-12900842.html

Controversy over Places of Worship Act: Secularism, justice and religious harmony in India

Shahi Jama Masjid in Sambhal (Representative photo).Related stories.

The Places of Worship (Special Provisions) Act 1991 (hereinafter referred as “Act”), has been a subject of enduring controversy since its enactment. It stands as a deeply contentious piece of legislation, entwined in India’s complex history of religious conflict. Introduced in the aftermath of the Ayodhya dispute, the Act aimed to prevent recurrent religious confrontations over places of worship. Enacted during heightened communal tensions, particularly surrounding the Ram Janmabhoomi movement and the Babri Masjid dispute, the Places of Worship Act was a legislative effort by the Congress government led by Prime Minister P.V. Narasimha Rao to preserve communal harmony and avoid further conflict. However, the Act brings forth significant concerns about its alignment with the principles of justice and equality. Does it genuinely preserve the secular foundation of the nation, or does it inadvertently validate historical injustices in the name of social harmony? Fundamentally, the Act invites critical examination of whether it represents a moral framework or a contentious settlement disguised in the language of secularism. The claim that the Act promotes communal harmony is flawed—true secularism and harmony can only be achieved through justice for all communities, not appeasement. Thus, the Act perpetuates religious injustice and undermines the democratic rights of Hindus, making it both morally and constitutionally flawed. The Act has sparked significant debate since inception. Hindutva proponents argue that it unfairly restricts Hindus, Jains, Buddhists, and Sikhs from reclaiming places of worship allegedly converted after independence, hindering religious restitution. In contrast, secularists and minority groups defend the Act, viewing it as essential for preventing communal tensions and preserving religious harmony by safeguarding the existing character of places of worship. Legal experts have also criticized the Act, particularly its prohibition on judicial review, arguing that it infringes upon the fundamental right to access justice. The Act, by preventing citizens from approaching courts to challenge the ownership of disputed religious sites, undermines judicial scrutiny, a cornerstone of democracy and the rule of law. This restriction not only violates the right to access justice but also fails to recognize the constitutional right of individuals to restore their religious and cultural heritage. The Act, far from promoting secularism, indirectly condones historical religious intolerance and iconoclasm, which runs contrary to the values of a secular society. The Hon’ble Supreme Court of India on 12th December 2024, issued a directive barring all Lower Courts across the country from registering new suits or initiating proceedings that challenge the ownership and title of any place of worship. The Apex Court also prohibited ordering surveys of disputed religious sites until further notice. A Bench led by Hon’ble Chief Justice of India Sanjiv Khanna and Hon’ble Justices PV Sanjay Kumar and KV Viswanathan while hearing the constitutional validity of the Act emphasized that since the matter remains sub judice, no fresh suits shall be filed or registered, and no interim or final orders, including survey orders, shall be passed in pending cases until it concludes its hearing. As a result, the Lower Courts are also prohibited from ordering surveys or seeking reports from the Archaeological Survey of India (ASI), as has been done in several recent cases. All these civil cases have challenged the ownership of mosques, claiming they were constructed on Hindu religious sites that were demolished by medieval rulers. Key provisions under review include Sections 2, 3, and 4 of the Act. These sections prohibit the conversion of religious sites and bar lawsuits challenging the religious character of places of worship as it existed on August 15, 1947. This approach of the Act has sparked criticism for allowing symbols of historical injustice to persist under the guise of maintaining communal harmony, effectively granting legal respectability to past wrongs. Petitioners, including religious leaders, politicians, and advocates, argued that the Act infringes upon the constitutional rights of Hindus, Jains, Buddhists, and Sikhs under Article 25 (Freedom of Conscience and Free Profession, Practice, and Propagation of Religion), Article 26 (Freedom to Manage Religious Affairs), and Article 29 (Protection of Interests of Minorities). They claim the Act unlawfully restricts their ability to restore and manage their places of worship, thereby violating their religious freedoms and cultural rights. The lead Petition challenging the Act has been filed by BJP leader and lawyer Ashwini Kumar Upadhyay in 2020, who alleged that the Act violates Articles 25 and 26 of the Constitution by restricting the right to practice and manage religious affairs. He argues that the Act is discriminatory, barring religious communities from approaching courts to reclaim places of worship and questioning the then Centre’s authority to enact such legislation. Other Petitioners include the Vishwa Bhadra Pujari Purohit Mahasangh, represented by Advocate Vishnu Shankar Jain, and BJP leader Subramanian Swamy. The Mahasangh contended that the Act denies judicial review, a fundamental feature of the Constitution, by preventing lawsuits to reclaim temple land destroyed by Muslim rulers. Swamy calls the Act “void ab initio,” claiming it infringes on Article 25 by barring Hindus from praying at temples converted during foreign invasions and seeks the same exemption granted to the Ram Janmabhoomi-Babri Masjid site for the Kashi Vishwanath and Krishna Janambhoomi Mathura temples. Similarly, pleas by Karunesh Shukla, Anil Tripathi, and Dinesh Sharma argued that the Act inflicts significant harm on Hindus, Jains, Buddhists, and Sikhs by denying judicial remedies and allowing the Centre to legitimize the atrocities of historical invaders, preventing citizens from restoring the cultural and religious heritage of their places of worship. The petitioners have challenged the Act on two key grounds. Firstly, they argued that the Act undermines judicial review by extinguishing existing claims at the time of its enactment and prohibiting new claims in courts. Secondly, they contend that the Act is arbitrary for retrospectively selecting August 15, 1947, as the cut-off date to determine the religious character of places of worship. Petitioner and Advocate Ashwini Kumar Upadhyay, argued that the law unfairly denies Hindus, Jains, Buddhists, and Sikhs the right to approach courts to “reclaim” their places of worship allegedly “invaded” and “encroached upon” by “fundamentalist barbaric invaders.” Several applications have been filed in support of the petitions seeking to repeal the Act. The Delhi-based NGO Hindu Shree Foundation, claiming to represent the interests of Hindu devotees globally, argued that the Act is arbitrary, asserting there is no logical connection between India’s political independence and resolving civilizational conflicts stemming from colonial erasure of Hindu identity and cultural imposition by Islamic invaders. Former MP Chintamani Malviya also challenged the Act, alleging that it violates the principle of secularism and should be repealed. Critics argue that the Act is void and unconstitutional for several reasons, including infringing on the rights of Hindus, Buddhists, and Sikhs to pray, profess, and propagate their religion, as well as depriving them of owning misappropriated religious properties belonging to deities. Additionally, they contend that the Act unlawfully bars judicial remedies, undermining the fundamental right to judicial review, which has been upheld by the Supreme Court as a basic feature of the Constitution. Furthermore, an application was also filed by Kumari Krishna Priya of the Kashi Royal family, alleging that the Act, is discriminatory for exempting the Ram Janmabhoomi but not the Kashi Vishwanath temple. The application also highlighted that the Idgah in Mathura is adjacent to the Sri Krishna Janmabhoomi Sthal, believed to be the birthplace of deity Krishna, while the Gyanvapi case involves claims that the mosque is part of the Kashi Vishwanath temple. Ironically, in the landmark 2019 Ayodhya verdict, a five-judge Constitution Bench of the Hon’ble Supreme Court described the Act as integral to the “basic structure of the Constitution.” Although the Act was not directly challenged in that particular case, the Court’s recognition of its importance in upholding constitutional values could play a significant role in shaping its scrutiny in the ongoing legal proceedings. With 18 lawsuits concerning 10 mosques or shrines currently pending across the country, the Supreme Court’s ruling will be pivotal in determining the fate of several contested religious structures, including the prominent cases of Gyanvapi Mosque in Varanasi, the Shahi Eidgah Mosque in Mathura, the Shahi Jama Masjid in Sambhal, and the Ajmer Dargah in Rajasthan. Notably, a 2022 bench led by then-Chief Justice DY Chandrachud allowed surveys to proceed while clarifying that the Act permits investigations into the status of places of worship as of August 15, 1947, provided they do not seek to alter their character. As these hearings progress, the Act will likely remain a focal point of legal and public debate. Striking a balance between preserving India’s secular fabric and ensuring justice for individual rights continues to be a delicate and evolving challenge. As India continues to evolve, the delicate balance between preserving religious harmony and safeguarding individual rights will undoubtedly remain a complex and contentious issue. Let us look at the timeline for a better understanding of this complex issue: 1991: The Places of Worship (Special Provisions) Act was enacted, stating that the “religious character” of a place of worship will remain as it was on August 15, 1947, with the only exception being the “Ram Janma Bhumi-Babri Masjid.” The Ayodhya agitation was at its peak, and the Babri Masjid was still standing. October 2020: The first petition challenging the Act was filed, followed by five more petitions. These challenges were based on the grounds of arbitrariness regarding the cut-off date and the fact that the Act takes away judicial review. August 2021: Five women filed a suit in Varanasi seeking permission to pray at the Gyanvapi mosque. May 2022: After the case reached the Supreme Court, then Chief Justice D.Y. Chandrachud orally observed that a survey “may not necessarily fall foul” of the Places of Worship Act. 2022-2024:At least six suits were filed claiming the past existence of a Hindu temple at the site of a mosque or dargah, with surveys ordered in three of these cases. December 2024: The Supreme Court barred further survey orders, effective orders, and the registration of fresh suits. This timeline illustrates the evolving legal battles and decisions surrounding the Act, underscoring the ongoing debate over religious rights, judicial review, and the preservation of communal harmony in India.

2024-12-31 12:30

2024-12-31

12:30

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/trent-m-m-steal-spotlight-as-top-nifty-gainers-in-2024-indusind-bank-asian-paints-lead-the-laggards-pack-12899693.html

Trent, M&M steal spotlight as top Nifty gainers in 2024; IndusInd Bank, Asian Paints lead the laggards pack

M&M, Trent top performers of 2024.Related stories.

The Indian equity markets experienced a roller-coaster ride in 2024, with investors navigating a significant correction following a record bull run. The first half of the year saw strong corporate earnings and robust macroeconomic indicators, propelling the Nifty towards lifetime highs with the benchmark hitting a new all-time high of 26,277 in September. However, there has been a reversal since then, primarily driven by factors such as the Indian general elections, yen carry trade fluctuations, China's stimulus measures, and the looming prospect of Donald Trump's return to the White House. Amid these turbulent conditions, here are the top gainers of the Nifty pack that successfully navigated these challenges and emerged as the top wealth creators: Trent | +132% YTD Trent, the Tata Group retail giant, has been a stellar performer, doubling its stock price for the second consecutive year. This marks a remarkable growth trajectory for a stock that has delivered positive returns annually since 2014. The rally has been driven by the company’s robust financial performance, aggressive retail expansion, and the scaling up of its Star business. Additionally, the company has made significant strides in leveraging its digital presence, boosting investor confidence. With consistent Same-Store Sales Growth (SSSG) and improving profitability, Trent made headlines by entering the prestigious Nifty 50 index in September, cementing its position as a top performer. M&M | +76% YTD The stock is a turnaround story and has had its best year in terms of returns since 2009. This strong performance has been driven by the automaker's successful foray into electric vehicles (EVs) and an expanding market share in the SUV segment. The company’s revenue market share in the SUV space increased by 190 basis points during Q2FY25, while the launch of the Thar Roxx was met with positive customer reception. M&M also unveiled its "Born Electric" SUV lineup, including the BE 6e and XEV 9e, further solidifying its position in the EV market with deliveries slated to begin in early 2025. Bharat Electronics |+58% YTD Bharat Electronics, the public sector defence heavyweight, has been one of the top performers in the Nifty 50, driven by robust government spending on defence and significant order inflows. The company's strong top line growth and margin expansion in Q2FY25 were impressive, with management maintaining its guidance for FY25. Bharat Electronics’ stock also gained significant momentum after entering the Nifty 50 index in September, further boosting investor confidence in the defence sector's growth prospects. Bharti Airtel | +54% YTD Bharti Airtel has been a consistent performer in the stock market, delivering positive returns every calendar year since 2019. In 2024, the telecom giant achieved its best performance in a calendar year since 2017, with the stock gaining a significant 54 percent. This remarkable growth comes despite several challenges, including the legal battle over the curative petition filed at the Supreme Court to set aside the penalty and interest imposed in the September 2019 ruling. Additionally, Bharti Airtel managed to add more subscribers in October, a positive contrast to its competitors, Jio and Vodafone Idea, which faced subscriber losses. Sun Pharma | +47% YTD A strong presence in the high-margin specialty segment: Sun Pharma is way ahead of rivals Dr Reddy's and Cipla, seen as the strongest growth driver. The company has delivered good profit growth of 23.4 percent CAGR over the last 5 years and maintained healthy dividend payout of 46.6 percent. While the company's US sales were subdued in the second quarter due to regulatory issues impacting its Mohali plant, there is optimism in the market. With the plant now receiving regulatory clearance, analysts expect Sun Pharma’s US sales to normalise in the coming quarters. Not all stocks in the Nifty universe had a dream run on the bourses this year. Here’s a look at the top laggards in the Nifty pack: IndusInd Bank | -40% YTD IndusInd Bank has been the worst performer in the Nifty 50 universe, with a steep decline of over 40 percent year-to-date. The bank’s exposure to microfinance, coupled with a surge in slippages (up by nearly 18 percent sequentially in Q2FY25), has weighed heavily on its financial performance. While the bank plans to sell Rs 1,573 crore worth of microfinance loans, investors will closely monitor its efforts to improve asset quality and loan growth. Asian Paints | -33% YTD Asian Paints, India’s largest decorative paint player, has faced a tough year, dropping by 33 percent. The company’s market capitalisation loss of Rs 1.07 lakh crore represents the largest loss on Dalal Street in 2024. The stock has been hit by weak demand, margin pressures, and rising competition from new entrants like JSW and the Birla Group. Additionally, a de-rating of its price-to-earnings (PE) ratio has further impacted investor sentiment. Nestle India | -18% YTD Nestle India has faced investor scepticism this year, primarily due to reports of high sugar levels in its baby food products, including Cerelac and Nido. While the company has made efforts to reduce sugar content, the market remains cautious. Coupled with challenges like food inflation, rising commodity costs, and sluggish demand in urban areas, Nestle's stock has vastly underperformed in 2024. Tata Consumer Products | -15.47% YTD Tata Consumer Products has disappointed investors in 2024, mainly due to the adverse impact of erratic weather on its tea and salt production. Inflationary pressures on input costs have further affected the company, despite implementing price hikes across its tea brands. Tata Consumer’s tea business witnessed a decline in market share, and its beverage and ready-to-drink segments struggled as well. Adani Enterprises | -15.44% YTD Adani Enterprises, the flagship company of the Adani Group, has struggled in 2024, facing market downturns, earnings challenges, and regulatory scrutiny. Allegations of bribery in securing power contracts and the ongoing concerns raised by Hindenburg Research about governance and financial transparency have kept investor sentiment subdued, leading to a sharp decline in the stock price.

2024-12-31 12:24

2024-12-31

12:24

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/buy-itc-target-of-rs-595-sharekhan-12900808.html

Buy ITC; target of Rs 595: Sharekhan

Buy.Related stories.

Sharekhan's research report onITC The effective date for the demerger of the hotel business is 1st January 2025, with 3rd January being the last date to be eligible to get shares of ITC Hotels. ITC Hotels plans to increase its room inventory from ~13,000 to ~18,000 keys within the next 4-5 years driven by an asset-light strategy (eyes managed hotel mix of ~65% from the current 55%). On January 6, 2025 (the ex-date of demerger), ITC’s stock price will be adjusted to Rs. 20-22 from the prevailing market price (considering 40% of ITC’s holding in the hotel business, with a 20% holding discount), while we expect the initial price discovery for ITC hotels to be in the range of Rs. 150-170 per share. Outlook We retain a Buy on ITC with an unchanged price target of Rs. 595 (not adjusted for hotel demerger). Discounted valuations of 23x/20x its FY2026E/27E EPS make it a preferred pick in the consumer goods space. For all recommendations report,click here ITC -Dec 31_2024 - khan

2024-12-31 12:17

2024-12-31

12:17

moneycontrol.com

https://www.moneycontrol.com/news/business/bsnl-employees-union-blames-management-for-cash-crunch-slams-second-vrs-plan-12900769.html

BSNL employees’ union blames management for cash crunch, slams second VRS plan

BSNL.Related stories.

The BSNL Employees' Union (BSNLEU) has strongly criticised the management of the state-run telecom operator for failing to boost revenue generation and blamed flawed government policies for the company's ongoing financial troubles. The union has urged the management to reconsider and withdraw its decision to implement a second Voluntary Retirement Scheme (VRS). The union’s criticism follows reports that BSNL's board of directors plans to cut the workforce by 35 percent through another round of VRS. “BSNL's financial problems are not due to its employee strength but rather the management's inability to significantly increase revenue generation. We strongly urge the management to withdraw its decision to implement a second VRS,” said P Abhimanyu, general secretary of BSNLEU, in a letter to CMD Robert J Ravi on December 30. The union also highlighted the need for a comprehensive review of BSNL’s policies and managerial inefficiencies, calling them the “true barriers” to the company's revival and growth. As of March 2024, BSNL employs 29,750 executives and 26,435 non-executives. The first VRS, implemented in 2020, resulted in 80,000 employees opting for retirement—more than double the anticipated 30,000–35,000. “There is no justification for implementing another VRS in BSNL. The main recognised trade union strongly opposes this decision and demands its withdrawal,” the union stated. It further cited the Mahanagar Telephone Nigam Limited (MTNL) case, where multiple VRS schemes failed to improve financial performance, leading the company towards closure. BSNL reportedly spends 38 percent of its revenue on employee salaries, significantly higher than private operators like Jio and Airtel, whose salary expenditures are in single digits. The union argued this comparison is skewed as private operators earn significantly higher revenues, making their salary expenses proportionally smaller. Despite receiving revival packages in 2019, 2022, and 2023, BSNL has struggled to enhance its revenue. Unlike Jio and Airtel, which have completed pan-India 5G rollouts, BSNL relies on outdated 2G and 3G services. The union alleged that delays in deploying BSNL’s 4G equipment by TCS have led to revenue losses and customer dissatisfaction. “Wherever 4G installations are completed, customers are still facing issues with poor-quality voice and data services,” the union noted. The union also criticised government policies restricting BSNL from procuring 4G equipment from reputed international vendors like Nokia, Ericsson, and Samsung, instead mandating purchases only from Indian vendors. “This denies BSNL a level-playing field,” it said. The Parliamentary Committee on Public Undertakings recently expressed concern over the quality of BSNL’s 4G services using TCS equipment. The committee recommended that BSNL seek assistance from foreign technology companies to address the challenges in deploying TCS’s 4G infrastructure. The All India Graduate Engineers and Telecom Officers Association (AIGETOA) has also opposed the second VRS proposal, criticizing the management for not addressing long-pending HR issues. “AIGETOA categorically opposes this unilateral proposal, especially since it was made without consulting stakeholders or addressing issues like pay, pension, promotion, and the 3rd PRC,” said Ravil Shil Verma, General Secretary of AIGETOA, in a letter to the BSNL chief. Verma highlighted that BSNL recruits would receive a meagre pension of Rs 3,000–4,000 if they opt for VRS now, which he called grossly inadequate. “Any VRS scheme without proper superannuation benefits and sufficient social security for BSNL recruits would be another grave injustice in the 24 years of BSNL’s existence,” he added. Both the unions stressed that addressing policy flaws, inefficiencies, and delayed technology upgrades should precede workforce reductions to ensure BSNL’s revival and sustainability.

2024-12-31 12:15

2024-12-31

12:15

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/zinka-logistics-locked-in-5-lower-circuit-for-second-day-after-morgan-stanley-s-underweight-call-12900747.html

Zinka Logistics locked in 5% lower circuit for second day after Morgan Stanley's 'underweight' call

Zinka Logistics made its market debut in November 2024..Related stories.

Shares ofZinka Logisticsextended their fall and were locked in the 5 percent lower circuit at Rs 481.90, for a second session in a row after Morgan Stanley initiated an 'underweight' call on the stock. Along with that, the brokerage also assigned a target price of Rs 450 for the stock, translating into a downside potential of around 16 percent from Friday's closing price. While the brokerage acknowledges Zinka's strong competitive advantages and niche position in a fragmented market, it feels the stock's recent 105 percent rally since its November 2024 listing makes it less attractive at current levels. Zinka Logistics Solutions has established a solid foothold in the logistics sector, offering a diverse range of services and achieving profitability with improving margins. Morgan Stanley anticipates the company to maintain an adjusted EBITDA margin of 38 percent, with incremental margins stabilising at 60 percent by FY27. However, despite these strengths, the brokerage warned about the stock’s valuation. At 34 times FY27 adjusted EBITDA, Zinka is trading at the high end of its peer group, potentially limiting further upside. Follow our market blog to catch all the live action Morgan Stanley's view on Zinka suggests that while the company has strong fundamentals and significant growth potential, its current price may already reflect much of this optimism. Investors are therefore, encouraged to take a measured approach, carefully balancing the company's growth prospects with its premium valuation. Zinka Logistics Solutions, which operates the BlackBuck platform for truck operators, raised Rs 1,114.72 crore through its maiden public issue at the upper end of the price band, which ranged from Rs 259 to Rs 273 per share. The IPO consisted of a mix of fresh equity issuance worth Rs 550 crore and an offer-for-sale of 2.06 crore shares valued at Rs 564.72 crore.

2024-12-31 12:02

2024-12-31

12:02

moneycontrol.com

https://www.moneycontrol.com/news/india/farmers-protest-sc-defers-hearing-on-shifting-jagjit-singh-dallewal-to-hospital-12900759.html

Farmers protest: SC defers hearing on shifting Jagjit Singh Dallewal to hospital

Earlier on December 28, the top court came down heavily on the Punjab government for not shifting Dallewal..Related stories.

The Supreme Court on Tuesday deferred its hearing till January 2 on compliance of its order by the Punjab government on shifting of farmer leader Jagjit Singh Dallewal, who has been fasting for past 35 days over various demands, to hospital. A vacation bench of Justices Surya Kant and Sudhanshu Dhulia listed the matter for further hearing on January 2 after Advocate General Gurminder Singh, appearing for the Punjab government, said that an application has been moved seeking three days more time for compliance of the court's December 20 order. Singh said that a team of negotiators are holdings talks with the protesting farmers at the protest site and efforts are being made to shift Dallewal to the nearby makeshift hospital on Punjab side of Khanauri border. The bench said it does not want to comment on the discussions with the protesting farmers and it only wants compliance of its earlier orders. It recorded the submissions of Singh and adjourned the hearing on the matter. Earlier on December 28, the top court came down heavily on the Punjab government for not shifting Dallewal to a hospital even as it doubted the intention of the agitating farmers for resisting availability of medical aid to their septuagenarian leader. Dallewal has been on an indefinite fast at the Khanauri border point between Punjab and Haryana since November 26 to press the Centre to accept the farmers' demands, including a legal guarantee of minimum support price for crops. The farmers under the banner of Samyukta Kisan Morcha (Non-Political) and Kisan Mazdoor Morcha have been camping at Shambhu and Khanauri border points between Punjab and Haryana since February 13 after their march to Delhi was stopped by the security forces. Normal life was hit across Punjab on Monday due to a nine-hour 'bandh' called by farmers protesting against the Centre for their various demands including a legal guarantee of a minimum support price for their crops. Rail operations in Punjab were mostly suspended, buses and other vehicles remained off the road, leaving passengers stranded; and shops and establishments downed shutters as the 7 am-4 pm bandh passed off peacefully. Petrol pumps were also shut, a senior farmer leader said. Farmer leaders who gave the bandh call more than a week ago declared it "successful" and thanked the "three crore Punjabis for extending their full support". (With PTI inputs)

2024-12-31 12:01

2024-12-31

12:01

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/rvnl-shares-surge-8-on-bagging-two-projects-worth-rs-541-crore-12900742.html

RVNL shares surge 8% on bagging two projects worth Rs 541 crore

For 2024, RVNL shares have climbed over 100 percent, more than doubling investors' wealth..Related stories.

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. As a result,RVNLshares snapped a nine-session losing streak. At 11.50 am, the stock was quoting Rs 427.4 on the NSE, higher by 4.7 percent compared to the previous session's closing price. Follow our live blog to catch all the updates 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. The railway firm will undertake the design, supply, erection, testing and commissioning of 132/55 KV traction substation, sectioning posts and sub-sectioning posts in the Bhusaval-Khandwa section. The 2 x 25 KV Traction System (Scott Connected Transformer) of Bhusaval - Khandwa sections of Central Railway will be upgraded to meet 3000 MT loading target on an EPC mode. 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. The order will be executed within 30 months. RVNL will create 27 major bridges, along with the earth work in formation of approaches, protection works and other connected miscellaneous works between Tikiri and Bhalumaska stations in connection with Koraput-Singapur Road Doubling Project of Waltair Divison, East Coast Railway. For 2024, RVNL shares have climbed over 100 percent, more than doubling investors' wealth. During the same time, the benchmark Nifty 50 index has gained around 8.5 percent.

2024-12-31 11:55

2024-12-31

11:55

moneycontrol.com

https://www.moneycontrol.com/news/opinion/rss-prepares-for-centenary-year-with-organisational-growth-and-outreach-12900667.html

RSS prepares for centenary year with organisational growth and outreach

There are still certain parts of the country where the RSS feels it needs to reach out more effectively..Related stories.

(RSSFACTS is a column that demystifies the functioning, organisational structure and ideology of the Rashtriya Swayamsevak Sangh.) The Rashtriya Swayamsevak Sangh (RSS) will turn 100 in 2025, and it is all set to expand its organisational network further. The RSS was established by Dr Keshav Baliram Hedgewar on Vijaydashami. The first RSS shakha was started at Nagpur with a group of youngsters. Over the last 99 years, the RSS has expanded its reach massively. The official statistics shared at a high-level meeting of its senior functionaries in October 2024 provide a glimpse of how it has reached every nook and corner of the country. At present, 72,354 shakhas are being held in 45,411 places. About 3,626 new places with 6,645 new shakhas have been added in the last year as part of the expansion drive ahead of the centenary year. There are 29,369 places where weekly shakhas (where RSS volunteers meet for an hour once a week) are held. Similarly, the number of places where weekly shakha meetings were held totalled to this. In 2024, the places where weekly shakhas are held increased by 3,147. There are still certain parts of the country where the RSS feels it needs to reach out more effectively. In places where daily shakhas haven’t reached, monthly get-togethers are held to prepare the ground for the launch of daily shakhas. Currently, such monthly meetings are held at 11,382 places. During 2024, 750 new places were added to the list of places where such monthly meetings are held. In the RSS parlance, these monthly meeting groups are called ‘Sangh mandali’. Overall, the RSS has expanded in 2024 to reach 113,105 places directly. If we add to this the might of around three dozen RSS-inspired organisations, the massive outreach of the RSS volunteers is becoming increasingly incomparable. RSS Responds to Natural Disasters Across India Throughout the year, Sangh Swayamsevaks (volunteers) have been at the forefront of disaster relief efforts across India. - West Bengal: During the Tarakeswari river flooding, volunteers provided essential services to over 25,000 individuals at relief camps. - Odisha: In response to severe flooding, 4,000 people received critical healthcare, food, and water assistance. - Kerala: Following devastating landslides in Wayanad, 1,000 volunteers were mobilised to aid in relief and recovery operations. - Gujarat: Significant flood relief efforts were conducted in the regions of Vadodara, Jamnagar, and Dwarka. Furthermore, Sangh Swayamsevaks played a crucial role in providing dignified last rites to over 600 individuals who lost their lives in various disasters. These efforts extended beyond religious boundaries, with last rites conducted according to the customs and traditions of each individual, regardless of their faith. The centennial year for the RSS will culminate on Vijaydashami in 2025. That is when the RSS will start its celebrations. For the first 10 months of the year 2025, RSS volunteers will make preparations for these celebrations. As part of this preparation, the RSS is focusing on two key areas. First, the organisational aspect. There is a concerted effort to get more full-time workers, with the target being to have the presence of the RSS in every village, town, and city of the country. For the RSS, the celebrations don’t mean organising glamorous events and glittery get-togethers. The RSS celebrates by taking up bigger targets for expanding its organisation and strengthening its existing network. This is how it celebrated the centenaries of some of its earlier Sarsanghchalaks. Another target for the RSS in 2025 is to have a greater focus on youth, with the aim to connect them not only with their cultural roots but also to engage them in serving society, especially the marginalised and vulnerable sections. The second area where the RSS is going to give a new thrust is social transformation. The ideological framework for this task was finalised in 2024, and it is being called the "Panch Parivartan" initiative – a set of five transformative ideas. The RSS volunteers will engage with the common people by taking these ideas to them and putting them into action. The key focus areas in these five ideas are: * Individual Growth: Promoting lifestyles centred on "swa" (self-reliance and self-awareness). * Social Harmony: Fostering harmonious relationships within society. * Family Values: Emphasising the importance of strong family bonds and traditional values. * Environmental Stewardship: Advocating for environmental conservation and preservation. * Civic Responsibility: Promoting a strong sense of civic duty and active participation in society. Conclusion While political commentators and politicians remain busy deciphering the RSS’s relationship with the Bharatiya Janata Party and its electoral impact, the RSS remains focused on its organisational expansion, giving little thought to electoral politics. This story is likely to remain unchanged in 2025, just as it has during the last 99 years. And this is the real strength of the RSS. Earlier RSSFACTS columns can beread here.

2024-12-31 11:55

2024-12-31

11:55

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/tech-majors-tcs-infosys-tech-mahindra-drop-2-3-it-index-worst-hit-sector-slips-2-12900675.html

Tech majors TCS, Infosys, Tech Mahindra drop 2-3%; IT index worst hit sector, slips 2%

The Nifty IT index has lost 1.3 percent in the past week..Related stories.

Information technology stocks cracked under pressure on December 31, with industry stalwarts likeTata Consultancy Services,Infosys, andTech Mahindradropping 2-3 percent. US treasury yields remain elevated above 4.5 percent, putting pressure on growth sensitive stocks like those from the technology sector. On top of that, Wall Street's technology-heavy Nasdaq Composite index also dropped over 1 percent overnight, sending negative cues for the domestic counterparts. Apart from these, growth expectations for IT majors for Q3 also remain muted due to the weak seasonality, further dampening investor sentiment. Follow our market blog to catch all the live action Bogged down by these factors, most information technology stocks were sunk deep into losses in today's session. While all six large-cap IT majors were down 1-3 percent, mid-cap names like Coforge, L&T Tech, Mphasis and Persistent Systems also lost 1-4 percent. The sharp losses across constituents of theNifty ITindex dragged it over 2 percent lower to emerge as the worst hit sector in trade today. Manik Taneja of Axis Capital, in an interaction with CNBC-TV18 stated that Indian IT companies are better positioned in a "Trump 2.0" scenario compared to "Trump 1.0." While Q3 performance is expected to be sequentially weaker, optimism in the US is likely to drive stronger demand for Indian IT firms, Taneja believes. However, Taneja also noted that valuations for Indian IT companies are significantly higher and hence he prefers global tech companies over their Indian counterparts.

2024-12-31 11:43

2024-12-31

11:43

moneycontrol.com

https://www.moneycontrol.com/news/india/mumbai-hoarding-collapse-key-accused-arrested-from-lucknow-12900719.html

Mumbai hoarding collapse: Key accused arrested from Lucknow

As many as 17 persons were killed and more than 80 injured after the gigantic illegal hoarding crashed on a petrol pump in Ghatkopar area here amid gusty winds and rain on May 13.

Mumbai Police have arrested a key accused in the Ghatkopar hoarding collapse case from Uttar Pradesh capital Lucknow, officials said on Tuesday. The accused, identified as businessman Arshad Khan (42), was on the run for the last seven months after being called to record his statement in connection with the case, an official said. As many as 17 persons were killed and more than 80 injured after the gigantic illegal hoarding crashed on a petrol pump in Ghatkopar area here amid gusty winds and rain on May 13. During the investigation, it came to light that Ego Media Private Limited, which installed the hoarding, had transferred Rs 82 lakh to the bank accounts of some people linked to Arshad Khan, the official said. Khan was a business associate of the wife of former Government Railway Police (GRP) commissioner Quaiser Khalid, he said. After recording his initial statement, Khan did not turn up before the Mumbai Police's Special Investigation Team (SIT), which has been conducting the probe into the case. The police were searching for Khan for the last couple of months, but he kept changing his location, the official said. Khan was finally apprehended from Lucknow on Sunday, he added. Khalid, who was the Government Railway Police commissioner when the hoarding was sanctioned on the GRP land, has been suspended for alleged lapses. There were several transactions from the bank accounts of Ego Media Private Limited to the accounts of people linked to Khan. Most of these transactions took place when Khalid was GRP commissioner, police earlier claimed.

2024-12-31 11:33

2024-12-31

11:33

moneycontrol.com

https://www.moneycontrol.com/news/india/delhi-metro-update-no-exit-from-rajiv-chowk-station-after-9-pm-on-dec-31-check-dmrc-advisory-12900678.html

Delhi metro update: No exit from Rajiv Chowk station after 9 pm on Dec 31; check DMRC advisory

The DMRC advised commuters to plan their journeys accordingly and cooperate with the authorities.

Ahead of the New Year’s celebrations, the Delhi Metro Rail Corporation (DMRC) has announced that commuters will not be allowed to exit from Rajiv Chowk metro station after 9 pm. “As advised by the police authorities, to ensure public safety and manage crowds on New Year’s Eve (31st December 2024), exit from Rajiv Chowk metro station will not be allowed from 9:00 pm onwards. However, entry of passengers will be allowed until the departure of the last train from Rajiv Chowk metro station on 31st December,” DMRC said in a post on X. Additionally, from 8 pm onwards, QR tickets with a destination to Rajiv Chowk metro station will not be issued through DMRC’s mobile app to facilitate smooth implementation of these measures, it added further. Metro services on the rest of the network will continue to operate as per the regular timetable. The DMRC advised commuters to plan their journeys accordingly and cooperate with the authorities.NEW YEAR EVE UPDATEAs advised by the police authorities, to ensure public safety and manage crowds on New Years Eve (31st December 2024), EXIT from Rajiv Chowk Metro Station will NOT be allowed from 9:00 PM onwards. However, entry of passengers will be allowed until the Delhi Metro Rail Corporation (@OfficialDMRC)December 30, 2024 Meanwhile, keeping in view the New Year’s celebrations, the Delhi Police has issued a traffic advisory about the arrangements and restrictions that will be in place. “In connection with the New Year Eve celebrations in Connaught Place and India Gate areas, Delhi Traffic Police has made special arrangements to manage the expected large crowd,” the traffic advisory read and highlighted that commuters must avoid. Traffic AdvisorySpecial traffic arrangements have been made in Connaught Place and India Gate areas for the New Year Eve celebrations. Kindly follow the advisory#DPTrafficAdvisorypic.twitter.com/GKEfcsa3p3Delhi Traffic Police (@dtptraffic)December 29, 2024 It also said strict action will be taken against violations such as drunken driving, overspeeding, stunt biking, reckless driving, zig-zag driving and other dangerous driving offenses.

2024-12-31 11:21

2024-12-31

11:21

moneycontrol.com

https://www.moneycontrol.com/technology/whatsapp-to-stop-working-on-these-android-phones-from-tomorrow-here-s-what-you-can-do-article-12900536.html

WhatsApp to stop working on these Android phones from tomorrow, here’s what you can do

WhatsApp.Related stories.

WhatsApp has updated its supported platform requirement for Android devices. As a part of the update, the instant messaging platform will stop working on select Android smartphones and tablets. Here’s the list of devices that are losing WhatsApp support from January 1, 2025. WhatsApp updated support requirementAccording to the updated WhatsApp support page, devices running Android 4.0 or KitKat or older will no longer be compatible with the new version of the WhatsApp app. The change applies to both smartphones and tablets. This means that the app will no longer be supported on devices running Android KitKat or older. If you are wondering why WhatsApp is removing support from older devices, then the reason behind it is to offer a better user experience and new and improved features that newer and more capable devices will be able to support. This change also has to do things with safety and privacy. Older versions of Android do not usually receive regular security patches that make the devices vulnerable to malware and viruses. List of devices losing WhatsApp support on January 1, 2025 –Samsung Galaxy S3,–Motorola Moto G,–HTC One X–Sony Xperia Z.–Samsung Galaxy S3–Samsung Galaxy Note 2, Samsung Galaxy S4 Mini–Motorola Moto G (1st Gen)–Motorola Razr HD–Moto E 2014–HTC One X–HTC One X+–HTCDesire 500–HTCDesire 601–LG Optimus G–LG Nexus 4–LG G2 Mini–LG L90–Sony Xperia Z–Sony Xperia SP–Sony Xperia What you can do about itYou have two options in case your device is running the Android KitKat operating system. Then you can check if there’s an update pending for your phone that brings it to a relatively newer version of Android. In case your phone has reached its end of the update cycle, the only option you have is to buy a new phone that runs on latest version or anything above KitKat operating system. If you are looking to buy a new phone with a good camera, clickhereto see the list of phones. If you need a high-performance phone for productivity or gaming,here’sa list of value-for-money gaming phones. And,here are phones under Rs 30,000

2024-12-31 11:18

2024-12-31

11:18

moneycontrol.com

https://www.moneycontrol.com/news/india/dome-city-this-extraordinary-addition-to-maha-kumbh-promises-hill-station-like-experience-12900702.html

Dome City: This extraordinary addition to Maha Kumbh promises hill station-like experience

Prayagraj is all set to welcome millions of pilgrims and tourists for the Maha Kumbh 2025 with an extraordinary addition: the state-of-the-art Dome City in Arail. Designed to provide an unparalleled blend of luxury and spirituality, this ambitious project by Evo Life Space in collaboration with the Uttar Pradesh Tourism Department promises visitors an experience reminiscent of a hill station. “For the first time, pilgrims will have access to accommodations that combine modern comfort with the serene spirituality of the Kumbh. Dome City is not just a facility; it is an experience that will leave a lasting impression,” said Amit Johari, Director of Evo Life Space. Unique concept Elevated 15 to 18 feet above ground, Dome City comprises 44 uniquely designed domes, each measuring 32x32 feet. Constructed with 360-degree polycarbonate sheets, these domes are bulletproof and fireproof, ensuring safety and comfort. READ: Prayagraj hotels prepare for massive Maha Kumbh footfall, room tariffs shoot up “Visitors can enjoy the panoramic views of the Kumbh from the domes while feeling as if they’re in a hill station,” Johari explained. "It’s an effort to redefine how people experience the Maha Kumbh." Mukesh Meshram, Secretary of the Uttar Pradesh Tourism Department, emphasized the innovative vision behind Dome City. “The Maha Kumbh is not just a religious event; it is a global gathering. This Dome City concept adds a modern dimension to its timeless appeal, making it accessible to a broader audience, including international tourists,” he said. The domes city will feature 176 air-conditioned cottages equipped with amenities like geysers and provisions for satvik (pure vegetarian) meals. These 16x16-foot cottages are priced at ?1.1 lakh per day during peak bathing days and ?81,000 on other days. READ: How to organize world's largest religious gathering? The economics of Maha Kumbh 2025 Travel agents are already witnessing interest in the bookings. "We have received numerous inquiries, especially from NRIs and tourists looking for a unique way to experience the Kumbh," said Pankaj Sharma, a Prayagraj-based tour operator. “This concept of luxury within a spiritual framework is very appealing to international visitors.” Online bookings for both domes and cottages have commenced. "We encourage early reservations as demand is expected to peak closer to the event," added Sharma. The Dome City will also host cultural and spiritual programs, including religious discourses, yoga sessions, and live musical performances. “Our goal is to enhance the spiritual environment while ensuring visitors have an engaging cultural experience,” said Johari. Meshram echoed this sentiment, stating, “Dome City reflects our commitment to combining tradition with innovation. Visitors can immerse themselves in the spiritual energy of the Kumbh while enjoying modern conveniences.” Concept Photo (Representative) Government’s vision During a visit to Prayagraj on December 23, Uttar Pradesh Chief MinisterYogi Adityanathinspected the Dome City and lauded its potential. “This initiative is a testament to our efforts to make the Maha Kumbh a globally renowned event. It sets a new benchmark for hospitality and spiritual tourism,” he said. Shishir Singh, a government spokesperson, highlighted the broader vision. “The Dome City is an example of how we are elevating the Maha Kumbh experience. It is not just about accommodations but about redefining tourism standards in India.” Tour operators believe this initiative will place Prayagraj firmly on the global tourism map. “Dome City offers a chance for visitors to experience the Kumbh in a way that has never been done before. It will attract both pilgrims and leisure tourists looking for a unique spiritual getaway,” said Sunita Verma, a Delhi-based travel consultant. Future beckons With its innovative design and luxurious amenities, Dome City is poised to revolutionize the Maha Kumbh experience. "This is not just about luxury; it is about creating memories that resonate with the soul," concluded Johari. As the countdown to Maha Kumbh 2025 begins,Prayagraj is ready to welcome the worldto an unforgettable journey of faith, culture, and comfort.

2024-12-31 11:09

2024-12-31

11:09

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/subscribe-for-indo-farm-equipment-ltd-ipo-anand-rathi-12900697.html

Subscribe for Indo Farm Equipment Ltd IPO; Anand Rathi

IPO.Related stories.

Anand Rathi, Indo Farm Equipment Ltd Incorporated in 1994, Indo Farm Equipment is a fully integrated and established manufacturer of tractors and pick-and-carry cranes. It also deals in other farm equipment such as Harvester Combines, Rotovators and other related spares & components, which do not materially contribute to total revenue of the Company. Its products are being exported to various countries. The products are marketed and distributed through a network of 175 dealers across states including Punjab, Haryana, Uttar Pradesh, Maharashtra, Gujarat, Rajasthan, and others. Intends to increase its dealer base to above 500 in the next 3 years. Over the past three financial years, approximately 93% of total sales were from domestic markets, while around 7% came from exports. Valuation and Outlook Therefore we believe that the Indo Farm with traditional business value and experienced promoters and well planned capacity expansion, debt repayment and strengthening of financial arm are expected to be capitalising over long run. Hence considering all parameters, we recommend the issue can be consider as“SUBSCRIBE for LONG TERM”. For all IPO report,click here Indo Farm Equipment -301224 - anand

2024-12-31 11:02

2024-12-31

11:02

moneycontrol.com

https://www.moneycontrol.com/news/india/india-s-defence-exports-crossed-record-21-000-crore-over-decade-rajnath-sets-50-000-crore-target-for-2029-12900665.html

India’s defence exports crossed record Rs 21,000 crore over decade, Rajnath sets Rs 50,000 crore target for 2029

Defence Minister Rajnath Singh..Related stories.

Defence Minister Rajnath Singh on Monday said that India's defence exports have crossed a record Rs 21,000 crore from Rs 2,000 crore a decade ago. Addressing officers at the Army War College (AWC) in more than two-centuries-old Mhow Cantonment, during his two-day visit to Madhya Pradesh, Singh said a target has been set to achieve defence exports of Rs 50,000 crore by 2029. He emphasized that mastering frontier technologies is essential in our constantly evolving world, noting that military training centers play a crucial role in preparing soldiers to tackle future challenges. "Our defense exports, which were approximately ₹2,000 crore a decade ago, have now surpassed an impressive ₹21,000 crore. We have set an export target of ₹50,000 crore by 2029," Singh stated. He also mentioned that Made-in-India equipment is being exported to other countries. Further in his speech Singh mentioned radical changes in warfare, saying that unconventional methods like information warfare, Artificial Intelligence (AI)-based warfare, proxy warfare, electromagnetic warfare, space warfare, and cyber-attacks are posing a big challenge, stressing the need for the military to be well-trained and equipped to fight off such attacks and lauded training centres in Mhow for their valuable contributions. Singh praised the training centers for their ongoing efforts to enhance their training curriculum in accordance with the evolving landscape and to equip the personnel with the necessary skills to confront any obstacle. The defence minister said the Modi government is dedicated to enhancing the integration and jointness of the three services."In the times to come, the armed forces will be able to face challenges together in a better and more efficient way," he added. Singh said high-level training is provided to officers of all wings in the Mhow Cantonment. He urged officers to explore the possibilities of enhancing integration through training in areas such as weapons training at Infantry School, AI and communication technologies at Military College of Telecommunication Engineering (MCTE), and leadership - junior and senior command at AWC. Singh stated that some officers will serve as defense attaches in the future and should try to protect national interests on a global scale. "When you take up this position as a defence attaché, you should embrace the government's vision of 'aatmanirbhar Bharat'. "Only through self-reliance can India strengthen its defense capabilities and gain more respect on the global stage," he continued. He stated that the administration is determined to establishing India as one of the world's strongest economic and military nations. "Economic prosperity is possible only when full attention is paid to security. Similarly, the security system will be robust only when the economy is strong. Both complement each other," he added. Singh hailed the role of armed forces in securing the borders and being the first responders during natural disasters. "This dedication to protect the nation and this spirit to keep ourselves updated in a constantly changing world can take us ahead of others," he added. At the Army War College (AWC), Defence Minister Rajnath Singh was briefed by Commandant Lt Gen HS Sahi about the institute's role and significance in training and empowering military leaders for warfare across a spectrum of conflicts. The Defence Minister was informed about significant advancements in training methodologies, including joint operations in multi-domain warfare, the integration of technology into the training curriculum, and exchange programs with academic institutions, universities, and industries, as well as the training of officers from the Central Armed Police Forces (CAPF), according to an official release. He was also updated on the global outreach of the institute, which has trained officers from allied countries and made substantial contributions to military diplomacy. Chief of the Army Staff General Upendra Dwivedi and other senior Army officials were present at the briefing. Following this, the Defence Minister laid a wreath at the Infantry Memorial to pay tribute to the brave soldiers who have served. Earlier in the day, Singh and General Dwivedi offered prayers at the renowned Mahakaleshwar Temple in Ujjain city.

2024-12-31 10:57

2024-12-31

10:57

moneycontrol.com

https://www.moneycontrol.com/technology/irctc-down-for-the-third-time-this-month-ahead-of-tatkal-bookings-users-unable-to-access-website-or-app-article-12900688.html

IRCTC down for the third time this month ahead of tatkal ticket bookings

IRCTC.

The Indian Railway Catering and Tourism Corporation (IRCTC) app and website faced another outage earlier this morning on December 31. This is the third time in December when the IRCTC app and website have suffered an outage. Incidentally, all three times the outage seems have begun around 9.50 am, which is 10 minutes before tatkal ticket bookings open. Users were greeted with this message when they logged into the IRCTC website: “Booking and Cancellation for All site will not be available for next hour. Inconvenience caused is deeply regretted. FOR CANCELLATION/FILE TDR, PLEASE CALL AT CUSTOMER CARE NO. 14646,08044647999 & 08035734999 OR MAIL AT [email protected].” The outage has caused widespread disruption for passengers attempting to book train tickets. Users took to social media to complain about the outage. According to Downdetector, around 47% of users were unable to access the website, while 42% faced issues with the app, and 10% could not complete ticket bookings. Further numbers from Downdetector revealed that the outage, which began around 10 am, resulted in login problems, difficulties in searching schedules and fares, and transaction errors. Till around 9.48 am, there were no reports of any outages. IRCTC’s message on the site does indicate that the site should be back in an hour but it could lead to users missing out on booking tatkal tickets during the short window available.

2024-12-31 10:49

2024-12-31

10:49

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/outbound-funds-see-low-uptick-at-gift-city-due-to-regulatory-tax-challenges-12900671.html

Outbound funds see low uptick at GIFT City due to regulatory, tax challenges

Outbound funds see low uptick at GIFT City due to regulatory, tax challenges.Related stories.

Fund management business at GIFT City is seeing notable traction with the bulk of activity happening in the inbound fund arena. The traction in outbound funds, however, remains subdued. Experts attribute the disparity in traction in inbound and outbound funds to a combination of regulatory and tax challenges, including the fact that there is limited ability of fund managers in GIFT City to provide specialised expertise in global equities. In addition, there are a few tax-related challenges as well, they say. Under the liberalised remittance scheme (LRS) route, individuals can remit up to $250,000 a year to a GIFT City Fund or to an overseas fund or make a direct investment overseas. Thus, under the LRS route, a family of four could, in theory, send out $1 million annually, says Vinod Joseph, partner at Economic Laws Practice. He adds that someone with such a quantum of money to invest has many options, one of which is to buy a property in a foreign country and rent it out. Incidentally, Indians are already among the largest investors in UK real estate. “An Indian resident would pay the management fees of a Gift City fund only if the fund manager has an outstanding track record in foreign markets. So far, we are yet to see such fund managers relocate themselves to GIFT City and manage outbound funds from GIFT City,” he said while adding that investors “often buy property directly, rent it out, and manage the property themselves rather than invest that money in an outbound fund”. Akhil Chaturvedi, chief business officer at Motilal Oswal AMC, believes that people remain hesitant about remitting money outside India, further constrained by the $250,000 annual ceiling under the LRS, which curbs interest in outbound funds through GIFT City. As of September 2024, there were a total of 128 fund management entities set up in GIFT City with the cumulative number of schemes pegged at 168 with commitments totalling $12.13 billion. Arindam Mandal, Head of Global Equities at Marcellus Investment Managers believes that outbound investing is still untested in some ways. He says that the setup process is more complex. Moreover, for resident Indians, there’s an added inconvenience caused by TCS (Tax Collected at Source) which has increased from 5 percent to 20 percent, he says. “This has made the process slightly inconvenient. While some measures have been introduced to offset the tax, like claiming exemptions through employers, it’s still an extra step that creates friction,” said Mandal. Another fund manager on the condition of anonymity said that even though the regulations are similar for setting up an inbound or an outbound fund, the regulator might ask more questions to the outbound fund management entity. “The regulator might ask if the entity has the expertise to invest in a particular geographical area outside, or does he have any experience in doing so. This might delay the process of setting up the outbound fund,” said the person. India markets remain attractive In the case of inbound funds, India is attractive across asset classes due to its growth potential, making it a demand-driven market for global investors, says Jay Kothari, Global Head of International Business at DSP Mutual Fund. He also added that fund managers can easily provide a variety of products via an inbound fund like equity, fixed income, private credit, private equity, venture capital, and others. While outbound investments may have seen a slow start compared to the inbound funds, Kothari said that the trend will grow exponentially as Indian investors seek global investments which have limited opportunities in India in sectors like tech, EV, bio tech, and innovation, among others.

2024-12-31 10:46

2024-12-31

10:46

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/adani-wilmar-shares-down-7-a-day-after-adani-s-exit-from-fmcg-business-12900680.html

Adani Wilmar shares down 7% a day after Adani's exit from FMCG business

So far in 2024, Adani Wilmar shares are lower by 17%..Related stories.

Shares of Adani Wilmar fell nearly 7% in early trade on December 31, 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 31% stake to Wilmar International is a 7% discount to Monday's closing price. Investec in its latest note onAdani Wilmarhas assigned a Hold on the stock, with a target price of Rs 397 per share, stating that 'single ownership' will drive strategic simplification and is a positive for the company. So far in 2024, Adani Wilmar shares are lower by 17%. JPMorgan's note has ascribed an Underweight with a target of Rs 320 per share on AWL, adding that the company has significant sourcing, supply chain and scale advantages. Shares of Adani Enterprises were down over 2% in trade at 10:15am. The company formally informed exchanges that its wholly-owned subsidiary Adani Commodities LLP and Lence, a wholly-owned subsidiary of Wilmar International have signed the agreement for the traction announced on December 30. Read More:Adani Enterprises to exit Wilmar JV in $2 billion deal This stake sale has come at a time when the group's founder and promoter Gautam Adani is facing legal challenges in the US, after federal prosecutors alleged a bribery scheme to win contracts in India. Adani Enterprises will hope that the transaction addresses concerns around liquidity, as this is the first major transaction since theDoJ indictmentin November. Adani Enterprises will be raising over $2 billion through the overall transaction, which involves two steps - an OFS and stake sale to Wilmar International subsidiary. The transaction is expected to be completed by March 2025, and will accrue cash for further growth. Adani Enterprises has been the flagship incubator company, focusing on ventures like green hydrogen, data centre, digital initiative, and consumer services under the airport business. "AEL will continue to invest in infrastructure sectors which will further strengthen AEL’s position as India’s largest listed incubator of platforms playing the key macro themes underpinning India’s growth story,"Adani Enterpriseshad said in the statement announcing the deal. Prior to this transaction, Adani Enterprises secured $500 million in October. Additionally, other group companies such as Adani Energy Solutions, Adani Green Energy, and Ambuja Cement collectively raised approximately $4.5 billion in recent months.

2024-12-31 10:40

2024-12-31

10:40

moneycontrol.com

https://www.moneycontrol.com/news/india/nimisha-priya-death-sentence-by-yemen-extending-all-possible-help-says-mea-12900670.html

Nimisha Priya death sentence by Yemen: Extending all possible help, says MEA

The Kerala nurse was found guilty of killing Yemeni national Talal Abdo Mahdi and has been in prison since 2017..

India on Tuesday said it is extending all possible help to explore relevant options in the case of an Indian nurse facing death sentence in Yemen. Nimisha Priya, a Kerala nurse, was convicted of murdering a Yemeni citizen. Sources told PTI that unless a pardon from the victim’s family is obtained, the execution will take place in a month. India’s Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal said that the government is 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,” he added.Our response to media queries regarding the case of Ms. Nimisha Priya:https://t.co/DlviLboqKGpic.twitter.com/tSgBlmitCyRandhir Jaiswal (@MEAIndia)December 31, 2024 Priya was found guilty of killing Yemeni national Talal Abdo Mahdi and has been in prison since 2017. She was sentenced to death by a trial court in Yemen in 2018 and her family has been fighting for her release since then. 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. She was provided assistance by the Save Nimisha Priya International Action Council comprising NRI social workers based in Yemen, the report added. The publication mentioned that negotiations with Nimisha’s family reached a dead end in September this year after the lawyer engaged by the Indian Embassy demanded more funds, part of which were raised by the Action council. “We worked tirelessly to save Nimisha Priya’s life, but our efforts ended in vain. We managed to collect 40,000 dollars (around Rs 34,20,000), and were prepared to raise even more to save her. Along with the Action council, the chief minister, the leader of opposition, former union minister and various leaders across political lines joined hands in this effort,” Nenmara MLA K Babu was quoted. Nimisha Priya, in 2014, came in contact with Talal Abdo Mahdi, who promised to help her in starting her own clinic as a partnership was required under the Yemeni law. She set up a clinic in 2015, with the help of Mahdi. Soon, differences cropped up between her and Mahdi and she had alleged abuse, torture by him and taking away her passport, making her trip back to her home state impossible. Mahdi also misrepresented himself as her husband to the Yemeni authorities, due to which she couldn’t get any aid from them, as per reports. In a bid to reclaim her passport confiscated by Talal Abdo Mahdi, she allegedly injected him with sedatives. However, an overdose of the sedative resulted in his death. (With PTI inputs)

2024-12-31 10:39

2024-12-31

10:39

moneycontrol.com

https://www.moneycontrol.com/news/business/rupee-stays-in-the-red-opens-at-85-60-to-a-dollar-as-importers-rush-for-greenback-12900674.html

Rupee stays in the red, opens at 85.60 to a dollar, as importers rush for greenback

Rupee.

The rupee stayed in the red, opening down 6 paise on December 31, as the year-end dollar demand from importers and pressure from sell-off in equities by foreign portfolio investors weighed on the currency, experts said. The Indian rupee opened at 85.60 against the US dollar on December 31, down from 85.54 at close in the previous trading session. “Buying of dollar continues due to year-end demand, while FPIs are selling off equities,” argued Anil Kumar Bhansali, head of treasury and executive director of Finrex Treasury Advisors LLP. Besides high dollar demand from importers, liquidity issues and roll over of positions from December to January in futures and forward market, too battered the currency on the last day of 2024. “The rupee is expected to remain volatile with today being the last day of roll over of positions,” Bhansali said. The Reserve Bank of India's (RBI) intervention in NDF (non-deliverable forward) markets could prevent the rupee from a sharper depreciation. Indian bond yields opened marginally down at 6.763 percent, as against 6.773 at close in the last trading session.

2024-12-31 10:37

2024-12-31

10:37

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/agri-picks-report-december-31-2024-geojit-financial-services-12900677.html

Agri Picks Report December 31, 2024: Geojit Financial Services

commodities.

Geojit Financial Services's report on Daily Agri Picks The water level in 155 key reservoirs in the country fell to 135.404 billion cubic metres as of Thursday from 139.392 billion cubic metres on Dec. 19, data from the Central Water Commission showed. The current level is 75% of the total live storage capacity of 180.852 billion cubic metres. However, the water level as of Thursday was up 24% from a year ago and was 19% higher than the normal storage for the period, according to the data. The normal storage is the average storage for the preceding 10 years. India received an average rainfall of 3.2 millimetre in the week ended Wednesday, 11% above the normal of 2.9 millimetre for the period, the India Meteorological Department said. Two homogenous regions of the country got higher than normal rainfall, while other two regions got deficient rain during the week, the weather bureau said. Central India received a whopping 487% above normal rainfall during the week at 4.1 millimetre. Odisha received 3,725% above normal rainfall at 26.8 millimetre, while Chhattisgarh got 252% more showers than normal at 2.5 millimetre. South peninsular India recorded 7.4 millimetre of rain, 61% higher than the normal rainfall for the period, the data showed. Rainfall in east and northeast India was down 80% during the week at 0.5 millimetre. Northwest India received 78% below normal rainfall at 0.9 millimetre during the week, the agency said. Of the 36 sub-divisions in the country, rainfall was 'deficient' in six and 'large deficient' in 12 during the week. Rainfall was 'large excess' in seven and 'excess' in two sub-divisions. One sub-division received normal rain and eight sub-divisions received no rain at all during the week. Since Oct. 1, India has received 108.9 millimetre of rainfall, 8% below the normal of 117.9 millimetre for the period. For all commodities report,click here 31122024 - co

2024-12-31 10:32

2024-12-31

10:32

moneycontrol.com

https://www.moneycontrol.com/news/business/rbi-unlikely-to-change-intervention-strategy-in-currency-market-to-make-rupee-stable-experts-12900663.html

RBI unlikely to change intervention strategy in currency market to make rupee stable: Experts

rupee.Related stories.

The Reserve Bank of India (RBI) is unlikely to change its strategy of stepping into the currency market to ensure stability of the rupee, forex experts said. Even though the Indian currency has been under pressure and trading downhill for the last few days, depreciated only 2.74 percent year-to-date, it features among the least volatile currencies in Asia which, according to currency experts, is because of timely and strategic intervention by the RBI. “We believe the central bank's action would be driven by a situation and may intervene to curtail volatility. Since the last two years, the strategy of intervening has rewarded in making the rupee stable,” said Dilip Parmar, a foreign exchange research analyst at HDFC Securities. According to the Bloomberg data, in comparison to Japanese Yen and South Korea’s Won, the Indian rupee seems to have held up well with volatility depreciating 2.74 percent against the US dollar. Japanese Yen is down 10.67 percent against dollar, while South Korea’s Won has depreciated 12.57 percent, and Philippine’s Peso is down 4.25 percent, year-to-date. However, among Asian peers such as the Malaysian Ringgit, Hong Kong Dollar and the Thai Baht, the Indian Rupee’s performance has been weak. The other three currencies have appreciated against the US dollar by 2.80 percent, 0.63 percent, and 0.38 percent, respectively. The RBI has been making regular intervention in the spot as well as forward market to secure stability for the currency, experts said. Regular intervention by the central bank on both sides by selling the dollar to prevent sharp depreciation and on some days buying the dollar when the rupee is appreciating, has helped the rupee remain less volatile through the year. Earlier this year, former RBI governor Shaktikanta Das said that the central bank is there in a non-deliverable forward (NDF) market and the intervention has undergone some changes. "Our intervention in the NDF market has also undergone a change, we are now very clear and explicit that the RBI is there in the forward market, and we are there," Das said in his June post-monetary policy press conference. The RBI, in its annual report for 2023-24, said the central bank has plans to enhance intervention toolkit to undertake focussed foreign exchange operations to curb undue volatility in the USD/INR exchange rate. In the last few weeks, the rupee has come under pressure due to reasons such as outflows from Indian equities, strong dollar index, weak economic growth data, and demand for dollars from importers. All these have driven the Indian rupee to record lows on most of the days in December.

2024-12-31 10:31

2024-12-31

10:31

moneycontrol.com

https://www.moneycontrol.com/news/india/from-economic-power-to-global-influence-jaishankar-s-top-quotes-of-2024-12900672.html

From economic power to global influence: Jaishankar’s top quotes of 2024

The EAM's statements resonated globally, reflecting India's evolving strategic role on the world stage..

External Affairs Minister (EAM) Dr. Subrahmanyam Jaishankar further solidified his reputation as a statesman with a sharp intellect and a flair for wit, often blending insightful observations with humour to deliver impactful messages. In 2024, his statements resonated globally, reflecting India's evolving strategic role on the world stage. Jaishankar's remarks highlighted India's growing economic clout, its firm stance on sovereignty, and its proactive approach to multilateralism, delivered with a style that transformed complex diplomatic issues into memorable soundbites. Through his words, Jaishankar not only captured the essence of India’s foreign policy but also reinforced the country’s assertive voice in global affairs. A look back at some of the iconic comments made by the EAM this year: >>"India's economy isn't just a bright spot; it's the spotlight where the world wants to perform." >> "If history lessons worked, some neighbours would stop revising their textbooks every decade." >> "India is not just participating in global conversations; we are now shaping them." >> "Some nations preach non-interference while drafting chapters on how others should behave." >> "For multilateralism to succeed, it must reflect the realities of the 21st century, not the 20th." >> "Our borders are as open to dialogue as they are closed to trespassers." >> "Some nations think global problems can be solved by hashtags. We prefer solutions that don't need retweets to work." >> "The Indo-Pacific isn't about excluding anyone, but if you don't respect maritime laws, don't expect an invitation to the club." >> "If lectures on democracy came with a delivery fee, some countries would owe us a fortune." >> "Reform in multilateralism moves at the speed of a tortoise with a sprained ankle." >> "Trust is earned, not demanded, and border peace is a prerequisite for any meaningful progress." >> "We don't believe in a Cold War, but if some are stuck in the ice age, they should carry warm clothing."

2024-12-31 10:26

2024-12-31

10:26

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/shriram-property-stocks-gain-5-with-announcement-of-4-acre-land-parcel-12900668.html

Shriram Property stocks gain 5% with announcement of 4 acre land parcel

Shriram Properties Ltd announces sale of a 3.9-acre land parcel in Chennai.Related stories.

Shares ofShriram Properties Ltdsaw a 5 percent intraday surge on the BSE, on Tuesday, following the company's announcement of the strategic sale of a 3.9-acre land parcel in Chennai. Follow our market blog for live updates 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. While currently approved for retail space, Shriram Properties, focusing on residential development, decided to monetise this non-core asset. "This transaction aligns with our strategy of concentrating on residential projects, particularly in the mid and mid-premium segments," stated Shriram Properties. "Proceeds from this sale will fuel future growth." CMD Murali M emphasized the importance of this deal in unlocking value from non-core assets and optimizing capital allocation. As per CNBC-TV18, Shriram Properties is aiming to expand its portfolio significantly with plans to add 20 million square feet of new inventory over the next six years. Key growth drivers are expected to be projects in Chennai, Bengaluru, Kolkata, and Pune. Recently, the company also received approval from the Securities and Exchange Board of India (SEBI) for the indirect acquisition of Shriram Properties by its Chairman and Managing Director, Murali Malayappan. SEBI's exemption order issued was the confirmation on this acquisition not making any changes to the company's control, with the promoter and promoter group maintaining a 27.94 percent stake. Shriram Properties swung to a net loss of Rs 0.99 crore in the September quarter of FY 2025, compared to a Rs 20.15 crore profit in the same period last year. Revenue also declined sharply by 31.8 percent to Rs 141 crore.

2024-12-31 10:26

2024-12-31

10:26

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/unimech-aerospace-shares-see-blockbuster-listing-ipo-investors-money-nearly-doubles-as-expected-12900657.html

Unimech Aerospace shares see blockbuster listing, IPO investors’ money nearly doubles as expected

Unimech Aerospace IPO comprised a fresh issue of Rs 250 crore and an offer-for-sale of Rs 250 crore..Related stories.

Unimech Aerospace and Manufacturing Ltd shares made a blockbuster stock market debut today in line with street expectations, listing at Rs 1,460 on the NSE -- a premium of 86 percent over the IPO price of Rs 785 per share. The robust opening aligns with the expectations of investors tracking unofficial markets, who were eyeing listing gains of 80-90 percent after the IPO got an overwhelming 175 times oversubscription. Unimech Aerospace IPO oversubscription set stage for bumper listing The Rs 500-crore IPO of high-precision engineering solutions providerUnimech Aerospace, comprising a fresh issue of Rs 250 crore and an offer-for-sale of Rs 250 crore, was open for subscription during December 23-26. The public issue garnered a strong response across investor categories, with retail investors subscribing 57 times, non-institutional investors (NIIs) subscribing 264 times, and qualified institutional buyers (QIBs) subscribing 318 times. “Unimech Aerospace and Manufacturing has generated substantial investor interest. The company is set for a strong debut today,” said Abhishek Pandya, Research Analyst at StoxBox, said ahead of listing. He had expected a potential listing premium of 90 percent over the IPO allotment price. Also read |Standard Glass Lining sets price band of Rs 133-140 a share for IPO Unimech Aerospace growth strategy, expansion plan High-precision engineering companyUnimech Aerospaceserves the aerospace, defence, energy, and semiconductor industries. With a focus on aggressive capacity expansion, the company plans to double its manufacturing capability in two phases, funded partly by the IPO proceeds. In addition to organic growth, Unimech is actively pursuing mergers and acquisitions in adjacent sectors such as oil and gas. A significant portion of the Rs 250 crore fresh issue will be allocated to these activities, complementing Rs 250 crore raised in pre-IPO funding specifically for M&A initiatives. However, Unimech’s client concentration has been flagged as a potential risk. Its largest customer accounts for 55-60 percent of revenue, and the top five clients contribute 95 percent of the total revenue. The company plans to diversify its portfolio and tap into new markets. Analysts said that its focus on high-growth industries, combined with an aggressive expansion strategy, positions the company well for sustained performance.

2024-12-31 10:24

2024-12-31

10:24

moneycontrol.com

https://www.moneycontrol.com/news/india/leopard-spotted-on-infosys-mysuru-campus-employees-to-work-from-home-on-dec-31-trainees-given-a-day-off-12900655.html

Leopard spotted on Infosys Mysuru campus: Employees to work from home on Dec 31; Trainees given a day off

Tech calls the big cat. (Representative image).Related stories.

A leopard was spotted on the Infosys Mysuru campus, prompting the company to implement a work-from-home arrangement for employees on December 31. "Dear Infoscion, a wild animal has been spotted on the Mysuru DC campus today. Efforts are underway to ensure campus safety in collaboration with the task force," the Infosys human resource department informed employees through an internal communication. "You are requested to work from home today (December 31). The security team has been instructed not to permit anyone inside the campus." No Infosys official was immediately available to comment on the development. Forest department officials confirmed that a leopard was sighted on the 150-acre campus through CCTV footage. A task force has been deployed to track and capture the animal, which remained elusive when this story was filed. Deputy Conservator of Forests (Wildlife), IB Prabhu Gowda, toldMoneycontrol: "A leopard was spotted on a CCTV camera at around 2 AM on Tuesday. Our team reached the spot at around 4 AM. We have launched a combing operation to trace the leopard." This is not the first time a leopard has been spotted on the software giant’s premises. In 2011, another leopard had strayed into the campus. The Infosys campus, located near the Hebbal Industrial Area, is close to the reserve forest. The region, historically home to leopards, continues to witness occasional sightings. Officials suspect the leopard may have strayed from its habitat in the reserve forest while searching for food. Trainees' Day OffAround 4,000 trainees of the Bengaluru-based company who are currently stationed in the Infosys Global Education Centre in Mysuru have been asked to remain indoors today. Consequently, the foundation program such as training, assessments, and induction, will remain shut. "The training schedule will be pushed by a day. Please be in your hostel rooms and utilise this day for self-study," read an internal communication addressed to Infosys trainees, reviewed byMoneycontrol. Trainees have also been asked not to venture out on the campus and remain in their hostel rooms until further notice. Trainees have also been told that the security team will restrict their movement until further communication. (This is a developing story)

2024-12-31 10:12

2024-12-31

10:12

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sensex-tanks-nearly-500-points-nifty-below-23-550-in-final-session-of-2024-it-realty-stocks-tumble-12900565.html

Sensex tanks nearly 500 points, Nifty below 23,550 in final session of 2024; IT, realty stocks tumble

Tech Mahindra, Infosys, Adani Enterprises, HCL Tech and SBI Life Insurance were the major laggards..Related stories.

The final trading session of 2024 began on a somber note as benchmark indices Nifty and Sensex extended their losing streak into a second day, weighed down by sharp declines in IT and realty stocks on December 31. Even a decent performance by energy and metal stocks couldn’t turn the tide, leaving markets in the red at the open. Experts attribute the sour mood to relentless FII selling, which has continued unabated despite the typically subdued activity during the holiday season. Indian markets were also tracking other Asian peers as elevated US Treasury yields continued to weigh on emerging markets. At about 9:30 am, the Sensex was down 376.65 points or 0.48 percent at 77,871.48, and the Nifty was down 91.25 points or 0.39 percent at 23,553.65. About shares advanced, shares declined, and shares were unchanged. Follow our LIVE blog for all the latest market updates "Indian equity markets are off to a subdued start this week, weighed down by foreign institutional investor (FII) activity and weak global cues. The recent sell-off is driven primarily by FIIs rolling over positions on the short side. In the current derivatives series, they have have started with a long-short ratio of just 14 percent, indicating a significant bearish stance," Ruchit Jain, Vice President of Technical Research at Motilal Oswal said in a conversation with Moneycontrol. He added that the dollar index, hovering near the 108 mark, remains a concern. Historically, this level has acted as a resistance, but any sustained move above it could have negative implications for emerging markets, including India. Also read:Rising frequency of extreme weather events continue to pose risk for food inflation dynamics, says RBI report Looking ahead to 2025, market movement is likely to hinge on corporate earnings and budget announcements. Analysts believe that while the economy remains fundamentally strong, quarterly results will be the key driver for market direction. Broader markets are also expected to remain under pressure until a trend reversal is visible. In today's session, the IT index was the worst performer with losses of almost 2 percent. A sharp downturn in Infosys, TCS, and HCL Tech dragged the index lower. The Realty index followed next, losing over a percent led by Lodha, Godrej Properties, and DLF. Nifty Bank also traded half a percent lower as private lenders HDFC Bank and ICICI Bank fell. Gainers included Nifty Pharma and PSU banks, editing higher in the range of 0.3 percent. Meanwhile, the small and midcap stocks also mirrored weak trends with losses of 0.2 and 0.4 percent, respectively. 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. Read more:ITC demerger update: Cash worth Rs 1,500 crore to be transferred to ITC Hotels for growth Among individual stocks, Vodafone Idea shares fell despite Citi Research remaining bullish on the counter following the waiver of bank guarantee from the Department of Telecommunications (DoT). Further, Citi also maintained its 90-day positive catalyst watch on Indus Towers. The telecom department has waived the requirement of bank guarantee to be submitted for spectrum auctions held prior to the reform package. Mazagon Dock Shipbuilders rallied over 2 percent after the company has secured a contract worth approximately Rs 1,990 crore from the Defence Ministry for the construction of an Air Independent Propulsion (AIP) plug for DRDO and its integration. Prataap Snacks shares fell over a percent after the company reported a fire accident on December 30 at its manufacturing unit in Jammu. There were no casualties. The fire caused damage to inventories, machinery, buildings, and furniture, disrupting operations. Meanwhile, demand from the Northern market will be met by third-party units in Hisar and Karnal. From a technical standpoint, "the level of 23,600-23,500 is particularly important, serving as a critical support zone where buying interest could potentially emerge. On the other hand, the 23,800-23,850 subzone poses a formidable challenge, as overcoming it on a closing basis will be essential for a sustained upward trend," Sameet Chava, Head of Technical and Derivative Research at Angel One, said. "For the market to gain momentum based on clear trends, a decisive breakthrough at this level is crucial. Until such an event occurs, it is wise to remain vigilant in trading activities," he added. ONGC, BEL, Coal India, SBI and Bajaj Auto were the top gainers on the Nifty. Tech Mahindra, Infosys, Adani Enterprises, HCL Tech and SBI Life Insurance were the major laggards.

2024-12-31 09:45

2024-12-31

09:45

moneycontrol.com

https://www.moneycontrol.com/news/india/rahul-gandhi-behaved-like-bouncer-not-lop-claims-bjp-mp-injured-in-parliament-scuffle-12900617.html

Rahul Gandhi behaved like bouncer, not LoP, claims BJP MP injured in Parliament scuffle

Balasore BJP MP Pratap Chandra Sarangi was injured and had to be admitted to a hospital during a protest in Parliament on December 19..Related stories.

Balasore BJP MP Pratap Chandra Sarangi alleged that Congress leader Rahul Gandhi behaved like a “bouncer” rather than the Leader of the Opposition in the Lok Sabha, a position once held by esteemed personalities like Atal Bihari Vajpayee. Sarangi, who was injured and had to be admitted to a hospital following a scuffle in Parliament on December 19, told reporters, “I am comparatively better now and was discharged from the hospital on December 28. I still need to be cautious as the stitch on my head has not fully healed.” Recalling the incident, Sarangi said, “It happened when we (BJP MPs) were standing near an entry gate, peacefully protesting against the insult of Dr Ambedkar, holding placards.” “Suddenly, Rahul Gandhi came along with some of his party colleagues and started pushing people to move ahead. He was behaving like a bouncer, not like the Leader of the Opposition in the Lok Sabha, a post once occupied by great personalities like Vajpayee ji,” Sarangi said. Claiming that there was enough space beside the gate for Gandhi to pass through without causing disruption, Sarangi said, “He pushed MP Mukesh Rajput, who was standing in front of him. Rajput ji fell on me, and my head likely hit the corner of a stone-like object, causing the injury.” Asked if Rahul Gandhi had expressed concern after the incident, Sarangi responded, “Yes, he came near me after someone informed him of what had happened. However, he quickly left without showing any genuine concern. I recovered due to the blessings of Lord Jagannath.” BJP MP Anurag Thakur filed a police complaint against Leader of the Opposition Rahul Gandhi after two party leaders were injured during a protest in the Parliament premises on December 19. Speaking to the reporters in New Delhi, the BJP leader said, "We have filed a complaint with Delhi Police against Rahul Gandhi for assault and incitement. We have mentioned in detail the incident that happened today outside Makar Dwar, where NDA MPs were protesting peacefully. We have given a complaint under Sections 109, 115, 117, 125, 131 and 351. Section 109 is an attempt to murder, Section 117 is voluntary causing grievous hurt," he said.

2024-12-31 09:41

2024-12-31

09:41

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/easy-trip-planners-tanks-10-after-co-founder-nishant-pitti-offloads-rs-53-cr-stake-12900568.html

Easy Trip Planners tanks 10% after co-founder Nishant Pitti likely offloads Rs 53 cr stake

Pitti had previously offloaded another 14 percent equity in Easy Trip Planners back in September..Related stories.

Shares ofEasy Trip Plannersworth 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. At 09.35 am, shares of Easy Trip Planners were trading at Rs 15.45 on the NSE. WhileMoneycontrolcould not immediately ascertain the parties involved in the transaction, we were the first to report that Pitti was looking to offload his remaining stake in the company.Our exclusive report on December 30mentioned Pitti's plan to sell his remaining 14 percent stake in Easy Trip Planners, eyeing to raise Rs 780 crore from the sale. Follow our market blog to catch all the live action The report also stated that institutional investors such as CRAFT Emerging Market Fund PCC - Citadel Capital Fund, CRAFT Emerging Market Fund PCC - Elite Capital Fund, Multitude Growth Funds Limited, Nexpact Limited and Eminence Global Fund were also likely to participate in the block deal. Moneycontrolwas also the first to report Pitti’s plan to offload an 8.5 percent stake in the company back in September. At the time, we revealed that Pitti intended to sell 15 crore shares, representing 8.5 percent equity through a block deal scheduled for September 25.  The floor price was expected to be around Rs 38 per share taking the transaction value to nearly Rs 580 crore. However, on September 25, Pitti exceeded expectations by selling 24.65 crore shares, equivalent to 14 percent stake in the company, at prices ranging from Rs 37.11 to Rs 38.28 per share while making a total of Rs 920 crore.

2024-12-31 09:38

2024-12-31

09:38

moneycontrol.com

https://www.moneycontrol.com/news/india/delhi-records-best-december-aqi-since-the-start-of-the-system-in-2015-12900629.html

Delhi records best December AQI since the start of the system in 2015

Experts stated that, with the exception of a six-day period of "severe" air in the third week, conditions were mostly favourable for pollutant dispersion this month..Related stories.

Strong and consistent winds were observed in the first half of December, followed by record-breaking rainfall in the latter half of the month. This combination resulted in an average Air Quality Index (AQI) of 294, making it Delhi's cleanest December since the AQI was introduced in 2015. However, an average AQI value of 294 is about three times worse than a "satisfactory" AQI, which is considered "poor" by CPCB criteria. Furthermore, the month had six days of "severe" air, defined by an AQI score of 400 or higher, resulting in strong construction restrictions, restricted car mobility, hybrid courses, and staggered office hours. The CPCB ranks AQI levels as "good" between 0 and 50, "satisfactory" between 51 and 100, "moderate" between 101 and 200, "poor" between 201 and 300, "very poor" between 301 and 400, and "severe" above 400. Despite the limitations, the average AQI of 294 was a significant reduction over the 348 reported last December, 319 in December 2022, and 336 in December 2021. The records show that the second-best AQI reading was 300, which was obtained in 2015. Experts stated that, with the exception of a six-day period of "severe" air in the third week, conditions were mostly favourable for pollutant dispersion this month. "Winds dominated the first half of December, with little moisture in the air. This meant that we weren't recording moderate or dense fog, and winds were allowing pollutants to spread. This kept the AQI under control until a western disturbance slowed winds in the third week of December," Hindustan Times quoted Skymet's vice president, Mahesh Palawat, as saying. According to Palawat, slow winds caused additional moisture and stagnation. Still, the same spell was followed by a fairly active western disturbance around December 26, which improved Delhi's air quality again. “This latest western disturbance was much stronger. We saw rain help settle pollutants and strong surface winds post that, which have led to the AQI improving significantly,” he said.

2024-12-31 09:30

2024-12-31

09:30

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/fpis-do-a-turnaround-sell-shares-worth-1-77-billion-in-second-half-of-december-12900582.html

FPIs do a turnaround; sell shares worth $1.77 billion in second half of December

The IPO market remained robust during December, with 17 IPOs raising Rs 25,700 crore. In the SME segment, 15 IPOs were launched, garnering around Rs 580 crore..Related stories.

Foreign portfolio investors (FPIs) appear to have done a complete turnaround in terms of their investment strategy in the secondary markets. In the first half of December, FPIs invested around $1.7 billion in secondary markets, but reversed course in the second half, selling around $1.77 billion. However, this significant selling in the secondary markets has come at a time when FPIs maintained strong buying activity in the primary market segment with $984 million invested in the first half and $1.06 billion in the second half. Overall, FPIs sold $70.17 million in secondary markets while bought $2.04 billion in primary markets in December so far. Experts suggest that in the first half of the month, FPIs were driven towards the secondary markets due to favourable global cues and stable domestic economic conditions. However, profit-taking and year-end portfolio adjustments led to subsequent sell-offs in the later part of the month. Meanwhile, buying in primary markets remained strong as FPIs preferred the growth potential, attractive IPOs, and valuations that align with India’s growth story. Apurva Sheth of SAMCO Securities believes that expectations for rate cuts in 2025 have diminished following the latest Federal Reserve meeting, with anticipated cuts now limited to 50 basis points. This is likely to keep bond yields elevated. If FPIs can earn higher returns with lower risk in their home markets, their interest in Indian investments may remain subdued unless valuations become significantly more attractive, he said. Experts also add that in 2025, FPIs might come back in the second half, thanks to India's strong GDP growth, managed inflation, and likely rate cuts. Clearer views on company earnings could make India even more appealing as a place to invest among growing markets, they say. Prashanth Tapse, Senior Vice President (Research) at Mehta Equities, highlighted several key factors likely to influence the future trajectory of the Indian market. These include developments around Trump-era tariff policies, FPI allocation and sentiment, pre-budget expectations, the RBI's interest rate outlook, and, most critically, Q3FY25 earnings results, which will shape market direction in early 2025. He expressed confidence that FPIs will return as buyers once clarity emerges on growth prospects and earnings recovery in the Indian economy -- factors currently lacking in the prevailing market dynamics. India's benchmark indices, Sensex and Nifty, declined by 2 percent each in December. Meanwhile, the broader markets showed mixed performance, with the BSE MidCap rising 0.7 percent and the BSE SmallCap slipping 0.7 percent. The IPO market remained robust during December, with 17 IPOs raising Rs 25,700 crore. In the SME segment, 15 IPOs were launched, garnering around Rs 580 crore. Jathin Kaithavalappil, Assistant Vice President at Choice Broking, stated that FPIs are likely to sustain their interest in IPOs, provided the offerings are robust and valuations remain attractive. As a favoured emerging market destination with a resilient economy, India aligns with the growth objectives of FPIs. Strong IPOs and reasonable valuations resonate with India's growth narrative, ensuring continued FPI participation in the primary market, he said.

2024-12-31 09:19

2024-12-31

09:19

moneycontrol.com

https://www.moneycontrol.com/news/india/these-are-the-richest-and-poorest-cms-of-india-12900574.html

These are the richest and poorest CMs of India

The average assets of India’s 31 chief ministers stood at Rs 52.59 crore, says ADR.

Andhra Pradesh Chief Minister N Chandrababu Naidu tops the list of richest chief ministers in India with assets worth over Rs 931 crore. Meanwhile, West Bengal's Mamata Banerjee is the poorest with just Rs 15 lakh, according to an Association for Democratic Reforms (ADR) report. The report said the average asset per chief minister from state assemblies and union territories is Rs 52.59 crore. While India's per capita net national income or NNI was approximately Rs 1,85,854 for 2023-2024, the average self-income of a chief minister is Rs 13,64,310, around 7.3 times the average per capita income of India. The total assets of 31 chief ministers are worth Rs 1,630 crores. Arunachal Pradesh's Pema Khandu is the second richest chief minister with total assets worth over Rs 332 crores, Karnataka's Siddaramaiah is the third on the list with assets worth more than Rs 51 crore. Jammu and Kashmir Chief Minister Omar Abdullah, with assets worth Rs 55 lakh, is the second poorest in the list and Pinarayi Vijayan is third with Rs 1.18 crore. Khandu also has the highest liabilities to the tune of Rs 180 crore. Siddaramaiah has liabilities worth Rs 23 crore and Naidu more than Rs 10 crore, the report said. It also said 13 (42 percent) chief ministers have declared criminal cases against themselves, while 10 (32 percent) have declared serious criminal cases including those related to attempt to murder, kidnapping, bribery, and criminal intimidation. Out of the 31 chief ministers, only two are women - West Bengal's Mamata Banerjee and Delhi's Atishi. Criminal cases Out of all 31 Chief Ministers analysed in state assemblies and Union Territories, 13 (42 per cent) have declared criminal cases against themselves. Around 10 (32 per cent) chief ministers have declared serious criminal cases, including those related to attempted murder, kidnapping, bribery and criminal intimidation. Revanth Reddy is facing 34 charges related to criminal intimidation (IPC Section-506), 22 charges related to Section 505(2) (IPC Section-505(2)), and three charges related to statements leading to public mischief (IPC Section-505). Two charges pertain to cheating and dishonestly inducing the delivery of property (IPC Section 420). One charge pertains to the falsification of accounts, as outlined in IPC Section 477A. There is one charge under IPC Section 295A, which pertains to deliberate malicious acts intended to outrage religious feelings or any class by insulting their religion or religious beliefs. Tamil Nadu Chief Minister MK Stalin has the second highest number of cases, 47 in number, against him with a maximum of 11 cases under provisions of the IPC. (With PTI inputs)

2024-12-31 09:11

2024-12-31

09:11

moneycontrol.com

https://www.moneycontrol.com/technology/whatsapp-new-year-sticker-pack-2025-is-now-live-here-s-how-to-download-and-send-article-12900541.html

WhatsApp New Year Sticker Pack 2025 is now live, here’s how to download and send

As the year 2024 approaches its end, you must have started planning to celebrate 2025 and New Year's Eve at midnight. To make it simpler and easier for users to wish and greet their friends and family, WhatsApp has dropped “Happy New Year” stickers. WhatsApp New Year 2025 Sticker pack detailsWhatsApp’s Happy New Year Sticker pack includes 10 stickers and the pack has been created by WhatsApp. According to the sticker page, these stickers are designed to help users “Celebrate the start of 2025 with your friends and family”. The sticker has 130kb of download size and it is available natively on WhatsApp Web, WhatsApp for Android, iOS and Windows and Mac apps. How to download WhatsApp Happy New Year Sticker pack To download the sticker pack, follow the steps below: - Click on the “https://wa.me/stickerpack/NewYearsEve2025” link to open the sticker pack on WhatsApp.- Once the sticker pack is open, click/tap on “Add to my stickers” button.- You’ll see a notification “Sticker added” on the screen. WhatsApp New Year Stickers That’s it! The New Year sticker pack has now been added to your WhatsApp’s Stickers section. How to access and send  Happy New Year Sticker pack on WhatsApp - Head to any chat window – individual or group.- Tap on the emoji icon and select “Stickers” option.- Look for the “Happy New Year” pack – usually the first sticker pack on the list.- Simply tap on the sticker that you want to send to your friends and family. Alternative New Year StickersWhile WhatsApp has added first-party New Year Stickers on the platform, you always have the option to download third-party options from the Google Play Store. Simply, open Google Play Store and search for Happy New Year 2025 stickers. Then, download it and open it. Tap on the Add to WhatsApp option. Once done, head to a chat window and then choose the sticker pack and tap on one to send.

2024-12-31 08:46

2024-12-31

08:46

moneycontrol.com

https://www.moneycontrol.com/news/podcast/will-markets-end-2024-on-a-muted-note-all-eyes-on-unimech-aerospace-s-debut-lupin-s-acquisition-and-prataap-snacks-market-minutes-12900585.html

Will markets end 2024 on a muted note? All eyes on Unimech Aerospace's debut, Lupin’s acquisition, and Prataap Snacks | Market Minutes

2024-12-31 08:44

2024-12-31

08:44

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/citi-research-bullish-on-vodafone-idea-indus-towers-following-dot-s-bank-guarantee-waiver-sees-68-upside-for-vi-12900577.html

Citi Research bullish on Vodafone Idea, Indus Towers following DoT's bank guarantee waiver, sees 68% upside for VI

Citi maintained its bullish 'buy' on Vodafone Idea, with a target price of Rs 13..Related stories.

International brokerage Citi Research remained bullish on beleaguered telecom operator Vodafone Idea, following the waiver of bank guarantee from the Department of Telecommunications (DoT). Further, Citi also maintained its 90-day positive catalyst watch on Indus Towers. The telecom department has waived the requirement of bank guarantee to be submitted for spectrum auctions held prior to the reform package, telecom operator Vodafone Idea said on Saturday, adding that the latest "relief" will boost 4G and 5G investments in India. Prior to this reform, bank guarantees aggregating to about Rs 24,800 crore were required to be provided by VIL against each spectrum instalment, 13 months prior to the instalment falling due for the above auctions, the company said in a BSE filing. Follow our market blog to catch all the live updates The government's bank guarantee waiver is a major relief to Vodafone Idea, as it was not in a position to provide the guarantees. Also, they were stumbling blocks in efforts to raise debt funding, noted the brokerage. Citi maintained its high risk rating of a bullish 'buy' on Vodafone Idea, with a target price of Rs 13 per share. This implies a whopping 68 percent upside from the previous session's closing price. The waiver also has a positive effect on Indus Towers, and any progress on Vodafone Idea's debt funding will be a key monitorable going forward. The brokerage reiterated its 90-day positive catalyst watch on Indus Towers, with a target price of Rs 485 per share. Following the update, the brokerage sees improved visibility of Indus Towers reinstating dividends in Q3 or Q4 of FY25. Indus Towers' declining capex is aiding free cash flow generation. There is an upcoming pickup in tenancies from Vodafone Idea starting Q3, with a possible inflection in tenancy ratio from Q4, added the brokerage.

2024-12-31 08:38

2024-12-31

08:38

moneycontrol.com

https://www.moneycontrol.com/news/business/china-s-factory-activity-expands-again-as-economy-stabilizes-12900578.html

China’s factory activity expands again as economy stabilizes

China factory activity expanded for a third straight month.Related stories.

China’s factory activity expanded for a third straight month in December, bolstering expectations the economy will reach its annual growth target after Beijing’s stimulus blitz. The official manufacturing purchasing managers’ index was 50.1, the National Bureau of Statistics said Tuesday. While it indicates a slightly slower pace of growth than economists expected, the reading marked the longest streak of expansion since March last year. The non-manufacturing measure of activity in services and construction was 52.2, significantly above the forecast of 50.2 and rising to the highest level since March. The 50-mark separates expansion and contraction. “Corporate production and operation activities accelerated in December, and the economy’s momentum extended a trend of rebounding and improving,” NBS senior statistician Zhao Qinghe said in a statement accompanying the data. The world’s No. 2 economy has been showing tentative signs of recovery after authorities announced a raft of stimulus measures including interest-rate cuts in late September. But sluggish consumption remains a pain point just as exports — one of China’s main growth drivers — faces the threat of a new trade war from the incoming Trump administration. In an effort to repair the economy’s weak link, Chinese policymakers earlier this month elevated boosting consumption and domestic demand the top priority for economic work next year, only the second time in at least a decade. They listed a few areas of focus including helping lower-income groups and improving the social safety net, although Chinese leaders have yet to provide details of their plans. Services activity expanded at the fastest pace since March, reflecting a broad recovery in momentum from transportation to financial services, according to the NBS. New orders for the construction industry expanded for the first time this year, reflecting increased activity as companies rushed to build projects ahead of the Lunar New Year holiday, according to the NBS.

2024-12-31 08:31

2024-12-31

08:31

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/short-call-2024-riding-high-ending-low-jsw-energy-zinka-logistics-12900573.html

Short Call | 2024: Riding high, ending low; JSW Energy, Zinka Logistics

Short Call.Related stories.

The year gone by has been a tumultuous one, with the Nifty and Sensex scaling record highs for eight of the past 12 months. However, the benchmarks still managed to settle just eight percent higher, as large-caps sulked, while SMIDs saw a sharp rally. Despite the underperformance, Indian equities remained attractive to global investors. Foreign investors continued to bet on India, boosting MSCI India’s rank within the emerging markets (EM) cohort. While valuations for Indian equities grew on a year-on-year basis in absolute terms, they declined relative to the broader EM index, weighed down by the September correction. After three years of calm, volatility roared back in 2024, leaving investors wondering: will 2025 bring more turbulence or renewed foreign buying? I guess only time will tell. Zinka Logistics (Rs 507.25, -5%) Shares fell after Morgan Stanley initiated 'underperform' call. Bull Case: Niche position and strong competitive advantages in a fragmented logistics market to give an edge to earnings growth. Turning profitable with rapidly improving margins estimated to stabilise at 60% by 2027 ushers optimism, notes Morgan Stanley. Bear Case: The sharp 105% surge in stock price since its November 2024 listing leaves little room for more upside, at least in the near-term, believes Morgan Stanley. JSW Energy (Rs 644, +3%) Arm - JSW Neo Energy acquires O2 Power Bull case: JSW Energy’s acquisition of O2 Power significantly strengthens its renewable energy portfolio, positioning it to achieve a capacity of 25 GW by FY27/28. This move ensures long-term growth, with the deal adding 2.4 GW of operational assets and a strong EBITDA run-rate of Rs 1,500 crore. The company is well-positioned to capitalise on the growing demand for clean energy. Bear case: While the acquisition of O2 Power enhances JSW Energy's renewable portfolio, integration risks and potential execution challenges may affect synergies and overall profitability. Additionally, the company’s ambitious capacity target requires substantial investments, and any delays in project development or regulatory hurdles could impede growth. (With inputs from Vaibhavi and Lovisha.)

2024-12-31 08:19

2024-12-31

08:19

moneycontrol.com

https://www.moneycontrol.com/technology/google-maps-most-searched-2024-here-s-what-people-searched-the-most-this-year-article-12900535.html

Google Maps most searched 2024: Here’s what people searched the most this year

Google Maps.

The year 2024 is almost come to an end. Before that happens, Google has dropped the “Year in Search 2024” report, showcasing the most trending searches on Google Maps. This data provides insights into the locations that captured the world’s attention. From iconic parks and renowned museums to popular stadiums, here’s what people searched for the most in 2024. Parks dominated global interestThe top searches for parks included Central Park in New York, Ohori Park in Fukuoka, and Hyde Park in London. Parks across different continents witnessed significant public interest. Museums in focusAmong museums, The British Museum in London and the Louvre Museum in Paris were some of the most searched. Museums showcasing a blend of art, history, and culture made it to the top list. Iconic stadiums searched worldwideGoogle Maps searches for stadiums featured prominent venues like Santiago Bernabéu Stadium in Madrid and Tokyo Dome in Japan. These venues often hosted major events, drawing considerable attention globally. Top trending searches on Google Maps in 2024CategoryLocationCityCountryParksCentral ParkNew YorkUnited StatesRizal ParkManilaPhilippinesOhori ParkFukuokaJapanPark GüellBarcelonaSpainOdori ParkHokkaidoJapanRed Rocks Park and AmphitheatreMorrisonUnited StatesPlaza Botero - Medellín, AntioquiaMedellínColombiaStanley ParkVancouverCanadaNara ParkNaraJapanHyde ParkLondonUnited KingdomMuseumsThe British MuseumLondonUnited KingdomMuseum of Art of São Paulo Assis ChateaubriandSão PauloBrazilScience and Industry MuseumChicagoUnited StatesMuseo Nacional de AntropologíaMexico CityMexicoMuseo Nacional del PradoMadridSpainCiudad de las Artes y las CienciasValenciaSpainLouvre MuseumParisFranceRijksmuseumAmsterdamNetherlandsMercedes-Benz MuseumStuttgartGermanyStädel MuseumFrankfurtGermanyStadiumsArena di VeronaVeronaItalySantiago Bernabéu StadiumMadridSpainWembley StadiumWembleyEnglandTokyo DomeBunkyōJapanSpotify Camp NouBarcelonaSpainMadison Square GardenNew YorkUnited StatesSan Siro StadiumMilanItalyStade de FranceSaint-DenisFranceK-Arena YokohamaYokohamaJapanSignal Iduna ParkDortmundGermany

2024-12-31 08:11

2024-12-31

08:11

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/world-street-us-treasury-targeted-in-hack-bitcoin-falters-blackrock-under-fire-and-more-12900566.html

World Street | US Treasury targeted in hack, Bitcoin falters, BlackRock under fire, and more

World Street offers a sneak peek into the world of business and economy..Related stories.

Bitcoin’s rally loses momentum, Wall Street grapples with rate cut implications, and regulatory shifts stir discussions. From BlackRock facing tighter scrutiny to South Korea’s unprecedented presidential arrest warrant and a major US Treasury cyberattack. All this and more on the December 31 edition of World Street. Bitcoin Rally SlowsBitcoin’s year-end surge continued to lose steam on Monday, closing at $94,000 when US markets wrapped up at 4 p.m. ET. Earlier this month, the cryptocurrency hit $106,000 amid optimism about the incoming administration’s pro-crypto stance. Wall Street’s 2024 PerformanceIn 2024, the Dow faced its longest losing streak since 1974, with declines worsening after the Federal Reserve’s recent meeting. Although the Fed delivered a widely expected quarter-point rate cut, it scaled back projections for further cuts next year, triggering a selloff.Despite this, the Dow, S&P 500, and Nasdaq are poised to end the year with gains, with the Nasdaq leading at over 32 percent growth as of Monday’s close. Fannie Mae and Freddie Mac’s FutureShares of Fannie Mae and Freddie Mac surged on Monday after investor Bill Ackman predicted the President-elect will privatize the mortgage firms. Ackman anticipates they could return to private ownership and potentially relist by 2026, ending government conservatorship. BlackRock Faces FDIC ScrutinyThe FDIC is pressing BlackRock to adopt stricter compliance measures when it holds over 10 percent of shares in midsized banks. The $11.5 trillion asset manager has until January 10 to respond to the proposal, sources said.Regulators and politicians are increasingly wary of the influence wielded by firms like BlackRock, Vanguard, and State Street, fueled by the dominance of passive funds tracking major indexes. South Korea Issues Arrest Warrant for PresidentA South Korean court approved an arrest warrant for President Yoon Suk Yeol following his impeachment over the brief imposition of martial law on December 3. The Corruption Investigation Office for High-ranking Officials (CIO) confirmed this is the first warrant for a sitting president in the country’s history. US Treasury CyberattackChinese state-sponsored hackers infiltrated the US Treasury Department’s systems through a third-party provider, BeyondTrust, earlier this month, according to Reuters. The attackers exploited a key security vulnerability, gaining access to certain workstations and unclassified documents in what Treasury officials called a “major incident.”

2024-12-31 08:09

2024-12-31

08:09

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/itc-demerger-update-cash-worth-rs-1-500-crore-to-be-transferred-to-itc-hotels-for-growth-12900569.html

ITC demerger update: Cash worth Rs 1,500 crore to be transferred to ITC Hotels for growth

After the demerger, ITC Hotels will issue equity shares directly to shareholders of ITC such that 60% stake will be held directly by shareholders and the remaining 40% stake will continue with ITC..Related stories.

ITC said it will transfer cash and cash equivalent worth Rs 1,500 crore to ITC Hotels for growth and contingency requirements of the demerged hotel entity, along with assets and trademarks, ahead of January 1, 2025, the effective date of the demerger. The investor presentation shared on December 30 said ITC Hotels would be cumulatively incurring 8-10% of revenue on capital investments such as renovations and on-going projects, along with new greenfield projects. The demerged entity will also be well-poised to pursue and execute 'selective inorganic opportunities' too, saidITC. The alliances that ITC Hotels would seek would value accretive, said the presentation. ITC Hotels is inheriting a strong zero debt balance sheet and cash generating businesses, which will help in accelerating growth, it added. Read More:Jefferies foresees strong growth potential for ITC Hotels, value to unlock post listing The employees engaged in the hotel business will be transferred to ITC Hotels with continuity of service. "Employment terms to be no less favourable than their existing terms of employment with ITC," the presentation added. Read More:ITC offers over 18% upside, expect buoyancy in hotel demand, agri revival All the investments in the hospitality entities, forming part of the Hotels Business, are being transferred to ITC Hotels, however, financial investments in EIH and HLV, and non-operational investments (Logix Developers) not being transferred, as proposed in the scheme of demerger. ITC added that an operating service agreement is being planned with ITC Hotels to operate and manage Mumbai-based ITC Grand Central hotel. Read More:ITC sets Jan 1, 2025 as effective date for demerger of hotel business After the demerger, ITC Hotels will issue equity shares directly to shareholders of ITC such that 60% stake will be held directly by shareholders and the remaining 40% stake will continue with ITC. TheRecord Date has been fixedas January 6, 2025 to determine shareholders of ITC to whom shares of ITC Hotels would be allotted after the demerger.

2024-12-31 08:08

2024-12-31

08:08

moneycontrol.com

https://www.moneycontrol.com/news/opinion/overreliance-on-fiscal-policy-harms-india-s-economic-growth-prospects-12900479.html

Overreliance on fiscal policy harms India’s economic growth prospects

Part of the reason for economic slowdown as compared to expectations is the continuing global economic slowdown..Related stories.

By DK Srivastava The year 2024 was characterised by the presentation of two union budgets: an interim budget in February and a final budget in July. In the interim pre-election budget, the Government of India (GoI) maintained fiscal discipline by not announcing any substantial fiscal giveaways. Its main intervention was to extend the ongoing Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) for another five-years. However, since this scheme was already in operation, this did not imply any additional commitment beyond what was being spent, except for some inflation adjustment. The interim budget also continued the emphasis on GoI’s investment expenditure growth which has been the main growth driver for the Indian economy in the post Covid years. It also continued with an emphasis on fiscal consolidation by reducing fiscal deficit to a budgeted level of 4.9 percent of GDP. Shortfall in meeting investment target hurt growth This structure of priority continued in the final budget, except that it also contained a set of ambitious employment linked incentive schemes (ELI). While in terms of budgetary targets and allocations, these appeared to be consistent with the ongoing headwinds emanating from the global economy, the main disappointment arose from the implementation of these budget initiatives. First, instead of meeting the GoI’s investment growth target of 17.1 percent (over the CGA actuals for FY24), the first seven months witnessed a contraction to the extent of (-) 14.7 percent. This became the main reason why the July-September 2024-25 quarter real GDP growth fell to 5.4 percent. The first half 2024-25 real and nominal GDP growth has been estimated at 6 percent and 8.9 percent respectively. The final budget had assumed a nominal GDP growth of 10.5 percent. The situation can now be recovered to some extent by accelerated growth in GoI’s investment expenditure in the remaining five months of the fiscal year. However, the likelihood is that we may fall short of the budgeted target since the required growth in this remaining period is more than 60 percent. Overreliance on fiscal policy Part of the reason for economic slowdown as compared to expectations is the continuing global economic slowdown. But it is partly also because only one policy driver has played an active growth supporting role namely the fiscal policy. On the monetary side, the repo rate has remained at the level of 6.5 percent for almost two years. The reason for this is a CPI inflation level which has remained at an average of 4.9 percent. Underlying this average level is a core inflation of 3.4 percent but food inflation of 8.4 percent. Food inflation is a supply side issue and policy makers should find a more satisfactory solution to this continued problem. If this issue can be addressed, with core CPI inflation being less than 4 percent, monetary policy can also be aligned more to support growth. 2025 prospects Going forward, we expect global economic headwinds to continue. India should target a real GDP growth of 6.5 percent to 7 percent in 2025-26 and in the medium term. The global crude price is expected to remain below US$75/bbl. which is satisfactory for India. The US is likely to encourage increased production of shale oil and gas easing the overall supply situation. Agricultural growth is likely to remain robust next year also. The monetary policy authorities should now consider a 50-basis point reduction in the repo rate in two steps beginning February 2025. The GoI should aim for reducing fiscal deficit to a level of 4.5 percent of GDP in 2025-26 and maintain a healthy momentum in its investment expenditure growth. With interest rates being reduced, there is a likelihood that private sector capital expenditure will also gather momentum while government capital expenditure can be targeted to grow at more than 15 percent. This will generate adequate domestic demand. At the same time, it is required that the nominal saving rate exceeds 30 percent of GDP which together with net foreign capital inflow of 2 percent of GDP can give an investible resource of 32 percent in nominal terms and 36 percent in real terms assuming a differential of nearly 4 percent points between implicit price deflator-based inflation of capital goods vis-à-vis all goods and services. Employment guarantee is better than UBI GoI should also be able to activate its ELI schemes. In fact, what is needed in India is a universal employment guarantee scheme by adding an urban component to the already existing rural counterpart (MGNREGA). This would be a better option as compared to a universal basic income guarantee scheme. GoI’s fiscal deficit in the medium-term should be reduced to 3 percent of GDP and government debt to less than 40 percent of GDP. This would reduce the level of interest payments relative to revenue receipts of the GoI. In the next five years, the tax-GDP ratio should also be increased by about 100 basis points. Together these initiatives would help support a real GDP growth of 6.5 percent to 7 percent in the medium term. (D.K. Srivastavais Chief Policy Advisor, EY India and formerly Director, Madras School of Economics.) Views expressed are personal and do not represent the stand of this publication.

2024-12-31 08:02

2024-12-31

08:02

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/standard-glass-lining-sets-price-band-of-rs-133-140-a-share-for-ipo-12900563.html

Standard Glass Lining sets price band of Rs 133-140 a share for IPO

The book running lead managers for the IPO are IIFL Capital Services and Motilal Oswal Investment Advisors..

Standard Glass Lining Technology Ltd has announced a price band of Rs 133-140 per share for its upcoming initial public offering (IPO), which will open for subscription on January 6. The anchor book will open on January 3, and the issue will close on January 8. Allotment of shares is scheduled for January 9, with listing on stock exchanges set for January 13. The IPO includes a fresh issuance of equity shares worth Rs 210 crore and an offer-for-sale (OFS) of 1.4 crore shares by promoters and other shareholders. At the upper price band, the OFS is valued at approximately Rs 196 crore, bringing the total issue size to around Rs 406 crore. Proceeds from the fresh issue will be used to acquire machinery and equipment, reduce debt, fund inorganic growth, and for general corporate purposes. The company manufactures critical equipment used in the production of pharmaceutical and chemical products. It ranks among India’s top three manufacturers of glass-lined, stainless steel, and nickel alloy-based specialized engineering equipment, as well as suppliers of PTFE-lined pipelines and fittings, based on revenue in fiscal 2024. The book running lead managers for the IPO are IIFL Capital Services and Motilal Oswal Investment Advisors.

2024-12-31 07:50

2024-12-31

07:50

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/here-are-the-top-global-cues-for-today-s-trade-first-tick-4-12900497.html

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

Stock Market Setup.Related stories.

The Sensex and Nifty 50 are expected to start on a negative note on December 31 tracking cues from GIFT Nifty that is trading around 23,653.50 a short while ago this morning, a deep discount of 187 points, signaling a a gap-down opening. Track the latest updates on GIFT Niftyright here onMoneycontrol. Indian markets mirrored the weak global trend and ended lower in the previous session on Monday. This came after Asian equities ended mostly lower after Wall Street indices settled in the negative territory at the end of last week, dragged by a selloff in technology shares. The benchmark Sensex closed down 0.57 percent, shedding 450 points to settle at 78,248, while the Nifty dropped 0.7 percent, or 168.5 points, to 23,644.90. Here is how financial markets across the globe fared overnight: GIFT Nifty (Down) The GIFT Nifty is trading with deep discount, indicating a gap-down start for the day. Nifty futures were trading at 23,661.50, down 174.50 points or  0.7 percent from Monday's closing price at 07:32 am IST. Asian Equities (Down) Across the Asia-Pacific region, some markets like Japan and South Korea were closed for New Years eve while Hong Kong markets will have a shortened trading day. Aside from that, China’s Shanghai Composite traded flat after the country’s factory activity growth lagged expectations. Australia’s S&P/ASX 200 also edged 0.6 percent lower in early trade but Hong Kong's Hang Seng managed to eke out marginal gains.Change From Previous Close (%)Nikkei 225ClosedHang Seng0.2KospiClosedShanghai Composite-0.1US Equities (Down) In the US, Wall Street closed in the red on Monday amid thin volumes and limited triggers during a holiday-shortened week. All three major US indices, closed the with around 1 percent cuts overnight.Change From Previous Close (%)Dow Jones Industrial Average-0.97S&P 500-1.07Nasdaq Composite-1.21US Bond Yield (Down) The US 10-Year Treasury was down 9 basis points to 4.54 percent, while the 2-Year Treasury was down 1 basis points to 4.244 percent, in the early Monday trade.Current PriceUS 10-Year Treasury4.54US 2-Year Treasury4.244Dollar Index (Flat) The dollar index was largely steady against the other major currencies in the early Tuesday trade.Change From Previous Close (%)Dollar index107.93Asian currencies (Mixed) Asian currencies were trading mixed against the US dollar in the early Tuesday trade.Change From Previous Close (%)Indonesian Rupiah0.57South Korean Won0.06Japanese Yen0.11Philippines Peso0.22Thai Baht-0.03Taiwan Dollar0.09China Renminbi-0.05Malaysian Ringgit0.20Singapore Dollar0.10Crude (Up) Oil prices were rose in early trading. Brent crude futures and US West Texas Intermediate crude were both trading higher.Change From Previous Close (%)US West Texas0.7Brent crude0.4Gold (Flat) Gold was largely steady in quiet, pre-holiday trading, trading largely flat.Change From Previous Close (%)Gold0.1Silver0.2Fund Flow Action Foreign institutional investors (FIIs) extended their selling on December 30 as they net offloaded equities worth Rs 1,893 crore, while domestic institutional investors extended their buying as they bought equities worth Rs 2,174 crore on the same day.December 27 (Rs cr)MTD (Rs cr)FII Net Flows1,893-12,337.26DII Net Flows2,17429,648.00Hope you're all set for today's trade, we wish you a profitable day ahead.

2024-12-31 07:46

2024-12-31

07:46

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/brokerage-radar-jpmorgan-maintains-underweight-on-adani-wilmar-citi-bullish-on-vodafone-idea-12900560.html

Brokerage Radar: JPMorgan maintains 'underweight' on Adani Wilmar, Citi bullish on Vodafone Idea

Brokerage Radar.Related stories.

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Adani Wilmar, Vodafone Idea, Reliance Industries and more. JPMorgan On Adani WilmarUnderweight Call, Target At Rs 320/ShAdani Enterprises To Fully Exit The JV; Co To Increase Ownership To 75%Option Price Will Be Mutually Agreed Upon By Parties, Subject To A Maximum Price Of `305At Upper Limit Of Price Range, Co Would Acquire Stake For `12,300 CrCo’s Related Party Transactions With Adani Grp & Related Entities Accounted For `75 Cr/`105 Cr In H1FY25/FY24 UBS On Micro FinanceMicro Finance Overdue Up 110 bps MoM In November 2024Higher Slippages Will Continue In H2FY25Higher Slippages From Elevated Forward Flow From Early Delinquency Buckets To 90+ DPD Will ContinueExpect Growth To Remain Muted In FY25 Due To StressDisbursement Norms Are Also Getting Tightened By Micro Finance Industry SROTightened Disbursement Norms Are Positive In Medium-term But It Would Reduce LiquidityNeutral On Bandhan Bank (46% Book Is MFI), IndusInd (9% MFI) & AU Bank (7% MFI)Prefer HDFC Bank, ICICI Bank, Federal Bank & Sell On SBI & SBI Cards Citi On Voda IdeaBuy Call, Target At Rs 13/ShGovt’s Bank Guarantees Waiver Is Major Relief As Co Was Not In A Position To Provide These BGsBank Guarantees Were Proving To Be Stumbling Block In Efforts To Raise Debt FundingThis Would Also Have Positive Implications For Indus TowersAny Progress On Debt Funding Will Be A Key Monitorable Going Forward MS On Reliance IndOverweight Call, Target At Rs 1,662/ShAcquisition Of Oncology Platform Adds Another Stack To Diagnostic & Digital Health EcosystemCo Is Aiming To Leverage Tech Expertise & Distribution Networks For Integrated Health System Nuvama On JSPLBuy Call, Target At  Rs 1,292/ShCo Is In Process Of Resolving Pellet Plant Bottleneck, Which Can Ramp Up Steel VolumePellet Plant Bottleneck Can Ramp-up Steel Volume To Nearly 8.3 mt In FY26 From Existing CapacityCapex Push Likely By Government In Q4FY25, Leading To Volume GrowthQ4FY25 Looks Promising Amid Higher Steel Prices & VolumesDespite Promising Q4FY25, Reducing FY25/26 EBITDA By 6%/4% To Factor In Lower Volumes

2024-12-31 07:33

2024-12-31

07:33

moneycontrol.com

https://www.moneycontrol.com/news/world/us-treasury-says-it-was-breached-by-chinese-backed-hacker-12900559.html

US Treasury says it was breached by Chinese-backed hacker

The US Treasury building in Washington, DC. Photographer: Stefani Reynolds/Bloomberg.Related stories.

The US Treasury Department was hacked by a Chinese state-sponsored actor through a third-party software service provider, according to a letter the agency sent to Congress on Monday. Treasury described the intrusion as a “major cybersecurity incident,” since it was attributed to a state-sponsored actor, according to the letter, which was reviewed by Bloomberg News. Treasury was notified on Dec. 8 by a third-party software provider, BeyondTrust Inc., that a hacker had gained access “to a key used by the vendor to secure a cloud-based service used to remotely provide technical support for Treasury Departmental Offices (DO) end users,” according to the letter. The department is being assisted by the Cybersecurity and Infrastructure Security Agency, the FBI, the intelligence community and third-party forensic investigators. Based on available information, advanced hackers tied to China were behind the incident, according to the letter. The Chinese embassy in Washington opposes US “smear attacks against China without any factual basis,” it said in an emailed statement. “The US needs to stop using cybersecurity to smear and slander China, and stop spreading all kinds of disinformation about the so-called Chinese hacking threat,” it said. BeyondTrust, which sells managed access software and other cybersecurity products, holds contracts with the federal government worth more than $4 million, according to government data compiled by Bloomberg. In addition to Treasury, the data shows, BeyondTrust does business with the Department of Defense, Department of Veterans Affairs and the Department of Justice, along with other agencies. A BeyondTrust spokesperson said Monday night that a limited number of customers were involved, had been notified and were being offered support. The spokesperson added that law enforcement had been contacted and the company was supporting the investigation. The Department of Defense, Department of Justice, and Department of Veterans Affairs didn’t immediately respond to separate requests for comment. The hacker was able to remotely access certain Treasury workstations and “certain unclassified documents maintained by those users,” the department said in the letter to Senators Sherrod Brown and Tim Scott. “The compromised BeyondTrust service has been taken offline, and there is no evidence indicating the threat actor has continued access to Treasury systems or information,” a Treasury spokesperson said. Disclosure of the breach comes as the White House continues to investigate what it says is a vast cyber-espionage campaign against US telecommunications companies by Chinese state-sponsored hackers. On Friday, the White House said nine telecom firms had been impacted by the attacks, which have been attributed to a group Microsoft Corp. nicknamed Salt Typhoon. The hackers allegedly spent months lurking inside American telecom networks and gathering information about an unknown number of Americans’ phone calls and text messages. Among the phones targeted were those of then presidential candidate Donald Trump and his running mate JD Vance, Trump family members and members of Vice President Kamala Harris’ campaign staff and others, the New York Times has reported. The alleged Chinese espionage efforts at US telecoms and the Treasury Department come after a period of relative calm in relations between US and China in the final stretches of President Joe Biden’s term. That included Biden and Chinese leader Xi Jinping meeting at the APEC summit in Peru last month, a rare prisoner swap in late November and renewed agreement earlier this month on science and technology cooperation. The Salt Typhoon telecoms hack came up at the Peru meeting, where Biden “made very clear where the US stands on it,” National Security Adviser Jake Sullivan said at the time. Xi told Biden at the meeting “there is no evidence that supports the irrational claim of the so-called ‘cyberattacks from China,’” the Washington embassy said Monday. Anne Neuberger, the deputy national security adviser for cyber and emerging technologies, said last week that the administration has further actions planned to hold Beijing accountable after moving ahead with a ban of China Telecom in the US.

2024-12-31 07:32

2024-12-31

07:32

moneycontrol.com

https://www.moneycontrol.com/news/business/personal-finance/money-changes-in-january-rbi-s-new-fd-rules-quicker-credit-data-updation-deadlines-for-tax-saver-investment-proofs-and-more-12900373.html

Money changes in January: RBI’s new FD rules, quicker credit data updation, deadlines for tax-saver investment proofs, and more

The RBI has introduced new guidelines for FDs with NBFCs and HFCs, which will come into effect from January 1..Related stories.

The year 2025 will begin with a slew of changes in the banking and financial space. The Reserve Bank of India (RBI) has introduced new guidelines for fixed deposits (FDs) with Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs), besides mandating credit information data updates every fortnight. Banks have decided to introduce minimum spending criteria for their credit card customers who wish to access airport lounges, and more. Whether you're an FD investor, a credit card holder or a mutual fund investor, several changes are set to affect your finances in January. Here's a rundown of the key updates. RBI's new fixed deposit guidelines for NBFCs and HFCs The RBI has introduced new guidelines for FDs with NBFCs and HFCs, which will come into effect from January 1. Key changes include revised premature withdrawal rules. For small deposits up to Rs 10,000, depositors can withdraw the entire amount within three months of depositing without interest. For larger deposits, partial withdrawals of up to 50 percent of the principal amount or Rs 5 lakh (whichever is lower) are allowed within three months without interest. Additionally, in cases of critical illness, depositors can withdraw the entire principal amount prematurely without interest, regardless of the deposit term. Furthermore, NBFCs will now notify depositors of maturity details at least two weeks before the maturity date, providing more timely updates. Also read |2025 outlook: Equity’s long-term prospects remain strong, bonds may continue to offer stable, remunerative returns More frequent credit information data updates Starting January 1, 2025,banks and financial institutions will update credit records more frequently, as proposed in the August 2024 monetary policy. Instead of monthly updates, as is the case currently, credit data will now be refreshed every fortnight (i.e., on the 15th and the last day of the month), or at shorter intervals as mutually agreed upon between the credit institutions and the credit information companies. BOBCARD revisions: New charges, features, and lounge access rules Starting January 1, BOBCARD will implement changes in its credit card terms features. Firstly, it has removed the earlier cap of 500 reward points per statement cycle on UPI transactions. Secondly, the bank has revised its tariff of charges on credit cards. From now on, cardholders will have to pay a 1 percent processing fee on wallet loading, utility transactions exceeding Rs 50,000 (capped at Rs 3,000 per transaction), and fuel transactions above Rs 10,000. However, HPCL ENERGIE BOBCARD holders will be exempt from the processing fee on fuel transactions. Further, BOBCARD holders will be eligible for complimentary domestic airport lounge access if they meet the minimum spending requirement in the previous quarter. The minimum spending threshold varies by card type, such as Rs 40,000 for the Eterna credit card, and Rs 20,000 for Varunah Premium and Premier credit cards in the preceding quarter. For instance, to be eligible for complimentary lounge access on the Eterna credit card in the January-March 2025 quarter, you need to spend a minimum of Rs 40,000 in the October-December 2024 quarter and similarly for the following quarters. For newly issued cards, the minimum spending requirement is exempted for the first quarter, allowing cardholders to access domestic airport lounges. RuPay introduces tiered lounge access policy for credit cardholders RuPay credit cardholders will have to get used to a new lounge access policy in Delhi starting January 1. The policy is spend-based, meaning cardholders will get complimentary lounge access based on their spending in the previous quarter. The spend-based tiers are as follows: spending between Rs 10,000 and Rs 50,000 qualifies for two complimentary lounge visits per quarter (Tier 1), while spending more than Rs 50,000 to Rs 1 lakh earns four complimentary visits (Tier 2). Higher spending tiers offer more lounge visits: more than Rs 1 lakh to Rs 5 lakh (Tier 3) earns eight visits, and spending above Rs 5 lakh (Tier 4) offers unlimited complimentary lounge visits per quarter. This lounge access policy applies to select RuPay credit card variants, including Select, Platinum, and higher variants. Also read |Yearender 2024: Five tax-saving hacks that can reduce your outgo in 2025 File your investment proofs in January Most employers ask their employees to submit proof of tax-saver investments made during the financial year in January. Ideally, tax planning should be a subset of your overall financial planning strategy, and the process should begin in April, rather than at the last minute, just before filing the declarations. Nevertheless, do not miss the deadline set by your employers, as it could lead to higher taxes being deducted from your salary in January, February and March. While you can claim a refund on excess taxes deducted at the time of filing your returns in July, timely declarations will help you avoid a potential cash crunch in the last quarter of the financial year. However, ensure that you do not make any investments in haste. Check whether your Employees' Provident Fund (EPF) deductions, home loan repayment or children's school fees can exhaust the Rs 1.5 lakh limit under section 80C (old tax regime). In that case, you need not look for tax-saving avenues, which come with lock-in periods. Motilal Oswal MF halts SIPs in international funds Effective January 5,Motilal Oswal Mutual Fund will temporarily halt inflows from existing systematic investment plans to its two international funds, Motilal Oswal S&P 500 Index Fund and Motilal Oswal Nasdaq 100 Fund of Fund as it has exhausted the overseas investment limit. The upper limit available to asset management companies to invest in overseas securities is $7 billion. The fund will temporarily suspend existing SIPs, not terminate them, and will reinstate them if regulations change. The pause won't affect redemptions, withdrawals, or fund transfers.

2024-12-31 07:22

2024-12-31

07:22

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/daily-voice-2025-to-be-a-year-for-stock-pickers-focus-on-these-5-themes-says-vallum-capital-s-manish-bhandari-12900539.html

Daily Voice: 2025 to be a year for stock pickers, focus on these 5 themes, says Vallum Capital's Manish Bhandari

Manish Bhandari is the Founder, CEO & Portfolio Manager of Vallum Capital Advisors.Related stories.

"2025 is projected to be a year for stock pickers, with investors focusing on specific opportunities rather than broad asset class performance," Manish Bhandari, Founder, CEO & Portfolio Manager of Vallum Capital Advisors said in an interview to Moneycontrol. Additionally, according to him, the recent strengthening of the INR compared to BRICS and other developed currencies highlights India's solid economic foundation, with no major disasters anticipated. Among themes, he belives premium products and services sector is thriving, while sectors like electronic manufacturing and aerospace maintenance (MRO) are gaining traction, supported by government initiatives. "Specialized engineering segments are expected to grow, driven by technological advancements. The IT service sector continues to thrive, with Global Capability Centres generating millions of new jobs annually," said Manish Bhandari with two-and-a-half decades of experience. Do you foresee the possibility of a significant correction in the equity market in 2025? Indian equities are unlikely to experience corrections exceeding 20%, which are considered "Black Swan" events. In the last 25 years, such large drawdowns have occurred only five times. A significant correction would typically require a "tail risk" event. Currently, the depreciation of the Chinese yuan amid US trade disputes is the only potential tail risk identified, but its likelihood remains uncertain. Investors should be aware that the top-performing sectors or asset classes change in every market cycle. This is a predictable outcome in investing. In 2024, all major asset classes yielded positive returns. Historically, such synchronized performance often precedes muted returns in the subsequent year. This suggests that market conditions may be less favourable for broad asset classes in the near future. Despite strong macroeconomic fundamentals in India, global equity markets may experience a shift in leadership due to evolving macroeconomic conditions, especially following worldwide election cycles. The continued dominance of the US equity market, particularly the S&P 500, is seen as a potential risk to broader equity markets, including emerging markets like India. While broad market returns may slow, specific sectors or themes within the market could deliver significant returns. This points to opportunities in niche areas despite an overall subdued performance. In essence, Indian equities are expected to remain resilient, but global equity markets might witness a leadership transition. 2025 is projected to be a year for stock pickers, with investors focusing on specific opportunities rather than broad asset class performance. Additionally, the recent strengthening of the INR compared to BRICS and other developed currencies highlights India's solid economic foundation, with no major disasters anticipated. Are you concerned about earnings and economic growth in 2025? India’s promising long-term economic outlook is driven by multiple factors: India’s economic growth: India is well-positioned for robust growth, with its manufacturing, services, and consumption sectors playing a pivotal role. Favourable policy measures from the Modi government are expected to continue supporting this trajectory. India’s growth among major economies: India is projected to deliver top-quartile economic growth among major investible economies, making it an attractive long-term investment destination. Muted earnings due to government capex slowdown: Earnings across sectors have been impacted by a slowdown in government capital expenditure (capex), with only 40% of budgeted capex spent in the first half of FY25. Post-election, an acceleration in public capex and a revival of private capex are expected. Domestic earnings driver: Despite subdued global demand, a rebound in domestic capex is anticipated to drive earnings growth in India, particularly in 2025. Impact of US trade policies: US trade policies under the Trump administration could influence global business dynamics. Taxation and manufacturing policies will have implications for equity markets worldwide. India’s strong fundamentals, bolstered by favourable policies and domestic investment recovery, position it as a leader in global growth despite global uncertainties. Long-term investors are advised to focus on domestic growth opportunities in 2025. Which sectors are likely to perform strongly in 2025? Premium products and services: This sector is thriving. Higher-end goods and services, such as hotels, remain strong, indicating sustained demand despite economic uncertainties. Emerging manufacturing themes: Sectors like electronic manufacturing and aerospace maintenance (MRO) are gaining traction, supported by government initiatives. Small engineering niches: Specialized engineering segments are expected to grow, driven by technological advancements. Service sector growth: The IT service sector continues to thrive, with Global Capability Centres generating millions of new jobs annually. Micro Themes Consolidation: Industries like auto dealerships and CNG gas stations are undergoing consolidation, offering investment opportunities. Tech Media and CDMO: Companies focused on innovative, globally promising products are likely to benefit. US Re-Industrialization: India’s IT and engineering sectors could gain from the US’s re-industrialization trend, enhancing exports. Do you expect major announcements in the upcoming Union Budget to boost growth? The infrastructure spending target is expected to remain at Rs 11 lakh crore, indicating sustained investment in public capex. The Budget 2025 may include tax realignment for the auto sector and a recycling policy to promote sustainability and efficiency. Subventions for phasing out old vehicles could stimulate the auto cycle, support the recycling industry, and create jobs in light engineering. Avoiding increased taxes on capital markets is crucial to maintaining a favourable investment environment. Do you anticipate a major impact of any policy changes by the Trump administration on India and global growth? Strong ties with the US and the presence of Indian advisors in Trump’s council could mitigate adverse effects. Domestic healthcare and CDMO sectors are set to benefit from government support and rising demand. The Production Linked Incentive (PLI) scheme will drive manufacturing growth. US corporate savings from tax cuts are expected to fuel discretionary spending, benefiting Indian IT services. Which sectors are expected to show subdued performance in 2025? Overvalued sectors are likely to see muted performance as markets adjust to realistic projections. Execution challenges may hinder sustained growth in capital goods, while PSU companies might face limited growth due to shifting government focus. Regulatory changes under the Trump administration could pose risks to clean energy companies. In conclusion, while the global landscape presents challenges, India’s strong fundamentals and targeted sectoral opportunities offer a promising outlook for 2025.

2024-12-31 07:19

2024-12-31

07:19

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/rapido-s-ride-through-2024-turning-a-unicorn-expanding-aggressively-and-facing-new-competition-12900274.html

Rapido’s Ride Through 2024: Turning a unicorn, expanding aggressively and facing new competition

Rapido Founders (left to right): Pavan Guntupalli, Rishikesh SR, Aravind Sanka..Related stories.

As 2024 unfolded, Rapido, which started as a bike-taxi aggregator, navigated a road full of both opportunities and challenges. The ever-expanding consumer base promised growth, but the market was tightening, with new contenders like Namma Yatri intensifying competition in an already crowded mobility sector. For the Swiggy-backed Rapido, 2024 demanded more than innovation—it required a strategic pricing play, a revamped app experience, and a robust plan to solidify its position as a mobility service platform. “We expanded our offerings with the launch of Rapido Cabs, taking our mission of providing affordable and reliable rides to a pan-India scale. It’s been an ambitious journey, but seeing the trust and adoption from our users has been incredibly rewarding,” Arvind Sanka, co-founder of Rapido toldMoneycontrolwhile speaking about the company’s journey so far. While it introduced auto-rickshaws in 2020 in a few cities including Hyderabad and Bengaluru, Rapido added cabs at the end of 2023 in more cities and last-mile delivery services at the beginning of 2024, catering to a wider range of transportation needs. No longer just a bike-taxi aggregator Hyderabad-based Rapido, founded in 2015 by Sanka, Pavan Guntupalli and Rishikesh SR, has long made its mark as an affordable and efficient transportation alternative in India’s bustling and congested cities. However, as the mobility landscape evolved, so did the company. Recognising the need to diversify, Rapido expanded its offerings beyond bike-taxis to become a broader mobility platform while continuing to dominate the bike-taxi segment. The shift was driven by the changing preferences of consumers and the growing demand for cost-effective solutions. Pavan Guntupalli, co-founder of Rapido, during the Moneycontrol Startup Conclave held in August, said the company's focus is on urban mobility challenges. "We already have auto share services in cities like Bengaluru. We’re currently working on solutions to ease the commute in tier-1 cities like Bengaluru, Delhi, and Mumbai. Our goal is to enable better transport solutions and decongest roads through more sharing and leveraging existing infrastructure." The ride-hailing market in India: A fierce battleground Ride-hailing aggregator Uber on October 23 unveiled its 2024 India Economic Impact Report, compiled by consultancy firm Public First. The report said the ride-hailing auto market could grow by 50 percent over the next five years. Established players like Ola and Uber continued to dominate the traditional taxi space in 2024, while new entrants such as Namma Yatri and regional aggregators brought hyperlocal solutions, challenging existing giants. Namma Yatri which started its operations in 2022 with a USP of being a ‘zero-commission platform’, clocked about 60,000-80,000 rides a day in 2024. At the same time, Ola Cabs and Uber were also experimenting with newer categories like Uber Bus, Ola Electric Bike Taxis and more, increasing competition for Rapido. “Namma Yatri’s entry and other players’ aggressive expansion strategy was a tough competition for Rapido…However, what worked was the app’s experience and user loyalty,” said a mobility product developer requesting anonymity. “Compared to other apps, Rapido’s user-friendly approach and marketing added value,” the person quoted above said. Moreover, the company enhanced its app experience in 2024, a source said, integrating features like AI-powered route optimisation and dynamic pricing to offer better service during peak hours. Meanwhile, rising fuel prices and an increased focus on sustainability pushed consumers to consider more economical and eco-friendly options, creating a fertile ground for Rapido’s two-wheeler-focused service to flourish. The firm capitalised on these trends, carving out a niche in the metro cities. Turning a unicorn One of Rapido’s defining moments in 2024 was achieving unicorn status. Rapido joined the unicorn club after raising around $120 million (Rs 1,000 crore) in its Series E funding round led by its existing investor WestBridge Capital. A unicorn is a privately-owned business valued at $1 billion or more. Investors further doubled down on the firm with around $200 million in funding in September 2024. It also fuelled the company’s aspirations to diversify into new verticals, including last-mile delivery and logistics, leveraging its growing fleet and technological backbone. Rapido What worked for Rapido A critical factor in Rapido’s 2024 success was its ability to address the needs of both its riders and customers. For its captains, or driver-partners, Rapido provided flexible earning opportunities and introduced training modules to improve safety and service standards. “This year alone, we welcomed over 2 million new Captains across all three of our services—Bike, Auto, and Cabs—helping them earn a livelihood and build a better future for themselves and their families,” Sanka toldMoneycontrol. “Ending the year with 1 billion rides across our platform feels like a defining moment,” he added. SaaS model success While Namma Yatri was the first to launch a subscription model among drivers, Rapido’s quick introduction of a SaaS model among drivers and driver partners also helped in sustained revenue growth. “A big part of enabling this growth was transitioning from a commission-based model to a SaaS approach. This shift allowed us to streamline our operations and ensure our captains could maximise their earnings while maintaining flexibility,” Sanka said. Rapido's revenue from operations grew 46.3 percent to Rs 648 crore in FY24 from Rs 443 crore in FY23, its consolidated financial statements filed with the Registrar of Companies showed. Expanding pan-India In 2024, Rapido took a step in its evolution by expanding its cab services across India as against its core Karnataka and Hyderabad markets, marking a significant shift from its origins as a bike-taxi platform. The company introduced its cab offerings in multiple cities, tapping into the growing demand for affordable transportation. Along with cab services, the firm also introduced newer features that resonated well with the younger population as it started promoting inclusivity with its Women Captain initiative, empowering female riders to become captains and fostering a safer, more diverse driving community. Additionally, the firm also launched Rapido Pet which caters to pet owners by allowing them to travel with their pets, ensuring a comfortable and hassle-free auto ride for both passengers and their furry companions. Riding the quick commerce growth The firm also quickly hitched itself to the quick commerce frenzy. In an interaction with Moneycontrol in October, Sanka said that the firm is entering the quick commerce delivery segment for hyperlocal deliveries. It recently signed a partnership with Zepto, Pincode and KPN Farm Fresh. After the coronavirus pandemic, quick commerce has become a significant growth driver for the Indian market, with most fast-moving consumer goods companies identifying it as their fastest-growing sales channel. Going all-electric The company’s decision to introduce an electric bike fleet in major cities will also help the firm in addressing several regulatory concerns. “Some cities we will move to 100 percent electric in the next one year. For example, in Delhi we will be going 100 percent electric in the next one year. About 25 percent of our bike-taxi services are already electric there and we will slowly move towards other states as well,” Sanka said. Rapido is working with original equipment manufacturers and fleet operators including Zypp Electric and Gogoro. The firm also runs its own electric vehicle (EV) fleet in three-wheeler autos in Bengaluru. The shift could also give Rapido a first-mover advantage in the bike-taxi sector, as competitors such as Ola and Uber are already experimenting with green solutions. Facing hurdles In 2024, Rapido also had to confront significant challenges, which tested the resilience of its operations. A big one was also around its bike-taxi service, where its captains, or drivers, faced significant opposition, particularly from auto drivers who saw them as competition. There were reports of tensions escalating to the point where bike-taxi captains' helmets were damaged by auto drivers. In addition, transport department officials, posing as customers, booked rides through the Rapido app. When the captains arrived to pick them up, their vehicles were seized by authorities, adding to the difficulties faced by the riders. However, Rapido found support in a significant legal development. In response to a petition filed by The Bike Taxi Welfare Association, the High Court in mid-2024 directed the state government to take action against auto-rickshaw drivers who harass, intimidate or attack Rapido riders. This ruling not only provided relief to Rapido's captains but also reinforced the platform's legal standing, offering a stronger foundation for the company to continue expanding its operations in a challenging regulatory environment. Tackling new challenges in 2025 Rapido Despite the gains, the road ahead is anything but smooth. Rapido faces a new set of challenges in 2025 that will require it to evolve even further. “Firstly, it will need to contend with intense competition from both established players like Ola and Uber and emerging regional players, which could pressure its market share and pricing strategy. Additionally, expanding its EV fleet and ensuring sufficient charging infrastructure in underserved areas could prove challenging, especially in smaller cities where infrastructure gaps remain,” said an urban mobility expert, requesting anonymity. Regulatory hurdles including the EV policy as well as the much-awaited Motor Vehicle Aggregator policy will continue to be a concern, with governments potentially introducing new laws for ride-hailing and bike-taxis, which could affect operations. The company which is competing with funded players like Namma Yatri, Uber and Ola will also have to now focus on profitability. Rapido has cut its losses by around 45 percent to Rs 371 crore in FY24 from Rs 675 crore in FY23 on the back of a reduction in its overall expenses. However, with further expansion and its need to raise more money, investors will demand a clear path to profitability. 2024 was clearly a year of transformation for Rapido, marked by significant milestones and strategic expansion. As it accelerates into 2025, the company’s ability to stay ahead of the curve will determine whether it continues to lead the charge in India’s evolving mobility landscape.

2024-12-31 07:01

2024-12-31

07:01

moneycontrol.com

https://www.moneycontrol.com/news/world/south-korea-court-issues-arrest-warrant-for-president-yoon-12900556.html

South Korea court issues arrest warrant for President Yoon

Impeached President Yoon Suk Yeol.Related stories.

A South Korean court on Tuesday approved an arrest warrant for President Yoon Suk Yeol, who has been impeached and suspended from power over his decision to impose martial law on Dec. 3, investigating authorities said. The Corruption Investigation Office for High-ranking Officials (CIO) confirmed the Seoul Western District Court approved the warrant requested by investigators examining Yoon's short-lived imposition of martial law. This is the first arrest warrant issued for an incumbent president in South Korea, according to local media. The CIO did not comment on the court's reasoning for granting the arrest warrant. The court declined to comment. It was unclear when or how the arrest warrant for Yoon will be carried out. South Korea's presidential security service said in a statement on Tuesday that it will treat the arrest warrant according to due process. The court also approved a search warrant for Yoon's residence, the CIO said. Previously, police have tried but failed to successfully raid the presidential office as part of the investigation, due to the presidential security service blocking access. Yoon is facing a criminal investigation into possible insurrection charges. Insurrection is one of the few charges for which a South Korean president does not have immunity. The acting leader of South Korea's ruling People Power Party, Kweon Seong-dong, said on Tuesday that attempting to detain a sitting president is inappropriate, according to Yonhap news agency.

2024-12-31 06:59

2024-12-31

06:59

moneycontrol.com

https://www.moneycontrol.com/technology/wordle-today-hints-and-answer-to-solve-december-31-2024-puzzle-article-12900537.html

Wordle today: Hints and answer to solve December 31, 2024 puzzle

Wordle Dec 31.

Wordle, the daily five-letter word game enjoyed by millions worldwide, offers players six chances to solve the puzzle. Created by Josh Wardle, the game has become a staple for word enthusiasts. Players receive feedback on their guesses via coloured tiles: green indicates correct letters in the correct position, yellow shows correct letters in the wrong position, and grey means the letter isn’t in the word. If today’s puzzle has you stumped, here’s everything you need to decode it. How Wordle startedJosh Wardle initially created Wordle as a fun project for his partner. Its rapid rise in popularity led to its acquisition by The New York Times in 2024. Since then, Wordle has remained a daily ritual for fans, sparking viral trends and spin-offs like Heardle and Quordle. How to play WordleWordle is available on the New York Times Games website. Here’s how to play: Guess a five-letter word in six tries. Letters turn green if they’re in the right spot. Yellow tiles show the correct letters in the wrong spot. Grey tiles indicate letters not in the word. Pro tip: Wordle answers are never plural, but repeated letters can appear in a word. Hints for December 31, 20241. Today’s word is a noun.2. It contains two vowels. 33. It starts with the letter ‘L.’4. No letters are repeated.5. It refers to a tree-dwelling primate found in Madagascar. Wordle answer for December 31, 2024The Wordle solution for December 31, 2024, is LEMUR. A lemur is a primate known for its large eyes, nocturnal habits, and tree-dwelling nature. Native to Madagascar, lemurs are an essential part of the island’s unique biodiversity.

2024-12-31 06:32

2024-12-31

06:32

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/trade-spotlight-how-should-you-trade-lupin-united-spirits-blue-star-hindustan-unilever-escorts-ireda-and-others-on-december-31-12900545.html

Trade Spotlight: How should you trade Lupin, United Spirits, Blue Star, Hindustan Unilever, Escorts, IREDA, and others on December 31?

Top Stock Picks.Related stories.

The market experienced selling pressure on December 30, declining by seven-tenths of a percent, following nearly a percent gain last week. The market breadth was negative, with 1,793 shares declining compared to 761 shares advancing on the NSE. Benchmark indices are expected to remain under bearish control as long as they trade below all key moving averages. Below are some trading ideas for the near term: Jigar S Patel, Senior Manager - Equity Research at Anand Rathi Escorts Kubota| CMP: Rs 3,266 Escorts has seen a 30% correction from its peak and is now finding support near its previous breakout zone, aligning with the 12-month Market Profile from January 2024 to date, as depicted in the chart. On the daily chart, a Bullish Crab pattern has emerged, reinforcing the potential for bullish momentum. Traders can consider initiating long positions above Rs 3,250, targeting an upside move toward Rs 3,575. Strategy: Buy Target: Rs 3,575 Stop-Loss: Rs 3,090 Indian Renewable Energy Development Agency| CMP: Rs 218.47 IREDA recently broke above the Rs 214 resistance level with strong volume, aligning with the VWAP (Volume Weighted Average Price) resistance visible on the chart. On the daily timeframe, a triple-bottom pattern is evident in the Rs 185–200 zone, accompanied by a bullish divergence, signaling potential upside momentum. This breakout suggests renewed strength in the stock. Traders can consider entering long positions above Rs 215, targeting a move toward Rs 255. Strategy: Buy Target: Rs 255 Stop-Loss: Rs 195 Hindustan Unilever| CMP: Rs 2,343.5 Hindustan Unilever has undergone a steep correction of 22% from its peak of Rs 3,000 and is now approaching a crucial support zone near its previous breakout level. This support aligns with the 6-month Market Profile from July 2024 to date, reinforcing its significance. Additionally, multiple Doji candlesticks have formed around the Rs 2,300 mark, accompanied by a daily RSI bullish divergence, indicating a potential reversal. Traders may consider initiating long positions above Rs 2,330, with an upside target of Rs 2,550. Strategy: Buy Target: Rs 2,550 Stop-Loss: Rs 2,250 Anshul Jain, Head of Research at Lakshmishree Investments Blue Star| CMP: Rs 2,130.35 Blue Star is on the verge of breaking out after forming a 63-day Cup-and-Handle pattern on daily charts. Monday’s trading volume surged to three times the 50-day average, signaling strong momentum. Institutional accumulation is evident, with low volumes on down days and higher volumes on up days throughout the base. Investors should watch closely as this technical setup suggests a high probability of a bullish move. Strategy: Buy Target: Rs 2,430 Stop-Loss: Rs 2,030 Fiberweb India| CMP: Rs 60.77 Fiberweb’s 104-day Cup-and-Handle pattern signals a potential breakout above Rs 64. The chart reveals notable volume behaviour: dried-up volumes during the cup formation, followed by a spike above the 50-day average on up days. The handle formation has seen volumes dry up again, a classic bullish sign. A volume surge above Rs 64 would confirm the uptrend, making it a stock to watch for momentum-driven investors. Strategy: Buy Target: Rs 70 Stop-Loss: Rs 57 United Spirits| CMP: Rs 1,619.55 United Spirits has decisively broken out of a 60-day bullish rounding bottom pattern with a wide breakout bar and volumes four times the 50-day average. The accumulation phase showed clear signs of institutional buying, fueling confidence in the move. This breakout suggests strong upward momentum, making it a compelling opportunity for growth-focused investors. Strategy: Buy Target: Rs 1,760 Stop-Loss: Rs 1,570 Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities United Breweries| CMP: Rs 2,035.4 UBL has been holding onto its uptrend line support on a closing basis, indicating that the short-term trend is positive. The momentum indicator MACD (Moving Average Convergence Divergence) is also well into buy mode on the daily, weekly, and monthly charts, further indicating an up move in the short term. From a derivatives perspective, the maximum pain level is Rs 2,020, and the stock is trading well above it, which is positive. There has been good Put writing at lower levels at the Rs 2,000 strike, while the Rs 2,100 strike has witnessed the highest call open interest, setting a short-term range of Rs 2,000–Rs 2,100. Strategy: Buy Target: Rs 2,200 Stop-Loss: Rs 1,985 Lupin| CMP: Rs 2,311.35 Lupin has witnessed an increase in volumes along with price gains, indicating a price-volume breakout. Futures open interest has also increased, confirming long positions in the stock and the continuation of the uptrend. Technically, it has broken out from various falling trendlines with a positive crossover in the momentum indicator MACD. There have been significant Put additions from the Rs 2,200 to Rs 2,300 strikes and notable Call unwinding at the Rs 2,200 and Rs 2,240 strikes. The Call base has shifted to Rs 2,300, the next hurdle, but the price is trading above it. The maximum pain level is Rs 2,260, and the price is above it, suggesting a higher probability of an upside move. Strategy: Buy Target: Rs 2,400, Rs 2,450 Stop-Loss: Rs 2,370 Axis Bank Futures| CMP: Rs 1,078.3 Axis Bank Futures has broken multiple support levels, including the Rs 1,120 range, on a closing basis, signaling technical weakness. The momentum indicator MACD is in sell mode across daily to monthly charts, giving bears the upper hand. From a derivatives perspective, the stock has witnessed significant call additions at the Rs 1,110 strike, with the Rs 1,100 and Rs 1,110 strikes showing the highest call open interest. The Rs 1,100 strike also has the highest put open interest, making it a critical make-or-break level. The trend remains negative as long as the price stays below Rs 1,100. Strategy: Sell Target: Rs 1,020 Stop-Loss: Rs 1,120

2024-12-31 03:58

2024-12-31

03:58

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/trading-plan-can-nifty-break-23-500-bank-nifty-test-200-day-ema-12900544.html

Trading Plan: Can Nifty break 23,500, Bank Nifty test 200-day EMA?

Nifty Trading Plan.Related stories.

The Nifty and Bank Nifty started off the week on a negative note on December 30. The Nifty 50 has broken key support of 23,700 (200-day EMA), after failing to hold 23,900 resistance intraday. As long as the index remains below 23,700, the possibility of falling toward 23,500 (December low) is high. However, on the higher side, 23,900–24,000 is likely to be a key hurdle. Meanwhile, the Bank Nifty needs to hold the 50,600 support (December low) as below it, the chance of breaking the 200-day EMA is high. However, 51,600–52,000 is likely to remain a key resistance zone, experts said. On Monday, December 30, the Nifty 50 sank 169 points to 23,645, while the Bank Nifty fell below 51,000, down 359 points at 50,953. The market breadth favoured bears, with 1,793 shares declining and 761 shares rising on the NSE. Nifty Outlook and Strategy Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities The Nifty closed in the negative territory in the last trading session and it has once again faced resistance in the range of 23,900 to 23,950, which becomes a clear resistance going ahead. It is trading above its recent swing low of 23,537, which is the immediate support. So, technically, the short-term range is 23,537 to 23,950. The momentum indicator MACD (Moving Average Convergence Divergence) is in sell mode at all timeframes from hourly to monthly, hence the short- to medium-term trend is negative. The recent bounce back from 23,537 to 23,938 is a corrective move, so the probability of breaking the previous recent swing low is higher. From the derivatives front, the PCR (Put-Call Ratio) is 0.75, i.e., trading below 1, so the short-term trend is negative. There has also been a lot of Call writing and Put unwinding in the last session, from 23,700 to 24,000 levels. So, as long as the Nifty sustains below 23,700, the short-term trend on an immediate basis is negative. Hence, "sell on rise" should be the strategy. The index is also trading below its maximum pain level of 23,800, which is an immediate resistance above the 23,700 level. Key Resistance: 23,800, 23,950 Key Support: 23,500, 23,300 Strategy: Sell Nifty Futures on a rise in the range of 23,700 to 23,750, with a stop-loss above 23,800, targeting 23,300. Jigar S Patel, Senior Manager - Equity Research at Anand Rathi On the hourly chart, a Bullish BAT pattern is forming in the 23,550–23,600 zone, suggesting a potential sharp rebound. The FII long-short ratio at 17% (as of December 27, 2024) indicates an extremely oversold condition, adding to the likelihood of a recovery. On the upside, immediate resistance is seen near 24,000, while key support lies at 23,500. These levels will be crucial in determining the next directional move, making the current setup favourable for a short-term rebound. Key Resistance: 24,000, 24,200 Key Support: 23,500, 23,300 Strategy: Buy Nifty Futures near 23,600, with a stop-loss of 23,300, targeting 24,100. Anshul Jain, Head of Research at Lakshmishree Investments Nifty has rejected its swing high at 23,938, aligning with the previous week’s high, signaling bearish momentum. The logical downside target lies at the swing low of 23,537. Additionally, rejection of the 8-day EMA (Exponential Moving Average) on the daily charts confirms bears gaining the upper hand. The index remains confined within the high-low range of December 20, awaiting a decisive breakout. A clear move beyond this range is anticipated to bring fresh momentum, likely materializing in the latter half of the week. Traders should monitor these key levels as market dynamics intensify. Key Resistance: 23,725, 23,800 Key Support: 23,600, 23,537 Strategy: Nifty presents a sell-on-rallies opportunity toward 23,725, a key overlapping resistance from recent price action. Bears are gaining momentum, with the downside target set at 23,537, the nearest swing low. Traders should utilize rallies as entry points while maintaining strict risk management for this short strategy. Bank Nifty - Outlook and Positioning Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities The overall range of Bank Nifty in the last trading session was more than 2%, and the momentum indicator MACD is now in sell mode at all timeframes, i.e., from hourly to weekly charts, hence the short-term trend is negative technically. From the derivatives front, the PCR is at 0.99, which is neutral. The 52,000 strike has the highest Call open interest, and the 51,000 strike Put has witnessed the highest additions. Hence, the range is 51,000 to 52,000 levels, and a breakout from this range will set the trend further. Looking at the above data, the probability of downside is higher. Key Resistance: 52,000 Key Support: 50,500 Strategy: Sell Bank Nifty Futures on a rise near 51,400, with a stop-loss of 52,000, targeting 50,000 to 49,800. Jigar S Patel, Senior Manager - Equity Research at Anand Rathi In the previous session, Bank Nifty held firm above its 200 DEMA, reinforced by a long-standing bullish trendline. A bullish BAT pattern is emerging in the 50,500–50,650 zone, coinciding with the 200 DEMA and the weekly Market Profile Point of Control of November 25, 2024, indicating the potential for a sharp rebound. Key resistance is positioned at 52,300, while support sits at 50,700. Sustaining above the 200 DEMA could ignite upward momentum, making this a critical level for traders to monitor. Key Resistance: 52,000, 52,300 Key Support: 50,600, 50,700 Strategy: Buy Bank Nifty Futures in the zone of 51,400–51,200, with a stop-loss of 50,800, targeting 52,300. Anshul Jain, Head of Research at Lakshmishree Investments The bearish bias emerges as the Bank Nifty closed below the critical overlapping resistance at 51,200, with a long upper wick hinting at selling pressure. A decisive move above 52,000 may trigger short covering, while a break below the swing low of 50,600 could open fresh downside potential. For the upcoming session, rallies toward 51,200 are likely to face renewed selling pressure, making it a key level for traders to watch in a cautious, bearish market environment. Key Resistance: 51,200, 51,550 Key Support: 50,800, 50,600 Strategy: Bank Nifty offers a sell opportunity around 51,200, a key resistance level. The target is set at 50,600, the swing low on the daily charts. With bearish signals and selling pressure evident, traders should look to capitalize on rallies toward 51,200 while maintaining disciplined risk management for this short strategy.

2024-12-31 03:41

2024-12-31

03:41

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/stocks-to-watch-today-itc-lupin-easy-trip-unimech-aerospace-mazagon-dock-shriram-properties-tanvi-foods-hindalco-in-focus-on-31-december-12900533.html

Stocks to Watch Today: ITC, Lupin, Easy Trip, Unimech Aerospace, Mazagon Dock, Shriram Properties, Tanvi Foods, Hindalco in focus on 31 December

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 Lupin The pharma major has acquired Huminsulin in India from Eli Lilly to enhance its diabetes portfolio. Lupin has been marketing the Huminsulin range of products, comprising insulin human, through existing distribution and promotion agreements with Lilly India. Huminsulin is used to treat type 1 and type 2 diabetes mellitus, helping improve blood sugar control in both adults and children. Easy Trip Planners Promoter Nishant Pitti is reportedly selling up to a 14.21% stake in the company via block deals, according to CNBC-TV18. The floor price for the deal is Rs 15.6 per share, with the deal size estimated at Rs 780 crore. As of December 2, 2024, Nishant Pitti held a 14.21% stake in the company. Shriram Properties The company has announced the strategic sale of a 3.9-acre land parcel in Chennai to a prominent healthcare and educational group in South India. Shriram Properties remains focused on residential development, with an emphasis on mid and mid-premium segments, and plans to utilize the monetization proceeds for future growth. Hindalco Industries The Ministry of Coal has allocated the Meenakshi coal mine in Odisha to the Aditya Birla Group company. The Meenakshi coal mine is a fully explored block with a peak-rated capacity (PRC) of 12 million tonnes per annum and geological reserves of 285.23 million tonnes. Mazagon Dock Shipbuilders The company has secured a contract worth approximately Rs 1,990 crore from the Defence Ministry for the construction of an Air Independent Propulsion (AIP) plug for DRDO and its integration. ITC The National Company Law Tribunal (NCLT), Kolkata, has sanctioned the scheme for demerging ITC’s hotels business, effective December 16. ITC Hotels will be listed within 60 days of receiving the NCLT order. The record date is set as January 6, 2025, to determine ITC shareholders eligible for equity shares of ITC Hotels under the demerger. ITC and ITC Hotels will execute a Trademarks License Agreement, and ITC Hotels will receive Rs 1,500 crore from ITC post-demerger. Rail Vikas Nigam RVNL has emerged as the lowest bidder for a Central Railway project worth Rs 137.16 crore. The project involves the design, supply, erection, testing, and commissioning of a 132/55 KV traction substation in the Bhusaval-Khandwa section of Central Railway. CESC The company’s subsidiary, Noida Power Company, has issued a Letter of Award to Purvah Green Power for the supply of 300 MW wind-solar hybrid power on a long-term basis. Purvah Green Power is also a subsidiary of CESC. Tanvi Foods (India) The company has renewed its food facility registration with the US Food & Drug Administration (USFDA) under the Federal Food, Drug, and Cosmetic Act. This registration covers the manufacturing of ready-to-cook frozen snacks and other food items at its new Seetharampuram, Andhra Pradesh plant. The approval, previously valid until December 31, 2024, has been extended for two more years, until December 12, 2026. Dhanlaxmi Bank The Reserve Bank of India (RBI) has approved the appointment of P Suriaraj as Executive Director of Dhanlaxmi Bank for three years. Jubilant Ingrevia The company’s subsidiary, Jubilant Infrastructure, announced its Board’s approval to purchase a 6.67% equity stake in Forum 1 Aviation from Hero Fincorp and Sunil Kant Munjal. After this acquisition, Jubilant Infrastructure will hold a 15.79% equity stake in Forum 1 Aviation. Adani Green Energy Amit Singh, the current CEO of Adani Green Energy, will step down on March 31, 2025, to take on the role of CEO for the Adani Group's International Energy Business. Ashish Khanna, currently CEO of the International Energy Business, will succeed him as CEO of Adani Green Energy effective April 1, 2025. Archean Chemical Industries CFO R. Raghunathan has resigned, effective January 20, 2025. Natarajan Ramamurthy has been appointed as CFO, effective January 21, 2025. Century Enka KG Ladsaria has resigned as Chief Financial Officer of the company, effective December 31, 2024. Bank of India The public sector lender has raised the marginal cost of fund-based lending rate by 5–10 basis points for select tenures, effective January 1, 2025. Prataap Snacks The company reported a fire accident on December 30 at its manufacturing unit in Jammu. There were no casualties. The fire caused damage to inventories, machinery, building, and furniture, disrupting operations. Meanwhile, demand from the Northern market will be met by third-party units in Hisar and Karnal. The company has adequate insurance coverage. Power Grid Corporation of India The company has acquired Rajasthan IV 4A Power Transmission for Rs 18.37 crore. Additionally, it has transferred its 26% residual equity stake in four associate companies to POWERGRID Infrastructure Investment Trust (PGInvIT) for Rs 506.62 crore. SBI Life Insurance Company The Board has approved a Rs 6.60 crore investment in Bima Sugam India Federation. GMR Airports Infrastructure The company has issued a letter of comfort to ICICI Bank for a Rs 100 crore working capital facility being availed by its subsidiary, GMR Nagpur International Airport. Bulk Deals AGS Transact Technologies Neomile Growth Fund - Series I acquired a 0.94% stake in AGS Transact at an average price of Rs 63.75 per share from promoter Vineha Enterprises. Senores Pharmaceuticals India Equity Fund 1 acquired a 0.67% stake in Senores Pharmaceuticals at an average price of Rs 579.89 per share. Mainboard Listing on December 31 Unimech Aerospace and Manufacturing Stocks Trade Ex-Date for Rights Pro Fin Capital Services, Sharanam Infraproject and Trading

2024-12-31 01:33

2024-12-31

01:33

moneycontrol.com

https://www.moneycontrol.com/news/india/army-official-assaulted-at-ncc-camp-in-kerala-over-suspected-food-poisoning-video-12900494.html

Army officer assaulted at NCC camp in Kerala over rumours of food poisoning | Video

An Army officer was assaulted by a mob at an NCC camp in Kerala. (Screengrab).Related stories.

An Indian Army officer was assaulted by a mob at an NCC training camp in Kerala after at least 60 cadets were hospitalised over suspected food poisoning. The incident happened at NCC training camp at KMM College of Arts and Science, Thrikkakkara. A video has surfaced showing two men - a local Councillor and a leader of the left party - and other people assaulting a senior Army officer in the camp premises. The video showed the Lt Colonel being shoved against the wall and a man grabbing his throat. Another man pinned him against the wall with his arm and the Army officer pushed him away. Later, a man in a blue t-shirt pulled out a weapon, which appeared to be a knife, and threatened the officer inside the camp premises. Uniformed officers were BRUTALLY ASSAULTED at KMM College, Thrikkakkara, Kerala!NCC cadets suffered food poisoning, sparking chaos. While managing the situation, Lt Col Karnail Singh was SAVAGELY ATTACKED by intruders driven by panic & reckless media hysteria.A decoratedpic.twitter.com/CglyYMZQ1z- (@MahaRathii)December 28, 2024 A cop, who was present at the scene, pushed one of them away and tried to control the situation. The officer reportedly suffered injuries to his neck and back. After the outrage, the police nabbed two attackers, identified as Nishad, a native of Fort Kochi and Navas, of Palluruthi, according to PTI. Defence sources told News18, a leader of local student wing of a political party was present in the mob. An FIR has been registered against the men, who reportedly acted on unverified reports about suspected food poisoning and disrupted regular operations of the camp and assaulted the officer, News18 reported. The accused have been booked under multiple sections of the Bharatiya Nyaya Sanhita (BNS), including 329(3) (criminal trespass), 126(2) (wrongful restraint), 351(2) (criminal intimidation), and 115(2) (voluntarily causing hurt). Other charges include 118(1) (causing hurt or grievous hurt by dangerous means), 121(1) (dissuading a public servant from duty by causing hurt), and 3(5) (criminal acts committed with common intention). Last week, at least 60 NCC cadets were hospitalised following a suspected case of food poisoning at the NCC camp. The incident was reported during the 10-day Combined Annual Training Camp (CATC) organised by the 21 Kerala Battalion NCC. The NCC has ordered a departmental-level inquiry into the incident, an official statement said. (With inputs from PTI)

2024-12-30 23:06

2024-12-30

23:06

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/trade-setup-for-december-31-top-15-things-to-know-before-the-opening-bell-12900483.html

Trade setup for December 31: Top 15 things to know before the opening bell

Nifty Trade Setup.Related stories.

The Nifty 50 wiped out all of its previous day's gains and fell below the 200-day EMA (23,700) after rangebound trading over the past four sessions. It closed 168 points down on December 30, marking a negative start to the week. Bearish sentiment prevailed in the market, with all technical indicators in negative territory. Experts suggest that if the index sustains below 23,700, the first downside target would be 23,500, followed by 23,263 (the November low), which is a crucial support level. In the event of a rebound, 23,900–24,000 will act as key resistance levels. Here are 15 data points we have collated to help you spot profitable trades: 1)Key Levels For TheNifty 50(23,645) Resistance based on pivot points: 23,841, 23,915, and 24,036 Support based on pivot points: 23,599, 23,525, and 23,404 Special Formation: The Nifty 50 formed a bearish candlestick pattern with a sizeable upper wick on the daily charts, coupled with above-average volumes. This follows a phase of rangebound trading over the past four sessions, signaling weakness. With the break below the 200-day EMA, the index is now trading beneath all key moving averages, reflecting a negative bias. Momentum indicators such as RSI, MACD, and KST also indicate bearish sentiment. 2)Key Levels For TheBank Nifty(50,953) Resistance based on pivot points: 51,699, 51,997, and 52,478 Support based on pivot points: 50,735, 50,437, and 49,956 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 bearish candlestick pattern, characterized by a long upper wick and a small lower shadow on the daily timeframe. This reflects a lack of strength at higher levels. While the index touched all key moving averages intraday, it failed to sustain above those levels and closed in the lower band of Bollinger Bands. Negative momentum indicators further highlight the weakness. The index fell by 359 points on Monday. 3)Nifty Call Options Data According to the weekly options data, the 24,500 strike holds the maximum Call open interest (with 96.46 lakh contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 24,000 strike (93.38 lakh contracts), and the 23,800 strike (64.73 lakh contracts). Maximum Call writing was observed at the 24,000 strike, which saw an addition of 38.11 lakh contracts, followed by the 24,500 and 24,300 strikes, which added 28.6 lakh and 28.39 lakh contracts, respectively, while the maximum Call unwinding was seen at the 24,650 strike, which shed 1.4 lakh contracts, followed by the 23,000 strike, which shed 11,475 contracts. 4)Nifty Put Options Data On the Put side, the maximum open interest was seen at the 23,000 strike (with 64.62 lakh contracts), which can act as a key support level for the Nifty. It was followed by the 23,200 strike (61.5 lakh contracts), and the 23,500 strike (46.86 lakh contracts). The maximum Put writing was placed at the 23,200 strike, which saw an addition of 37.29 lakh contracts, followed by the 23,000, and 23,100 strikes, with 23.52 lakh, and 16.89 lakh contracts added, respectively, while the maximum Put unwinding was seen at the 23,800 strike, which shed 18.95 lakh contracts, followed by the 23,500 and 23,900 strikes, which shed 18.85 lakh and 8.23 lakh contracts, respectively. 5)Bank Nifty Call Options Data According to the monthly options data, the 52,000 strike holds the maximum Call open interest, with 13.23 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 (11.9 lakh contracts) and the 53,500 strike (8.8 lakh contracts). Maximum Call writing was visible at the 52,000 strike (with the addition of 1.91 lakh contracts), followed by the 52,500 strike (1.6 lakh contracts) and the 51,000 strike (1.42 lakh contracts), while the maximum Call unwinding was seen at the 52,800 strike, which shed 47,835 contracts, followed by the 53,300 and 53,100 strikes, which shed 8,070 and 5,280 contracts, respectively. 6)Bank Nifty Put Options Data On the Put side, the maximum open interest was seen at the 51,500 strike (with 8.86 lakh contracts), which can act as a key level for the index. This was followed by the 51,000 strike (8.63 lakh contracts) and the 50,000 strike (7.27 lakh contracts). The maximum Put writing was observed at the 51,000 strike (which added 1.28 lakh contracts), followed by the 49,500 strike (82,905 contracts) and the 50,500 strike (80,910 contracts), while the maximum Put unwinding was seen at the 50,000 strike, which shed 63,720 contracts, followed by the 51,400 and 53,000 strikes, which shed 49,380 and 38,970 contracts, respectively. 7)Funds Flow (Rs crore) 8)Put-Call Ratio The Nifty Put-Call ratio (PCR), which indicates the mood of the market, dropped to 0.88 on December 30, from 1.03 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, often referred to as the "fear index," increased by 5.55% to close near the 14 mark at 13.97. This rise in volatility creates discomfort for bulls. If the VIX climbs above the 14 level, it is expected to exacerbate the unease among bullish traders. 10)Long Build-up (45 Stocks) A long build-up was seen in 45 stocks. An increase in open interest (OI) and price indicates a build-up of long positions. 11)Long Unwinding (31 Stocks) 31 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding. 12)Short Build-up (104 Stocks) 104 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions. 13)Short-Covering (47 Stocks) 47 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.

2024-12-30 23:05

2024-12-30

23:05

moneycontrol.com

https://www.moneycontrol.com/news/india/after-rejection-karnataka-man-blows-himself-up-in-front-of-girlfriend-s-house-12900489.html

After 'rejection', Karnataka man blows himself up in front of girlfriend’s house

The man blew himself up using a gelatin stick. (Representational image).Related stories.

A 21-year-old man died after he allegedly blew himself up with a gelatin stick in front of the house of a girl he was in love with but her family rejected his marriage proposal in Karnataka. The incident occurred at Kalenahalli village of Mandya district on early Sunday morning. The deceased has been identified as Ramachandra (21), a native of Nagamangala area of Karnataka’s Mandya city. According to the police, Ramachandra was in a relationship with a minor girl. Last year, he was booked under Protection of Children from Sexual Offences Act (POCSO) after he eloped with the girl. He was arrested in the case and spent three months in jail as an under-trial, news agency PTI reported. After getting released from jail, he entered into a compromise with the girl's family and the case was refuted in the court. But later, he started calling the girl and continued to maintain his relationship with her, police said. Apparently, the girl's family was planning to get the girl married to someone else once she attained the legal age, a senior police officer told PTI. Ramachandra allegedly got upset with the girl's family for rejecting him. On Sunday, he reached in front of the minor girl's house and detonated the gelatin stick he carried with him and died on the spot after the explosion. A case of suspicious death has been registered by the police. According to the police, the man's family was in quarrying business and that's how he got access to gelatin stick.

2024-12-30 22:21

2024-12-30

22:21

moneycontrol.com

https://www.moneycontrol.com/news/india/ready-for-50-km-length-50-lakh-commuters-served-milestones-by-india-s-first-rrts-in-2024-12900490.html

Ready for 50-km length, 50 lakh commuters served: Milestones by India's first RRTS in 2024

Trains of the Delhi-Meerut RRTS ahead of the inauguration of a priority section between Duhai and Modinagar North, covering 17 km, in March.Related stories.

India’s first RRTS train service, the Delhi-Meerut Namo Bharat Corridor, is all set to touch 50 km of operational length in 2025 with the additional 13-km stretch in Delhi soon to become functional. Also, it has served 50 lakh commuters to date, said an official statement on Monday. The first stretch of the service began in October 2023 with the 17-km priority section between Sahibabad and Duhai Depot. But, it was 2024 when the service expanded. With one in March and another in August, two sections were launched taking the total length of the service to more than 40 km. “This momentum has continued seamlessly into the final days of the year, with an additional 13-km stretch of the Delhi section of the Delhi-Meerut Namo Bharat Corridor set to become operational, offering enhanced connectivity for the people. With this expansion, the currently operational section of the Namo Bharat corridor will now increase from 42 km to 55 km with 11 stations," an official statement read. Not just the length, but the number of people served by the regional rapid transit system (RRTS) is also increasing. It has offered ridership to over 50 lakh commuters, marking their trust and further solidifying its position as an essential transport solution for the region. According to the official statement, the construction of the remaining corridor sections is swiftly progressing. “Civil work on the remaining 5-km stretches between New Ashok Nagar to Sarai Kale Khan and 23-km stretch from Meerut South to Modipuram is nearing completion, with track-laying work and OHE (overhead equipment) installation in progress. The NCRTC (National Capital Region Transport Corporation) is on track to operationalise the entire corridor by the scheduled deadline in 2025," it added. On the Meerut Metro project, the NCRTC said an exciting milestone was achieved in February with the unveiling of the first train set and the ceremonial handover of its keys in Gujarat’s Savli. “Since then, seven train sets have arrived at the depot in Delhi. Currently, train testing and trials are underway in preparation for Meerut Metro operations. These trains are designed to operate at a maximum speed of 120 kmph. The 23-km Meerut Metro corridor will feature 13 stations, with an 18-km elevated and 5-km underground section," the statement read. Both the elevated and underground sections in the Meerut area are complete, with Meerut Metro stations beginning to take shape. “This year has been a momentous one for NCRTC and the Namo Bharat project, characterised by significant milestones and noteworthy accomplishments. From the successful initiation of services to receiving global recognition, NCRTC has concluded the year on a high note. As we look to the future, the coming year holds great promise, with NCRTC aiming to operationalise the entire Namo Bharat corridor," it added.

2024-12-30 22:19

2024-12-30

22:19

moneycontrol.com

https://www.moneycontrol.com/news/world/syria-appoints-some-foreign-islamist-fighters-to-its-military-say-sources-12900486.html

Syria appoints some foreign Islamist fighters to its military, say sources

Syria appoints some foreign Islamist fighters to its military, say sources.Related stories.

Syria's new rulers have installed some foreign fighters including Uyghurs, a Jordanian and a Turk in the country's armed forces as Damascus tries to shape a patchwork of rebel groups into a professional military, two Syrian sources said. The move to give official roles, including senior ones, to several jihadists may alarm some foreign governments and Syrian citizens fearful about the new administration's intentions, despite its pledges not to export Islamic revolution and to rule with tolerance towards Syria's large minority groups. A Syrian government spokesperson did not reply to a request for comment on the thinking behind the appointments. The sources said that out of a total of almost 50 military roles announced by the Defence Ministry on Sunday, at least six had gone to foreigners. Reuters was not able to independently verify the nationalities of the individuals appointed. Thousands of Sunni Muslim foreigners joined Syria's rebels early in the 13-year civil war to fight against the rule of Bashar al-Assad and the Iran-backed Shi'ite militias who supported him, giving the conflict a sectarian overtone. Some foreign fighters formed their own armed groups while others joined established formations such as Islamic State as it rampaged across Iraq and Syria, briefly declaring a so-called caliphate before being routed by U.S. and Iran-backed forces. Other groups of foreign jihadists joined HTS, which disavowed previous links to al Qaeda and Islamic State and fought bloody battles against them before going on to spearhead the lightning advance that toppled Assad on Dec. 8. Ahmed al-Sharaa, the HTS-leader-turned de facto ruler of Syria, has purged dozens of foreign jihadi fighters as part of a campaign to Syrianise and moderate his group. In remarks broadcast on Sunday, Sharaa said the new Syria "cannot be run by the mentality of groups and militias". Syria's new rulers, drawn mainly from HTS, have indicated that foreign fighters and their families may be given Syrian citizenship and be allowed to stay in the country because of their contributions to the fight against Assad. The Defence Ministry on Sunday announced 49 appointments to the army that included leaders of key Syrian armed factions. Among them were several foreign fighters, three given the rank of brigadier-general and at least three others the rank of colonel, a Syrian military source said. 'TOKEN OF RECOGNITION' "This is a small token of recognition for the sacrifices Islamist jihadists gave to our struggle for freedom from Assad's oppression," an HTS source told Reuters. Chinese Uyghur militant Abdulaziz Dawood Khudaberdi, also known as Zahid and the commander of the separatist Turkistan Islamic Party's (TIP) forces in Syria, was appointed a brigadier-general, a TIP statement said and the Syrian military source confirmed. Two other Uyghur fighters, Mawlan Tarsoun Abdussamad and Abdulsalam Yasin Ahmad, were given the rank of colonel, said the TIP statement published on its website, congratulating them and the Uyghur community on the appointments. All the names appear in Sunday's Defence Ministry announcement, though the nationalities are not included. The TIP is thought to have hundreds of fighters in Syria and aims to establish an Islamic State in parts of China and central Asia, where there is a large Uyghur Muslim population. Rights groups accuse Beijing of widespread abuses of Uyghurs, a mainly Muslim ethnic minority that numbers around 10 million in the western region of Xinjiang, including the mass use of forced labour in camps. Beijing denies any abuses. There was no immediate comment from the Chinese foreign ministry. China labels the TIP a terrorist organisation responsible for plots to attack overseas Chinese targets. Beijing has said TIP "gravely threatens" China's interests and security overseas and that combating the group was China's "core concern" in its counter-terrorism effort. Turkish citizen Omar Mohammed Jaftashi and Jordanian citizen Abdul Rahman Hussein al-Khatib were also made brigadier-generals, the Syrian military source and the HTS source said. Abdul Jashari, an ethnically Albanian fighter also known as Abu Qatada al-Albani, was appointed colonel, the military source said. Jashari head the Albanian jihadist group Xhemati Alban and was designated a terrorist by the U.S. Treasury in 2016. Egyptian Alaa Mohammed Abdel-Baqi was also given a military rank, the source said. Egypt's foreign ministry did not immediately respond to a request for comment.

2024-12-30 22:14

2024-12-30

22:14

moneycontrol.com

https://www.moneycontrol.com/news/world/world-population-will-be-8-09-billion-on-new-year-s-day-after-a-71-million-increase-in-2024-12900485.html

World population will be 8.09 billion on New Year's Day after a 71 million increase in 2024

World population will be 8.09 billion on New Year's Day after a 71 million increase in 2024.

The world population increased by more than 71 million people in 2024 and will be 8.09 billion people on New Year's Day, according to US Census Bureau estimates released Monday. The 0.9 per cent increase in 2024 was a slight slowdown from 2023, when the world population grew by 75 million people. In January 2025, 4.2 births and 2.0 deaths were expected worldwide every second, according to the estimates. The United States grew by 2.6 million people in 2024, and the US population on New Year's Day will be 341 million people, according to the Census Bureau. The United States was expected to have one birth every 9 seconds and one death every 9.4 seconds in January 2025. International migration was expected to add one person to the US population every 23.2 seconds. The combination of births, deaths and net international migration will increase the US population by one person every 21.2 seconds, the Census Bureau said. So far in the 2020s, the US population has grown by almost 9.7 million people, a 2.9 per cent growth rate. In the 2010s, the US grew by 7.4 per cent, which was the lowest rate since the 1930s.

2024-12-30 22:10

2024-12-30

22:10

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/standard-glass-lining-technology-ipo-to-open-on-january-6-issue-size-likely-at-rs-410-crore-12900476.html

Standard Glass Lining Technology IPO to open on January 6, issue size likely at Rs 410 crore

Standard Glass Lining Technology IPO.Related stories.

Standard Glass Lining Technology, which is one of the top five specialised engineering equipment manufacturers for pharmaceutical and chemical sectors in India, has filed red herring prospectus with the Registrar of Companies on December 30, intimating the IPO will be opening for subscription on January 6. The anchor book for institutional investors will be opened on January 3, while the issue will close for public subscription on January 8. The share allotment will be finalised by January 9, while the trading in Standard Glass shares will commence on the BSE and NSE, effective January 13. The IPO comprises fresh issuance of equity shares worth Rs 210 crore, and an offer-for-sale of 1.4 crore shares by promoters and other shareholders. The fresh issue size has been reduced from Rs 250 crore to Rs 210 crore after the pre-IPO placement. On December 16, the company has issued 28,57,142 equity shares (representing 1.55 percent of pre-offer paid up equity) to Amansa Investments under the private placement at a price of Rs 140 per share, for Rs 40 crore. If the upper end of price band assumes as Rs 140 per share, the Standard Glass Lining Technology IPO size comes to Rs 410.05 crore. Click Here To ReadAll IPO News In fact, before the pre-IPO round, promoters - Kandula Ramakrishna, and Kandula Krishna Veni - of the Hyderabad-based company on December 11 this year also sold 20,25,349 shares and 17,29,284 shares, respectively, to certain individuals and entities at the same price of Rs 140 per share. As per the red herring prospectus, promoters hold 72.49 percent stake in the company, and the remainder 27.51 percent shares are owned by public shareholders including Monoform Management Support Co, Asahi Glassplant Inc, and Amansa Investments. Standard Glass Lining Technology will utilise fresh issue proceeds for purchase of machinery and equipment, repaying debt, inorganic growth, and general corporate purposes. Also read:SEBI clears IPOs of Ivalue Infosolutions, Ather Energy, Oswal Pumps, Quality Power, Fabtech Tech, and Schloss Bangalore The company manufactures core equipments used in the manufacturing of pharmaceutical and chemical products. It is also one of India’s top three manufacturers of glass-lined, stainless steel, and nickel alloy based specialised engineering equipment, and suppliers of polytetrafluoroethylene (PTFE) lined pipelines and fittings, in terms of revenue in fiscal 2024. The book running lead managers handling the Standard Glass Lining IPO are IIFL Capital Services, and Motilal Oswal Investment Advisors.

2024-12-30 22:07

2024-12-30

22:07

moneycontrol.com

https://www.moneycontrol.com/news/world/russia-sends-back-189-prisoners-of-war-in-exchange-with-ukraine-12900482.html

Russia sends back 189 prisoners of war in exchange with Ukraine

Ukrainian prisoners of war (POWs) on a bus after a swap. (Image: Reuters).

Ukraine and Russia carried out a new exchange of prisoners of war on Monday, with Kyiv bringing home 189 former captives, President Volodymyr Zelenskiy said on Monday. Zelenskiy thanked the United Arab Emirates and other partners for facilitating the swap. "The return of our people from Russian captivity is always very good news for each of us. And today is one of such days: our team managed to bring 189 Ukrainians home," Zelenskiy said on the Telegram messaging app. The Russian Defence Ministry reported earlier on Monday the prisoner swap, saying each side had freed 150 prisoners of war. There was no immediate explanation of the discrepancy in the numbers reported. Zelenskiy said the returning Ukrainians included soldiers, sergeants, and officers from different frontline areas and also two civilians who had been captured in the southern port of Mariupol taken by the Russian troops in 2022. Pictures released by Zelenskiy showed dozens of men sitting in a bus, some of them wrapped in Ukraine's national blue and yellow flags.

2024-12-30 22:01

2024-12-30

22:01

moneycontrol.com

https://www.moneycontrol.com/news/india/maharashtra-minister-nitish-rane-calls-kerala-mini-pakistan-clarifies-after-huge-row-12900478.html

Maharashtra minister Nitish Rane calls Kerala 'mini Pakistan', clarifies after huge row

BJP leader recently sparked a huge row by called Kerala "mini Pak"..Related stories.

Maharashtra minister and BJP leader Nitish Rane recently sparked a huge row after he called Kerala a "mini Pakistan" during his attempts to target Congress leader Rahul Gandhi and his sister Wayanad MP Priyanka Gandhi Vadra. Rane, who won the recently-held Maharashtra Assembly polls from the Kankavli seat, has the portfolio of fisheries and ports in the new cabinet. "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," Nitish Rane was quoted as saying earlier by news agency ANI. His statement was met with criticism from Opposition leaders who condemned the remark and called his a "traitor". Opposition slams Nitish Rane Congress MP Tariq Anwar told IANS, "These people talk like traitors. They are calling the entire state Pakistani and traitor. This is childish talk..." Meanwhile, Congress spokesperson Atul Londhe said, "What else can one expect from Nitesh Rane?" "He has been elected to do this only. However, I want to ask Prime Minister Narendra Modi and Devendra Fadnavis. The person (Nitesh Rane), who is a minister, has taken an oath of the Constitution to (maintain) the sovereignty and unity of India. Now, he is labelling one of the country's states as Pakistan. He is calling the voters there as 'terrorists.' Should he have the right to remain in the ministerial position? This is my question to you,' he added. Shiv Sena (UBT) leader Anand Dubey said, as quoted by PTI, "The BJP leaders are worried since PM Modi won only by a lakh votes, they are not able to digest Priyanka Gandhi Vadra's win." Nitish Rane's remarks came as Rahul Gandhi won from Wayanad Lok Sabha seat in Kerala in 2019 and again this year along with Raebareli in Uttar Pradesh. He chose to retain Raebareli and vacated Wayanad, which was won by Priyanka Gandhi Vadra in a bye-election last month. Nitish Rane clarifies As the issue snowballed, the minister issued a clarification. "Kerala is an integral part of our country. Kerala is a part of our India. Despite this, seeing the situation in Kerala, I was telling what is happening there. A large number of Hindus are being targeted and many people are being threatened so that they can be converted," Rane was quoted as saying by IANS. He clarified that he was merely raising issues of religious conversion of Hindus and love jihad in the southern state. Nitish Rane, son of former Union Minister Narayan Rane, is no stranger to controversy. Earlier in September, he sparked a row with provocative speeches in which he allegedly threatened to hit Muslims and a police case was filed against him. (With inputs from agencies)

2024-12-30 21:47

2024-12-30

21:47

moneycontrol.com

https://www.moneycontrol.com/news/india/was-his-dereliction-of-duty-bjp-leader-slams-akhilesh-yadav-for-mahakumbh-remark-12900428.html

'Was his dereliction of duty': BJP leader slams Akhilesh Yadav for Mahakumbh remark

Samajwadi Party (SP) chief Akhilesh Yadav. (File photo/PTI).

Bharatiya Janata Party (BJP) MP Dinesh Sharma on Monday criticized Samajwadi Party (SP) chiefAkhilesh Yadavfor not inviting people to the Mahakumbh during his tenure as Chief Minister of Uttar Pradesh. His statement came days after Yadav took a dig at the BJP-led UP government for extending invitations to the top leaders of the country for the Mahakumbh 2025, stating that millions of people attend the Kumbh Mela not due to invitations, but out of faith. "Invitations are not given for Kumbh. People come to Kumbh on their own out of faith. I do not want to say anything about anyone. We have learnt and read that people come on their own to such events. Are the crores of people who will come for the Kumbh Mela, invited? This government is different," Yadav said. Responding to his statement, BJP MP Dinesh Sharma told ANI, "He (Akhilesh Yadav) did not invite people, it was his dereliction of duty. He should have done so, but he did not do so, but he did not do so because his previous governments did not want people to come. The Mahakumbh 2025 is slated to commence on January 13, 2025, and the state government has been promoting it as a global-scale event with world-class facilities.

2024-12-30 21:26

2024-12-30

21:26

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/bulk-deals-neomile-growth-fund-buys-12-lakh-shares-in-ags-transact-technologies-12900454.html

Bulk deals: Neomile Growth Fund buys 12 lakh shares in AGS Transact Technologies

representative image.Related stories.

Neomile Growth Fund - Series 1 bought 12 lakh shares in AGS Transact Technologies for an average price of Rs 63.75 via a bulk deal on December 30. On the other hand, Vineha Enterprises Private Limited sold 12 lakh shares in the same company at Rs 63.75 each. Arti Kothari acquired 20.89 lakh shares or a 7 percent stake in Kothari Products for Rs 195.3 per share, while promoter group Dham Securities Private Limited offloaded the same number of shares at the same price. As of September 30, the promoter group company had 11.06 percent stake in the company. Shoora Resource Private Limited bought 1 lakh shares in Onyx Biotec for Rs 73.97, and Acintyo Investment Fund PCC - Cell 1 purchased 1.44 lakh shares in the same company at Rs 77.05. India Equity Fund 1 acquired 3.10 lakh shares in Senores Pharmaceuticals for Rs 579.89 per share. Block deals Kothari Products Arti Kothari bought 20.89 lakh shares (7 percent stake) of Kothari Products Ltd. at a price of Rs 195.30 per share. Promoter group entity Dham Securities Private Limited was the seller. JM Financial Promoter group entity J M Financial and Investment Consultancy Services Private Limited bought 27 lakh shares (0.21 percent stake) of JM Financial at Rs 127.55 per share. Promoter group entity J S B Securities Ltd was the seller.

2024-12-30 21:05

2024-12-30

21:05

moneycontrol.com

https://www.moneycontrol.com/news/business/india-s-import-of-russian-crude-oil-falls-in-december-ramps-up-supplies-from-middle-east-countries-12900457.html

India’s import of Russian crude oil falls in December, ramps up supplies from Middle-East countries

India’s total crude oil imports also increased in December driven by resumption in refinery activity..Related stories.

India’s import of Russian crude oil in December fell to the lowest in the year on account of rising domestic demand from Moscow as its refineries resumed operations after the maintenance season. Despite the steep fall in imports from Russia, the country remained the top crude oil supplier to India, data from commodity market analytics firm Kpler showed. India imported 1.44 million barrels per day (bpd) of crude oil from Russia in December, declining from 1.78 million bpd in the previous month. “Indian refiners continue to prioritize Russian crude, as even marginal discounts yield significant savings in light of India’s over 85% crude import dependency. As the world’s third-largest crude consumer, India remains heavily inclined toward cost-efficient options, making Russian crude integral to its procurement strategy despite shrinking discounts,” said Sumit Ritolia, senior oil refining analyst at Kpler. Discounts offered by Moscow to Indian refiners on purchase of crude oil has declined sharply in 2024 on account of bigger market for Russian oil. To supplement the drop in Russian volumes in December, refiners increasingly turned to traditional Middle-Eastern suppliers. In December, Iraq supplied 1.23 million bpd of crude oil to India, higher than 890,000 bpd in the previous month, while Saudi Arabia supplied 582,000 bpd of crude, compared to 621,000 bpd in November. India’s total crude oil imports also increased in December driven by resumption in refinery activity. India imported 4.8 million bpd of crude oil in December, compared to 4.7 bpd in the previous month, showed data. “India's crude oil imports experienced a notable rebound in November and December 2024, driven by the resumption of full-capacity operations at domestic refineries following the seasonal maintenance shutdowns. This recovery in refinery utilization, alongside robust domestic demand for fuels and petroleum products, significantly boosted crude oil imports. The uptick highlights India’s strong post-maintenance operational momentum in late 2024, setting a solid foundation for Q1 2025,” said Ritolia. 2025 Outlook Kpler expects India’s crude oil imports to remain strong, supported by ramped-up refinery operations. Higher oil demand is likely to extend into the first quarter of 2025, driven by seasonal demand and state refiners maximizing throughput to meet fiscal-year targets and rising domestic consumption, it added. “Looking ahead to 2025, new refining capacities such as the Barmer Greenfield Refinery, along with capacity expansions at Barauni (60 kbd), Panipat (116 kbd), and Visakhapatnam RHCU, are expected to further elevate crude import volumes. However, periodic refinery maintenance activities may result in short-term fluctuations in import levels, emphasizing the cyclical nature of India’s crude demand,” said Kpler. To meet rising domestic demand, Indian oil companies primarily Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL), have plans to increase their respective refining capacity. A recent report by the International Energy Agency (IEA) said India is set to lead global oil demand growth until 2035, adding nearly 2 million bpd to global oil demand in the period.India’s rising energy demand has resulted in higher crude imports with the country’s dependence on oil imports climbing to around 87 percent in the recent months.

2024-12-30 20:59

2024-12-30

20:59

moneycontrol.com

https://www.moneycontrol.com/news/business/mc-explains-bird-hits-what-the-dgca-is-doing-to-ensure-flight-safety-12900249.html

MC Explains: Bird hits & what the DGCA is doing to ensure flight safety

Azerbaijan Airlines plane crash.Related stories.

The recent crash of the Jeju Air flight which resulted in the death of 179 of the 181 people travelling aboard the ill-fated Boeing has once again raised questions around the safety of air travel. The Boeing model involved in the crash, the 737-800, is one of the world’s most popular aircraft with a generally strong safety record, and was developed well before the MAX variant involved in a recent Boeing safety crisis. While South Korean officials have said that they are investigating the cause of the crash, including initial suggestions of a possible bird strike, aviation experts globally have questioned whether bird hits can bring down a 42,000 kg engineering marvel that flies on multiple engines. Per data from India's aviation regulator, the Directorate General of Civil Aviation (DGCA), from 1,152 incidents in 2020, bird hits increased 27.25 percent to 1,466 in 2021. Since then, the figure has hovered around the 1,200 mark, with data for 2024 yet to be released. One of the reasons for the increase in bird hits in 2021 was that airports were quieter than usual due to limited domestic and international flights in the wake of Covid. Quiet airports attract more birds as well as animals — there was a 93.33 percent rise in animal strikes in 2021 as against 2020. Why are bird hits an issue? A survey by the International Civil Aviation Organization (ICAO) of data from 91 countries found that airlines face an average of 34 bird strikes in a day. Another survey by the National Business Aviation Association (NBAA) showed that 97.5 percent of wildlife strikes involve birds. In contrast, strikes involving terrestrial mammals account for 2.1 percent, followed by bats and reptiles at 0.3 percent and 0.1 percent, respectively. Collisions between birds and aircraft can occur at any point, from take-off to landing, resulting in damage to aircraft windshields, engines, and fuselages. The majority of bird hits do not result in substantial damage to the aircraft or pose a danger to the passengers. Yet, more than 200 people have been killed worldwide as a result of wildlife strikes since 1988. The most dangerous bird strike is what's called a jet engine ingestion, in which a bird is swallowed by the aircraft’s engine. According to ICAO, damage to aircraft by bird hits amounts to more than $1 billion annually. However, almost 92 percent of the air strikes are without any damage. Most modern engines are required to be capable of ingesting birds that weigh about 1.8 kilograms while running at full power during the initial climb, without catching fire or making the engine impossible to shut down. They are also required to operate at minimum 50 percent power for up to 14 minutes after the strike. This means that even if both the engines are hit by large birds, they can provide a combined thrust output of at least one engine, which is more than enough to return to the airport. Smaller planes are generally bmore susceptible to the dangers of bird strikes than larger ones. How can airplanes avoid bird hits? After the recent incidents of bird hits in India, the DGCA on August 13 issued guidelines to airports across the country to mitigate incidents of collision of planes with birds and other animals. These include implementing a habitat management programme to reduce the population of hazardous wildlife around the airport, performing risk assessment procedures, and recording bird activity around airports. The DGCA guidelines also include carrying out patrols and informing pilots whenever there is any wildlife activity. Internationally, airports use three main ways to minimise the attraction of the airport environment to birds, including modifying bird habitats, controlling bird behaviour, and adapting flight times and paths. Modifying bird habitats Several methods can be used to modify bird behaviour to keep them away from airports, including removing food sources such as seed-bearing plants and insects from  airport premises. Covering ponds with netting can prevent birds from landing near airports. Destroying bushes and trees that offer attractive nesting sites can also help reduce the presence of birds. Further, airports use sonic cannons, recorded predator calls, and other noises  to keep birds away. Lasers are also used at dawn and dusk to simulate predators and scare birds away. In some countries, falcons are trained to keep birds away from roosting areas before they nest. Dogs are also trained to track bird movements across airports and chase them away. Controlling bird behaviour Some airports use pyrotechnics to drive away birds, says Michael Begier, National Coordinator of the Airport Wildlife Hazards Programme at the US Department of Agriculture. "The flash, bang kind of stuff  gets their attention and pushes them away," he said. Loud explosions and whistling sounds, sparks — different birds respond to different things. Some even take flight at the mere sight of the wildlife vehicle that emits such sounds. A banger shot from a pistol can travel 30-40 yards before exploding, while a shot from a  12-gauge shotgun can reach 70-100 yards. A Purdue University study found that planes painted in dark colours attract more birds. Hence, brighter shades should be used to avoid them. Adapting flight times and paths Modifying flight paths and schedules can also help minimise bird strikes. While these methods may not be feasible at all airports, they can help the airport work in harmony with the surrounding wildlife . Adjusting flight times to avoid the busiest hours for bird activity, such as early mornings and late evenings, or peak migration periods can help address the issue. According to the US Federal Aviation Administration's wildlife strike database, about 63 percent of bird strikes happen during the day, 8 percent during dawn and dusk, and 29 percent at night. The landing phase of the flight is when 61 percent of bird strikes occur, while  36 percent occur during the take-off run and climb phases, with the remaining 3 percent occurring when the aircraft is en route. Another suggestion to prevent such incidents is that engines should be covered with a grill. But the issue with that is to effectively block the bird at 800 km/h, the grill has to be significantly sturdy and thick, which will disrupt the air flowing into the engine. Training spotters with binoculars to pinpoint hazardous birds and directing planes to different runways or approaches is also adopted by some airports.

2024-12-30 20:35

2024-12-30

20:35

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/ev-maker-ather-energy-secures-sebi-s-final-nod-for-ipo-12900450.html

EV maker Ather Energy secures SEBI's final nod for IPO

Ather Energy gets SEBI nod for IPO.

Electric two-wheeler maker Ather Energyreceivedthe final approval from markets regulator Securities Exchange Board of India (SEBI) on December 30 to launch its Initial Public Offering (IPO). While the firm is yet to file its RHP documents, according to the company'sDraft Red Herring Prospectus, the total IPO size may be around Rs 4,500 crore. If the IPO gets launched, Ather Energy will be the second company listing on the bourses after its rival Ola Electric Mobility which had a debut in August. The electric two-wheeler manufacturer had filed draft papers on September 9 with the intention to raise funds for establishment of an E2W (electric two-wheeler) factory in Maharashtra, and debt reduction. The IPO will be a combination of fresh issue of equity shares worth Rs 3,100 crore, and an offer-for-sale of 2.2 crore equity shares by promoters and investors. Sources close to Moneycontrol said that the firm is targeting a valuation of around $2.5 billion. The valuation has doubled since its last fundraise. In August of 2024, Ather Energy secured $71 million in a new funding round led by its existing investor, the National Investment and Infrastructure Fund (NIIF), which took the valuation to $1.3 billion, making it a unicorn startup. Ather Energy clocked a consolidated revenue of Rs 1,753 crore, which was 1.7 percent lower Year-on-Year (YoY) in the financial year 2024.

2024-12-30 20:18

2024-12-30

20:18

moneycontrol.com

https://www.moneycontrol.com/technology/hackers-attack-chrome-extensions-spreading-dangerous-code-to-users-article-12900456.html

Hackers attack Chrome extensions, spreading dangerous code to users

Chrome.

A sophisticated cyberattack campaign has targeted 16 Chrome extensions to steal sensitive data of Facebook ad users. According to an initial investigation by the cybersecurity firm Cyberhaven, the malicious code was designed to steal sensitive data, including access tokens, user IDs, account information, cookies, and other sensitive data. Google Chrome extensions attack: Key details According to a new report by Reuters, security researcher Jaime Blasco has stated that the attack was a random malware injection and not targeting Cyberhaven specifically. Further, he added that VPN and AI extensions containing the same malicious code that was inserted into Cyberhaven were responsible for security breaches for other firms. Cyberhaven has a prestigious list of customers, using its servers such as Snowflake, Motorola, Canon, Reddit, AmeriHealth, Upstart, and others. The cybersecurity company reported in a blog post that its Chrome extension was hacked on December 24, in an attack targeting logins to certain social media advertising and AI platforms. Other extensions, including ParrotTalks, Uvoice, and VPNCity, and 13 other Chrome extensions were also affected. However, according to the company, the incident was brief and limited. Only version 24.10.4 of the Cyberhaven Chrome extension was affected, and the malicious code was active for less than a day. Till now, Cyberhaven has declined to comment about how many affected customers it had notified about the breach and assured that only Chrome browsers that auto-updated during the time of the cyberattack were impacted.

2024-12-30 20:16

2024-12-30

20:16

moneycontrol.com

https://www.moneycontrol.com/news/india/bengaluru-police-arrest-four-from-gujarat-for-defrauding-rs-12-5-crore-from-cred-12900437.html

Bengaluru police arrest four from Gujarat for defrauding Rs 12.5 crore from CRED

Cred.Related stories.

Bengaluru city police recently arrested four people from Gujarat for defrauding Rs 12.5 crore from credit card payments company CRED. The alleged mastermind, Vaibhav Pitadiya (33), a relationship manager at Axis Bank in Gujarat, was among those arrested. The police recovered Rs 1.28 crore in cash, two mobile phones, and fake CIB forms during the investigation. "Efforts are on to recover the remaining defrauded amount. They forged signatures and seals on Corporate Internet Banking (CIB) forms. Using these forged documents, the accused gained unauthorised control over the internet banking credentials of the company’s accounts and transferred Rs 12.50 crore to 17 mule accounts in Gujarat and Rajasthan," the official said. Pitadiya discovered that CRED’s nodal account processed daily transactions exceeding Rs 2 crore. He noticed two linked corporate accounts were inactive and identified loopholes to exploit them. According to a Deccan Herald report, Pitadiya devised a scheme and involved an Instagram acquaintance, Neha Ben, convincing her to impersonate the company’s managing director (MD). He forged board resolutions and letterhead documents to portray Neha as the MD. Neha submitted a fake CIB form along with forged documents to Axis Bank’s Ankleshwar branch in Bharuch, Gujarat, requesting a new user ID linked to CRED’s account with updated email and phone details. Using these credentials, the group initiated the fraudulent transactions. "Shubham and Shailesh, two accomplices, created forged documents and opened mule accounts for transferring the stolen funds," the police stated. The fraud came to light on November 13 during a bank account reconciliation exercise by CRED. It was discovered that between October 29 and November 11, 17 unauthorized transactions worth Rs 12.5 crore had been made to dubious accounts. CRED escalated the issue to Axis Bank and filed a complaint with the East CEN Crime Police Station in Bengaluru on November 15. Police traced the fraud to the Ankleshwar branch, where Neha had submitted the forms. Neha was detained on December 21, and her interrogation led the police to Pitadiya and the others. Investigations revealed that the suspects had attempted to submit another CIB form to a different Axis Bank branch for activating another account linked to CRED. “This attempt was intercepted, and the fraud was halted,” said an official. “They accessed sensitive data and created counterfeit CIB forms and board resolutions. These documents were submitted to Axis Bank’s Ankleshwar branch, enabling the fraudulent transactions. The accused confessed to the crime during interrogation and have been remanded to police custody for further investigation," the officer added.

2024-12-30 20:13

2024-12-30

20:13

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/indo-farm-equipment-raises-over-rs-78-crore-via-anchor-book-ahead-of-rs-260-crore-ipo-12900409.html

Indo Farm Equipment raises over Rs 78 crore via anchor book ahead of Rs 260-crore IPO

Indo Farm Equipment IPO.Related stories.

Indo Farm Equipment, which manufactures tractors, pick & carry cranes, and other harvesting equipments, has mobilised Rs 78.04 crore from 11 institutional investors via its anchor book launched on December 30, ahead of its IPO opening. TheRs 260-crore initial share salewill open for public subscription on December 31, and close on January 2, with a price band of Rs 204-215 per share. The IPO is a combination of fresh issue of 86 lakh equity shares worth Rs 184.9 crore, and an offer-for-sale of 35 lakh shares worth Rs 75.25 crore by promoter Ranbir Singh Khadwalia. "...has finalised allocation of 36.3 lakh equity shares to anchor investors at a price of Rs 215 per equity share," theChandigarh-based companysaid in its filing to exchanges. Negen Undiscovered Value Fund is the largest anchor investors amongst them, buying 6.97 lakh shares worth Rs 15 crore, followed by Niveshaay Hedgehogs Fund, and Rajasthan Global Securities, which invested Rs 10 crore each in Indo Farm Equipment. Click Here To ReadAll IPO News Further, Subham Capital and India Equity Fund picked shares worth Rs 7 crore and Rs 6 crore, respectively. Chhatisgarh Investments, Saint Capital Fund, Vikasa India, Ashika Global Securities, Shine Star Build Cap, and Smart Horizon Opportunity Fund, which invested Rs 5 crore each. Beforethe IPO launch, it had raised Rs 35.15 crore via pre-IPO placement of 19 lakh shares at a price of Rs 185 per share. After which, the fresh issue size has been reduced from 1.05 crore shares to 86 lakh shares. A total 13 investors participated in the pre-IPO placement including Hathor Corporate Advisors, Own Infracon, Nabs Vriddhii, Finavenue Growth Fund, Niveshaay Hedgehogs, and VM Finserve and Asset Management. Indo Farm Equipment, which competes with listed peers like Escorts Kubota, and Action Construction Equipment, will utilise fresh issue funds for expansion of pick & carry cranes manufacturing capacity, repaying debt, investment in NBFC subsidiary Barota Finance, and general corporate purposes. Aryaman Financial Services is the sole merchant banker handling the public issue.

2024-12-30 20:05

2024-12-30

20:05

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/yearender-2024-india-s-coal-dependence-for-its-energy-needs-is-here-to-stay-12900410.html

Yearender 2024: India’s coal dependence for its energy needs is here to stay

A thermal power plant.Related stories.

India met a peak power demand of 250 gigawatts (GW) in 2024, an all-time high for the country, and even though it was lower than the projected demand of 256 GW by the government, at least 70 percent of it was still fuelled by coal-fired power plants. According to the Ministry of Power, thermal power generation across the country also hit an all-time high in 2024, touching 176 GW to meet the peak demand. In 2024, India added about 4 GW of coal-fired power capacity. For 2025, the Central Electricity Authority (CEA) has projected the peak power demand to touch 270 GW in the summer season, up from the record high of 250 GW in May 2024 and 243 GW in September 2023. The peak power demand is estimated to reach a level of 446 GW by 2035, it stated. Also Read:2024: A landmark year for green energy in India with record renewable addition and policy momentum. Coal accounts for about three-quarters of India’s power generation and its demand is seen to be rising despite the country’s renewables plans. India has seen spikes in peak demand for electricity in the last two years, even as it has struggled to add renewable energy capacity in line with its goal of 500 gigawatts (GW) of non-fossil fuel capacity by 2030. “It is estimated that by 2032, the required coal and lignite based installed capacity would be 283 GW against the present installed capacity of 217.5 GW as on November 30. Considering this, the Government of India has envisaged to set up an additional minimum 80 GW coal based capacity by 2031- 32,” Union minister for power Manohar Lal Khattar told the Parliament on December 19. “Against the 80 GW target, 29,200 MW of thermal capacity (coal & lignite based) is under construction and contracts for 19,200 MW thermal capacity have been awarded in FY 2024-25. Further, 36,320 MW of coal and lignite based candidate capacity has been identified which is at various stages of planning in the country,” Khattar said. Globally as well, the demand for coal is expected to hit a new high in 2024 and will stay near these levels till 2027, according to areport by International Energy Agency (IEA) released on December 18. It added that India and China will continue to drive global coal demand, and that India's strong demand has meant that imports have stayed at levels seen last year despite a production push led by Coal India Limited. Increase in coal production In this calendar year (till December 15), the country produced about 988.32 Million Tonne (MT) of coal as compared to about 918.02 MT coal during the same period last year with a growth of about 7.66 percent, as per provisional data shared by the Ministry of Coal. During the same period, the country supplied about 963.11 MT coal compared to 904.61 MT last year - an increase of 6.4 percent. From this, the power sector was supplied 792.958 MT this year, as against 755.029 MT last year. The non-regulated sector was supplied 171.236 MT against 149.573 a year ago, which is a growth of 14.48 percent. For the financial year 2025-26, the Union government has set a coal production target of 1,193.39 MT, up 10.5 percent from the FY25 target of producing 1,080 MT of the fossil fuel in India, as per Coal Ministry data. For the current fiscal (2024-25),coal production in India has been set at 1,080 MT, with state-run miner Coal India's target set at 838 MT. However, India may end the current financial year with some production shortfall due to heavy rainfall in key coal producing states in August and September. For example, CIL is likely to have a production shortfall of around 15 MT, according to two coal ministry officials. To reduce import of coal and to promote domestic production, the Union government opened coal mining to the private sector through auctions. As of now, total 113 coal mines have successfully been auctioned under commercial mining having Peak Rated Capacity (PRC) of 257.60 MTPA. In 2024, vesting orders have been issued for 17 coal mines, and Coal Mining Development and Production Agreement (CMDPAs) have been signed for 20 coal mines.

2024-12-30 19:58

2024-12-30

19:58

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/lupin-acquires-huminsulin-from-eli-lilly-to-enhance-diabetes-care-portfolio-12900424.html

Lupin acquires Huminsulin from Eli Lilly to enhance diabetes care portfolio

The Huminsulin range is used in treatment of type 1 and type 2 diabetes mellitus, to improve blood sugar control for both adults and children..Related stories.

Pharma major Lupin has acquired Huminsulin brand in India from Eli Lilly, in an effort to enhance its diabetes portfolio, the company said in an exchange filing on December 30. Lupin had been marketing Huminsulin through an existing agreement with Lilly India before proceeding to acquire the brand. The drug is used in the treatment of Type 1 and Type 2 diabetes mellitus. "This acquisition is strategic to our ongoing efforts to expand our diabetes portfolio and provide high quality, affordable health care to our patients," Nilesh Gupta, Managing Director, Lupin said. The acquisition enables Lupin to offer a 'broad range of human insulin options' to patients, added Rajeev Sibal, President – India Region Formulations,Lupin. The Huminsulin range is used in treatment of type 1 and type 2 diabetes mellitus, to improve blood sugar control for both adults and children. Lupin said there is a significant Indian population affected with diabetes for both types, where Insulin Human is prescribed as part of the therapy. Lupin's diabetes business grew 19% on-year in September quarter as against the category growth of 9%. The management is confident on continuing to grow ahead of market in the India Formulations business, backed by a strong portfolio. Diabetes is one of the top three segments for Lupin, along with cardiology and respiratory drugs. In the US, Eli Lilly is spending $3 billion to ramp up production of blockbuster diabetes and weight-loss drugs.

2024-12-30 19:20

2024-12-30

19:20

moneycontrol.com

https://www.moneycontrol.com/news/india/airlines-to-mandatorily-share-international-passenger-data-with-customs-from-april-1-12900426.html

Airlines to mandatorily share international passenger data with Customs from April 1

Airlines to mandatorily share international passenger data with Customs from April 1.Related stories.

Airlines will have to mandatorily share details of foreign travellers with the Indian Customs authorities from April 1, 2025, and non-compliance can attract penalties. All air transport service providers operating flights to/from India will have to register with the National Customs Targeting Centre-Passenger (NCTC-Pax) by January 10, 2025, in order to comply with the requirement, according to a communication issued by the Central Board of Indirect Taxes and Customs (CBIC). Details ranging from mobile number, and payment mode to travel itinerary need to be shared with the authorities 24 hours before the departure of an international flight. On August 8, 2022, the CBIC notified the 'Passenger Name Record Information Regulations, 2022' under which airlines were required to share passenger name record (PNR) details of foreign travellers with the Customs department. This system is intended to enhance interdiction capabilities of authorities as well as risk analysis of passengers. In case an airline fails to share the data, the Customs department can impose a fine ranging from Rs 25,000-50,000 for every act of non-compliance, as per the regulations. The CBIC, in the communication issued last week, said the system to implement the regulation is being developed by NCTC-Pax and the latter's phased rollout is envisaged from January 2025. The Customs department also said that the PNRGOV system — to collect requisite passenger information — will be implemented on a pilot basis with some airlines who have expressed willingness to participate. "The pilot phase is scheduled to be implemented by February 10, 2025. Thereafter, full scale operation is planned from April 1, 2025, for individual airlines and from June 1, 2025, for airlines intending to operate through GDS (global distribution system)," the CBIC said. As per the 'Passenger Name Record Information Regulations, 2022', airlines will have to share data of all international passengers with Customs authorities 24 hours before the departure of the flight. The information to be shared by airline companies for both inbound and outbound international flights include the name of the passenger, billing/payment information (credit card number), date of issue of ticket as well as intended travel, and names of other travellers in the same PNR, travel itinerary for the PNR. Besides, contact details like email ID, mobile number, details of travel agency, baggage information and code share information (when one airline sells seats on another air carrier's flight) have to be shared.

2024-12-30 19:19

2024-12-30

19:19

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/the-a-z-of-stock-markets-a-2024-guide-from-moneycontrol-12900421.html

The A-Z of stock markets: A 2024 guide from Moneycontrol

The A to Z of markets in 2024.

The year gone by has seen so much activity, it can be difficult to look back and take in account everything that's happened. Moneycontrolbrings you a comprehensive guide to remember the A to Z of 2024, rife with memes, songs or even movies that investors might attribute to the biggest market movers and shakers!

2024-12-30 19:11

2024-12-30

19:11

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/govt-to-adopt-new-approach-to-track-cost-overruns-sources-12900414.html

Govt to adopt new approach to track cost overruns: Sources

New tracking system for cost overruns.Related stories.

The Union government will launch a new system to track cost overruns in January 2025, making the process more standardised to better track outcomes, sources told Moneycontrol. “The new system aims to track cost overruns at each stage of project implementation. For now, Railways projects are tracked at the inclusion stage, while roads and powers are tracked from the land acquisition stage,” a person aware of the development told Moneycontrol. Petroleum and telecom track project overruns from start of the project award date. The Online Computerised Monitoring System (OCMS) of the government is also likely to undergo reforms with project start and tender award date also to be introduced in the portal. The earlier system captured the project from the date of approval by Board. The government is also planning an alignment of the portal with various other such initiatives run by the government. “The API of the OCMS-MoSPI portal will be integrated with the IIG-PMG portal of the Department of Promotion of Industry and Internal Trade under the aegis of the Ministry of Commerce and Industry,” said the person. The process will also help the Ministry of Statistics and Programme implementation create customisable dashboards and project reports for Niti Aayog and the Prime Minister’s Office.The next phase of the plan will include milestone-level monitoring at the pre-construction stage. The cost overruns in government projects was nearly 20 percent of the original cost, as the anticipated cost of 1,742 ongoing projects at over Rs 31 lakh crore exceeded the original cost by Rs 5 lakh crore. The government has already spent 53 percent of original cost on these projects.

2024-12-30 19:08

2024-12-30

19:08

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/diis-net-bought-shares-worth-rs-2-174-crore-fiis-net-sold-rs-1-893-crore-12900384.html

DIIs net bought shares worth Rs 2,174 crore, FIIs net sold Rs 1,893 crore

For the year so far, FIIs have net sold Rs 3.12 lakh crore, while DIIs have net bought Rs 6.04 lakh crore worth of shares..Related stories.

On December 30, domestic institutional investors (DIIs) net bought shares worth Rs 2,174 crore crore, while foreign institutional investors (FIIs) net sold shares worth Rs 1,893 crore, provisional data from NSE showed. During the trading session, DIIs bought Rs 41,787 crore and sold shares worth Rs 39,613 crore, and FIIs purchased Rs 15,508 crore in shares while offloading equities worth Rs 17,401 crore. For the year so far, FIIs have net sold Rs 3.12 lakh crore, while DIIs have net bought Rs 6.04 lakh crore worth of shares. Also read:Taking Stock: Sensex, Nifty fall tracking Asian markets Market view The Sensex closed down 0.57 percent, shedding 450 points to close at 78,248, while the Nifty dropped 0.7 percent, or 168.5 points, to 23,644.90. Among sectoral indices, Nifty Realty, Nifty Auto and Nifty Metal closed in the red while Nifty Healthcare, Nifty IT and Nifty FMCG rose. Adani Enterprises was the biggest gainer, closing nearly 8 percent higher at Rs 2,592.32. On the other hand, Hindalco was the biggest loser, closing around 3 percent lower at Rs 601.10. On today's market, Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services noted that market sentiment was hampered due persistent FII selling. "India VIX jumped by 6.4% indicating high volatility in the market. China’s manufacturing PMI for December to be released tomorrow, will be a key economic data to watch out for," he said. Khemka added that domestic markets are anticipated to remain rangebound in the near term. For the calendar year 2025, he expects consolidation to continue in the first half, while the second half could see a recovery on the back of enhanced government spending and improved corporate earnings.

2024-12-30 19:02

2024-12-30

19:02

moneycontrol.com

https://www.moneycontrol.com/news/india/bpsc-students-protest-prashant-kishor-to-sit-on-indefinite-strike-from-january-2-12900407.html

BPSC students' protest: Prashant Kishor to sit on ‘indefinite strike’ from January 2

Prashant Kishor is participating in the BPSC aspirants' protest in Bihar. (Image: PTI).Related stories.

A day after a police case was filed against election strategist-turned political leader Prashant Kishor, the Jan Suraaj party chief on Monday said he would sit on an indefinite strike from January 2, until the demands of the students are met. He also demanded action against the officials who ordered a baton charge on the students protesting over the BPSC exam paper leak row, News18 reported. Prashant Kishor said on Monday, “We have put our point in a democratic way. We have decided that we should give 48 hours to the government as CM (Nitish Kumar) is not in Patna currently… You are the CM of Bihar but these students only have made you the CM of the state. If CM calls us to meet then we will go. We are with the students…The CM has time till January 1 to provide a solution to students’ issues. ” VIDEO | BPSC exam protest: Heres what Jan Suraaj Party founder Prashant Kishor (@PrashantKishor) said after a delegation of students met Bihar Chief Secretary, earlier today.We have put our point in a democratic way. We have decided that we should give 48 hours to thepic.twitter.com/AawP3DQcBgPress Trust of India (@PTI_News)December 30, 2024 “If our issues are not resolved, then the form that our agitation will take from January 2… we will put more strength in that and protest. On January 3, we will also go to court. We will also look into using whatever legal options are available... To avoid such situation, we request the government to take a positive decision,” Prashant Kishor added, PTI reported. Also Read:BPSC protest in Bihar: Opposition senses opportunity amid students' face-off with govt Earlier on Sunday, a lathi charge and water cannon action by the Patna Police left many BPSC candidates injured. In a statement, the Patna authorities said a case had been filed against Prashant Kishor on charges of unauthorised gathering of crowd, instigating people and creating law and order problems. VIDEO | Minor scuffle breaks out between police and BPSC aspirants at Gandhi Maidan in Patna. The BPSC aspirants, who were joined by Jan Suraaj Party founder Prashant Kishor, were demanding a re-exam for the 70th prelims exam.#BPSC#BPSCprotest(Full video available on PTIpic.twitter.com/9y7Tg5xyoNPress Trust of India (@PTI_News)December 29, 2024 The Jan Suraaj Party, the police said, had also held a protest march without permission and led the crowd near Patna's Gandhi Maidan which had turned violent, breaking police loudspeakers and clashing with magistrates and police officers on duty. This came after Prashant Kishor joined BPSC aspirants protest at Gandhi Maidan and said that a five-member student delegation would meet the Bihar Government Secretary over the ongoing issue. A video, now widely being shared over the internet, showed Kishor allegedly leaving the protest site amidst the police lathi charge. The Bihar Public Service Commission (BPSC) candidates have been protesting for more than a week seeking the cancellation of the Preliminary Examination conducted by the BPSC over allegations of question paper leak. They are demanding a re-exam to be held for the 70th BPSC prelims. #WATCH| Bihar | Jan Suraaj Chief Prashant Kishor joins BPSC aspirants protest in Patna's Gandhi MaidanBPSC aspirants are demanding a re-exam to be held for the 70th BPSC prelimspic.twitter.com/NUuhY9blBgANI (@ANI)December 29, 2024 At the protest site, Kishor said on Sunday, "The government officials present here have assured us that the government has agreed to discuss the demands of the students and the five-member students' committee will go and talk to the Chief Secretary right now so that some decision can be taken on the problems and demands of the students... If after talking to the Secretary, the students or the student organization of BPSC candidates are not satisfied, then tomorrow morning a decision will be made on the further protest...I would request the students not to do anything right now that is not legal... If the decision is not in favour of the students, if any injustice is done to the students, then we will stand with them with full strength...I am with the students..." (With inputs from agencies)

2024-12-30 19:01

2024-12-30

19:01

moneycontrol.com

https://www.moneycontrol.com/news/india/i-am-proud-of-being-dravidian-stock-tn-cm-stalin-says-at-pudhumai-penn-scheme-expansion-12900417.html

I am proud of being Dravidian stock, TN CM Stalin says at 'Pudhumai Penn' scheme expansion

MK Stalin.

Tamil Nadu girls fared better in education and in securing employment and much of their empowerment was a result of the DMK government's pro-women initiatives like the 'Pudhumai Penn' financial aid for girl students, Chief Minister M K Stalin said on Monday and took pride in their socio-economic development. "Girls topped in getting marks, enrollment in higher education in the country, and in getting employment as well. Today, women were at the forefront of education," he said. "This is Periyar’s (rationalist leader E V Ramasamy's) dream,” the Chief Minister said while launching the expansion of the Pudhumai Penn financial assistance to girl students who studied from class 6 to 12 in governmentaided schools through Tamil medium and pursued higher education. The beneficiaries are provided a monthly grant of Rs 1,000 till they complete their first degree, diploma ITI courses. The students are eligible for this sum in addition to other scholarships. "When I see thousands of girl students in one place, I feel proud of being a Dravidian stock. There is a stock that divides us on the basis of caste and religion," he said without directly naming anyone. "That stock incites violence without thinking about development. An outdated stock that still talks about the idea of women staying at home," the Chief Minister said addressing the students at a well-attended meeting at Kamaraj College here. Stalin traced the contribution of the Justice Party, former Chief Ministers: K Kamaraj, C N Annadurai, and M Karunanidhi towards education and said his Dravidian model government has brought various schemes for women and attached importance to higher education and research. Distributing cheques under the Pudhumai Penn scheme to the beneficiaries, he said apart from free bus travel passes to women, the Dravidian model government provided many schemes for women, such as extending loans to women's self-help groups, and monthly grant of Rs 1,000 to women. The Pudhumai Penn scheme has helped in improving the enrollment of girls in colleges, he added. "Not only for the education of girls, I will break any obstacle for their betterment. I will not rest until I create a situation where there are no women in Tamil Nadu who have not pursued higher education." "If a man enters a college, it is educational development. But if a woman enters a college, it is a social revolution," Stalin further said and called upon the students to focus only on their studies. "I am here to provide you with everything you need. The government is here. This is a competitive world. So don't stop with a degree, study further. Go to work even after marriage," he said and added that he would feel content when the beneficiaries tell him one day that they succeeded in life due to the Pudhumai Penn scheme. Ministers Anbil Mahesh Poyyamozhi, Geetha Jeevan, Anitha Radhakrishnan, MP Kanimozhi, and others participated in this event. About 75,028 girl students will benefit from the expanded scheme that was launched on September 5, 2022, in North Chennai. The second phase was launched on February 8, 2023, in Thiruvallur. Since its roll out, 4,25,000 students of arts, science, engineering, vocational and medical colleges have benefited. A total of Rs 590.66 crores have been provided to the beneficiaries so far. Meanwhile, BJP state chief K Annamalai flayed the Chief Minister for his remarks on women empowerment and alleged that the "Dravidian disaster model" hasn't ensured minimum security to a woman student on the university campus. "The Chief Minister @mkstalin spoke today in a programme that if a woman enters a college, it is a social revolution. How can you speak thus, Chief Minister, when you are running a government and has not expelled the person from your party who entered a college and sexually assaulted a student studying there?" Annamalai asked in a post on social media platform X. Quoting Stalin that if a woman enters a college, it is a social revolution, he said that "this Dravidian disaster model is a miserable government that cannot even ensure the minimum security that should be given to that woman."

2024-12-30 18:56

2024-12-30

18:56

moneycontrol.com

https://www.moneycontrol.com/news/world/us-announces-5-9-billion-in-military-other-aid-to-ukraine-12900412.html

US announces $5.9 billion in military, other aid to Ukraine

US announces $5.9 billion in military, other aid to Ukraine.Related stories.

The United States on Monday announced nearly $6 billion in additional military and budget assistance for Ukraine as President Joe Biden uses his final weeks in office to surge aid to Kyiv before President-elect Donald Trump takes power. Biden announced $2.5 billion in additional security assistance for Ukraine. Treasury Secretary Janet Yellen said the United States has made available $3.4 billion in additional budget aid to Ukraine, giving the war-torn country critical resources amid intensifying Russian attacks on Ukrainian civilians and infrastructure. "At my direction, the United States will continue to work relentlessly to strengthen Ukraine’s position in this war over the remainder of my time in office," Biden said in a statement. Biden's announcement includes $1.25 billion in military aid drawn from U.S. stockpiles and a $1.22 billion Ukraine Security Assistance Initiative (USAI) package, the final USAI package of Biden's time in office. Under USAI, military equipment is procured from the defense industry or partners, rather than drawn from American stocks, meaning it can take months or years to arrive on the battlefield. Russia's invasion of Ukraine is approaching the three-year mark and recently the Russians have used North Korean troops to bolster their fighting position. North Korean forces are experiencing mass casualties on the front lines of Russia's war against Ukraine, with 1,000 of their troops killed or wounded in the last week alone in Russia's Kursk region, White House spokesperson John Kirby said on Friday. Biden said the new assistance will provide Ukraine with "an immediate influx of capabilities that it continues to use to great effect on the battlefield and longer-term supplies of air defense, artillery, and other critical weapons systems." Nearly three years into the war, Washington has committed billions in aid for Ukraine, but it is uncertain if the aid will continue at that pace under Trump, who replaces Biden on Jan. 20. Trump has said he wants to bring the war to a swift end. During the presidential campaign, Trump questioned the level of U.S. involvement in the conflict, suggesting European allies should bear more of the financial burden. Some of his fellow Republicans - who will control both the House of Representatives and Senate starting next month - have also cooled on sending more aid to Kyiv. Yellen said in a statement the direct budget assistance, provided in coordination with the U.S. Agency for International Development and the State Department, marked the final disbursement under the 2024 Ukraine Security Supplemental Appropriations Act. A U.S. official said the funding brings the total in U.S. budget aid to Ukraine to just over $30 billion since Russia's invasion in February 2022. Most of those funds are used to keep Ukraine's government running by paying salaries to teachers and other state employees. Washington has separately provided approximately $61.4 billion in security assistance to Kyiv since the start of the war, according to the Pentagon. Biden said the Defense Department is in the process of delivering hundreds of thousands of artillery rounds, thousands of rockets, and hundreds of armored vehicles "which will strengthen Ukraine’s hand as it heads into the winter." Yellen said continued economic aid for Ukraine was crucial to allow it to maintain government services and continue to defend its sovereignty, warning against moves to cut funding. "Ukraine’s success is in America’s core national interest," she said, vowing to continue to pressure Moscow with sanctions and to help position Ukraine to achieve a just peace. "We must not retreat in this effort."

2024-12-30 18:51

2024-12-30

18:51

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/sebi-clears-ipos-of-ivalue-infosolutions-ather-energy-oswal-pumps-quality-power-fabtech-tech-and-schloss-bangalore-12900369.html

SEBI clears IPOs of Ivalue Infosolutions, Ather Energy, Oswal Pumps, Quality Power, Fabtech Tech, and Schloss Bangalore

Upcoming IPOs.Related stories.

Six companies - Ivalue Infosolutions, Ather Energy, Oswal Pumps, Quality Power Electrical Equipments, Fabtech Technologies, and Schloss Bangalore - are ready to float IPOs as the capital markets regulator SEBI has cleared their draft papers last week. The SEBI has issued observation letter on the draft papers of Ivalue Infosolutions, and Ather Energy on December 23, while the preliminary papers of Oswal Pumps received the said letter on December 24. Further, the observation letter issued on IPO papers of Quality Power Electrical Equipments, and Fabtech Technologies on December 27, and Schloss Bangalore on December 26. In SEBI parlance, the issuance of observation letter by the regulator is a green signal to the company to launch IPO within the next one year. Click Here To ReadAll IPO News Ivalue Infosolutions IPO The Bengaluru-based technology solutions company has filed draft papers with the SEBI on September 5 this year. The IPO comprises entirely anoffer-for-sale of 1.87 crore equity sharesby the existing shareholders, with no fresh issue component, which means the entire issue proceeds (excluding offer expenses) will be received by the selling shareholders. On the assumption of full conversion of convertible securities, promoters hold 38.67 percent stake in Ivalue and 61.33 percent shares are owned by the public shareholders including Sundara (Mauritius). Ather Energy IPO The electric two-wheeler manufacturer had filed draft papers on September 9 with the intention to raise funds for establishment of E2W factory in Maharashtra, and debt reduction. The IPO will be a combination offresh issue of equity shares worth Rs 3,100 crore, and an offer-for-sale of 2.2 crore equity sharesby promoters and investors. According to a Moneycontrol report in September, thetotal IPO size may be around Rs 4,500 crore. If the IPO gets launched, Ather Energy will be the second company listing on the bourses after its rival Ola Electric Mobility which had a debut in August. Promoters Tarun Sanjay Mehta and Swapnil Babanlal Jain will be selling 10 lakh shares each, while the remaining shares will be offloaded by investors including Caladium Investment, National Investment and Infrastructure Fund, Internet Fund, 3State Ventures, IITM Incubation Cell, and IITMS Rural Technology. TheBangalore-based electric two-wheeler makerwill utilise fresh issue proceeds for the establishment of E2W factory in Maharashtra, repaying debt, investment in research and development, marketing initiatives, and general corporate purposes. Oswal Pumps IPO The Haryana-based company that manufactures solar-powered and grid-connected submersible and monoblock pumps, and electric motors had filed draft red herring prospectus with SEBI on September 17 for its IPO which consists offresh issuance of equity shares worth Rs 1,000 crore, and an offer-for-sale of 1.13 crore equity sharesby promoter Vivek Gupta. The turnkey solar pumping systems provider will utilise fresh issue proceeds for capital expenditure, and setting up of new manufacturing units at Karnal, Haryana. Further, it will repay debts through IPO funds, and the remaining money will be utilised for general corporate purposes. Quality Power Electrical Equipments IPO The high voltage electrical equipment and solutions provider, which had filed draft papers with SEBI on September 16, is100 percent owned by Pandyan family. The initial share sale of Quality Power Electrical Equipments will be a combination offresh issuance of Rs 225 crore, and an offer-for-sale of 1.2 crore equity sharesby promoter Chitra Pandyan. Fabtech Technologies IPO Fabtech Technologies, which provides turnkey engineering solutions for the pharmaceuticals, biotech and healthcare industry, had filed preliminary papers withSEBI on September 14this year for its IPO. The Mumbai-based company's proposed initial public offering (IPO) is entirely a fresh issue ofup to 1.20 crore equity shares. It may raise up to Rs 10 crore through the pre-IPO round, before the filling of red herring prospectus with the Registrar of Companies. The company intends to utilise IPO proceeds for its working capital requirements, inorganic growth initiatives through acquisitions, and general corporate purposes. Schloss Bangalore IPO Schloss Bangalore, the operator of palaces, hotels and resorts under The Leela brand, had filed itsIPO papers on September 20this year to raiseRs 5,000 crore. This is the biggest public issue amongst these six companies. The luxury hospitality chain plans to raiseRs 3,000 crore via fresh issue and Rs 2,000 crore through an offer-for-sale. Promoter Project Ballet Bangalore Holdings (DIFC) is the selling shareholder in the offer-for-sale. It may consider a pre-IPO round of preferential offer of Rs 600 crore, before the launch of IPO for public subscription. The institutionally-owned Schloss Bangalore that competes with listed peers such as Indian Hotels, EIH, Chalet Hotels, and Juniper Hotels, will utilise Rs 2,700 crore out of the net fresh issue proceeds towards repaying debt. The remaining fresh issue funds will be used for general corporate purposes, while the offer-for-sale proceeds will go to the promoter.

2024-12-30 18:46

2024-12-30

18:46

moneycontrol.com

https://www.moneycontrol.com/news/business/finmin-denies-using-digi-yatra-data-to-crack-down-on-tax-evaders-12900381.html

Finmin denies using Digi Yatra data to crack down on tax evaders

Digi Yatra uses facial recognition technology to verify passenger identities at airports..Related stories.

The Finance Ministry on December 30 clarified that there are no plans "as on date" to use details of passengers from the Digi Yatra application to crack down on tax evaders. In a post on X, the Income Tax Department said, "It is seen that news articles have appeared stating that Digi Yatra data will be used to crack down on tax evaders. In this connection it is clarified that as on date there is no such move by the department." The clarification follows an article in a newspaper that citing sources said that the Centre is using data of passengers accessed via the Digi Yatra application to identify any discrepancies in tax filing. Digi Yatra uses facial recognition technology to verify passenger identities at airports. Earlier in the day, the CEO of Digi Yatra Foundation Suresh Khadakbhavi too denied the media report terming it as "unfounded claims based on unknown sources." "It is crucial to clarify that Digi Yatra operates without storing any Personally Identifiable Information (PII) in any central repository. This ensures there is no database to breach, share, lose, or leak, safeguarding user privacy, Khadakbhavi said in a post on LinkedIn. He added that the claim that “the department is pursuing the data of both international and domestic air travelers” is incorrect. "Digi Yatra is currently available only for domestic air travel. Additionally, without a central database, no data is accessible by any department. By the end of 2024, Digi Yatra achieved a milestone of over 9 million active users, reflecting widespread trust among domestic travelers," he said. The news article suggesting that passenger details from the Digi Yatra app was being used to identify tax evasion caused quite an uproar on social media. However, despite the denial from the income tax department, some social media users raised concerns over the use of the term "as of now." One user responding to the clarification by the Income Tax Department on X said, "Oh. As on date? What about tomorrow? I think for the better growth of this country Income Tax and Income Tax Dept( I don't know how much percentage of tax directly going as salary to this dept) need to be abolished completely."

2024-12-30 18:43

2024-12-30

18:43

moneycontrol.com

https://www.moneycontrol.com/news/india/arvind-kejriwal-calling-atishi-temporary-cm-is-insulting-lt-governor-vk-saxena-12900403.html

Arvind Kejriwal calling Atishi temporary CM is insulting: Lt Governor VK Saxena

Atishi was elevated to the position of cabinet minister in the Delhi government after Satyender Jain and Manish Sisodia tendered their resignations last year..

In a letter to Delhi chief minister Atishi, Lt Governor VK Saxena on Monday expressed objection to AAP national convenor Arvind Kejriwal calling Atishi a temporary CM. The letter, criticised the remark as an affront to constitutional values and the dignity of the office. "...I found this very objectionable and I was hurt by it. It was not only an insult to you, but also to your appointee, the President of India and to me as her representative… As a Lieutenant Governor, I am concerned about this level of public discourse and at the same time, I am hurt by the conversation of presenting the full-time Chief Minister of my government as a temporary Chief Minister..." reads the letter. In September, Aam Aadmi Party (AAP) leader Atishi was named as the new CM of Delhi ofollowing Kejriwal's announcement to resign from the top post after being granted interim bail for his alleged involvement in the Delhi liquor policy case. The official announcement was made by Delhi minister Gopal Rai. Taking a jibe at AAP over the announcement, the Delhi unit of BJP shared a poster on X, showing Arvind Kejriwal controlling Atishi with strings, insinuating that he would run the Delhi government through her. Notably, several other AAP leaders were in the fray to succeed Kejriwal, including Kailash Gahlot, Saurabh Bharadwaj and Gopal Rai. Atishi was elevated to the position of cabinet minister in the Delhi government after Satyender Jain and Manish Sisodia tendered their resignations last year. She, along with Saurabh Bharadwaj, were made Delhi ministers, but Atishi was given charge of 14 departments, including education, finance, planning, PWD, water, power and public relations.

2024-12-30 18:42

2024-12-30

18:42

moneycontrol.com

https://www.moneycontrol.com/news/india/george-soros-and-desi-politics-why-a-hungarian-billionaire-domainted-headlines-in-2024-12899989.html

George Soros and desi politics: Why a Hungarian billionaire dominated headlines in 2024

In 2024, Soros’ name dominated headlines in India and disrupted parliamentary proceedings..Related stories.

George Soros may not be an Indian politician, but observers of Indian politics found his name splashed across headlines throughout the year. Soros has faced criticism worldwide for allegedly interfering in the internal affairs of countires and destabilizing economies. However, when it comes to India, the 94-year-old has faced an insurmountable challenge. The Hungarian-born billionaire turned into a highly controversial figure with BJP using his name to attack the Congress. The BJP-led government accused the Congress-led Opposition of pushing Soros’ agenda to destabilize the country. For over a week in December, Parliament was at a standstill as heated exchanges flew between the two sides, each accusing the other of undermining national interests. READ: Hindenburg row: Who is George Soros and why does BJP often link the billionaire to Congress? The BJP alleged a global conspiracy to destabilize India, with Soros at its center. They claimed he was working behind the scenes and targeted Sonia Gandhi for her alleged links to organizations associated with Soros. BJP MP Sambit Patra described these connections as a “sinister triangular nexus” involving Soros, Congress leaders, and groups like the Organized Crime and Corruption Reporting Project (OCCRP), which he said aimed to weaken India’s economy and democracy. Congress leaders dismissed these allegations. Priyanka Gandhi Vadra, Sonia’s daughter, called them a distraction from the Adani bribery "scandal". Congress spokesperson Supriya Shrinate pointed out that the Indian government itself had contributed to the UN Democracy Fund, which supports some of Soros’ initiatives. So, how did Soros become such a polarizing figure in Indian politics? Soros has openly criticized PM Modi and expressed his desire to "see Indian democracy thrive" by challenging the current regime. Speaking at the Munich Security Conference on February 17, 2023, Soros linked PM Modi and Gautam Adani in a way that questioned the state of Indian democracy. His comments sparked outrage, especially as he suggested that allegations by the US-based Hindenburg Research against the industrialist could hurt investor confidence in India and weaken Modi’s grip on power. In December 2024, Parliamentary Affairs Minister Kiren Rijiju urged all political parties, including Congress, to unite against any forces working against India. The Congress, however, viewed this as an attempt to deflect attention from the Adani bribery allegations that had already caused turmoil in Parliament. In response, the BJP doubled down on its attack against Sonia Gandhi. It alleged that she was associated with organizations funded by Soros’ Open Society Foundations (OSF), which, according to the BJP, has supported the idea of Kashmir as an independent nation. BJP MP Nishikant Dubey even suggested that Soros’ financial resources might have indirectly supported Congress campaigns and Rahul Gandhi’s political activities. One focal point of the BJP’s claims was Sonia Gandhi’s role as co-president of the Forum of Democratic Leaders in the Asia-Pacific (FDL-AP), which they alleged received funding from OSF. They also pointed to a supposed partnership between the Rajiv Gandhi Foundation, chaired by Sonia Gandhi, and Soros-backed entities. To bolster their claims, the BJP circulated images of Salil Shetty, vice-president of OSF, participating in Rahul Gandhi’s Bharat Jodo Yatra, hinting at deeper ties between Congress and Soros’ network.

2024-12-30 18:40

2024-12-30

18:40

moneycontrol.com

https://www.moneycontrol.com/news/world/16-000-indian-construction-workers-enter-israel-replace-barred-palestinians-12900391.html

16,000 Indian construction workers enter Israel, replace barred Palestinians

16,000 Indian construction workers enter Israel, replace barred Palestinians.Related stories.

Wearing a safety belt, helmet and work boots, Raju Nishad navigates the scaffolding, hammering blocks that will form part of a building in a new neighbourhood in central Israel's town of Beer Yaakov. While he and other Indians working alongside him do not look out of place on the expansive construction site, they are relative newcomers to Israel's building industry. They are part of an Israeli government effort to fill a void left by tens of thousands of Palestinian construction workers barred from entering Israel since Hamas's unprecedented October 7, 2023 attack. If that attack had not happened, this site, with its slowly emerging high-rise towers, homes, roads and pavements, would have teemed with labourers speaking Arabic -- unlike the Hindi, Hebrew and even Mandarin of today. The Hamas attack triggered the deadliest war yet between Israel and Hamas in the Gaza Strip. It later spread to include other Iran-backed groups including Hezbollah in Lebanon and Huthi rebels in Yemen, and even direct confrontation with the Islamic republic itself. None of this deterred Nishad, 35, from coming to Israel. "There's nothing to be afraid of here," he said, despite several air raid warnings that have sent him running for the shelters. "Once it (the siren) stops, we just resume our work," he told AFP. High earnings in Israel, where some workers can make three times what they would back home, are the key to why people like Nishad flock here, thousands of kilometres (miles) away. "I'm saving for the future, planning to make wise investments and do something meaningful for my family," Nishad said. He is just one of around 16,000 workers who have come from India over the past year -- and Israel has plans to bring thousands more. New recruitment drive India is the world's fifth-largest economy and one of the fastest growing, but it has also struggled to generate enough full-time jobs for millions of people. Indians have been employed in Israel for decades, thousands as caregivers looking after elderly Israelis, while others work as diamond traders and IT professionals. But since the war in Gaza escalated, recruiters have launched a drive to bring Indians in for Israel's construction sector also. Samir Khosla, chairman of Delhi-based Dynamic Staffing Services, which has sent about 500,000 Indians to work in more than 30 countries, has so far brought more than 3,500 workers to Israel, a new market for him. Khosla himself arrived for the first time a month after the October 7 attack, after the authorities appealed for foreign workers in the construction industry, which ground to a halt when the Gaza war broke out. "We didn't know much about the market, and there wasn't an incumbent workforce from India here," Khosla said. "We really had to move around and understand the needs," he said, adding that he believed India was a natural choice for Israel given their "excellent relations". He now hopes to bring in up to 10,000 Indian labourers, as he has a large pool of skilled Indian workers across all trades. Long-term effects possible In nearby Tel Aviv, a group of Indians live in a small flat where, in addition to the construction skills they brought with them, they have also learned to cook the familiar spicy dishes they miss from home. "In a short time, one can earn more money" in Israel, said Suresh Kumar Verma, 39. Like Nishad, he is from India's most populous state, Uttar Pradesh. Verma works on a construction site north of Israel's commercial capital. "Making money is also necessary... It's important to continue working hard for the family's future." Israeli researchers believe the number of Indians working in construction still does not match the number of Palestinians who did so before the war, and this is hampering the sector's overall growth. Before the Hamas attack, around 80,000 Palestinians were employed in construction, along with some 26,000 foreigners, Eyal Argov of the central Bank of Israel said. Now there are about 30,000 foreigners employed, far fewer than the previous overall workforce figures, he said, adding that activity in the current quarter of 2024 is about 25 percent below pre-war levels. "These numbers (of Indians) are still very low," Argov said. While this does not create an immediate "shortage of housing, it may cause delays in the supply of new housing", he said. "Israel has a growing population, increasing by two percent annually, and this delay might lead to some shortage in the future."

2024-12-30 18:26

2024-12-30

18:26