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moneycontrol.com

https://www.moneycontrol.com/news/india/union-minister-nitin-gadkari-visits-andamans-to-review-highway-projects-12899391.html

Union Minister Nitin Gadkari visits Andamans to review highway projects

Union minister Nitin Gadkari is on a tour to Andaman and Nicobar Islands to review various national highway projects in the archipelago..Related stories.

Port Blair, Dec 28 (PTI) Union minister Nitin Gadkari is on a tour to Andaman and Nicobar Islands to review various national highway projects in the archipelago, a senior official said on Saturday. The Union Minister for Road, Transport and Highways arrived in Port Blair on Friday and held a meeting with Lieutenant Governor Admiral (Retd) D K Joshi and later reviewed national highway projects, he said. On Saturday, he interacted with BJP workers and discussed various issues related to the development of the archipelago. "We requested his intervention for the completion of various pending work, including those related to land conversion, medical facilities, higher education, and roads," a senior BJP worker in Port Blair said. Later, he visited Netaji Subhash Chandra Bose Island (previously known as Ross Island), another official said. Ross Island, once the base for the British administrator of the penal colony in Port Blair, is a 20-30 minutes boat journey from Port Blair. In Netaji Subhash Chandra Bose Island, Gadkari visited a World War II-era Japanese bunker, Smritika Museum built by the Indian Navy in 1993, and several other monuments, the official said. A senior official of the Andaman and Nicobar Islands Integrated Development Corporation Limited (ANIIDCO) briefed him about the proposed national memorial dedicated to Netaji Subhash Chandra Bose. In the evening, Gadkari will visit the Cellular Jail National Memorial in Port Blair, an official said. The Cellular Jail, entirely made up of individual cells for solitary confinement of prisoners, has been preserved as a national memorial and attracts visitors round the year. At the Cellular Jail National Memorial, he will visit Martyrs' Column and lay a wreath on the memorial of freedom fighters. He will also visit 'Swantantraya Jyot', a tribute to thousands of freedom fighters who suffered incarceration in the prison during the freedom struggle. On December 29, the Union minister will visit Swaraj Dweep (previously known as Havelock Island) and stay there till December 30. Sources said he would leave the archipelago on January 1.

2024-12-28 18:11

2024-12-28

18:11

moneycontrol.com

https://www.moneycontrol.com/news/india/congress-sandeep-dikshit-attacks-aap-govt-over-freebies-says-bahar-bhandara-laga-do-bheed-lag-jayegi-12899390.html

Congress' Sandeep Dikshit attacks AAP govt over freebies, says 'Bahar bhandara laga do, bheed lag jayegi...'

Congress leader Sandeep Dikshit.

Ahead of the 2025 assembly election in Delhi, Congress leader Sandeep Dikshit attacked the ruling Aam Aadmi Party(AAP) government in Delhi over the Rs 2,100 monthly allowance scheme for women on Saturday. The Congress leader said, "Any scheme in which you will distribute money will become famous,'bahar bhandara laga do, bhid lag jayegi'... They announced a scheme of providing Rs 2100 to women after they get reelected, being a party they can do this. Our question is, they announced a similar scheme in Punjab to provide Rs 1500, but it has yet to be provided," Dikshit said to news agency ANI. "CM Atishi said that we are providing Rs 1000 to women and postelection if we win, we will increase it to Rs 2100, later an advertisement came in the newspaper that they (the government) have no such schemes... It means CM Atishi herself is saying that the CM (Atishi) is lying. Neither the Congress nor BJP, LG or the media have said this," he added.#WATCH| Delhi | Congress leader Sandeep Dikshit says, "Any scheme in which you'll distribute money will become famous, 'bahar bhandara laga do, bhid lag jayegi'... They announced a scheme of providing Rs 2100 to women after they get reelected, being a party they can do this. Ourpic.twitter.com/1XtxjVNNGxANI (@ANI)December 28, 2024 AAP National Convenor Arvind Kejriwal said "The situation of BJP is such that they are pleading in front of the Congress party to save them. BJP itself did not have the courage to complain but got Sandeep Dikshit to complain. Both of them want to stop AAP. I am ready to go to jail again for you. Is the country their ancestral property? Why are they not stopping the one who is distributing money, openly asking for votes in return?. The allegations surfaced after a Delhi government department issued notices disowning the registration process for two schemes promoted by the ruling AAP. The Women and Child Development (WCD) department of the Delhi government issued a clarification regarding the 'Mukhyamantri Mahila Samman Yojana,' announced by AAP ahead of the 2025 assembly elections. The department stated that no such scheme has been officially notified. Dikshit further alleged that Arvind Kejriwal took the help of "RSS and the BJP " during his 'India Against Corruption' movement."This is the same party (AAP) which helped BJP cut our votes in Haryana. They (AAP) go everywhere to damage Congress and help the BJP. The assembly elections in Delhi are likely to be held in February 2025, however, the Election Commission of India is yet to announce the dates. Congress, which was in power in Delhi for 15 successive years, has performed poorly in the past two assembly polls, failing to win anyseat. AAP won 62 out of the 70 seats in the 2020 assembly elections and BJP secured eight seats. *With Agency Inputs

2024-12-28 18:03

2024-12-28

18:03

moneycontrol.com

https://www.moneycontrol.com/news/world/afghan-forces-target-pakistan-in-retaliation-for-deadly-airstrikes-that-killed-dozens-12899370.html

Afghan forces target Pakistan in retaliation for deadly airstrikes that killed dozens

The attacks occurred on the night of December 24 and targeted seven villages. (Representative image).

Afghanistan's Defense Ministry said Saturday that its forces hit several points inside Pakistan in retaliation for deadly airstrikes last week. Pakistan last Tuesday launched an operation to destroy a training facility and kill insurgents in Afghanistan’s eastern Paktika province. The strikes killed dozens of people, mostly women and children. Comments from the Taliban Defense Ministry on Saturday, posted on X, said its forces targeted Pakistani points that “served as centers and hideouts for malicious elements and their supporters who organized and coordinated attacks in Afghanistan.” The ministry did not say if there were any casualties or how the strikes were carried out. Pakistani officials have accused the Taliban of not doing enough to combat cross-border militant activity, a charge the Taliban government denies, saying it does not allow anyone to carry out attacks against any country from its soil. No one from Pakistan's Foreign Ministry was immediately available for comment about Saturday's retaliation.

2024-12-28 17:54

2024-12-28

17:54

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/stockology-positivity-seen-for-the-banks-it-and-selective-psu-stocks-12899348.html

Stockology: Positivity seen for the Banks, IT, and selective PSU stocks

Most frontline blue-chips have given the signs of bottoming out, and Bank index is turning positive..Related stories.

Stockology is a weekly column by futurologist Mahesh Gowande. He is the Founder and Director of Ayan Analytics, which has developed ZodiacAnalyst, a research software with time and price charting tools. Read previous columns here Happy New Investing Year 2025 to everyone. Review of the Last Week:After significant movement and a sharp decline in the index, there would typically be a cascading drop in the following week, often driven by technical factors related to risk management and the structure of the system. The importance of strict regulations and risk management imposed by SEBI shows results; transparency and strict margins have protected retail investors and long-term SIP flows towards the markets. After a drop of more than 1,000 points, the markets remained in a range of just 325 points, indicating robustness built into the system. We were expecting a bit more positive movement in the markets. The Nifty level of 23,520 is intact, which provides positive comfort. Technical:As long as Nifty trades above 23,520, there is no need to panic. A very positive sign is that most frontline blue chips have shown signs of bottoming out, and the Bank index is turning positive. The Pharma index has signalled a short-term buy, and broadly, in the next 10 days, there should be more positive movement in the indices. Index-heavy stocks, the top 10, are getting more attractive on the charts. Closing above 24,000 will indicate that the bulls are coming back, and above 24680, the possibility of a flare-up cannot be ruled out. The bias is slightly positive until January 15, 2025. If the Nifty Index is above 25050, all short positions should be squared up. Assuming many trapped positions were already exited on the rise, positions should only be trimmed or reduced at the breaking of 23,520. TimeMapshows positivity for the Banks, IT, and selective PSU stocks. Broadly, indices should give a positive close, but that does not mean there will be big appreciation in value or market capitalization. The Sun will transitNakshatra PurvaShadhauntil January 10, and historically, this period has given a more positive move. Most technical indicators in oversold divergence match with TimeMap for a pullback. The Nakshatra Uttarashadha is best for divergence from the exiting trend, so a short-term positive move cannot be ruled out and could extend until even January 23. As per Heliocentric positions of the planets & their aspects, the first 3 days of the week are showing a lot of positive traction in the markets, and the possibility of a more than 2 percent recovery in Nifty cannot be ruled out. December 30, 2024: Monday: Amavasya: Moola: Volatile Bullish DayA higher opening of indices cannot be ruled out. A gap-up will indicate and confirm that the week will close on a bullish note. Except for select capital goods sector stocks, the majority of the market will witness a positive flow of investment. A bullish bias onAmavasyais supported by data, so one can look for intraday buying opportunities. BTST (Buy today sell tomorrow) is highly recommended.Amavasyais considered auspicious in the south, andPoornimais considered in the north. December 31, 2024: Tuesday: S.1: PurvaShadha: Good DayA higher opening is expected. If the gap-up is nominal, it will be better for bullish traders, as they will get an opportunity to participate in the intraday swing. Being the monthly close, quarterly, and yearly closing day, past data indicates a big positive movement in select stocks. It will be more of an adjustment day for the markets. After opening volatility of 15 minutes, the markets will calm down before lunchtime, and momentum or rising prices in the last hour are expected. January 01, 2025: Wednesday: S.2: U. Shadha: Auspicious DayHappy New Year, and it begins with an auspicious day.Tithi -2confirms a rising trend on a shorter time frame, giving a corrective move and testing the strength of the underlying trend. On the Nakshatra front, the divergence indicator gives the best trading opportunity. Indian investors make many decisions based on value, tradition, and emotions, and particularly at the start of the New Year, many investors begin the year by investing in direct equity, which will be seen on the screen. Huge retail participation is expected. BTST indicated. January 02, 2025: Thursday: S.3: Shravan: Auspicious Bullish DayThe first bullishTithiof the year, andNakshatra Shravan, simply means market intelligence flow, or in simple language, news-followers will mint money today. A big inflow from large FIIs or funds could trigger significant buying in the markets and give a huge surprise to most market participants. STBT ( Sell today buy tomorrow) is recommended, especially for stocks closing near the high of the day. January 03, 2025: Friday: S.4: Dhanishta: Volatile Tough DayGreed plays a critical role.Tithiis the most deceptive of all theTithis, andNakshatramakes the human mind content and greedy. Volatility will be high, and many manipulative masterminds will be active in the markets. We suggest waiting for a second confirmation before participating in any trade. If your sense works well, then get aggressive and participate big, as tuning to the day is critical. When tuned in, you can mint profits of the whole month in a single day.Large caps will be in the limelight and followed by Small Caps.

2024-12-28 17:41

2024-12-28

17:41

moneycontrol.com

https://www.moneycontrol.com/news/world/musk-vs-maga-immigration-policy-sparks-divisions-in-trump-camp-12899366.html

Musk vs Maga explained: US immigration debate sparks divisions in Trump camp as Musk supports H-1B visas

The confusion is further heightened by Trump’s mixed messaging on immigration.

A clash has unfolded between Elon Musk and the hardline supporters of Donald Trump’s Make America Great again (Maga) movement on the topic of ‘immigration’. This began after President-elect Donald Trump named an Indian-born entrepreneur as his adviser on artificial intelligence. Sharing a post on the Truth Social platform, Trump wrote, "Sriram Krishnan will serve as Senior Policy Advisor for Artificial Intelligence at the White House Office of Science and Technology Policy." "Working closely with David Sacks, Sriram will focus on ensuring continued American leadership in AI, and help shape and coordinate A.l. policy across Government, including working with the President's Council of Advisors on Science and Technology. Sriram started his career at Microsoft as a founding member of Windows Azure," he said. The controversy that erupted post Krishnan’s appointment has pitted Elon Musk and his fellow entrepreneur Vivek Ramaswamy against Maga loyalists, including far-right activist Laura Loomer and ex-Congressman Matt Gaetz. The significance of the clash is amplified by the fact that immigration dominated the 2024 US Presidential election discourse. Loomer, a renowned anti-immigration provocateur, denounced Krishnan’s appointment as “deeply disturbing.” She reportedly had played a key role in persuading Trump to promote baseless rumours about Haitian immigrants consuming pets in Ohio, a claim that attracted widespread criticism. Loomer attacked Krishnan for supporting the extension of visas and green cards for skilled workers, claiming that his views conflicted with Trump’s immigration policies. Her comments set the stage for a confrontation between the two factions. Musk, a prominent Trump ally and South African immigrant himself, took to X and wrote, “There is a permanent shortage of excellent engineering talent. It is the fundamental limiting factor in Silicon Valley.” In another post he said, “It comes down to this: do you want America to WIN or do you want America to LOSE. If you force the world’s best talent to play for the other side, America will LOSE. End of story.”The reason Im in America along with so many critical people who built SpaceX, Tesla and hundreds of other companies that made America strong is because of H1B.Take a big step back and FUCK YOURSELF in the face. I will go to war on this issue the likes of which you cannotElon Musk (@elonmusk)December 28, 2024 Vivek Ramaswamy supported Musk’s stance. Ramaswamy is Musk’s partner in Trump’s envisioned “Department of Government Efficiency” (DOGE), an informal entity designed to tackle government spending reductions. “The reason top tech companies often hire foreign-born & first-generation engineers over “native” Americans isn’t because of an innate American IQ deficit (a lazy & wrong explanation). A key part of it comes down to the c-word: culture,” he wrote. “Our American culture has venerated mediocrity over excellence for way too long (at least since the 90s and likely longer). That doesn’t start in college, it starts YOUNG. A culture that celebrates the prom queen over the math olympiad champ, or the jock over the valedictorian, will not produce the best engineers,” he added further. The comments sparked a strong backlash from Maga proponents, spearheaded by Loomer, who resorted to racist rhetoric. “@VivekGRamaswamy knows that the Great Replacement is real,” Loomer said. “It’s not racist against Indians to want the original MAGA policies I voted for. I voted for a reduction in H1B visas. Not an extension. And I would happily say it to their face because there’s nothing inflammatory about what I said. Everything I said is true,” she added. Brenden Dilley, a prominent pro-Trump podcaster, attacked Ramaswamy’s argument, stating, “I always love when these tech bros flat out tell you that they have zero understanding of American culture and then have the gall to tell you that YOU are the problem with America.” Amid the chaos, former UN Ambassador Nikki Haley, whose parents immigrated from India, took many by surprise by aligning with the Maga arguments. “There is nothing wrong with American workers or American culture. All you have to do is look at the border and see how many want what we have. We should be investing and prioritizing in Americans, not foreign workers,” she wrote. The confusion is further heightened by Trump’s mixed messaging on immigration. Although his first term was marked by strict H-1B visa policies, his recent comments indicate a potential softening of his stance.

2024-12-28 17:06

2024-12-28

17:06

moneycontrol.com

https://www.moneycontrol.com/news/world/mega-prisoner-swap-between-russia-ukraine-on-the-cards-for-new-year-12899368.html

Mega prisoner swap between Russia, Ukraine on the cards for New Year?

A Ukrainian prisoner of war embraces his relative after a swap amid Russia's attack on Ukraine. (Image: Reuters).Related stories.

A prisoner exchange with Russia is likely to take place "any day" ahead of the New Year, although arrangements could fall through at the last minute, BBC quoted a Ukrainian official in its report. Petro Yatsenko, from Ukraine's Headquarters for the Treatment of Prisoners of War, said, as quoted by BBC, "Negotiations with Moscow over prisoner swaps have become more difficult in recent months since Russian forces began making significant advances on the front line." In 2024, only 10 prisoner exchanges took place between Russia and Ukraine, the lowest number of swaps since the full-scale invasion of Ukraine began in 2022. Earlier in October 2024, Russia and Ukraine carried out an exchange of prisoners, each side bringing home 95 prisoners in an agreement in which the United Arab Emirates (UAE)acted as mediator. Dmytro Lubinets, the Ukrainian parliament's commissioner for human rights, said the release was the 58th since the beginning of the war and brought to 3,767 the total number of prisoners returned home, Reuters reported. Before that, a prisoner swap - involving 103 prisoners from each side - took place in September. Ukraine doesn't officially publish numbers of prisoners of war being held by Russia, but the total is thought to be over 8,000, according to a report by the BBC. However, from the beginning of this year, Russia has made significant gains on the battlefield, raising concerns that the numbers of Ukrainians being captured is on the rise. A prisoner, who was brought back to Ukraine during an exchange in September, was captured while defending the city of Mariupol in 2022. Ukrainian marine Andriy Turas was quoted by BBC as saying, "They beat us mercilessly, with their fists, sticks, hammers, anything they could find. They stripped us naked in the cold and forced us to crawl on asphalt. Our legs were torn up, and we were left terrified and freezing." "The food was horrifying – sour cabbage and spoiled fish heads. It's just a nightmare. It's like waking up from a bad dream in the middle of the night, drenched in sweat, terrified," the marine added. His wife, Lena, was also held prisoner and was released after two weeks of captivity. Andriy's incarceration lasted far longer than his wife's - two-and-a-half years, according to BBC. Many Ukrainians still desperately wait for news of their loved ones. In central Kyiv, relatives and activists gathered for a special Christmas demonstration to call for the release of Ukrainian prisoners. "We hope for a Christmas miracle," BBC quoted Tetiana, whose 24-year-old son Artem was captured almost three years ago, as saying. She added, "My son's release is my deepest wish. I've imagined our meeting 100 times, when he and I hug each other, and his eyes light up and he's finally on his native land."

2024-12-28 17:01

2024-12-28

17:01

moneycontrol.com

https://www.moneycontrol.com/news/india/sc-gives-punjab-govt-time-till-dec-31-to-shift-fasting-farmer-leader-dallewal-to-hospital-12899376.html

SC gives Punjab govt time till Dec 31 to shift fasting farmer leader Dallewal to hospital

The top court allowed the Punjab government to seek any kind of logistics support from the Centre if the situation warrants, and hoped that the state government would comply with its direction of shifting Dallewal to hospital.

The Supreme Court on Saturday gave the Punjab government time till December 31 to persuade farmer leader Jagjit Singh Dallewal, who has been fasting for over a month, to shift to hospital. In an unprecedented hearing, a vacation bench of Justices Surya Kant and Sudhanshu Dhulia pulled up the Punjab government for allowing the situation to escalate and not complying with its earlier directions to provide medical assistance to Dallewal. Expressing helplessness, the Punjab government said it is facing huge resistance from protesting farmers who have encircled Dallewal and are preventing him from being taken to hospital. Punjab Advocate General Gurminder Singh told the bench that a team of experts visited the protest site and tried to persuade Dallewal to shift to hospital and take medical help. "He (Dallewal) has refused any kind of medical aid, including (IV) drips, saying that it will undermine the cause of movement," he said. This infuriated the bench which blamed the Punjab government for not doing enough to contain the situation and said the farmer leaders who are not allowing Dallewal to be taken to the hospital are involved in the criminal offence of abetment to suicide. The top court allowed the Punjab government to seek any kind of logistics support from the Centre if the situation warrants, and hoped that the state government would comply with its direction of shifting Dallewal to hospital. The bench said Dallewal is under some kind of "peer pressure" and those farmer leaders who are not allowing him to be shifted to a hospital do not seem to be his well-wishers. "Are they interested in his life or something else? We don't want to say much and only hope that the Punjab government will comply with our directions," the bench said. On Friday, the top court expressed concern over the condition of Dallewal and directed the Punjab government to ensure he is given medical assistance. It had issued a notice to the Punjab government on a contempt petition against its chief secretary and the director general of police (DGP) for non-compliance of an order directing that medical aid be provided to Dallewal. Dallewal has been on an indefinite fast at the Khanauri border since November 26 to press the Centre to accept farmers' demands, including a legal guarantee of minimum support price for crops. On December 20, the apex court left it to Punjab government officials and doctors to decide on Dallewal's hospitalisation. The court said Dallewal, 70, could be moved to the makeshift hospital set up within 700 metres of the protest site at Khanauri border point between Punjab and Haryana. On December 19, the bench referred to civil rights activist Irom Sharmila continuing her protest for more than a decade under medical supervision and asked the Punjab government to convince Dallewal for an examination. It had pulled up the state for not running medical tests on Dallewal. 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.

2024-12-28 16:59

2024-12-28

16:59

moneycontrol.com

https://www.moneycontrol.com/news/india/close-aides-holding-nitish-kumar-captive-calling-shots-tejashwi-yadav-12899367.html

Close aides holding Nitish Kumar captive, calling shots: Tejashwi Yadav

RJD leader Tejashwi Yadav.

RJD leader Tejashwi Yadav on Saturday claimed that Bihar Chief Minister Nitish Kumar was no longer able to function normally and has become ”captive” to a handful of close aides. Yadav, who had served as Kumar’s deputy until the JD(U) supremo’s abrupt return to the BJP-led NDA, made the remark in response to queries from journalists here about speculations of yet another volte face by the septuagenarian leader. ”All these rumours have no substance. Nitish Kumar is no longer in his senses. He is unable to run Bihar,” he said. ”Kumar is not taking decisions on his own. He has been held captive by four leaders of his party, two in Delhi and the rest here, who are calling the shots,” claimed Yadav, who is now the Leader of the Opposition in the state assembly. To buttress his point, the RJD leader, whose party is a part of INDIA bloc, cited the example of the reply to a letter recently written by former Delhi Chief Minister and Aam Aadmi Party supremo Arvind Kejriwal, who had urged Kumar to ”rethink” the support to the BJP, in the backdrop of Babasaheb Ambedkar’s alleged denigration by Union Home Minister Amit Shah. ”The letter was clearly addressed to Nitish Kumar in his capacity as the chief minister of Bihar and national president of JD(U). But the response came from Sanjay Jha. Who is he?” Yadav said. Jha, who is the JD(U)’s working president, had come out with a lengthy response to the one-and-a-half-page letter by Kejriwal. The Rajya Sabha MP had defended Shah and slammed Kejriwal, venting spleen over the treatment given to Bihari migrants in Delhi during the Covid pandemic. When Yadav was asked whether he thought the state of affairs in the JD(U) was causing resentment among other senior leaders, he replied, ”It is for that party to manage its affairs. My concern is that Bihar is being made to suffer”. The RJD leader, who has been supporting the stir over alleged question paper leak in a BPSC exam, also said ”the students are fully justified in demanding cancellation of the test. But, the administration is raining blows on them”.

2024-12-28 16:32

2024-12-28

16:32

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/credila-financial-services-files-pre-filed-drhp-with-sebi-to-raise-funds-via-ipo-12899352.html

Credila Financial Services files pre-filed DRHP with SEBI to raise funds via IPO

Credila Financial Services IPO.Related stories.

Credila Financial Services, earlier known as HDFC Credila Financial Services, has filed pre-filed draft papers with the capital markets regulator SEBI to raise funds via initial public offering. Shareholders of the country's leading education loans financier, in the extra-ordinary general meeting on December 26, has unanimously passed the special resolution for raising of capital through an initial public offering, and modification in Employees Stock Option Plan - 2022. "..has filed the pre-filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India, BSE, and National Stock Exchange of India in related to the proposed initial public offering of its equity shares bearing face value of Rs 10 each on the mainboard of the stock exchanges," Credila said in a notice published in the newspapers. However, it further said the filing of the pre-filed DRHP shall not necessarily mean that the company will undertake the offer. Moneycontrol was the first to report in September this year thatCredila has shortlisted five investment banks - Jefferies, Citi, Axis Capital, IIFL Capital and BofA Securites - as advisorsfor its upcoming big-bang initial public offer (IPO) worth more than Rs 5,000 crore in 2025. Click Here To Read AllIPO News Last year in June, HDFC Credila was acquired by a consortium of Swedish investment giant EQT and home-grown private equity firm ChrysCapital from the HDFC Group. Financial Performance Education loans disbursed by the company in FY24 increased by 76 percent to Rs 14,089 crore, up from Rs 7,992 crore in the previous year. It has disbursed education loans to 53,603 students in the fiscal 2024, compared to 33,036 students in the previous fiscal year. Its loan book in FY24 has grown by 84 percent to Rs 28,187 crore and interest income on loans has increased by 95 percent to Rs 2,535 crore over the previous year. The net profit during the year grew by 92 percent to Rs 528.84 crore compared to previous year, while net interest income rose by 79 percent due to an increase in the loan book. Net profit in the September 2024 quarter stood at Rs 226.5 crore, increasing by 65.7 percent from Rs 136.7 crore in the same period last year. The total income grew by 79.6 percent to Rs 1,166.6 crore during the same period. The profit in first half of current financial year at Rs 402.8 crore surged by 72.6 percent and the total income at Rs 2,110 crore grew by 84.4 percent over the same period previous fiscal.

2024-12-28 16:07

2024-12-28

16:07

moneycontrol.com

https://www.moneycontrol.com/technology/samsung-galaxy-s25-ultra-colour-options-leaked-ahead-of-the-official-announcement-article-12899275.html

Samsung Galaxy S25 Ultra colour options leaked ahead of the official announcement

S24 Ultra.

Samsung is gearing up for its annual Galaxy Unpacked event, expected to be held next month. While the company has not officially announced the date, leaked documents suggest January 22 as the likely launch date. The event is expected to feature the debut of the Galaxy S25 series, which includes the Galaxy S25, Galaxy S25 Plus, Galaxy S25 Ultra, and Galaxy S25 Slim. Ahead of the official reveal, leaks surrounding the Galaxy S25 Ultra have surfaced, focusing on its colour options. According to popular leaker @iceuniverse on X (formerly Twitter), the Galaxy S25 Ultra will be available in a new blue shade. The leak features a grey colour swatch labelled as “S25 Ultra. Blue,” hinting at a blue-grey tone. Previous leaks have also pointed to other colours for the Galaxy S25 Ultra, including space grey, deep blue, light blue, and grey. It remains uncertain how distinct these colours are from one another, but the variations appear to emphasize shades of blue and grey. It is also unclear whether these colour options will extend to other Galaxy S25 models. Other details about the Galaxy S25 Ultra have also been leaked. Reports indicate that the smartphone will feature 16GB of RAM in its 512GB and 1TB storage variants, while the base 256GB model will include 12GB of RAM. This marks a key differentiation within the Galaxy S25 series lineup. Pre-orders for the Galaxy S25 series in South Korea are expected to begin on January 24, 2025, and run through February 3. Sales and deliveries are likely to start on February 7. A similar pre-order timeline is anticipated for international markets, including the US.

2024-12-28 16:03

2024-12-28

16:03

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/reliance-acquires-karkinos-healthcare-for-rs-375-crore-12899351.html

Reliance acquires Karkinos Healthcare for Rs 375 crore

"The acquisition of Karkinos will help expand the health services business portfolio of the Reliance group,” the filing said..

Billionaire Mukesh Ambani’sReliance Industrieshas acquired technology-driven and oncology-focused healthcare platform Karkinos for Rs 375 crore, the firm said on Saturday. Reliance Strategic Business Ventures (RSBVL), a wholly-owned subsidiary of Mumbai-listed India’s most valuable company, completed the acquisition of Karkinos Healthcare Pvt Ltd with allotment of requisite shares, the firm said in a stock exchange filing.Karkinos was incorporated in India on July 24, 2020, and is in the business of providing technology-driven innovative solutions for the early detection, diagnosis, and management of cancer. It had a turnover of about Rs 22 crore in the 2022-23 fiscal.”Reliance Strategic Business Ventures Ltd has on December 27, 2024, subscribed to and has been allotted 1 crore equity shares of Rs 10 each, for cash, aggregating Rs 10 crore and 36.5 crore optionally fully convertible debentures of Rs 10 each, for cash, aggregating Rs 365 crore of Karkinos,” according to the filing.Karkinos, it said, has cancelled the existing outstanding 30,075 equity shares held by the erstwhile shareholders of the company in accordance with the approved resolution plan. It, however, did not give details.Its previous prominent investors included Ewart Investments Limited (100 per cent subsidiary of Tata Sons), Reliance Digital Health Ltd (a subsidiary of Reliance Industries), Mayo Clinic (US), Sundar Raman (Director at Reliance Foundation Youth Sports and former COO of Indian Premier League since 2008), and Ravi Kant (ex-MD of Tata Motors). The company is focused on providing end-to-end services relating to early detection and effective treatment of cancer at substantially lower than prevailing rates, while still generating healthy profitability. In order to meet this vision, Karkinos started partnering with hospitals to provide oncology services (testing, radiation therapy, etc.).The company has partnered with around 60 hospitals till December 2023. It is through a subsidiary setting up a 150-bed multispecialty cancer hospital at Imphal, Manipur. Going forward, its source of income was said to be via Advanced Cancer Care Diagnostics and Research (ACCDR), Distributed Cancer Care Network (DCCN), tie-ups with corporates for early diagnosis of cancer, and cancer care hospitals.

2024-12-28 15:52

2024-12-28

15:52

moneycontrol.com

https://www.moneycontrol.com/news/world/for-the-first-time-israel-deploys-us-made-thaad-system-to-intercept-houthi-missile-12899340.html

Watch: For the first time, Israel deploys US-made THAAD system to intercept Houthi missile

The recent missile launch by the Houthis marked their fifth attack on Israel within just eight days. (Image: X).

Israel on Friday used the US-made Terminal High Altitude Area Defense (THAAD) missile system to intercept a ballistic missile launched at Israel from Yemen-based Houthi rebels. This is the first time the system has been used since being deployed by the US in Israel in October, reported the Times of Israel. Footage circulating on social media shows a missile interceptor being launched, with an American soldier heard exclaiming, "Eighteen years I've been waiting for this." The Israeli Defense Forces (IDF) confirmed that a missile was intercepted but did not disclose whether the system used was Israeli or American. However, security sources informed the Walla news site that the Terminal High Altitude Area Defense (THAAD) system successfully engaged the missile. The deployment of THAAD in Israel came after a ballistic missile attack by Iran on October 1. This advanced system can intercept missiles both within and beyond the Earth's atmosphere.- THAAD . "18 "pic.twitter.com/s4VoMfMhaFItay Blumental (@ItayBlumental)December 27, 2024 What is THAADThe Terminal High Altitude Area Defense (THAAD) system, developed by the United States Army and managed by Lockheed Martin, is a missile defence system designed to intercept short-, medium-, and intermediate-range ballistic missiles in their terminal phase. Unlike traditional air defence systems, THAAD uses a hit-to-kill method that destroys targets through kinetic energy rather than explosive warheads. A standard THAAD battery consists of six transportable launchers, each capable of firing up to eight interceptor missiles. Its advanced radar detects and tracks missile threats from 870 to 3,000 kilometres away, ensuring broad coverage and early warning. The integrated fire control system allows for rapid data processing and coordination to intercept multiple threats simultaneously, making THAAD vital for protecting deployed forces and critical infrastructure from ballistic missile risks. Fifth attack on Israel in 8 daysThe recent missile launch by the Houthis marked their fifth attack on Israel within just eight days. The Iran-backed group claimed to have aimed at Ben Gurion Airport. In retaliation, Israeli warplanes carried out strikes on Houthi positions in Yemen, targeting the Hezyaz power plant and infrastructure at Sanaa International Airport. Over the past year, the Houthis have fired more than 200 missiles and 170 drones at Israel, according to the Israel Defense Forces (IDF). However, these threats were intercepted or fell short of their intended targets. Additionally, the group has disrupted commercial shipping in the Red Sea, attacking over 100 merchant vessels and forcing them to change their routes. The Houthis have openly tied their actions to the ongoing conflict in Gaza, which reignited on October 7, 2023, following an attack on Israel by the Palestinian group Hamas.

2024-12-28 15:42

2024-12-28

15:42

moneycontrol.com

https://www.moneycontrol.com/news/world/pakistan-s-year-in-review-rocky-elections-friends-turn-foes-jaishankar-s-historic-visit-imf-bailout-and-more-12899345.html

Pakistan’s year in review: Rocky elections, friends turn foes, Jaishankar’s historic visit, IMF bailout and more

Amid a deepening economic crisis, Pakistan secured a $7 billion bailout package from the International Monetary Fund (IMF) in September 2024.

The year 2024 was a tumultuous one for Pakistan, marked by political upheaval, economic struggles and worsening security challenges. The February general elections delivered unexpected results, reshaping the country’s political dynamics, while economic crises persisted despite bailouts from the International Monetary Fund (IMF) and allied nations. Rising terrorism further destabilised the nation, with an alarming surge in attacks linked to groups like the Tehrik-i-Taliban Pakistan (TTP). The attacks also severely strained relations with Afghanistan. On the diplomatic front, rare engagements with India and increased scrutiny from the US added to Pakistan’s complex geopolitical landscape. As the year ends, here’s a look at the top developments in the neighbouring country in 2024: General elections and a coalition government Pakistan’s general elections held in February 2024 proved to be a landmark political event. Analysts had anticipated a dominant performance from Nawaz Sharif’s Pakistan Muslim League-Nawaz (PML-N), buoyed by the military's support. However, independent candidates aligned with Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) shocked observers by winning 93 seats in the national assembly. The PML-N and the Pakistan People’s Party (PPP), led by Bilawal Bhutto Zardari, secured 75 and 54 seats, respectively. Following the surprising verdict, the two major parties joined forces to establish a coalition government, with Nawaz’s brother Shehbaz Sharif taking the role of Prime Minister. Though Imran was languishing in jail throughout, he emerged as the hero of the election. An overwhelming support for the cricket-turned-politician dealt a body blow to the all-powerful Army and its desire to install Nawaz Sharif as the new premier. Imran Khan emerges as politician of the year Imran Khan’s political party, PTI, has been effectively banned, his speeches censored from television broadcasts, and he faces a prison sentence of at least 14 years. Yet, as Pakistan’s election results demonstrated, Khan’s influence remains undeniable. Despite his imprisonment, he continues to dominate the political landscape, commanding unwavering loyalty from his supporters. Despite Nawaz Sharif back in the country and Bilawal Bhutto Zardari trying to find his mark, Imran is undoubtedly the politician who had the most impact. Throughout the year, PTI members and followers held numerous protests, many of which turned violent, demanding his release. Even from behind bars, Khan’s ability to inspire and mobilise his base ensured he stayed at the forefront of Pakistani politics. He even used Artificial Intelligence (AI) at one point to reach out to his supporters. With over 150 cases against him, he faces charges that span corruption, inciting unrest, and the alleged misuse of authority during his time as PM. A second term for Asif Ali Zardari In March 2024, Asif Ali Zardari, a seasoned political figure and co-chairperson of the Pakistan Peoples Party (PPP), was elected as Pakistan’s President for a second term. Zardari’s political rise began after the December 2007 suicide bombing that claimed the life of his wife, former Prime Minister Benazir Bhutto. Following her death, he took charge of the Pakistan People’s Party (PPP), fulfilling the wishes she outlined in her will. He became President in 2008 and served until 2013, a period in which a US special forces raid inside Pakistan found and killed Osama bin Laden in 2011. Zardari's greatest achievement during his first term was seen as the building of a rare political consensus on adopting a new legal and political framework to decentralise power and curb the presidential powers wielded by former military leaders. IMF’s $7 billion bailout package: The impact on Pakistan’s economy Amid a deepening economic crisis, Pakistan secured a $7 billion bailout package from the IMF in September 2024. While this provided a temporary reprieve, the country’s economic woes persisted. Inflation rates, though declining to 4.9 per cent by November, remained a concern for the populace. The GDP growth of 2.5 per cent for 2023-24 indicated a fragile recovery, but structural reforms and fiscal discipline are critical for sustainable improvement. Pakistan has long depended on IMF loans to sustain its economy, grappling with the consequences of years of financial mismanagement, according to a BBC report. In 2023, the country was on the edge of defaulting on its debts, with foreign reserves barely sufficient to cover a month’s imports. The IMF had in 2023 approved a $3 billion bailout in July 2023 which was supplemented by financial support from allies Saudi Arabia and the UAE. Rising terrorism and rocky Afghan ties Pakistan’s security landscape worsened in 2024, with 924 lives lost in 1,566 terrorist attacks over the first ten months. According to the country’s interior ministry, there was “significant rise in terrorism incidents and evolving terrorism patterns have been consistently observed” since the Afghan Taliban’s August 2021 takeover of Kabul, particularly in the operations of the Tehreek-e-Taliban Pakistan (TTP) in Khyber Pakhtunkhwa, the Baloch nationalist insurgency in Balochistan and ethno-nationalist violence in Sindh, Pakistan-based Dawn reported. The ministry also said that the unstable security environment in Afghanistan had facilitated the consolidation of various international terrorist organisations (ITOs), enhancing their presence, resources, and ability to project influence beyond Afghan borders. The Taliban authorities in Afghanistan’s capital, Kabul, reject accusations that they are sheltering militants from the Pakistani Taliban or TTP. However, the surge in attacks has severely strained relations between the two countries. Many observers argue that Pakistan is now facing the repercussions of its close ties with the Taliban, which are backfiring. “Pakistani security officials privately acknowledged that they had misjudged how the new Taliban rulers of Afghanistan would handle the Pakistani Taliban. The officials had anticipated that the Taliban leaders in Afghanistan would help curb the TTP in return for the covert support that Pakistan had provided them during the US-led war,” according to a report by New York Times. Instead, the Taliban in Kabul have provided the TTP with resources and advanced American-made weapons and equipment seized after the collapse of the US-supported Afghan government, the report quoted a senior security official in Islamabad who spoke on the condition of anonymity to discuss internal assessments. S Jaishankar’s rare visit and what it meant External Affairs Minister S Jaishankar went to Islamabad to attend a conclave of the Shanghai Cooperation Organisation (SCO). This was the first visit to Pakistan by an Indian minister in almost a decade. While there was no bilateral meeting during the visit, senior functionaries projected his visit as an “ice-breaker.” Former Pakistani Prime Minister Nawaz Sharif urged the two countries to "bury their past" and move on towards a prosperous and peaceful future. He described Jaishankar's trip to Islamabad to attend a conclave of the SCO bloc as an "opening". "We have spent 70 years in this way (fighting) and we should not let this go on for the next 70 years... Both sides should sit down and discuss how to go forward," he said. "We can’t change our neighbours, neither can Pakistan nor can India. We should live like good neighbours." The ties between India and Pakistan came under severe strain after India's warplanes pounded a Jaish-e-Mohammed terrorist training camp in Balakot in Pakistan in February 2019 in response to the Pulwama terror attack. The relations further deteriorated after India on August 5, 2019, announced the withdrawal of special powers of Jammu and Kashmir and the bifurcation of the state into two union territories. The trade ties between Islamabad and New Delhi have remained suspended since 2019 due to the imposition of heavy duties by New Delhi on imports from Pakistan after the 2019 Pulwama attack. US sanctions on Pakistan’s missile program In December, the United States said it was imposing new sanctions related to nuclear-armed Pakistan's long-range ballistic-missile program, including on the state-owned defense agency that oversees the program. State Department spokesperson Matthew Miller said in a statement that the measures slapped on the National Development Complex and three firms were imposed under an executive order that "targets proliferators of weapons of mass destruction and their means of delivery." The sanctions freeze any US property belonging to the targeted entities and bars Americans from doing business with them. Islamabad strongly condemned the move, calling it "unfortunate and biased" and would harm regional stability by "aiming to accentuate military asymmetries," an apparent reference to the country's rivalry with nuclear-armed India. (With agencies inputs)

2024-12-28 15:33

2024-12-28

15:33

moneycontrol.com

https://www.moneycontrol.com/technology/foldable-phones-to-launch-in-2025-oneplus-open-2-galaxy-z-fold-7-pixel-10-pro-fold-and-more-article-12899344.html

Foldable phones to launch in 2025: OnePlus Open 2, Galaxy Z Fold 7, Pixel 10 Pro Fold and more

Pixel 9 Pro Fold vs Z Fold6.

If you are planning to buy a new foldable smartphone next year, then 2025 is going to give you a lot of options to choose from. Next year, smartphone brands are expected to launch several new options and upgrades with updated features, design and performance. Some obvious mentions are the Galaxy Z Fold7, OnePlus Open 2 and even the Motorola Razr 60 series. To make things easier for you, we’ve put together all the foldable phones that are expected to launch in 2025. Samsung Galaxy Z Fold7 and Z Flip7Samsung is expected to launch the next generation of foldable smartphones likely to be called Z Fold7 and Galaxy Z Flip7. Both the phones are expected to come with an updated processor. Rumours suggest that Samsung might launch the Z Flip7 with the Exynos chip this year. We can also expect to see an affordable version of the Z Flip phone. OnePlus Open 2Reports suggest that OnePlus will launch the Open 2 in the first quarter of 2025. However, the launch may be delayed. However, the reports suggest that the phone will come with an updated Snapdragon 8 Elite chipset, a 50MP triple rear camera setup. Other than this, the phone is also expected to pack a bigger 5700mAh battery without increasing the overall thickness of the phone. Google Pixel 10 Pro FoldGoogle is anticipated to launch the Pixel 10 Pro Fold in September or October 2025. Unlike its predecessor, the Pixel 9 Pro Fold, prioritised a slim design over camera capabilities. The Pixel 10 Pro Fold could be powered by Google’s Tensor G5 chipset, integrating advanced AI capabilities and building on the improvements introduced with Gemini. Leaks suggest the device will feature an LTPO AMOLED display with a 120Hz refresh rate. When unfolded, the display is expected to measure 8.0 inches, shrinking to 6.3 inches when folded. It may come equipped with 16GB of RAM and offer storage options of 256GB and 512 GB. Motorola Razr 60Motorola is expected to introduce its Razr 60 series of flip smartphones in 2025, potentially named the Razr 60 and Razr 60 Ultra. These devices are rumoured to come with upgraded features compared to the Razr 50 series, which includes the Snapdragon 8 Gen 3 processor, a 6.9-inch LTPO AMOLED display, a 50MP camera, and a 4000mAh battery in the Ultra variant. Oppo Tri-Fold PhoneOppo revealed a tri-fold smartphone concept in August, featuring dual hinges and a main display with very slim bezels. The device includes a textured faux leather back complemented by a chrome border. It appears to run a modified version of ColorOS UI with prominent large widgets.

2024-12-28 15:33

2024-12-28

15:33

moneycontrol.com

https://www.moneycontrol.com/news/world/ukraine-russia-gas-transit-deal-faces-critical-moment-of-truth-12899342.html

Ukraine-Russia gas transit deal faces critical moment of truth

Before the invasion of Ukraine in February 2022, Russia was the EU’s top gas supplier, providing more than 40% of the bloc’s imports..

The future of gas transit through Ukraine is at a turning point. If a last-minute deal isn’t struck by Wednesday, billions of cubic meters in gas flows could come to a halt. Ukraine is under mounting pressure from Slovak Prime Minister Robert Fico and a group of central European companies to keep gas moving from its eastern border with Russia to European Union buyers following the expiration of a transit agreement on Dec. 31. Almost three years after the full-scale Russian invasion of Ukraine, Budapest and Bratislava still rely on cheap gas from Gazprom PJSC, undermining the EU push to cut reliance on Russian energy. With three days to go before the Russia-Ukraine agreement runs out, rhetoric on all sides has hardened. Ukraine’s President Volodymyr  Zelenskyi earlier this week accused Fico of striking “shadow agreements” with Russian President Vladimir Putin. The Slovak leader on Friday threatened to halt power supplies to his eastern neighbor. To diplomats with knowledge of the talks, the escalation hasn’t come as a surprise. Past disputes over gas transit between the two former partners saw flows cut or reduced overnight — and deals clinched at the very last minute. Energy traders, industry leaders and politicians in Europe and elsewhere are still looking to the three leaders for signs of what might come next. Zelenskyi has repeatedly stated that he won’t allow Russian gas, which benefits the Kremlin’s war machine, to transit through Ukraine after the current deal ends. He has said that he would be open to transporting gas from countries other than Russia — an option that people with knowledge of the talks say isn’t completely off the table. In making the decision, the Ukrainian leader must consider the need to protect the country’s 38,600-kilometer gas pipeline system. The network, among the world’s largest, has been spared attacks over the last three years as Russian gas has flowed though it. If that were to stop, the system might be targeted, as gas storage facilities and power supplies have been. It would also create technical challenges that would make it difficult to heat homes across Ukraine during the winter. “The issue of risks for Ukrainian infrastructure is reverberating in diplomatic discussions,” said Christian Egenhofer, senior researcher at the CEPS think-tank in Brussels. “It may prove a lifeline for Zelenskyi if he opts to allow for continued transit.” At the same time, Egenhofer noted, “the gas talks will matter beyond Ukraine.” For both Putin and Fico, the most profitable option would be for European buyers to continue purchasing gas directly from Gazprom. Russia would then remain in the EU market without having to share revenue with intermediaries, and Slovakia would save on additional transit costs, according to people with knowledge of the talks who asked not to be identified. Ukraine’s Ministry of Foreign Affairs said on Friday that talks are ongoing and a last-minute deal cannot be completely ruled out. Before the war, the executive arm of the European Union helped broker transit agreements between Kyiv and Moscow. Now, because of the bloc’s efforts to diversify energy sources away from Moscow and expand renewables, the European Commission is staying out of negotiations. Instead, it has stressed that alternatives sources are available and the region’s gas storage levels are high. In February, the EU’s executive arm will unveil a plan to further phase out Russian fossil fuels, which it says the Kremlin has turned into a political weapon. Its implementation hinges on member states: in addition to pipeline flows to Slovakia and Hungary, Russian liquefied natural gas is also shipped to ports in France, Belgium and Spain. “The row over the Russian gas will worsen the wedge between EU members, aligning neatly with Russia’s interest in seeing European support for Ukraine fracture,” said Bota Iliyas, a senior analyst at PRISM, a strategic intelligence firm. The end of gas flows through Ukraine will have a “negligible” impact on European gas prices, the commission said earlier this month, noting that markets have already priced in the end of the transit deal. European gas prices rose 48% this year, in anticipation of supply cuts combined with rapidly depleting gas reserves due to periods of cold and windless weather. While costs are still far off the 2022 records reached during the energy crisis, they are high enough to impact households and manufacturers. The absence of an intergovernmental agreement between Russia and Ukraine complicates but doesn’t rule out a commercial deal involving European companies. Slovakia’s gas utility Slovensky Plynarensky Priemysel AS and its gas network operator Eustream AS — alongside Hungary’s MOL Hungarian Oil and Gas Plc., trade associations and large industrial customers from Austria and Italy — have urged Zelenskyi to allow shipments to continue. The volume being discussed is 15 billion cubic meters a year, the amount that currently moves through Ukrainian pipelines. Following his meeting with Putin last Sunday, Fico said that Russia was ready to continue delivering gas to the West via Ukraine, but this would be “practically impossible” after Jan. 1 given Kyiv’s stance. In response, Zelensky  said he had offered to compensate Fico for the additional costs that Slovakia would accrue should Russian gas transit end. He said he also said he was ready to allow shipments of non-Russian fuel if a request was to be made by the European Commission — an offer which he claimed the Slovak leader rejected. The spat escalated further late on Friday, when Fico said in a video posted on Facebook that if the flows stop, he will assess the situation and potential reciprocal measures, including halting power supplies that Ukraine needs during its network outages. The end of transit of Russian gas would cost the EU an additional 120 billion euros ($125 billion) in energy costs over the next two years, according to him. “Stopping the transit of Russian natural gas through Ukraine is not just a hollow political gesture. It’s an extremely costly move, one that we, in the European Union, will pay for,” Fico said. With the deadline approaching, alternative solutions are being considered. SPP has been in talks with Azerbaijan’s state-owned oil company about sourcing Azeri gas, according to people with knowledge of the talks. That may require a swap between Gazprom and Socar, in which the Azeri company would purchase corresponding volumes from Russia to deliver to European buyers. Hungarian Prime Minister Viktor Orban has also proposed moving the location of Russian gas sales to the physical border between Russia and Ukraine, which would transfer gas ownership to European buyers and oblige Ukraine to ensure transit under its free trade agreement with the EU, according to people with knowledge of the issue. Putin acknowledged various proposals on Thursday that would allow Hungary, Slovakia, Turkey or Azerbaijan to take control of the gas shipped through Ukraine. He noted that any such arrangement would be difficult to enact because of Gazprom’s long-term contracts. Before the invasion of Ukraine in February 2022, Russia was the EU’s top gas supplier, providing more than 40% of the bloc’s imports. Following the outbreak of the war and a cut in supplies, Europe accelerated its shift away from Russian energy. Last year, Russian gas made up around 8% of EU imports. Permitting further Russian gas to transit through Ukraine would also undermine the message that the EU can no longer do business as usual with Putin’s Russia, said Benjamin L. Schmitt, senior fellow at the CEPA think-tank and the University of Pennsylvania’s Kleinman Center for Energy Policy. “The stakes couldn’t be higher,” he said in a research note. “Continuing Russian gas transit in any form — whether through an overt contract extension with Kremlin-controlled Gazprom, or under any other name, but still de facto Russian — would be dangerous for Ukraine.”

2024-12-28 15:18

2024-12-28

15:18

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/tax-officials-initiate-inspection-of-mahindra-mahindra-records-in-chennai-12899330.html

Tax officials initiate inspection of Mahindra & Mahindra records in Chennai

The company officials cooperated with the GST officials and responded to all the clarifications and details sought by them, M&M said, adding that it will further be providing all the necessary additional documents sought in the due course..Related stories.

Mahindra & Mahindra Ltd on Saturday said state tax authorities in Tamil Nadu initiated an inspection of records at one of the places of its business operations in Chennai. Authorisation for inspection/search proceedings under CGST Act 2017 was issued by Additional Commissioner (ST), Intelligence-I (FAC), Chennai-6 on the company, M&M said in a regulatory filing."The GST officials have inspected the records and given some observations on certain GST compliance issues and have advised the Company’s officials to submit the necessary documents for reconciliation," it said in a the filing "The company officials cooperated with the GST officials and responded to all the clarifications and details sought by them," it added. "The company will further be providing all the necessary additional documents sought in due course," it further said. Mahindra & Mahindra further said this has not impacted the operations of the company, which are continuing as usual. Based on the initial assessment, the company does not reasonably expect the outcome of the proceedings to have any material impact on the company, it said, adding that it has "always maintained high standards with respect to compliance of all laws and regulations, including the prompt payment of applicable taxes". Meanwhile, the automaker is setting up an all-new manufacturing line for EVs at its Chakan plant, which has an installed capacity of 1.2 lakh units per annum. Mahindra currently sells XUV400 in the electric passenger vehicle segment. *With Agency Inputs

2024-12-28 15:07

2024-12-28

15:07

moneycontrol.com

https://www.moneycontrol.com/news/world/elon-musk-s-immigration-fight-with-donald-trump-allies-engulfs-social-media-12899326.html

Elon Musk’s immigration fight with Donald Trump allies engulfs social media

Donald Trump and Elon Musk.Related stories.

A heated online debate over immigration policy exposed a growing rift between Donald Trump’s Silicon Valley supporters – including billionaire adviser Elon Musk – and his ardently anti-immigration base, previewing the difficult and sometimes-contradictory demands the president-elect is facing over his signature policy issue. Social media platforms – including Musk’s X – were ablaze over the holiday week as technology executives who had backed Trump’s campaign voiced their desire to increase the number of high-skilled visas available to foreign workers, only to draw conservative criticism. The president-elect himself remained outside the fray, content to let his supporters trade barbs. But the dispute underscored a central tension between Trump’s populist base and his corporate backers that’s likely to surface throughout his second term, beyond immigration to fights over taxes, trade, and government spending. The immigration controversy originated after Laura Loomer, a far-right activist with longstanding ties to the president-elect, criticized his decision to name India-born investor Sriram Krishnan as a senior policy adviser on artificial intelligence. Loomer assailed previous comments by Krishnan advocating for increased access to green cards and skilled worker visas, calling the effort antithetical to Trump’s “America First” effort. That prompted pushback from Musk and Vivek Ramaswamy, who have been tapped by Trump to run a government efficiency panel. The two argued that US companies needed to recruit top talent from across the world to remain competitive. “There is a permanent shortage of excellent engineering talent. It is the fundamental limiting factor in Silicon Valley,” Musk, who himself utilized an H-1B high-skilled visa to work in the US, wrote on X. He went on to compare engineers to foreign NBA stars like France’s Victor Wembanyama and Serbia’s Nikola Jokić. ‘More books, less TV’Ramaswamy drew particular attention for a post arguing that “American culture has venerated mediocrity over excellence” and that a country that “celebrates the prom queen over the math olympiad champ, or the jock over the valedictorian, will not produce the best engineers.” The post, which also disparaged the glorification of slacker characters in 1990s television sitcoms, went on to encourage: “More weekend science competitions, fewer Saturday morning cartoons. More books, less TV.” The remarks drew disapproval from across the political spectrum, with former UN Ambassador Nikki Haley posting that there was “nothing wrong with American workers or American culture.” “We should be investing and prioritizing in Americans, not foreign workers,” she continued. Subsequently, some conservative activists – including Loomer, New York Young Republican Club President Gavin Wax and InfoWars host Owen Shroyer – claimed their verification badges on X had disappeared, suggesting Musk had punished them over the flap. Musk did not comment directly on the allegation, but did post that the social media platform’s algorithm “is trying to maximize unregretted user-seconds” and that users’ reach “will decline significantly” if they were blocked or muted by “more credible, verified subscriber accounts.” Kushner PlanThe controversy echoed many of the themes that derailed efforts to overhaul the immigration system during Trump’s first term in office and may ultimately frame how the incoming administration approaches the issue. During Trump’s first term, his son-in-law, Jared Kushner, drafted a plan that maintained green card levels but eliminated an existing lottery system and preferential treatment for immigrants with family already inside the US in favor of a points-based system that would prioritize high-skilled workers. But that effort failed to gain traction on Capitol Hill, in part because some immigration hawks wanted tougher requirements on businesses to verify the eligibility of their workers. Earlier this year, Trump offered a decidedly more open approach to visas when prompted during a podcast interview with venture capitalists David Sacks, Chamath Palihapitiya and Jason Calacanis and entrepreneur David Friedberg. “You graduate from a college, I think you should get automatically as part of your diploma a green card to be able to stay in this country and that includes junior colleges too,” Trump said. Malleable TrumpTrump spokeswoman Karoline Leavitt issued a statement at the time saying the offer “would only apply to the most thoroughly vetted college graduates who would never undercut American wages or workers.” A Trump transition spokesperson pointed to a post on X from Trump adviser Stephen Miller that highlighted past American cultural and technological achievements in response to a request for comment on the current controversy. Still, the episode underscored Trump’s malleability on policy specifics, and the incentives for supporters to publicly lobby him on immigration policy. On social media, allies like Sacks — whom Trump has tapped to be his AI and crypto czar — looked to head off the controversy and shield Krishnan. “These attacks have become crude, and not in the holiday spirit,” Sacks wrote.

2024-12-28 14:49

2024-12-28

14:49

moneycontrol.com

https://www.moneycontrol.com/technology/apple-stops-selling-iphone-14-iphone-se-in-the-european-union-list-of-countries-and-other-details-article-12899292.html

Apple stops selling iPhone 14, iPhone SE in the European Union: List of countries and other details

Apple iPhone SE.Related stories.

In response to the European Union regulation mandating the inclusion of a USB-C port on all smartphones sold within the region, Apple has discontinued the sale of the iPhone 14 and iPhone SE in the region. Earlier, Apple had removed these models from its online store in some countries. Apple has now stopped selling the iPhone 14 and SE in the majority of EU member states. The iPhone 14, iPhone 14 Plus, and the third-generation iPhone SE are no longer available for purchase in Apple’s online store in most European Union countries. Local legislation mandated that companies had until December 28, 2023, to update their products with a USB-C port or face restrictions on their sale within the EU. Countries where iPhone 14, SE are not available These devices are no longer available in countries such as Germany, Spain, France, Italy, and Portugal. However, they remain accessible in the United Kingdom, as the country is not a part of the European Union. For customers residing within the European Union, this means they can’t get their hands on the most affordable iPhone models, at least for the present time. The iPhone 14, unveiled in September 2022, retains the iPhone 13 design while incorporating minor hardware enhancements, including Emergency SOS via satellite. In contrast, the iPhone SE 3, launched in March 2022, retains the design of the iPhone 8, featuring a Home button. However, rumor has it that Apple is set to launch a new iPhone SE sometime in March. The expected iPhone SE will feature a Type-C port and is rumoured to get an all-new design.

2024-12-28 14:02

2024-12-28

14:02

moneycontrol.com

https://www.moneycontrol.com/news/india/kashmir-hit-by-heavy-snowfall-flights-rail-services-suspended-jammu-srinagar-highway-shut-12899289.html

Kashmir hit by heavy snowfall: Flights, rail services suspended, Jammu-Srinagar highway shut

Visitors at the Lal Chowk amid season's first snowfall in Srinagar. (Image: PTI).

Normal life was thrown out of gear in Kashmir on Saturday as most areas of the valley received snowfall, disrupting flight and railway operations and also leading to the closure of the Srinagar-Jammu National Highway, officials said. Moderate to heavy snowfall was recorded across Kashmir since Friday, including the season's first snowfall in Srinagar city and other plain areas of the valley. In south Kashmir, heavy to very heavy snowfall was recorded in the plains, while central Kashmir's plains received moderate snowfall. The plains of north Kashmir received light to moderate snowfall, the officials said. Srinagar recorded about eight inches of snow, while neighbouring Ganderbal recorded about seven inches. Sonamarg, a famous tourist destination, recorded around eight inches of snow, the officials added. The Zojila axis along the Srinagar-Leh highway received about 15 inches of snow, they said. Areas in Budgam district received 7-10 inches of snow, while the plains in Anantnag district recorded around 17 inches. The upper areas of the south Kashmir district received over two feet of snow, the officials said. The tourist town of Pahalgam recorded 18 inches of fresh snowfall. Areas in Pulwama district recorded 10-15 inches of snow, while neighbouring Kulgam received 18-25 inches and Shopian recorded around 18 inches of snowfall, the officials added. In Bandipora district of north Kashmir, the plains recorded four inches of snow, while the higher reaches, including Gurez, received 6 to 10 inches of snowfall. Areas in Baramulla district recorded 4-9 inches of snow, while the famous ski resort of Gulmarg received about 15 inches of snow, the officials said. Kupwara plains received 1-2 inches of snow, and its upper reaches recorded 2-3 inches. Even though the snowfall was welcomed by locals and tourists, it threw normal life out of gear. The Jammu-Srinagar National Highway (NH-44) was closed for traffic due to snow, the Traffic Department officials said. They added that clearance work was being hampered due to heavy snowfall at the Navyug Tunnel. Men and machinery are on the job, and commuters are advised to avoid travel until the weather improves and the road is cleared, the officials said. Train services on the Banihal-Baramulla section were suspended due to heavy snow accumulation on the track, the railway officials said. Efforts to clear the track are underway, they added. Air traffic to and from Srinagar was also affected as flight operations at the airport were suspended due to snowfall, the airport officials said. They added that about 80 percent of flights on Saturday were cancelled. Clearance operations are ongoing, the runway has been cleared and operations can resume only after improvement in the weather, the airport officials said. While authorities launched snow clearance operations at the respective district headquarters, most of the main roads and roads to hospitals were cleared of snow, but many interior roads were still blocked, the officials said. Due to slippery conditions, motorists were facing difficulties in driving, they added. The snowfall also affected power supply in several areas of the valley, the officials said. Jammu and Kashmir Chief Minister Omar Abdullah was monitoring the situation. "In Kashmir region, 41 feeders at the 33 KV level and 739 feeders at the 11 KV level are down. None at the 132 KV or 220 KV levels. Restoration work is underway, and more than 90 per cent of feeders are expected to be up and functional by evening today. I’m in regular touch with the PDD team to monitor the situation,” Abdullah said in a post on X. Kashmir University postponed all its examinations scheduled for Saturday due to the inclement weather. Fresh dates for the postponed exams will be notified separately, the University said. Meanwhile, minimum temperatures improved by several degrees across the valley, the MeT Department said. Srinagar recorded a low of minus 1 degree Celsius on Friday night, more than six degrees up from the previous night's low of minus 7.3 degrees Celsius, it said. Gulmarg, a town known for skiing activities in north Kashmir, recorded a low of minus 5 degrees Celsius, while Pahalgam, the base camp for the annual Amarnath Yatra in south Kashmir, registered a minimum temperature of minus 2.8 degrees Celsius. Qazigund, the gateway town to Kashmir, logged a minimum temperature of minus 0.6 degrees Celsius, while Konibal, a hamlet in the Pampore area, recorded minus 1.5 degrees Celsius. Kupwara, in north Kashmir, recorded a low of minus 1.2 degrees Celsius, while south Kashmir's Kokernag registered minus 1.5 degrees Celsius. Kashmir is currently under the grip of 'Chillai-Kalan' -- considered the harshest period of winter -- which began on December 21. During the 40 days of Chillai-Kalan, the chances of snowfall are the highest and the temperature drops considerably. It ends on January 30 next year, but the cold wave continues even after that. The 40 days are followed by a 20-day 'Chillai-Khurd' (small cold) and a 10-day 'Chillai-Bachha' (baby cold).

2024-12-28 12:55

2024-12-28

12:55

moneycontrol.com

https://www.moneycontrol.com/news/india/top-leaders-foreign-dignitaries-pay-last-respects-to-manmohan-singh-at-nigambodh-ghat-12899286.html

Top leaders, foreign dignitaries pay last respects to Manmohan Singh at Nigambodh Ghat

Prime Minister Narendra Modi laid wreaths on the mortal remains of the departed Congress leader (Image: PTI).

Top leaders, including foreign dignitaries, on Saturday paid their last respects to former prime minister Manmohan Singh at Delhi's Nigambodh Ghat, with President Droupadi Murmu and Prime Minister Narendra Modi laying wreaths on the mortal remains of the departed Congress leader. King of Bhutan Jigme Khesar Namgyel Wangchuck and Mauritius Foreign Minister Dhananjay Ramful were among the foreign dignitaries to paid tributes to Singh. Besides President Murmu and Prime Minister Modi, Defence Minister Rajnath Singh, Home Minister Amit Shah, Lok Sabha Speaker Om Birla, Rajya Sabha Chairman Jagdeep Dhankhar, and Leaders of Opposition Mallikarjun Kharge and Rahul Gandhi were among the top leaders who paid their last tributes to the former prime minister at the crematorium. Chief of Defence Staff General Anil Chauhan, and the three services chiefs also paid their last respects to Singh. The procession carrying Singh's mortal remains reached the crematorium at around 11.30 am, where the last rites will be performed shortly. Draped in the Tricolour, the flower-bedecked casket was placed at a raised platform, where leaders cutting across party lines laid wreaths on Singh's mortal remains. Earlier, the final journey of Singh began from the AICC headquarters on Saturday morning after Congress leaders paid homage to their departed leader. The vehicle carrying the mortal remains of Singh left the Congress headquarters in a procession amid chants of "Manmohan Singh amar rahe". A large number of Congress workers and leaders along with hundreds of Singh's well-wishers walked along as "Jab tak suraj chand rahega, tab tak tera naam rahega" slogans rent the air. Leader of Opposition in Lok Sabha, Rahul Gandhi, also accompanied the procession alongside Singh's relatives. Singh's mortal remains were taken to the AICC headquarters from his residence on 3, Motilal Nehru Road a little before 9 am. The mortal remains were kept there for about an hour, with several top Congress leaders, including Mallikarjun Kharge, Sonia Gandhi and Rahul Gandhi, paying tributes, among others. Singh's wife Gursharan Kaur and one of their daughters also laid a wreath on his body. Singh passed away on Thursday night at Delhi's All India Institute of Medical Sciences due to age-related medical complications. He was 92. Considered the architect of India's economic reforms, Singh served as the prime minister for 10 years between 2004 and 2014. A seven-day national mourning is being observed throughout the country as a mark of respect to the former prime minister during which the national flag will be flown at half-mast across the nation, the Union Home Ministry has announced.

2024-12-28 12:54

2024-12-28

12:54

moneycontrol.com

https://www.moneycontrol.com/technology/bluesky-adds-x-like-trending-topics-feature-to-view-popular-current-conversations-here-s-how-it-works-article-12899236.html

BlueSky adds X-like Trending Topics feature to view popular current conversations: Here’s how it works

Bluesky.Related stories.

Social media platform BlueSky, which has gained immense popularity in the last few months, has started testing a new feature called Trending Topics. This feature is similar to the Trending section on X (formerly Twitter) and helps users discover the most popular conversations and trends happening on the platform. BlueSky’s Trending Topics: Key details As announced by Bluesky’s official account on the platform, the Trending Topics feature is now available in both the app and website for users across the world. On the desktop interface, you can see trending topics on the right sidebar, while on the mobile app, users can tap on the search button to look at all the trending conversations. BlueSky has confirmed that it is the first version of the feature and intends to improve on it. Currently, the Trending Topics feature is still available in beta at the moment and for English users only. BlueSky users can also disable this feature by navigating to Settings > Content and Media and unchecking the ‘Enable trending topics' option to disable it. Bluesky has also taken steps to ensure that user's preferences are respected within the trending topics section by allowing its users to mute certain words or phrases. These particular words and phrases will then not appear in the Trending Section and it allows users to curate their experience and avoid unwanted content based on their liking. Recently, BlueSky also crossed the 25 million total users mark, amidst its growing popularity post-Trump’s victory in the US presidential elections.

2024-12-28 12:37

2024-12-28

12:37

moneycontrol.com

https://www.moneycontrol.com/news/india/ed-summons-brs-leader-ktr-in-money-laundering-case-on-jan-7-12899272.html

ED summons BRS leader KTR in money laundering case on Jan 7

Telangana Governor Jishnu Dev Varma recently granted permission to the ACB to register the case against Rama Rao..Related stories.

The Enforcement Directorate has summoned Bharat Rashtra Samithi leader KT Rama Rao and some others for questioning next month in a money laundering case linked to alleged payment irregularities during a Formula-E race held in Hyderabad in February 2023, official sources said on Saturday. The federal agency filed an enforcement case information report (ECIR) or FIR last week in the case under various sections of the Prevention of Money Laundering Act (PMLA), taking cognisance of a Telangana Police Anti-Corruption Bureau (ACB) complaint. Bharat Rashtra Samithi (BRS) working president and son of former Telangana Chief Minister K Chandrashekhar Rao, Rama Rao has been asked to depose for recording of his statement on January 7, the sources said. Senior IAS officer Arvind Kumar and retired bureaucrat and former Hyderabad Metropolitan Development Authority (HMDA) chief engineer BLN Reddy have been summoned on January 2 and January 3, respectively, they added. The probe against 48-year-old Rama Rao, popular as KTR, pertains to alleged payments of about Rs 55 crore, some of it in foreign currency without approvals, to conduct a Formula-E race in Hyderabad during the previous BRS regime in February 2023. The Enforcement Directorate (ED) is also probing possible foreign exchange violations in the case under the provisions of the Foreign Exchange Management Act (FEMA), as per the sources. Rama Rao had denied any wrongdoing, saying, “Where is the corruption in this? We have paid Rs 55 crore. They (Formula-E) acknowledged the payment.” He added that it was a “straightforward” account. “The HMDA has an account in Indian Overseas Bank and money has been transferred from that account…” he said while reacting to the ACB case. Telangana Chief Minister A Revanth Reddy also attacked Rama Rao for the alleged irregularities, saying about Rs 500 crore was saved with the state government under him deciding against further transfer of funds to the organisers of the racing event. Rama Rao, who was the municipal administration minister in the BRS regime, was instrumental in hosting the race in Hyderabad last year. Though the race was supposed to be held in February this year as well, it was cancelled after the Congress government assumed office in December 2023. Telangana Governor Jishnu Dev Varma recently granted permission to the ACB to register the case against Rama Rao.

2024-12-28 12:18

2024-12-28

12:18

moneycontrol.com

https://www.moneycontrol.com/news/india/when-baba-passed-away-congress-didn-t-even-bother-to-call-cwc-pranab-mukherjee-s-daughter-slams-party-leadership-12899284.html

'When baba passed away, Congress didn’t even bother to call CWC': Pranab Mukherjee’s daughter slams party leadership

According to her, a senior Congress leader claimed that condolence meetings were not held for Indian Presidents..Related stories.

Sharmistha Mukherjee, daughter of former President Pranab Mukherjee, has criticised the Congress party for failing to hold a Congress Working Committee (CWC) meeting following her father’s passing in August 2020. In a statement on X (formerly Twitter), she accused the party’s leadership of misleading her on the matter and disregarding protocol. "When baba passed away, Congress didn’t even bother 2 call CWC 4 condolence meeting. A senior leader told me it’s not done 4 Presidents. That’s utter rubbish as I learned later from baba’s diaries that on KR Narayanan’s death, CWC was called & condolence msg was drafted by baba only," Sharmistha wrote.When baba passed away, Congress didnt even bother 2 call CWC 4 condolence meeting. A senior leader told me its not done 4 Presidents. Thats utter rubbish as I learned later from babas diaries that on KR Narayanans death, CWC was called & condolence msg was drafted by baba onlyhttps://t.co/nbYCF7NsMBSharmistha Mukherjee (@Sharmistha_GK)December 27, 2024 According to her, a senior Congress leader claimed that condolence meetings were not held for Indian Presidents. However, she dismissed the explanation as baseless, citing her father’s own records, which showed that such a meeting was held when former President KR Narayanan passed away. Despite her criticism, Sharmistha Mukherjee supported the Congress’s recent appeal to the Centre for a memorial for former Prime Minister Dr. Manmohan Singh, who passed away on Thursday at the age of 92. She also advocated for Singh to be awarded the Bharat Ratna, India’s highest civilian honor. Having said that, a memorial for Dr. Singh is a great idea. He deserves it & also Bharat Ratna which baba as President wanted 2 confer on him; but that didnt happen perhaps due 2 reasons which dont need to be spelled out.https://t.co/5MhH7k5Smqpic.twitter.com/yUZCEXNMxKSharmistha Mukherjee (@Sharmistha_GK)December 27, 2024 "A memorial for Dr. Singh is a great idea. He deserves it & also Bharat Ratna which baba as President wanted 2 confer on him; but that didn’t happen perhaps due 2 reasons which don’t need to be spelled out," she added. Former Prime Minister and Congress veteran Dr. Manmohan Singh passed away at the age of 92 in New Delhi. He was admitted to the emergency department of AIIMS hospital on Thursday evening.

2024-12-28 12:10

2024-12-28

12:10

moneycontrol.com

https://www.moneycontrol.com/news/india/batenge-to-katenge-to-constitution-under-siege-political-slogans-that-made-headlines-in-2024-12899267.html

'Batenge to katenge' to 'Constitution under siege': Political slogans that made headlines in 2024

The year 2024 will be an outlier for several reasons — the strongest among them will be an explicit attempt by the political class to appeal to the primal instincts of citizens..

Political slogans have always been integral to Indian elections, both in Parliamentary and Assembly elections. From 'Samvidhan Khatre me hai' to 'Ek hain toh safe hain', all political denominations have resorted to one-liners and catchy phrases to strike a chord with the electorate. Despite the generous use of sloganeering in Indian polls over several decades, the year 2024 will be an outlier for several reasons — the strongest among them will be an explicit attempt by the political class to appeal to the primal instincts of citizens. A year that saw aggressive politics over mandir and masjid coupled with the use of specific slogans by political leaders, only creating an enabling atmosphere for the broader audiences to add their own interpretations and sensitivities. When an election slogan becomes a war cry The Bharatiya Janata Party's (BJP) five-word catchphrase “Ek Hain Toh Safe Hain (together we are safe)” before the Jharkhand and Maharashtra Assembly elections, had sparked a wide range of interpretations and debates across various platforms. Political commentators are of the view that in recent times, no political party has based an election campaign around a single slogan, especially in the context of simultaneous Assembly elections in two states. The slogan became the centrepiece of the Bharatiya Janata Party's campaign. The slogan is a refined version of another one given by Uttar Pradesh chief ministerYogi Adityanath: “Ek Hain Toh Nek Hai...Batenge Toh Katenge”. In the lead-up to the polls, Opposition in Maharashtra-- the Maha Vikas Aghadi (MVA) —comprising the Congress, the Nationalist Congress Party (NCP), and Shiv Sena (Uddhav Bal Thackeray) vigorously attacked the BJP. They questioned the meaning of the slogan, asking who is considered "safe" and who is "unsafe", who is making them unsafe, and why a particular community is being targeted. Sloganeering as a counter-narrative The hidden undertone and the messaging was succinctly communicated by Maharashtra's new CM Devendra Fadnavis when he described the electoral contest in the state as 'party versus force' as against 'party versus party'. Implicitly referring to the Congress, he said that the narrative created by the 'force' needed to be countered via a counter-narrative and the election outcome in the state is a reflection of a successful counter to that. The slogan “Ek Hain Toh Safe Hain” is, in many ways, a counter to the caste census or Rahul Gandhi's “Jitni Aabadi, Utni Hissedari” pitch. In previous elections, the Congress and its allies had somewhat dented the BJP's support base among OBCs and Dalits. However, the Haryana election results showed that this impact was short-lived, with the BJP quickly regaining lost ground. Establishing Constitution's primacy in public imagination One of the lasting lessons form the Parliamentary elections of 2024 will be the re-assertion of the Constitution’s primacy in public imagination. From the Opposition’s campaign based on safeguarding the Constitution with the catch-all phrase of "Samvidhan Khatre me hai", to the Bharatiya Janata Party’s timely retreat, denying any intention to change it, the fundamental founding principles of the Republic have been reinforced. The June mandate, to many observers, solidified the the simmering concern of a real or a perceived change to the Constitution. 'Samvidhan Khatre me hai' (the Constitution is in danger), was one message that the Congress amped up in the run up to the Lok Sabha election. Sensing that it might have had some resonance with the voters, Congress leaders, especially Rahul Gandhi, have used the Constitution for most attacks against the BJP-led government. Realising that the improved showing at the parliamentary elections weren't enough, the Opposition, led by the Congress kept up its concerted attack on BJP on the issue of the Constitution. The recently concluded Winter Session of Parliament witnessed intense bickering over the 'sacred' document. Multiple disruptions, unending protests inside the Parliament premises finally led to a consensus between the Opposition and the treasury benches for a mature debate on the Constitution. However, the debates did not go as expected as each bloc accusing the other of undermining the document and disregarding the contribution of BR Ambedkar-- the chief architect of India's constitution. Going by the recent indications, it seems unlikely that the government and the Opposition are in any mood to relent.

2024-12-28 11:29

2024-12-28

11:29

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/these-smallcaps-gain-between-10-25-despite-broader-indices-underperform-12899209.html

These smallcaps gain between 10-25% despite broader indices underperform

Related stories.

The broader indices underperform the main indices and end flat in the holiday-shortened week ended on December 27. This week, BSE Sensex added 657.48 points or 0.84 percent to end at 78,699.07, while the Nifty50 index rose 225.9 points or 0.95 percent to end at 23,813.40. Among sectors, Nifty Auto and Pharma indices rose more than 2 percent each, the Nifty FMCG index added 1.5 percent, while Nifty Bank and Realty gained 1 percent each. On the other hand, the Nifty Media index shed nearly 2 percent and the Nifty Metal index declined 1 percent. Foreign Institutional Investors (FIIs) extended their selling during the week, as they sold equities worth Rs 6,322.88 crore, while Domestic Institutional Investors (DII)provided support to the Indian market as they bought equities worth Rs 10,927.73 crore. For the month till now, FIIs sold equities worth Rs 10,444.10 crore, while DIIs purchased equities worth Rs 27,474.14 crore. "In the last week, the benchmark indices witnessed lacklustre activity, with the Nifty ending 1 percent higher while the Sensex gained 650 points. During the week, the market experienced non-directional activity. On the downside, it found support near 23650/78100, while profit booking occurred near the 200-day Simple Moving Average (SMA) or 23860/78800," said Amol Athawale, VP- Technical Research, Kotak Securities. "Technically, a small inside body candle appeared on the weekly charts, and the non-directional activity on the daily and intraday charts indicates indecisiveness between the bulls and the bears," he added. The BSE Small-cap index ended flat. Intellect Design Arena, Amber Enterprises India, Greaves Cotton, Aarti Pharmalabs, PTC Industries, Saurashtra Cement, Caplin Point Laboratories, Devyani International, PTC India Financial Services, Hitachi Energy India, Campus Activewear, Triveni Engineering and Industries added between 10-24 percent. On the other hand, Rajoo Engineers, Titagarh Rail Systems, Indo Count Industries, KPR Mill, Kitex Garments, Healthcare Global Enterprises, Hindustan Construction Company, Paisalo Digital, NGL Fine Chem lost between 10-13 percent. Where is Nifty50 headed? Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities The short-term trend of Nifty is slightly positive with range bound action. The market could encounter strong overhead resistance around 24000-24200 levels by next week and any rise up to the hurdles could be a sell-on-rise opportunity. Immediate support is at 23650. Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Technically, Nifty managed to cross the 200-Days Simple Moving Average (200-DSMA) on the daily chart but failed to sustain above it, forming a doji candle. On the weekly chart, the index has formed an inside bar candlestick pattern, indicating strong demand near 23,500-23,540 zone. The 200-DSMA is placed around 23,860, which will act as an immediate hurdle for Nifty. A sustainable move above this level could drive the index towards 24,000–24,100. On the downside, 23,500 remains a key support. In the immediate term, Nifty is expected to consolidate between 23,500 and 23,900, with a breakout on either side defining its next move

2024-12-28 11:17

2024-12-28

11:17

moneycontrol.com

https://www.moneycontrol.com/news/telecom/bsnl-seeks-finance-ministry-approval-for-second-vrs-to-cut-workforce-by-35-report-12899255.html

BSNL seeks Finance Ministry approval for second VRS to cut workforce by 35%: Report

The communications ministry will seek Cabinet approval once it receives clearance from the finance ministry.Related stories.

The Department of Telecommunications (DoT) is set to seek approval from the finance ministry to implement a second voluntary retirement scheme (VRS) at Bharat Sanchar Nigam Limited (BSNL), aiming to reduce the workforce by 35 percent and improve the telecom operator's financial health, according to a report by Economic Times (ET). BSNL has requested Rs 15,000 crore from the finance ministry to cover the costs of the VRS rollout. The state-owned carrier's board has proposed reducing its employee base by 18,000 to 19,000 through the scheme, a move designed to strengthen the company's balance sheet, an official familiar with the matter told ET. Currently, BSNL allocates nearly Rs 7,500 crore, or around 38 percent of its revenue, to employee salaries. The company plans to cut this expense to Rs 5,000 crore per year, as part of efforts to streamline operations. The communications ministry will seek Cabinet approval once it receives clearance from the finance ministry, the ET report added. On Monday, BSNL’s board approved the VRS programme to reduce the wage bill, particularly as the company has yet to roll out its 4G services nationwide. However, a senior BSNL official told ET that the VRS plan is still under internal discussion and that no final decision has been made yet. As of now, queries to BSNL have remained unanswered, ET said. Moneycontrol could not independently verify the report. In FY24, BSNL's revenue stood at Rs 21,302 crore, a modest improvement over the previous year. The company’s workforce includes more than 30,000 non-executive employees and 25,000 executives. The government had previously approved a Rs 69,000-crore revival plan for BSNL and Mahanagar Telephone Nigam Limited (MTNL) in 2019. The plan included the introduction of an early retirement programme, which saw 93,000 employees opt for the separation scheme. The ex-gratia component of the VRS amounted to approximately Rs 17,500 crore, covering pension, gratuity, and commutation costs. MTNL, which operates only in Delhi and Mumbai, has its mobile network managed by BSNL. The revival plan also included asset monetisation and the allocation of 4G spectrum to both public sector telcos. In 2022, the Centre approved a second revival package worth Rs 1.64 lakh crore for BSNL and MTNL. This package included financial support for de-stressing the balance sheet, capital expenditures, settlement of adjusted gross revenue (AGR) dues, and viability gap funding (VGF) for rural landline connections. In 2023, a third revival package of ₹89,000 crore was approved by the Cabinet, focusing on 4G and 5G spectrum allocation, with plans to offer commercial data services, fixed wireless access (FWA), and captive private networks.

2024-12-28 11:13

2024-12-28

11:13

moneycontrol.com

https://www.moneycontrol.com/technology/nothing-brings-the-circle-to-search-ai-feature-with-nothing-os-3-0-update-check-out-list-of-eligible-devices-article-12899193.html

Nothing brings the Circle to Search AI feature with Nothing OS 3.0 update: Check out list of eligible devices

Nothing Phone update.

UK-based smartphone brand Nothing released its Android 15-based Nothing OS 3.0 earlier this month. The company has now added newer features to Nothing OS 3.0 updates, including Google's gesture-driven artificial intelligence-based Circle to Search feature. This feature, which debuted on Samsung Galaxy and Google Pixel phones earlier this year, has been appreciated by most users as it provides a seamless method to search for any content on the smartphone screen. Eligible smartphones and other details Nothing, via its new community blog post, announced that the Circle to Search feature is now available on the Nothing Phone 2, Phone 2a, and Phone 2a Plus smartphones with the latest Nothing OS 3.0 update. This feature allows users to search for anything on their screen by simply long-pressing the home button and then circling or scribbling over the object they want more information about. Users can then view Google Search results for the highlighted area. Nothing has also confirmed that the AI feature wasn’t included in the initial release of Nothing OS 3.0 because it required additional testing. Moreover, it works with both gesture navigation and the traditional 3-button navigation options. Hence, Nothing smartphone users can use Circle to Search, no matter how they have set up their phone’s interface. Additionally, Nothing has also introduced new productivity and shared widgets, a native gallery app, lock screen enhancements, small camera updates, and a new quick settings toggle with the latest Nothing OS 3.0 update.

2024-12-28 11:10

2024-12-28

11:10

moneycontrol.com

https://www.moneycontrol.com/news/business/111-drug-samples-tested-in-november-found-not-of-standard-quality-12899228.html

111 drug samples tested in November found 'not of standard quality'

Action to identify NSQ and spurious medicines is taken regularly in collaboration with state regulators to ensure such drugs are identified and removed from the market, the sources added..

The Central Drugs Standard Control Organisation (CDSCO) has found 41 drug samples tested in the central drug laboratories in November to be "not of standard quality" (NSQ), official sources said. In addition, 70 drug samples tested by state drugs testing laboratories have also been identified as NSQ in November, they added. Identification of drug samples as NSQ is based on failure in one or more specified quality parameters. "The failure is specific to the drug products of the batch tested by the government laboratory, and it does not warrant any concerns about other drug products available in the market," an official said. Two drug samples were identified as spurious drugs in November. Of the two, one was picked by the Bihar Drugs Control Authority and the other by CDSCO, Ghaziabad, the sources said. The drugs were made by unauthorized and unknown manufacturers, using brand names of other companies. Action to identify NSQ and spurious medicines is taken regularly in collaboration with state regulators to ensure such drugs are identified and removed from the market, the sources added.

2024-12-28 10:43

2024-12-28

10:43

moneycontrol.com

https://www.moneycontrol.com/news/india/maharashtra-ats-arrests-over-dozen-bangladeshi-nationals-for-illegal-stay-12899230.html

Maharashtra ATS arrests over dozen Bangladeshi nationals for illegal stay

The arrests were made during a special drive initiated by the ATS.

The Maharashtra Anti-Terrorism Squad (ATS) arrested 16 Bangladeshi nationals, including six women, for entering India illegally and staying without valid documents. The arrests were made during a special drive initiated by the ATS, officials said. “Accordingly, action was taken in the last 24 hours with the help of police in Navi Mumbai, Thane, and Solapur. We arrested seven men and six women,” an official said. They have been booked in three cases under the Foreigners Act and other relevant laws. “These Bangladeshi nationals had managed to get Indian documents like Aadhaar cards using forged documents,” he said. A joint squad of ATS and police arrested three Bangladeshi nationals from Jalna district on Friday night, an official said on Saturday. The accused were working at crusher machines in Bhokardan taluka. They were arrested from Anva and Kumbhari villages in a joint operation by ATS and local police. Preliminary investigation shows that the trio forged their identity papers to work illegally in India. They had been staying illegally for the last two years, the police official said. A case has been registered under various sections of Bharatiya Nyay Sanhita and the Foreigners Act.

2024-12-28 10:41

2024-12-28

10:41

moneycontrol.com

https://www.moneycontrol.com/technology/garena-free-fire-max-redeem-codes-for-december-28-2024-win-exciting-rewards-daily-like-cool-skins-diamonds-and-more-article-12899229.html

Garena Free Fire MAX redeem codes for December 28, 2024: Win exciting rewards daily like cool skins, diamonds, and more

Garena Free Fire Max.Related stories.

The developer of the game, 111 Dots Studio, has officially released a new batch of Garena Free Fire MAX redeem codes for today, Saturday, December 28, 2024. Players eager to claim these codes and unlock exclusive items can do so now. It's important to note that these codes can only be redeemed on the official game website at reward.ff.garena.com. Ensure you have your login details ready to use the active codes and earn various rewards. The Garena Free Fire MAX redeem codes for December 28, are now updated on the official website for registered players to easily access. These codes typically become available after midnight on reward.ff.garena.com. Act quickly to claim the active codes, as they have an expiration time. Familiarise yourself with the game's rules to avoid any issues. Garena Free Fire MAX has become renowned in India for offering registered players exclusive features and opportunities to win in-game items. The MAX version garnered significant attention from players following the ban of PUBG Mobile. These in-game items can greatly aid players in advancing through levels and defeating enemies. Make sure to collect the free weapons by claiming the active codes daily to enhance your gameplay experience. Garena Free Fire MAX Redeem Codes for today, December 28 YF6WN9QSFTHX – Frostfire Bunny Bundle (Red Bunny Bundle)XF4SWKCH6KY4 – LOL EmoteWFYCTK2MYNCK – Destiny Guardian XM8 Evo Gun skinFFWCY6TSX2QZ – Legendary Aurora Shade Bundle + 3 Emotes [No.00719 Region-Exclusive First Edition Code!PEYFC9V2FTNN – Throne EmoteAYNFFQPXTW9K – Megalodon Alpha Scar Evo Gun + 2170 TokensFTY7FGN4XKHC – Frostfire Polar Bundle (Winterlands)FFXMTK9QFFX9 – Golden Shade BundleFGWCX9TSY2QK – Winterlands Legendary Aurora Shade Bundle [No. 09944 Region-Exclusive First Edition Code!]FCX9TSY2QKTX – Christmas Special Frosty Fox Bundle + Motorbike Aurora Ride + Gloo Wall Aurora’s ProtectBLFY7MSTFXV2 – Rose emoteYFS5Y7NQFV9S – Cobra MP40 Skin + 1450 CoinsGSQ4FXV9FRKC – AUG Aurora’s Holler + Backpack Aurora’s Watchfox + Frosty Furry (Facepaint)NPCQ2FW7PXN2 – One Punch Man M1887 Gun Skin Garena Free Fire Max December 28: How to redeem codes Step 1: Visit redemption website by clicking - https://reward.ff.garena.com/ Step 2: Login using credentials from one of the platforms like Google, Facebook, Huawei ID, X, Apple ID, or VK. Step 3: Once you log in, you will be directed to a page where you can input the 12-digit redemption codes. Step 4: On successfully redeeming the codes, you can collect your rewards from the in-game mail section.

2024-12-28 10:32

2024-12-28

10:32

moneycontrol.com

https://www.moneycontrol.com/news/india/true-statesman-joe-biden-recalls-meet-with-manmohan-singh-hails-his-pivotal-role-in-strengthening-us-india-ties-12899227.html

‘True statesman…’: Joe Biden recalls meet with Manmohan Singh, hails his pivotal role in strengthening US-India ties

(Image: obamawhitehouse.archives.gov).

United States President Joe Biden paid tribute to former Prime Minister Manmohan Singh, saying the unprecedented level of cooperation between the United States and India today would not have been possible without the Prime Minister’s strategic vision and political courage. “Jill and I join the people of India in grieving the loss of former Indian Prime Minister Manmohan Singh,” the statement from the President read. “The unprecedented level of cooperation between the United States and India today would not have been possible without the Prime Minister’s strategic vision and political courage. From forging the US-India Civil Nuclear Agreement to helping launch the first Quad between Indo-Pacific partners, he charted pathbreaking progress that will continue to strengthen our nations—and the world—for generations to come. He was a true statesman. A dedicated public servant. And above all, he was a kind and humble person,” it added further. Singh, who was India’s Prime Minister for 10 years from 2004 to 2014 died in New Delhi on Thursday night. He was 92. The outgoing US President said he had the chance to meet Prime Minister Singh as Chairman of the Senate Foreign Relations Committee in 2008 and as Vice President during his Official State Visit to the United States in 2009. “He also graciously hosted me in New Delhi in 2013. As we discussed then, the US-India relationship is among the most consequential in the world. And together, as partners and friends, our nations can unlock a future of dignity and unlimited potential for all of our people,” Biden said. “During this difficult time, we recommit to this vision to which Prime Minister Singh dedicated his life. And Jill and I send our deepest condolences to former First Lady Gursharan Kaur, their three children, and all the people of India,” Biden said.

2024-12-28 10:11

2024-12-28

10:11

moneycontrol.com

https://www.moneycontrol.com/technology/wordle-today-here-are-some-hints-and-answer-for-wordle-december-28-2024-article-12899233.html

Wordle today: Here are some hints and answer for Wordle December 28, 2024

Wordle.

Wordle is a daily puzzle game where players must guess a five-letter word within six attempts. Created by Josh Wardle, the game quickly became a global hit thanks to its simple rules and engaging format. Each guess provides feedback using coloured tiles: green indicates a correct letter in the correct spot, yellow shows a correct letter in the wrong spot, and grey signifies an incorrect letter. Combining vocabulary skills with logical deduction, Wordle has become a favourite brain teaser for millions. Why Wordle is trickyThe challenge of solving Wordle puzzles often leaves players seeking help. Today’s Wordle from The New York Times has proven no different. Below are helpful hints to crack today’s Wordle, followed by the solution for those who prefer to skip the guessing game. How to play WordleWordle is accessible exclusively through a web browser. You can play by visiting the New York Times Games website. Initially hosted on its creator’s website, it was transferred to The New York Times platform after its acquisition. The game remains ad-free, allowing users to focus entirely on solving the daily puzzle. Wordle Gameplay BasicsThe objective is to guess a new five-letter word daily within six tries.• Incorrect letters turn grey.• Correct letters in the wrong position turn yellow.• Correct letters in the right position turn green. Keep in mind that answers are not plural words, and letters can repeat within the same puzzle. The game tracks statistics, including win streaks, enhancing its competitive appeal. Hints and Answer for December 28, 2024 Hints for today’s Wordle:1. It is a noun.2. It has one vowel.3. The word starts with “D.”4. It has no repeating letters.5. The word means “to criticise or denounce.” Solution: Today’s Wordle is DECRY.

2024-12-28 10:05

2024-12-28

10:05

moneycontrol.com

https://www.moneycontrol.com/news/business/moneycontrol-pro-weekender-the-coming-of-the-ipo-age-12898976.html

Moneycontrol Pro Weekender | The coming of the IPO age

-.Related stories.

Dear Reader, This is the last Pro Weekender before the year ends. How did the year fare for investors? The Nifty has gained by 9.7 percent in the year so far. With 1-year bank deposits easily giving 7 percent, the index did not do very well on a pre-tax, risk-adjusted basis, one could say. But mid- and small-cap indices fared much better while gold shone during the year.But 2024 was truly the year that the IPO market bloomed but the past decades have seen many such booms go bust. But this time does seem different. Hopefully, these won’t be famous last words. It’s not just about the money raised though it's sizeable for sure. A recent Motilal Oswal Strategy report noted that after raising Rs 1.3 lakh crore through IPOs in 2021, merchant bankers pushed the figure up to Rs 1.8 lakh crore in 2024. The contribution to market capitalisation by IPOs was 2.9 percent in 2024 versus 1.3 percent in 2023, but lower than in 2017 and 2021. There’s a mood change that’s visible in the primary market. What better proof of that than a line-up of foreign-owned companies seeking to list. There was a time when several were trying every trick in the book to delist or pay more attention to their privately-held subsidiaries. Now, companies such as Hyundai (already listed), Samsung and even LG are going public. People point to inflated valuations as a reason to list in India, because parent companies can benefit from their Indian-listed subsidiary’s valuation. There may be some truth to it. But this is not the first time that Indian markets have been overheated. These companies were leaders in their market years ago, and would have found takers then as well, even at steep valuations. Moreover, India's valuations have cooled in the last quarter of 2024, but the IPO queue does not seem to be thinning. The biggest barrier for an IPO market is perhaps in the corporate mind, which is naturally tuned to resist listing. A number of reasons can be trotted out, such as: “Competitors will get our information. We will be held hostage to quarterly performance, long-term thinking will get corroded. We will have to waste time meeting investors and speaking to the financial media. Corporate governance norms are onerous, as are other compliances. Related party transactions will become difficult. SEBI will breathe down our neck, as will stock exchanges. Questions will need to be answered.” There’s an element of truth in these concerns, but each one can be debunked. For instance, competitors won’t be waiting for January when the December quarter results are declared to know how competition fared in October-December. They will have those numbers with them every month, week or even day. But this debate can continue forever with both sides making good points. What’s important is that many companies have crossed the threshold of scepticism and in their wake, many are ready to follow suit. In the near term, it’s all about the grey market premiums, subscription levels, the listing pop or fizzle and then tracking gains since listing. But in the longer run, these companies have entered a different league. There’s a commitment, not just to their IPO shareholders but also to investors that buy their shares in the secondary market, to run the company efficiently, grow earnings and deliver shareholder value. Unlike private markets where promises are made mainly during funding rounds, in the public market that promise is an everyday affair. It reshapes how companies think of their future. The risks for investors too seem more balanced. Companies are coming from a diverse sector set rather than a few ones as seen in the past. This is unlike the feeding frenzy that takes place when a few sectors catch the market’s fancy, with the inevitable bust following the boom. The Motilal Oswal report pointed out that IPOs in 2024 were drawn from 23 sectors, with five sectors – e-commerce, auto, telecom, retail and capital goods—contributing to 59 percent of the issue size. In CY2020, 90 percent was from three sectors – BFSI, real estate and healthcare, 2021 was mainly e-commerce companies, and the years 2016 and 2017 were dominated by insurance stocks. This diversity is not engineered by merchant bankers. Rather, whether to go public or not has perhaps become an active question in the boards of most privately held companies of some standing. That raises the prospect of more IPOs heading to the market in 2025 as well. Also, while the SME board has seen many cases of excesses, it's restricted to high net worth investors and the regulator is anyway clamping down on these sharp practices, so hopefully it will not blow up in everyone's face. A deluge of listing means more supply of paper chasing the same equity inflows, which risks putting a lid on valuations. But in the longer term, the breadth and depth of India’s capital markets improving is a positive factor. Fund managers have bemoaned there being many listed companies in India but not enough that are worth investing in. This will become a thing of the past. Foreign investors too will look at our markets differently as the investible pool goes up. Sometimes in markets, it is the supply that creates demand. This could be one of those. Sure, foreign investors will be guided in the near term by events like interest rates, geopolitics, valuations and therefore, their selling may not end very soon. But if India manages to tend to its economy and raise growth back to higher levels, then sooner rather than later they should find it an irresistible market to park their money in. For investors, of course, caveat emptor holds. Investing is about knowing your goals and mapping your investments to those goals, while keeping in mind the risks. Therefore, whether to invest or not in IPOs should be part of a conscious financial plan, part of which involves deciding whether to invest in direct equities or not and then within that IPOs can find a place if they meet your investing objectives. Wish you a very Happy and Prosperous New Year in 2025. Cheers, Ravi Ananthanarayanan Your regular columnist Manas Chakravarty will be back next week. In case you missed them, here are some of the stories and insights we published this week, apart from our technical picks in the equity, commodity and forex markets: StocksIndusInd Bank MFI loan auction,Weekly Tactical Pick,BEL,HG Infra,RR Kabel,Sai Life Sciences,MAS Financial,India Shelter,Divi’s Labs,Unimech Aerospace IPO Alpha Folios Portfolio ChangeMC Pro Affluent India Portfolio got its first tweak, read what has changed Markets2024 in review: MFs witness growth in 2024; SIPs, Thematic and Passive on the rise Offshore funds lower concentration risks as top 10 holdings see significant fall in share Trading in procyclical markets Pro Market Outlook | Short-term recovery could be in sight A transformative year lies ahead for crypto in 2025 Infrastructure, manufacturing sectors to drive growth in 2025 GuruSpeak | Puneet Sharma's trading journey: Mastering quantitative trading through data and algos Nearly 100 firms set to end 2024 with valuation of over Rs 1 trillion Financial Times Four AI predictions for 2025 India roars ahead of China to top Asian IPO rankings Why the mysteries of corporate longevity matter to investors US Federal Reserve’s flip-flops risk undermining US exceptionalism Companies and Sectors How listed pharma companies are fighting against commoditisation of the market Chart of the Day | Global steel output fell by 1.4 percent YoY in 2024 till November Innovation, inclusivity, and infrastructure to drive India’s banks in 2025 Economy and Policy Slower growth awaits India in 2025 as private capex slackens Can India’s external sector keep calm for the rest of FY25? GST Meeting: What's the cost of delayed decision-making? MPC minutes point to pro-growth lobby gaining ground Chart of the Day | How banks' CRR liability evolved in the flexible inflation targeting eraThe curious case of West Bengal in the national data sets Pro Economic Tracker: Auto sales, consumer sentiment fall, power consumption increased Is the RBI being overprotective of the rupee? RBI’s forex interventions meant a CRR cut was inevitable Will Q3 GDP data bring back smiles in the market? Tech and Startups Fintech NBFCs: Karma of unsecured lending bites in 2024; face rising NPAs, crumbling asset quality What founders should know before approaching venture capital funds in 2025 Where are the rules? Tech policy in 2024 in a nutshell Quick bites, quicker deliveries: The 15-minute food-delivery revolution is here to stay Startup Street | Should failure rate of startups ring alarm bells? Geopolitics The Eastern Window: India-Sri Lanka relations soar but hurdles remain India’s growing dependence on Chinese imports is a potential security issue

2024-12-28 10:01

2024-12-28

10:01

moneycontrol.com

https://www.moneycontrol.com/technology/this-smartwatch-band-might-be-stylish-but-is-it-safe-for-your-health-article-12899166.html

This smartwatch band might be stylish, but is it safe for your health?

Representational image.Related stories.

Your smartwatch might be keeping you active and healthy, but is it also exposing you to hidden dangers? While these devices are hailed for their health-tracking features, their bands could be silently compromising your well-being. Recent research suggests that some smartwatch bands might harbor chemicals linked to serious health risks What’s hiding in your smartwatch band? Recent research from the University of Notre Dame has raised concerns about smartwatch bands made from a material called fluoroelastomer. This high-end material, often found in premium smartwatch bands, is durable and flexible, making it a popular choice for tech giants like Apple, Google, and Samsung. But fluoroelastomers contain chemicals known as PFAS (per- and polyfluoroalkyl substances), sometimes called “forever chemicals” because they take an extremely long time to break down. PFAS are everywhere—from the Arctic Circle to the deepest oceans. Some types of PFAS have been linked to severe health issues, including cancer, kidney problems, and hormonal imbalances. While we don’t yet know the full effects of one specific PFAS, called PFHxA, found in fluoroelastomer bands, experts are concerned about its potential risks. Should you be concerned? The Notre Dame study tested smartwatch bands from big brands and lesser-known manufacturers. The results were surprising: while cheaper bands (under $15) showed no PFHxA, many premium bands ($30 or more) contained high levels. PFHxA is often used in stain-resistant coatings and is a breakdown product of other PFAS. Though it hasn’t been proven to directly cause health problems, the fact that it lingers in the body raises red flags. Scientists emphasize that more research is needed to understand how much PFHxA the body absorbs and its long-term effects. What can be done So, what can you do? First, check what your smartwatch band is made of. If it’s fluoroelastomer, you might want to switch to safer alternatives like silicone, fabric, leather, or stainless steel. These materials don’t require PFAS during production and are widely available. While it’s too early to say if fluoroelastomer bands are a significant health threat, experts recommend precaution. After all, why take unnecessary risks with something that sits on your skin all day?Your smartwatch may be a fitness tool, but it’s worth ensuring the band doesn’t come at the cost of your health.

2024-12-28 10:00

2024-12-28

10:00

moneycontrol.com

https://www.moneycontrol.com/news/trends/expert-columns/biggest-mistakes-of-an-option-buyer-shubham-agarwal-12899138.html

Biggest mistakes of an Option buyer: Shubham Agarwal

F&O Cues.Related stories.

Change in regulations is brining in a need to create more directional strategies. This requires us to be a Buyer of the option or a net Buyer of the option in most cases. Net buyer means we end up paying premium when we create the strategy. If it is directional trading we will have to thing beyond indices like Nifty, Bank Nifty, Sensex option. As soon as we get deeper into the directional trading, we start venturing into Stock Options as well. Most of us option traders have a decent grip of option writing. We all know that when it comes to buying options, we need to deal with many other difficulties. In order to avoid many of them we end up making mistakes. Let us look at what those mistakes could be and find a solution for the same. Mistake1: One size fit all Strategy Imagine you master riding an elephant and would like to try using the same expertise and ride a cheetah. Elephant being slow moving indices and cheetah being the stocks will never give us the same output. Especially the ease with which Option Sellers use Index Options, the same ease can not be applied in stock options. 5% move in an index in a day may halt the trading but 5% move in a stock is very normal. We need a solid strategy especially when writing options on stocks for directional trading. Solution: Treat Stocks and Indices differently. With stocks the Volatility and Premium both are high, so do not be shy to Buy a Higher Call / Lower Put against a Put or a Call sold. This will avoid any big accidents and limit the losses. Mistake 2: Lower Premium Does not make it Better Options Option premiums work very scientifically. Majority of Options that go up ten or twenty folds are the ones that were a Rupee or so at some point in time. Most of the Option Buyers fancy this extravagant movement. The Potential to make 10X money is real but not frequent.In search of these the Traders would often Buy Higher Calls and Lower Strike Puts simply because they are inexpensive. If the stock does move in a day by a big margin, they would make money as well but if they do not or they do over a period of 10 days, there may not be any money or even a loss. This mistake alone has put away a lot of people out of Options Trading. Solution: Try to Buy Options with not more than 2-3 strike away from the strike closest to the current market price. Mistake 3: Buying into Illiquidity Many Options stocks do not have enough liquidity. This not only make the entry difficult due to difficult to get a good bargain but also make an exit difficult. At times in many stock options there are no quotes after a big move. This makes it impossible to book profits. Solution: Trade Options where both Volume and Open Interest is more than 50 Lots.

2024-12-28 09:45

2024-12-28

09:45

moneycontrol.com

https://www.moneycontrol.com/news/business/barclays-fires-15-wall-street-bankers-before-holidays-denies-bonuses-sparking-legal-backlash-report-12899205.html

Barclays fires 15 Wall Street bankers before holidays, denies bonuses, sparking legal backlash: Report

Some of the ex-employees are exploring arbitration through the Financial Industry Regulatory Authority (FINRA) as an alternative route for resolving the disputes..

In a move that has sparked widespread backlash, Barclays terminated 15 New York-based bankers and traders just weeks before the holiday season, depriving them of annual bonuses that could have reached up to $1 million. According to a report by Times of India, the layoffs, which also affected 35 other employees, have left the impacted professionals reeling as they missed out on year-end bonuses, a crucial component of their total compensation. The terminations, part of Barclays' broader strategy to streamline operations, have triggered anger among the affected employees. According to industry sources quoted in the TOI report, the bonuses, often essential for investment bankers whose base salaries start at $200,000, are a significant portion of their earnings. Legal experts, including attorney Tanvir Rahman of Filippatos, have characterised Barclays’ decision as “heartless,” pointing out that other firms, such as Goldman Sachs and Bank of America, typically offer partial or pro-rata bonuses to employees let go late in the year, the TOI report added. Several of the dismissed employees are now considering lawsuits, with potential claims exceeding $10 million. They argue that since bonuses are earned incrementally throughout the year, they should still be entitled to them even if they are terminated before year-end. However, as per the TOI report, experts have cautioned that the chances of legal success are slim, as employment agreements usually stipulate that only active employees are eligible for bonuses. Moeycontrol could not independently verify the news development. Some of the ex-employees are exploring arbitration through the Financial Industry Regulatory Authority (FINRA) as an alternative route for resolving the disputes. In response to the criticism, a Barclays spokesperson stated, “We regularly review our talent pool to ensure that we are investing in talent, delivering for clients, and best positioned for long-term success.” These layoffs are part of a three-year strategy to reduce the bank's reliance on investment banking. Despite the layoffs, reports suggested that bonuses in other areas of the bank were expected to rise by 20% due to a recovery in dealmaking activity. However, Barclays has been scaling back its bonus payouts in recent years, slashing them by 43% in 2023 following a drop in revenue, and leaving many bankers without bonuses altogether in the previous year. The layoffs and denied bonuses have fueled frustration among the affected employees and the broader Wall Street community, raising concerns over the balance between cost-cutting measures and employee morale.

2024-12-28 09:44

2024-12-28

09:44

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/wall-st-finishes-down-after-sell-off-at-end-of-strong-holiday-shortened-week-12899207.html

Wall St finishes down after sell-off at end of strong holiday-shortened week

Wall Street.Related stories.

Wall Street's holiday cheer ended abruptly on Friday, with all three main benchmarks closing lower in a broad-based sell-off affecting even tech and growth stocks that had driven markets higher through much of the shortened trading week. The decline ended the Dow Jones Industrial Average's five-session winning streak that had followed a 10-session decline, its worst losing stretch since 1974. The Dow fell 333.59 points, or 0.77%, to 42,992.21. The S&P 500 lost 66.75 points, or 1.11%, to finish at 5,970.84 points, while the Nasdaq Composite dropped 298.33 points, or 1.49%, to end at 19,722.03. "Today feels like there is quite a bit of profit-taking across the board," said Michael Reynolds, vice president of investment strategy at Glenmede. "We are more than two years into a pretty strong bull market ... so it's really not surprising to see some people taking their profits and rebalancing their portfolios ahead of the new year." Highlighting the profit-taking theme, the 45 top performers year-to-date on the S&P 500 all finished lower on Friday. The sell-off thwarted the seasonal Santa Claus rally, in which stocks traditionally rise during the last five sessions of December and the first two of January. Since 1969, the S&P 500 has climbed 1.3% on average, according to the Stock Trader's Almanac. Thursday's session hinted at momentum stalling, with both the S&P 500 and Nasdaq posting marginal losses to end multi-session winning runs. Rising U.S. Treasury yields had been catching investors' attention, with the benchmark 10-year note hitting a more than seven-month high in the previous session. The yield hovered close to that mark on Friday, at 4.63%. Higher yields are seen as hampering growth stocks, as they raise borrowing costs for business expansion. These stocks, especially the so-called Magnificent Seven technology megacaps which had been key drivers of the market's 2024 rally, were also caught up in Friday's sell-off. For the second successive day, Tesla led decliners among the group, dropping 5%. Among the other members, Nvidia shed 2.1% while Alphabet, Amazon.com and Microsoft all slipped more than 1.5%. "We have a higher cost of capital whenever rates go up like this, and they have gone up pretty significantly over the last month or so," said Glenmede's Reynolds. "Investors may just be reassessing the bets they are taking when the cost of capital is higher, perhaps looking at some of the valuations on the Mag 7 and wondering whether they can find better value elsewhere." All of the 11 major S&P sectors fell. Friday's worst performers were the three indexes which have been 2024's leading lights: consumer discretionary (.SPLRCD), opens new tab, information technology and communication services. The trio dropped between 1.1% and 1.9% on the day. Despite Friday's declines, all three indexes recorded weekly gains. For the week, the S&P 500 advanced 0.7%, the Dow edged up 0.36% and the Nasdaq climbed 0.75%.News events helped some stocks to buck the market sell-off. Amedisys gained 4.7%, its best one-day advance since July 1, after the home health service provider and insurer UnitedHealth extended the deadline to close their $3.3 billion merger. Lamb Weston climbed 2.6% after a filing showed activist investor Jana Partners is working with a sixth executive to push for changes at the French fry maker, a move which could result in a majority of the company's board being replaced. Trading volumes in this holiday-shortened week have been below the average of the last six months and are likely to remain subdued until Jan. 6. The next major focus for markets will be the December employment report due on Jan. 10.

2024-12-28 09:28

2024-12-28

09:28

moneycontrol.com

https://www.moneycontrol.com/news/india/delhi-traffic-police-issues-traffic-advisory-ahead-of-manmohan-singh-s-funeral-12899201.html

Delhi Traffic Police issues traffic advisory ahead of Manmohan Singh's funeral

Delhi Traffic Police has issued an advisory ahead of the state funeral of former prime minister Manmohan Singh.

Delhi Traffic Police has issued an advisory outlining restrictions and diversions on major routes in the capital ahead of the state funeral of former prime minister Manmohan Singh, scheduled at the Nigambodh Ghat at 11:45 am on Saturday. Keeping in mind the number of foreign dignitaries, VIPs/VVIPs and general public likely to visit the cremation ground, traffic has been diverted from Raja Ram Kohli Marg, Rajghat Red Light, Signature Bridge and Yudhister Setu, the advisory said. Traffic restrictions/diversions may be imposed on Ring Road, Nishad Raj Marg, Boulevard Road, SPM Marg, Lothian Road, Netaji Subhash Marg and their surrounding roads/stretches from 7 am till 3 pm, it said. "People are advised to avoid these roads/stretches and the area from where the procession will be taken out. Avoid roadside parking as it causes hindrance to normal traffic flow. In case any unusual/unidentified object or person is noticed in suspicious circumstances, police should be informed," the advisory said. Singh, the architect of India's economic reforms, passed away on Thursday night at Delhi's All India Institute of Medical Sciences due to age-related medical complications. He was 92.

2024-12-28 09:16

2024-12-28

09:16

moneycontrol.com

https://www.moneycontrol.com/technology/in-2025-our-biggest-focus-will-be-google-ceo-sundar-pichai-s-message-to-employees-article-12899198.html

‘In 2025, our biggest focus will be…’ Google CEO Sundar Pichai’s message to employees

Google CEO Sundar Pichai.Related stories.

Google recently held a strategy meeting where CEO Sundar Pichai and other top company executives shared their thoughts with the company employees. According to a report by CNBC,  Pichai told employees that the new year will be critical for Google. “I think 2025 will be critical,” Pichai said. “I think it’s really important we internalize the urgency of this moment, and need to move faster as a company,” added Pichai. He further said that the stakes are high. “These are disruptive moments. In 2025, we need to be relentlessly focused on unlocking the benefits of this technology and solve real user problems.” The Google CEO told employees that building big and new business is a top priority. Google sees the Gemini app as its next one to reach half a billion users. “With the Gemini app, there is strong momentum, particularly over the last few months,” Pichai said. “But we have some work to do in 2025 to close the gap and establish a leadership position there as well.” Pichai said that “scaling Gemini on the consumer side will be our biggest focus next year.” Google is facing a host of antitrust cases across the world, with the biggest one in the US. Recently Japan also said that it would probe Google where as UK has also raised some objections. Pichai said that it’s not lost on him the kind of scrutiny Google is facing. “It comes with our size and success. It’s part of a broader trend where tech is now impacting society at scale. So more than ever, through this moment, we have to make sure we don’t get distracted,” he told employees. According to the report, the meeting was attended by employees in person as well as virtually.

2024-12-28 08:57

2024-12-28

08:57

moneycontrol.com

https://www.moneycontrol.com/news/india/delhi-s-aqi-improves-after-rain-grap-3-restrictions-revoked-imd-predicts-more-showers-over-weekend-12899199.html

Delhi’s AQI improves after rain, GRAP-3 restrictions revoked; IMD predicts more showers over weekend

The Indian Meteorological Department (IMD) has issued a yellow alert for the national capital.

Heavy rains continued to batter parts of Delhi on Saturday, following a record-breaking downpour the day before. The neighbouring areas of the national capital also experienced rainfall. Following constant rainfall, the air quality index (AQI) improved slightly and was recorded at 164 as at 8 am, according to the Central Pollution Control Board (CPCB). An AQI between zero and 50 is considered good, 51 and 100 satisfactory, 101 and 200 moderate, 201 and 300 poor, 301 and 400 very poor, and 401 and 500 severe. The 24-hour AQI was recorded at 353 at 4 pm on Friday and of the 35 monitoring stations, one at Nehru Nagar recorded air quality in the “severe” category, while the rest were in the “very poor” and “poor” categories, the data from the SAMEER app showed. The Indian Meteorological Department (IMD) has issued a yellow alert for the national capital, predicting light rain and thunderstorms in most areas. The total rainfall for December stands at 42.8 mm, marking the highest rainfall this month in the last 15 years, based on data from 2009 to 2024 available on the weather department’s website. Met officials said an active western disturbance and its interaction with easterly winds were causing light to moderate rainfall and thunderstorms over northwest and central India, including the NCR areas of Delhi. In response to a decline in air pollution levels resulting from sustained rainfall, the Central government's committee on Delhi-NCR air quality rescinded the Stage 3 curbs implemented under the Graded Response Action Plan (GRAP) on Friday, as per an official directive. GRAP Stage 3 entails a ban on non-essential construction work in the private sector. Under Stage 3, the use of BS-III petrol and BS-IV diesel cars (4-wheelers) is restricted in Delhi and nearby NCR districts. Persons with disabilities are exempt. Stage 3 also bans non-essential diesel-operated medium goods vehicles with BS-IV or older standards in Delhi.

2024-12-28 08:50

2024-12-28

08:50

moneycontrol.com

https://www.moneycontrol.com/news/india/over-14-000-police-personnel-to-keep-vigil-in-mumbai-on-new-year-s-eve-12899195.html

Over 14,000 police personnel to keep vigil in Mumbai on New Year's Eve

’Nakabandi’ (police checkposts) will be in place on important roads and a special drive will be conducted against drunk driving in the city..

More than 14,000 police personnel will be deployed across Mumbai to prevent untoward incidents on New Year’s Eve, officials said. On December 31, large gatherings are expected at popular places, including the Gateway of India, Marine Drive, Girgaum Chowpatty, Juhu beach, and the Bandstand in Bandra, a police official said on Friday. Mumbaikars visit hotels, restaurants, and other places to ring in the New Year. Police officials said 12,048 constables, 2,184 officers, 53 Assistant Commissioners of Police (ACPs), 29 Deputy Commissioners of Police (ACPs), and 8 Additional Commissioners of Police-rank officers will be deployed for security arrangements. State Reserve Police Force (SRPF) platoons, Quick Response Teams (QRTs), Bomb Detection and Disposal Squads (BDDS), Riot Control Police, and Home Guard personnel will also be on the ground for security. ’Nakabandi’ (police checkposts) will be in place on important roads and a special drive will be conducted against drunk driving in the city. Strict action will be taken against those involved in eve-teasing, creating a commotion, and selling illicit liquors and drugs, the official said, adding that a special drive will be conducted to crack down on drunk drivers on the night of December 31 and it will continue till the next morning, the official added.

2024-12-28 08:37

2024-12-28

08:37

moneycontrol.com

https://www.moneycontrol.com/technology/donald-trump-says-only-he-can-save-tiktok-from-a-ban-here-s-why-article-12899191.html

Donald Trump says only he can ‘save’ TikTok from a ban, here’s why

Donald Trump.

One of the world’s most popular apps — TikTok — faces an imminent ban in the US, unless it manages to divest its business. TikTok has found a vociferous supporter in none other than US president-elect Donald Trump. In an amicus brief filed to the Supreme Court, Trump made strong arguments on why he remains the only hope for the social media platform. “President Trump opposes banning TikTok in the United States at this juncture, and seeks the ability to resolve the issues at hand through political means once he takes office,” Trump’s lawyers told the Supreme Court. In the brief filed, Trump’s lawyers mention that “President Trump alone possesses the consummate dealmaking expertise, the electoral mandate, and the political will to negotiate a resolution to save the platform while addressing the national security concerns expressed by the Government.” Trump further argued in the brief that he currently has 14.7 million followers on TikTok with whom he actively communicates. This allows him “to evaluate TikTok’s importance as a unique medium for freedom of expression, including core political speech.” The other argument made by Trump is the fact that he owns a social media platform called Truth Social. As per the brief filed, owning Truth Social gives Trump “an in-depth perspective on the extraordinary government power attempted to be exercised in this case—the power of the federal government to effectively shut down a social-media platform favored by tens of millions of Americans, based in large part on concerns about disfavored content on that platform.”

2024-12-28 08:17

2024-12-28

08:17

moneycontrol.com

https://www.moneycontrol.com/news/india/around-2-000-vehicles-stranded-in-qazigund-as-jammu-and-kashmir-receives-first-snowfall-of-the-season-12899190.html

Around 2,000 vehicles stranded in Qazigund as Jammu and Kashmir receives first snowfall of the season

In a post on X, CM Abdullah explained that the icy conditions had caused significant traffic backup between Qazigund and the tunnel..Related stories.

Around 2,000 vehicles were stranded at Qazigund town in Jammu and Kashmir’s (J-K) Anantnag district following the valley’s first snowfall of the season on Friday. Chief Minister Omar Abdullah provided updates on the situation, stating that he had spoken with the Deputy Commissioner (DC) of Anantnag to address the issue. Efforts were underway to clear the stranded vehicles, with priority given to heavy vehicles. In a post on X, CM Abdullah explained that the icy conditions had caused significant traffic backup between Qazigund and the tunnel. He added that vehicles in both directions were slowly moving with assistance where necessary. The DC and his team were on-site, and Abdullah emphasized the need to prioritize vehicles carrying families and children.Just spoke to DC Anantnag about the current situation of the road between Qazigund & the tunnel. The icy conditions have caused traffic to back up. The stranded vehicles, in both directions, are slowly moving & where necessary being assisted. The DC is on the spot with his team.Omar Abdullah (@OmarAbdullah)December 27, 2024 Omar Abdullah also mentioned that arrangements for overnight shelter would be made if required, with an ambulance on standby in case of medical emergencies. The CM had traveled from Jammu to Srinagar earlier on Friday, providing further insights into the aftermath of the snowfall. The snowfall, which began from Banihal to Srinagar, caused treacherous road conditions. Abdullah’s office remained in constant contact with the South Kashmir administration to manage the situation. Although snow clearance had been carried out, the roads remained icy, complicating travel. Srinagar, known for its breathtaking landscapes, welcomed the winter season with its first snowfall of the year. Baramulla district also received a fresh spell of snowfall on Friday. The India Meteorological Department (IMD) has forecast isolated light rain and snowfall in Jammu and Kashmir until December 30. (With inputs from ANI)

2024-12-28 08:10

2024-12-28

08:10

moneycontrol.com

https://www.moneycontrol.com/news/india/eam-jaishankar-meets-trump-s-nsa-nominee-michael-waltz-to-strengthen-india-us-ties-12899189.html

EAM Jaishankar meets Trump’s NSA nominee Michael Waltz to strengthen India-US ties

This meeting marked the first high-level in-person interaction between the Indian government and the incoming Trump administration..Related stories.

External Affairs Minister S. Jaishankar held a significant meeting with Congressman Michael Waltz, President-elect Donald Trump's nominee for National Security Advisor, during his official visit to the United States from December 24-29. The two leaders engaged in a wide-ranging discussion on strengthening the bilateral partnership between India and the U.S., as well as addressing current global issues. This meeting marked the first high-level in-person interaction between the Indian government and the incoming Trump administration. Jaishankar expressed his satisfaction on social media, stating, "Delighted to meet Waltz this evening. Enjoyed a wide-ranging conversation on our bilateral partnership as well as current global issues. Look forward to working with him." Waltz, a three-term Congressman from Florida, will replace Jake Sullivan as National Security Advisor when Trump is inaugurated as the 47th President of the United States on January 20. A key figure in U.S.-India relations, Waltz has been a strong advocate for India in Congress. He co-chairs the Congressional India Caucus, the largest country-specific caucus in the U.S. House of Representatives, and has sponsored several India-friendly legislations. Waltz also co-led a Congressional delegation to India in August and participated in the Independence Day celebrations at the Red Fort. Earlier in the day, Jaishankar also concluded a two-day conference with the Indian Embassy team and Consuls General in Washington, D.C., expressing confidence that the growing India-U.S. partnership would continue to gain momentum. (With inputs from PTI)

2024-12-28 07:31

2024-12-28

07:31

moneycontrol.com

https://www.moneycontrol.com/news/world/trump-could-be-offered-second-state-visit-to-uk-telegraph-reports-12899187.html

Trump could be offered second state visit to UK, Telegraph reports

Britain’s Foreign Office, Downing Street and the Trump transition team did not immediately respond to Reuters request for comment..

U.S. President-elect Donald Trump could become the first elected politician in modern history to be hosted for two state visits by the British royal family, The Telegraph reported on Friday. Downing Street and the Foreign Office are preparing to offer the incoming U.S. president an invitation once he is back in the White House, the report said, without citing specific sourcing. It quoted one source as saying no detailed discussions had yet taken place. The Telegraph added that any such visit would be unlikely to happen until at least 2026, given the schedule of King Charles. Britain’s Foreign Office, Downing Street and the Trump transition team did not immediately respond to Reuters request for comment. Trump’s three-day state visit in 2019 was cast at the time as a chance to celebrate Britain’s ”special relationship” with the U.S, boost trade links in a post-Brexit world, and reaffirm security cooperation.

2024-12-28 07:28

2024-12-28

07:28

moneycontrol.com

https://www.moneycontrol.com/news/world/israeli-airstrikes-hit-a-yemen-airport-as-a-jet-with-hundreds-onboard-was-landing-un-official-says-12899185.html

Israeli airstrikes hit a Yemen airport as a jet with hundreds onboard was landing, UN official says

A recent Israeli airstrike destroyed two tugboats and is estimated to have reduced the harbor’s capacity by 50%, the U.N. official said, while damage from Thursday’s airstrikes hasn’t been assessed yet..

Israeli airstrikes hit Yemen’s main airport as a civilian Airbus 320 with hundreds of passengers on board was landing and a U.N. delegation was waiting to leave, the U.N.’s top humanitarian official in Yemen said Friday. Julien Harneis told U.N. reporters that the most frightening thing about the two airstrikes on Thursday wasn’t their effect on him and about 15 others in the VIP lounge at the international airport in Yemen’s capital, Sanaa, including the head of the U.N. World Health Organization. Rather, it was the destruction of the airport control tower as a Yemenia Airways plane was taxiing in after touching down. “Fortunately, that plane was able to land safely and the passengers were able to disembark, but it could have been far, far worse,” said Harneis, who was with WHO Director-General Tedros Adhanom Ghebreyesus in the lounge. He said one airstrike landed approximately 300 meters (330 yards) south of the VIP lounge and another about 300 meters to the north around 4:45 p.m., while about five members of the U.N. team were outside the building. “Not only obviously did we have zero indication of any potential airstrikes, but we cannot remember the last time there were airstrikes in Sanaa during daylight hours,” Harneis said in a video news conference from Sanaa. The U.N. said at least three people were killed and dozens injured in the strike. Among the injured was a crew member from the U.N. Humanitarian Air Service, which was about to fly the U.N. delegation of some 20 people out of Sanaa. He suffered a serious leg injury from shrapnel and lost a lot of blood, Harneis said. Immediately after the airstrikes, Harneis said, U.N. security officials moved the delegation out of the VIP building and into five armored cars where they waited for approximately 40 minutes to ascertain what happened and help the injured crew member. He was taken to a hospital in Sanaa and underwent four hours of surgery while the rest of the delegation spent the night in a U.N. compound, Harneis said. The U.N. plane with Tedros and the U.N. team, including the injured crew member, was able to depart for Jordan on Friday afternoon – without an operating control tower. The United Nations said the injured crew member was taken to a hospital in Jordan, and Tedros was heading back to Geneva, where WHO is based, Yemen’s Iran-backed Houthi rebels, who control Sanaa and much of the country’s north, have gone after Israel since it started attacking Gaza following the Oct. 7, 2023 attacks by Gaza’s Hamas militants on southern Israel. The Houthis have attacked ships in the Red Sea, disrupting one of the world’s main maritime routes, and recently stepped up missile and drone attacks on Israel. Early Saturday, the Israeli Air Force reported intercepting yet another missile from Yemen, as sirens woke Israelis around Jerusalem and the Dead Sea. Israel has escalated its response. The Israeli army said it wasn’t aware that the WHO chief or U.N. delegation were at the Sanaa airport on Thursday. Israel said it bombed the airport because it is used by the Houthis and Iran. Harneis responded, stressing that the airport is civilian, not military, and is used for transporting U.N. and other humanitarian workers, and for one civilian flight — Yemenia to and from Amman, Jordan. The flight operates as a result of an international agreement, and thousands of Yemenis have used the flight to get advanced medical treatment abroad, he said. Yemen is the Arab world’s poorest nation and has been engulfed in a 10-year civil war between the Houthi rebels, who control Sanaa and much of the country’s north, and the internationally recognized government forces in the south. Tedros was in the country to discuss its worsening humanitarian crisis and to seek the release of about 50 people detained by the Houthis since June from the U.N., nongovernmental organizations and civil society. Harneis said 18 million Yemenis — about half the country’s population — need humanitarian assistance this year, and the U.N. expects the number to increase to 19 million next year because of the worsening economy. In addition to airstrikes on the Sanaa airport, Israel has been attacking the country’s key port of Hodeida, in western Yemen. Harneis said Yemen relies on imports through Hodeida for 80% of its food and more than 90% of its medical supplies to the north. A recent Israeli airstrike destroyed two tugboats and is estimated to have reduced the harbor’s capacity by 50%, the U.N. official said, while damage from Thursday’s airstrikes hasn’t been assessed yet. As for the detainees, Harneis said he joined the WHO chief at meetings with the Houthi prime minister, foreign minister and a member of the group’s Supreme Political Council. He said they received commitments on the detainees’ possible release and a pathway to it, and on conditions under which they are being held.

2024-12-28 07:15

2024-12-28

07:15

moneycontrol.com

https://www.moneycontrol.com/news/world/us-to-send-1-25-billion-in-weapons-to-ukraine-in-push-to-get-aid-out-before-leaving-office-12899183.html

US to send $1.25 billion in weapons to Ukraine, in push to get aid out before leaving office

If the new package is included, the US has provided more than $64 billion in security assistance to Ukraine since Russia invaded in February 2022..Related stories.

The United States is expected to announce that it will send $1.25 billion in military assistance to Ukraine, US officials said Friday, as the Biden administration pushes to get as much aid to Kyiv as possible before leaving office on Jan 20. The large package of aid includes a significant amount of munitions, including for the National Advanced Surface-to-Air Missile Systems and the HAWK air defence system. It also will provide Stinger missiles and 155 mm- and 105 mm artillery rounds, officials said. The officials, who said they expect the announcement to be made on Monday, spoke on condition of anonymity to provide details not yet made public. The new aid comes as Russia has launched a barrage of attacks against Ukraine’s power facilities in recent days, although Ukraine has said it intercepted a significant number of the missiles and drones. Russian and Ukrainian forces are also still in a bitter battle around the Russian border region of Kursk, where Moscow has sent thousands of North Korean troops to help reclaim territory taken by Ukraine. Earlier this month, senior defence officials acknowledged that the Defence Department may not be able to send all of the remaining $5.6 billion in Pentagon weapons and equipment stocks passed by Congress for Ukraine before President-elect Donald Trump is sworn in. Trump has talked about getting some type of negotiated settlement between Ukraine and Russia, and spoken about his relationship with Russian President Vladimir Putin. Many US and European leaders are concerned that it might result in a poor deal for Ukraine and they worry that he won’t provide Ukraine with all the weapons funding approved by Congress. The aid in the new package is in presidential drawdown authority, which allows the Pentagon to take weapons off the shelves and send them quickly to Ukraine. This latest assistance would reduce the remaining amount to about $4.35 billion. Officials have said they hope that an influx of aid will help strengthen Ukraine’s hand, should Zelenskyy decide it’s time to negotiate. One senior defence official said while the US will continue to provide weapons to Ukraine until Jan 20, there may well be funds remaining that will be available for the incoming Trump administration to spend. According to the Pentagon, there is also about $1.2 billion remaining in longer-term funding through the Ukraine Security Assistance Initiative, which is used to pay for weapons contracts that would not be delivered for a year or more. Officials have said the administration anticipates releasing all of that money before the end of the calendar year. If the new package is included, the US has provided more than $64 billion in security assistance to Ukraine since Russia invaded in February 2022.

2024-12-28 07:10

2024-12-28

07:10

moneycontrol.com

https://www.moneycontrol.com/news/india/fire-breaks-out-at-jnu-hostel-12899186.html

Fire breaks out at JNU hostel

This RSS-backed administration and government have driven JNU into a state of deterioration,” the students’ union president said..

A fire broke out at Jawaharlal Nehru University’s Godavari Hostel on Friday, fire officials said. There were no injuries reported in the blaze. Videos shared by the JNU Students’ Union (JNUSU) showed flames and smoke billowing from an electrical panel board. The Delhi Fire Services (DFS) said a fire broke out in an air-conditioning unit. ”We received a call at 10.18 pm. It was a minor fire in electrical equipment. One fire tender was rushed to the site, and it took 15 minutes to douse the flames,” a DFS official said. There was no immediate response from the JNU administration. In a post on X, JNUSU president Dhananjay blamed the incident on ”poor safety measures” at the hostels. ”The JNU administration and vice chancellor have pushed JNU students into the jaws of death. The fire in Godavari Hostel is proof of this,” he said. ”The JNUSU has repeatedly raised concerns about the safety and renovation of hostels with the administration, but the response has always been that the government is not providing funds. This RSS-backed administration and government have driven JNU into a state of deterioration,” the students’ union president said. Ignoring the voices of students will prove to be a costly mistake for the administration, he added.

2024-12-28 07:08

2024-12-28

07:08

moneycontrol.com

https://www.moneycontrol.com/news/india/govt-to-allocate-memorial-space-for-dr-manmohan-singh-12899184.html

Govt to allocate memorial space for Dr. Manmohan Singh

Tributes and condolences have poured in from across the globe, reflecting Singh’s impact as a statesman and architect of modern India..Related stories.

The Union government has decided to allocate space for a memorial in honor of former Prime Minister Manmohan Singh, who passed away on Thursday at the age of 92. The decision was conveyed to Singh’s family and Congress president Mallikarjun Kharge, the Union Home Ministry announced late on December 28. In a statement titled “Facts of the Matter Regarding Memorial for Former Prime Minister Late Dr. Manmohan Singh,” the ministry clarified that the request for a memorial was made by Congress chief Mallikarjun Kharge. Following a Cabinet meeting, Union Home Minister Amit Shah assured Kharge and Singh’s family that space would be allocated for the memorial. The ministry added that while the cremation and related formalities would proceed at Delhi's Nigambodh Ghat, establishing a memorial would require the formation of a trust and allocation of the designated space. Singh’s cremation will take place with full state honours at 11:45 a.m. on Saturday. Singh, a two-term prime minister who led the Congress-led UPA government from 2004 to 2014, is widely credited with ushering in transformative economic reforms during his tenure. Meanwhile, the Congress party criticized the government for what it termed a “deliberate insult” to the country’s first Sikh prime minister, alleging that no suitable location was identified for Singh’s cremation and memorial. The party raised concerns about the delay, calling it disrespectful to Singh’s legacy. Tributes and condolences have poured in from across the globe, reflecting Singh’s impact as a statesman and architect of modern India. (With inputs from agencies)

2024-12-28 06:58

2024-12-28

06:58

moneycontrol.com

https://www.moneycontrol.com/news/world/canadian-lawmaker-to-start-work-on-defeating-trudeau-government-in-early-january-12899181.html

Canadian lawmaker to start work on defeating Trudeau government in early January

The Williamson-led panel has five Liberal MPs, four Conservative MPs, and one each from the NDP and the Bloc Quebecois..Related stories.

A Canadian parliamentary committee led by an opposition Conservative Party lawmaker will hold meetings during legislative recess in hopes of expediting the defeat of Prime Minister Justin Trudeau’s government, the lawmaker said on Friday The House of Commons Public Accounts Committee will begin meetings on Jan. 7 to consider and vote on a motion of non-confidence in the Liberal government, committee Chair John Williamson said in a letter to panel members. The motion would have to ultimately pass in the House of Commons to defeat the government. Parliament will reconvene on Jan. 27. Trudeau, in power since 2015, has been under increasing pressure to quit since his former Finance Minister Chrystia Freeland resigned on Dec. 16. Williamson, a Conservative lawmaker, said he was prepared to hold meetings throughout January with the goal of holding a non-confidence vote as early as Jan. 30. That would be weeks earlier than it would otherwise take an opposition party to propose such a motion. Trudeau’s options have narrowed since New Democratic Party leader Jagmeet Singh, who has been helping keep the Liberals in power, said last week he would move to bring down the minority Liberal government and trigger an election. ”It is now clear that the Liberal Government does not have the confidence of Parliament. Conservative, Bloc Quebecois and NDP members — representing a majority of MPs – have all announced they will vote non-confidence in the Liberal Government,” Williamson said in a copy of the letter he posted on social media. Trudeau, however, could prorogue parliament, which would formally end the current session and prevent opposition lawmakers from voting on a non-confidence motion. Singh has said he would present a motion of non-confidence after the House of Commons elected chamber returns from the winter break but he did not say how his party would vote on motions introduced by other parties. All opposition parties would need to back a single motion to bring down the government. The Williamson-led panel has five Liberal MPs, four Conservative MPs, and one each from the NDP and the Bloc Quebecois. Canadian governments must show they have the confidence of the House of Commons elected chamber. Votes on budgets and other spending are considered confidence measures and if a government loses one, it falls. In virtually all cases, an election campaign starts immediately.

2024-12-28 06:52

2024-12-28

06:52

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/daily-voice-lgt-wealth-s-rajesh-cheruvu-identifies-three-sectors-to-focus-on-in-2025-12899172.html

Daily Voice: LGT Wealth's Rajesh Cheruvu identifies three sectors to focus on in 2025

Rajesh Cheruvu is the MD and Chief Investment Officer at LGT Wealth India.Related stories.

Capex-related sectors particularly on the private side (like semiconductors) could be a pocket to watch out for in 2025, said Rajesh Cheruvu, the MD and Chief Investment Officer at LGT Wealth India in an interview with Moneycontrol. Further, he believes renewable energy plays - preferably indirect or second order - are also attractive, especially in the transmission & distribution space. Certain pockets within consumption - like gold/jewellery/hotels - could also be in focus as witnessed by the lifetime high gold imports seen in November 2024 trade export-import data, said Rajesh Cheruvu with two decades of experience in the financial services industry. Do you expect the equity market to face more challenges than tailwinds in 2025? While earnings for H2FY25 might be a tad soft given the challenges seen especially in consumption, consumer lending, build-up of household debt etc., CY25 might see some cushion from interest rate cuts. Debt is also an option now for corporates given their balance sheets have been very clean and hence a re-leverage via industrial credit growth could stoke up the investment engine of the GDP wagon. Election fervour will also subside in CY25 with only Delhi and Bihar having State Legislative elections versus 8 states contesting in CY24. Have you identified any sectors to bet big on for 2025? Capex-related sectors particularly on the private side (like semiconductors) could be a pocket to watch out for. Renewable energy plays (preferably indirect or second order) are also attractive, especially in the transmission & distribution space. Certain pockets within consumption (like gold/jewellery/hotels) could also be in focus as witnessed by the high gold imports in November 2024 trade export-import data. What could be the focus areas in theUnion Budget, the key event of the next quarter? So far Corporate tax collections have been lagging the FY25BE run-rate, with the other Direct Tax component (Income tax) doing very well. This has been the case with GST and other indirect taxes. Capex as a theme has majorly been pushed onto the states in the last FY25 BE. FY26 BE could see a few tweaks to shore up the capex headline number but should only marginally move the direct centre’s capex. Some corporate or private sector boost to profitability could be in focus – after all GVA (and hence, GDP) is a function of value add or profits. This would also help Corporate taxes. The new Revenue Secretary Arunish Chawla could be some form of an unknown in terms of variables to the Tax revenue budgeting, given his predecessor Sanjay Malhotra (now RBI Head) was relatively tough in decision making (removal of indexation benefit for Real Estate and debt MF gains etc.) and might not upset the apple cart too much in his first Budget. After reading the December policy meeting, is the Federal Reserve being cautious ahead of Trump's policy decision? Yes, a certain amount of caution in terms of lowering the real GDP growth projections over the next year for the US can be perceived as an outcome of the FOMC meeting. There especially seems to be some expectations of CPI rearing its head towards the second half of the year from potential expansionary or tariff-related fiscal policies of President-designate Trump. Do you think the Reserve Bank of India will not go beyond a 50 bps interest rate cut in 2025? The 50-bps rate cut cycle might be a little bit of a stretch. With the Fed having bitten the bullet very early and called for a rate cut on December 18, 2024 – this has left them decent leeway to keep rates unchanged for now for longer given the likely inflation-stoking nature of Trump’s fiscal policies. On the other hand, at the moment difference in rates between India (6.5%) and the US (4.5%) is the lowest in a long time, again leaving little room for the RBI to cut a lot. Having said that, while US GDP growth looks relatively more sanguine, India arguably needs a slight nudge to shore up slowing down consumption – the largest engine of the GDP wagon. The recent CRR (cash reserve ratio) cut by the RBI is a step in the right direction but more would be needed. Timing within the rate cycle could be tricky. Are you bullish on the consumer discretionary sector? Certain pockets within consumption (like gold/jewellery) could be in focus as witnessed by the high gold imports in November 2024’s trade export-import data. Hotels with decent valuations could also be attractive especially where RevPar and occupancy both have room to increase towards more comfortable levels. The rise in the ASPs of auto OEMs could augur well in terms of margin protection but there might be an elastic dent in volume growth impacting topline.

2024-12-28 06:47

2024-12-28

06:47

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/gurgaon-based-earthood-files-draft-papers-to-raise-funds-via-ipo-12899173.html

Gurgaon-based Earthood files draft papers to raise funds via IPO

Earthood Services IPO.Related stories.

Gurgaon-based carbon validation and verification services provider Earthood Services has filed draft red herring prospectus with the capital markets regulator SEBI to raise funds via initial public offering. There are no comparable peers amongst the listed entities in India. The IPO will comprise of fresh issue of 36 lakh equity shares, and an offer-for-sale of 42 lakh shares by promoters Dr Kaviraj Singh, and Ashok Kumar Gautam. Promoters hold 94.55 percent stake in the company and the remaining 5.45 percent shares are owned by public shareholders. Unistone Capital is the sole merchant banker appointed for handling the public issue. Click Here To ReadAll IPO News The company provides carbon validation and verification services for four broad sectors - Renewable energy, energy demand, forestry and agriculture, and waste and others. Earthood, which also provides environmental, social and governance (ESG) advisory, and assurance services to customers in India and overseas, may mobilise Rs 10 crore before filing its red herring prospectus with the Registrar of Companies. The fresh issue size will be reduced to the extent of such amount, if the company completes the said pre-IPO placement. Also read:Mathew Cyriac's Florintree-backed Seshaasai Technologies files IPO papers with fresh issue of Rs 600 crore The fresh issue funds will be utilised mainly for strengthening technological capabilities through the development, ownership and commercialization of proprietary DMRV (digital monitoring, reporting and verification) intellectual property and solutions, besides use for general corporate purposes. On the financials front, Earthood has recorded net profit at Rs 19.3 crore for the fiscal 2024, increasing sharply by 80.1 percent compared to Rs 10.7 crore in the previous fiscal, and revenue in the same period grew by 44.5 percent to Rs 46.8 crore. Profit for the first half of FY25 stood at Rs 5.4 crore on revenue of Rs 21.9 crore.

2024-12-28 06:47

2024-12-28

06:47

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/neilsoft-files-draft-papers-with-sebi-to-raise-funds-via-ipo-12899174.html

Neilsoft files draft papers with Sebi to raise funds via IPO

Neilsoft IPO.Related stories.

Neilsoft, a technology-driven engineering services and solutions company, has filed draft papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The Pune-headquartered company's IPO is a combination of a fresh issue of shares worth Rs 100 crore and an offer for sale (OFS) of 80 lakh shares by promoters and other selling shareholders, according to the draft red herring prospectus (DRHP) filed on Thursday. Those selling shares in the OFS include Small Industries Development Bank of India and SICOM. Proceeds from the fresh issue to the extent of Rs 69.63 crore will be used for funding of capital expenditure. Besides, a portion will be utilised for general corporate purposes. Founded in 1991, Neilsoft provides customised engineering services, including AEC design solutions, industrial plant design, and manufacturing equipment and production line design. It also offers Engineering Process Outsourcing (EPO) services and develops tailored software applications to enable digital transformation. Click Here To ReadAll IPO News As of August 2024, Neilsoft employed 1,429 permanent employees. On the financial front, the company's revenue from operations increased 12 percent to Rs 326 crore in FY24 and from Rs 291 crore in the preceding fiscal year. Profit after tax surged 24 percent to Rs 58 crore in FY24 from Rs 46.64 crore a year earlier. For the three months ended June 2024, revenue from operations stood at Rs 88.24 crore, and profit after tax at Rs 14 crore. Equirus Capital and IIFL Capital Services are the book-running lead managers. The equity shares are proposed to be listed on the NSE and the BSE.

2024-12-28 01:31

2024-12-28

01:31

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/anlon-healthcare-refiles-ipo-papers-for-fresh-issue-of-1-4-crore-shares-12899164.html

Anlon Healthcare refiles IPO papers for fresh issue of 1.4 crore shares

Anlon Healthcare IPO.Related stories.

Rajkot-based Anlon Healthcare, a research-intensive manufacturing unit of pharmaceutical bulk drugs and intermediates, has refiled draft papers with the SEBI for fund raising via an initial public offering. Earlier it had filed preliminary papers for IPO on October 9 and thesame were returned by the capital markets regulator on December 9. The chemical manufacturing company has maintained its fresh issue size of 1.4 crore equity shares, with no offer-for-sale component, as per the draft red herring prospectus filed on December 26. Promoters - Punitkumar Rasadia and Meet Atulkumar Vachhani - hold 70.26 percent stake in Anlon, and the remaining 29.74 percent shares are owned by public shareholders including Shree Dwarikadhis Ventures LLP, Amitaben Natwarlal Ukani, and BAN Labs. Anlon, one of the few manufacturers of loxoprofen sodium dihydrate (in India), a notable API widely used in treatment of pain/inflammation, compares with listed peers like Kronox Lab Sciences, AMI Organics, and Supriya Lifescience. Click Here To Read AllIPO News It has a product portfolio of 65 commercialised products, while the 28 products are at pilot stage and 49 products are at laboratory testing stage or laboratory scale stage. The company will utilise Rs 30.7 crore out of net fresh issue proceeds for expansion of manufacturing facility, Rs 5 crore for repaying debt, Rs 35.98 crore for working capital requirements, and the remainder funds for general corporate purposes. Also read:Mathew Cyriac's Florintree-backed Seshaasai Technologies files IPO papers with fresh issue of Rs 600 crore Interactive Financial Services is the sole book running lead manager handling the public issue.

2024-12-27 22:46

2024-12-27

22:46

moneycontrol.com

https://www.moneycontrol.com/news/world/north-korean-troops-experience-mass-casualties-on-ukraine-front-lines-white-house-says-12899170.html

North Korean troops experience mass casualties on Ukraine front lines, White House says

A military demonstration involving tank units.Related stories.

North Korean forces are experiencing mass casualties on the front lines of Russia’s war against Ukraine, with a thousand of their troops killed or wounded in the last week alone in the Kursk region of Russia, White House spokesperson John Kirby told reporters on Friday. The number far exceeds the figure U.S. officials have previously provided. ”It is clear that Russian and North Korean military leaders are treating these troops as expendable and ordering them on hopeless assaults against Ukrainian defenses,” Kirby said, describing the North Korean troops’ offensive as ”massed, dismounted assaults.” North Korea’s mission to the United Nations in New York did not immediately respond to a request for comment, and Russia’s U.N. mission declined to comment. Kirby said President Joe Biden would likely approve another security assistance package for Ukraine in coming days. Earlier this week, Biden condemned Russia’s Christmas Day attacks on Ukraine’s energy system and some of its cities and asked the Defense Department to continue its surge of weapons to Ukraine. On Dec. 17, a U.S. military official said North Korea had suffered several hundred casualties while fighting against Ukrainian forces in Russia’s Kursk region. Asked about what ranks the North Korean casualties included, the military official, speaking on the condition of anonymity, said it was from lower-level troops to ”very near to the top.” On Monday, Ukrainian President Volodymyr Zelenskiy said that more than 3,000 North Korean soldiers have been killed and wounded in Russia’s Kursk region. He said that he was citing preliminary data. Reuters was unable to independently verify reports of combat losses.

2024-12-27 22:29

2024-12-27

22:29

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/mathew-cyriac-s-florintree-backed-seshaasai-technologies-files-ipo-papers-with-fresh-issue-of-rs-600-crore-12899151.html

Mathew Cyriac's Florintree-backed Seshaasai Technologies files IPO papers with fresh issue of Rs 600 crore

Seshaasai Technologies IPO.Related stories.

Mumbai-based Seshaasai Technologies, which is backed by ex-Blackstone India executive Mathew Cyriac-owned Florintree Nextech, plans to approach primary market for fund raising via an IPO, as it has filed preliminary papers with the capital markets regulator SEBI on December 27. The IPO is a combination of fresh issuance of equity shares worth Rs 600 crore, and an offer-for-sale of 78,74,015 equity shares by promoters Pragnyat Pravin Lalwani, and Gautam Sampatraj Jain, as per the draft red herring prospectus. The company that provides payment, communication and fulfilment, and IoT solutions primarily to the banking, financial services and insurance (BFSI) industry, may also raise Rs 120 crore before the IPO launch. If such pre-IPO placement is undertaken, the said amount will be reduced from the fresh issue. Promoters Pragnyat Pravin Lalwani, and Gautam Sampatraj Jain own 47.5 percent stake each in Seshaasai Technologies, and the remainder 5 percent stake is held by Cyriac-owned Florintree Nextech LLP. The promoters on December 20 this year had allotted 5 percent stake (representing 73.8 lakh shares) to Florintree Nextech LLP, at a price of Rs 339 per share, for Rs 250.21 crore. Click Here To ReadAll IPO News Earlier,Mathew Cyriac had clocked handsome returns from the IPOs of Data Patterns and MTAR Technologies. At the said investment price, Seshaasai, one of the top two payments card manufacturers in India with a market share of 34.5 percent in FY24 for credit and debit cards issuance in India improving from 23.7 percent in FY22, is valued at more than Rs 5,000 crore. There is no comparable peer among the listed entities for the company. Seshaasai, one of the largest manufacturers of cheque leaves in India, will spend Rs 195.3 crore out of the net fresh issue proceeds for the expansion of existing manufacturing units. Further, Rs 300 crore will be utilised for repaying debt, and the remainder for general corporate purposes. Post issue, there would be significant reduction in company's debt as its total outstanding borrowings amounted to Rs 327.2 crore till November 15, 2024. The financial performance of the company in the past years has been strong as the net profit in the fiscal 2024 grew by 56.6 percent to Rs 169.3 crore, up from Rs 108 crore in the previous fiscal, and revenue increased by 36 percent to Rs 1,558.3 crore in the same period. Profit in the June 2024 quarter stood at Rs 40.5 crore on revenue of Rs 360.5 crore. IIFL Capital Services, ICICI Securities, and SBI Capital Markets are appointed as the book running lead managers to the issue.

2024-12-27 21:57

2024-12-27

21:57

moneycontrol.com

https://www.moneycontrol.com/news/india/delhi-records-highest-december-rainfall-in-15-years-mercury-drops-to-14-6-degree-celsius-12899154.html

Delhi records highest December rainfall in 15 years, mercury drops to 14.6 degree Celsius

A private security personnel covers himself in a plastic bag to take protection againgst the rain, on a winter morning.Related stories.

Rain lashed Delhi-NCR throughout Friday with the city recording its highest December rainfall in the last 15 years and the mercury dropping sharply to 14.6 degree celsius, the weather department said. The rain began late Thursday around 2.30 am and continued throughout the day, it said.According to Indian Meteorological Department (IMD) data between in the last 24 hours till 8.30 am on Friday, the city logged 9.1 mm of rainfall.The observatory at Safdarjung — the national capital’s primary weather station — recorded an additional 30.2 mm of rainfall between from 8.30 am to 5.30 pm on Friday, as per the data. The total rainfall for December stands at 42.8 mm, marking the highest rainfall this month in the last 15 years, based on data from 2009 to 2024 available on the weather department’s website.Meanwhile, the all-time highest December rainfall was recorded in 1884, when the city received 134.4 mm of rain.The observatory at Palam registered 31.4 mm rainfall, 34.2 mm in Lodhi Road, 33.4 mm in Ridge, 39 mm in Delhi University and 35 mm in Pusa till 5:30 pm on Friday.For comparison, the city’s December rainfall in 2023 was trace, while in 2022 it was 0.0 mm, 2021 saw 9.6 mm, and 2020 recorded just 1.6 mm. In 2019, Delhi recorded 33.9 mm of rainfall in December, which now stands as the second-highest in the last 15 years.Met officials said an active western disturbance and its interaction with easterly winds were causing light to moderate rainfall and thunderstorms over northwest and central India, including the NCR areas of Delhi.The rain caused waterlogging and traffic snarls in many areas across the city, with the Municipal Corporation of Delhi Central Control Room receiving a total of 13 complaints, nine for waterlogging and four for fallen trees.The Public Works Department (PWD) received one call for waterlogging and one for a fallen tree, the officials said. The New Delhi Municipal Council (NDMC) said that by 7 PM they had not received any calls regarding waterlogging or fallen trees.Mercury also dropped to 9.5 degree celsius, because of the rain, marking the lowest maximum temperature in the last five years. On Thursday, the maximum temperature was recorded at 24.1 degree celsius, according to data from the IMD.The IMD data showed that in 2023 the lowest daytime temperature drop in December was 15.9 degree Celsius, 15.6 degree Celsius in December, 2022, 17.8 degree Celsius in 2021, 15.2 degree Celsius 2020 and in 14.3 degree Celsius in 2019.The department said a generally cloudy sky with intermittent rain is likely on Saturday.Additionally, one or two spells of light rain is expected during the early morning to forenoon, followed by a cloudy sky for the rest of the day, it added.The predominant surface wind is expected to be from the southeast direction with a speed of less than 4 kmph during the morning hours. Smog or shallow fog is expected in most areas, with moderate fog in isolated places during the morning, the weather office said.The wind speed is expected to increase, reaching less than 8 kmph from the northeast direction during the afternoon, before decreasing to less than 4 kmph from the northeast during the evening and night. Smog or shallow fog is also likely in the evening and night, it added.The maximum and minimum temperatures are expected to settle at 15 and 12 degree celsius, respectively, it said.The 24-hour Air Quality Index (AQI) was recorded at 353 at 4 pm on Friday and of the 35 monitoring stations, one at Nehru Nagar recorded air quality in the “severe” category, while the rest were in the “very poor” and “poor” categories, the data from the SAMEER app showed. An AQI between zero and 50 is considered ’good’, 51 and 100 ’satisfactory’, 101 and 200 ’moderate’, 201 and 300 ’poor’, 301 and 400 ’very poor’, and 401 and 500 ’severe’.

2024-12-27 21:39

2024-12-27

21:39

moneycontrol.com

https://www.moneycontrol.com/technology/samsung-galaxy-s2x4-ultra-drops-below-rs-92-000-ahead-of-galaxy-s25-ultra-launch-discount-details-and-more-article-12899153.html

Samsung Galaxy S2x4 Ultra drops below Rs 92,000 ahead of Galaxy S25 Ultra launch: Discount details and more

Galaxy S24 Ultra.

Samsung is expected to announce the Galaxy S25 series phones as soon as January 2025. Before that happens, the outgoing flagship model – the Galaxy S24 Ultra – has dropped to its lowest-ever price. The discount, however, is specific to a particular colour and the 12GB + 256GB variant. Here’s everything you need to know about the ongoing discount offer on Galaxy S24 Ultra. Galaxy S24 Ultra discount offerSamsung Galaxy S24 Ultra has received a 29% discount flat on the Amazon India website. The phone, which is listed at 1, 34,999 has received a discount of Rs 39,149. Including the discount, the phone is available for purchase at Rs 95,850. Now, this price is a flat discount and you can purchase the phone without any additional discounts such as bank discounts, cashback, etc. Also, the discount only applies to the Titanium Grey colour. How to Galaxy S24 Ultra at Rs 91,058Amazon right now isn’t offering any additional bank discount with the purchase of the Galaxy S24 Ultra. However, if you happen to have an Amazon Pay ICICI Bank card, you are eligible to get a cashback of Rs 4,792. Including this cashback, the price of the phone further drops to Rs 91,058. Lowest-ever priceNow, with all the deals and offers, the Rs 91,058 is the lowest for the phone we’ve seen since its launch in January 2024. Galaxy S25 Ultra is on its wayAs mentioned at the beginning of the article, Samsung is expected to launch the Galaxy S25 Ultra next year in January. The discount might be due to the launch of the next-generation phone from the company. The lineup is speculated to come with three phones – S25, S25+ and S25 Ultra. There could also be a ‘Slim’ version of the S25.

2024-12-27 21:27

2024-12-27

21:27

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/dgca-orders-suspension-of-2-akasa-directors-for-lapses-in-pilots-training-12899124.html

DGCA orders suspension of 2 Akasa directors for lapses in pilots training

The two senior executives of the airline, in which the Rakesh Jhunjhunwala family holds stakes, have 'failed' to ensure 'compliances' with the civil aviation requirements, Directorate General of Civil Aviation (DGCA) said in its order of December 27..Related stories.

DGCA on Friday ordered the suspension of director of operations and director of training at Akasa Air for six months for alleged lapses in pilots’ training. The Directorate General of Civil Aviation (DGCA) while issuing suspension orders, said: "It has been found in regulatory audit conducted by DGCA on Oct 7, 2024, at M/s SNV Aviation Private Limited (Akasa Air), Mumbai, that RNP training (Approaches) is being conducted on simulators which have not been qualified for the same... which is in violation of Para 7 of CAR Section 7, Series D, Part VI." Stating that the director of operations and the director of training at Akasa Air "failed to ensure the compliances of Civil Aviation Requirements (CAR)," the DGCA said that the two officials "failed to train personnel adequately ... also repeated lapses/violation has been found pertaining to training". The suspension of the Akasa Air director of operations and director of training came after the DGCA found the replies to the show-cause notices issued to them on October 15 and October 30, respectively, as "unsatisfactory". The Directorate General of Civil Aviation, in its orders, also advised the airline to nominate "suitable" candidates for the two positions. Meanwhile, Akasa Air Spokesperson on the recent action by DGCA said,"Akasa Air is in receipt of an order from the DGCA dated 27th December 2024. We will continue to work with the DGCA and comply accordingly." "Safety is of utmost importance, and we continuously strive to pursue the highest standards of safety,’’ the spokesperson further said. Earlier, the section of Akasa Air pilots raised concerns about alleged training and safety issues at the airline and sought the intervention of the civil aviation ministry, while the carrier termed the allegations as untrue. Akasa Air, which has been flying for over two years, had faced pilot issues earlier also, and this time, the section of the pilots has also claimed that 84 pilots have resigned on one-day notice. Akasa Air also said that 324 pilots have joined the airline since October 2023, and during this period, it has recorded an annualised attrition of less than 1 per cent for this employee group. In a letter dated December 11, written to Civil Aviation Minister K Rammohan Naidu, the section of the pilots has sought an independent probe into the airline's management practices, training methods and safety standards. *With Agency Inputs

2024-12-27 21:09

2024-12-27

21:09

moneycontrol.com

https://www.moneycontrol.com/entertainment/priyanka-chopra-to-star-alongside-mahesh-babu-in-ss-rajamouli-s-next-film-reports-article-12899119.html

Priyanka Chopra to star alongside Mahesh Babu in SS Rajamouli's next film: Reports

Priyanka Chopra and Mahesh babu.Related stories.

Priyanka Chopra, a global icon, is set to make her highly anticipated return to Indian cinema after a six-year hiatus. She will star alongside Telugu superstar Mahesh Babu in an exciting new project, marking a significant moment for her fans. The collaboration between the two major stars has generated immense excitement, with expectations soaring for the film's success. Priyanka's return to the Indian film industry has been eagerly awaited, and this film promises to be a major highlight of her career, bridging her global success with her roots in Bollywood and regional cinema. According to reports, SS Rajamouli is gearing up to begin his next grand cinematic venture, following the success of Baahubali and RRR, with production set to kick off in April 2025. The filmmaker has reportedly cast Priyanka Chopra to play the female lead alongside Telugu superstar Mahesh Babu. This collaboration is expected to generate immense anticipation, given Rajamouli's track record of creating epic blockbusters and the star power of both Priyanka and Mahesh. Fans are eagerly awaiting more details on the highly anticipated project. Sources told Pinkvilla that Priyanka Chopra is preparing for her comeback to the Indian film industry with SS Rajamouli's upcoming pan-world jungle adventure. "The film is in the final stages of writing, and is all set to go on floors in April 2025. SS Rajamouli was looking for a female lead with global presence, and who better than Priyanka to play the lead role. The filmmaker had multiple meetings with PC over the last 6 months, and the energies have aligned for both the stakeholders," the source stated. The untitled film by SS Rajamouli will mark Priyanka Chopra's return to the Indian film industry after six years, with her last appearance being in The Sky Is Pink. “Priyanka Chopra is excited to collaborate with a maverick like SS Rajamouli and partner with Mahesh Babu to create an adventure like never before. It’s an unchartered territory for her as well, and the character has scope for a lot of action along with the leading man – Mahesh Babu. It’s a well crafted role, and Priyanka has already started her prep for the film,” the source added. Also read:Vijay Deverakonda starrer VD12 will be released in two parts: Producer Naga Vamsi SS Rajamouli's upcoming film, starring Mahesh Babu, will be filmed until the end of 2026, with plans for a major theatrical release in 2027. The director is currently in discussions with global studios, including Disney and Sony, for collaboration, with negotiations ongoing for over a year. The film will be shot across various locations, including studios in India, the US, and the forests of Africa.

2024-12-27 20:36

2024-12-27

20:36

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/mswipe-s-payment-business-turns-adjusted-profitable-in-fy24-clocks-rs-275-crore-revenue-12899113.html

Mswipe's payment business turns adjusted profitable in FY24, clocks Rs 275 crore revenue

Mswipe’s Total Payment Volume (TPV) jumped 106.8 percent YoY, reaching Rs 50,417 crore in FY24, up from Rs 24,381 crore in FY23 (Representative image).Related stories.

Mswipe Technologies, a payments solutions provider, said on December 27 it has turned its core payment business cash profitable on the back of reduced operational inefficiencies. The company’s cash profit grew by 495.6 percent, reaching Rs 4.5 crore, compared to a loss of Rs 1.1 crore in FY23. Revenue from the payments business grew by 6.3 percent, reaching Rs 275.4 crore in FY24, up from Rs 259.2 crore in the previous year. The company has yet to file its consolidated group numbers for FY24. Mswipe’s Total Payment Volume (TPV) surged by 106.8 percent year-on-year, reaching Rs 50,417 crore in FY24, up from Rs 24,381 crore in FY23, with a current annualised run rate of $12 billion. This growth was primarily driven by the widespread adoption of its QR soundbox terminal (Boombox) and the expansion of its distribution network, including strategic partnerships with over 40 banks. The payments business recorded an Adjusted EBITDA (excluding ESOP cost) of Rs 2.5 crore in FY24, bouncing back from a Rs 2.9 crore loss in the previous year. “We have grown to become a comprehensive payment system solutions provider for SME merchants across 600+ cities in India,” the company said in a statement. Mswipe, which initially focused on offline payments with point of sale (PoS) devices, is now expanding into the online payments space, with its own payment gateway, targeting MSMEs. Mswipe's product suite includes MPOS and Smart PoS terminals, Soundbox, and Pay by Link. The company's in-house switch for both PoS and UPI payments has streamlined its operations, reducing reliance on third-party providers. The company also focused on lowering sales and marketing costs, optimising its service and operations expenses, and adopting a subscription-led model, resulting in improved profitability, it said. As of October 2024, Mswipe reported approximately 4 lakh active terminals. In February 2024, the company was granted a payment aggregator license by the RBI. Mswipe competes with Razorpay, PayU, Pine Labs, CCAvenues, BharatPe, BillDesk, among others in the offline payments sector. Backed by investors including Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, and UC-RNT, Mswipe raised $20 million in a February 2024 equity capital round from its existing investors.

2024-12-27 20:22

2024-12-27

20:22

moneycontrol.com

https://www.moneycontrol.com/news/india/manmohan-singh-s-funeral-to-be-held-at-delhi-s-nigambodh-ghat-at-11-45-am-tomorrow-12899136.html

Manmohan Singh's funeral to be held at Delhi's Nigambodh Ghat at 11:45 am tomorrow

Former PM Manmohan Singh.

The last rites of former Prime Minister Manmohan Singh will be conducted at Delhi's Nigambodh Ghat crematorium at 11:45 am on December 28, the Union Home Ministry said on Friday. "It has been decided by the Government that State funeral will be accorded to Dr. Manmohan Singh. The funeral will take place at 11:45 AM on 28h December, 2024 at Nigambodh Ghat, New Delhi," the Ministry of Home Affairs (MHA) said in a statement. Singh died at the All India Institute of Medical Sciences (AIIMS) at the age of 92 on December 26. The MHA said the Ministry of Defence has been requested to make arrangements for according the former PM State Funeral with full military honours.

2024-12-27 20:16

2024-12-27

20:16

moneycontrol.com

https://www.moneycontrol.com/news/world/china-defends-plan-to-build-world-s-largest-dam-over-brahmaputra-river-in-tibet-says-will-not-affect-lower-reaches-2-12899112.html

China defends plan to build world's largest dam in Tibet amid India's concerns

AI-generated image used for representation (Courtesy: Grok).

China on Friday defended its plan to build the world's largest dam on the Brahmaputra River in Tibet, saying the project will not “negatively affect” lower riparian states and that safety issues have been addressed through decades of studies. Chinese Foreign Ministry spokesperson Mao Ning played down apprehensions about the massive project to dam the Brahmaputra River, which is called Yarlung Zangbo in Tibet. The project estimated to cost around USD 137 billion is located in the ecologically fragile Himalayan region, along a tectonic plate boundary where earthquakes occur frequently. Mao said China carried out in-depth studies for decades and took safeguard measures. China has always been responsible for the development of cross-border rivers, Mao told a media briefing here in response to a question on the concerns related to the dam. She said the hydropower development there has been studied in depth for decades, and safeguard measures have been taken to ensure the project's security and ecological environment protection. "The project will not negatively affect the lower reaches," she said referring to the concerns in India and Bangladesh which are the lower riparian states. “China will continue to maintain communication with countries at the lower reaches through existing channels and step up cooperation on disaster prevention and relief for the benefit of the people by the river," she said. She said China’s hydropower development in the lower reaches of the Yarlung Zangbo River aims to speed up the development of clean energy and respond to climate change and extreme hydrological disasters. China on Wednesday approved the construction of the world's largest dam, stated to be the planet's biggest infra project on the Brahmaputra River in Tibet close to the Indian border, raising concerns in India and Bangladesh. The hydropower project will be built in the lower reaches of the Yarlung Zangbo River, the Tibetan name for the Brahmaputra River, an official statement here said. The dam will be built at a huge gorge in the Himalayan reaches where the Brahmaputra River makes a huge U-turn to flow into Arunachal Pradesh and then to Bangladesh. Mao said China's hydropower development in the lower reaches of the Yarlung Zangbo River aims to speed up the development of clean energy and respond to climate change and extreme hydrological disasters. The total investment in the dam could exceed one trillion yuan (USD 137 billion), which would dwarf any other single infrastructure project on the planet, including China's own Three Gorges Dam which is regarded as the largest in the world, the Hong Kong-based South China Morning Post reported on Thursday. China has already operationalised the USD 1.5 billion Zam Hydropower Station, the largest in Tibet in 2015. The Brahmaputra dam was part of the 14th Five-Year Plan (2021-2025) and National Economic and Social Development and the Long-Range Objectives Through the Year 2035 adopted by Plenum, a key policy body of the ruling Communist Party of China (CPC) in 2020. Concerns arose in India as the dam besides empowering China to control the water flow could enable Beijing to release large amounts of water flooding border areas in times of hostilities because of its size and scale. India too is building a dam over Brahmaputra in Arunachal Pradesh. India and China established the Expert Level Mechanism (ELM) in 2006 to discuss various issues related to trans-border rivers under which China provides India with hydrological information on the Brahmaputra and Sutlej Rivers during the flood seasons. Data sharing of trans-border rivers figured in the talks between India, China Special Representatives (SRs) for border questions which NSA Ajit Doval and Chinese Foreign Minister Wang Yi held here on December 18. The SRs provided positive directions for cross-border cooperation and exchanges including data sharing on trans-border rivers, a statement by the Ministry of External Affairs said. The Brahmaputra Dam presents enormous engineering challenges as the project site is located along a tectonic plate boundary where earthquakes occur. The Tibetan plateau, regarded as the roof of the world, frequently experiences earthquakes as it is located over the tectonic plates.

2024-12-27 20:07

2024-12-27

20:07

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/consumption-inequality-reduced-further-in-2023-24-hces-survey-12898988.html

Consumption inequality reduced further in 2023-24: HCES survey

Rural consumption picks up more than urban.Related stories.

Consumption inequality declined further in 2023-24 as household spending of poorest rose faster while that of richest section contracted from the previous year, results of the Household Consumption Expenditure Survey released on December 27 showed. “Consumption inequality, both in rural and urban areas has declined from the level of 2022-23. The Gini coefficient has declined to 0.237 in 2023-24 from 0.266 in 2022-23 for rural areas and to 0.284 in 2023-24 from 0.314 in 2022-23 for urban areas,” factsheet released by the government stated. In the case of rural areas, while consumption spending rose 22.1 percent for the lowest 0-5 percent of the households, incomes of the top 95 percent shrunk by 3.5 percent. The gap between rich and poor household spending was six times in 2023-24 compared with 7.6 times in 2022-23. In the case of urban areas, consumption spending of poorest households rose 18.7 percent, while richest households witnessed a 2.5 percent decline in consumption. Urban areas were also more unequal than rural counterparts, as the gap between richest and poorest household spending was 8.5 times. Declining urban and rural gap A faster rate of growth of consumption in rural areas also indicated a decline in urban-rural inequality. Urban consumption was 1.697 times higher than rural consumption in 2023-24, compared with 1.712 times difference in 2022-23. Rural consumption rose 9.2 percent over 2022-23, while urban consumption rose 8.3 percent, as rural households spent Rs 4,122 per month on consumption in 2023-24, and urban households spent Rs 6,996 In real prices, however, consumption remained unchanged. One reason for this could be a higher incidence of inflation in rural areas over the past year. Data with imputation shows that benefits accrued more to rural areas than urban as consumption inequality declined further with social welfare programmes. Urban incomes were 1.67 times higher than rural ones, as these programmes added another 3 percent or Rs 125 in consumption for rural areas and 1 percent or Rs 82 to urban consumption spending.

2024-12-27 19:42

2024-12-27

19:42

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/households-spend-more-on-food-in-2023-24-but-its-share-remains-below-50-12899060.html

Households spend more on food in 2023-24, but its share remains below 50%

Spending on food takes a slightly larger share.Related stories.

Indian household spending on food items rose slightly in 2023-24, as spending on all food items barring edible oil rose from the previous year, but remained below 50 percent, data of Household Consumption Expenditure Survey 2023-24 released on December 27 showed. In rural areas, food expenditures accounted for 47.04 percent of total consumption spending in 2023-24, compared with 46.38 percent in 2022-23. The share of vegetables in total expenditures rose to 6.03 percent, compared with 5.38 percent the previous month. Fruits' share rose to 2.66 percent from 2.54 percent in the previous year, while edible oil’s share in total spending declined to 2.77 percent from 3.59 percent. A rise in spending could be attributed to higher food inflation over the past year. Vegetable inflation has remained in double digits for 13 months. Edible oil, on the other hand, had witnessed a deflation during the period of the survey. This is also evident from the decline in monthly per capita consumption of cereals in both urban and rural areas, even as the share of cereals in household spending rose. Despite the rises across the board, household spending on food remained below 50 percent, marking a significant departure from the 2011-12 survey, when households spent 52.9 percent of theirbudgeton food. The results of the 2022-23 survey, released earlier this year on February 18, showed that household spending on food had declined below 50 percent for the first time, while non-food expenditures had risen. In urban areas, food consumption was also higher, at 39.68 percent in 2023-24, compared with 39.17 percent in the previous year. Food trends have changed over the past decade, as processed food, vegetables, and milk account count for more spending than cereals in urban and rural areas. Non-food expenditures fell, but clothing, conveyance and consumer services accounted for a higher share of spending than the previous year. Spending on non-food items was lower at 52.96 percent in rural areas compared with 53.62 percent in the previous year, but the share of consumer services rose to 5.67 percent from 5.24 percent earlier. In urban areas, entertainment and education rose in spending, while overall share of non-food items declined to 60.32 percent. The government has decided to use the results of HCES 2022-23 for CPI calculation. The new series of CPI and GDP based on these trends will be available from February 2026.

2024-12-27 19:33

2024-12-27

19:33

moneycontrol.com

https://www.moneycontrol.com/news/india/rte-introduced-during-manmohan-singh-s-term-as-pm-a-mix-of-success-failures-experts-12899104.html

RTE introduced during Manmohan Singh's term as PM a mix of success, failures: Experts

Manmohan Singh.Related stories.

The Right to Education (RTE) Act, 2009 introduced during tenure of former prime minister Manmohan Singh has been a mixed bag of success and failures, according to education experts. Singh's government introduced the Right to Information (RTI) Act, empowering citizens with access to government information. The RTE Act aimed to provide free and compulsory education to children aged six to fourteen years, ensuring education as a fundamental right. The central government had last week notified implementation of a major change in the RTE Act, doing away with "no-detention policy" for class 5 and 8 students. "RTE is a mixed bag of failures and successes. RTE admissions in unaided private schools is a landmark success in providing education to the children belonging to disadvantaged group and Economically Weaker Sections (EWS) of society and has become very popular. Everyone wants to send his ward to private schools under the EWS category," said Ashok Agarwal, a lawyer and educationist. "The objective of RTE was to bring all school-aged children including disabled children in full-time regular schools but it has utterly failed. Government schools countryside have slowly closed down and enrolment of students has gone down. "Unfortunately, RTE is yet to achieve its constitutional goal that all children without exception go to regular school and receive quality education. It is still a dream for the children of masses," he added. According to Leena Bhattacharya, a former Global Education Monitoring (GEM) fellow at UNESCO, other than in north and central India, the RTE Act resulted in an improvement in the primary school completion rate of low-income children in all the other regions. "The result also suggests that low-income children from rural India saw an increase in lower-secondary school completion rates in the post-RTE period," she said. According to the report titled 'Implementation of the Right of Children to Free and Compulsory Education Act, 2009: Where Do We Stand', released by the Right to Education Cell (RTE Cell) and the Council for Social Development (CSD), New Delhi, significant progress in universal access and enrolment was achieved in a decade, largely due to the Sarva Shiksha Abhiyan (SSA) initiative. "However, since the enactment of the RTE Act, efforts towards universal access and enrolment have waned. This is evident from the decline of government schools and the rise of private schools, both in number and enrolment, indicating a neglect of government schools. Though there was a temporary shift back to government schools in 2021-22 due to the pandemic, the overall trend favours private education," the report said. Manmohan Singh, the architect of India's economic reforms and a consensus builder in the rough world of politics, died at the All India Institute of Medical Sciences (AIIMS), Delhi, late on Thursday. He was 92. The Congress-affiliated National Students Union of India (NSUI) said Singh's legacy lives on through the Right to Education (RTE) Act. "As he once said, 'Education is the key to unlocking a nation's potential.' The RTE ensures that every child, regardless of background, has access to quality education, empowering them to shape a brighter tomorrow," it said in a post on X. The RTE Act also mandates a minimum of 25 per cent free seats for children belonging to weaker sections and disadvantaged groups (EWS) in all private unaided primary schools. Union Education Minister Dharmendra Pradhan had said in August that RTE, which was framed by the previous government, has a good provision to bring 25 per cent seats for underprivileged kids. He had also appealed to state governments such as Punjab, Kerala, Telangana and West Bengal, which have not implemented RTE provisions, mandating the private schools to reserve seats under the RTE Act, to implement the provisions. Pradhan said though education comes under the concurrent list, school education is mainly taken care of by the state governments. "RTE and NEP both are complementary. Through both of them, it is our duty to ensure that all get education till class 12," he said.

2024-12-27 19:26

2024-12-27

19:26

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/urban-rural-gap-reduced-in-21-of-36-states-and-union-territories-in-2023-24-12899097.html

Urban-rural gap reduced in 21 of 36 states and union territories in 2023-24

urban-rural consumption inequality dips in most states/Uts.Related stories.

Consumption spending rose faster in rural parts of Odisha and urban areas of Punjab among the larger states in 2023-24 as compared to the previous year, according to data released by Household Consumption Expenditure Survey on December 27. While the monthly per capitabudgetrose 9.2 percent across the country, 22 states and UTs witnessed a faster pace of consumption spending than the national average. On the other hand, larger states like Uttar Pradesh, Bihar, Gujarat, Tamil Nadu witnessed a slower pace of spending than the national average. Maharashtra witnessed the slowest rise in consumption among the larger states with just a 3.4 percent rise in household budget in urban areas. On the other hand, urban consumption rose the slowest in Delhi and Karnataka at 3.9 percent and 5.3 percent, respectively. Delhi has witnessed lower urban inflation than the rest of the country over the previous year. The inequality gap between urban and rural consumption declined for the country from the previous year, with 20 of 36 states recording a decline, but 16 states, including some of the big ones like Maharashtra, Punjab, Rajasthan and Jharkhand, witnessed a rise in inequality. In the case of Maharashtra, for instance, urban consumption was 1.78 times more than urban areas compared with 1.66 in the previous decade. On the other end, Karnataka had witnessed the steepest decline in inequality, as urban consumption at 1.65 times higher than rural areas in 2023-24 was lower than 1.74 times difference in 2022-23.

2024-12-27 19:13

2024-12-27

19:13

moneycontrol.com

https://www.moneycontrol.com/news/business/openai-mulls-plan-for-a-more-conventional-for-profit-business-12899107.html

OpenAI mulls plan for a more conventional for-profit business

The board said the plan that it’s considering would better equip OpenAI’s nonprofit to pursue charitable initiatives in sectors such as health care, education and science..Related stories.

OpenAI, founded a decade ago as a research organization, is considering a change to the AI company’s structure that would create a more conventional money-making corporation alongside a non-profit arm. The board is evaluating a plan that would turn OpenAI’s business into a public benefit corporation — an entity free to pursue income but with the goal of bettering society — while retaining a non-profit side, according to a blog post Friday. As part of the new structure, the non-profit arm would hold shares in the moneymaking entity. Bloomberg previously reported that the company was considering such a move and has been in talks with regulators in California and Delaware about the potential change. Friday’s announcement signals that the board is poised to move forward with a restructuring. OpenAI’s existing for-profit arm is currently controlled by its non-profit organization. Under the proposal, the business would become a Delaware Public Benefit Corp., or PBC. The non-profit entity would continue to exist as one of the “best-resourced non-profits in history” and would then hold a “significant interest” in the for-profit arm, in the form of shares determined by independent financial advisers at a fair valuation, OpenAI’s board said. When OpenAI was founded in 2015, it adopted the idealistic mission of building artificial intelligence that would be safe and beneficial to humanity. In 2019, OpenAI created the for-profit subsidiary to help fund the high costs of AI model development. By 2022, when OpenAI debuted its ChatGPT chatbot, the company became a superpower in the artificial intelligence industry — and put its operations under greater scrutiny. A simplified for-profit structure is considered more attractive to investors, although it could raise questions about whether the San Francisco-based company is sticking with its original public mission. Elon Musk, a co-founder and early investor in OpenAI, filed a lawsuit against the company in August accusing it of breaching an agreement to operate as a non-profit. Musk recently asked a federal court to block OpenAI from pursuing a conversion to a for-profit business while his legal fight plays out. OpenAI’s board said the proposed plan will ensure the company’s for-profit arm is successful in the long term. It will help the non-profit raise funds and better execute on its mission, according to the post. “We once again need to raise more capital than we’d imagined,” the board said. “Investors want to back us but, at this scale of capital, need conventional equity and less structural bespokeness.” The board said the plan that it’s considering would better equip OpenAI’s non-profit to pursue charitable initiatives in sectors such as health care, education and science.

2024-12-27 19:06

2024-12-27

19:06

moneycontrol.com

https://www.moneycontrol.com/news/india/sonia-gandhi-s-emotional-tribute-to-manmohan-singh-was-my-friend-philosopher-and-guide-12899101.html

Sonia Gandhi's emotional tribute to Manmohan Singh: 'Was my friend, philosopher and guide'

CPC chairperson Sonia Gandhi and former PM Manmohan Singh (Courtesy: PTI file photo).

Congress Parliamentary Party (CPC) chairperson Sonia Gandhi on Friday penned a note remembering former Prime Minister Dr. Manmohan Singh who breathed his last in Delhi on December 26. Referring to Singh as a beloved guiding light for the Congress party, Gandhi wrote, "In Dr Manmohan Singh's passing, we have lost a leader who was the epitome of wisdom, nobility and humility, who served our country with all his heart and mind. A luminous and beloved guiding light for the Congress party, his compassion and vision transformed and empowered the lives of millions of Indians". Fondly remembering the former Prime Minister, Sonia Gandhi said that Manmohan Singh's death is a personal loss as he was a friend, philosopher as well as a guide. "For me, Dr Manmohan Singh's death is a deeply personal loss. He was my friend, philosopher and guide. He was so gentle in his manner but so resolute in his deeply held convictions. His commitment to social justice, secularism and democratic values was deep and unwavering. To spend any time with him, was to come away enlightened by his knowledge and sagacity, moved by his honesty and integrity, and awed by his genuine humility," Gandhi wrote in the note which was posted on X, formerly Twitter.

2024-12-27 18:59

2024-12-27

18:59

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/diis-net-buy-shares-worth-rs-2-544-crore-fiis-net-sell-rs-1-323-crore-shares-12899095.html

DIIs net buy shares worth Rs 2,544 crore, FIIs net sell Rs 1,323-crore shares

representative image.Related stories.

Domestic institutional investors (DIIs) net bought shares worth Rs 2,544 crore on December 27, while on the other hand, foreign institutional investors (FIIs) net sold shares worth Rs 1,323 crore, provisional data from NSE showed. During the trading session, DIIs bought Rs 9,436-crore shares and sold shares worth Rs 6,892 crore, and FIIs purchased Rs 5,368 crore in shares while offloading equities worth Rs 6,691 crore. For the year so far, FIIs have net sold Rs 3.01 lakh crore, while DIIs have net bought Rs 5.01 lakh crore worth of shares. At close, the Sensex was up 226.59 points or 0.29 percent at 78,699.07, and the Nifty was up 63.20 points or 0.27 percent at 23,813.40. Dr Reddy's Labs, M&M, IndusInd Bank, Eicher Motors, Bajaj Finance were among the major gainers on the Nifty, while losers are Hindalco Industries, SBI, ONGC, Coal India, Bharat Electronics. Among sectors, auto, pharma, media were up 0.4-1 percent, while realty, PSU Bank, oil & gas, metal, indices were down 0.5-1 percent. "With no significant triggers in the near term, markets are likely to remain range-bound. Pre-quarterly business updates to be released in the first week of January 25 will provide insights into the upcoming result season and would be keenly tracked by the markets," said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Limited.

2024-12-27 18:54

2024-12-27

18:54

moneycontrol.com

https://www.moneycontrol.com/news/world/external-interference-caused-azerbaijan-airlines-plane-to-crash-in-kazakhstan-probe-reveals-12899096.html

'External interference' behind Kazakhstan plane crash that killed 38: Azerbaijan Airlines

As many as 38 people lost their lives in the plane crash in the Aktau city of Kazakhstan on Christmas..Related stories.

The preliminary investigation into the crash of the Embraer 190 aircraft operating the Baku-Grozny flight J2-8243 of Azerbaijan Airlines in Kazakhstan on December 25 has found "physical and technical external interference" as the likely reason behind the tragedy, Azerbaijan Airlines said on Friday. As many as 38 people lost their lives in the crash in the Aktau city of Kazakhstan on Christmas day. The flight, that took off from Baku for Grozny in Russia's Chechnya, was "denied landing due to fog" and diverted far off the Caspian Sea where it crashed. A total of 29 people survived the crash. Azerbaijan Airlines revealed the information in a statement put out on its X handle this evening, sharing that it has suspended flights operating from Baku to eight airports in Russia starting December 28, 2024. These airports include Mineralnye Vody, Sochi, Volgograd, Ufa, Samara, Saratov, Nizhny Novgorod and Vladikavkaz. "This decision, made in accordance with the Azerbaijan State Civil Aviation Authority, is based on the preliminary results of the investigation into the crash of the Embraer 190 aircraft operating the Baku-Grozny flight J2-8243 of Azerbaijan Airlines due to physical and technical external interference and considers potential risks to flight safety. The suspension will remain in effect until the completion of the final investigation," a translation of the statement put out by the airline on X read. The airline had on December 25 suspended flights from Baku to Grozny and Makhachkala soon after the crash. It said a decision has been made to suspend flights of other airlines to the mentioned destinations, including Grozny and Makhachkala, for safety reasons. The statement comes amid reports that a Russian surface-to-air missile may have caused the tragic crash, forcing the aircraft to limp off the Caspian Sea before crashing in an open field. Rasim Musabekov, a member of the Azeri parliament, also demanded an apology from Russia for what he said was downing of AZAL plane by Russia’s air defences, stating that relations between the countries could get worse. The Kremlin, however, maintains that it will refrain from making any statement on the crash till the final investigation into the tragic incident have concluded. "The investigation of this aviation incident is underway. And until conclusions of this investigation (is released), we do not consider ourselves free to make any assessment and will not do it," said Kremlin spokesman Dmitry Peskov. "At the same time, we have our aviation authorities that can do it (make assessment of the incident). It is only they who can provide any information. As for us, we do not consider ourselves free to comment on it (the plane crash)," he added.

2024-12-27 18:49

2024-12-27

18:49

moneycontrol.com

https://www.moneycontrol.com/news/india/indian-culture-jives-very-well-with-western-culture-elon-musk-s-ex-partner-grimes-slams-anti-indian-sentiment-12898938.html

'Indian culture jives very well with Western culture': Elon Musk’s ex-partner Grimes slams anti-Indian sentiment

Elon Musk and Grimes have three children together..

Elon Musk’s former partner, Canadian singer Grimes, revealed her connection to Indian culture amid uproar over Sriram Krishnan’s appointment to the Donald Trump administration. Grimes, whose real name is Claire Boucher, defended the Indian community against racist comments made on social media. Taking to X, she said, “Suddenly concocting anti-Indian energy out of nowhere is embarrassing y’all. Also, they were clear they planned to do this.” Sharing that she grew up in a half-Indian household after her mother married Ravi Sidhoo, the director of Vancouver-based East India Carpets, Grimes said, “My stepdad’s Indian. I had a fire childhood in a half-Indian household. Indian culture jives very well with Western culture.” Owing to this, there was a lot of cultural fusion in her upbringing which is her strength, Grimes said, adding, “We’ve already flooded India with American gadgets, causing them problems. But if we had sent more companies, they would’ve benefitted through job creation.” Slamming racist online comments, she said, “I’m also seeing lots of powerful ppl disagreeing.  It’s good to remember negative comments feel louder and more numerous. If you haven’t much been subjected to social media toxicity it’s good to remember ur monkey brain is telling you ur gonna get kicked out of the tribe and die of starvation or rape – important to fight the monkey brain impulses that social media seeks to trigger.” (sic) The remarks come in the wake of a larger controversy on immigration, particularly the H1B visa program which allows skilled foreign workers to live and work in the US.

2024-12-27 18:46

2024-12-27

18:46

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/five-tips-from-top-pms-managers-for-2025-invest-in-growth-sectors-and-proxy-plays-12899091.html

Five tips from top PMS managers for 2025: Invest in growth sectors and proxy plays

representative image.Related stories.

The year 2024 has been remarkable for the markets. Despite some corrections and heightened volatility during the last few months, the Nifty 50 delivered returns of 9.53 percent, while the Sensex gained 9.25 percent for investors. With 2025 just round the corner, top-performing Portfolio Management Services (PMS) managers share their key advice for investors: adopt a bottom-up approach for stock selection, prioritise growth-oriented sectors, and capitalise on proxy plays to unlock potential opportunities. Amit Jeswani, founder and chief investment officer of Stallion Asset said that regardless of market capitalisation (large, mid, or small), the focus should be on businesses with strong growth potential and the ability to execute effectively. He added that investors should chase growth and back entrepreneurs who demonstrate exceptional execution in their businesses. In a similar context, Divam Sharma, founder and fund manager of Green Portfolio Investors says that investors should refine their strategies and focus on growth-oriented sectors and proxy-plays for maximising returns. He adds that while global uncertainties might challenge large-cap stocks, mid- and small-cap firms in innovative sectors are likely to perform better. For instance, he highlights telecom sector that is benefiting from 5G rollout, IOT, and AI. "Investment in companies supplying 5G infrastructure (rather than telecom giants) could yield significant returns," says Sharma. Ashish Goel, Managing Director and CEO of InvestSavy PMS, is of the view that valuations have increased, making it even more important for investors to either conduct thorough research on stocks or consider investing through funds. He added that investors should avoid trying to time the market and avoid leverage. Vijay Bharadia, Founder and CIO at Wallfort PMS believes that high-quality stocks with low price-to-earnings (P/E) ratios are particularly attractive, as they tend to exhibit lower volatility during downturns. Bharadia likes the data center space as the increasing number of internet users in India -- over 751.5 million -- has driven the demand for data storage and processing infrastructure. "This trend offers significant growth opportunities for companies involved in the development and operation of data centers," he says. Stallion Asset's Core Fund has given returns of 70.5 percent and Wallfort PMS' Diversified Fund has given returns of 65.8 percent in the last one year. While InvestSavy's Alpha Fund has given 59 percent, Green Portfolio's Impact ESG Fund has given 55.8 percent returns in the last one year.

2024-12-27 18:46

2024-12-27

18:46

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/max-estates-registers-rs-845-crore-in-pre-sales-bookings-from-phase-ii-of-noida-project-12899093.html

Max Estates registers Rs 845 crore in pre-sales bookings from phase II of Noida project

Combining both the phases, Estate 128 now comprises of four towers with 268 units, spread across 10 acres, with a total booking value of around Rs 2,700 crore. Picture courtesy: Max Estates.Related stories.

Max Group's real estate arm, NCR-based Max Estates, registered Rs 845 crore in pre-sales bookings for the phase II of the Estate 128 project in just a week. Shares of the company ended higher by nearly 3% on December 27 after the exchange filing was released. Combining both the phases, Estate 128 now comprises of four towers with 268 units, spread across 10 acres, with a total booking value of around Rs 2,700 crore. The management said realisations from the second phase are at a 40% premium compared to the first phase, reflecting strong demand in the NCR region. Max Estates' COO Rishi Raj said the company is confident of adding 'at least 3 million sq. ft. every year' to the current portfolio, and diversifying in Delhi NCR across commercial and residential assets. "Three back-to-back successful launches in a span of 18 months—starting with Phase I of Estate 128, Noida, in July 2023, followed byEstate 360, Gurugram, in August 2024, and Estate 128-II,Noida, in December 2024—clearly affirm our ability to not only curate a good-quality product at the right location, but also our capability to bring it to the market," said Rishi Raj. In the first nine months of the fiscal, Max Estates has now delivered a booking value of Rs 5,000 crore through two projects, the other one being Estate 360 in Gurugram. This booking value is in line with the company's guidance of Rs 4,800-5,200 crore. Max Estates has secured Rs 11,300 crore worth of development opportunity in the first half of the fiscal, which is more than twice that of the revised guidance given to the market. The realtor had achieved its full-year guidance in the first six months based on the booking value of residential launches. On a YTD basis, shares ofMax Estatesare higher by 83%. The company has a market capitalisation of over Rs 9,400 crore.

2024-12-27 18:46

2024-12-27

18:46

moneycontrol.com

https://www.moneycontrol.com/news/business/jsw-energy-to-acquire-o2-power-for-a-total-enterprise-value-of-rs-12-468-crore-12899090.html

JSW Energy to acquire O2 Power for a total enterprise value of Rs 12,468 crore

JSW Energy to acquire O2 Power for a total enterprise value of Rs 12,468 crore.Related stories.

JSW Neo Energy Limited, a wholly-owned subsidiary ofJSW Energy Ltd, has signed a definitive agreement to acquire O2 Power, a renewable energy platform jointly established by Swedish asset manager EQT Partners and Singapore’s Temasek Holdings. The transaction values the platform at an enterprise valuation of Rs 12,468 crore ($1.47 billion), after adjusting for net current assets. "O2 Power is a renewable energy platform with a capacity of 4,696 MW – where 2,259 MW will be operational by June 2025, 1,463 MW is currently under construction, and an additional 974 MW are in the pipeline, all scheduled for commissioning by June 2027. The platform has a blended average tariff of Rs 3.37/KWh with remaining life of 23 years. The capacities are spread across seven resource-rich states of India. This acquisition will leapfrog the company’s locked-in generation capacity by 23%, from 20,012 MW to 24,708 MW," said JSW Energy in a stock exchange filing on December 27 Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, said: “We are thrilled to announce the acquisition of O2 Power’s 4.7 GW renewable energy platform, which is JSW Energy’s largest acquisition since inception. This landmark acquisition strengthens our positioning as a leading player in India’s energy sector. These high-quality assets strengthen our operational footprint across key resource-rich states. It gives me a great joy to welcome the experienced management team and employees of O2 power to JSW Energy family. By combining our strengths, I am confident that we will deliver exceptional value to our stakeholders.” The transaction entails acquisition of O2 Power Midco Holdings Pte. Ltd. and O2 Energy SG Pte. Ltd and is subject to approval of the Competition Commission of India (CCI) and other customary approvals standard to a transaction of this size, said JSW Energy. On December 27, JSW Energy's shares on BSE closed 1% lower at Rs 629.85 apiece. The market capitalisation of the stock is Rs 1.09 lakh crore. Its 52-week low is Rs 404 and 52-week high is Rs 804.9. Pritesh Vinay, Director (Finance) and CFO of JSW Energy, said: “The acquisition of O2 Power’s renewable energy platform is significantly value accretive to the shareholders of JSW Energy. This is a very attractive acquisition – both from ‘Build vs Buy’ trade off as well as from a quality and value perspective when compared to all acquisitions in this space over recent times, and is consistent with our long track record of being prudent in capital allocation and focusing on high cash returns projects above our hurdle rate of mid-teen Equity IRR. This gives us an opportunity to leapfrog our growth ambitions. JSW Energy remains focused to pursuing value-accretive opportunities that support our ambitious growth objectives in the power sector.” The acquisition would help the company in achieving its renewable-led capacity growth target of 20 GW before FY2030, said JSW Energy.

2024-12-27 18:45

2024-12-27

18:45

moneycontrol.com

https://www.moneycontrol.com/news/india/vault-matters-should-the-regulator-have-the-final-word-or-the-only-word-12899092.html

Vault Matters | Should the regulator have the final word or the only word?

HDFC Bank which faced a ban on sourcing of new cards took a year to get back to its feet..

What made headlines in the world of finance this week was of the big banks and corporations in the US filing a suit against the Federal Reserve claiming that the annual stress test on Wall Street companies was in violation of the law. Bankers in India on reading this had a smile on their face, one mixed with a wishful thought of whether something like this is even remotely possible in India. The context domestically pertains to the fact that nine entities, a mix of banks and non-banks, faced stringent action from the Reserve Bank of India in 2024 – a regulatory action never seen before in the country. Going by the language of communication from the regulator, it seems as though enough warnings were given to these entities before taking a strict stance. The explanation from the entities is obviously different – that they were briefed about the shortcomings and actions were being taken to instate corrections. “The ban came from nowhere because we were constantly engaged with the regulator on a daily basis regarding this issue and they were aware of the corrective steps we were taking,” said a CEO of an entity reeling under the curbs, while trying to explain how his company landed in a spot where it cannot do business till the ban is lifted. The narrative isn’t very different when you speak to companies which have come out of the ban. “It’s business lost for a few months and we will have to now only play the catch up game,” a senior executive vented, when asked if lifting the ban has helped the company reclaim its lost position. The business of finance is such that business lost in a month is lost forever, especially with some of the NBFCs which operate in low-ticket, low duration products. HDFC Bank which faced a ban on sourcing of new cards took a year to get back to its feet and reclaim its market share and that was possible only because it is a market leader in the credit cards space. Same goes with Bajaj Finance as well. But that’s not true of some of the smaller players such as IIFL Finance, Bank of Baroda’s BOB World or Navi Finvest. Even Kotak Mahindra Bank is faced with a rapid decline in its card base after nine months of being slapped with a ban in sourcing new credit cards. When the implication on the business can be as harsh as this, it’s only fair that the process of slapping a ban on entities become more transparent and two-way. Maybe not to the extreme of suing the regulator. But as an industry reasonably dependent on equity investments and depositors’ money, regulatory actions should be infused with more accountability to the larger community. As we enter 2025, the only wish for most banks and NBFCs is that they are not slapped with bans in the most unexpected manner. There’s a thin line of difference between being regulated and policed. With a new dispensation at the RBI, one hopes that the distinction be made.

2024-12-27 18:35

2024-12-27

18:35

moneycontrol.com

https://www.moneycontrol.com/news/india/8-killed-as-bus-plunges-few-feet-down-from-bridge-in-punjab-s-bathinda-amid-heavy-rains-12899089.html

8 killed as bus plunges few feet down from bridge in Punjab's Bathinda amid heavy rains

At least eight people lost their lives after the bus fell off a bridge in Bathinda. (Courtesy: PTI).

At least eight people lost their lives when a private bus met with an accident and plunged a few feet down from a bridge in Punjab's Bathinda on December 27. Officials said the weather was inclement in the area. The accident occurred when the bus was en-route Bhatinda from Talwandi Sabo. Locals rushed to the spot immediately to help the people get out of the bus. "Eight people, including a two-year-old girl, have died unfortunately. While five of the eight people have been identified, three are yet to be identified. The bus was at high speed and the driver lost control ... All the help that the government can do will be extended to the families of the victims," Showkat Ahmad Parray, Bathinda Deputy Commissioner, said. According to Amneet Kondal, SSP Bathinda, 46 passengers were rescued after the bus accident." Eight deaths are confirmed as of now. The health conditions of others are stable," she said.

2024-12-27 18:33

2024-12-27

18:33

moneycontrol.com

https://www.moneycontrol.com/news/world/passenger-on-crashed-plane-says-there-was-at-least-one-loud-bang-before-it-went-down-12899084.html

Passenger on crashed plane says there was at least one loud bang before it went down

Flight J2-8243 crashed on Wednesday in a ball of fire near the city of Aktau in Kazakhstan after diverting from an area of southern Russia where Moscow has repeatedly used air defence systems against Ukrainian drones..Related stories.

A passenger on the Azerbaijan Airlines plane that crashed in Kazakhstan told Reuters that there was at least one loud bang as it approached its original destination of Grozny in southern Russia. Flight J2-8243 crashed on Wednesday in a ball of fire near the city of Aktau in Kazakhstan after diverting from an area of southern Russia where Moscow has repeatedly used air defence systems against Ukrainian drones. "I thought the plane was going to fall apart," Subhonkul Rakhimov, one of the passengers, told Reuters from hospital, adding that he had begun to recite prayers and prepare for the end after hearing the bang. At least 38 people were killed while 29 people survived. Russia has said it's important to wait for the official investigation to finish its work to understand what happened. Four sources with knowledge of the preliminary findings of Azerbaijan's investigation into the disaster told Reuters on Thursday that Russian air defences had mistakenly shot it down. Azerbaijan Airlines suspended a host of flights to Russian cities on Friday and said it considered the crash was caused by what it termed "physical and technical external interference". After the loud bang, the plane had acted strangely as if it was drunk, Rakhimov said. "It was as if it was drunk - not the same plane anymore," he said. The Embraer passenger jet had flown from Azerbaijan's capital Baku to Grozny, in Russia's southern Chechnya region, before veering off hundreds of miles across the Caspian Sea. It crashed on the opposite shore of the Caspian after what Russia's aviation watchdog said was an emergency that may have been caused by a bird strike. After the turmoil of the crash landing, there was silence before the moaning of the injured began, Rakhimov said. Asked about reports that Russian air defences had mistakenly shot down the aircraft, Kremlin spokesman Dmitry Peskov said on Friday he had nothing to add and did not want to give any assessments until the official investigation made its conclusions. Rosaviatsia, Russia's aviation watchdog, said that the captain of the plane had been offered other airports at which to land, but had chosen Kazakhstan's Aktau. It said that it would provide comprehensive support to Kazakh and Azerbaijani investigations looking into the crash.

2024-12-27 18:12

2024-12-27

18:12

moneycontrol.com

https://www.moneycontrol.com/technology/iqoo-z9-turbo-endurance-edition-with-6400mah-battery-confirmed-to-launch-in-india-on-this-date-article-12898925.html

iQoo Z9 Turbo Endurance Edition with 6400mAh battery confirmed to launch in India on this date

iQoo Z9 Turbo Endurance Edition.

iQoo recently unveiled the Z9 Turbo smartphone in China, which is powered by the Snapdragon 8s Gen 3 chipset and houses a 6,000 mAh battery. However, the company is set to introduce a long battery life edition of the smartphone, supposedly called the iQ00 Z9 Turbo Endurance edition. iQ00 has been teasing various features of the phone on Weibo and it is confirmed to launch next month. iQoo Z9 Turbo Endurance Edition: Specifications, features In a new Weibo post, iQoo has confirmed that it will introduce a Z9 Turbo Long Battery Life Version or Endurance Edition handset in China in January 2025. The phone is also confirmed to use a 6,400 mAh battery, which is 400 mAh larger than the 6,000 mAh battery pack on the iQoo Z9 Turbo. Moreover, the Z9 Turbo Endurance Edition is also expected to be powered by the Snapdragon 8s Gen 3 chipset, like its predecessor. It is available for pre-order in China and is confirmed to be available in blue, black, and white colour options. A promotional teaser suggests that it will also be offered in a ‘Flying Blue’ colour option with a wavy texture back design. iQOO has mentioned the use of an ‘ultra-thin battery’ which means that the company will be using a silicon-carbon anode battery pack to provide a slimmer design. Rest, the phone is expected to borrow other specifications from the regular iQOO Z9 Turbo. This means it will have a 6.78-inch AMOLED panel with Full HD+ resolution and 144Hz refresh rate. The phone is tipped to come with a 50MP main + 8MP ultrawide rear camera setup and support 80W wired fast charging.

2024-12-27 18:04

2024-12-27

18:04

moneycontrol.com

https://www.moneycontrol.com/news/world/elon-musk-is-building-starbase-his-own-company-town-in-texas-12899068.html

Elon Musk is building 'Starbase', his own company town in Texas

Elon Musk.Related stories.

Elon Musk is trying to do what many of his tech compatriots have not been able to achieve: build his own company town in Texas. According to a report inThe New York Times, the billionaire tech mogul, whose companies like SpaceX have established a significant presence in the state, is now pushing forward with plans to establish a town near the SpaceX launch site in Boca Chica, South Texas. The proposed town, which Musk hopes to call "Starbase", could become a new model for company-run communities. For years, Musk has discussed his desire to create a new town, but it wasn’t until recently that plans began to materialize, the report said. In December, SpaceX employees in the area filed a petition to incorporate the town, seeking the approval of local authorities in Cameron County. The petition provides details about the proposed town, which would span 1.5 square miles and house roughly 500 people, most of whom currently rent company-owned homes. The petition also proposed a slate of city officials, including the first mayor of Starbase, who would reportedly be SpaceX’s security manager, Gunnar Milburn. Alan Bojorquez, a Texas lawyer with expertise in the incorporation of new towns, told NYT that this situation is quite unique: "I’ve never helped a company that wanted its employees to form their own town." The proposed town would have the potential to create its own police and fire departments, issue ordinances and manage services like utilities. However, it would not necessarily have to provide all of those services immediately. It could also benefit from eligibility for state and federal grants and certain legal protections that come with municipal status. According to Kathryn Lueders, SpaceX’s general manager for Starbase, incorporating the town would help manage the growing community and its needs. SpaceX currently oversees many civil functions in the area, including managing utilities and providing schooling and medical care. Lueders stated in a letter that incorporating Starbase would move these services to a “more appropriate public body.” While SpaceX’s plans for Starbase are moving forward, the idea of creating a company-run town in Texas isn’t entirely unprecedented. One example is Todd Mission, located north of Houston, where the founder of the Texas Renaissance Festival created a small town and became its mayor. The petition for Starbase will need to be approved by the county’s legal team before any election can take place. If all goes as planned, residents of the proposed town will vote in the election next year.

2024-12-27 18:03

2024-12-27

18:03

moneycontrol.com

https://www.moneycontrol.com/news/business/current-account-deficit-narrows-marginally-to-1-2-of-gdp-in-q2fy25-12899059.html

Current account deficit narrows marginally to 1.2% of GDP in Q2FY25

RBI released data on India's current account deficit for Q2 FY25 on December 27.Related stories.

India’s current account deficit (CAD) moderated marginally to 1.2 percent of GDP at $11.2 billion in the second quarter of 2024-25 from 1.3 percent or $11.3 billion in the same period a year ago. The deficit stood at $9.7 billion or 1.1% of GDP in the preceding quarter. This, despite merchandise trade deficit increasing to $75.3 billion in Q2FY25 from $64.5 billion in the second quarter of the previous financial year, showed data released by the Reserve Bank of India (RBI) on December 27. The moderation in CAD was largely assisted by an increase in net services receipts at $44.5 billion in the July-September quarter from $39.9 billion a year ago. Services exports have risen, on an annual basis, across major categories such as computer services, business services, travel services and transportation services, RBI said in the release. In the financial account, net foreign direct investment recorded a higher outflow of $2.2 billion in Q2 of 2024-25 as compared with an outflow of $0.8 billion in the corresponding period of 2023-24. However, net inflows under foreign portfolio investment increased to $19.9 billion in the second quarter of 2024-25 from $4.9 billion on-year, while inflows under external commercial borrowings (ECBs) to India amounted to $5.0 billion in July-September, a reversal from the outflows of $1.9 billion in the corresponding period a year ago. Non-resident deposits (NRI deposits) too recorded higher net inflows of $6.2 billion, versus $3.2 billion a year ago. During the first half of the current fiscal (April-September), the current account deficit remained flat at 1.2 percent or $21.4 billion on a year-on-year basis. Net FDI inflows during this period stood at $4.4 billion, higher than $3.9 billion in the first half of the last financial year. India's CAD for the second quarter of FY25, however, is wider than the figures for April-June of 2024-25, which came in at 1.1 percent of the GDP.

2024-12-27 18:03

2024-12-27

18:03

moneycontrol.com

https://www.moneycontrol.com/technology/two-pizzas-every-second-for-365-days-here-s-what-india-ordered-on-zomato-in-2024-article-12899067.html

Two pizzas every second for 365 days! Here's what India ordered on Zomato in 2024

Two pizzas every second for 365 days! Here's what India ordered on Zomato in 2024.Related stories.

Zomato, the market leader in food delivery, clocked nearly two pizza orders every second in 2024, the company revealed in its year-end wrap on December 27. "You can line them (pizzas) up from Mumbai to New York City and beyond," Zomato said based on its findings. However, despite a staggering 5.84 crore orders during the year, pizzas were only the second most-ordered dish on the platform. Biryani, at 9.13 crore orders during the year, was the most popular dish on Zomato, the company said. That translates to more than three biryani orders per second, every day for 365 days! Even onSwiggy, the number two food delivery player, biryani was the most popular dish followed by pizzas. The Bengaluru-based company had earlier said it received two biryani orders per second which made it the undisputed ‘king’ of the food kingdom, surpassing pizzas. Biryani and pizzas, for long, have been the most popular dishes Indians have ordered on food delivery apps. Dosas and burgers were also on the list of most popular dishes, along with others. Shedding light on the chai vs coffee debate, Zomato said tea took the crown. Zomato received 77 lakh tea orders in 2024, slightly ahead of 74 lakh coffee orders during the year. ALSO READ:Chips, colas, condoms rule shopping carts on Blinkit, Zepto, Instamart in 2024 Apart from food delivery, Zomato also has a dining out/going out business. “A Zomato Gold customer saved Rs 2,24,591 on delivery and dining,” Zomato said in its year-end wrap. Zomato Gold is the company’s loyalty programme that users can enrol under to get discounts. It rivals Swiggy One.

2024-12-27 17:52

2024-12-27

17:52

moneycontrol.com

https://www.moneycontrol.com/news/world/german-president-dissolves-parliament-sets-february-23-election-date-12898981.html

German president dissolves parliament, sets February 23 election date

German President Frank-Walter Steinmeier.

German President Frank-Walter Steinmeier dissolved parliament on Friday and confirmed the expected date for the early general election prompted by the collapse of Olaf Scholz's government last month. Scholz's coalition was brought down by internal fights over how to revive Europe's largest economy, but a deadly car-ramming attack at a Christmas market last week has renewed the country's heated debates over security and immigration. Confirming the February 23 date for the election, Steinmeier emphasised a need for "political stability" and appealed for the campaign to be "conducted with respect and decency". He also said he wanted "the campaign to be conducted with fair and transparent means" and warned of the dangers of "foreign influence... which is particularly intense on X," the social media platform owned by billionaire Elon Musk. "Hatred and violence must have no place in this election campaign, nor denigration or intimidation... all this is poison for democracy," Steinmeier said. He also reminded political parties and voters of the challenges the next government will face given the "economically unstable situation... the wars in the Middle East and Ukraine" as well as debates over immigration and climate change. Scholz will remain in office as a caretaker chancellor until a new government is formed, which could take several months.

2024-12-27 17:48

2024-12-27

17:48

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/india-s-forex-reserves-drop-to-over-seven-month-low-12899063.html

India's forex reserves drop to over seven-month low

he forex reserves also include India's reserve tranche position in the International Monetary Fund..

India's foreign exchange reserves fell for a third consecutive week and stood at a more-than-seven-month low of $644.39 billion as of Dec. 20, data from the Reserve Bank of India (RBI) showed on Friday. The reserves declined by $8.5 billion in the reporting week, logging their biggest weekly fall in over a month. They had declined by a total of $5.2 billion in the prior two weeks. Changes in foreign currency assets are caused by the central bank's intervention in the forex market as well as the appreciation or depreciation of foreign assets held in the reserves. The RBI intervenes on both sides of the forex market to curb undue volatility in the rupee.Last week, the rupee declined 0.2% and also hit a then all-time low of 85.10 per U.S. dollar. Since slipping below the 84 handle in mid-October, the rupee has been on a downward spiral amid concerns over India's growth slowdown, foreign outflows, U.S. President-elect Donald Trump's trade policies and a hawkish Federal Reserve. Regular interventions from the RBI have, however, kept the rupee's decline in check.The domestic unit settled at 85.5325, down 0.3% on the day, its worst single-day fall since June 4. The rupee was down nearly 0.3% on the week, its eighth consecutive weekly fall.The forex reserves also include India's reserve tranche position in the International Monetary Fund.

2024-12-27 17:40

2024-12-27

17:40

moneycontrol.com

https://www.moneycontrol.com/news/india/jd-u-takes-a-shot-at-bjp-after-row-over-ishwar-allah-embrace-gandhian-socialism-envisaged-by-vajpayee-12899051.html

JD(U) takes a shot at BJP after row over 'Ishwar Allah': 'Embrace Gandhian socialism envisaged by Vajpayee'

The rendition of 'Ishwar Allah Tero Naam' at an event to commemorate the life of former PM Atal Bihari Vajpayee in Patna evoked strong protests from a section of the crowd. (Getty Images).Related stories.

The Nitish Kumar-led Janata Dal (United) has offered a word of advice to the Bharatiya Janata Party, suggesting that its alliance partner follow the Gandhian socialism as envisaged by its founding father Atal Bihari Vajpayee. The remarks from the JD(U) came in wake of protests faced by a folk singer for signing the lines of "Ishwar Allah tero naam" during her rendition of the 'Raghupati Raghav Raja Ram' bhajan, at an event to commemorate the life of former Prime Minister Atal Bihari Vajpayee on the occasion of his 100th birth anniversary in Patna on Wednesday. The renowned folk singer, Devi, apologised for singing the lines after around 50 people in the gathering protested against the rendition. On Friday, JD(U) chief spokesperson Neeraj Kumar said 'Raghupati Raghav' and 'Vaishnav Jan' were among the favourite Gandhi bhajans sung across the world wherever Indian diaspora is present. "The protest ofRaghupati Raghavis unacceptable and condemnable. After all, it was Vajpayee who adopted Gandhian socialism to reinforce his cohesive and assimilative politics. Let BJP follow Gandhian socialism as envisaged by AB Vajpayee,” Kumar told The Indian Express. BJP's connect to Gandhian socialism Soon after its formation following a split with the Janata Party, the Bharatiya Janata Party, with Vajpayee as its first president, adopted Gandhian socialism as a party policy. The adoption of Gandhian socialism had faced strong objection from party vice-president Vijaya Raje Scindia who claimed that it would turn the party into a photocopy of the Congress. She withdrew the objection saying that the party's senior leaders had clarified that the BJP's socialism had 'Indian content' unlike that of Karl Marx and that the socialism adopted by the BJP was the 'jan kalyanwad' of Indian tradition and 'integral humanism' that Deen Dayal Upadhayay had argued. The BJP continued on the path of Gandhian socialism until its drubbing in the Lok Sabha elections in 1984 -- the party won only 2 seats -- and returned to the path of Hindu fundamentalism. Gandhi embedded in Nitish Kumar's politics: JD(U) The JD(U) leader also sought to draw a distinction between the BJP and the politics followed by their party leader and Bihar Chief Minister Nitish Kumar. "Mahatma Gandhi is deeply embedded in the politics of our leader Nitish Kumar. From organising the grand 150th-anniversary celebrations to making a Gandhi memorial building, Bapu Tower, to calling the biggest auditorium in Patna Bapu Sabhagar, Gandhi’s ideals are practised and emulated,” he said. The heckling of a the folk singer by a section of the crowd in Patna had triggered a sharp reaction from BJP leader and former Union minister Shahnawaz Hussain who termed the disruption "the height of intolerance". Former Union minister Ashwini Vaishnaw, who was among the organisers of the event, also said the incident should not have happened.

2024-12-27 17:36

2024-12-27

17:36

moneycontrol.com

https://www.moneycontrol.com/news/opinion/gst-council-s-wish-to-introduce-retrospective-amendment-on-construction-is-a-bad-idea-12898562.html

GST Council’s wish to introduce retrospective amendment on construction is a bad idea

-.Related stories.

Should credit/set-off be available for taxes incurred on the input side by a taxpayer for construction of a structure/immoveable property which is integrally connected to the said taxpayer’s output side taxable activity? This is a question that has reared its head again and again in the history of Indian indirect tax laws. This debate has been rekindled with the retrospective amendment recommended by the GST Council in its recent meeting on 21st December, to overcome a Supreme Court judgment which had given a lot of hope to taxpayers. Background to the Supreme Court judgment Under GST, there is a specific provision restricting the benefit of credit/set-off of GST incurred for purchase of goods/services by a taxpayer “for construction of an immovable property (other than plant or machinery) on his own account”. It is important to point out that as per this provision, the benefit of credit/set-off will be available (i) if the asset/building being constructed qualifies as “plant or machinery”; or (ii) if it can be established that the taxpayer is not getting the said asset/building constructed “on his own account”. In a judgment [Chief Commissioner of CGST vs Safari Retreats Pvt Ltd. -Civil Appeal No. 2948 of 2023], the Supreme Court interpreted the above credit restriction and laid down the following interpretation of “plant or machinery”as well as “on his own account”.On “plant or machinery”-The Supreme Court noted that GST laws define the expression ‘plant and machinery’ but not the words ‘plantormachinery’ and thus the same has to be understood in a broad commercial sense. If the building in question was planned and constructed to serve a taxpayer’s special technical requirements and is essential for carrying out the taxpayer’s output activity, the building could be held to be a ‘plant’.For “on his own account”- Cases of construction “on his own account”should be confined to a scenario where the structure/immoveable property in question is constructed (a) for the taxpayer’s personal use and not for providing output service; or (b) for usage by the taxpayer as a ‘setting’ /premises in which the taxpayer is carrying out business as opposed to being the very means or basis for provision of output taxable activity (for example -  leasing/licensing or selling  the said immoveable property/structure).The above conclusions were welcomed with enthusiasm by the real estate industry. It is pertinent to emphasize here that while the above legal propositions were articulated by the Supreme Court in the context of a commercial real estate business (since that was the lead matter before Supreme Court), they could potentially be applied in a wider sphere too – for example:By a concessionaire who operates a port, airport or similar projects under a PPP (public private partnership) model or LNG regasification terminal who has incurred/plans to incur significant input side expenses.By a manufacturing entity who has incurred/plans to incur significant input side capital expenditure. GST Council’s recommended retrospective amendment The GST Council in its recent meeting on 21st December recommended to replace the phrase "plant or machinery" with "plantandmachinery", retrospectively, with effect from 1st July 2017. As is evident, this is intended to overcome the favourable interpretation by the Supreme Court of the words ‘plantormachinery’. It is disappointing to see the spectre of retrospective tax amendment rear its head again, against the taxpayers. All is not lost While this retrospective amendment, if implemented, will certainly dampen the spirits especially in the commercial real estate sector in India, it is pertinent to highlight that this amendment only deals with one of the two conclusions of the Supreme Court in theSafari Retreatscase. The legal arguments based on the Supreme Court’s interpretation of construction by the taxpayer “on his own account”[see point (ii) above] will remain untouched and undiminished by this retrospective amendment and may continue to be strongly relied upon by companies in the commercial real estate space or in infrastructure/PPP space to avail credit/set-off of GST incurred for purchase of goods/services for bringing into existence a building/ asset which could qualify as the ‘means’ of provision of their respective output taxable services (that is, port or airport services, commercial renting/leasing services etc.). Parting thoughts Given the massive investments being made all over India for construction of critical infrastructural assets as well in the commercial real estate space, one hopes that the central and the state legislatures would re-evaluate whether to legislate this retrospective amendment recommended by the GST Council as such an amendment may significantly add to litigation under GST on the issue of input credits. (Sudipta Bhattacharjee is Partner (Indirect Taxes & Customs) Khaitan & Co. Views expressed above are the author’s personal views and not that of Khaitan & Co.) Views expressed above do not represent the stand of this publication.

2024-12-27 17:25

2024-12-27

17:25

moneycontrol.com

https://www.moneycontrol.com/news/india/when-manmohan-singh-reflected-on-his-best-moment-and-biggest-regret-as-pm-12899047.html

When Manmohan Singh reflected on his 'best moment' and 'biggest regret' as PM

Manmohan Singh.Related stories.

Former Prime Minister Manmohan Singh, who passed away on Thursday at 92, was always a man of few words. But when he spoke, the world listened. Throughout his tenure, both as finance minister and Prime Minister, Singh made many memorable speeches and statements. Yet, it washis last press conferencethat made the most impact. "I do not believe that I have been a weak Prime Minister ... I honestly believe that history will be kinder to me than the contemporary media or for that matter the Opposition in Parliament ... Given the political compulsions, I have done the best I could do," he said in his memorable final words as Prime Minister — a fitting reflection from a man who was often criticized for his silence. Watch the full press conference here At the same press conference, he was asked about his “best moment” and “biggest regret” during his decade-long tenure. Singh said that the civil nuclear deal with the United States was the “best moment” of his tenure as Prime Minister. Recalling the landmark deal, which faced immense pushback from the Left, Dr. Singh said: “I will need time to reflect on this. But certainly, the best moment for me was when we were able to strike a nuclear deal with the United States to end the nuclear apartheid which had sought to stifle the processes of social and economic change, and technical progress of our country in many ways." The deal was announced in 2005 under Singh’s leadership and with then-President George W Bush. It marked a significant shift in India’s nuclear policy and its relationship with US, opening the door to civilian nuclear cooperation. READ: Former PM Manmohan Singh passes away: Timeline of his 5-decade old career When asked about his biggest regret during his time as Prime Minister, Singh acknowledged that there was much more to be done in the field of healthcare. He expressed regret over not being able to achieve more in the sector. “I am sorry. I haven’t thought through this matter. But certainly, I would like to do a lot more in the area of healthcare, healthcare for children, and healthcare for women. The National Rural Health Mission that we started has achieved impressive results but a lot more needs to be done." The National Rural Health Mission (NRHM), launched in 2005, was a key initiative of the UPA government aimed at improving healthcare access for rural populations, particularly women and children.

2024-12-27 17:24

2024-12-27

17:24

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/hero-moto-harley-davidson-extend-tie-up-plan-new-bike-for-indian-and-global-markets-12899018.html

Hero Moto, Harley Davidson extend tie up, plan new bike for Indian and global markets

In November, Hero Moto improved its Vahan market share to 31.6%, riding on strong festive period demand..Related stories.

Hero MotoCorp and America's Harley Davidson have extended their existing collaboration, and are planning to develop and manufacture a new motorcycle for Indian as well as global markets, the company said in an exchange filing on December 27. Both the two-wheeler majors also decided to expand the X440 motorcycle range in India into new variants, in an effort to win the market share in the premium segment. Hero Moto's premium portfolio includes brands like Vida, Harley, Mavrick, Karizma, Xpulse and Xtreme. The company has in the past said that it plans to open up to 100 Premia stores. Hero Moto has been building its two-wheeler portfolio since last year, including plans for ICE and EV scooters. CEO Niranjan Gupta had in FY24 said thatHero Motowill aim to 'grow exponentially' in the premium portfolio across ICE as well as EVs. During the September quarter earnings call, the management said it will now focus on brand building and launch new model over next six months. Harley Davidson had in 2020agreed to hand over sales, service and distributionof its products to Hero MotoCorp, after deciding to exiting about 40 markets where volumes were low, not warranting investments. Harley's closure of India operations in September 2020 came after 11 years of underperformance, which saw the company sell only 25,000 units in total. Hero MotoCorp and Harley Davidson are comparable in annual turnover with Hero Moto's FY24 sales at Rs 37,455 crore, and H-D's CY23 turnover at $5.84 billion. In November, Hero Moto improved its Vahan market share to 31.6%, riding on strong festive period demand. On a YTD basis, shares of Hero Moto are higher by 3%.

2024-12-27 17:20

2024-12-27

17:20

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/ola-electric-sees-two-top-level-exits-as-cmo-and-cto-resign-12899021.html

Ola Electric sees two top-level exits as CMO and CTO resign

Ola Electric sees two top-level exits as CMO and CTO resign.Related stories.

Ola Electric’s Chief Marketing Officer, Anshul Khandelwal, and Chief Technology Officer, Suvonil Chatterjee, have stepped down from their roles, just months after the company undertook a major reorganisation, sources toldMoneycontrol. Chatterjee joined the company six years ago as Head of Design and was pivotal in developing key products, including Ola Krutrim and Ola Maps. In 2021, he was promoted to Chief Technology and Product Officer. Khandelwal, who joined the company in 2019, previously served as Head of Marketing and Revenue at Foodpanda, which Ola acquired in 2020. He later took on the role of Head of Marketing at Ola Foods and steadily rose through the ranks to become the Chief Marketing Officer of Ola Electric. Ola Electric did not comment on the exits. Ola Electric had seen the exit of its co-founder and former chief technology officer, Ankit Bhati, in 2019. Earlier this year, the company also lost Pramendra Tomar, its company secretary and compliance officer. In the mid of December, Ola Group's chief people officer N Balachandar also exited the firm. In November of 2024,Ola Electric announced a major restructuring exercisethat affected at least 500 employees. The firm undertook two restructuring exercise in September of 2022 ahead of its IPO where it announced raft of new hires, in a bid to centralise and unify operations across verticals. The exits come just two days after the firm announced a major expansion of its retail and service network, growing from 800 to 4,000 stores across India. Ola Electric, on November 8, said its net loss narrowed in second quarter, helped by a jump in sales and lower raw material costs. The Bengaluru-based company said its consolidated loss narrowed to Rs 495 crore in the July-September quarter from Rs 524 crore a year earlier. The electric vehicle maker clocked a consolidated revenue of Rs 1,214 crore, which went up by around 39% year-on-year from Rs 873 crore in the year-ago period.

2024-12-27 17:20

2024-12-27

17:20

moneycontrol.com

https://www.moneycontrol.com/news/world/china-defends-plan-to-build-world-s-largest-dam-over-brahmaputra-river-in-tibet-says-will-not-affect-lower-reaches-12899028.html

China defends plan to build world's largest dam over Brahmaputra River in Tibet; says will not affect lower reaches

China has always been responsible for the development of cross-border rivers, Mao told a media briefing here a question on the concerns related to the dam..Related stories.

China on Friday defended its plan to build the world’s largest dam on the Brahmaputra River in Tibet saying that the project will not affect riparian states and safety issues have been addressed through decades of studies. Chinese Foreign Ministry spokesperson, Mao Ning played down apprehensions over the massive project estimated to cost around USD 137 billion being built in the ecologically fragile Himalayan region located along a tectonic plate boundary where earthquakes occur frequently.She said China has carried out in-depth studies for decades and taken safeguard measures. China has always been responsible for the development of cross-border rivers, Mao told a media briefing here a question on the concerns related to the dam.She said the hydropower development in Tibet has been studied in an in-depth way for decades and safeguard measures have been taken for the security of the project and ecological and environmental protection.The project will not affect lower reaches, she said.China will continue to maintain communication with countries in the lower reaches through existing channels and step up international cooperation on disaster prevention and relief for the benefit of the people by the river, she said. China on Wednesday approved the construction of the world’s largest dam, stated to be the planet’s biggest infra project on the Brahmaputra River in Tibet close to the Indian border, raising concerns in riparian states – India and Bangladesh.The hydropower project is to be built in the lower reaches of the Yarlung Zangbo River, the Tibetan name for the Brahmaputra, an official statement said. The dam is to be built at a huge gorge in the Himalayan reaches where the Brahmaputra River makes a huge U-turn to flow into Arunachal Pradesh and then to Bangladesh.Mao said China’s hydropower development in the lower reaches of the Yarlung Zangbo River aims to speed up the development of clean energy and respond to climate change and extreme hydrological disasters.The total investment in the dam could exceed one trillion yuan (USD 137 billion), which would dwarf any other single infrastructure project on the planet including China’s own Three Gorges Dam, regarded as the largest in the world, the Hong Kong-based South China Morning Post reported on Thursday. China has already Operationalised the USD 1.5 billion Zam Hydropower Station, the largest in Tibet in 2015.The Brahmaputra dam was part of the 14th Five-Year Plan (2021-2025) and National Economic and Social Development and the Long-Range Objectives Through the Year 2035 adopted by Plenum, a key policy body of the ruling Communist Party of China (CPC) in 2020.Concerns arose in India as the dam besides empowering China to control the water flow, the size and scale of it could also enable Beijing to release large amounts of water flooding border areas in times of hostilities. India too is building a dam over Brahmaputra in Arunachal Pradesh.India and China established the Expert Level Mechanism (ELM) in 2006 to discuss various issues related to trans-border rivers under which China provides India with hydrological information on the Brahmaputra River and Sutlej River during the flood seasons.Data sharing of trans-border rivers figured in the talks between India, China Special Representatives (SRs) for border questions, NSA Ajit Doval and Chinese Foreign Minister Wang Yi, held here on December 18.The SRs provided positive directions for cross-border cooperation and exchanges” including data sharing on trans-border rivers, a statement by the Ministry of External Affairs said.The Brahmaputra Dam presents enormous engineering challenges as the project site is located along a tectonic plate boundary where earthquakes occur.The Tibetan plateau, regarded as the roof of the world, frequently experiences earthquakes as it is located over the tectonic plates.

2024-12-27 17:19

2024-12-27

17:19

moneycontrol.com

https://www.moneycontrol.com/news/business/startup/the-a-z-of-tech-and-startups-a-2024-guide-from-moneycontrol-12898992.html

The A-Z of Tech and Startups: A 2024 guide from Moneycontrol

While Zomato became India's first venture backed startup to enter the BSE Sensex, Swiggy made a successful debut at the bourses..

It’s the most wonderful time of the year—not just for the holiday cheer but because our much-awaited year-end guide is back for the third time! Presenting the 2024 A-Z Guide from the Moneycontrol Technology and Startup team, your go-to resource for everything that was buzzing in the new economy this year. While 2023 ended on a sombre note, wracked by news of funding winter, cost cuts and layoffs, things started looking up in 2024. Even as startups focused on bring costs down and turning a profit, funding made a comeback in the private sector and over a dozen new age firms hit the public markets. While Zomato became India's first venture backed startup to enter the BSE Sensex, Swiggy made a successful debut at the bourses. Quick commerce turned red hot, with Zepto raising over a billion dollars this year, even as the OG e-commerce giants Flipkart and Amazon entered the fray. As we prepare to ring in 2025, here's a handy glossary of names, themes and trends that became part of our vocabulary in 2024.

2024-12-27 17:09

2024-12-27

17:09

moneycontrol.com

https://www.moneycontrol.com/technology/vivo-x200-pro-vs-find-x8-pro-how-the-two-premium-phones-compare-article-12898942.html

Vivo X200 Pro vs Find X8 Pro: How the two premium phones compare

oppo vs vivo.

The Vivo X200 Pro and Oppo’s Find X8 Pro are two flagship smartphones offering premium features, with a focus on performance, camera quality, battery life, and display. Both phones offer powerful features, but their design, specifications, and user experience come with subtle differences. Let’s compare these two models across key aspects to help you decide which one stands out. Vivo X200 Pro vs Find X8 Pro performance Both phones come with the MediaTek Dimensity 9400 chip, which means you’re getting super fast performance no matter which one you pick. The Vivo X200 Pro offers up to 16GB of RAM and the latest UFS 4.0 storage, making it great for multitasking and gaming. The OPPO Find X8 Pro also gives you the same RAM and storage setup, so no matter which phone you choose, you're getting smooth performance. The Vivo X200 Pro has slightly higher CPU clock speeds, but honestly, in daily use, you probably won’t notice a big difference. Vivo X200 Pro vs Find X8 Pro camera When it comes to the camera, both phones bring their A-game. The Vivo X200 Pro has a 200MP main camera, which is impressive, along with a 50MP ultrawide and another 50MP telephoto lens. But the OPPO Find X8 Pro takes it a step further with four cameras: a 50MP ultrawide, 50MP main, 50MP telephoto, and a 50MP ultra-telephoto lens. The Find X8 Pro also has Hasselblad Color Calibration for more natural-looking colors. Both phones can record in 4K, and both have great video features, but if you want more zoom and a more stable video experience, the Find X8 Pro wins here. Vivo X200 Pro vs Find X8 Pro battery When it comes to battery life, both phones do really well. The Vivo X200 Pro has a 6000mAh battery and supports 90W fast charging along with 30W wireless charging. It’s a powerhouse and charges up quickly. The OPPO Find X8 Pro has a slightly smaller 5910mAh battery but compensates with 80W SUPERVOOC charging, which can juice up your phone in no time. It also supports 50W wireless charging. Both phones should easily last you a day of heavy use, but the Vivo X200 Pro’s larger battery gives it a slight edge in longevity. Vivo X200 Pro vs Find X8 Pro display The display is another area where both phones impress. The Vivo X200 Pro features a 6.78-inch AMOLED screen with a 120Hz refresh rate and a peak brightness of 4500 nits, which is ideal for outdoor use. It offers vibrant colors and smooth visuals, perfect for media consumption and gaming. The OPPO Find X8 Pro also boasts a 6.78-inch AMOLED display with a 120Hz refresh rate and HDR support. Final thoughts Both the Vivo X200 Pro and OPPO Find X8 Pro are fantastic phones, so it really comes down to what matters most to you.

2024-12-27 17:00

2024-12-27

17:00

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/mamata-machinery-dam-capital-and-more-3-out-of-5-newly-listed-stocks-extended-gains-today-12898986.html

Mamata Machinery, DAM Capital, and more: 3 out of 5 newly-listed stocks extended gains today

Mamata Machinery, DAM Capital, and more: 3 out of 5 newly-listed stocks extended gains today.Related stories.

Shares of Mamata Machinery, DAM Capital Advisors and Concord Enviro Systems surged on their stock market debut on Friday, ending the day in positive territory. Meanwhile, Sanathan Textiles and Transrail Lighting saw their gains reverse, closing in the red. Mamata Machinery: The packaging machinery manufacturer, delivered one of the strongest stock market debuts of the year, soaring nearly 160 percent. The stock listed at Rs 600 on the BSE, a premium of 146.91 percent over its issue price of Rs 243. It further hit the 5 percent upper circuit, closing at Rs 629.95, marking a 159.23 percent gain. On the NSE, the stock also opened at Rs 600, with the company's market valuation reaching Rs 1,550.29 crore by the close of trading. DAM Capital Advisors:Investment bank listed at Rs 392.90 on the BSE, a 38.83 percent premium to its issue price of Rs 283. The stock later climbed 61.44 percent to Rs 456.90 before ending the day at Rs 415.05, up 47 percent. On the NSE, the stock opened at Rs 393, a 38.86 percent premium, and closed at Rs 416 per share. Concord Enviro Systems:Concord Enviro Systems Ltd made a strong debut, with its shares listing at Rs 832 on the BSE, up 18.68 percent from the issue price of Rs 701. The stock settled at Rs 830.35, reflecting an 18.45 percent rise on the NSE. Sanathan Textiles:A yarn manufacturer, initially saw a 31 percent gain, listing at Rs 422.30 on the NSE compared to its issue price of Rs 321. However, the stock slipped during the day, closing 6.73 percent lower at Rs 393.90. On the BSE, it opened at Rs 419.10, a 30.56 percent premium, and touched Rs 422.65 before retreating. Transrail Lighting:Shares of Transrail Lighting Ltd opened at Rs 590 on the NSE, a 36.57 percent premium to its issue price of Rs 432. The stock surged to Rs 604 before closing at Rs 554.50, down 6.02 percent from its opening price. On the BSE, Transrail Lighting listed at Rs 585.15, reflecting a 35.45 per cent jump, before peaking at Rs 604.

2024-12-27 16:55

2024-12-27

16:55

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/2024-a-landmark-year-for-green-energy-in-india-with-record-renewable-addition-and-policy-momentum-12898930.html

2024: A landmark year for green energy in India with record renewable addition and policy momentum

High domestic demand, increasing module manufacturing capacity and falling component prices saw domestic module prices also dropping by 10 percent on-year to 10 cents/Wp through December..Related stories.

India’s clean energy landscape took a defining shape in 2024 with record renewable capacity tendering and installations along with a bunch of policy announcements aimed at making the country more self reliant and curbing cheap imports from China. India reached a significant milestone this year with the country's total renewable energy (RE) capacity crossing the 200 GW (gigawatt) mark. This growth aligns with the country's ambitious clean energy target of achieving 500 GW from non-fossil sources by 2030. As of November 30, India had 213.70 GW of installed non-fossil power capacity, which includes 94.17 GW solar power, 47.96 GW wind power, 11.34 GW bio-power, 5.08 GW small hydropower, 46.97 GW large hydropower and 8.18 GW nuclear power. The total installed energy capacity in the country as of November 30 stood at 456.76 GW which includes 243.06 GW thermal energy, 8.18 GW nuclear energy and 205.52 GW renewable energy. It is in 2024 that clean energy now constitutes at least 45 percent of India’s total power generation capacity. Also Read: iDEX-like scheme for green energy on the cards: MNRE Secretary In the calendar year 2023, a total renewable capacity of 13.5 GW was installed, whereas between January and November this year alone the capacity addition doubled with the country adding at least 24 GW. Union Minister for New and Renewable Energy Pralhad Joshi toldMoneycontrolthat another landmark decision by the government in 2024 was the launch of the PM Surya Ghar: Muft Bijli Yojna, which aims to have rooftop solar installations in one crore households with an outlay of Rs 75,000 crore. “Currently the scheme stands at more than 7.10 lakh installations and more than 1.50 crore registrations. Overall, the total renewable energy generation, which was stuck at just 193.50 billion units in 2013-14, has more than doubled to 359.89 billion units in 2023-24,” he said. Record bidding and unsold power In a first, bidding activity witnessed a significant jump with 47 GW renewable capacity auctioned in FY24. This is the highest-ever capacity auctioned in a single year. The bidding activity continued to remain sizeable with about 27 GW auctioned in the first eight months of FY25. While the increase in bidding activity is positive providing a pipeline for capacity addition, there are delays in the signing of power purchase agreements (PPAs) / power sale agreements (PSAs) by the central bidding agencies with the state distribution utilities. The issue of unsold energy came to light after the indictment of Gautam Adani and others by the US Department of Justice and the Securities and Exchange Commission. Industry estimates show that nearly 40 GW of green projects have no takers. “Given that the renewable purchase obligation (RPO) trajectory is set to increase from 29.91 percent in FY25 to 43.33 percent in FY2030, the state discoms must increase their procurement of renewable energy through signing of new PPAs/PSAs to meet this target. In this context, the enforcement of RPO norms by the state electricity regulators remains important to ensure timely signing of the PPAs/PSAs by the discoms,” said Girishkumar Kadam, Senior Vice President & Group Head - Corporate Ratings, ICRA Ltd. Also Read: Centre to launch PLI scheme for power transmission sector by end of FY25 He said execution challenges remain an area of concern for the sector, with respect to delays in land acquisition and transmission connectivity, which if sustained could hamper the capacity addition prospects. Manufacturing in the renewable sector India was almost absent in the solar manufacturing scene, with only 2 GW of solar module production until a decade ago. In 2024, India’s solar module manufacturing skyrocketed to 60 GW and by 2030, the government aims to hit 100 GW. Until the last financial year, India had almost no domestic production of solar cells and wafers. In 2024, India now has 12 GW of solar cell production and 2 GW of wafer production. “By 2030, we are confident that our capacity will soar to 70 GW for cells and 40 GW for wafers, reducing our dependence on imports and becoming a self-sustaining powerhouse,” Union minister Pralhad Joshi told Moneycontrol. Also Read: Exclusive | Will award 7.8 lakh tpa new green hydrogen production A number of policy moves also helped India hugely ramp up its solar manufacturing capacity. Implementation of the Approved List of Models and Manufacturers for solar modules (ALMM-I) from April 1 helped boost demand for domestic modules, along with government-aided schemes supporting demand for modules with domestic content requirement (DCR modules). Further, on December 9, the Union government imposed ALMM-II for solar cells. Jatin Arya, Director, CareEdge Ratings, said the solar equipment manufacturing sector has several tailwinds including healthy domestic demand prospects, rising export opportunities, proactive policy support, and improved lenders’ appetite for RE projects. “However, lack of integrated solar equipment capacity, supply chain dependence on China, increasing competitive intensity, and delay in RE capacity additions due to systemic issues are some headwinds that remain monitorable over the medium term,” he said. Green hydrogen India's National Green Hydrogen Mission (NGHM) has made significant progress since its launch two years back, supported by policy initiatives and substantial financial aid. Key milestones in 2024 include awarding 4.12 lakh tonnes per annum (LTPA) capacity to 10 companies for the production of green hydrogen with a total subsidy of Rs 3,055 crore. Another tender of 4.5 LTPA is currently live for green hydrogen production and one for 7.39 LTPA for green ammonia (for fertilisers), showed Ministry of New and Renewable Energy data accessed by Moneycontrol. Also Read: Reliance, L&T, ReNew, Waaree bid for second round of green hydrogen incentives Such tenders have drawn strong responses (bidders were in double digits) underscoring enthusiasm around the sector’s growth prospects. Outlook for 2025 The government plans to issue more tenders for the production of green hydrogen and its derivatives in 2025, Union minister Pralhad Joshi toldMoneycontrol. Srivatsan Iyer, Global Chief Executive Officer, Hero Future Energies, said in 2025, modernising grid infrastructure, advancing energy storage solutions, and strengthening the domestic supply chain will be critical priorities. “By 2030, India will need around 38 GW of battery storage capacity to seamlessly integrate renewables into the grid, underscoring the need for significant investments in this space. Additionally, green hydrogen presents immense potential to decarbonsie industries and diversify renewable energy offerings,” he said. Sehul Bhatt, Director- Research at CRISIL Market Intelligence and Analytics, said in FY26, about 22-23 GW of solar and 3-4 GW of wind capacities are expected to be added as healthy pipelines and favourable cost economics are likely to continue (for photovoltaic) at a global level. He further said that more RE bids are likely with storage.Moneycontrolwas the first to reporton the Centre’s plan to make battery storage mandatory for upcoming RE projects. “As per market estimates, lithium-ion battery prices dropped 20 percent from $144/kWh in 2023 to $115/kWh in 2024. This led to increased incorporation in bids of adoption of the technology coupled with RE fuels, largely for peak power supply or load following supply applications. Removal of basic customs duty on critical minerals, such as lithium and cobalt has further cut costs of battery energy storage systems. In 2024, out of the 63 GW allocated for utility-scale RE projects, an estimated 12 GW was allocated for RE and storage projects,” Bhatt said.

2024-12-27 16:53

2024-12-27

16:53

moneycontrol.com

https://www.moneycontrol.com/news/india/what-is-svamitva-scheme-centre-s-initiative-to-provide-record-of-rights-to-rural-household-owners-12899023.html

What is SVAMITVA scheme, Centre's initiative to provide ‘record of rights’ to rural household owners?

Through the use of advanced drone technology to survey and demarcate rural properties, the SVAMITVA scheme aims to create accurate land records and support sustainable rural development. (Image: GOI).Related stories.

The Union Ministry of Panchayati Raj (MoPR) on Wednesday (December 25) declared that rural residential properties worth Rs 1.37 lakh crore can now be monetised to secure institutional credit under the ambitious SVAMITVA scheme. Launched in 2020, the scheme is aimed at empowering rural India by formalising property ownership to enhance financial inclusion and driving economic development. SVAMITVA Scheme explained SVAMITVA, which stands for Survey of Villages and Mapping with Improvised Technology in Village Areas, addresses the issue of undocumented rural properties that have long hindered access to institutional credit. By issuing property cards, the scheme enables rural residents to leverage their residential properties as financial assets for loans and other economic benefits. Launched by the Ministry of Panchayati Raj in 2020, the scheme uses advanced drone technology to survey and demarcate rural properties. Its goal is to create accurate land records and support sustainable rural development. Since its inception, the SVAMITVA scheme has made remarkable strides. Of the targeted 3.44 lakh villages, 3.17 lakh (92%) have been surveyed and property cards have been distributed to 1.36 lakh villages. On December 27, Prime Minister Narendra Modi will distribute an additional five million property cards across India. The scheme's achievements extend beyond financial inclusion. It has been instrumental in resolving long-standing property disputes and aiding gram panchayats in tackling land encroachments. The Ministry estimates the project will achieve its full targets by 2026. Adoption with some resistance Currently, 31 states and Union Territories have adopted the SVAMITVA scheme. While states like Jharkhand have resisted its implementation, others, including Tamil Nadu, Bihar and Odisha, have opted out, citing updated rural land records as sufficient. Sikkim, Telangana and Tamil Nadu participated only in the pilot phase. Challenges also persist in tribal regions where communal land ownership and family disputes complicate the issuance of property titles. A parliamentary standing committee has urged the government to address these legal and procedural challenges to ensure the scheme’s benefits reach all sections of society. Economic and social benefits The SVAMITVA property cards hold transformative potential for rural India. First, they enable rural households to use their residential properties as collateral to secure loans, fostering entrepreneurship and economic growth. Second, the cards facilitate the determination and collection of property taxes, benefiting gram panchayats directly in states authorised to collect such taxes. Moreover, the property cards increase the liquidity of land parcels, improve financial credit availability and help create accurate land records for rural planning. With property maps created using GIS technology, gram panchayats can devise better-quality development plans, issue construction permits and eliminate encroachments more effectively. The SVAMITVA scheme has also empowered women through joint property ownership. By formalising ownership, the initiative has resolved disputes that previously plagued rural areas, fostering harmony and cooperation within communities. Who owns the SVAMITVA data? The orthorectified base maps and GIS data generated under the SVAMITVA scheme will be jointly owned by the Survey of India, the Ministry of Panchayati Raj and state governments. However, property-related details will remain under the purview of the State Revenue Department, which oversees updates to the Right of Records (RoRs) and maps. Updates to GIS data layers will be incorporated annually by local officers, ensuring up-to-date records for effective rural administration. While the scheme has made significant headway, challenges remain, particularly in tribal areas and states resistant to implementation. The Ministry of Panchayati Raj is actively addressing these hurdles to ensure the project’s successful completion by FY 2026.

2024-12-27 16:48

2024-12-27

16:48

moneycontrol.com

https://www.moneycontrol.com/news/india/who-was-abdul-rehman-makki-involved-in-26-11-mumbai-attack-who-died-of-heart-attack-12899024.html

Who was Abdul Rehman Makki, involved in 26/11 Mumbai attack, who died of heart attack?

He had been keeping a low profile since being sentenced in terror financing (Image: X).

Hafiz Abdul Rehman Makki, the deputy chief of Lashkar-e-Taiba (LeT), died of a heart attack in Lahore on Friday, PTI reported. Makki had reportedly been ill for the last few days and was undergoing treatment following high diabetes at a private hospital in Lahore. Who was Hafiz Abdul Rehman Makki, the Lashkar terrorist linked to 26/11 attack? -Makki, the brother-in-law of Lashkar-e-Taiba founder Hafiz Saeed, played a crucial role in orchestrating the devastating 2008 Mumbai terror attacks, which resulted in the tragic loss of 175 lives and left over 300 people injured. -Makki was listed as a global terrorist by the United Nations in 2023. -According to the United Nations, Makki served as the head of LeT’s foreign relations department and was a member of its Shura (governing body). -Makki, along with others, was involved in raising funds, recruiting and radicalizing youth to violence and planning attacks in India, especially in Jammu and Kashmir. -During Makki’s leadership roles, LeT was responsible for several key attacks including Red Fort attack in 2000, 2008 Rampur attack, 26/11 Mumbai attack, among others. -Makki was arrested on May 15, 2019 by Pakistan government and was under house arrest in Lahore. In 2020, a Pakistani court convicted Makki of terrorism financing and sentenced him to prison. -He had been keeping a low profile since being sentenced in terror financing. -In 2023, Makki was designated as a global terrorist by the United Nations, subjecting him to an assets freeze, travel ban and arms embargo.

2024-12-27 16:45

2024-12-27

16:45

moneycontrol.com

https://www.moneycontrol.com/news/opinion/cold-hard-reality-of-geopolitics-enhancing-military-power-is-non-negotiable-12898563.html

Cold hard reality of geopolitics: Enhancing military power is non-negotiable

-.Related stories.

Harsh V Pant and Kartik Bommakanti The year 2024 has so far been tumultuous and eventful which witnessed India’s ties with China thawing, an uptick in violence in Jammu and Kashmir and some key technological developments in wars between Ukraine and Russia and Israel and Hezbollah that hold much importance for India. Structural problems persist in Sino-Indian ties The détente between India and China over their long running border standoff emerged with Beijing and New Delhi reaching a partial, important agreement. Of all the agreements between the two countries since outbreak of boundary crisis, the one reached in October 2024 was the most significant which involved the restoration of mutual patrolling and grazing rights in Demchok and Depsang. Whereas, the other friction points resulted in mutual withdrawals and the establishment of buffer zones, but not a restoration of patrolling as part of limited agreements reached in previous years. As of this writing the Special Representatives (SRs) of the two countries have met for the first time in five years in Beijing. Yet the readouts released following the SRs meeting by both countries are at odds with each other reflecting the gulf that remains between the neighbours. Notwithstanding a tactical retreat by China, structural problems bedevil the relationship that involves competing conceptions order and power in the Indo-Pacific. Beijing views the Indo-Pacific in hierarchical terms whereas New Delhi inclines towards multipolarity. India will have to keep the pressure on China if it wants the present more amenable orientation of Beijing to continue. Two-front security challenge On the other hand, Jammu and Kashmir witnessed a surge in terrorist violence just as India and China were reducing tension. This is not too surprising a coincidence as Beijing and Rawalpindi could very much be coordinating strategy against their common foe – India. The terrorist strikes involved several sniper attacks targeting the Indian Army’s patrol units by special operations forces trained by the Pakistan Army’ special forces. Several attacks against non-Kashmiri civilians working on infrastructure projects in Jammu. The challenge for India is that it is unlikely to get any respite from any one of its two major adversarial relationships for a significant duration. If one stabilises or subsides in intensity, the other witnesses a growth in instability and tensions. This compels New Delhi to be on its toes and demonstrates that it actually faces two active military fronts that are only variable in intensity and hostility. Lessons from Levant Beyond these challenges are there any lessons India can draw from the between Israel and Iran and its proxies Against Iran and its most formidable regional proxy – Hezbollah, Israel again proved why it remains a formidable intelligence and military power. Its deception in decapitating Hezbollah’s leadership and gravely and fatally wounding a large number of its fighters was the result of deception. The latter was also the result of Israeli intelligence exploiting an opportunity created a decade ago when Hezbollah exposed its Command, Control and Communications (C3) by despatching its fighters to Syria to protect the regime of Bashar Al Assad during the Syrian civil war, notwithstanding his recent overthrow and escape to Russia. Hezbollah’s use of pagers to communicate and coordinate military action allowed Israel to rig the devices the supplied to the militant group resulted in the significant losses incurred by its fighters and elimination of its top leadership compelling Hezbollah to accept a ceasefire on terms favourable to the Israelis. Israel’s achievement is not just one of great cunning and deception, it also holds lessons for India in demonstrating patience and in taking advantage of opportunities as they arise against its primary foes. Consequently, Israel has emerged stronger and asserted its superiority over Hezbollah weakening Iran’s projection of power in the region. The Israel Defence Forces (IDF) are inflicting even greater losses on Hamas currently through firepower and attrition. Yet these military contests have not yielded outright victory for Israel, but enabled it to assert dominance which was unthinkable even four months ago. Russia has the edge The Russia-Ukraine war also shows how both warring factions have adapted. The Russians have learnt not to expose their C3, logistics nodes and supplies by hardening and dispersing them. Ukraine, has achieved a lot with less capability demonstrating that it can be effective on the battlefield through taut C3 and small unit action. Yet numbers and the strength of capabilities will affect the course of the war as is already evident with Russia making steady progress against Ukraine and the latter doing all it can to hold to its own territory as well as gains in Russia’s Kursk region where the Russians have upped the ante by pounding Ukrainian occupied Kursk. Consequently, going in to 2025, Moscow and Tel Aviv are today stronger and have the military advantage over their adversaries. Push comes to shove, military strength combined with strong motivation to fight will determine military outcomes, which again demonstrates underlines to India’s leadership that military capabilities remain thesine qua nonof international politics. And therefore, critical defence reforms will have to be pushed with greater vigour. Without institutional, doctrinal and procedural changes, New Delhi will not be able to make the most of this moment in global geopolitics which seems to favour India. [Harsh V Pant is Vice President for Studies and Foreign Policy at Observer Research Foundation (ORF), New Delhi. Kartik Bommakanti is Senior Fellow, Defence and National Security, ORF.]

2024-12-27 16:36

2024-12-27

16:36

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/technical-view-nifty-starts-january-f-o-series-on-higher-note-resistance-lies-at-around-24-000-24-200-12898906.html

Technical View: Nifty starts January F&O series on higher note, resistance lies at 24,000-24,200

Market Today.Related stories.

The Nifty index ended higher for the second consecutive session on December 27, the first day of January series, led by auto, media, FMCG and pharma names. Amid mixed global cues, the index opened on a positive note and extended the gain as the day progress but profit booking at higher levels erased some of the intraday gains amid selling seen in the metal, realty, oil & gas and PSU bank sectors. The Nifty50 index ended at 23,813.40, up 63.20 points or 0.27 percent. For the week, the index rose 1 percent. Dr Reddy's Labs, M&M, IndusInd Bank, Eicher Motors, Bajaj Finance were among the major gainers on the Nifty, while losers are Hindalco Industries, SBI, ONGC, Coal India, Bharat Electronics. The Nifty Midcap 100 index was down 0.26 percent, while Nifty smallcap 100 index was up 0.15 percent. Among sectors, auto, pharma, media, FMCG were up 0.3-1 percent, while realty, PSU Bank, oil & gas, metal indices were down 0.5-1 percent. "After showing a narrow range movement in the last few sessions, Nifty moved up with range bound action on Friday and closed the day higher by 63 points amidst choppy trade. After opening with a positive note, Nifty moved up further in the early part of the session. However, it was not able to surpass the hurdle of 23,900-24,000 levels and slipped into weakness from the highs in the mid part of the session," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. "A small green candle was formed on the daily chart with upper shadow. Technically, this pattern indicates an attempt of upside breakout of small range movement with lack of strength. This is not a good sign." "The opening downside gap of December 19 is still intact after six sessions of its formation. The said down gap could be considered as a bearish runaway gap, which is normally formed in the middle of a down trend." "The short-term trend of Nifty is slightly positive with range bound action. The market could encounter strong overhead resistance at around 24,000-24,200 levels by next week and any rise up to the hurdles could be a sell-on-rise opportunity. Immediate support is at 23,650," he added. The Bank Nifty index also opened on positive note but despite marginal dips it traded higher and went above 51,600, intraday, before closing at 51,311.30, up 0.27 percent. The index extended the previous session gains, to end a percent higher in this week.

2024-12-27 16:32

2024-12-27

16:32

moneycontrol.com

https://www.moneycontrol.com/news/business/economy/india-may-eventually-mandate-security-parameters-for-laptop-pc-imports-12898994.html

India may eventually mandate security parameters for laptop, PC imports

Security parameters for laptops, PCs and tablets imported and sold in India could be on the anvil, similar to those issued for CCTV cameras starting April 2025..Related stories.

The government may eventually notify security parameters for laptops, PCs and tablets imported and sold in India, as part of a larger plan to ensure that hardware components are sourced from trusted partners. These could be similar to recent step taken for closed-circuit television (CCTV) cameras that mandates 'essential security parameters' for all such devices from April 2025. Through an amendment to the Compulsory Registration Order (CRO), the Ministry of Electronics and Information Technology (MeitY) had in April 2024 notified theinclusion of key security requisitesfor CCTV cameras. However, the date of implementation was pushed to April 9, 2025 from October this year, after the industry sought more time to comply with the order. “For a year, we are going ahead with the current system, so as of now, there won’t be any checks country-wise when it comes to security and quality, however, like you have CRO for CCTVs, MeitY can order that any time to bring in such checks for laptops and PCs,” a senior government official said. To be sure, such a security mandate for laptops and related products are likely to be introduced only after December 31, 2025, when theextension allowing unrestricted importsends, the official said. The rationale behind mandating security checks, especially for electronic components has been to safeguard national security and ward off potential vulnerabilities. “Securing a CCTV (Closed-Circuit Television) system is crucial to protect sensitive information and ensure the system operates effectively,” MeitY had said in April 2024, while mandating security requirements for the cameras. A similar concern was expressed when the government, in August 2023, announced restrictions on free imports of laptops, tablets, personal computers and related items. While the move was said to be largely aimed at boosting opportunities for domestic manufacturers, security concerns too had played a role. Rajeev Chandrasekhar, who was at the time Minister of State, MeitY, had toldMoneycontrol, “as we increase the digitisation of our economy, we certainly want to make sure that the elements of hardware that are going into the digital economy are allmonitored and come from trusted sources.” However, this decision was promptly set aside given concerns raised by global tech giants like Dell, Acer, Samsung, Panasonic, Apple, Lenovo, and HP, who argued that the measure would impact their operations. This then gave way to the 'import management system,' in October 2023 allowing unrestricted imports of laptops, PCs and laptops. After the latest extension, the import system remains in place till December 31, 2025.

2024-12-27 16:12

2024-12-27

16:12

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/the-rise-of-india-s-share-market-under-manmohan-singh-liberalisation-to-resilience-12898985.html

The rise and rise of India’s share market under Manmohan Singh: Liberalisation to resilience

Manmohan Singh’s first term as Prime Minister under the United Progressive Alliance (UPA) saw NSE Nifty deliver a cumulative return of over 135 percent..Related stories.

The Indian share market witnessed transformational growth, evolving into one of the world’s most dynamic investment destinations, during Manmohan Singh’s tenure as Finance Minister and later as Prime Minister. His policies paved the way for a market-driven economy, encouraging private enterprise, attracting foreign investment, and fostering the growth of new sectors. Singh, who was Indian prime minister from 2004 to 2014, died at the age of 92 on December 26. Liberalisation sets the stage for a modern market The 1991 economic crisis was a watershed moment for India, leading to the landmark liberalisation policies under Manmohan Singh as Finance Minister. These reforms dismantled the License Raj, reduced import tariffs, opened core sectors like telecom and insurance to foreign investment, and introduced partial convertibility of the rupee. The changes helped India transition from a heavily regulated economy to one driven by markets and competition. The Bombay Stock Exchange (BSE) Sensex, which averaged 1,440 points in 1991, more than tripled to 4,400 points by 1992, reflecting newfound investor confidence. “Sensex, which was around 1,000 in 1991, has multiplied about 780 times since then, trading above 78,000 now, delivering excellent returns to long-term investors. The India growth story, which liberalisation triggered, is very much intact,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Also read |Manmohan Singh: The leader who ‘opened up’ the Indian economy This period also saw the establishment of the National Stock Exchange (NSE) in 1994, which revolutionised Indian capital markets by introducing electronic trading and transparency, further boosting investor participation. The NSE's introduction complemented the broader liberalisation push by modernising the market infrastructure. Liberalisation catalysed the emergence of sectors like IT, pharmaceuticals, and private banking. Companies such as Infosys, TCS, HDFC Bank, and ICICI Bank benefited from the pro-reform environment and went on to dominate market indices. UPA I (2004-2009): Market boom amid global challenges Manmohan Singh’s first term as Prime Minister under the United Progressive Alliance (UPA) saw NSE Nifty deliver a cumulative return of over 135 percent. This growth was powered by high public and private investment, infrastructure expansion, and rising corporate earnings. Policies such as raising FDI limits in telecom and insurance sectors attracted global investors, while privatisation initiatives in ports and airports spurred economic activity. Also read |How stock markets performed under various coalition governments During this period, the Nifty climbed from 1,438 points to a high of 6,357 points. Key fiscal years like 2006-2007 saw the Nifty return 55 percent, supported by a whopping 147 percent EPS growth. Even the global financial crisis in 2008, which triggered sharp market corrections worldwide, was weathered relatively well in India due to RBI’s conservative monetary stance and government-led fiscal stimulus packages. In FY 2008-09, the Nifty rebounded with a 76 percent gain, despite a slowing GDP growth. UPA II (2009-2014): Volatility and resilience The UPA II era began with an unprecedented market rally, with the Nifty surging over 17 percent in a single day following the coalition’s re-election in May 2009. The term recorded a cumulative return of over 96 percent, with the Nifty reaching a high of 7,563 points. However, challenges mounted in the latter years as policy paralysis and corruption and scam allegations dented investor confidence. GDP growth slowed by 2011-12, while the ‘taper tantrum’ of 2013 led to sharp rupee depreciation and foreign fund outflows. Yet, the markets demonstrated resilience, with FY 2013-14 ending on a high note as the Nifty posted over 31 percent gain. Manmohan Singh’s leadership and policies enabled the Indian markets to attract both domestic and foreign investors, with sectors like IT and private banking thriving.

2024-12-27 16:07

2024-12-27

16:07