Editorji is a popular short video news and information platform based in India. It was founded in 2018 by Vikram Chandra, one of India’s leading journalists, and has risen to prominence in the digital news space in a relatively short span of time. The platform is primarily designed for mobile devices, with applications available for Android and iOS.

ABOUT US:

about us editorji

Latest Video News: Editorji provides the latest news video headlines, latest videos clip from India and the World. Get all breaking news videos on Entertainment, Business, Coronavirus, Elections, Politics and more.

Latest Video News, Breaking News, Bollywood, Political, Sports, Business News | Editorji

+91 11 4035 6666 / info@editorji.com
3rd floor, Plot B, Khasara no 360, Sultanpur, New Delhi, Delhi 110030
<a title="mail to us" href="mailto:info@editorji.com">Send Feedback</a>
<a title="Contact Us" href="mailto:info@editorji.com">Contact Us</a>

REACH US

Contact for any questions, suggestions, comments, feedback or advertisement on Editorji.com, we are always looking forward to hearing from you.

Contact Us for Feedback, Suggestions and Advertising 

Editorji content is better experienced in our app.

On December 18, 2024, the Indian stock market experienced a day of mixed performance across various sectors. The Nifty50 index closed at 24,198.85, reflecting a slight decline of 0.56% from the previous day.

Indian Stock Market: Mixed Sectoral Performance Amid IPO Highlights

On December 18, 2024, the Indian stock market experienced a day of mixed performance across various sectors. The Nifty50 index closed at 24,198.85, reflecting a slight decline of 0.56% from the previous day.

On December 18, 2024, the Indian stock market experienced a day of mixed performance across various sectors. The Nifty50 index closed at 24,198.85, reflecting a slight decline of 0.56% from the previous day.
Similarly, the NiftyBank index ended at 52,139.55, marking a 1.32% decrease.&nbsp;
Silver Linings: IPO Debuts
Amid the bearish sentiment, the IPO market provided a bright spot. MobiKwik made a stellar debut, skyrocketing 80% on listing. Similarly, Vishal Mega Mart surged 37%, and Sai Life Sciences posted a robust 28% gain on its first trading day. These performances underscored strong investor demand in the primary market, even as secondary markets faltered.
Nifty50: Neutral to Bearish Outlook
<ul>
<li>Opening Price: 24,297.95</li>
<li>Closing Price: 24,198.85</li>
<li>RSI: 46.77 (Neutral to Slightly Bearish)</li>
<li>MACD: Signal line above MACD (Bearish)</li>
</ul>
<img src="https://cdn.editorji.com/6762ad9be279e_1734520219.png" width="644" height="322">
 The Nifty50 index showed a slight pullback, with the MACD suggesting bearish momentum as the signal line remained above the MACD. The RSI was at 46.77, indicating a neutral sentiment with a slight bearish tilt. The market is showing signs of consolidation or weakness, and traders remain cautious. 
NiftyBank: Weakness Continues
<ul>
<li>Opening Price: 52,696.95</li>
<li>Closing Price: 52,139.55</li>
<li>RSI: 45.84 (Neutral to Bearish)</li>
<li>MACD: Signal line above MACD (Bearish)</li>
</ul>
<img src="https://cdn.editorji.com/6762ad77803bc_1734520183.png" width="644" height="322"> The NiftyBank sector showed continued weakness, with the MACD confirming a bearish trend. The signal line above the MACD indicates that the downward momentum is likely to persist. The RSI of 45.84 suggests that the sector remains neutral to slightly bearish, with no strong signs of recovery. 
NiftyIT: Bullish Momentum
<ul>
<li>Opening Price: 45,293.05</li>
<li>Closing Price: 45,526.85</li>
<li>RSI: 70.06 (Bullish)</li>
<li>MACD: Signal line below MACD (Bullish)</li>
</ul>
<img src="https://cdn.editorji.com/6762ad52cb471_1734520146.png" width="642" height="321">
 The NiftyIT sector demonstrated a strong bullish momentum, with the RSI in the bullish range at 70.06. The MACD line was above the signal line, indicating ongoing upward momentum. This suggests that the IT sector is performing well and could continue to show strength.
&nbsp;
NiftyAuto: Mild Bearish Sentiment
<ul>
<li>Opening Price: 23,319.60</li>
<li>Closing Price: 23,241.25</li>
<li>RSI: 42.29 (Neutral to Bearish)</li>
<li>MACD: Signal line above MACD (Bearish)</li>
</ul>
<img src="https://cdn.editorji.com/6762ad33ef5f9_1734520115.png" width="644" height="322">
The NiftyAuto sector experienced mild bearish sentiment with the RSI of 42.29, indicating a slightly bearish outlook. The MACD signal line above the MACD further suggests that the sector is facing downward pressure, and the sentiment remains cautious.
&nbsp;
NiftyFMCG: Consolidating with Bearish Bias
<ul>
<li>Opening Price: 56,578.35</li>
<li>Closing Price: 56,467.80</li>
<li>RSI: 41.75 (Neutral to Bearish)</li>
<li>MACD: Signal line above MACD (Bearish)</li>
</ul>
<img src="https://cdn.editorji.com/6762ad131e46b_1734520083.png" width="640" height="320">
The NiftyFMCG sector displayed a bearish bias as the RSI was at 41.75, indicating that it was neutral to slightly bearish. The MACD line was below the signal line, confirming a bearish outlook, with no immediate sign of a strong upward move.
&nbsp;
NiftyInfra: Neutral Momentum
<ul>
<li>Opening Price: 8,771.55</li>
<li>Closing Price: 8,695.95</li>
<li>RSI: 45.34 (Neutral)</li>
<li>MACD: Signal line below MACD (Bullish)</li>
</ul>
<img src="https://cdn.editorji.com/6762acf23ed51_1734520050.png" width="634" height="317">
The NiftyInfra sector exhibited neutral momentum, with the RSI at 45.34 showing a neutral sentiment. However, the MACD line was above the signal line, suggesting a potential for bullish momentum, although not yet a clear breakout. 
NiftyEnergy: Bearish Sentiment
<ul>
<li>Opening Price: 36,300.50</li>
<li>Closing Price: 35,981.80</li>
<li>RSI: 31.58 (Bearish)</li>
<li>MACD: Signal line above MACD (Bearish)</li>
</ul>
<img src="https://cdn.editorji.com/6762acb68982b_1734519990.png" width="640" height="320">
The NiftyEnergy sector showed significant bearish momentum, with an RSI of 31.58, indicating an oversold condition and a bearish outlook. The MACD further confirmed this, with the signal line positioned above the MACD, suggesting continued downward momentum.
&nbsp;
NiftyMetal: Mild Bullish Sentiment
<ul>
<li>Opening Price: 9,207.50</li>
<li>Closing Price: 9,069.90</li>
<li>RSI: 41.80 (Neutral)</li>
<li>MACD: Signal line below MACD (Bullish)</li>
</ul>
<img src="https://cdn.editorji.com/6762ac5842bcf_1734519896.png" width="634" height="317">
The NiftyMetal sector showed mild bullish sentiment, with the RSI at 41.80, indicating a neutral bias. The MACD signal line below the MACD suggests that there is some upward potential in the sector, though the momentum is not very strong.

He invited domestic and global corporates to visit Bihar and said the government is ready to assist and collaborate for mutual growth.

Bihar fully prepared to create robust business ecosystem, investment safe: Dy CM Samrat Choudhary

He invited domestic and global corporates to visit Bihar and said the government is ready to assist and collaborate for mutual growth.

Bihar Deputy Chief Minister Samrat Choudhary has asserted that the state is fully prepared to create a robust business ecosystem with improved infrastructure facilities along with a better law and order situation while assuring domestic and global firms that their investment is &ldquo;safe&rdquo;.
In a podcast interview with PTI, Choudhary, who is also the finance minister, highlighted the steps that are being taken by the state government to change the image of Bihar and attract investments into the state to create employment opportunities and achieve higher economic growth.
The state government is organizing the 'Bihar Business Connect' Summit on December 19-20 here to attract investments.
&ldquo;With the guidance of Chief Minister Nitish Kumar and Prime Minister Narendra Modi, Bihar is fully prepared to create a robust business ecosystem. Bihar is ready to stand with you, offering all the support needed for your success,&rdquo; Choudhary said.
He invited domestic and global corporates to visit Bihar and said the government is ready to assist and collaborate for mutual growth.
In a message to investors before this mega event, Choudhary said, &ldquo;I firmly believe that Bihar is a safe state&rdquo; and its infrastructure is &ldquo;strong&rdquo;.
Choudhary informed that the state government is increasing the power capacity from around 3,800 MW to about 8,000 MW.
&ldquo;We will ensure that electricity is available in full, provide subsidies, support through various incentives, and make efforts to help investors progress by offering economic assistance,&rdquo; the Deputy CM promised.
The state is providing incentives for setting up industries, offering subsidies in electricity and GST exemptions, he further said.
Asked about the sectors that have the potential for investment, Choudhary said food processing has great opportunities.
&ldquo;Food processing units, I believe, are very important, especially in 38 districts, where 38 products are our identity. Here, we aim to establish food processing units,&rdquo; he said.
Recently, the Deputy CM said, the state has received approval for about 36 lakh litres of ethanol manufacturing capacity.
&ldquo;There is a need to set up more ethanol plants in Bihar&hellip; This is essential for the farmers growing maize, rice, and other cereals, as we will be able to sell them directly to the ethanol plants, and it will also ensure the availability of funds,&rdquo; he said.
Choudhary said the state government will also promote MSMEs.
&ldquo;We will support the growth of small-scale industries and encourage SHGs (Self-Help Groups) at the grassroots level, where 10-15 sisters will work together in small industries to generate employment. This will continue to drive the progress of our Bihar,&rdquo; he said.
On job creation, Choudhary said the government will ensure local employment generation.
&ldquo;Bihar, due to its availability of labour at the lowest rates, will play a significant role. We will focus on skill development here. We will ensure that the factories setting up in Bihar will have access to skilled labour, and we will take care of providing employment opportunities for the local people.&rdquo; On physical infrastructure, Choudhary said two airports have become operational in Bihar recently.
&ldquo;Purnia is almost complete, Bihta is about to start, and we are working on completing the Raxaul airport. We are also working on four to five airports, including Bhagalpur and Rajgir.&rdquo; The state is also focusing on improving connectivity through all three options &mdash; roadways, airways and waterways.
He said the state government is also working on how to manage floods in North Bihar and water shortage in South Bihar.&nbsp;
(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

Last week, the BSE benchmark gained 623.07 points or 0.76 per cent and the Nifty advanced 90.5 points or 0.36 per cent.

Five of top-10 most valued firms together add Rs 1.13 lakh Crore in market valuation

Last week, the BSE benchmark gained 623.07 points or 0.76 per cent and the Nifty advanced 90.5 points or 0.36 per cent.

Five of the 10 most valued firms added Rs 1,13,117.17 crore to their total market valuation last week with Bharti Airtel stealing the show.
While Tata Consultancy Services (TCS), HDFC Bank, Bharti Airtel, ICICI Bank and Infosys were the gainers, Reliance Industries, State Bank of India, Life Insurance Corporation of India (LIC), ITC and Hindustan Unilever took a hit in their valuations.
Last week, the BSE benchmark gained 623.07 points or 0.76 per cent and the Nifty advanced 90.5 points or 0.36 per cent.
The market valuation of Bharti Airtel surged by Rs 47,836.6 crore to Rs 9,57,842.40 crore.
Infosys added Rs 31,826.97 crore to its valuation at Rs 8,30,387.10 crore.
HDFC Bank&rsquo;s valuation rose by Rs 11,887.78 crore to Rs 14,31,158.06 crore and that of ICICI Bank increased by Rs 11,760.8 crore to Rs 9,49,306.37 crore.
The market capitalisation (mcap) of TCS climbed Rs 9,805.02 crore to Rs 16,18,587.63 crore.
However, the mcap of Reliance Industries declined by Rs 52,031.98 crore to Rs 17,23,144.70 crore.
The valuation of LIC tumbled Rs 32,067.73 crore to Rs 5,89,869.29 crore and that of Hindustan Unilever slumped Rs 22,250.63 crore to Rs 5,61,423.08 crore.The mcap of State Bank of India dropped Rs 2,052.66 crore to Rs 7,69,034.51 crore and that of ITC by Rs 1,376.19 crore to Rs 5,88,195.82 crore.
Reliance Industries remained the most valued firm followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, LIC, ITC and Hindustan Unilever.

SIAM would also be setting up separate thematic pavilions on decarbonisation, circularity, electrification and road safety at the Expo.

Auto Expo to see highest-ever participation of vehicle manufacturers: SIAM

SIAM would also be setting up separate thematic pavilions on decarbonisation, circularity, electrification and road safety at the Expo.

The upcoming edition of Auto Expo will see the participation of 34 vehicle manufacturers, the largest number of participants to date, since the first edition of the marquee event in 1986.
The Society of Indian Automobile Manufacturers (SIAM) will be organising the 17th edition of the Auto Expo, &lsquo;The Motor Show&rsquo;, under the aegis of the Bharat Mobility Global Expo 2025 from January 17-22 at Bharat Mandapam, in partnership with ACMA and CII.
&ldquo;Around 34 vehicle manufacturers would be participating at the exhibition and showcasing technologies with respect to multiple powertrains,&rdquo; SIAM Director General Rajesh Menon told PTI.
It is the highest-ever participation in the history of the event so far, he added.
Automakers participating in the event include Tata Motors, Maruti Suzuki, Mahindra &amp; Mahindra, Toyota Kirloskar Motor, Hyundai Motor India, Kia Motor India, JSW MG Motor and Skoda Auto Volkswagen India, he stated.
Luxury carmakers like BMW, Mercedes, Porsche India, and BYD will also be showcasing their products during the event.
In the two-wheeler segment, there would be participation from TVS Motor Company, Bajaj Auto, Hero MotoCorp, Honda Motorcycle and Scooter India, Suzuki Motorcycle, and India Yamaha.
Similarly, Volvo Eicher Commercial Vehicles, Ashok Leyland, JBM and Cummins India will be participating in the event.
Menon said some of the pure EV players like Ather Energy, TI Clean Mobility, Eka Mobility, Ola Electric and Vinfast would also be participating this time in the Auto Expo.
SIAM would also be setting up separate thematic pavilions on decarbonisation, circularity, electrification and road safety at the Expo.
The Bharat Mobility Global Expo 2025 will be held between January 17 and 22 next year at Bharat Mandapam, Yashobhoomi (India International Convention and Expo Center) Dwarka, and India Expo Centre &amp; Mart, Greater Noida, simultaneously.
The last edition of the Auto Expo was held from January 11-18, 2023, at the India Expo Mart, Greater Noida. The inaugural Bharat Mobility Global Expo 2024 was held from February 1-3.
(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

Passenger vehicles posted their highest ever sales of November in 2024 of 3.48 lakh units, with a growth of 4.1 per cent as compared to November 2023, he added.

Passenger Vehicle dispatches rise 4% in Nov as demand sustains post-festive period: SIAM

Passenger vehicles posted their highest ever sales of November in 2024 of 3.48 lakh units, with a growth of 4.1 per cent as compared to November 2023, he added.

Passenger vehicle dispatches from companies to dealerships rose 4 per cent year on year to 3,47,522 units in November with demand momentum sustaining post festive period in October, industry body SIAM said on Friday.
The overall passenger vehicle dispatches stood at 3,33,833 units in November last year.
Market leader Maruti Suzuki India dispatched 1,41,312 units to its dealers last month, an increase of 5 per cent as compared with 1,34,158 units in November last year.
Hyundai Motor India dispatches declined to 48,246 units last month as against 49,451 units in the year-ago period.
Mahindra &amp; Mahindra sales stood at 46,222 units last month as compared with 39,981 units in November last year, a growth of 16 per cent Two-wheeler wholesales, however, declined by 1 per cent year on year to 16,04,749 units last month compared with 16,23,399 units in the same month last year.
Scooter sales rose 12 per cent year on year to 5,68,580 units last month while bike dispatches fell 7.5 per cent to 9,90,246 units.
Moped wholesales rose 6 per cent year on year to 45,923 units last month as compared with 43,482 units in November 2023.
Total three-wheeler dispatches also witnessed a 1 per cent year-on-year dip to 59,350 units in November, the Society of Indian Automobile Manufacturers (SIAM) said in a statement.
"The demand momentum which was seen in October during the festive period has continued in November for the industry as a whole, although two-wheeler and three-wheeler segments witnessed minor de-growth in November 2024," SIAM Director General Rajesh Menon said.
Passenger vehicles posted their highest ever sales of November in 2024 of 3.48 lakh units, with a growth of 4.1 per cent as compared to November 2023, he added.
Though the Diwali festival did not fall in November 2024, the two-wheeler segment posted sales of 16.05 lakh units, crossing the 16 lakh units mark for the first time in a non-Diwali November, Menon stated.
(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

Switzerland cited a 2023 ruling by the Indian Supreme Court in a case relating to Vevey-headquartered Nestle for its decision to withdraw the MFN status.

Switzerland suspends MFN status to India, dividend income to face higher tax

Switzerland cited a 2023 ruling by the Indian Supreme Court in a case relating to Vevey-headquartered Nestle for its decision to withdraw the MFN status.

The Swiss government has suspended the most favoured nation status (MFN) clause in the Double Taxation Avoidance Agreement (DTAA) between India and Switzerland, potentially impacting Swiss investments in India and leading to higher taxes on Indian companies operating in the European nation.
According to a December 11 statement by the Swiss finance department, the move follows the Supreme Court of India last year ruling that the MFN clause doesn&rsquo;t automatically trigger when a country joins the OECD if the Indian government signed a tax treaty with that country before it joined the organization.
India signed tax treaties with Colombia and Lithuania that provided tax rates on certain types of income that were lower than the rates it provided to OECD countries. The two countries later joined the OECD.
Switzerland in 2021 interpreted that Colombia and Lithuania joining the OECD meant a 5 per cent rate for dividends would apply to the India-Switzerland tax treaty under the MFN clause, rather than 10 per cent as outlined in the agreement.
But post suspension of the MFN status, Switzerland will from January 1, 2025, levy a 10 per cent tax on dividends due to Indian tax residents who claim refunds for Swiss withholding tax and for Swiss tax residents who claim foreign tax credits.
In the statement, the Swiss Finance Department announced the suspension of the application of the MFN clause of the protocol to the agreement between the Swiss Confederation and the Republic of India for the avoidance of double taxation with respect to taxes on income.
Switzerland cited a 2023 ruling by the Indian Supreme Court in a case relating to Vevey-headquartered Nestle for its decision to withdraw the MFN status.
This means that Switzerland will tax dividends that Indian entities will earn in that country at 10 per cent from January 1, 2025.
According to the statement, in 2021, the Delhi High Court in the Nestle case upheld the applicability of the residual tax rates after taking into account the MFN clause in the double taxation avoidance treaty. However, the Indian Supreme Court, in a decision dated October 19, 2023, reversed the lower court&rsquo;s decision and concluded that the applicability of the MFN clause provided &ldquo;was not directly applicable in the absence of &lsquo;notification&rsquo; in accordance with Section 90 of the Income Tax Act&rdquo;.
Commenting on the decision of the Swiss authority decision, Nangia Andersen M&amp;A Tax Partner Sandeep Jhunjhunwala, said the unilateral suspension of the application of the MFN clause under its tax treaty with India, marks a significant shift in bilateral treaty dynamics.
&ldquo;This suspension may lead to increased tax liabilities for Indian entities operating in Switzerland, highlighting the complexities of navigating international tax treaties in an evolving global landscape,&rdquo; he said.
It also underscores the necessity of aligning treaty partners on the interpretation and application of tax treaty clauses to ensure predictability, equity, and stability in ithe nternational tax framework, Jhunjhunwala said.
AKM Global's tax Partner, Amit Maheshwari, said that the main reason behind the decision to withdraw MFN is reciprocity, which ensures that taxpayers in both countries are treated equally and fairly.
&ldquo;Swiss authorities announced in August 2021 that based on the MFN clause between Switzerland and India, the tax rate on dividends from qualifying shareholdings would be reduced from 10 per cent to 5 per cent, effective retroactively from July 5, 2018. However, the subsequent Supreme Court ruling in 2023 contradicted the same,&rdquo; Maheshwari said.
Overall, he added that this could impact Swiss investments in India as dividends would be subject to higher withholding now and income accruing on or after January 1, 2025, may be taxed at the rates provided for in the original double taxation treaty between Switzerland and India, regardless of the MFN clause.
JSA Advocates &amp; Solicitors Partner Kumarmanglam Vijay said this would especially impact Indian companies having ODI (overseas direct investment) structures with subsidiaries in Switzerland and will raise the Swiss withholding tax on dividends from 5 per cent to 10 per cent from January 1, 2025.
(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

The 10-year agreement amounts to 0.5% of global supply and is worth roughly $13 billion a year at today’s prices. It would further cement energy relations between India and Russia, which is under heavy Western sanctions over its invasion of Ukraine.

Rosneft, Reliance agree biggest ever India-Russia oil supply deal: Sources

The 10-year agreement amounts to 0.5% of global supply and is worth roughly $13 billion a year at today&rsquo;s prices. It would further cement energy relations between India and Russia, which is under heavy Western sanctions over its invasion of Ukraine.

Russia&rsquo;s state oil firm Rosneft has agreed to supply nearly 500,000 barrels per day (bpd) of crude to Indian private refiner Reliance in the biggest-ever energy deal between the two countries, three sources familiar with the deal said.
The 10-year agreement amounts to 0.5% of global supply and is worth roughly $13 billion a year at today&rsquo;s prices. It would further cement energy relations between India and Russia, which is under heavy Western sanctions over its invasion of Ukraine.
Rosneft did not reply to requests for comments.
Reliance said it works with international suppliers, including from Russia, and deals are based on market conditions. The company declined further comment on commercial matters, citing the confidentiality of supply agreements.
The deal comes ahead of the planned visit by Russian President Vladimir Putin to India and after U.S. President-elect Donald Trump said he wants to push Moscow and Kyiv to stop the war as soon as he takes office in January.
 Russian oil accounts for more than a third of India&rsquo;s energy imports. India became the largest importer of Russian crude after the European Union, previously the top buyer, imposed sanctions on Russian oil imports in response to the 2022 invasion of Ukraine.
India has no sanctions on Russian oil, so refiners there have cashed in on the cheaper crude supply. Sanctions have made Russian oil cheaper than rival grades by at least $3 to $4 per barrel.
India&rsquo;s rising Russian imports have come at the expense of rival Middle Eastern producers. The Reliance-Rosneft deal would represent another challenge for competitors, including Saudi Arabia.
Competition among oil producers for a share of the Indian market is hot because it is one of the fastest-growing energy markets, and is becoming more important as a driver of global demand as growth in top importer China slows.
Under the deal, Rosneft would deliver 20-21 Aframax-sized cargoes (80,000 to 100,000 metric tons) of various Russian crude grades and three cargoes of about 100,000 tons each of fuel oil each month, the three sources said.
The shipments will be supplied for Reliance&rsquo;s refining complex, the world&rsquo;s biggest, at Jamnagar in the western state of Gujarat.
Two sources said Reliance and Rosneft will review pricing and volumes every year under the deal to factor in oil markets dynamics.
In 2024, Reliance had a deal with Rosneft to purchase 3 million barrels of crude a month. Rosneft has been also selling crude to Reliance via intermediaries on a regular basis.
The new deal accounts for roughly a half of Rosneft&rsquo;s seaborne oil exports from Russian ports, which leaves not much supply available for other traders and middlemen, one source said.
From January to October, Reliance imported an average 405,000 barrels per day of Russian oil, up from 388,500 bpd in the same period last year, according to tanker data obtained from sources.
The new deal between Rosneft and Reliance was discussed and approved during Rosneft&rsquo;s board meeting in November, two of the sources said.
Supplies will start from January and are set to continue for 10 years with an option to extend the deal for another 10 years, the three sources said.
The pricing of the grades to be supplied on delivered basis is set at differentials to the average Dubai price of the loading month, according to the sources.
Premiums for the light sweet grades were set at around $1.50 a barrel for ESPO, Sokol at about $2 per barrel and Siberian Light at about $1 per barrel against Dubai quotes for 2025, one source said.
The majority of the supply will be medium-sulphur and diesel-rich Russian Urals that are most popular with Indian refiners and will be priced at a discount of $3 per barrel to Dubai quotes for the following year, two sources said.

Malhotra's appointment marks the continuation of a tradition of civil servants leading the central bank. 

Sanjay Malhotra Assumes Charge as 26th RBI Governor

Malhotra's appointment marks the continuation of a tradition of civil servants leading the central bank.

Sanjay Malhotra has officially taken over as the 26th Governor of the Reserve Bank of India (RBI), succeeding Shaktikanta Das, whose tenure concluded on December 10. Malhotra assumed office at the Mint Street headquarters today and is set to address the media at 3 PM.
Malhotra's appointment marks the continuation of a tradition of civil servants leading the central bank. He is the second consecutive IAS officer to hold the position, bringing with him a robust background in public administration and finance.
A "Peacetime General" Takes Charge
Dubbed as a "peacetime general," Malhotra steps into the role at a time when India's economy is largely stable, though there is heightened anticipation of potential interest rate cuts in the near future. His three-year term will see him navigating a landscape shaped by global economic uncertainties and domestic growth aspirations.
Professional Credentials
 Malhotra, a 56-year-old IAS officer of the 1990 batch from the Rajasthan cadre, boasts an illustrious career. Prior to his appointment, he served as the Union Revenue Secretary, where he played a pivotal role in enhancing tax collections. He also held the position of Chairman and Managing Director at Rural Electrification Corporation (REC) Limited, contributing significantly to India's infrastructure development.
An alumnus of IIT Kanpur, Malhotra furthered his education with a master&rsquo;s degree in Public Policy from Princeton University, USA, equipping him with a blend of technical expertise and strategic acumen.
Outlook
 Malhotra&rsquo;s leadership is expected to focus on ensuring monetary stability, fostering economic growth, and addressing challenges in the financial sector. Stakeholders will keenly watch his initial decisions, especially regarding interest rates, as he begins his tenure.

Elon Musk's Tesla has reportedly resumed its search for showroom space in New Delhi, signaling a potential rethink of its entry into the Indian market.

Tesla's New Showroom Plans in India

Tesla, which had paused its search in recent months, is now in early talks with India&rsquo;s biggest property developer, DLF, to secure space in the capital region.

Elon Musk's Tesla has resumed its search for showroom space in New Delhi, signaling a potential rethink of its entry into the Indian market after initially halting investment plans earlier this year. According to news agency Reuters, Tesla, which had paused its search in recent months, is now in early talks with India&rsquo;s biggest property developer, DLF, to secure space in the capital region.
The discussions come after Musk's canceled trip to India in April, where he had been expected to announce a $2-3 billion investment. The visit was called off following Tesla's decision to lay off 10% of its staff due to falling sales. Tesla is reportedly looking for a space of 3,000 to 5,000 square feet for a consumer experience center and a much larger space for delivery and service operations.
While Tesla's search is still in the exploratory phase, the company is considering locations such as DLF&rsquo;s Avenue Mall in southern Delhi and the Cyber Hub in Gurugram. Tesla&rsquo;s potential showroom would be around 8,000 square feet in the Avenue Mall, where other foreign retailers like Uniqlo and Marks and Spencer have outlets.
Tesla is also weighing options around the Indian government&rsquo;s tax policies for electric vehicles (EVs), which could affect its decision to import cars at a 100% tax rate or benefit from a lower 15% tax rate if it commits to local investments. The government is eager to attract automakers like Hyundai and Toyota and is making efforts to relax provisions of its policy to stimulate the EV market, which currently represents about 2% of total car sales in India.
Meanwhile, Musk&rsquo;s Starlink is also considering entering India, following a successful lobbying effort to secure spectrum allocation against competition from billionaire Mukesh Ambani's ventures.

This potential deal is poised to rank among India’s largest private equity transactions, valuing Haldiram’s at approximately ₹75,000-80,000 crore ($8.8-9.4 billion).

Haldiram’s Snacks Draws Bids Exceeding $1 Billion Amid High-Stakes Investment Battle

This potential deal is poised to rank among India&rsquo;s largest private equity transactions, valuing Haldiram&rsquo;s at approximately ₹75,000-80,000 crore ($8.8-9.4 billion).

India&rsquo;s leading snack and convenience food company, Haldiram&rsquo;s Snacks Food, has become the focus of intense investor interest, with US-based Alpha Wave Global making a binding offer exceeding $1 billion for a minority stake, according to reports from The Economic Times.
This potential deal is poised to rank among India&rsquo;s largest private equity transactions, valuing Haldiram&rsquo;s at approximately ₹75,000-80,000 crore ($8.8-9.4 billion).
Competing Bidders and Strategic Moves
Alpha Wave Global, previously known as Falcon Edge, is competing with two formidable investor consortiums. One group is led by Blackstone, with backing from Singapore&rsquo;s GIC and the Abu Dhabi Investment Authority (ADIA), while the other is spearheaded by Bain Capital in partnership with Temasek. These consortiums have also tabled firm bids for a 15-20% stake in Haldiram&rsquo;s.
Haldiram&rsquo;s founding Agarwal family had initially explored selling a controlling interest in the 87-year-old company but shifted focus to divesting a minority stake.
The company&rsquo;s recent merger, approved by the National Company Law Tribunal (NCLT) and the Competition Commission of India (CCI), unified its Delhi and Nagpur factions. Post-merger, the Delhi faction holds 56% of the stake, while the Nagpur faction controls 44%.
Future IPO Plans
The Agarwal family is also contemplating a public listing following the stake sale, targeting a valuation of ₹93,500 crore ($11 billion). Private equity bidders see a potential IPO within 12-24 months as a critical monetization strategy.
Why Haldiram&rsquo;s?
The interest in Haldiram&rsquo;s highlights the growth potential of India&rsquo;s fast-moving consumer goods (FMCG) sector. The snack giant&rsquo;s strong market position and robust financial performance have attracted global investment heavyweights. Alpha Wave Global, known for its investments in Indian tech ventures like Lenskart and Swiggy, marks a strategic pivot with its bid for Haldiram&rsquo;s.
Challenges in Valuation and Control
The Agarwal family has maintained a minimum valuation of $10 billion, a figure that has stalled negotiations with previous suitors, including Tata Consumer Products, Kellogg&rsquo;s, and PepsiCo. Concerns over valuation and the family&rsquo;s indecisiveness have previously deterred prospective investors.
However, with multiple bidders in the fray, the transaction could set a benchmark for private equity investments in India, signaling a broader shift towards high-growth opportunities in the FMCG space.

Shaktikanta Das ended his six-year tenure as RBI Governor, marked by effective handling of economic challenges. His leadership during the pandemic strengthened India's financial stability, leaving a lasting impact.

Shaktikanta Das Concludes Tenure as RBI Governor

Shaktikanta Das ended his six-year tenure as RBI Governor, marked by effective handling of economic challenges. His leadership during the pandemic strengthened India's financial stability, leaving a lasting impact.

Shaktikanta Das is stepping down as the 25th Governor of the Reserve Bank of India (RBI) after a six-year tenure, with Sanjay Malhotra, the current Revenue Secretary, set to succeed him as the 26th Governor.
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
Will demit office as Governor RBI later today. Thank you everyone for your support and good wishes.(1/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866318590531510753?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
 
&nbsp;
In a message on the microblogging platform X, Das expressed his gratitude for the opportunity to serve the country. He thanked Prime Minister Narendra Modi for the trust and guidance he received throughout his term. 
<blockquote class="twitter-tweet">
Immensely grateful to the Hon&rsquo;ble PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts. (2/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866318979628708315?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
 "I will demit office as Governor RBI later today. Thank you everyone for your support and good wishes. I&rsquo;m deeply grateful to PM @narendramodi for allowing me the chance to serve the nation and for his continuous guidance and encouragement," Das wrote. 
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
Heartfelt thanks to Hon&rsquo;ble FM <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> for her constant support and backing. The fiscal-monetary coordination was at its best and helped us to deal with the multiple challenges during the last six years. (3/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866319259363578259?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
&nbsp;
Das also expressed appreciation for Finance Minister Nirmala Sitharaman, highlighting the crucial role of fiscal and monetary coordination during his tenure. "My heartfelt thanks to Hon&rsquo;ble FM @nsitharaman for her unwavering support. The fiscal-monetary coordination between us helped in overcoming multiple challenges in the past six years," he added.
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
I thank all the stakeholders in the financial sector and in the economy; experts and economists; industry bodies and associations; organisations in the agriculture,cooperative &amp; service sectors for their inputs and policy suggestions. (4/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866320790611996873?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
&nbsp;
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
A BIG thank you to the entire Team RBI. Together, we successfully navigated an exceptionally difficult period of unprecedented global shocks. May the RBI grow even taller as an institution of trust and credibility. My best wishes to each one of you. (5/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866321083986542871?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
&nbsp;
&nbsp;
Reflecting on his time at the helm of RBI, Das thanked his colleagues at the central bank for their collective efforts in navigating a difficult period. "A big thank you to Team RBI for successfully steering the institution through unprecedented global shocks. I wish RBI continued growth as a pillar of trust and credibility," he said.
Das&rsquo; leadership saw RBI through numerous significant events, including the aftermath of demonetization, the COVID-19 pandemic, and the challenges posed by global inflation, leaving a lasting impact on India&rsquo;s economic stability.

This revival of foreign interest in Indian equities signals a cautiously optimistic outlook for the country's stock market. 

Foreign Investors Return to Indian Equities, Injecting ₹24,454 Crore in December

This revival of foreign interest in Indian equities signals a cautiously optimistic outlook for the country's stock market.

In a dramatic turn of events, foreign investors made a strong comeback to the Indian equity markets, with a net infusion of ₹24,454 crore during the first week of December 2024. This influx marked a stark reversal from recent months, which saw heavy sell-offs, driven by global uncertainties and concerns about rising interest rates. The latest surge in foreign portfolio investments (FPIs) followed stabilizing market conditions and optimism around potential interest rate cuts by the US Federal Reserve.
The sharp rebound came after significant outflows in the previous months. In November, FPIs withdrew ₹21,612 crore, while October witnessed a record net outflow of ₹94,017 crore, the largest monthly exodus in history. In contrast, September had seen a robust inflow of ₹57,724 crore, a nine-month high, illustrating the volatile shifts in foreign investment trends.
As of early December, the total FPI investment in Indian equities for 2024 stood at ₹9,435 crore. Looking ahead, several key factors are expected to influence future foreign inflows. These include the economic policies under US President Donald Trump, inflation and interest rate trends, and geopolitical developments, as pointed out by Himanshu Srivastava, Associate Director at Morningstar Investment Research India.
Srivastava noted that the third-quarter earnings of Indian corporations, along with the country&rsquo;s continued economic growth, would play a crucial role in shaping investor sentiment. Meanwhile, the mellowing of global economic conditions and the US Federal Reserve's potential shift toward lowering interest rates have attracted renewed interest in India's equity market.
Trivesh D, COO of Tradejini, highlighted that recent market corrections likely provided an opportunity for FPIs to re-enter, particularly as geopolitical tensions&mdash;especially with China&mdash;prompted investors to seek stability in India. Despite relatively high valuations, India&rsquo;s long-term growth prospects appear promising, which continues to attract global investors.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted a shift in FPI strategies, especially in large-cap banking stocks, which had previously been under selling pressure. He emphasized that these stocks remain fairly valued with strong growth potential, benefiting from increased domestic institutional and retail investments.
The Information Technology sector also stands out as a potential beneficiary, likely to attract increased FPI interest in the coming months.
On the debt front, FPIs withdrew ₹142 crore from the general limit but invested ₹355 crore in the Voluntary Retention Route (VRR), with cumulative investments in the debt market reaching ₹1.07 lakh crore for the year.
This revival of foreign interest in Indian equities signals a cautiously optimistic outlook for the country's stock market. Despite global economic uncertainties, India's appeal as a resilient and promising investment destination remains strong, setting the stage for further developments as global economic conditions evolve.

Welcome to Business Hook’s daily news podcast, where we get you a roundup of the day’s top business stories. 

News Wrap | Asian Markets Mixed; Sensex, Nifty Decline; Insurance Stocks Down

Welcome to Business Hook&rsquo;s daily news podcast, where we get you a roundup of the day&rsquo;s top business stories.&nbsp;

Good evening, and welcome to Business Hook&rsquo;s daily news podcast, where we bring you a roundup of the day&rsquo;s top business stories. I&rsquo;m Avni Raja, and today is Thursday, the twenty-eighth of November, 2024. &nbsp; Let&rsquo;s start with Asian markets. It was a mixed session across Asia as investors reacted to a surprise rate cut by South Korea&rsquo;s central bank. The Bank of Korea reduced its key interest rate by 25 basis points to 3 per cent, defying expectations of a rate pause. This move resulted in South Korea&rsquo;s Kospi closing almost unchanged. Meanwhile, Japan&rsquo;s Nikkei gained half a per cent, while China&rsquo;s CSI 300 and Hong Kong&rsquo;s Hang Seng declined during the session. &nbsp; Back home, Indian equities failed to hold their opening gains and ended the day with sharp losses. Both the Sensex and the Nifty slipped by one and a half per cent each. The Sensex closed just above 79,000 after a fall of almost 1,200 points. The Nifty was down by 360 points, ending below 24,000. Of the fifty constituents of the Nifty, 46 declined, while only four managed to advance in Thursday&rsquo;s trade. Adani Group&rsquo;s flagship company, Adani Enterprises, was the biggest gainer of the day, up by over one and a half per cent. &nbsp; Staying with Nifty constituents, the top losers on the index on Thursday were from the insurance sector. While SBI Life slipped by over five per cent, HDFC Life was down by around four per cent. The sharp decline in insurance stocks was driven by reports citing sources that the insurance regulator, IRDAI, has asked insurers to limit business generated via banks to 50%. The reports suggested this was due to the regulator&rsquo;s concerns about the rising dependence of insurers on banks for business. However, HDFC Life later issued a clarification, calling the report &lsquo;inaccurate.&rsquo; &nbsp; A big global headline from the commodity space&mdash;Poland's central bank has become the world&rsquo;s largest buyer of gold, purchasing 100 tonnes of the precious metal. According to a Bloomberg report, Poland&rsquo;s central bank governor, Adam Glapiński, is leading this effort to strengthen the country&rsquo;s financial position. Explaining the move, Glapiński said last month that Poland was diversifying its reserves to better weather volatility. He added that the Polish economy needed to reduce volatility, and for that, it needed an asset with zero correlation to stocks. This aggressive gold purchase by Poland is part of a growing trend across Eastern Europe, as countries in the region prepare for increased economic uncertainty due to the Russia-Ukraine war. &nbsp; And the big political story back home&mdash;Jharkhand Mukti Morcha leader Hemant Soren has taken the oath as the Chief Minister of Jharkhand for the fourth time. His oath-taking ceremony was attended by several key leaders of the INDIA bloc, including Rahul Gandhi from the Congress, Samajwadi Party president Akhilesh Yadav, and West Bengal&rsquo;s Chief Minister Mamata Banerjee. In the Jharkhand elections, the JMM-led alliance won a huge mandate, securing 56 of the 81 seats in the state assembly. The BJP-led NDA managed to secure just 24 seats. &nbsp; With that, it&rsquo;s a wrap on this edition of the Business Hook News Wrap podcast. We will be back tomorrow with the next edition of our podcast. You can also check out the Business Hook YouTube channel for the top business developments of the day.

News Wrap | Asian Markets Slide; Sensex & Nifty Down 1% Each; Bitcoin Nears $90,000

Good evening, and welcome to Business Hook&rsquo;s daily news podcast, where we bring you a roundup of the day&rsquo;s top business stories. I&rsquo;m Avni Raja, and today is Tuesday, the 12th of November, 2024.
Starting with Asian markets&mdash;It was a sea of red across Asian equities as investors remained cautious despite the post-election rally on Wall Street. Underwhelming stimulus measures from China also continued to weigh on investor sentiment in Asia. As a result, China&rsquo;s CSI 300 slipped more than a percent and Hong Kong&rsquo;s Hang Seng was down almost three percent. South Korea&rsquo;s Kospi also saw a sharp cut of two percent, while Japan&rsquo;s Nikkei was down almost half a percent in Tuesday&rsquo;s trade.
Back home, Indian equities also saw a sharp decline in Tuesday&rsquo;s trade. The Sensex dropped by one percent, or over 800 points, slipping below 78,700. The Nifty lost more than 250 points, closing below the 24,000 mark. Of the fifty large companies listed on the Nifty, 46 declined, while only four managed to record gains. FMCG major Britannia was the biggest laggard, falling over seven percent following a disappointing second-quarter performance. While the company&rsquo;s revenue grew by five percent, its profit dropped nearly ten percent compared to the same period last year. Britannia attributed its weaker performance largely to a slowdown in urban demand.
In the cryptocurrency space &ndash; Bitcoin scaled new lifetime highs, surging past the eighty-eight thousand dollars mark. The world&rsquo;s largest cryptocurrency has seen a meteoric rise since the re-election of Donald Trump as the president of the United States. This surge is driven by expectations of a pro-crypto regime under Trump&rsquo;s leadership, as the Republican leader promised during his election campaign. At the time of recording this podcast, Bitcoin was trading marginally in the red, giving up some of its gains from the new highs.
The big story from India&rsquo;s telecom policy space &ndash; Union Minister for Communications Jyotiraditya Scindia has announced that the Indian government is open to granting a license to any company, including Elon Musk&rsquo;s Starlink, provided they comply with India&rsquo;s regulations. Speaking to news agency ANI, the minister stated, &ldquo;We are ready to give a license to anyone, including Starlink. They have to comply with all our concerns. We have to see that all security concerns are addressed. There is a specific format. You have to check all the boxes. When you check all the boxes, you get the license. If they do that, we will be very happy,&rdquo; end quote. This news follows reports that Starlink has agreed, in principle, to meet India&rsquo;s data localisation and security norms.
Staying with corporate news&mdash;Reliance Industries has decided to invest 65,000 crore rupees in Andhra Pradesh to set up 500 compressed biogas plants. According to a report by The Economic Times, the Mukesh Ambani-led company will allocate 130 crore rupees for each plant. This investment marks RIL&rsquo;s largest renewable energy commitment outside of Gujarat and is expected to create around 2.5 lakh employment opportunities. In the macroeconomic space&mdash;India's retail inflation surged to a fourteen-month high of 6.21 percent in October, up from 5.49 percent in the previous month. The rise in the Consumer Price Index was primarily driven by increases in the prices of vegetables, fruits, and oils and fats. With this surge, India&rsquo;s retail inflation has breached the upper limit of the Reserve Bank of India's inflation tolerance band. The RBI targets retail inflation at 4 percent, with a tolerance level of two percentage points on either side.
With that, it&rsquo;s a wrap on this edition of the Business Hook News Wrap podcast. We will be back tomorrow with the next edition of our podcast. You can also check out the Business Hook YouTube channel for the top business developments of the day.

News Wrap | Nifty Down 10% From Life Highs; Swiggy’s Market Debut; Trump's Efficiency Team

Good evening, and welcome to Business Hook&rsquo;s daily news podcast, where we bring you a roundup of the day&rsquo;s top business stories. I&rsquo;m Avni Raja, and today is Wednesday, the thirteenth of November, 2024.
Let&rsquo;s start with Indian equities, which saw a sharp sell-off in Wednesday&rsquo;s trade, erasing eight lakh crore rupees from the market capitalisation of BSE-listed companies. Both the Sensex and the Nifty ended the day down over a percent each. The Sensex slipped nearly 1,000 points to close just below 77,700, while the Nifty lost over 300 points to end the day above 23,500, marking a five-month low. With this drop, the Nifty is now down ten percent from the all-time highs it reached in the last week of September this year.
Staying with the Nifty&mdash;of the fifty constituents on the index, 44 declined while only six advanced. Leading the declines was two-wheeler major Hero MotoCorp, down over four percent, followed by M&amp;M, Hindalco, and Tata Steel, which each lost between three to three-and-a-half percent. On the other hand, FMCG major Britannia led the gainers with a modest uptick of less than half a percent. Notably, Britannia had dropped by seven percent in Tuesday's trade after posting disappointing Q2 results.
Amid the broader market gloom, there was some cheer in the listing space as food delivery major Swiggy made a stellar debut on Dalal Street. The stock listed at 420 rupees per share, marking a 7.7 percent premium over its issue price of 390 rupees. Shares of the company surged further during the session and closed at 464 rupees apiece, reflecting a 19 percent premium to the IPO price. This robust debut pushed the market capitalisation of Swiggy past one lakh crore rupees.
The big global story &ndash; Donald Trump, who has been re-elected as the President of the United States, has appointed world&rsquo;s richest person Elon Musk and his fellow billionaire businessman Vivek Ramaswamy to lead the Department of Government Efficiency in his administration. President Trump has asked them to overhaul America&rsquo;s massive federal bureaucracy, reducing waste and improving efficiency in the government&rsquo;s 6.5 trillion dollar annual budget. And the duo have been set the deadline of July 4, 2026 &ndash; the day America celebrates the 250th anniversary of the Declaration of Independence - to deliver a leaner, more efficient government.
Shifting gears &ndash; Ace investor Mark Mobius has pitched for the Nobel Peace Prize for India&rsquo;s Prime Minister, Narendra Modi. Speaking to IANS, the German investor described Prime Minister Modi as a great leader and "a very, very good person." He noted that PM Modi is "highly capable" and "a key mediator in the world today." Mobius added that when it comes to the Nobel Peace Prize, &ldquo;PM Modi is deserving of such prestigious honour.&rdquo; The founder of Mobius Capital Partners further expressed confidence that PM Modi&rsquo;s role on the global stage will continue to "grow internationally" as he demonstrates an ability to "have a dialogue" with all sides of the political spectrum.
With that, it&rsquo;s a wrap on this edition of the Business Hook News Wrap podcast. We will be back tomorrow with the next edition of our podcast. You can also check out the Business Hook YouTube channel for the top business developments of the day.&nbsp;

News Wrap | China Stimulus Disappoints; Sensex & Nifty Slip; Bitcoin Soars Past $82,000

Good evening, and welcome to Business Hook&rsquo;s daily news podcast, where we bring you a roundup of the day&rsquo;s top business stories. I&rsquo;m Avni Raja, and today is Monday, the eleventh of November, 2024.
Starting with Asian markets&mdash;it was a mixed session as investors reacted to economic data and new stimulus measures from China. The Chinese government announced a five-year, 1.4 trillion dollar package aimed at addressing local government debt. However, analysts found this latest instalment underwhelming, casting doubt on its effectiveness in boosting growth. China&rsquo;s inflation numbers further weighed on sentiment&mdash;October&rsquo;s inflation rate was 0.3 percent, missing estimates and falling from September&rsquo;s 0.4 percent, marking the second consecutive monthly decline. In response to these developments, China&rsquo;s CSI 300 saw a minor uptick, while Hong Kong&rsquo;s Hang Seng fell over 1.5 percent. Japan&rsquo;s Nikkei ended the day higher.
Back home, the Sensex and the Nifty ended the day mostly unchanged, erasing gains made earlier in the session. The Sensex closed just below 74,500, while the Nifty finished above 24,100. Among the fifty Nifty constituents, 30 declined, 19 advanced, and one remained unchanged. Paints major Asian Paints was the biggest loser, down 8 percent, following a disappointing Q2 earnings report that led several brokerages to downgrade their outlook. Power Grid, on the other hand, led the gainers after the company raised its FY27 capital expenditure and capitalisation target to 40,000 crore rupees, up from the previous target of 25,000 crore rupees.
Staying with the stock market -- mutual fund data for October shows that the industry saw a net inflow of 2.4 lakh crore rupees versus and outflow in September. equity inflows hit a record high, climbing from approximately 34,400 crore rupees to nearly 42,000 crore rupees, indicating sustained domestic investor confidence amid market volatility. Additionally, Gross SIP inflows rose from 24,500 crore rupees in September to over 25,300 crore, even as Indian equities faced significant pressure from FII, or Foreign Institutional Investor, sell-offs.
In the IPO space, another South Korean giant is preparing to follow in Hyundai's footsteps. According to reports, LG Electronics, the multinational appliances and consumer electronics manufacturer, is aiming to raise 1.5 billion dollars by listing its Indian arm. The company has engaged Axis Capital, among other banks, to oversee the potential IPO. A few months ago, LG appointed Bank of America, Citigroup, JPMorgan Chase, and Morgan Stanley as arrangers for the offering, which, according to Bloomberg News, could take place as early as 2025.
Shifting gears from equities to cryptocurrencies: In the cryptocurrency space, Bitcoin has surged to new lifetime highs, surpassing the 82,000 dollar mark. The cryptocurrency rally is fuelled by Republican candidate Donald Trump&rsquo;s victory in the United States presidential election. Trump has been vocal in his support to cryptocurrencies compared to Democrats, who have traditionally taken a more cautious approach to the asset class. With Trump&rsquo;s return to the White House, some experts predict Bitcoin could soon break past the 90,000 dollar level.
With that, it&rsquo;s a wrap on this edition of the Business Hook News Wrap podcast. We will be back tomorrow with the next edition of our podcast. You can also check out the Business Hook YouTube channel for the top business developments of the day.

News Wrap | Donald Trump Projected To Win In US: Sensex & Nifty Gain; Bitcoin Soars

Good evening, and welcome to Business Hook&rsquo;s daily news podcast, where we bring you a roundup of the day&rsquo;s top business stories. I&rsquo;m Avni Raja, and today is Wednesday, the sixth of November, 2024.
Starting with the top global story&mdash;the 2024 United States presidential election has concluded, with Donald Trump projected to return to the White House as the country&rsquo;s 47th president. Trump, who has primarily made his mark as a real estate tycoon, previously served as the 45th President of the United States from 2017 to 2021. In his victory speech, Trump reiterated his commitment to &lsquo;Make America Great Again&rsquo;. Joining him in celebration, his running mate, JD Vance, pledged to lead "the greatest economic comeback in American history."
Staying with the U.S. elections&mdash;billionaire businessman Elon Musk, one of Donald Trump's most vocal supporters, expressed joy over Trump&rsquo;s potential return as US President. In one of his posts on social media platform X, Musk stated that the American people had given Trump a clear mandate for change. Musk also shared his confidence that, under Trump's leadership, the future would be "fantastic."
Shifting focus to equities&mdash;It was a mixed session in Asia as investors awaited the U.S. election results. Hong Kong&rsquo;s Hang Seng dropped over two percent, while China&rsquo;s CSI 300 slipped half a percent. In contrast, Japan&rsquo;s Nikkei rose two and a half percent. Minutes from the September monetary policy meeting of the Bank of Japan showed that its members agreed to consider rate hike if growth and inflation metrics meet expectations.
Back home&mdash;the Sensex and the Nifty soared over a percent each, rallying on the back of Trump&rsquo;s projected victory. The Sensex added 900 points to reach 80,400, while the Nifty gained nearly 300 points to close just below 24,500. Of the fifty Nifty constituents, forty-one advanced while nine declined in Wednesday&rsquo;s trade. Public sector defence company Bharat Electronics led the gains, jumping over five percent, closely followed by Adani Enterprises. Major Indian IT firms were also among the top performers, with TCS, Wipro, HCL Technologies, and Infosys all rising around four percent each.
In the cryptocurrency space, Bitcoin surged past the 75,000 dollars mark to reach new all-time highs before pulling back slightly, driven by Donald Trump's potential victory in the U.S. presidential election. Trump is seen as a pro-cryptocurrency leader compared to the Democrats, who have historically had a cautious approach to the asset class. With Trump likely to return to the White House, some experts predict Bitcoin could surpass the 80,000 dollars level.
With that, it&rsquo;s a wrap on this edition of the Business Hook News Wrap podcast. We will be back tomorrow with the next edition of our podcast. You can also check out the Business Hook YouTube channel for the top business developments of the day.

News Wrap: Sensex & Nifty Close Lower; Jio Financial Explores Insurance Entry; Paytm Shares Surge

Good evening, and welcome to Business Hook&rsquo;s daily news podcast, where we bring you a roundup of the day&rsquo;s top business stories. I&rsquo;m Avni Raja, and today is the 23rd of October, 2024.
Let&rsquo;s start with Asian equity markets. After a tepid Tuesday, Asian equities had a better session on Wednesday. In the absence of any major news triggers, China&rsquo;s Shanghai Composite gained half a percent, while Hong Kong&rsquo;s Hang Seng and Korea&rsquo;s KOSPI were up over one percent each. However, Japan&rsquo;s Nikkei ended the day in the red. On the bright side, Tokyo Metro made a stellar debut in the Japanese stock market, generating almost a 45 percent return over its issue price on day one. Tokyo Metro&rsquo;s public issue, the biggest in Japan since 2018, was oversubscribed fifteen times. &nbsp; Back home, the Sensex and the Nifty once again gave up opening gains and ended the day in the red. The Sensex closed just above 80,000, while the Nifty remained below 24,500. Of the fifty stocks on the Nifty, 32 declined and only 18 advanced. Bajaj Finance was the star of the day following its second quarter results. The stock gained nearly five percent, closing at 7,000 rupees apiece. Brokerage firm Sharekhan has issued a bullish call on the company, raising its target price to 9,500 rupees. &nbsp; In the M&amp;A space, a major deal is brewing in the insurance sector. According to a Bloomberg report, Mukesh Ambani-led Jio Financial Services is in talks with Germany&rsquo;s Allianz SE for its insurance foray. The report, quoting unidentified sources, indicates that Allianz and Jio Financial are exploring options to set up both a life insurance and a general insurance company. This comes a day after news that Allianz is actively considering an exit from the joint ventures it has with Bajaj Finserv in India. &nbsp; In stock-specific action, shares of Paytm ended the day up seven and a half percent at 738 rupees. This follows the National Payments Corporation of India (NPCI) allowing the fintech major to resume onboarding UPI users after a nine-month pause. The NPCI had suspended new user registrations for Paytm after the RBI raised regulatory concerns. The current approval from NPCI comes with certain riders, which include adherence to all NPCI guidelines. &nbsp; Now, the big economy headline: the International Monetary Fund (IMF) has retained its growth projections for India. The multilateral lender expects India to grow at 7 percent during the current fiscal year and 6.5 percent in the next fiscal year. In its latest World Economic Outlook, the IMF also highlighted a global manufacturing shift towards emerging economies, such as China and India, as advanced economies lose competitiveness. &nbsp; With that, it&rsquo;s a wrap on this edition of the Business Hook News Wrap podcast. We will be back tomorrow with the next edition of our podcast. Have a great weekend and check out our YouTube channel Business Hook for the top business developments of the day.

News Wrap | Sensex & Nifty Fall for Day 5; IndusInd Bank Plummets; Ratan Tata's Will Includes Provisions for His Dog 'Tito'

Good evening, and welcome to Business Hook&rsquo;s daily news podcast, where we bring you a roundup of the day&rsquo;s top business stories. I&rsquo;m Avni Raja, and today is the 25th of October, 2024 &ndash; the last working day of the week for many of us.
Let&rsquo;s start with Asian equity markets. It was a mixed Friday in Asia, with investors keeping an eye on Japan's upcoming general election over the weekend. Japan also reported its October retail inflation rate, which dropped to 1.8 percent from 2.2 percent in September. Against this backdrop, the country&rsquo;s benchmark index, the Nikkei, slipped over half a percent. Meanwhile, China&rsquo;s Shanghai Composite and Hong Kong&rsquo;s Hang Seng each gained over half a percent.
Back home, the Sensex and Nifty extended their losing streak for the fifth straight session, each slipping nearly a percent. The Sensex ended the week at 79,400, plunging almost 700 points, while the Nifty fell below 24,200 with a loss of more than 200 points. Both benchmark indices are now down eight percent from the highs they reached in the last week of September. The recent stock market downturn has been driven by significant selling by foreign institutional investors amid concerns over high valuations and muted second-quarter results. This sell-off has made it the worst pre-Diwali phase for Indian investors in a decade.
Shifting focus to stock-specific action: of the fifty constituents of the Nifty, 38 declined while only 12 advanced. Among the gainers, FMCG major ITC stood out, rising over two percent to close at 476 rupees per share. The stock gained following its second-quarter results, which missed expectations on net profit but showed a strong revenue beat. Major brokerages, including Goldman Sachs, Morgan Stanley, Citi, and Nomura, have responded positively to ITC&rsquo;s performance, issuing BUY calls with price targets as high as 560 rupees per share.
Staying with stocks - private sector lender IndusInd Bank took a sharp hit in Friday&rsquo;s trade as the biggest loser by a wide margin on the Nifty 50. The stock plunged 19 percent to close at 1,037 rupees, driven by disappointing second-quarter results. The bank&rsquo;s consolidated net profit dropped 39.5 percent year-on-year to 1,300 crore rupees. Although net interest income grew five percent, it missed estimates, and asset quality deteriorated slightly.
Shifting gears &ndash; details of the will of the late business icon Ratan Tata are out. According to a Times of India report, Tata, whose estate is estimated at over 10,000 crore rupees, has bequeathed assets to his foundation, brother Jimmy Tata, half-sisters Shireen and Deanna Jejeebhoy, household staff, and others. He has also made provisions for his Executive Assistant, Shantanu Naidu, and his long-time butler, Subbiah, who worked with Tata for almost three decades. That&rsquo;s not all. In a touching display of Ratan Tata&rsquo;s love for animals, he has made provisions in his will for the lifelong care of his German Shepherd, Tito.
With that, it&rsquo;s a wrap on this edition of the Business Hook News Wrap podcast. We will be back on Monday with the next edition of our podcast. Have a great weekend and check out our YouTube channel Business Hook for the top business developments of the day.

News Wrap | China's Shanghai Composite Tanks; Sensex & Nifty Slip; RBI Maintains Status Quo

Good evening, and welcome to Business Hook&rsquo;s daily news podcast, where we bring you a roundup of the day&rsquo;s top business stories. I&rsquo;m Avni Raja, and today is the 9th of October, 2024.
Let&rsquo;s start with Asian equity markets &ndash; where China&rsquo;s Shanghai Composite snapped its ten-session gaining streak, plunging seven percent in a single day. Hong Kong&rsquo;s Hang Seng also slipped more than one percent, following Tuesday&rsquo;s drop of nearly ten percent. The Chinese equity market has seen a sharp sell-off as investors are disappointed with the stimulus measures announced by Chinese authorities so far. Markets were initially buoyed by the steps unveiled by the Chinese government just before the Golden Week holidays, but that rally has now fizzled out due to the lack of further announcements.
Back home, the Sensex and the Nifty ended the day lower, underperforming the broader market. The Sensex dropped two-tenths of a percent, closing below 81,500, while the Nifty slipped one-tenth of a percent to finish the day just under 25,000. However, the Midcap index gained nearly one percent. Of the fifty stocks listed on the Nifty, 31 advanced in Tuesday&rsquo;s trade, while 19 declined. Most FMCG giants were among the top laggards on the Nifty, with ITC leading the decline. Among the gainers, Cipla, Trent, and Tata Motors topped the chart, each rising by over two percent.
One of the key drivers for Indian equities on Tuesday was the monetary policy decision. The RBI&rsquo;s Monetary Policy Committee decided to keep its key interest rate unchanged at 6.5% in a split decision, with one MPC member voting for a 25-basis point reduction. The Indian central bank noted that, although inflation eased in July and August, it still needs to remain vigilant. The RBI expects a significant rise in inflation in September due to adverse base effects and a surge in food prices.
In addition to the monetary policy decision, the RBI announced two key changes in the payments space. To promote wider adoption of UPI, the RBI has increased the per-transaction limit for UPI-123 Pay to 10,000 rupees. For UPI Lite, it has raised the wallet limit to 5,000 rupees and the per-transaction cap to 1,000 rupees. The RBI is also introducing a facility that will allow the remitter to verify the name of the account holder before transferring funds through RTGS or NEFT.
The big headline from the IT sector &ndash; tech giants Infosys and Microsoft have expanded their collaboration to accelerate global customer adoption of generative AI and Microsoft Azure. According to Infosys, this strategic partnership aims to help their joint customers realise the value of their technology investments and achieve transformative outcomes.
A major story from the financial sector &ndash; Nikhil Kamath, co-founder of the discount broking giant Zerodha, has revealed that they have been attempting to enter the banking space but have not succeeded in obtaining a licence. In a conversation with CNBC-TV18, Kamath said, and I quote, "We really want to be a bank, but no matter how much we've tried over the past several years, we haven&rsquo;t been allowed to," end of quote. He attributed this to a lack of access to the regulators.

business news

Categories