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Ratings agency Moody&rsquo;s revised its outlook on seven Adani Group companies to negative, citing the indictment of Adani Group Chairman Gautam Adani and other group executives by the US Justice Department

News Wrap | Trump's Tariff Tussle; Sensex & Nifty Slip; Ola Electric's Gig Scooters; No Salary For Zomato

Ratings agency Moody&rsquo;s revised its outlook on seven Adani Group companies to negative, citing the indictment of Adani Group Chairman Gautam Adani and other group executives by the US Justice Department

Let&rsquo;s start with the big global story of the day&mdash;Donald Trump, who is set to take over as the 47th President of the United States on the 20th of January 2025, has announced plans to impose additional tariffs on China, Canada, and Mexico. In a series of posts, Trump stated that, to curb the supply of drugs into the US, his administration will levy an additional 10 percent tariff on Chinese goods and 25 percent on products from Canada and Mexico. These additional tariffs will come into effect on the 20th of January and will remain in place until the supply of drugs decreases. Asian markets traded mixed on Tuesday as investors weighed the impact of Trump&rsquo;s tariff announcements. Japan&rsquo;s Nikkei dropped by nearly one per cent, while South Korea&rsquo;s Kospi declined by half a per cent. On the other hand, China&rsquo;s CSI 300 edged up by two-tenths of a per cent, and Hong Kong&rsquo;s Hang Seng also managed to close higher, though with only a negligible uptick. Back home, Indian equities erased their opening gains to end the day lower. The Sensex dipped by a tenth of a per cent to close just above 80,000. The Nifty also saw a minor decline, dropping 27 points. The broader market reflected a similar picture, with the Nifty Midcap Index closing with a slight uptick, while the Nifty Bank Index dropped marginally. Among the fifty constituents of the Nifty, 27 declined in Tuesday&rsquo;s trade, while 23 advanced. Shriram Finance emerged as the star performer, gaining over three per cent. Meanwhile, Adani Group stocks&mdash;Adani Enterprises and Adani Ports&mdash;were the key laggards. Speaking of Adani Group stocks, it wasn&rsquo;t just the Nifty constituents from the group that slipped on Tuesday&mdash;all Adani Group stocks ended the day lower following actions by rating agencies. Ratings agency Moody&rsquo;s revised its outlook on seven Adani Group companies to negative, citing the indictment of Adani Group Chairman Gautam Adani and other group executives by the US Justice Department. Earlier in the day, another ratings agency, Fitch, also announced negative rating actions on certain Adani Group entities. Staying with stock-specific action, Ola Electric gained over five per cent in Tuesday&rsquo;s trade. The EV maker was in focus as it launched new electric scooters aimed at gig economy workers. Starting at 39,999 rupees, the models under the Ola Gig range will compete directly with offerings from players like Yulu. Additionally, these scooters are powered by the PowerPod, a portable battery pack that also functions as a home inverter. More news from new-age companies&mdash;Zomato CEO Deepinder Goyal has voluntarily extended his salary waiver of 3.5 crore rupees until the 31st of March 2026. Goyal had originally announced in FY21 that he would forgo his salary for 36 months. However, he has now decided to continue without his annual remuneration for an additional two years. Although he won&rsquo;t draw a salary, the Zomato chief will remain eligible for variable pay, which will be determined by the board at a later date. Shares of Zomato closed the day up by two-and-a-half per cent.

Ride-hailing app Rapido has significantly narrowed its losses by 45 percent in the fiscal year 2024

News Wrap | Asian Markets Slump; Piyush Goyal Pushes For RBI Rate Cut; Rapido Cuts Losses

Ride-hailing app Rapido has significantly narrowed its losses by 45 percent in the fiscal year 2024

Let&rsquo;s start with Asian equities which closed mostly in the red on Wednesday as investors digested the latest data on US inflation. The US Consumer Price Index for October rose by 2.6 percent annually, in line with expectations. However, it increased uncertainty around the Federal Reserve&rsquo;s future interest rate cuts. While another rate cut is still expected this year, experts anticipate the Fed may not be as aggressive as previously thought. As a result, Hong Kong's Hang Seng dropped over two percent, and China's CSI 300 also lost almost two percent. Japan&rsquo;s Nikkei fell by half a percent, as the Japanese yen slid to its lowest level in four months against the US dollar. Back home, Indian equities ended almost flat for the day, marking the sixth consecutive session of declines. The Sensex slipped by over 100 points, closing below 77,600, while the Nifty ended just above 23,500. However, midcaps showed some resilience, with the midcap index gaining nearly 250 points. Among the fifty constituents of the Nifty, 29 declined while 21 managed to close in the green. Eicher Motors was the standout performer, surging by 6.5 percent. On the other hand, FMCG giant Hindustan Unilever saw the sharpest drop, falling nearly 3 percent. Shifting focus to the monetary policy space &ndash; Commerce Minister Piyush Goyal has advocated for a rate cut by the Reserve Bank of India, just weeks ahead of the Indian central bank&rsquo;s next monetary policy meeting starting December 4. Speaking at a CNBC-TV18 event, the minister argued that high interest rates won&rsquo;t be effective in curbing food inflation. He said, and I quote, &ldquo;Food inflation has nothing to do with managing inflation. It&rsquo;s time that policymakers and monetary policy authorities should sit together and decide if food inflation needs to be part of calculating headline inflation. There should be a serious thought on this,&rdquo; end of quote. These comments come as India's retail inflation has surged past the RBI&rsquo;s upper tolerance level of six percent, largely driven by rising food prices. In the startup space, ride-hailing app Rapido has significantly narrowed its losses by 45 percent in the fiscal year 2024. The company&rsquo;s losses dropped from 674 crore rupees in FY23 to 371 crore rupees in FY24. Rapido also reported a substantial increase in operating revenue, reaching 648 crore rupees&mdash;a 46 percent year-on-year rise. This improvement was attributed to the startup&rsquo;s expansion into new business segments and increased customer bookings.

India's manufacturing growth picked up pace in October, breaking a three-month deceleration trend

News Wrap | Sensex & Nifty Tank; Reliance Jio IPO Likely In 2025; Manufacturing Growth Picks Up

India's manufacturing growth picked up pace in October, breaking a three-month deceleration trend

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 fourth of November 2024. Starting with the market sell-off in India: The Sensex and Nifty both rebounded slightly from their intraday lows but still closed down by over a percent each.The Sensex dropped over 900 points, ending around 78,800, while the Nifty fell more than 300 points, slipping below the 24,000 mark. Among the Nifty's fifty constituents, 42 declined while only eight advanced. Hero MotoCorp was the biggest laggard, falling over four percent despite reporting its highest-ever festive sales of 1.6 million units. While bears have soured the mood on Dalal Street, there&rsquo;s a bright spot in macroeconomic data: India's manufacturing growth picked up pace in October, breaking a three-month deceleration trend. The HSBC India Manufacturing Purchasing Managers' Index rose to 57.5 in October, up from an eight-month low of 56.5 in September. A PMI reading above 50 indicates an expansion in manufacturing activity, suggesting positive momentum in India&rsquo;s industrial sector. Shifting focus to the IPO market: According to a Reuters report, Reliance Industries is planning to list its telecom arm, Reliance Jio, on the stock exchanges in 2025. The report cites two unnamed sources, who indicate that Mukesh Ambani's conglomerate has finalised plans for the IPO, as it believes Jio has now reached a stable business and revenue base, solidifying its lead in India&rsquo;s telecom sector. Analysts estimate the telecom business's valuation to exceed 100 billion dollars, making it a significant listing. Meanwhile, an IPO for Reliance Retail may be scheduled for a later date. Here&rsquo;s the latest on the Zomato packaging date controversy: Food safety officials in Hyderabad recently discovered button mushrooms labeled with a "future date of packing" at Zomato's Hyperpure warehouse. In response, Zomato CEO Deepinder Goyal has issued a clarification on social media platform X, attributing the issue to a manual typing error by the vendor. Goyal explained that this error affected 90 packets of button mushrooms, which the warehouse team had flagged during quality control. He added that to prevent similar issues, Zomato has now delisted the vendor from their database. 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 evening and check out our YouTube channel Business Hook for the top business developments of the day.

In aviation news, Singapore's low-cost carrier Scoot is reviewing new opportunities in India

News Wrap | Sensex & Nifty Up, Zomato & Paytm Slip, Govt May Scrap SGB Scheme | August 22, 2024

In aviation news, Singapore's low-cost carrier Scoot is reviewing new opportunities in India

Let's start with Asian markets. (Asian Markets End Higher) Most markets in the region ended the day higher. Japan's Nikkei gained over half a percent as the purchasing managers' index showed the country's business activity expanded at a faster pace in August. In South Korea, where the central bank kept its key rate unchanged at 3.5 percent, the benchmark index Kospi closed marginally higher. Hong Kong's Hang Seng also gained today, but China's Shanghai Composite ended lower. (Indian Markets: Marginal Gains) Back home, Indian equities ended a rangebound session with minor gains. The Sensex was up almost 150 points, closing above 81,000. The Nifty also gained two-tenths of a percent to end the day over 24,800. Of the fifty stocks on the benchmark index, 27 ended the day higher while 23 closed lower. Textile major Grasim Industries and Tata Consumer were the biggest gainers, up 2.5% each.(The Zomato-Paytm Deal) In stock-specific action, both Zomato and Paytm ended the day lower. Food delivery major Zomato has announced the acquisition of Paytm's entertainment ticketing business, Insider. Zomato plans to integrate the acquired product into its new platform 'District,' which is aimed at consolidating various 'going-out' services for users. Shares of Zomato ended the day down almost a percent, while Paytm's shares slipped three percent. (SGBs Likely To Be Scrapped) Shifting focus to the policy space - the Indian government is likely to scrap its Sovereign Gold Bond scheme. According to a CNBC-TV18 report quoting sources, the government is considering this move as it finds these gold bonds 'expensive and complex'. Since its launch in November 2015, the scheme has helped the government raise over ₹72,000 crore via 67 tranches. (Dabur's Tamil Nadu Manufacturing Unit) FMCG major Dabur India has announced plans to make its manufacturing debut in South India. The company will set up a 400-crore rupee manufacturing plant in Tamil Nadu's Villupuram district. According to the Memorandum of Understanding signed with the state government, Dabur will invest 135 crore rupees in the first phase, scaling up to 400 crore over five years. Shares of Dabur ended the day two percent higher. (Scoot Explores India Opportunities) In aviation news, Singapore's low-cost carrier Scoot is reviewing new opportunities in India. According to a PTI report quoting a senior executive from the airline, Scoot is keen on expanding its network in India, one of its top markets. Scoot, the low-cost arm of Singapore Airlines, currently has direct flights connecting Singapore with six Indian cities. Singapore Airlines already has a tie-up with India's Tata Group for aviation business in India.&nbsp;

Spotify is testing a new TikTok-style vertical scrolling newsfeed for podcast chunks, to help with discovery.

Spotify may add TikTok-style newsfeed for podcast discovery

Spotify&nbsp;is testing a new TikTok-style vertical scrolling newsfeed for podcast&nbsp;chunks, to help with discovery.

According to a report from TechCrunch, Spotify is testing a new audio newsfeed feature to make podcast discovery on its platform easier. The streaming app will utilise technology from Podz, a startup it acquired last year.
Spotify&rsquo;s new podcast discovery feed will present a TikTok-style vertical scrolling newsfeed of podcasts, which will play 60-second highlight clips. The clips also feature transcriptions on the screen, which are highlighted as the words are spoken. Users can tap the given &lsquo;+&rsquo; button to add the episode to their library.
Also Reads:&nbsp;<a href="https://www.editorji.com/story/sony-expands-playstation-plus-to-take-on-xbox-game-pass-with-700-games-three-tiers-1648633900788" target="_blank">Sony expands PlayStation Plus to take on Xbox Game Pass with 700+ games, three tiers</a>
The feature is currently in testing for a limited number of users, and it is not yet known if and when it will roll out widely.

Spotify has partnered with Facebook to let users listen to music and podcasts on the Facebook app itself, with a new in-app miniplayer. 

Spotify users can now listen to music, podcasts within the Facebook app

Spotify has partnered with Facebook to let users listen to music and podcasts on the Facebook app itself, with a new in-app miniplayer.

Spotify has partnered with Facebook to let users listen to music and podcasts on the Facebook app itself, with a new in-app miniplayer. Subscribers to Spotify Premium will be able to play their content from the service without having to leave the app. Spotify has said that the new integration is rolling out in 27 markets, and will be available in additional regions soon.

Reports indicate that music-streaming service Spotify is soon going to launch its podcast subscription service.

Reports: Spotify will soon launch its own podcast subscription service

Reports indicate that music-streaming service Spotify is soon going to launch its podcast subscription service. However, unlike Apple's recent podcast subscriptions, Spotify will reportedly let content creators keep 100% of their revenue. Spotify has said in the past that it will test paid subscriptions for podcasts, and allow creators to offer exclusive content to their subscribers.

Apple announced an overhaul of the Podcasts app at its Spring Loaded launch event, along with Podcast Subscriptions.

Apple unveils redesigned Podcasts app, announces Podcasts Subscriptions

Apple announced an overhaul of the Podcasts app at its Spring Loaded launch event, along with&nbsp;Podcast Subscriptions.

Apple unveils redesigned Podcasts app, announces Podcasts Subscriptions
Apple announced an overhaul of the Podcasts app at its Spring Loaded launch event, unveiling a redesigned app. The company also announced Podcast Subscriptions, which will allow listeners to pay podcasts creators a monthly subscription fee to access a range of benefits from ad-free episodes, additional content, early access, or even exclusive episodes. Creators can set their preferred pricing for their subscriptions, and the feature will roll out in May. The updated app, available with iOS 14.5, will also introduce the Channels feature, grouping multiple shows by a single publisher. Individual show pages are&nbsp;also being revamped with a cover photo, and bigger follow and listen buttons.
Apple unveils redesigned Podcasts app Creators can charge for monthly Subscriptions for benefits Podcasts Subscriptions to roll out in May Updated app available with iOS 14.5 Channels, revamped show pages to be added

Apple announced an overhaul of the Podcasts app at its Spring Loaded launch event, along with&nbsp;Podcast Subscriptions, which will allow listeners to pay podcasts creators a monthly subscription fee to access a range of benefits. Creators can set their preferred pricing for subscriptions, and the feature will roll out in May.
The updated app, available with iOS 14.5, will also introduce the Channels feature, grouping multiple shows by a single publisher. Individual show pages are&nbsp;also being revamped with a cover photo, and bigger follow and listen buttons.

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