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RBI governor Shaktikanta Das emphasized the central bank's vigilant monitoring of financial markets, asserting it acts decisively rather than as a watchdog. Addressing the India Credit Forum, Das noted RBI's recent directive halting loans from Navi Finserv and three other NBFCs due to supervisory concerns. He also assured that India's growth remains strong, with inflation moderating within target range.
India ranks second globally in adopting Generative AI platforms, excelling in content editing and educational tools. The country accounts for 12% of global AI usage in content editing and is third in productivity tools. While personal assistant apps lag, there’s potential for growth with localized solutions and better monetization strategies.
Moody's has assigned a Baa3 investment grade rating to Bajaj Finance Ltd (BFL) with a stable outlook. Recognized as India’s largest retail NBFC, BFL benefits from a strong franchise, diversified loan book, and competitive funding costs. Despite exposure to economic shocks, effective risk management processes support its risk-adjusted profitability and market growth potential.
India may account for 8-10 per cent of global CDMO work by 2033, driven by outsourcing shifts from the EU and US to Asia, as per a McKinsey & Company report. The Indian CDMO industry, valued at USD 224 billion, is expected to grow alongside increased demand from US customers.
Gold soared to a record high of $2,696.78 amid Middle East tensions and favorable US economic data, reinforcing bets on Federal Reserve interest rate cuts. Investors are turning to gold for safety due to geopolitical uncertainties and mixed economic indicators. With an impending US election, gold's upward trend is likely to continue regardless of the outcome.
China's economic growth slowed to 4.6% in the third quarter. Stimulus measures were introduced, including interest rate cuts, but skepticism remains over their effectiveness. Industrial production and retail sales showed improvement, but the property sector is still struggling. President Xi Jinping urged officials to boost the economy in the fourth quarter to meet the annual growth target.
Thachat Viswanath Narendran, CEO of Tata Steel, has been elected as chairman of the World Steel Association, making him the second Indian in this role after JSW's Sajjan Jindal. Narendran joins the 17-member executive committee, which includes industry leaders like ArcelorMittal's LN Mittal. The association represents 85% of global steel production, making this election significant for the industry.
President Droupadi Murmu has called for stronger economic cooperation between India and Algeria, emphasizing the opportunities in various sectors due to Algeria's rapid growth. She invited Algerian companies to join initiatives like 'Make in India' and highlighted India's technological advancements and women's participation in the workforce. Murmu also praised the Indian community's contribution to Algeria's economy.
TotalEnergies anticipates a significant drop in third-quarter downstream results amid a 65% fall in European refining margins. The decline in global oil prices has affected major energy companies like BP, Shell, and Exxon Mobil. Total's hydrocarbon output is at the lower end of estimates, with disruptions in Libya and Australia impacting production, despite gains in Brazilian developments.
Sunil Bharti Mittal of Bharti Airtel advocates for satellite companies to pay license fees and buy airwaves akin to traditional telecom firms to ensure fair competition. At the India Mobile Conference, he argues that those aiming to provide urban retail services should meet the same regulatory standards, aligning with Jio's recent stance.
RBI Governor Shaktikanta Das raised concerns over the banking sector's reliance on AI and machine learning, warning of concentration risks and new vulnerabilities like cyberattacks. He emphasized the need for risk mitigation measures and greater transparency in AI-powered decision-making algorithms to ensure financial stability. Banks must harness AI's benefits without becoming overly dependent on it.
India's real estate sector saw a remarkable $8.9 billion in equity investments from January to September 2024, marking a 46% year-on-year growth. Major cities like Mumbai, Bengaluru, and Chennai drove significant inflows. Domestic investors, particularly developers, led the surge. Key segments attracting investments included land, offices, and the retail sector, signaling robust future growth.
India's mining and construction equipment industry is poised for a substantial growth surge, with localisation expected to rise significantly in the next 5-7 years, potentially saving $3 billion in annual foreign exchange. Driven by infrastructure growth and aided by government incentives and geopolitical shifts, the industry aims to become a $25 billion market by 2030.
India's road projects are set to gain momentum in FY25 with increased awards, driven by Rs 1.1 trillion bidding pipeline, mainly HAM and EPC projects. The pace will pick up to compensate for FY24 shortfalls. A new policy allowing projects with single bids aims to prevent delays ensuring stability and growth in the sector.
India’s monetary policy committee is expected to lay groundwork for an interest rate cut amidst global easing trends and slowing economic growth. With new committee members, focus will be on potential policy shifts, inflation forecasts, and economic data. A quarter-point rate cut in December seems likely, pending confirmation from upcoming economic indicators.
Market investors lost Rs 8.90 lakh crore as Sensex fell for the sixth straight session, closing 638.45 points down amid mixed global trends and foreign fund outflows. Key losses were seen in Adani Ports, NTPC, and SBI, while Mahindra & Mahindra and ITC defied the trend. Foreign investors withdrew funds, citing affordable markets like China and Hong Kong.
Abu Dhabi Investment Authority (ADIA) has begun operations in Gujarat's GIFT City, a tax-neutral finance hub in India. This strategic move allows ADIA to leverage a 10-year tax holiday and facilitate easier fund transfers for a substantial $4-$5 billion investment, reflecting UAE's leading role as an Arab investor in India.
A federal judge ruled Alphabet Inc must lift restrictions that favor the Google Play Store, benefiting Epic Games in its antitrust suit. Google is required to allow rival app stores and billing systems, potentially reducing its revenue by $1 billion. The decision impacts Google's dominance in the Android app market and supports the push for fair competition.
The Reserve Bank of India has entered a currency swap agreement with the Maldives Monetary Authority under the SAARC Currency Swap Framework, providing up to USD 400 million and Rs 30 billion in financing support. The agreement, effective until June 2027, aims to support short-term foreign exchange liquidity and balance of payments stability.
India's aviation regulator DGCA alerted operators using Boeing 737s with Collins Aerospace rudders about potential jamming issues. All operators must halt CAT 3B landings, conduct risk assessments, and provide special rudder control training for pilots. The advisory affects multiple Indian airlines and includes interim safety measures to enhance pilot preparedness.
Foreign investors sold Rs 27,142 crore worth of shares in early October, driven by the Israel-Iran conflict, rising crude oil prices, and strong Chinese market performance. This sell-off followed a nine-month high in FPI investment in September. Key sectors affected include financials, particularly banking stocks. Future foreign investment will hinge on geopolitical and interest rate developments.
Indian equities attracted Rs 57,359 crore from foreign investors in September, the highest in nine months. The surge is largely due to the US Federal Reserve's rate cut. Experts predict sustained strong FPI inflows, supported by global interest rate easing and India's robust economic fundamentals. Key decisions by the RBI will be crucial for maintaining this momentum.
Union Finance Minister Nirmala Sitharaman underscored the potential for increased trade between India and Uzbekistan at the Uzbekistan-India Business Forum. She urged both countries' chambers of commerce to create a roadmap for achieving a $3 billion trade target. The new Bilateral Investment Treaty (BIT) is designed to boost investor confidence with strong protections.
According to a recent National Stock Exchange report, Uttar Pradesh, Rajasthan, and West Bengal are becoming major participants in India's stock markets, following Maharashtra and Gujarat. The top five states make up nearly half of all investors. Notably, North and East India have shown the highest growth in new investor registrations over the past year.
The finance ministry's pre-Budget meetings will run from October 10 to November 11, covering key ministries. Effective October 1, changes include the discontinuation of Aadhaar for PAN and ITR, higher Securities Transaction Tax, and revised TDS rates. The Direct Tax Vivad Se Vishwas Scheme seeks to settle pending tax disputes.
In India's $5 trillion equity market, analysts face difficulties recommending stocks, with only 61 out of the NSE Nifty 200 index receiving a consensus 'buy' rating. High valuations and a dimmer outlook for corporate earnings have led to an increase in 'hold' recommendations, reflecting a cautious stance among analysts. Indian stocks have been hitting successive records in 2024.
Wall Street stocks experienced a slight decline after the Federal Reserve announced an unexpected half-percentage-point interest rate cut. Fed Chair Jerome Powell emphasized a careful approach to further cuts while noting progress in reducing inflation. Major US stock indices saw minor losses, with the Dow Jones, S&P 500, and Nasdaq Composite all falling.
Star India has filed a claim for $940 million in damages against Zee Entertainment Enterprises in the London arbitral court due to payment defaults on cricket broadcasting rights. The arbitration process is ongoing, with Zee refuting the claims and planning to contest them, asserting that Star breached the agreement first.
Anna Sebastian Perayil's death at EY in Pune has led to calls for better employee well-being in India Inc. HR leaders emphasize the need for improved work-life balance. This incident follows another case of a young professional's death due to work pressure, highlighting growing concerns over workplace stress and management practices.
Hindalco Industries, under the Aditya Birla Group, aims to start solar module manufacturing by setting up a plant in Gujarat. The company is exploring a five-year plan and has identified land in Mundra. This marks Hindalco's initial venture into green energy components, pending board approval and final capital expenditure decisions.
Crisil Ratings indicates that recent political developments in Bangladesh have had a limited impact on India's trade. While some export-oriented sectors such as cotton yarn and FMCG might face minor disruptions, the overall effect is manageable. The rating agency will continue to monitor the situation closely for any prolonged disruptions affecting revenue profiles and working capital cycles.
India's wholesale price inflation dropped to a four-month low of 1.3% in August from July's 2%, driven by reduced prices for fuel, power, and manufactured products. Core inflation fell to 0.7%, and food inflation reached a ten-month low of 3.3%. Retail inflation remained below the Reserve Bank of India's target for the second consecutive month.
Donald Trump unveiled World Liberty Financial, a decentralized finance platform intended to boost financial security and facilitate free transactions. This move aligns with his recent pro-crypto stance and aims to establish the US as a major crypto hub. The launch follows an apparent assassination attempt on Trump amid a tight presidential race.
In a trial, the Justice Department argued that Google's 2011 acquisition of AdMeld was part of a strategy to eliminate competition in the online ad market. Google saw AdMeld as a threat and integrated its technology into its own platform, later shutting down the product to solidify its dominance. The Justice Department alleges that Google has monopolized the market for advertising technology tools used by websites.
Prime ministerial candidate Shinjiro Koizumi urges Japan and the US to collaborate on steel industry challenges posed by China instead of confronting each other. Nippon Steel's $14.9 billion bid for US Steel is being reviewed by a U.S. national security panel, with a recommendation due by September 23, amid opposition from key political figures.
The Reserve Bank of India fined BNP Paribas, Hewlett Packard Financial Services, SMFG India Credit Company, and Muthoot Vehicle & Asset Finance for regulatory non-compliance. Fines ranged from Rs 7.9 lakh to Rs 31.8 lakh for issues such as interest rate disclosures and IT governance. The penalties focus on statutory deficiencies rather than transaction validity.
Sebi chief Madhabi Puri Buch and her husband Dhaval Buch have dismissed allegations by Hindenburg Research, asserting compliance with disclosure guidelines. They claim the accusations stem from illegally obtained tax returns and are false. The couple clarified their consulting practices, rental income, and pension details, emphasizing transparency in their financial matters.
Assamese actress Sumi Borah and her husband were detained by the Special Task Force for their involvement in a multi-crore online trading scam. Borah announced her intention to surrender due to defamatory media coverage and assured full cooperation with the investigation. A lookout circular was issued after they failed to appear for questioning.
Bajaj Housing Finance's IPO has broken records in the primary market by attracting about 89 lakh investors and generating a demand of Rs 3.2 lakh crore. Oversubscribed more than 67 times, the IPO saw significant interest from both institutional and retail investors. The stock is expected to list at Rs 145, more than double its offer price.
US Bitcoin ETFs have experienced their longest streak of daily net outflows since their launch in January, with investors pulling nearly $1.2 billion over eight days. This trend is part of a broader retreat from riskier assets amid global market challenges and economic uncertainties, affecting both cryptocurrency and traditional markets.
BMW is not keen on investing under India's new EV policy, which it claims does not provide a level-playing field or acknowledge past investments by long-standing companies. Other major automakers like Hyundai and Mercedes-Benz share similar concerns. The government is considering amendments to make the policy more attractive for established players.
Over the past two years, credit to exporters has decreased by 5%, despite economic growth. Priority sector lending for exports has fallen by 41%, leading the commerce department to engage with RBI and the finance ministry. Exporters face significant challenges due to high logistics costs and credit expenses, necessitating additional funding support.
Air India has reduced its losses by 60 per cent to Rs 4,444.10 crore in FY24 compared to Rs 11,387.96 crore in FY23. The airline's turnover increased by 23.69 per cent to Rs 38,812 crore during the same period. Tata Group is merging AirAsia India with Air India Express and Vistara with Air India.
The Ministry of Skill Development and Entrepreneurship has teamed up with Swiggy to offer skilling and employment opportunities in its food delivery and quick commerce network. This collaboration aims to benefit 2.4 lakh delivery partners and restaurant staff by providing access to online courses, certifications, training modules, and job opportunities through the Skill India Digital Hub (SIDH).
The BSE Sensex declined for the third consecutive day, falling by 1,017.23 points to close at 81,183.93 points, resulting in a loss of Rs 5.49 lakh crore in investors' wealth. The market downturn was influenced by weak global trends and foreign fund outflows. Major laggards included State Bank of India and ICICI Bank.
Brazil’s ban on Elon Musk’s social network, X, will likely have minimal impact on the company’s overall business. Although Brazil is one of the largest markets for users, it contributes only a small portion of revenue. The ban follows Musk's decision to close X's office in Brazil rather than comply with judicial orders.
The Board of Directors of Reliance Industries Limited has approved a 1:1 bonus issue, providing shareholders with one free share for each share held. Additionally, the company will increase its authorised share capital to Rs 50,000 crore. Bonus shares are expected to be credited by November 1, 2024. As of today, the company's pre-bonus paid-up capital stands at Rs 6,766.23 crore.
Prime Minister Narendra Modi attended a business roundtable in Singapore, where 18 business leaders committed to doubling their investments in India, pledging over Rs 5 lakh crore ($60 billion). Modi announced the establishment of an 'Invest India' office in Singapore to enhance bilateral economic relations and concluded his visit to Brunei and Singapore.
Amazon plans to export about $5 billion of small-ticket items from India this year, up from nearly $3 billion in 2023. This move marks a shift away from China and underscores India's growing role in the global supply chain. Amazon has partnered with India's commerce ministry and trade associations to connect with thousands of small manufacturers.
Sebi employees protested at its headquarters following a statement from the regulatory body alleging external elements were misleading staff. Employees had previously complained to the finance ministry about toxic work culture and unrealistic targets. Sebi denied these allegations, stressing its commitment to enhancing employee capacity and promoting transparency within the organization.