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Companies

- Yogi Adityanath invites Tata group to participate in investor summit

- Tracxn Technologies garners Rs 139 crore from anchor investors

- Dabur enters peanut butter market with 'Real Health Peanut Butter' range

- Shanghvi says will participate in Suzlon Energy's Rs 1,200-cr rights issue

- PNB Housing Finance appoints Vinay Gupta as CFO, to succeed Kapish Jain

- CM Gehlot invites Vedanta to set-up semiconductor industry in Rajasthan

- Tata Power to develop 10K Mw RE plant in next five years in Rajasthan

- Kalyan Jewellers sees 20% revenue growth in Sept qtr despite challenges

- Indian carmakers propose tax cut on imports in Britain trade deal

- Uber, Ola auto services 'banned' in Bengaluru; aggregators slash fares

- HDFC to raise up to Rs 12,000 cr through bonds on private placement basis

- JSW Steel Coated Products gets LoI for National Steel and Agro Industries

- Hindustan Unilever cuts prices of soaps, detergents after 2 years of hikes

- Suzlon appoints Vinod R Tanti as chairman and managing director for 3 years

- Retail jobs in India down 12% amid record festive sales, says report

- CCI orders another probe against Google for unfair revenue sharing

- SpiceJet deposits TDS, Form 16 to be issued to staff in a fortnight

- A Balasubramanian re-elected Amfi chairman, Sundeep Sikka to head ETF panel

- OYO elevates two senior execs in service experience and revenue functions

- Xiaomi rejects speculation over India operations being moved to Pakistan

Yogi Adityanath invites Tata group to participate in investor summit

Uttar Pradesh Chief Minister Yogi Adityanath on Friday invited Tata group to participate in the Global Investors Summit slated for February next year while highlighting the environment created by the state for attracting investment.

According to an official release, the chairman of industrial group Tata Sons, N. Chandrasekaran made a courtesy call on the Chief Minister of Uttar Pradesh at his official residence here during which discussions were held regarding future investment plans of Tata Sons in various areas of the state.

Referring to state government plans to organize the Global Investors Summit in February 2023, the CM invited Tata Sons to participate in it.

In the last five years, the state government has created a better environment for investment and entrepreneurship in the state by undertaking extensive reforms in various sectors, the CM stressed.

Appreciating the efforts for holistic development of Uttar Pradesh N. Chandrasekaran said that a favorable environment has been created for industrial investment in the state.

The Global Investors Summit is a good opportunity and the Tata Group will ensure its participation.

The Tata Group has a significant presence in diverse sectors including Hospitality, IT & Electronics, Automobiles, Software, Medical, Aviation and is keen to participate in the development of the country's largest state, Uttar Pradesh, Chandrasekaran was quoted as saying in the release.

Appreciating the better infrastructure in the state, he also appreciated the policies of the state government in terms of ease of doing business, the release added.

Tracxn Technologies garners Rs 139 crore from anchor investors

Market intelligence platform Tracxn Technologies on Friday said it has raised a little more than Rs 139 crore from anchor investors.

The company's Initial Public Offering (IPO) will be entirely an Offer For Sale (OFS) of 38,672,208 equity shares by promoters and investors. It will open for subscription on October 10.

It has decided to allocate a total of 1.74 crore equity shares to anchor investors at Rs 80 apiece, aggregating the transaction size to Rs 139.22 crore, according to a circular uploaded on BSE website.

India Acorn Fund, BNP Paribas Arbitrage, Whiteoak Capital, Kotak Mutual Fund (MF), ICICI Prudential MF, Nippon India MF and Reliance General Insurance Company are among the anchor investors.

The OFS will see sale of up to 76.62 lakh shares each by promoters -- Neha Singh and Abhishek Goyal --, up to 12.63 lakh shares each by Flipkart founders -- Binny Bansal and Sachin Bansal.

Up to 1.09 crore shares will be offloaded by Elevation Capital, 40.2 lakh shares by Accel India IV Mauritius, 21.81 lakh shares by SCI Investments V, 2.07 lakh shares by Sahil Barua, among others.

The issue, with a price band of Rs 75-80 per share, will open for public subscription on October 10 and close on October 12. At the upper end of the price band, the IPO is expected to garner Rs 309 crore.

The Bengaluru-headquartered company operates on a Software as a Service (SaaS) model and is among the leading market intelligence providers for private company data.

Tracxn was launched in 2015 by Neha Singh and Abhishek Goyal who have had their stints as venture capitalists at Sequoia and Accel Partners, respectively.

As of June this year, the company had 3,271 users across 1,139 customer accounts in over 58 countries.

Dabur enters peanut butter market with 'Real Health Peanut Butter' range

Réal Health Peanut Butter

Dabur India Ltd, one of the major fast moving consumer goods companies entered into the Peanut Butter market and expanded its Réal portfolio with the launch of Réal Health Peanut Butter range.

Réal Peanut Butter range will be available in 4 variants – 100 per cent natural crunchy 350g, 100 per cent natural creamy 350g, chocolate creamy 350g priced at Rs. 185, and additionally a 1Kg variant of 100 per cent natural crunchy priced at Rs. 499. This is an E-commerce first launch. Réal Chocolate peanut butter has been launched during the Big Billion Days event by Flipkart.

“Réal Health 100 per cent natural peanut butter is a delicious spread made with a single ingredient - a bold variety of peanut handpicked from Saurashtra belt in Gujarat. This peanut butter has No added sugar, salt & oil,” said Smerth Khanna, head of ecommerce and modern trade, Dabur India Ltd

He also said that it is a good source of antioxidants, has no trans fats, is gluten free and made with non-GMO peanuts. It is ideal for a quick bread spread, pouring into smoothies, drizzling onto pancakes, dipping fruits or even relishing directly off the spoon.

“With the expansion of our Réal portfolio, we aim to strengthen our Réal health proposition by launching convenient and healthy products to strengthen the brand equity beyond juices,” said Rajat Mathur, Dabur India Ltd AGM-Consumer Marketing.

Peanut butter is actively used as a replacement to dairy based butter and as a daily dose of protein, he said.

He also said that peanut butter consumption has been gradually picking up and is a protein intake proposition in a convenient format and consumers use peanut butter as a bread spread, in shakes, cereals and as a ready dip with crackers.

Shanghvi says will participate in Suzlon Energy's Rs 1,200-cr rights issue

Dilip Shanghvi, the billionaire-promoter of Sun Pharmaceutical Industries

Suzlon Energy, on Friday said, that Dilip Shanghvi, the founder of Sun Pharmaceuticals, had conveyed to the promoters of the company his intentions to fully participate in the firm's upcoming Rs 1,200-cr rights issue. The rights issue will open on October 11, closing on October 20.

Shanghvi had bought a 23 per cent stake in Suzlon for Rs Rs 1,800 crore in 2015, helping the company to return to profitability after it became India’s largest convertible-bond defaulter in 2012.

In a letter to the Suzlon promoters, Shanghvi said that he would subscribe for additional shares as part of the rights issue. "I believe in the future of green energy and the long-term growth of this sector, " he said.

On October 3, the promoters of Suzlon, the Tanti family, had made a statement to the exchanges re-confirming their participation in the proposed rights issue. This came after the demise of CMD Tusti Tanti on October 1 following a cardiac arrest.

The Tanti-led promoter group, which includes members of his family and siblings, collectively hold 14.5 per cent in the company after lenders converted some loans into an equity holding in the company as a part of a debt restructuring plan.

PNB Housing Finance appoints Vinay Gupta as CFO, to succeed Kapish Jain

PNB Housing Finance on Friday announced the appointment of Vinay Gupta as the Chief Financial Officer.

The appointment will be effective from October 26, it said in a regulatory filing.

Gupta's appointment follows the resignation of Kapish Jain as the CFO in April this year. The interim CFO Kaushal Mithani had resigned in August.

Currently, Gupta is associated with SBI Cards and Payment Services. A chartered accountant with over 20 years of experience, he has extensive experience in financial management, financial planning and other areas.

CM Gehlot invites Vedanta to set-up semiconductor industry in Rajasthan

Vedanta

Rajasthan Chief Minister Ashok Gehlot has invited Vedanta Group to set up its semi-conductor chip manufacturing industry in Rajasthan amid a tussle for the project between Maharashtra and Gujarat.

During the inaugural session of 'Invest Rajasthan' Summit held here on Friday, the Chief Minister said that there is a protest going on in Maharashtra on the shifting of the factory to Gujarat.

"There is a protest going on in Maharashtra that why Anil Agarwal is shifting the industry to Gujarat. A lot of it has appeared in newspapers. I would like to say you (Agarwal) that there is a fight between Maharashtra and Gujarat. So, shift the industry to Rajasthan," Gehlot said.

He further said, "There will be no fight. Rajasthan is your own state. Finish this fight. You are doing a very big investment."

The Chief Minister said that after corona pandemic, there is a huge crisis for a semiconductor chip, which is used in mobile phones, laptops and even cars.

He said that Vedanta Group is digging oil and running mines in Rajasthan and there is no doubt that he is also taking care of the state.

Gehlot said that there is no dearth of mines and minerals in the state and it is his (Agarwal) thinking that how to scientifically extract them. He is always concerned about Rajasthan.

Earlier, Vedanta Group Chairman had said that the semiconductor chip manufacturing factory to be set up in Gujarat under a joint venture of Vedanta and Foxconn will be a game changer as the cost of the finished products using chips would significantly reduce.

He said that a cluster of TV, laptop, and other electronic items manufacturing units should be developed in Rajasthan, which will reduce the cost of finished products because the raw materialssemiconductor chips and display---will be supplied from the factory in Gujarat.

Vedanta -Foxconn would invest Rs 1,54,000 crore to set up the semiconductor and display manufacturing facility in Gujarat, which would create one lakh job opportunities.

Tata Power to develop 10K Mw RE plant in next five years in Rajasthan

Photo: Bloomberg

Tata Power on Friday announced its plans to develop around 10,000 MW of renewable energy capacity, mainly solar energy, in the next five years in Rajasthan.

"Tata Power plans to have a renewable power portfolio of 10,000 MW in the state (Rajasthan in next five years," a company statement said.

Participating in the ongoing Invest Rajasthan summit in Jaipur, it stated that it plans to develop up to 8,000 MW of utility scale projects, 1,000 MW of solar rooftop and 1,50,000 solar pumps in next five years in the state.

Tata Power, along with its fully-owned subsidiary Tata Power Solar, will expand its presence in the state to generate clean energy through solar power.

The company employs more than 4,500 people in the state, and its expansion projects will generate employment for more than 6,000-8,000 people in the next five years.

Dr Praveer Sinha, CEO & MD, Tata Power, said in the statement, "Both in terms of potential and what has been done so far, Rajasthan has today emerged as a role model to produce green energy through solar power. I am happy to be here in Invest Rajasthan summit. With its already strong footprint in the state, Tata Power is fully poised to make Rajasthan future-ready and realise its full potential and emerge as a green power house of the country. We will continue to build on all three business -- EPC, solar pump and solar rooftop -- to the benefit of farmers, industries and common citizens of this frontier state."

Rajasthan is an important state for Tata Power's renewable business. It presently has a portfolio of 4,939 MWp. Till date, Tata Power has commissioned 2,066 MW in Rajasthan and around 2,873 MW capacity of solar projects are under construction, which will be completed in next 12-24 months.

T P Ajmer Distribution Ltd, a unit of Tata Power, has completed 5 years of operations and has enhanced consumer experience in Ajmer.

Tata Power has ensured safe and reliable supply in Ajmer and also achieved AT&C (Aggregate Technical and Commercial) loss reduction from 22 per cent to 9 per cent.

With the support and favourable policies of the government of Rajasthan, the company is looking forward to opportunities of power distribution in various other cities of the state under the collaborative Public Private Partnership (PPP) model and to serve the citizens of Rajasthan with quality power supply.

With respect to solar pumps, Tata Power plans to set up around 1,50,000 pumps in next five years in the state.

The company has so far installed nearly 21,600 solar pumps in Jaipur, Hanumangarh, Ganganagar, Jalore and Bikaner.

Tata Power through its rooftop services has a cumulative installed capacity of 65 MW in Rajasthan.

The company has been doing extensive work for industrial belts like marble, granite and stone crushing etc in Rajasthan located in regions like Ajmer, Sirohi, Rajsamand, Jalore and Makrana.

Through its various rooftop offerings, Tata Power has installed over 20 MW of rooftop for these industries. These installations have resulted in cumulative savings of about Rs 20 crore per annum for customers.

Tata Power is also working towards setting up a robust EV charging infrastructure in the state to enable faster transition towards electric mobility. The company has installed over 1,100 home chargers and 100 public chargers in Rajasthan.

In the next few years, Tata Power plans to install 10,000 public EV charging points in the state.

Kalyan Jewellers sees 20% revenue growth in Sept qtr despite challenges

Kalyan Jewellers

Jewellery retailer Kalyan Jewellers on Friday said it has registered a consolidated revenue growth of 20 per cent during the second quarter of FY23 despite various economic challenges triggered by the geopolitical situation.

"We recorded consolidated revenue growth of approximately 20 per cent in Q2 FY23 as compared to the same period in the previous financial year, and approximately 50 per cent in H1 FY23, compared to the same period in the previous financial year," Kalyan Jewellers said in a statement.

While the recently concluded quarter saw heightened levels of competitive intensity across various markets resulting in a lower gross margin than it was seen previously, the company continued to see robust operating momentum in its India business, driven by shift in demand towards branded retail chains, the company said.

"As previously disclosed, we have developed a strategy and execution roadmap for our newly created franchise store initiative, and had opened our first franchised showroom in the prior quarter in line with that strategy. In the recently concluded quarter, we opened two more franchised showrooms and a further two in the first week of October 2022, taking the total to five franchised showrooms opened so far in the current financial year," said the company.

Meanwhile, Kalyan Jewellers said in the Middle East customer sentiments continued to remain buoyant, driven largely by the overall recovery in the economic activity in the region.

The Middle East business witnessed a revenue growth of more than 65 per cent during the recently concluded quarter, the company said.

Kalyan Jewellers online jewellery platform Candere launched its first physical showroom during the quarter.

Candere recorded a revenue growth of more than 15 per cent during the July-September period compared to the same period of the previous year.

The company added five new showrooms in India (all non-south) during the recently concluded quarter, including its first physical showroom by Candere.

As of September 30, 2022, Kalyan Jewellers total number of showrooms across India and the Middle East stood at 163.

Indian carmakers propose tax cut on imports in Britain trade deal

Carmakers in India have proposed cutting to 30 per cent the tax rate on imported cars as part of a trade deal with Britain, sources told Reuters, an unprecedented move that could ease access to one of the world’s most protected automobile markets.

It is the first time that car makers have backed such cuts, caving to pressure from a government that wants them to give up their protectionist position and lower entry barriers, sources with direct knowledge of the matter said.

Import taxes from 60 per cent to 100 per cent in the world’s fourth-largest car market rank among the highest globally, drawing criticism from companies such as Tesla, which shelved entry plans because of the high tariffs.

Lobby group the Society of Indian Automobile Manufacturers (SIAM) has written to the government backing phased cuts to 30 per cent over five years, following a grace period of five years with none, three sources said, speaking on condition of anonymity.

It was not immediately clear if India had presented the offer to Britain in trade talks due to end soon, with the signing of a final deal expected by the end of the month.

SIAM, which groups car makers from India’s top-seller Maruti Suzuki, to major companies such as Tata Motors and Mahindra & Mahindra, did not immediately respond to a request for comment.

The commerce ministry, which is leading the trade talks, also did not respond.

For years, Indian car makers have resisted tax cuts so as to protect their turf, while arguing that such a move would dry up investment in domestic manufacturing by making imports cheaper and easier for global automakers.

While Britain has few car factories run by the likes of Nissan, BMW and Tata’s Jaguar Land Rover, companies fear the move could set a precedent in negotiating deals with others like the European Union (EU), Japan or South Korea, the sources said.

The shift in stance comes weeks after commerce minister Piyush Goyal firmly told senior executives of companies such as Maruti Suzuki, Tata Motors and Mahindra that India needed to make some kind of offer to Britain on autos.

Maruti, Tata and Mahindra did not immediately respond to a request for comment.

However, the plan to cut tax rates to 30 per cent over 10 years “is not enough”, said a government source, while conceding that not reducing tax rates this time was “not an option”.

One of the sources said, “One view is to ease access for luxury cars sooner than other categories”.

Uber, Ola auto services 'banned' in Bengaluru; aggregators slash fares

In a notice to mobility players such as Uber, Ola and Rapido, the transport department said that some aggregators are providing auto-rickshaw services in violation of the above regulations

App-based mobility players Ola and Uber have reduced the fare for their auto-rickshaw services after the Karnataka government declared these services “illegal”, following multiple complaints of overcharging, according to sources. Mobility players -- such as Ola, Uber, and Rapido – have been asked to discontinue their auto-rickshaw services in Bengaluru in next three days.

The state transport department has issued notices to these companies.

Several commuters registered complaints with the transport department about Ola and Uber charging a minimum of Rs 100, even if the travel distance is less than two kilometres (km). The minimum auto fare in Bengaluru is fixed at Rs 30 for the first 2 km and Rs 15 for every km thereafter.

Rapido has claimed that its services and fares are in line with government rules.

“Last month, players like Ola and Uber increased the minimum auto fare of Rs 30 for the first 2 km in Bengaluru to over Rs 60 in a breach of government rules, and that is why the government took the action and sent them notices after receiving complaints from commuters,” said an industry source.

Following the action, according to the sources, Uber and Ola have reduced their minimum auto fare for the first 2 km back to Rs 30.

“The increase was only in the base fare, which went fully to the driver. As Ola and Uber revert to the original government-mandated fare, drivers’ earnings will go down,” said a source.

Industry sources said auto fare for any trip booked online in Bengaluru comprises various components. These include base fare and per km fare (mandated by the government), and a booking and convenience fee that is charged by the aggregator.

One of the reasons for these app-based mobility players increasing the base fare was to compensate auto-rickshaw drivers for the increased fuel prices, industry sources said. Also, unlike an auto-rickshaw hailed from the street, booking with aggregators involves a “pick-up” component. “As fuel price changed, the pick-up cost went up and it became unviable for drivers to make pick-ups in the absence of any fare increase,” said a source.

However, the Karnataka transport department has dubbed the auto services run by these cab aggregators “illegal” under the On-Demand Transportation Technology Act, 2016.

According to the sources, these players were granted licences based on the Act and its rules do not apply to auto-rickshaws. These aggregators have been directed to submit a report.

“As per the provisions in the On-Demand Transportation Technology Act, 2016, aggregators are given licences to provide taxi services only -- taxi means a motor cab having a seating capacity not exceeding six passengers, excluding the driver, with public service permit on contract,” said the transport commissioner, T H M Kumar, in a notice issued on Thursday.

In the notice to these mobility players, the transport department said that some aggregators are providing auto-rickshaw services in violation of the aforementioned regulations.

“Also, it has come to the attention of the department that customers are being charged higher rates than the rates fixed by the government,” said the notice.

The notice said the provision of auto-rickshaw services has been directed to be discontinued; it asked these ride aggregators not to charge passengers more than the rate prescribed by the government. If you have any explanation about the illegal auto-rickshaw operation, you are advised to submit it within three days. If not, legal action will be taken,” said the notice.

In light of the notice, Rapido on Friday said it would like to clarify that none of its operations in the city of Bengaluru is illegal.

“We have received a notice from the road transport authority, and we will be responding to it within the stipulated time,” said Rapido in a statement. “The allegations being made regarding extra money charged by Rapido on auto-taxi fares are completely false. All our fares are determined in accordance with the fares decided upon by the state government, and Rapido is not charging any extra money.”

Rapido said it will continue operating in Bengaluru under the ambit of the law. “Any false allegation levied on our auto-taxi services in Bengaluru are not only irrational but also inhumane, as they jeopardise the convenient daily commute of thousands of citizens, and risk the livelihoods of our captains, who rely on us for their daily income,” said Rapido. “We intend to keep serving the people of Bengaluru by providing them with a safe, convenient and economical commute.”

The Competition Commission of India (CCI) on September 9 also issued an advisory to cab aggregators (CAs) like Ola and Uber recommending that they adopt self-regulatory measures to address issues like surge pricing and lack of transparency. It asked them to formulate clear and transparent policies with respect to the sharing of revenue on account of surge pricing between the drivers and the CAs. This came after several consumer and driver complaints of unfair trade practices by these platforms.

BUMP ON THE ROAD

1. Govt issued a notice to the companies in which it stated that aggregators have been allowed to run the application taxi aggregator services under the Karnataka On-Demand Transportation Technology Aggregators Rule-2016

2. Companies have been given three days to share details on the autorickshaw services being offered by them

3. Rapido said its operations in Bengaluru are not illegal and it will respond to the notice

4. According to the rules, only taxi services can be provided and taxi means a motor cab having a seating capacity not exceeding six passengers excluding the driver with a public service permit on a contract

5. CCI on Sept 9 said that cab aggregators have to formulate clear and transparent policies with respect to the sharing of revenue on account of surge pricing between the drivers and the CAs

HDFC to raise up to Rs 12,000 cr through bonds on private placement basis

Photo: Bloomberg

Housing Development Finance Corporation (HDFC Ltd) will raise up to Rs 12,000 crore by issuing bonds on a private placement basis next week.

The base issue size is Rs 1,000 crore with an option to retain over subscription of up to Rs 11,000 crore, it said in a regulatory filing on Friday.

The secured redeemable Non-Convertible Debentures (NCDs) will carry a coupon rate of 8.07 per cent per annum for a tenor of 10 years.

"The object of the issue is to augment the long-term resources of the corporation.

"The proceeds of the present issue would be utilised for financing/refinancing the housing finance business requirements of the corporation," it said.

The issue will open on October 11 and close the same day. The issue is part of company's Shelf Placement Memorandum "AA-series" aggregating to Rs 75,000 crore that was approved by the mortgage lender's board in November 2021.

JSW Steel Coated Products gets LoI for National Steel and Agro Industries

JSCPL accepted the letter of intent on October 7, the filing said

JSW Steel Coated Products Limited (JSCPL), a wholly-owned subsidiary of JSW Steel, has been declared the successful resolution applicant for National Steel and Agro Industries.

In a stock exchange filing, JSW Steel stated that JSCPL submitted a resolution plan under the corporate insolvency resolution process of National Steel and Agro Industries Limited (NSAIL) on September 6, 2022, as amended on October 06.

The resolution professional issued a letter of intent to JSCPL on October 7, informing that the committee of creditors of the corporate debtor had approved JSCPL's resolution plan and declared it the successful resolution applicant.

JSCPL accepted the letter of intent on October 7, the filing said. The closure of the transaction will be subject to obtaining necessary approvals from the National Company Law Tribunal, Mumbai, the company said in the filing.

NSAIL, which is primarily into flat steel products such as cold-rolled coil, galvanised corrugated sheets, colour coil and pre-painted profile sheets, owes lenders more than Rs 1,600 crore.

Hindustan Unilever cuts prices of soaps, detergents after 2 years of hikes

For the industry, volumes have been subdued, especially in the rural areas/smaller towns, pulling down volume growth

Hindustan Unilever (HUL), one of the country’s largest fast-moving consumer goods (FMCG) players, is learnt to have cut prices of its leading soaps and detergents this month by 2-19 per cent, according to the company’s distributors.

The cuts come after consistent price increases by the company as well as its peers, following the sharp rise in raw material prices in the past several months.

It is only recently that prices of raw materials have started to correct from peak levels in the June quarter. In the last four quarters, analysts said, FMCG companies have taken price increases of 8-15 per cent.

Although product prices continue to be high compared to a year ago, the latest price cuts by HUL include those of Surf Excel Liquid (to Rs 112 from Rs 115 for a 500-ml pack) and Rin detergent powder (to Rs 99 from Rs 103 for a1-kg pack).

Among others, the price of Lifebuoy soap (pack of four of 125 gm each) has been reduced from Rs 140 to Rs 132, while Dove soap (50 gm) now costs Rs 22 compared to Rs 27 earlier.

HUL was yet to answer Business Standard’s query at the time of going to press.

Among stock-keeping units (SKUs) for which the effective price has been cut by way of a change in grammage include Wheel green bar and Lux soap. Likewise, a Lux soap pack of four (Rs 140) is being changed into a pack of five (Rs 156). Since each soap will continue to weigh 100 gm, the effective price is down by 10.86 per cent.

HUL was yet to answer Business Standard’s query at the time of going to press.

One of the distributors said HUL had asked them to push more stocks into the market.

For the industry, volumes have been subdued, especially in the rural areas/smaller towns, pulling down volume growth.

Another distributor said not all price cuts had reached the market yet, but the company had communicated this to distributors. In such cases, the lower-priced products will hit the market in the next fortnight.

Godrej Consumer Products (GCPL), which competes with HUL in the soaps segment, was the first to initiate price cuts on select SKUs last month.

GCPL increased the grammage of its Godrej No.1 soap from 41 gm to 50 gm, while keeping the price unchanged at Rs 10. It also reduced the price of the bundle pack (five units of 100 gm each) of Godrej No.1 soap from Rs 140 to Rs 120.

“FMCG companies have been taking constant price increases to pass on higher raw material prices to the consumer for the past two years. Now as palm oil prices have come off from their peak, companies have started to pass on the benefit of raw material costs to drive volumes in the coming quarters,” said Sachin Bobade, vice-president, Dolat Capital.

Growth in volumes in the recent past was affected due to a significant surge in product prices.

The recent decline in palm oil prices is now being looked at as an opportunity to pass on price cuts to drive volumes growth, added Bobade. In the past six months, crude palm oil prices have declined more than 40 per cent and PFAD (palm fatty acid distillate), one of the ingredients to manufacture soap, has declined by over 50 per cent.

Some respite for consumers

Rin Detergent Powder

Price reduced to Rs 99 from Rs 103 for 1 kg pack (-3.88%)

Surf Excel Liquid

Price cut to Rs 112 from Rs 115 for half-litre pack (-2.61%)

Lifebuoy soap

Pack of 4 (125 gm each) price cut from Rs 140 to Rs 132 (-5.71%)

Lux soap

Pack of 4 (100 gm each) price to change from Rs 140 to Rs 156 for pack of 5 soaps (100 gm each) (-10.86%)*

Dove

50 gm soap price cut to Rs 22 from Rs 27 (-18.52%)

Wheel Green Bar

Price of 80 gm SKU cut to Rs 5 from Rs 7 for 100 gm SKU (-10.71%)*

Note: *Effective reduction in price adjusted for change in grammage/pack size Source: Industry

Suzlon appoints Vinod R Tanti as chairman and managing director for 3 years

Suzlon Energy on Friday announced the appointment of Vinod R Tanti as its Chairman and Managing Director with immediate effect for the next three years.

The announcement came after demise of Suzlon Energy founder Tulsi Tanti, who was holding the position of Chairman and Managing Director, on October 1, 2022.

Board of directors of the company at its meeting held on Friday has, inter alia, approved the appointment of Vinod R Tanti as the Chairman and Managing Director with immediate effect, i.e. from October 7, 2022 for a period of three years, i.e. up to 6th October 2025, according to a BSE filing.

The appointment of Tanti would be subject to the approval of the shareholders at the next general meeting of the company, it stated.

Consequent to his appointment as the managing director, Tanti resigned as the whole-time director and chief operating officer with immediate effect, i.e. 7th October 2022, the filing said.

The board also approved the appointment of Girish R Tanti as the Executive Director designated as the Executive Vice Chairman of the company with immediate effect for a period of three) years.

The board also approved the appointment of Pranav Tanti as an Additional Director of the company with effect from October 7.

Vinod R Tanti and Girish R Tanti are brothers and both are related to Pranav T Tanti.

Vinod Tanti, brother of late Tulsi Tanti and the eldest among the siblings, is aged 60 years. He is also a founding member of Suzlon Energy Limited.

He has a bachelor's degree in civil engineering. He has extensive experience of over 34 years managing various key functions at Suzlon.

He was also the Chief Operating Officer of Senvion, Germany, for the period from 1st June 2012 to 15th June 2013, at a time when Senvion was a global leader in wind turbine technology.

With a strong techno-commercial background, he has handled diverse portfolios, like wind resource assessment, acquisition, product design, prototyping, comprehensive supply management, project execution and lifecycle management through operations and maintenance services.

Vinod Tanti brings to Suzlon his vast experience of the complete wind energy value chain as well as his process centricity and drive for innovation.

Girish Tanti, brother of late Tulsi Tanti and youngest among the siblings, aged 52 years, is also a founding member of Suzlon Energy Limited. He has a Bachelor's degree in electronics & communication engineering and holds a Master's degree in business administration from the UK.

He brings to Suzlon an extensive experience of over 27 years in renewables and international business.

Girish holds a unique blend of understanding the dynamics of technology and strong business acumen. Over the past years, he has played many roles including incubating the renewable energy business in 1995, established technology development centres in Europe and India, setting up the global supply chain, developing wind markets across India, establishing global business operations and corporate development activities.

He also led various service functions such as human resources, information technology, communications and CSR.

He has been instrumental in Suzlon's rise to become the only wind energy player from a developing nation to rank among the top five worldwide. Through the years, Girish Tanti has not only believed in, but completely devoted himself to champion the vision of harnessing renewable energy to power a greener, more sustainable tomorrow for generations to come.

Girish Tanti served as an Executive Director at Suzlon Energy from 1st December 1995 to 30th July 2011. Subsequently, he was a non-executive director on the board of the company till date.

Pranav Tanti is the eldest child of late Tulsi Tanti. Pranav holds an MBA degree from the University of Chicago, Booth School of Business and a dual honours degree in business administration and finance from Keele University, UK.

With nearly 20 years of experience in international business, Pranav also holds extensive expertise in the renewable energy industry.

During his diverse global experience, Pranav has worked in some of the major business hubs in the world including India, China, US, and Hong Kong. Most recently Pranav was the Chief Executive Officer of Skeiron Renewable Energy, a company which invested and managed a portfolio of wind turbine assets of nearly 400 MW.

Pranav founded the said company and successfully spearheaded fund raising from two Hong Kong-based private equity firms. At the peak of the market in 2018, Pranav successfully led the exit of the portfolio worth USD 500 million.

Pranav has also worked in the past at the Chicago and India offices for the Suzlon group in various executive roles.

He has held positions at Merrill Lynch and CLSA in the investment banking and equity research divisions in Hong Kong and Beijing. He presently does not hold any position in the company.

Retail jobs in India down 12% amid record festive sales, says report

Photo: Bloomberg

As e-commerce players earn big this festival season, India saw a de-growth of 11.8 per cent in retail sector jobs from August 2021 to August this year, a report showed on Friday.

Indians searching for retail jobs see a fall during the pandemic and beyond, and jobs in retails have seen an overall 5.50 per cent degrowth in the past three years.

Although jobs in retail saw an uptick of 27.70 per cent in 2020-2021, it again de-grew last year.

This could largely be due to the lockdowns last year and the work from home set up where people chose to purchase online during festivities, according to findings from leading job website Indeed.

"The festive months in India are usually a time where we see an increase in seasonal jobs to meet the increasing demand. Even though the percentage increase of jobs hasn't been on par with last year, that's not to say a substantial number of jobs have not been created," said Sashi Kumar, Head of Sales for Indeed India.

"Over 39.6 per cent of new jobs have been created. We see the discrepancy with last year given the global recessions happening, possible inflations, and the cautious nature of hiring currently," he mentioned.

While employment growth is slowing in retail trade, employer demand for workers remains strong in other verticals and job postings were at 62 per cent above their pre-pandemic baseline (September end).

Bengaluru holds the largest share of jobs in retail nationally, with 12.26 per cent of all retail jobs in the city, followed by Mumbai at 8.2 per cent.

At 6.29 per cent, job seekers in Chennai accounted for the lion's share of clicks for delivery jobs in India, said the report.

Delivery jobs have seen the highest demand in Bengaluru as well, with 5.5 per cent of all delivery jobs in the country being generated in the city, the report mentioned.

--IANS

na/pgh

CCI orders another probe against Google for unfair revenue sharing

The Competition Commission has ordered another detailed probe against Google for alleged unfair revenue sharing terms with respect to news content.

The case will be clubbed with two other ongoing matters against the search engine major where the allegations are substantially same, according to the Competition Commission of India (CCI).

The latest order has come on a complaint filed by the News Broadcasters & Digital Association.

In January this year, CCI ordered a probe against Google on the complaint filed by the Digital News Publishers Association. Later, the Indian Newspaper Society also filed a similar case and that was clubbed with the first one.

Now, the regulator's probe arm Director General (DG) will submit a consolidated investigation report, the watchdog said in an order released on Friday.

The News Broadcasters & Digital Association had alleged that its members are forced to provide their news content to Google in order to prioritise their weblinks in the Search Engine Result Page (SERP) of Google. As a result, Google free rides on the content of the members without giving them adequate compensation, as per the complaint.

Among others, it was alleged that Google exploited the dependency of the members on the search engine offered by Google for referral-traffic to build services such as Google News, Google Discover and Google Accelerated Mobile Pages (AMP).

The search engine major provides news content to user through Google Search and through news aggregator vertical, Google News.

According to the complaint, in Google Search, users can either search directly for news through News Tab or receive news through result in SERPs. Google incorporated news content in its SERPs through featured snippets including 'Top Stories' carousels.

However, the revenue distributed by Google to news publishers doesn't compensate for the real contribution made by the association's members to these platforms, it added.

In a four-page order, dated October 6 and released on Friday, CCI said the allegations are substantially the same as that of the matter which is already being probed by the regulator.

CCI has directed the DG to club the matters and submit a consolidated investigation report.

Cases where there is prima-facie evidence of violation of competition norms are referred by CCI to its investigation arm DG for a detailed probe.

The complaint has been filed against Alphabet Inc, Google LLC, Google India Pvt Ltd, Google Ireland Ltd and Google Asia Pacific Pte Ltd.

The association consists of national and regional private news and current affairs broadcasters and digital news media entities as its members.

SpiceJet deposits TDS, Form 16 to be issued to staff in a fortnight

The development comes two days after the government enhanced credit limit for airlines under the ECLGS

After a delay of several months, budget airline SpiceJet has deposited income tax with the department.

In a note to employees, the airline said it has deposited tax deducted at source and it will be reflected in the tax credit statement in a few days. The Form 16 will be made available in the next fortnight.

"A significant portion of PF contributions of all employees is also being credited and the remaining amount will be released shortly," the airline said.

The development comes two days after the government enhanced credit limit for airlines under the ECLGS.

A Balasubramanian re-elected Amfi chairman, Sundeep Sikka to head ETF panel

A Balasubramanian

A Balasubramanian and Radhika Gupta have been re-elected as the chairman and vice-chairperson of the Association of Mutual Funds in India (Amfi).

Vishal Kapoor will continue to helm the industry body's committee of certified distributors, while Nilesh Shah and Navneet Munot will remain the chief of valuation committee and equity CIO committee, respectively.

Sundeep Sikka has been elected as the chairman of ETF committee and Radhika Gupta as the chairperson of the committee on operations, compliance and risk.

OYO elevates two senior execs in service experience and revenue functions

Photo: OYO Hotels & Homes

Oyo, the Softbank-backed hotel aggregator, has announced the elevation of Shreerang Godbole as Chief Service Officer and Shirish Damani as the company’s Chief Revenue Officer. The former was the SVP of Consumer Product while the latter had been leading the revenue function at OYO Vacation Homes (OVH).

In his new role, Damani will focus on building a revenue-first, tech-forward, customer-centric approach at OYO. He will take charge of the Consumer Product team and work towards making the OYO App and website even more smooth and user-friendly, Oyo said in a statement.

Godbole will be responsible for service and experience of patrons and customers globally. He will work closely with the operations, patron engagement, and customer service teams across markets, leading the Consumer Service and Partner Service Product charters, the statement added.

“Shirish and Shreerang have both been instrumental in building and sustaining growth momentum at OYO. Revenue management has been one of the stand-out success stories at OYO Vacation Homes,” said Ritesh Agarwal, founder and CEO of Oyo.

“I am excited to see that our tenured leaders continue to take up larger roles at OYO. Their entrepreneurial spirit combined with their problem-solving acumen have inspired many within the company. I wish them both the very best in their new roles. I am sure they’ll both contribute immensely to OYO’s future,” he added.

Recently, OYO had also revamped its flagship patron-facing app, CO-OYO. Patrons can now run their very own promotional offers ahead of the peak festive travel season this year, the statement said.

Xiaomi rejects speculation over India operations being moved to Pakistan

With a market share of 18 per cent, Xiaomi is one of the top brands in India's smartphone market.

Xiaomi, a leading Chinese mobile manufacturer, has rejected rumours that it will relocate its operations from India to Pakistan, reported Hindustan Times. These speculations surfaced after Enforcement Directorate (ED) froze its assets worth Rs 5,551.27 crore for allegedly breaking the Foreign Exchange Management Act (FEMA) guidelines.

It all started when South Asia Index, which focuses on data-driven stories from South Asia, claimed in a tweet while citing sources that the Chinese cellphone manufacturer may shift its operations from India to Pakistan after its assets worth $676 million were seized.

Just IN: Chinese mobile-maker Xiaomi may move its operations from India to Pakistan after Indian govt freezes its assets worth $676M. - sources

— South Asia Index (@SouthAsiaIndex) October 6, 2022

Responding to the assumptions and refuting the tweet, Xiaomi, which entered the Indian market in 2014, said, "This tweet is completely false & baseless. Xiaomi entered India in 2014 & in less than a year, we embarked on our Make in India journey. 99 per cent of our smartphones & 100 per cent of our TVs are made in India. We'll take all measures to protect our reputation from false & inaccurate claims."

On Friday, Xiaomi filed a new petition with the Karnataka High Court to challenge the September 29 order of the FEMA competent authority that had upheld the ED's April 29 direction to seize the company's assets.

ED had ordered Xiaomi's asset seizure as punishment for allegedly breaking FEMA regulations and sending money to three entities outside of India under the pretence of royalties.

The Chinese mobile phone manufacturer has now contested the appeal order in its petition on the grounds that an official from a foreign bank was not permitted to be cross-examined during the hearing.

The attorney for Xiaomi claimed that the petition might be upheld because the plea also questioned the legality of Section 37A of the FEMA, which deals with assets held outside of India by a firm.

The high court earlier this year had permitted Xiaomi to use the money for its routine business operations but forbade it from using it to pay royalties.

Economy and Policy

- Prices of CNG, piped cooking gas hiked by Rs 3 as natural gas prices rise

- 72 out of 214 items indigenised by Defence PSUs well before timeline

- India's monthly fuel demand slips to 10-month low in September: Govt

- CAQM asks agencies to develop gas infrastructure in NCR before next winter

- Invest in Goa and be partners in industrial growth: CM Pramod Sawant

- India's September fuel demand rises 8.1% YoY, gasoline sale 8.8% higher

- India won't yield on national interest to meet FTA deadlines: Piyush Goyal

- Finland ties up with Kerala govt to implement 'Little KITEs' model

- Farmers receive MSP worth Rs 2,356 crore during 2022-23 Kharif season

- Government identifying PSUs with land bank but little business for selloff

- Global economy moving from 'relative predictability' to uncertainty: IMF MD

- India handled energy crisis in responsible, mature manner: Minister Puri

Prices of CNG, piped cooking gas hiked by Rs 3 as natural gas prices rise

The prices of CNG and cooking gas piped to household kitchens in the national capital on Saturday hiked by Rs 3 each in step with rise in input natural gas prices.

The Rs 3 per kg increase in CNG price is the first hike in rates in over four months, while a Rs 3 per standard cubic metres increase in piped natural gas (PNG) was the first raise in two months.

CNG in the national capital territory of Delhi now costs Rs 78.61 per kg, up from Rs 75.61 per kg, according to the information posted on the website of Indraprastha Gas Ltd (IGL) -- the firm which retails CNG and piped cooking gas in the national capital and adjoining cities.

This is the 14th increase in price since March 7. Rates were last increased by Rs 2 per kg on May 21. In all, the CNG price has risen by Rs 22.60 per kg during this period. Since April 2021, CNG prices have increased by Rs 35.21 per kg or 80 per cent, according to data compiled by PTI.

Simultaneously, the rates of gas piped to household kitchens, called piped natural gas (PNG), was increased to Rs 53.59 per standard cubic metre in Delhi from Rs 50.59 per scm, according to IGL.

It is the 10th increase in PNG rates since August 2021. In all prices have gone up by Rs 29.93 per scm, or almost 91 per cent.

IGL said rates of CNG and PNG have also been increased in Noida, Greater Noida, Ghaziabad and Gurugram as well as other cities where it operates such as Kanpur in Uttar Pradesh and Ajmer in Rajasthan.

The price increase follows the government raising natural gas prices by 40 per cent to a record USD 8.57 per million British thermal unit from October 1.

Natural gas, which is extracted from below earth's surface, is converted to compressed natural gas (CNG) for running automobiles and piped to household kitchens for cooking. It is also used to generate electricity and manufacture fertilizer.

Mahanagar Gas Ltd (MGL) - the city gas operator in Mumbai and adjoining areas - earlier this week announced a Rs 6 per kg hike in CNG price to Rs 86 per kg and a Rs 4 per scm increase in PNG price to Rs 52.50 per scm.

Analysts anticipate that CNG prices are likely to be hiked by Rs 8-12 per kg and PNG rates by over Rs 6, but in tranches, to account for the rise in input natural gas prices. Natural gas prices are up nearly 5x in just a year - from USD 1.79 per mmBtu till September 2021 to USD 8.57 now.

For each USD per mmBtu gas price rise, city gas distribution (CGD) entities need to raise the CNG price by Rs 4.7-4.9 per kg.

Prices vary from city to city depending on the incidence of local taxes such as VAT.

72 out of 214 items indigenised by Defence PSUs well before timeline

defence

The Defence Public Sector Undertakings (DPSUs) said on Friday that the 72 out of 214 items have been indigenised by the DPSUs well before their original indigenisation timeline.

The remaining 142 items are being indigenised within the timeline of December 2022. Some of the main sub-systems and line replacement units (LRUs) indigenised include magazine fire fighting system for ships, steering gear system and fin stabilisers with control for frigates, pressurised containers for Akash missiles, KOE charge for Konkurs missiles and electric motor, decontamination set and prism optical instrument for battle tanks.

Beside these items, some critical components include intermediate castings for helicopters, polychloroprene rubber band for submarines and high pressure regulating valves for ships.

The Ministry of Defence had notified three positive indigenisation lists (PIL) for LRUs/sub-systems/assemblies/sub- assemblies/components in December 2021, March 2022 and August 2022, respectively, with an indicative timeline for their indigenisation.

The first PIL contains 351 items indigenisation, the second 107 items and the third 780 items.

--IANS

miz/arm

India's monthly fuel demand slips to 10-month low in September: Govt

Photo: Bloomberg

India's monthly fuel demand in September was at the lowest since November 2021, government data released on Friday showed.

Total monthly fuel demand in September fell 3.6% from August, although it was up 8.1% when compared with September 2021.

"When we look at the drop in Indian oil demand, part of it had to do with seasonal maintenance of the refineries, not necessarily a softening of the economy," said Phil Flynn, analyst at Price Futures Group in Chicago.

"We expect that the demand for India is going to pick up here very, very shortly as we get into winter."

Consumption of fuel, a proxy for oil demand, totaled 17.18 million tonnes in September, up from 15.89 million tonnes a year earlier, data from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry showed.

Sales of diesel, or gasoil, rose about 13.4% year-on-year to 6.26 million tones, but dropped 1.4% month-on-month to a one-year low.

Sales of gasoline, or petrol, were 8.8% higher from a year earlier at 2.83 million tonnes.

Preliminary sales data from earlier this month showed gasoline and gasoil sales by Indian state refiners rose sharply in September from a year earlier, signaling a pick-up in industrial activity ahead of the festive season from October.

Sales of bitumen, used for making roads, were up about 16%, while fuel oil use edged up 9% in September.

Cooking gas or liquefied petroleum gas (LPG) sales increased 3.5% to 2.45 million tonnes, while naphtha sales fell 6.4% to 1.08 million tonnes.

Indian state refiners plan to lock-in more of their crude supplies in term deals, worried that tighter Western sanctions on Russia, including from the EU, could curb future supplies in already tight markets, sources at state refiners said this week.

(Reporting by Brijesh Patel, Bharat Govind Gautam and Deep Vakil in Bengaluru; additional reporting by Harshit Verma; Editing by Kirsten Donovan)

CAQM asks agencies to develop gas infrastructure in NCR before next winter

The Centre's panel on air quality has directed the agencies concerned to develop a proper gas infrastructure across the national capital region (NCR) before the next winter.

The Commission for Air Quality Management (CAQM) held a review meeting with the 11 gas distributors of NCR and the Ministry of Petroleum and Natural Gas to take stock of the commissioning of gas infrastructure, piped natural gas (PNG) and compressed natural gas (CNG) connectivity in the districts of the NCR.

According to the CAQM, about 74 per cent of industrial areas of NCR have gas connectivity like PNG which is cleaner and emits less pollutants as compared to the conventional fuel like coal or diesel.

The panel directed the 11 city gas distributors to ensure that the gas infrastructure covers the entire NCR.

The NCR has 240 industrial areas of which gas connectivity and infrastructure has been achieved in 74.5 per cent industrial areas.

In NCR, there are 963 CNG stations, 22,24,055 domestic PNG connections, 5,185 commercial PNG connections; and 5,361 Industrial Connections.

"Switching of industries in NCR to the approved clean fuels, including PNG, is a priority for the CAQM. The commission has already directed the NCR state governments to phase out coal and completely avoid use of coal from January 1 (except thermal power plants)," a statement said.

Invest in Goa and be partners in industrial growth: CM Pramod Sawant

Goa Chief Minister Pramod Sawant (Photo: PTI)

Stating that Goa prefers to encourage eco-friendly industries, Chief Minister Pramod Sawant on Friday called upon the investors to invest in the state and be partners in industrial growth.

Sawant was speaking after inaugurating the 'Invest-Goa 2022' summit. Former Railway Minister Suresh Prabhu, state Industries Minister Mauvin Godinho, and state IT Minister Rohan Khaunte were present on the occasion, among others.

Sawant said that Goa has the required logistics to set up ventures in the industrial area.

"We have good connectivity by way of road, rail and air to cater to the needs of the industries. Hence I appeal to the investors to set up their ventures and make Goa a preferred investment destination," he said.

Sawant also urged the investors to be partner in Goa's industrial growth.

Stating that Goa has all the required infrastructure for industrial growth, Godinho said, "Let's grow together to boost the nation's economy."

Prabhu said Goa has its own industrial policy which is investor-friendly.

"Goa is the best place for investment and this is the right time to be in Goa," Prabhu said.

Khaunte said, "The government is looking at industrial growth wherein IT has a pivotal role to play in making Goa a preferred destination for industries."

--IANS

sbk/arm

India's September fuel demand rises 8.1% YoY, gasoline sale 8.8% higher

Photo: Bloomberg

India's fuel demand rose 8.1% in September compared with the same month last year.

Consumption of fuel, a proxy for oil demand, totalled 17.18 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry showed on Friday.

Sales of gasoline, or petrol, were 8.8% higher from a year earlier at 2.83 million tonnes.

Cooking gas or liquefied petroleum gas (LPG) sales increased 3.5% to 2.45 million tonnes, while naphtha sales fell 6.4% to 1.08 million tonnes.

Sales of bitumen, used for making roads, were up about 16%, while fuel oil use edged up 9% in September.

(Reporting by Brijesh Patel in Bengaluru; Editing by Toby Chopra)

India won't yield on national interest to meet FTA deadlines: Piyush Goyal

Goyal’s comments come a day after Britain's home secretary, Suella Braverman cast doubts over the proposed FTA with India

As the Diwali deadline approaches to conclude the trade talks with the UK, trade minister Piyush Goyal on Friday said government would not compromise on national interest in negotiations for free trade agreements (FTAs) just to meet deadlines.

“FTAs (are going) to be entered into after thorough consultation with all stakeholders, including industry, and the government will not diverge from this approach for the sake of deadlines", he said.

Goyal was speaking at the meeting held to review India’s export performance in the first six months of this financial year with key representatives from export promotion councils and industry associations.

Goyal’s comments come a day after Britain's home secretary, Suella Braverman cast doubts over the proposed FTA with India over the issue of migration and branded Indians as the largest group of people who overstay their visas in the UK.

Expressing concerns over what she feared would be an open borders migration policy in an interview with 'The Spectator' on Thursday, the senior minister seemed to indicate that she would not offer Cabinet backing to a trade deal that offers India greater visa concessions.

Finland ties up with Kerala govt to implement 'Little KITEs' model

Finland has expressed interest in implementing the Kerala Education Department's Little KITEs programme in their country's schools.

Kerala Infrastructure and Technology for Education (KITE) will provide technical assistance for this and a Special Working Group will be constituted for this programme, an official statement said here on Thursday.

This was decided in the meeting held at Helsinki, Finland's capital city, between Finland Education Department's team and a high-level delegation from Kerala comprising state chief secretary V P Joy, State Planning Board Vice-Chairman V K Ramachandran and General Education Department Principal Secretary A P M Mohammed Hanish, it said.

The Little KITEs IT clubs initiative is one of India's largest information and communications technology (ICT) network of students across more than 2,000 schools, totalling 1.70 lakh student members.

"I congratulate all who are part of Little KITEs programme, which has gained global attention to the digital revolution of the state in the education sector," said V Sivankutty, Minister for General Education.

KITE is equipped to provide consultancy support in free and open-source software (FOSS)-based digital education activities to other states and countries, said K Anvar Sadath, CEO, KITE.

Little KITE members will be trained in electronics, animation, hardware, cyber-safety, 3D modelling, artificial intelligence (AI) and so on. This year, they have trained over four lakh parents in cyber-safety.

Further, 9,000 robotic kits would be deployed to schools this year through the Little KITEs units, he added.

The Little KITEs programme was launched by Chief Minister Pinarayi Vijayan in 2018.

Farmers receive MSP worth Rs 2,356 crore during 2022-23 Kharif season

Photo: Prashanth Vishwanathan | Bloomberg

In the ongoing Kharif marketing season of 2022-23 in Punjab, Haryana, Chandigarh, Uttar Pradesh, Uttarakhand and Tamil Nadu, a total of 1,16,761 farmers have benefitted with minimum support price (MSP) value of Rs 2,356.30 crore.

In the Kharif marketing season of 2021-22, as many as 130.87 lakh farmers benefitted with MSP value of Rs 1,72,898,89 crore, the Ministry of Food and Consumer Affairs said.

A quantity of 11.44 lakh metric tonnes of paddy has been procured till October 5 in the states of Uttar Pradesh, Uttarakhand, Punjab, Haryana and Tamil Nadu during Kharif marketing season of 2022-23.

During the Kharif marketing season of 2021-22, 882 lakh metric tonnes of paddy has been procured till October 5, an official statement said.

In addition to this, 43,733 rakes of food grains with an approximate quantity of 1,225 lakh metric tonnes have been loaded between March 24 and October 5, 2022, the ministry said.

--IANS

ans/shb/

Government identifying PSUs with land bank but little business for selloff

Government to collect land from PSUs with surplus land and are being sold

With an aim to collect surplus land, the government is identifying the Public Sector Undertakings (PSUs) that have land bank but little to no use as the business isn't productive anymore, The Times of India reported. For this, the government has established a special purpose vehicle (SPV) called the National Land Monetization Corporation (NLMC), a wholly-owned organisation.

Hemisphere Properties, the listed firm, for example, established to take over the land of the former VSNL (now Tata Communications), is one of the businesses that is thought to have a sizable land bank.

The PSU, which is administratively governed by the housing and urban affairs ministry, even advertised the sale of farmhouses in South Delhi that were priced at upward of Rs 25 crore each.

Sources stated that although a final decision on the company's fate has not been made as a result of reservations by some ministries. There are numerous similar companies that are sitting on land and are seen as suitable candidates to be taken up for privatisation or sale after transferring the land to the recently established SPV.

The action is being undertaken at a time when the Center is eager to continue its asset monetisation programme, which has slowed down recently, especially as a result of railways choosing to take on a number of projects like modernising railway stations via the EPC route or giving up the process of enlisting private players to operate trains.

After collecting Rs 96,000 crore last year, against a target of Rs 88,000 crore, the government is aiming for Rs 1.6 lakh crore in asset monetisation in the current fiscal. As things have not advanced past the company's incorporation, the Center is perceived as being hesitant to move on monetising the enormous land bank that is available with NLMC.

Global economy moving from 'relative predictability' to uncertainty: IMF MD

The global economy is moving from a world of relative predictability to one of greater uncertainty, IMF chief Kristalina Georgieva has said, warning that countries accounting for about one-third of the world economy will experience at least two consecutive quarters of contraction this or next year.

In a major policy speech here ahead of the annual meeting of the International Monetary Fund (IMF) and the World Bank, IMF Managing Director Georgieva on Thursday said the World Economic Outlook to be released next week would further downgrade the global growth projections.

We have downgraded our growth projections three times already, to only 3.2 per cent for 2022 and 2.9 per cent for 2023. And as you will see in our updated World Economic Outlook next week, we will downgrade growth for next year, she said.

We will flag that the risks of recession are rising. We estimate that countries accounting for about one-third of the world economy will experience at least two consecutive quarters of contraction this or next year. And, even when growth is positive, it will feel like a recession because of shrinking real incomes and rising prices, she said.

Overall, we expect a global output loss of about USD 4 trillion between now and 2026. This is the size of the German economy a massive setback for the world economy. And it is more likely to get worse than to get better, she said.

Observing that uncertainty remains extremely high in the context of war and pandemic, she said there could be even more economic shocks. Financial stability risks are growing: rapid and disorderly repricing of assets could be amplified by pre-existing vulnerabilities, including high sovereign debt and concerns over liquidity in key segments of the financial market, she said.

We are experiencing a fundamental shift in the global economy: From a world of relative predictability with a rules-based framework for international economic cooperation, low-interest rates, and low inflation... to a world with more fragility greater uncertainty, higher economic volatility, geopolitical confrontations, and more frequent and devastating natural disasters a world in which any country can be thrown off course more easily and more often, Georgieva said.

India handled energy crisis in responsible, mature manner: Minister Puri

India has handled the current energy crisis in a responsible and mature manner, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said Thursday asserting that the Modi Government has not allowed energy shortages to affect any part of its population.

The minister said that there is a huge potential of India-US collaboration in the energy sector.

Today, when we talk about energy it suddenly assumes a different(connotation) but I think this too shall pass. We have been able to navigate away past the challenges in what I think is a responsible and mature manner, Puri said at a reception hosted in his honour by India's Ambassador to the US Taranjit Singh Sandhu.

I don't think we've allowed energy shortages to affect any part of our population, including in parts of the Northeast which were undergoing heavy flooding. There were never any shortages, and we are confident of being able to take this forward, Puri said addressing a select gathering at India House here.

The minister is scheduled to meet the US Energy Secretary Jennifer Granholm for a bilateral dialogue on Friday.

I think both sides are convinced that we will need to open a green corridor for looking at energy related issues as we go along, said the top Indian minister.

Puri said the portfolio of energy in India and the US relationship has grown significantly.

Today, when I deal with portfolios like energy .. one thing that has renewed my faith is that what India and the US can achieve together he said.

Out of USD160 billion worth of annual bilateral trade, India imports USD20 billion worth of energy from the United States, he noted.

America's former Ambassador to India, Richard Verma, and General Atomics Chief Executive Vivek Lall were among those who attended the reception at India House, which is the official residence of India's top diplomat in the US.

The attendees included some of the eminent Indian American community members including Bharat Barai from Chicago, Darshan Singh Dhaliwal from Wisconsin, Ravi Batra from New York and Mahinder Tak and Jasdip from Maryland.

Puri, also the Union Minister of Housing and Urban Affairs, said after Washington DC, he is headed to Houston for more energy from American companies, more greener fuels for transition to sustainable energy.

Finance

- YES Bank now on a hunt to buy stressed assets from other lenders

- LIC, Centre to sell 60.7% stake in IDBI Bank; DIPAM invites EoIs

- Banks loans rose 16.4% YoY in two weeks to Sept 23, deposits up 9.2%: RBI

- Forex reserves decline to over two-year low to $532.66 bn: RBI data

- IDBI Bank privatisation: Govt, LIC to sell 60.72% stake, invite bids

- RBI to launch e-rupee on pilot basis for limited use; issues concept paper

- Rupee breaches 82 level vs dollar as Fed officials back rate hike view

- RBI sells dollars as rupee hits record low on US interest rate hike fears

- No peace for Indian rupee as mighty dollar thunders on: Reuters Poll

- RBI likely to set underwriting commission in 1.00-1.50 paise band: Poll

YES Bank now on a hunt to buy stressed assets from other lenders

Prashant Kumar, Yes Bank administrator & former SBI CFO | Photo: Kamlesh Pednekar

YES Bank, which almost collapsed two years ago from bad loans, is now on a hunt to buy stressed assets from other lenders.

A new partnership with US private-equity firm JC Flowers & Co. LLC allows it to buy soured loans of other banks, Prashant Kumar, chief executive officer of the Mumbai-based lender, said in an interview.

The so-called asset reconstruction company, that YES Bank will take a 19.99 per cent stake in, plans to hire as many as 100 people across legal, compliance and investment management over the next few months, he said.

“We are trying to create a credible platform which has the capability and capacity to buy stressed assets from other banks,” Kumar said, pointing to the bank’s experience in managing this area of the business. YES Bank agreed to sell Rs 48,000 crore ($5.9 billion) of a bad loan portfolio last month to JC Flowers’ ARC, a move Kumar said would help boost its profitability.

The sale is a major step by the bank toward shedding the mountain of stressed loans that led to its shock rescue by India’s central bank in March 2020. The bank remained heavily saddled with bad loans even as it returned to posting

quarterly profits.

While the soured-debt ratio at India’s lenders has now fallen to a six-year low, the country held the dubious distinction of having the worst non-performing loan ratio among the world’s major economies till two years back.

Kumar said most overseas buyers of stressed assets haven’t been successful in India because they did not have the right local partners or lacked scale. JC Flowers’ experience in managing stressed assets will help in creating a credible platform for the bank, and positions the ARC to become the largest of its kind in the country.

Through its funds, JC Flowers invests across the financial services industry. This includes distressed companies, which it seeks to turn around by cleaning up their balance sheets and operations, or selling parts of the business to other investors or firms.

“The bank is not yet out of the woods and it is a high-risk stock,” said Kranthi Bathini, a strategist at Mumbai-based Wealthmills Securities, referring to the bank’s progress so far and its growth strategy. Still, “its growth of credit and corporate book could move the needle for large institutional investors to invest in the stock.”

Validation

Besides the JC Flowers deal, Kumar is also upbeat about the new shareholders in the bank. US private equity giants Carlyle Group Inc. and Advent International Corp. announced in July their purchase of a 10 per cent stake each, and Kumar said their $1.1 billion of fresh capital commitment is the “biggest validation” of YES Bank’s turnaround prospects.

Under Kumar, the bank has made several changes to its lending portfolio. It no longer has large exposures to any one corporate borrower, and has also focused on growing its retail offerings, such as personal, home and vehicle loans, he said. The RBI on Thursday gave an extension of three years to Kumar to remain as chief

executive.

The bank’s first quarter net income had risen to 3.11 billion rupees.

Yes Bank can also provide solutions despite being small, Kumar said, pointing out it is the only private Indian bank to open a rupee account for trade with Russia. Once clients start using the account to settle trades, it will add some float to its balance sheet, Kumar said, though he declined to comment on expected transaction volumes.

He is confident that the bank’s big shareholders, like State Bank of India, will not withdraw support after a lock-up on holding its shares ends in March next year. Yes Bank’s shares have risen more than 20% this year, outperforming the 10-member S&P BSE Bankex Index.

“When you see an investment growing, nobody withdraws,” Kumar said. “Institutional investors remain committed to the bank as they know there are no negative surprises in the offing anymore.”

LIC, Centre to sell 60.7% stake in IDBI Bank; DIPAM invites EoIs

When the markets closed on Friday, IDBI Bank’s market cap was nearly Rs 45,913 crore

The Union finance ministry on Friday invited initial bids for strategic disinvestment in IDBI Bank to sell, jointly with the Life Insurance Corporation (LIC), 60.7 per cent in the bank.

According to the expression of interest (EoI) released by the Department of Investment and Public Asset Management (DIPAM), LIC, which owns 49.2 per cent in IDBI, will cut its stake to 19 per cent, while the government will reduce its shareholding to 15 per cent from 45.5 per cent at present.

When the markets closed on Friday, IDBI Bank’s market cap was nearly Rs 45,913 crore.

Even without a premium, LIC stands to garner Rs 13,844 crore, while the Centre can rake in Rs 13,994 crore from a successful stake sale. So far, the Centre has rung up Rs 24,543.67 crore as disinvestment receipts against the FY23 target of Rs 65,000 crore.

According to the EoI, the entities eligible to bid for IDBI Bank include private-sector banks, foreign banks, non-banking financial companies (NBFCs), alternative investment funds (AIFs) registered with the Securities and Exchange Board of India, or any other fund incorporated outside India. The bidder may submit its EoI solely on its own or as part of a consortium.

The successful bidder will have to bring down the equity to 26 per cent in 15 years, and in the first five years from the date of acquisition 40 per cent of the equity capital will remain locked in, according to central bank guidelines.

The interested parties should have a minimum net worth of Rs 22,500 crore ($2.85 billion) and reported profits in at least three of the last five financial years. If the successful bidder intends to amalgamate IDBI Bank with itself or if it is required by the Reserve Bank of India, the EoI says the Centre and LIC will vote in favour of such a step at meetings of the board or the shareholders of IDBI Bank.

The last date for submitting written queries by interested bidders is October 28, 2022, and that for putting in bids is December 16, 2022. The last date for submitting physical copies of EoIs is December 23, 2022.

The Centre has engaged KPMG India as transaction advisor and “Link Legal” as legal advisor for providing advisory services and managing the transaction.

The EoI(s) will be valid for 180 days from the date of opening of the EoI and can be further extended by another 180 subject to conditions. The net profit of the bank increased to Rs 2,439 crore in FY22. As on March 31, 2022, IDBI Bank had 17,430 employees.

From January 2019, IDBI Bank was categorised by the Reserve Bank of (RBI) as a private-sector bank, after the government reduced its stake. The bank had been under the RBI’s “Prompt Corrective Action” framework since 2017 and came out of it in March last year.

Banks loans rose 16.4% YoY in two weeks to Sept 23, deposits up 9.2%: RBI

Oct 7 (Reuters) - Indian banks' loans rose 16.4% in the two weeks to Sept. 23 from a year earlier, while deposits rose 9.2%, the Reserve Bank of India's weekly statistical supplement showed on Friday.

Outstanding loans rose 787.65 billion rupees ($9.56 billion) to 126.30 trillion rupees in the two weeks to Sept. 23.

Non-food credit rose 855.69 billion rupees to 126.08 trillion rupees, while food credit fell 68.04 billion rupees to 217.88 billion rupees.

Bank deposits fell 243.34 billion rupees to 170.32 trillion rupees in the two weeks to Sept. 23.

($1 = 82.4000 Indian rupees)

Forex reserves decline to over two-year low to $532.66 bn: RBI data

MUMBAI (Reuters) - India's foreign exchange reserves fell to $532.66 billion in the week through Sept. 30, their lowest level since July 2020, the Reserve Bank of India's (RBI) weekly statistical supplement showed on Friday.

The country's reserves declined for a ninth consecutive week. They were $537.52 billion at the end of the previous week ended Sept. 23.

The rupee breached the key 82 per dollar level on Friday, having weakened for four straight weeks, with traders saying the RBI had likely intervened occasionally over the period to arrest the pace of currency's fall.

(Reporting by Anushka Trivedi in Mumbai; editing by Uttaresh.V)

IDBI Bank privatisation: Govt, LIC to sell 60.72% stake, invite bids

The government on Friday invited bids for privatising IDBI Bank and said that it together with LIC will sell a total of 60.72 per cent stake in the financial institution.

The Department of Investment and Public Asset Management (DIPAM), while inviting Expressions of Interest (EoI), said that the potential investor should have a minimum net worth of Rs 22,500 crore, must report net profit in three out of the past five years to be eligible for bidding for IDBI Bank.

Also, a maximum of four members would be allowed in a consortium.

The successful bidder would be required to mandatorily lock-in at least 40 per cent of the equity capital for five years from the date of acquisition.

It further said that the selection of the qualified interested parties and the amount of equity stake such entities would hold in IDBI Bank would be decided by the Reserve Bank and the bidder would have to clear the 'Fit and Proper' assessment done by the banking regulator.

It also barred large industrial/corporate houses or individuals from participating in the bidding process.

The last date for submission of bids or Expression of Interest (EoI) by potential buyers is December 16.

The government and LIC hold 94.72 per cent stake together in IDBI Bank. Life Insurance Corporation (LIC) holds 529.41 crore shares representing 49.24 per cent stake in IDBI Bank, while the government holds 488.99 crore shares or 45.48 per cent stake. Public shareholders hold 5.2 per cent stake in the bank.

The government will sell 30.48 per cent and LIC will offload 30.24 per cent stake, aggregating to 60.72 per cent of the equity share capital of IDBI Bank, along with transfer of management control in IDBI Bank, Department of Investment and Public Asset Management (DIPAM) said while inviting bids.

After stake sale, the combined shareholding of LIC and the government will come down to 34 per cent.

Shares of IDBI Bank closed at Rs 42.70, up 0.71 per cent over previous close on the BSE on Friday. At the current market price, the 60.72 per cent stake would be valued at over Rs 27,800 crore.

The Preliminary Information Memorandum (PIM) brought out by DIPAM for privatising IDBI Bank also states that private sector banks, foreign banks, RBI-registered non-banking finance companies, Sebi registered Alternative Investment Funds (AIFs), a fund/investment vehicle incorporated outside India would be allowed to submit bids, either individually or as consortium.

The acquisition of IDBI Bank would be governed by the FDI regulations which allow 74 per cent foreign holding in banks through approval route, and 49 per cent through the automatic route. At all times, at least 26 per cent of the paid-up capital of the bank is required to be held by residents.

“The price at which the equity shares of IDBI Bank can be transferred to a person resident outside India shall not be less than the price worked out in accordance with the SEBI guidelines,” the PIM said.

The successful bidder would be required to make an open offer to public shareholders of IDBI Bank and will be required to put in escrow, in cash, the entire consideration payable under the open offer assuming full acceptance of the open offer, the EoI said.

As per the open offer guidelines of Sebi, any acquisition of an aggregate of 25 per cent or more shares in a listed entity or acquisition of 'control' mandates the acquirer to make a buyout offer to minority shareholders.

Minority shareholders have 5.2 per cent in IDBI Bank.

“It is envisaged that strategic acquirer/investor will infuse funds, new technology and best management practices for optimal development of business potential and growth of IDBI Bank,” the PIM said.

The PIM said that necessary security clearance will be taken by the DIPAM before the Data Room access is given to the Qualified Interested Parties (QIPs). The interested parties, its directors and shareholders holding more than 10 per cent would be required to submit a self-declaration for the security clearance along with submission of EoI.

Besides, the interested parties and each member of the consortium would have to give a declaration or make a disclosure on order/ pending investigation /proceedings by any Court/ regulatory authority/SFIO/ NCLT/ NCLAT while submitting the EoI.

The Successful Bidder will be required to reduce/dilute its shareholding in accordance with the glide-path to be submitted by the QIPs at the RFP stage to align its shareholding in accordance with the RBI guidelines.

The 'Master Directions on Ownership in Private Sector Banks, 2016', issued by RBI, allow a timeline of 15 years from date of commencement of business of the bank to achieve the prescribed shareholding limit in long run.

In the event the successful bidder intends to amalgamate IDBI Bank with itself or if the same is required by RBI, the GoI and LIC will vote in favour of any such merger/amalgamation at Board and/or shareholders' meetings of IDBI Bank, the PIM said.

KPMG India Pvt Ltd and Link Legal are acting as the transaction and legal advisor for managing the IDBI Bank stake sale.

The announcement of IDBI Bank privatisation was first made in Union Budget of 2021-22, following which the Cabinet Committee on Economic Affairs gave in-principle approval for strategic disinvestment and transfer of management control in May 2021.

IDBI Bank was categorised as Private Sector Bank by the Reserve Bank of India with effect from January 21, 2019, consequent upon Life Insurance Corporation Of India (LIC) acquiring 51 per cent of the total paid-up equity share capital of the bank.

The government has set a target of garnering Rs 65,000 crore from divestment in 2022-23 (Apr-Mar), out of which it has already raised Rs 24,544 crore.

RBI to launch e-rupee on pilot basis for limited use; issues concept paper

The Reserve Bank on Friday said it will soon commence the pilot launch of e-rupee for specific use cases with a view to bolstering India's digital economy, making payment systems more efficient, and checking money laundering.

In a concept note on Central Bank Digital Currency, the RBI said CBDC is aimed to complement, rather than replace, current forms of money and is envisaged to provide an additional payment avenue to users, not to replace the existing payment systems.

"Supported by state-of-the-art payment systems of India that are affordable, accessible, convenient, efficient, safe and secure, the Digital Rupee (e?) system will further bolster India's digital economy, make the monetary and payment systems more efficient and contribute to furthering financial inclusion," the paper said.

CBDC is a digital form of currency notes issued by a central bank. While most central banks across the globe are exploring the issuance of CBDC, the key motivations for its issuance are specific to each country's unique requirements.

The Government of India had announced the launch of the Digital Rupee — a Central Bank Digital Currency (CBDC) from fiscal year 2022-23 onwards in the Union Budget placed in Parliament on February 1, 2022.

The central bank said: "The Reserve Bank will soon commence pilot launches of e? for specific use cases. As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of e-rupee, from time to time." CBDC can be classified into two broad types -- general purpose or retail (CBDC-R) and wholesale (CBDC-W). Retail CBDC would be potentially available for use by all and while wholesale CBDC is designed for restricted access to select financial institutions.

"For CBDC to play the role as a medium of exchange, it needs to incorporate all the features that physical currency represents including anonymity, universality, and finality," the note said.

Across the globe, the note said more than 60 central banks have expressed interest in CBDC with a few implementations already under pilot across both Retail and Wholesale categories and many others are researching, testing, and/or launching their own CBDC framework.

The concept note presents the background, motivation, choices of design features and other policy frameworks for e-rupee system for the country.

The aim is to build an open, inclusive, interoperable and innovative CBDC system which will meet the aspirations of the modern digital economy of India, it said.

The paper also noted that the potential impact on monetary policy from an introduction of CBDC is still unclear and is purely speculative given that only limited CBDCs are currently in existence as few nations have issued till date.

After factoring in the concerns related to anonymity, appropriate analytics of Big Data generated from CBDC can assist in evidence-based policy making.

"It may also become a rich data source for service providers for financial product insights. Further, the data would be highly useful for enforcing money laundering regulations," it said.

The purpose behind the issue of this concept note is to create awareness about CBDCs in general and the planned features of the digital rupee, in particular, the RBI said.

The note also seeks to explain Reserve Bank's approach towards introduction of the digital Rupee.

Reserve Bank said it's approach is governed by two basic considerations – to create a digital Rupee that is as close as possible to a paper currency and to manage the process of introducing digital rupee in a seamless manner.

Rupee breaches 82 level vs dollar as Fed officials back rate hike view

Photo: Reuters

The rupee hit a new low on Friday, crossing the 82-a-dollar mark for the first time amid the US Federal Reserve’s unrelenting commitment to raise interest rates. The Reserve Bank of India (RBI) is said to have been nudging some banks to slow down on market positions in the offshore segment which have aggravated the fall in the local currency in the last two days, multiple sources said.

The rupee weakened 0.5 per cent to close the day at 82.33 a dollar. The domestic currency, which has depreciated 9.7 per cent versus the US dollar so far in 2022, took a beating on Friday as officials of the Federal Reserve reiterated an aggressive path of rate hikes.

The rupee has suffered an intense spell of weakness since September 21 after the Fed signalled a longer-than-expected US rate hike cycle. The local currency has depreciated 2.9 per cent since that day, breaching past successive psychologically crucial levels.

Multiple sources told Business Standard that over the past couple of days, the RBI has been nudging banks to ease up on certain positions in the offshore non-deliverable forwards market, which the central bank does not directly regulate. The bulk of offshore rupee activity is conducted in London, Singapore, and New York.

An email sent to the central bank on the issue remained unanswered till the time of going to the press.

With the Fed’s aggressive rate hike stance and a recent jump in crude oil prices leading to the rupee depreciating at a faster pace in the offshore market, some banks have been purchasing the greenback at lower levels in the domestic spot market and then selling offshore, sources said.

This has quickened the pace of the rupee’s depreciation and, to a certain extent, blunted the effectiveness of the RBI’s dollar-selling interventions in the spot market – a point that the RBI was said to have made to banks.

“The RBI is saying that every time they come and intervene in the spot market, the on-shore prices (of the dollar) could fall more here than offshore, so Indian banks would buy here and then they would go and sell dollars in the offshore market. That creates a counter to what the RBI is doing,” a source said.

Since 2020, the RBI has started to intervene in the offshore market through domestic banks, dealers said.

According to the Bank of International Settlement’s last triennial survey held in 2019, the rupee’s volumes in offshore markets surpassed that of the onshore market. The offshore turnover has risen by more than three times from 2016 to 2019, the BIS said, pointing out that the volumes were at $50 billion. In April 2019, the combined domestic spot and exchange-traded volume was around $48 billion, dealers said.

“In the offshore market, the RBI has no jurisdiction. In that market, any hedge fund can stand and absorb the entire flow. Hence, the RBI is asking banks to go slow. Not completely stop it, but go slow, and they are enquiring with banks about how much positions they are carrying every day,” the source said.

“I personally don’t think that the RBI will intervene too much now. Since the rupee has already broken 80, 81 and 82 levels, I don’t think the RBI will intervene very aggressively. They will primarily come in when there is too much volatility,” HDFC Bank’s executive vice-president of overseas treasury Bhaskar Panda said.

“The next stop is 82.80 and if that breaks, then we can see 83.30 for the dollar/rupee. The main issue is oil prices. I am more concerned about the price of oil. I was confident when it was going down and it was below $90 per barrel. But above $90 and above $100 is very worrisome for us,” he said.

RBI sells dollars as rupee hits record low on US interest rate hike fears

Photo: Bloomberg

The Reserve Bank of India likely sold dollars via state-run banks on Friday after the rupee slid below 82 to a record low against the dollar on concerns over the U.S. Federal Reserve rate outlook, traders told Reuters.

The rupee was last trading at 82.2675, down from 81.88 in the previous session, but off the session low of 82.33.

The rupee dropped to 82.33 within the first ten minutes of the open and has been range bound since, likely due to the RBI intervention, traders said.

The intervention by the RBI was confirmed to Reuters by four bankers and a brokerage firm.

"Basically, the RBI is making its presence felt and letting traders know once again that it will not allow one-sided moves," said one of the state-run bankers who confirmed the intervention.

"The intervention will have an impact to (the extent) that it will not allow the rupee to fall more, but will not help rupee recover by much."

(Reporting by Nimesh Vora; Editing by Savio D'Souza)

No peace for Indian rupee as mighty dollar thunders on: Reuters Poll

Photo: Bloomberg

By Arsh Tushar Mogre and Devayani Sathyan

BENGALURU (Reuters) - India's rupee will trade near its record low against the mighty greenback beyond this year, buffeted by rising oil prices and an aggressive U.S. Federal Reserve rate-hiking campaign, according to a Reuters poll of FX strategists.

Steamrolled by the Fed-pumped dollar, the rupee has fallen over 10% this year and reached an all time low of 82.22/$ on Thursday, even though the Reserve Bank of India continues to sell its forex reserves to defend the local currency.

While it found brief respite after the RBI delivered its fourth consecutive interest rate hike last week, a widening trade deficit driven by rising oil prices and a slowdown in exports have dragged the rupee down.

That downward trend is unlikely to reverse anytime soon, according to the Oct. 3-6 Reuters poll of 40 FX analysts which showed the three month median forecast for the currency at 82.00/$, near where it was trading on Thursday.

But the median view of 19 analysts who answered a separate question showed the rupee would fall as low as 83.00/$ before year-end. Forecasts ranged between 82.00-84.00/$.

The rupee was then expected to recover just about 0.7% to trade around 81.30/$ in 6 months and 80.50/$ in 12 months, still not far from its record low. That lines up with expectations in a wider poll for the dollar's dominance to continue beyond 2022.

Although the median consensus showed a marginal recovery in six months, about 25% of strategists, 10 of 39, forecast the partially-convertible rupee to touch 82.5/$ and beyond. None predicted that in a September poll.

Asked what was the best approach to strengthen emerging market currencies against the dollar over the coming six months, around 40% analysts, 18 of 45, said central banks needed to hike interest rates more aggressively. Slightly under one-third said there was nothing that could be done.

Just over 10% of economists suggested central banks should continue selling their dollar reserves.

The RBI has already spent nearly $100 billion of its previous $642 billion pot of dollar reserves and was expected to deplete it to $523 billion by end-2022 to prop up the rupee, a separate Reuters poll showed.

"With FX reserves slowly being run down and dollar strength causing the rupee to go past 80.00/$, FX reserves will be used as "sand in the wheels" to slow the pace of exchange rate movements, rather than protecting any levels," said Sajjid Chinoy, chief India economist at J.P. Morgan.

"The response to global pressures - so far borne largely by FX reserves - will, from now on, be more equitably shared between reserves and interest rates."

(For other stories from the October Reuters foreign exchange poll:)

(Reporting by Arsh Tushar Mogre and Devayani Sathyan; Polling by Anant Chandak and Veronica Khongwir; Editing by Toby Chopra)

RBI likely to set underwriting commission in 1.00-1.50 paise band: Poll

The Indian government aims to raise at least 280 billion Indian rupees ($3.41 billion) through the sale of bonds on Friday.

The Reserve Bank of India will likely set underwriting commission for these notes in the 1.00 paise to 1.50 paise range, according to a Reuters poll of nine traders.

Note Quantum (in bln Median Min Max

rupees)

7.38% 2027 70 1.50 paise 1.00 paise 2.50 paise

7.26% 2032 120 1.20 paise 1.00 paise 1.50 paise

7.36% 2052 90 1.00 paise 0.80 paise 1.30 paise

($1 = 82.1580 Indian rupees)

(Reporting by Dharamraj Lalit Dhutia; Editing by Savio D'Souza)

Beyond Business

Interesting features and columns to track the world of books, art, music, sports, automobiles, spending and leisure

Opinion

- Best of BS Opinion: An unmistakable slowdown, lost fragrances & more

Best of BS Opinion: An unmistakable slowdown, lost fragrances & more

Whether it is industrial production, electricity generation, exports or revenue from the goods and services tax (GST), evidence of the loss of economic momentum is hard to ignore, writes T N Ninan, predicting that no one should be surprised if growth in the second half of the financial year drops below 4 per cent, which is where it was in the year before the pandemic. Read it here

In other views

Mihir Sharma points out that Russia’s Ukraine operation has laid to rest the notion that it remained a military superpower after the Cold War ended. Read it here

Devangshu Datta explains how the chess cheating scandal that has been trending since early September has wider implications beyond the sport. Read it here

Veenu Sandhu writes about lost memories – fragrant flowers, drinking tap-water – that point to the manner in which our interactions with nature have changed. Read it here

QUOTE OF THE DAY

‘We have not faced the prospect of Armageddon since Kennedy and the Cuban missile crisis’

Joe Biden on Putin’s nuclear threat

Markets

- Considering appropriate legal recourse against Sebi's order: Brickwork

- On the rise again: Gold rates at a discount to tackle price jump

- IiAS to Ambuja investors: Vote against Rs 20K-cr fundraise from Adani firm

- Sensex, Nifty close marginally down on profit booking in IT, financials

- Low volatility in stock markets signals some respite for Asia: Report

- Sebi bars Impact Research, proprietor from securities market for 6 months

- Brickwork's ratings lack transparency, riddled with inaccuracies: Sebi

- RBI unveils features of digital rupee, plans to launch pilot soon

- Electronics Mart IPO subscribed 72x on strong institutional interest

- Crypto weekly wrap: Binance hack, inflation fears keep volatility high

- BSE gets SEBI's approval to set up a separate social stock exchange

- Zomato gains 7% on heavy volumes; stock rebounds 73% from record low

- TCS Q2 margin may expand sequentially; revenue seen rising up to 9% YoY

- Kalyan, PC Jeweller hit 52-week highs on hopes of strong demand

- Power Mech up 4% in a weak mkt; soars 54% in 1-mnth on strong order book

- This SME consumer electronics stock zoomed 1078% against its issue price

- Varroc Engg tanks 9% as firm sells 4-wheeler lighting biz at reduced price

- Crypto exchange ZebPay applies for license in Singapore, also eyeing UAE

- Ujjivan Financial, SFB in focus: Stocks hit 52-week highs in volatile mkt

- HUL's market capitalisation hits 67% of its parent company Unilever

Considering appropriate legal recourse against Sebi's order: Brickwork

Brickwork Ratings has always striven to ensure compliance to the highest standards in its rating practices with strong internal checks and balances throughout, it claimed

Rating agency Brickwork Ratings India in a late night statement expressed disappointment over market regulator Sebi’s decision to scrap its registration and said it is considering appropriate legal recourse in the matter. It, however, did not dwell on details of legal challenge to order by the Securities and Exchange Board of India (Sebi).

On Thursday, the regulator cancelled the recognition certificate granted to Brickwork Ratings India, for “repeated lapses” and irregularities in “discharging its duties”. The Sebi directed Brickwork to wind down its operations within six months and intimate its clients about the same. During this period, Brickwork cannot on-board any new clients or take fresh mandates. One option open to Brickwork Rating is to approach Securities Appellate Tribunal (SAT) against Sebi ruling.

The rating agency claimed that it has always striven to ensure compliance to the highest standards in its rating practices with strong internal checks and balances throughout. Under such circumstances, Brickwork Ratings finds the recent allegations to be a shocking development. It was fully cooperating with the authorities to ensure all compliances are satisfactorily met.

Sebi in order stated that Brickwork had failed to take corrective measures despite penal actions in the past. Repeated lapses, noticed across multiple inspections conducted by Sebi, showed that governance changes recommended in earlier inspections and monetary penalties imposed have not proved effective or deterred the notice in addressing the very basic requirements of running a CRA. Strict regulatory action was required at this juncture to address the issue and protect the market ecosystem, Ashwani Bhatia, whole-time member, Sebi, said in an order.

Countering market regulators observations, rating agency stated the Sebi’s suggestions pursuant to prior inspections had always been taken in the right spirit by Brickwork Ratings.

The company has implemented robust software development to address some of the issues. In addition, timely course correction measures have been taken to align with regulatory instructions and industry best practices.

Brickwork Ratings has always striven to ensure compliance to the highest standards in its rating practices with strong internal checks and balances throughout, it claimed.

"Brickwork Ratings finds the recent allegations to be a shocking development. Brickwork Ratings is fully cooperating with the authorities to ensure all compliances are satisfactorily met. In parallel, the company is also considering appropriate legal recourse in the matter, " the rating agency said.

"Sebi’s suggestions pursuant to prior inspections had always been taken in the right spirit by Brickwork Ratings and the company has implemented robust software development to address some of the issues. In addition, timely course correction measures have been taken to align with regulatory instructions and industry best practices." Brickwork added.

On the rise again: Gold rates at a discount to tackle price jump

Photo: Bloomberg

Physical gold prices flipped to a discount in India this week as elevated local rates amid a dive in the rupee dampened festival demand, with higher prices playing spoilsport across other Asian hubs as well.

Indians celebrated the festival of Dussehra on October 5.

(However), “demand is very less. Prices are rising in global market and the Indian rupee is also falling,” said Chanda Venkatesh, managing director of Hyderabad-based bullion merchant CapsGold.

India fulfils most of its gold demand through imports, which are becoming expensive with the rupee at record lows.

Local gold prices hit Rs 52,093 per 10 grams, the highest since August 16, and to lure buyers, dealers offered discounts up to $6 an ounce over official prices ”inclusive of 15 per cent import and 3 per cent sales levies” versus $2 premiums last week.

Gold-supplying banks have cut back shipments to India to focus on other markets with better premiums. Benchmark global gold prices have risen above $1,700 an ounce, and with the dollar's ascent, Asian consumers end up paying more for bullion locally.

In Japan, gold was sold between on par with the benchmark to $0.5 an ounce premiums. Amid the yen's plunge, investors were selling gold, Tokyo-based traders said.

China, closed for the Golden Week holiday, has seen premiums as high as $45 an ounce of late. “If these prices hold up, I'd imagine the Chinese will come back as sellers next week" and medium term, it's worth buying gold to offset currency weakness, said Joseph Stefans, group head of trading, MKS PAMP.

In Hong Kong and Singapore, gold changed hands between $1 discounts to $2 premiums. Vincent Tie, sales manager at Singapore dealer Silver Bullion, said the "recent GBP panic has fanned the flames of currency devaluation worries" reminiscent of the 2008 Lehman crisis, prompting increased gold and silver buying.

IiAS to Ambuja investors: Vote against Rs 20K-cr fundraise from Adani firm

Institutional investor advisory firm IiAS has recommended the shareholders of Ambuja Cements to vote against the proposal to raise Rs 20,000 crore from the Adani family firm by issuing warrants during the company's extraordinary general meeting.

Besides, it has also advised shareholders to vote against the appointment of Ameet Desai and Purvi Sheth as independent directors of the company.

Ambuja Cements, which also owns 50.05 per cent in ACC Ltd, has called an Extra Ordinary General Meeting (EGM) of the shareholders on Saturday.

It has sought shareholders' approval on 12 resolutions, which include preferential allotment of 47.74 crore warrants at a price band of Rs 418.87 to Harmonia Trade and Investment Ltd, an Adani group entity, totalling Rs 20,001 crore in one or more tranches.

The company has also sought approvals for the appointment of Adani Group chairman Gautam Adani, his son Karan Adani and two directors and four independent directors on the board.

In its voting advisory, IiAS has said: "Assuming full conversion of the warrants, the issue will lead to a dilution of 19.4 per cent on the expanded capital base which is high. Promoter shareholding will increase to 70.3 per cent from the current 63.1 per cent."

Moreover, the issue price is at a 16.3 per cent discount to the current market price of Rs 500.2 and at an 8.8 per cent premium to the acquisition price from the Holcim Group.

The advisory firm said Ambuja Cements already had a cash and cash equivalent balance of Rs 3,840 crore on a standalone basis and Rs 8,500 crore on a consolidated basis.

It understands the rationale for the capital infusion, given the substantial capex plans of the company.

"Notwithstanding, we do not favour preferential issue of warrants to promoters since it gives promoters the option to ride the stock price for 18 months. Subsequently, if the promoters decide not to subscribe to the remaining 75 per cent, it could have material implications for the company's long-term plans. We do not encourage warrants to promoters and rather all the money be brought in upfront," it said.

The voting advisory also asked shareholders to vote against the appointment of Ameet Desai as an independent director. Desai, who had held various positions with Adani Group, did not have a cooling-off period.

While for Purvi Sheth, the report said she serves on the boards of four listed companies and is also the managing director at Shilputsi Consultants. Therefore, her high number of directorships on listed companies are not in keeping with the spirit of the regulation, it added.

Last month Adani Group announced the completion of the acquisition of Ambuja Cements and ACC for a total consideration of USD 6.5 billion, which includes the buyout of Swiss major Holcim's stake in the two firms and subsequent open offers to minority shareholders.

Days after the acquisition, Adani group had pledged his entire stake in Ambuja Cements & ACC Ltd worth USD 13 billion to the Hong Kong Branch of Deutsche Bank.

Adani had acquired Ambuja Cement and ACC through Mauritius-based SPV Endeavour Trade and Investment Limited (ETIL), which is owned by Xcent Trade and Investment Ltd (XTIL).

Sensex, Nifty close marginally down on profit booking in IT, financials

Illustration: Ajay Mohanty

Benchmark indices Sensex and Nifty closed marginally down in volatile trade on Friday following profit booking in financials and IT shares amid a weak trend in global equity markets.

Snapping its two-day gaining streak, the 30-share BSE Sensex declined 30.81 points or 0.05 per cent to settle at 58,191.29. During the day, it fell 370.95 points or 0.63 per cent to 57,851.15 but later pared most of the losses.

The broader NSE Nifty dipped 17.15 points or 0.10 per cent to end at 17,314.65 as 32 of its stocks declined.

"Prior to the release of the US jobs data, the domestic market traded with cuts in line with its global counterparts. Stronger-than-anticipated job data may lead to a market decline as it could give the Fed more reasons to focus on inflation," Vinod Nair, Head of Research at Geojit Financial Services said.

Following OPEC+'s announcement of supply reductions, crude prices have continued to rise, while the rupee has dropped to a fresh low as a result of hawkish remarks from Fed officials, Nair added.

Among Sensex shares, Mahindra & Mahindra fell the most by 1.37 per cent. UltraTech Cement declined 1.3 per cent, State Bank of India by 1.28 per cent, Tata Consultancy Services by 1.28 per cent, Bajaj Finance by 0.79 per cent and ITC by 0.77 per cent.

Titan bucked the trend and rose the most by 5.27 per cent. Power Grid, NTPC, IndusInd Bank, Maruti, HDFC and Reliance Industries also advanced, helping the index cut losses.

"Markets took a pause after the recent rebound and ended almost unchanged, in absence of any major trigger," said Ajit Mishra, VP - Research, Religare Broking Ltd.

Global markets, especially the US, are still not offering indications for a sustained recovery so volatility is here to stay and participants should plan overnight positions accordingly, he added.

In the broader market, the BSE smallcap gauge ended 0.30 per cent higher and midcap index fell by 0.15 per cent.

Among the BSE sectoral indices, oil & gas fell by 0.78 per cent, energy (0.72 per cent), metal (0.63 per cent), IT (0.57 per cent) and FMCG (0.52 per cent).

However, consumer durables jumped 2.13 per cent, telecommunication (0.91 per cent), industrials (0.52 per cent) and capital goods (0.35 per cent).

Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended lower.

Stock exchanges in Europe were trading on a mixed note in mid-session deals. The US markets ended lower on Thursday.

Meanwhile, the international oil benchmark Brent crude futures climbed 0.48 per cent to USD 94.87 per barrel.

Foreign institutional investors were net buyers as they bought shares worth Rs 279.01 crore on Thursday, according to data available with BSE.

Low volatility in stock markets signals some respite for Asia: Report

Volatility gauges are signalling that investors may have significantly cut their exposure to Asian stocks, bolstering the case that the region’s equities now have limited downside after a bruising year.

Volatility indices tied to stock benchmarks in Japan, South Korea, Hong Kong and India now average 23.7, down from a high of 32.6 in March. Their US counterpart stands at 28.6.

Implied volatility tends to rise when asset prices suffer a downtrend, as investors snap up put options to hedge against further losses. It typically falls in bullish markets. There are signs that global investors are turning more optimistic about the region’s outlook, with Morgan Stanley now calling a bear-market bottom for shares in Asia, excluding Japan, citing cheap valuations following the record slump. A nascent debate is also underway over how uber-hawkish the Federal Reserve can afford to stay now that cracks are starting toemerge in the US economy.

Despite a 25% drop in MSCI’s Asian benchmark, the region’s key volatility indexes have not only stayed low but have also consistently lagged their US peer this year. That’s a break from tradition as investors usually expect wilder swings in emergingmarkets due to the latter’s perceived higher risks. Their relative composure also stands in contrast to surging volatilityin the global currency and bond markets.

To be sure, there’s a risk implied volatility in Asianequities may spike again if global markets enter an even moreworrisome stage of stress, when recession becomes a reality orgeopolitical tensions involving Russia or China escalatesharply. The average of the four gauges hit a record of nearly86 in 2008 during the global financial crisis.

Sebi bars Impact Research, proprietor from securities market for 6 months

Sebi

Markets regulator Sebi has imposed a six-month ban on Impact Research and its sole proprietor Nitin Neema from the securities market for providing advisory services without its authorisation.

The watchdog had issued a showcause notice to them in August 2021.

Sebi found that Impact Research and Nitin Neema (noticees) were engaged in investment advisory services without obtaining a certificate of registration.

The amount of money prima facie to have been collected by the noticees was Rs 83.75 lakh during the period from September 2014 to December 2016, Sebi said in an order on Thursday.

The regulator has directed the noticees to refund within three months the money received from investors as fees in respect of their unregistered investment advisory activities.

Also, Sebi has barred the noticees from accessing the securities markets for a period of six months or till the expiry of six months from the date of completion of refunds to investors, whichever is later.

In addition, they shall not undertake investment advisory services or any activity in the securities markets without obtaining a certificate of registration from Sebi either directly or indirectly during or after the expiry of the debarment period, the order said.

Meanwhile, in a separate order, the regulator slapped a fine of Rs 5 lakh on an entity for violating listing agreements in the matter of IZMO Ltd.

Brickwork's ratings lack transparency, riddled with inaccuracies: Sebi

The latest amendments to these regulations came on January 24, 2022

The Securities and Exchange Board of India’s (Sebi) decision on Thursday to wind down credit rating agency (CRA) Brickwork, is thanks to the firm’s serious violations of its regulatory framework for CRAs, according to the regulator’s official order. Such violations include a failure to document meetings with the management, lack of independent analysis of financial projections given by companies, delays in recognising defaults, as well as conflict of interest, the regulator said.

The Sebi regulations on CRAs were brought to force on July 7, 1999, and include detailed guidelines on the registration procedure, general requirements by CRAs, and grounds for punitive action by Sebi. The latest amendments to these regulations came on January 24, 2022. With the apex regulatory body’s move on Brickwork Ratings being seen as one of the toughest regulatory actions against any credit rating firm, here’s a look at some of the important Sebi regulations that Brickwork has allegedly violated and how.

Initial inspections and violations

Sebi’s action against Brickwork stems from two separate year-long inspections — the first between April 1, 2014, and September 30, 2015, and the second from April 1, 2017–September 30, 2018. In August 2018, the Sebi imposed a penalty of Rs 3 lakh for, among other violations, the CRA’s delays in recognising defaulting Non-Convertible Debentures (NCD) and downgrading the ratings of companies with such NCDs to “Default.” Such delays occurred despite the disclosure and notification of defaults by the debenture trustee (DT) for such issues.

In September 2020, related to the second inspection, Sebi imposed another penalty of Rs 1 crore on the CRA. The fines were levied against several violations including a lack of a proper surveillance system for tracking the interest/principal repayment schedule, failure to review the rating of defaulting NCDs, and multiple violations while rating Structured Obligations (SO).

SOs are debt obligations issued by special purpose vehicles and secured directly by, referenced to, or representing ownership of, a pool of receivables or other financial assets of any obligor, including collateralized debt obligations and mortgage-backed securities.

Further Investigations and Joint Inquiry

Sebi considered the third investigation between October 1, 2018, and November 30, 2019, to determine whether the CRA had amended the violations to Sebi’s CRA regulations and found that the irregularities persisted. Following this, the regulator conducted a joint audit of the CRA with the Reserve Bank of India (RBI) in January 2020, which led to an administrative warning and inquiry. Finally, in June 2021, the regulator issued a show-cause notice to Brickwork asking why the CRA should not be closed. Brickworks had sought and was granted interim relief by the Karnataka high court. Sebi then filed a special leave petition before the Supreme Court and was granted permission for regulatory action on 16 September.

Brickwork’s major violations

According to the 50-page order issued by Sebi, the top regulator had listed several violations and irregularities in the show-cause notice issued to the CRA, including a failure to follow proper rating process, improper maintenance of records to support its ratings, following inappropriate rating process, noncompliance with prescribed timelines in 75 per cent of the cases inspected during the 3rd Inspection, a failure to address conflict of interest arising due to rating committee members (other than the Managing Director or Chief Executive Officer) having business development roles with issuers.

Addressing the specifics of Brickwork’s failure to follow the proper rating process, Sebi mentioned a lack of transparency by the CRA in specifying the fee it charged in its rating agreement with issuers. This is in direct violation of point 15 (2) of Sebi’s 1999 regulations for CRA, which requires rating firms to disseminate information and maintain full transparency regarding their rating assignments.

Even when communicating the particulars of ratings to their issuers the CRA had consistently missed referencing crucial technical details, definitions, and regulatory guidelines, according to the security regulator’s final investigation. The firm attributed such omittances to clerical errors.

The show-cause notice also notes that Brickwork failed to conduct an independent analysis of projections of ratings provided by issuers. This again violates Sebi’s fourth code of conduct for CRAs, which asks rating firms to “exercise due diligence, ensure proper care and exercise independent professional judgment in order to achieve.”

Besides these, Sebi has also noted the firm's lack of proper records from the agency’s meetings with management and site visits, the lack of feedback from bankers on its rating process, and the absence of not include financials, cash flows, projections, etc. for several issuers.

RBI unveils features of digital rupee, plans to launch pilot soon

A security personal outside Reserve Bank of India (RBI) headquarters (PTI Photo

The Reserve Bank of India (RBI) is exploring the possibility to launch its own digital currency or digital rupee (eRe) with minimal disruption to the financial system. It is working on a phased implementation of central bank digital currencies (CBDCs) through various stages of pilots, followed by the final launch.

“The RBI has also been exploring the pros and the cons of the introduction of CBDCs for some time, and is currently engaged in working towards a phased implementation strategy, going step by step through various stages of pilots, followed by the final launch, and simultaneously examining use cases for the issuance of its own CBDC (digital rupee or eRe), with minimal or no disruption to the financial system,” the RBI said in a concept note on CBDCs, released on Friday. The concept note said that the eRe will provide an additional option to the currently available forms of money. It is substantially not different from banknotes, but being digital, it is likely to be “easier, faster, and cheaper”.

It also has all the transactional benefits of other forms of digital money.

The RBI broadly defines a CBDC as the legal tender issued by a central bank in a digital form. CBDCs are aimed to complement, rather than replace, current forms of money. CBDCs are envisaged to provide an additional payment avenue to users, the note said.

“It (CBDC) is akin to sovereign paper currency but takes a different form, exchangeable at par with the existing currency, and shall be accepted as a medium of payment, legal tender, and a safe store of value,” the concept note said.

The CBDC shall appear as a liability on the central bank’s balance sheet.

As suggested by the internal working group in 2020, the RBI is exploring the option of implementing an account-based CBDC in the wholesale segment and a token-based CBDC in the retail segment through a graded approach.

The retail CBDC would be available for use by the private sector, and non-financial consumers and businesses; the wholesale CBDC is designed for restricted access to select financial institutions.

“While the wholesale CBDC is intended for the settlement of interbank transfers and related wholesale transactions, the retail CBDC is an electronic version of cash, primarily meant for retail transactions,” the concept note said.

The concept note observed that the retail CBDC can provide access to safe money for payment and settlement as it is a direct liability of the central bank. The wholesale CBDC has the potential to transform the settlement systems for financial transactions and make them relatively efficient and secure.

“Going by the potential offered by each of them, there may be merit in introducing both CBDC-W and CBDC-R,” it said.

Two models are being examined for the issuance and management of CBDCs -- direct model (single-tier model) and indirect model (two-tier model).

Under the direct model, the central bank will be responsible for managing all the aspects of the CBDC system, such as issuance, account-keeping, and transaction verification.

In the indirect model, the central bank and other intermediaries (banks and any other service providers) each shall play their respective roles. Under this model, the central bank will issue the CBDC to consumers indirectly through intermediaries and any claim by consumers is managed by the intermediary because the central bank will only handle wholesale payments to intermediaries.

“The indirect model is akin to the current physical currency management system wherein banks manage activities like distribution of notes to public, account-keeping, adherence of requirement related to know-your-customer (KYC) and anti-money laundering and countering the terrorism of financing (AML/CFT) checks, transaction verification, etc,” the note said.

Two forms of CDBCs are being discussed: Token-based and account-based.

A token-based CBDC shall be a bearer instrument like banknotes, meaning whosoever holds the tokens at a given point shall be presumed as the owner.

An account-based system will require maintenance of the record of balances and transactions of all holders of CBDCs and indicate the ownership of monetary balances.

In a token-based CBDC, the person receiving a token will verify that his ownership of the token is genuine, whereas, in an account-based CBDC, an intermediary verifies the identity of an account holder.

Considering the features offered by both forms of CBDCs, a token-based CBDC is viewed as a preferred mode for CBDC-retail as it will be closer to physical cash, “while account-based CBDC may be considered for CBDC-wholesale”, the note said.

As far as the choice of technology is concerned, the paper said the infrastructure of CBDCs can be on a conventional centrally controlled database or on distributed ledger technology. The two technologies differ in terms of efficiency and degree of protection from single-point failure, the paper said, adding the underlying consideration for technology should be cyber security, technical stability, and sound technological governance standards.

The concept note also discussed the need for incorporating all the features that physical currency represents, including anonymity and universality.

“Ensuring anonymity for a digital currency particularly represents a challenge, as all digital transactions would leave some trail. Clearly, the degree of anonymity would be a key design decision for any CBDC. In this regard, reasonable anonymity for small value transactions akin to anonymity associated with physical cash may be a desirable option for CBDC-retail,” it said.

According to the concept note, the key motivations for exploring the issuance of CBDC in India include reduction in operational costs involved in physical cash management, efficiency, and innovation in the payments system, boosting innovation in cross-border payments space, and providing the public with uses that any private virtual currencies can provide, without the associated risks.

“The use of the offline feature in CBDC would also be beneficial in remote locations and offer availability and resilience benefits when electrical power or mobile network is not available,” the note said, adding private virtual currencies sit at substantial odds to the historical concept of money as they do not have any intrinsic value.

What’s CBDC

Legal tender issued by a central bank in digital form. It is comparable to a sovereign paper currency and exchangeable at par with the existing currency

Two forms of CBDCs

Token-based: Akin to banknotes; to be tried for retail transactions

Account-based: To be used by select financial institutions for the settlement of interbank transfers and wholesale transactions

Two models on issuance and management of CBDCs

Direct: The RBI will be responsible for managing all the aspects of the CBDC system

Indirect: Akin to the current physical currency management system wherein banks manage activities like distribution of notes to the public, account-keeping, KYC

Electronics Mart IPO subscribed 72x on strong institutional interest

Photo: Shutterstock

The initial public offering (IPO) of Electronics Mart India (EMIL), an electronics retail chain, was subscribed 72 times on Friday, the concluding day of the issue.

The qualified institutional buyer (QIB) segment was covered nearly 170 times, high-networth individual (HNI) quota 64 times and retail quota close to 20 times.

EMIL has raised Rs 500 crore from the IPO to fuel its store and warehouse expansion plan. The price band for the IPO is Rs 56-59 per share. In 2021-22, the company had clocked net profit of Rs 104 crore on a revenue of Rs 4,349 crore.

At the upper end of the issue price, EMIL is valued at Rs 2,270 crore. EMIL’s IPO is the second-most subscribed issue of the year. Last month, Harsha Engineers’ IPO had seen nearly 75 times subscription.

Crypto weekly wrap: Binance hack, inflation fears keep volatility high

AP Photo/Kin Cheung

The volatility in the cryptocurrency markets stayed high in the past week due to high inflation and fluctuations in the US Dollar. However, following the UK government's U-turn on the tax cuts, the major digital tokens have been trading in the green.

"The volatility has broadly increased in recent weeks as the market participants reacted to the rising inflation and fluctuations in the US dollar," Edul Patel, co-founder and CEO of crypto investment platform Mudrex, said.

"There was a major policy u-turn from the newly formed UK government, which decided to roll back the proposed tax cuts, that had sent the GBP into a depreciation spiral," Parth Chaturvedi, lead of Crypto Ecosystem at trading platform CoinSwitch, said.

"Risk-on assets reacted in tandem, with most of them reversing their price slide, and have been trading in the green for the last two sessions," he continued.

Bitcoin has risen 2.2 per cent in the last seven days, trading close to $20,000 on Friday, according to coinmarketcap. Ethereum was up 1 per cent in the last seven days and was trading at $1,355 on Friday.

"Since the Merge, ETH has slowed down a bit with several macroeconomic factors affecting the crypto market," Patel said.

Ethereum completed its upgrade "Merge" on September 15. It shifted from the proof of work (PoW) mechanism to the proof of stake (PoS) mechanism. It is expected to cut energy consumption by 99.9 per cent.

However, the biggest news of the week came from Binance. According to reports, roughly $100 million of Binance Coin was stolen by hacking. Changpeng Zhao, the co-founder of Binance, announced it on Twitter.

"An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC," Zhao said.

Since the news, Binance has fallen nearly 4 per cent. It was trading at $283 on Friday. According to a report by Bloomberg, the incident involved $100 million to $110 million worth of digital tokens, and around $7 million of stolen funds have been frozen.

"The organization said that it will openly share all the details after the postmortem and introduce a new on-chain governance mechanism for better security in the future. A better and stronger network of validators is necessary as the world is moving to the web3 space," Dileep Seinberg, founder & CEO of bill payment and crypto platform MuffinPay, said.

Despite the price recovery of major digital tokens, experts said that investors must stay cautious.

"The recovery seems to be built on fragile narratives and investors need to remain cautious, particularly regarding European inflation," Chaturvedi said.

"If Ethereum can close the week by trading above the $1,400 level, we might see an upward trend in the coming week," Patel added.

BSE gets SEBI's approval to set up a separate social stock exchange

BSE on Friday received approval from the Securities Exchange Board of India (SEBI) to set up a social stock exchange (SSE) as a separate segment of the BSE.

"This is to inform that, SEBI has granted its in-principle approval to BSE for introducing SSE as a separate Segment on BSE," the notification by BSE read.

In July, SEBI notified rules for Social Stock Exchange (SSE) to provide social enterprises with an additional avenue to raise funds.

In its circular, the regulator had specified minimum requirements to be met by a non-profit organisation (NPO) for registration with SSE, disclosure requirements for NPOs raising funds through the issuance of zero-coupon zero principal instruments and put in place annual disclosure requirements that need to be made by NPOs on such exchanges.

The listed NPO will have to submit a statement of the utilisation of funds to SSE, as mandated under Sebi's rules, within 45 days from the end of the quarter.

Also, SEBI has asked social enterprises raising funds using SSE to disclose the Annual Impact Report (AIR) within 90 days from the end of the financial year, capturing the qualitative and quantitative aspects of the social impact generated by the entity and, where applicable. This impact is generated by the project or solution for which funds have been raised on SSE.

Social enterprises eligible to participate in the SSE will be NPOs and for-profit social enterprises having social intent and impact as their primary goal.

Also, such an intent should be demonstrated through its focus on eligible social objectives for the underserved or less privileged populations or regions.

The social enterprises will have to engage in a social activity out of 16 broad activities listed by the regulator. The eligible activities include eradicating hunger, poverty, malnutrition and inequality; promoting healthcare, supporting education, employability and livelihoods; gender equality empowerment of women and LGBTQIA+ communities; and supporting social enterprise incubators.

Corporate foundations, political or religious organisations or activities, professional or trade associations, and infrastructure and housing companies, except affordable housing, will not be eligible to be identified as a social enterprise.

In addition, NPOs need to disclose financial statements for the last three financial years, details of past social impact and risks they see to their work and how it proposes to mitigate these.

In respect of annual disclosure by NPOs on SSE which have either raised funds through SSE or are registered with SSE, Sebi said that such NPOs would have to disclose details of the top five donors or investors in terms of budget, the scale of operations, including employee and volunteer strength, governance structure, financial statement, programme-wise fund utilisation for the year and auditors report and auditor details.

Zomato gains 7% on heavy volumes; stock rebounds 73% from record low

(Photo: Bloomberg)

Shares of Zomato moved higher by 7 per cent to Rs 70.20 on the BSE in Friday's intra-day trade amid heavy volumes. The stock of the food delivery start-up was trading higher for the third straight day, having surged 13 per cent during the period. With today's intra-day rally, the market price of Zomato has recovered 73 per cent from its record low level of Rs 40.55, which it had touched on July 27, 2022.

At 02:59 PM, Zomato was trading 6.6 per cent higher at Rs 69.90, as compared to unchanged S&P BSE Sensex. The average trading volumes on the counter more-than-doubled with a combined 155.71 million shares having changed hands on the NSE and BSE till the time of writing of this report.

On August 3, 2022, American ride-hailing giant, Uber, had sold its entire 7.78 per cent stake in domestic food-delivery company Zomato to mop up Rs 3,088 crore ($390 million). A total of 612 million shares were sold at Rs 50.44 apiece to over a dozen institutional investors. Fidelity Investments bought shares worth Rs 274 crore and ICICI Prudential Life Insurance bought another Rs 226 crore, showed block deal data. CLICK HERE FOR DETAILS

Meanwhile, on September 28, 2022, Emkay Global Financial Services had initiated coverage on Zomato with a 'Buy' rating and a target price of Rs 90, based on SoTP methodology, comprising: OFD business (ex-Blinkit) valued using DCF at Rs 75 per share; and remaining value from cash and other strategic minority investments.

The brokerage firm expects India's online food delivery (OFD) market to grow around 7 times over the next decade, led by an increase in per capita income; online penetration/availability; eating out habit or behavior; and women labor force participation.

"Zomato's path to profitability and future value creation and, therefore, the investment case primarily rest on continuation of the duopoly market structure, supported by inherent network effects, with Zomato maintaining around 50 per cent market share," it said.

It added: We expect OFD companies to capitalize on captive customers and exploit ‘adjacencies’ like hyper local delivery. We believe Zomato’s high market share (and losses so far) in the OFD market leaves little to be exploited by competition. We believe Zomato’s around 50 per cent market share in the rapidly expanding OFD market is a moat; expansion into adjacencies will further expand TAM and potentially drive more efficiency gains.

Management’s guidance of $320 million investment through breakeven would limit the cash burn. Zomato's strong market position, brand recall, expanding TAM with Hyperpure and Blinkit, and anticipated turnaround in profitability will lead to a 40 per cent revenue CAGR and positive net profit in the next four years.

The key risks are slower-than-expected turnaround in profitability because of AOV decline and/or regulatory changes; poor capital allocation; and higher competitive intensity in quick commerce, the brokerage firm said.

TCS Q2 margin may expand sequentially; revenue seen rising up to 9% YoY

IT giant Tata Consultancy Services (TCS) is slated to release its July-September quarter (Q2FY23) results on Monday, October 10, 2022.

Analysts expect the company to post a sequential revenue growth of 3-4.6 per cent in constant currency terms, while its net profit may rise in the range of 6-10.7 per cent from the last quarter.

As per an average of five estimates compiled by Business Standard, the IT giant is expected to post a net profit of Rs 10,149 crore on a topline of Rs 53,552 crore in the September quarter.

On a yearly basis, the revenue could rise by 17-18 per cent and net profit by 4.4-9 per cent.

The company’s EBIT margins, on the other hand, are likely to improve by 40-118 basis points on a quarterly basis due to improved pricing, operating leverage and absorption of earlier wage hikes. (see table below for estimates)

Key monitorables: Investors will closely track management commentary on potential spending caution and pullback by clients, demand outlook, deal win momentum, segments or verticals exhibiting weak spending pattern, attrition trends and supply side pressures.

Here’a compilation of top brokerage expectations:

IDBI Capital: The brokerage expects CC revenue growth of 4 per cent partially offset by 140 bps cross currency impact. Improved utilization and absence of wage hike will aid margin expansion. It has estimated a 117.8 bps margin improvement to 24.28 per cent.

Jefferies: The global brokerage expects largest margin improvement of up to 50 bps for TCS to be driven by pyramiding, operating leverage and pricing benefit, amid continued pickup in travel/discretionary expenses and supply side pressures. It estimates robust quarterly revenue growth of 3.5 per cent (CC) driven by deal ramp ups and a seasonally strong quarter.

Kotak Institutional Equities: It forecasts a sequential CC revenue growth of 3.1 per cent to be led by seasonal strength and growth in digital services, especially cloud servives. It sees extremely high cross-currency headwinds of 220 bps QoQ and 540 bps YoY.

EBIT margin will increase from lows of June 2022 quarter, led by the absorption of wage revision rolled out in the earlier quarter. However, multiple margin headwinds do exist with high attrition and an increase in travel and discretionary expenses. The brokerage expects moderate growth in total contract value (TCV) on a YoY basis in the range of $8-8.5 billion.

Philip Capital: It expects CC revenue growth of 4.6 per cent qoq on the back of a strong momentum in digital transformation programmes. It estimated growth to be broad based across all verticals. The brokerage has estimated margins to expand by 70bps QoQ on absorption of wage hikes, and rupee depreciation.

TCS Q2 estimates

Kalyan, PC Jeweller hit 52-week highs on hopes of strong demand

A sharp surge in Titan Company's shares, on the back of a solid Q2 bsuiness update, had a rub-off effect on other jewellery makers as well. Among the gainers were Kalyan Jewellers, and PC Jewellers whose shares surged on the BSE in Friday's intra-day trade on expectation of healthy revenue growth in the September quarter (Q2FY23), and strong demand during the upcoming festive season.

While the months of July and August were muted, mainly due to wedding delays in South India, analysts expect demand to bounce back in the October-December quarter (Q3FY23) given Navratri, and festive season across India.

Among individual stocks, Kalyan Jewellers (Rs 104.60), and PC Jeweller (Rs 99.10) rallied 5 per cent in the intra-day trade today, hitting their respective 52-week highs on the BSE. Titan Company, meanwhile, surged 6 per cent to Rs 2,744.30 in the intra-day trade today. The stock is trading close to its record high level of Rs 2,767.55, which it had touched on March 21, 2022. In comparison, the S&P BSE Sensex was quoting 0.38 per cent lower at 58,000 points at 01:34 PM.

Titan Company witnessed healthy double-digit growth across most businesses with overall sales growing 18 per cent year-on-year (YoY) in Q2FY23. The company said the outlook for festive season (from Navratri in end Sep'22) continues to be optimistic, and is visible in positive consumer sentiment across categories. Retail network continued the pace of expansion adding 105 stores (net) for the quarter, Titan said.

The company's jewellery division grew 18 per cent YoY on a high base of Q2FY22 that had elements of pent-up demand and spillover purchases of a Covid disrupted Q1FY22. Gold jewellery (plain) clocked low double digit growth whereas studded sales were higher than the overall division driven by good activations and better contribution from high value purchases. CLICK HERE FOR FULL REPORT

Meanwhile, Kalyan Jewellers recorded consolidated revenue growth of approximately 20 per cent YoY in Q2FY23, and approximately 50 per cent YoY in H1FY23 (April to September). In India, the company reported approximately 14 per cent YoY revenue growth, despite a strong base.

"In the Middle East, customer sentiments continued to remain buoyant, driven largely by the overall recovery in the economic activity in the region. Revenue growth for the recently concluded quarter was more than 65 per cent," Kalyan Jewellers said in its quarterly update.

In the past three months, the stock price of Kalyan Jewellers has zoomed 62 per cent, as compared to 7 per cent rise in the S&P BSE Sensex. Currently, the stock is quoting 20 per cent higher against its issue price of Rs 87 per share. It has surged 89 per cent from its record low level of Rs 55.20, which it had touched on May 11, 2022. The company had made a stock market debut on March 26, 2021.

"The organised retailers are projected to grow at a faster rate of 14 per cent with strategic store expansions and the increasing consumer preference for organized players witnessed in the recent past. This growth will likely be accompanied by higher operating margins, supported by growing share of studded jewellery and better operating leverage," Kalyan Jewellers said in its FY22 annual report.

Shares of PC Jeweller, too, hit a 52-week high of Rs 99.10, gaining 5 per cent on the BSE in the intra-day trade. In the past three months, the stock of the company, engaged in the business of manufacturing, sale and trading of jewellery, offering a wide range of jewellery including 100 per cent hallmarked gold jewellery, has zoomed 230 per cent..

The jewellery sector of the country continues to remain poised for growth on account of India’s demographics and increasing urbanisation as well as income levels. The traditional demand for jewellery for special occasions like weddings and festivals continues to remain strong.

"India’s Gems & Jewellery market is anticipated to project robust growth in the forecast period FY 2022-27, with a CAGR of 8.34 per cent on account of changing lifestyle, rising disposable income, changing consumer preferences of branded jewellery products and growing urbanization. Other major factors such as product innovation and technological advancements, the introduction of new jewellery segments by market players such as men’s jewellery, costume jewellery, lightweight jewellery etc., are anticipated to further drive the growth of the India’s G&J market in the upcoming five years," PC Jeweller had said in its FY22 annual report.

Power Mech up 4% in a weak mkt; soars 54% in 1-mnth on strong order book

Shares of Power Mech Projects gained 4 per cent to hit a new high of Rs 2,089.45 in Friday’s intra-day trade, in an otherwise weak market. The stock quoted higher for fifth straight trading days as shares surged 21 per cent during the period. In comparison, the S&P BSE Sensex was down 0.41 per cent at 57,984 points at 12:32 PM.

In the past one month, the stock zoomed 54 per cent, on the back of strong order book position and clear visibility for the future. Moreover, in the past three months, it soared 133 per cent, as against 7 per cent rise in the S&P BSE Sensex.

Power Mech Projects bagged a record number of 5 Flue Gas Desulphurization [FGD] projects from Adani Group aggregating to Rs 6,163 crore for 15 FGD retrofits in coal based units. The Central Electricity Authority has identified 169,000 megawatt (MW) of existing coal based plants with 448 units out of 209,100 MW of installed base with 593 units needing FGD retrofitting. The company is aggressively pursuing for opportunities in the FGD segment for direct participation.

The company awarded a Mine Development & Operation (MDO) project from Central Coalfields Limited (CCL), a subsidiary of Coal India Limited, aggregating to Rs 9,294 crore over the contract period.

“This project will strengthen the already robust order book and enable the company to diversify its order book, in line with its strategy to have an optimum mix between power and non-power segments. The project will add more than Rs 400 crore annually to top line. With the revenue coming in from the O&M business and MOO projects, we expect to witness sustainable revenue with higher margins in the future,” Power Mech said.

Power Mech is an engineering and construction company which provides integrated service in erection, testing and commissioning (ETC) of boilers, turbines and generators and balance of plant (BOP), civil works and operation and maintenance (O&M). The company is now engaged in several power projects ranging from 135 MW to 800 MW, besides many projects in lower segment also.

The company plans to enter other related fields, including railway projects and execute major railway project of doubling tracks including electrification, signaling, culverts, platforms etc. The company has made its latest entry into transmission and distribution portfolio, mining of sand, and a new venture of diversification.

During the last 10 years, the company has built strong expertise in the field of railways, water projects, overseas operations, road projects, material handling, cross country pipelines, steel, oil & gas, etc., increasing the prequalifications.

"The investments under National Infrastructure Pipeline (NIP) of Rs 111 trillion with 24 per cent allocation to energy, 18 per cent to roads, 12 per cent to railways, and 17 per cent to urban development, will constitute 71 per cent of NIP allocations and play a major role in all round development," said Power Mech.

This SME consumer electronics stock zoomed 1078% against its issue price

Shares of CWD climbed 5 per cent to hit a new high of Rs 2,121 in Friday’s intra-day trade, in an otherwise weak market. The stock of consumer electronics company zoomed 1,078 per cent against its issue price of Rs 180 per share.

The company had made a stock market debut on October 13, 2021. It surpassed its previous high of Rs 2,040, which it had touched on September 7, 2022.

CWD trades in the SME segment under the "MS" group on the BSE. The BSE SME scrips are listed under the "M" group (trading and clearing & settlement is done on a net basis) and under "MT" group (trading and clearing & settlement done on gross basis).

CWD stands for Connected Wireless Devices, which is an Information and Communication Technology (ICT) based company that designs, develops, manufactures, and sells integrated solutions combining the power of software and electronics. All products that are designed and developed in the company are focused on wireless technologies, either on short range radio technology like NFC, Bluetooth BLE, WiFi, Zigbee and mid range systems like LORA or long-range communication systems like 5G LTE, NB-IOT, LTE CAT M1 etc.

CWD operates mainly through segments of consumer electronics and design and development of technology solutions for various enterprises and businesses.

The company’s diversified product portfolio include smart medical consumer electronics, products for vaccine tracking and delivery, tracking devices for farm Cattle that monitor both movement and health, electronics for converting electric power meter into a smart power meter, among many others.

As India was positioned the second-largest mobile manufacturer across the globe due to the spike in internet penetration, a subsantial spike in demand for electronics was observed in the last few years too.

The Indian government attributes high priority to electronics hardware manufacturing, as it is one of the crucial pillars of 'Make in India', 'Digital India' and 'Start-up India' programmes.

"The Electronics System Design & Manufacturing (ESDM) sector plays a vital role in the government's goal of generating $1 trillion of economic value from the digital economy by 2025. With various government initiatives aiming to boost domestic manufacturing, India has already started witnessing initial movement with increased production and assembly activities across products such as mobile phones and other consumer electronics," the company said.

Meanwhile, CWD has low outstanding equity shares of 3.61 million as on March 31, 2022. The promoters held 72.29 per cent stake in the company. The remaining 27.71 per cent holding are with the individual shareholders (14.40 per cent) and institutional investors (13.31 per cent), data shows. Among individual investors, Popatlal Tarachand Jain & his family hold a combined 7.76 per cent stake in CWD.

Varroc Engg tanks 9% as firm sells 4-wheeler lighting biz at reduced price

Shares of Varroc Engineering tanked 9 per cent to Rs 308.55 on the BSE in Friday's intra-day trade after the company said it completed the divestment of the 4-wheeler lighting business in the Americas and Europe. The stock of auto components & equipments company was trading at its lowest level since July 18, 2022.

The company and its Netherland-based subsidiary entered into an amended settlement agreement with Vale Vision S.A.S. France for divesting its 4-wheeler lighting systems business in America and Europe. As per the revised terms, the said transaction price has been reduced from euro 600 million to euro 520 million. The unit contributed 54 per cent of total revenue of the company.

Varroc Engineering in its FY22 annual report said that the deal is expected to significantly strengthen our balance sheet and operational performance. The divestment removes significant operational overhangs (low-capacity utilisation of VLS) and financial overhangs (net debt is expected to become zero when the deal closes). It improves our capacity to invest and be future-ready for upcoming disruptions in the automotive industry.

"We have identified key business segments such as EV components, electronics-electrical and connectivity solutions as potential areas of growth. Regarding EVs, we have already made considerable progress and developed an EV product for the two-wheeler segment, which includes battery management systems (BMS), on- board charger, DC-DC converter, motor controller, and PMSM traction motor. The deal also enables us to focus on maintaining a leadership position in the polymer, electrical-electronics, and metallic business in India. This will enable us to improve profitability through better capacity utilisation in a buoyant domestic 2W and 3W segment," the company said.

Going forward, Varroc will increase its focus on strengthening EV components, electronics, connectivity solutions, the global two-wheeler lighting segment, and its India business. "Despite global headwinds, we are confident that the Indian automotive industry is at an inflection point, where our India business provides a strong platform to achieve double-digit margin growth," the company said.

However, in past one month, the stock has underperformed the market by falling 20 per cent, as compared to 1.7 per cent decline in the S&P BSE Sensex. It has corrected 38 per cent from its 52-week high level of Rs 495, which had touched on April 29, 2022. It hit a 52-week low of Rs 274.45 on November 12, 2021.

Crypto exchange ZebPay applies for license in Singapore, also eyeing UAE

Photo: Bloomberg

One of India’s oldest cryptocurrency exchanges is looking overseas for growth as the nation’s tax policies crush the domestic market.

Eight-year-old ZebPay has applied for a license in Singapore and is assessing the potential of a similar step in the United Arab Emirates, outgoing Chief Executive Officer Avinash Shekhar said in an interview.

While the company will retain its focus on India, the 1% transaction tax the nation imposed on crypto this year is hurting trading volumes and the levy “has to come down, otherwise things are not going to improve,” he said.

Daily volumes at key India-based platforms are down over 90% since the transaction levy took effect in July. That’s exacting a toll on brokerages. For instance, Binance-affiliate WazirX -- India’s largest crypto exchange -- has laid off nearly 40% of its staff. Shekhar said ZebPay has implemented salary cuts, including a 6% drop for non-management staff.

He is leaving to start his own Web3 venture, which will receive its seed funding from ZebPay, but will also continue in an advisory role at the firm. The term “Web3” refers to a vision of a decentralized internet built around blockchains.

Shekhar said he plans to start his venture out of India but warned the crypto tax is leading entrepreneurs to develop Web3 projects from Dubai or Singapore.

Daily trading volume on ZebPay has dropped from a high of $122 million in October 2021 to just over $700,000, data from Nomics shows.

Ujjivan Financial, SFB in focus: Stocks hit 52-week highs in volatile mkt

Shares of Ujjivan Financial Services (UFSL), and Ujjivan Small Finance Bank (SFB) hit their respective 52- week highs on the BSE in Friday's intra-day trade, extending their previous day's rally, after Ujjivan SFB reported a healthy business update for the September quarter (Q2FY23).

Among individual stocks, Ujjivan SFB rallied 8 per cent to Rs 26.40 in the intra-day trade today, surging 21 per cent in the past three trading days, amid heavy volumes. The stock surpassed its previous high of Rs 25.85, which it had touched on September 13, 2022. A combined 10.3 million equity shares had changed hands on the NSE and BSE till 09:42 AM today.

UFSL, meanwhile, hit a 52-week high of Rs 244.15 as the stock soared 4 per cent in Friday's intra-day trade, soaring 18 per cent in the past three days. In comparison, the S&P BSE Sensex was down 0.36 per cent at 58,010 points.

In Q2FY23, Ujjivan SFB's gross loan book jumped 44 per cent year-on-year (YoY) to Rs 20,938 crore on the back of sustained growth in disbursements, which grew 56 per cent YoY to Rs 4,867 crore. Deposits grew 45 per cent YoY to Rs 20,389 crore, driven by strong momentum in retail deposits.

Collection efficiency was at 100 per cent for the month of September 2022, with restructured and NPA book showing healthy collections. The bank said it continues to focus on stressed buckets, and reducing incremental overdues. Asset quality continued to improve with PAR/ GNPA further declining to 6.1 per cent/ 4.4 per cent from 7.9 per cent/ 5.9 per cent, respectively, QoQ

In the past three months, the stock price of Ujjivan SFB, and UFSL have zoomed nearly 60 per cent each, as compared to 7 per cent rise in the S&P BSE Sensex.

UFSL is a core holding company of Ujjivan SFB, holding 73.68 per cent stake. Ujjivan SFB is a mass market focused bank in India, catering to financially unserved and underserved segments, and committed to building financial inclusion in the country.

Meanwhile, the Bank has initiated the process of reverse-merger with its Holding Company to meet the above mentioned criteria. To this effect, the Boards of both the Bank and Holding Company have approved the scheme for amalgamation in its meeting dated October 30, 2021.

"Subsequent to the successful completion of the QIP last month, the Bank will seek various regulatory approvals from RBI, SEBI and stock exchanges, National Company Law Tribunal (NCLT), shareholders and creditors in the next few months. Post receipt of all regulatory approvals, the Bank will initiate processes relating to finalization of record date, approval from Registrar of Companies (ROC), issue of shares etc. to effect the merger. The entire process is expected to be completed within a time-frame of 12-14 months from the date of completion of QIP," Ujjivan SFB had said in its FY22 annual report.

HUL's market capitalisation hits 67% of its parent company Unilever

Hindustan Unilever's (HUL) market capitalisation reached 67 per cent of its parent company Unilever on October 4. HUL's m-cap touched $77 billion as compared to Unilever's $115 billion, a report in Economic Times (ET) said.

Unilever's m-cap has declined in the past five years, while that of HUL has more than doubled. Unilever's m-cap touched its peak of $180 billion in October 2017.

According to experts quoted in the report, HUL's share price has jumped on the back of increasing rural demand and falling prices of raw materials. The demand for FMCG has also risen due to the ongoing festive season in India. HUL is among the companies that have the deepest rural penetration in India.

The shares of the company have been outperforming other companies in the FMCG sector. In the last quarter (Q1FY23), HUL's shares jumped 19 per cent, while that of the FMCG sector rose 7 per cent.

Unilever holds 62 per cent in HUL.

Nomura, in its recent report, said that HUL has outperformed its peers as it has given a better price-value equation to consumers despite high inflation. Nearly 71 per cent of analysts at Bloomberg gave a "buy" rating to HUL shares while 21 per cent gave a "hold" rating. Only 8 per cent have asked the investors to "sell" HUL's stocks.

Unilever Global Chief Executive Alan Jope in May said that the demand for its products in India may soon outstrip that of the US.

"An untold story is the amount of digital innovation that's happening in India, how we run our supply chain, route to market innovation, digital innovation, some of the marketing programmes that we are doing there and I hope that what India will be, as it will be a beacon of digital innovation as well as being a powerhouse commercially," Jope told ET.

Technology

- Telegram founder warns users to stay away from WhatsApp yet again

- Motorola Moto e32 with 6.5-inch HD IPS screen of 90Hz refresh rate launched

- New space tech can charge electric cars in just five minutes: NASA

- Western Digital launches new SSD for hardcore Indian gamers on Oct 7

- TikTok rolls out range of creation enhancing, editing tools in US

- Over 7 in 10 Indians now prefer to chat with businesses: Meta report

- iPod inventor Tony Fadell says Apple should move iPhone to USB-C

- Pixel 7 series to Pixel Watch, everything Google unveiled at hardware event

- Apple likely to unveil 27-inch mini LED display in first quarter of 2023

- Realme witnesses sale of over 1 million 5G smartphones during festive days

- Samsung delaying Galaxy Tab S9 Series launch amid economic slowdown: Report

- Apple iPhone 14 Plus now available for purchase in India: Specs, offers

- Chipmakers see 'breathtaking drop' in demand as global recession looms

Telegram founder warns users to stay away from WhatsApp yet again

Telegram Messenger

Messaging app Telegram's founder Pavel Durov launched a scathing attack on WhatsApp, calling the Meta-owned platform a "surveillance tool".

In a message on Thursday, Durov urged the users to stay away from WhatsApp and highlighted a security issue disclosed by the latter in September. He said that WhatsApp has been risking user data and claimed that the company had kept the user's data under surveillance for the past 13 years.

"Hackers could have full access to everything on the phones of WhatsApp users." Moreover, he stated that WhatsApp's security issues are intentionally planned.

"Every year we learn about some issue in WhatsApp that puts everything on their users' devices at risk... It doesn't matter if you are the richest person on Earth - if you have WhatsApp installed on your phone, all your data from every app on your device is accessible," he added.

Last year, Durov said that the new WhatsApp terms ask users to feed all their private data to Facebook. He said he is not pushing people to switch to Telegram this time.

"With over 700 million active users and more than 2 million daily signups, Telegram doesn't need additional promotion. You can use any messaging app you like, but stay away from WhatsApp -- it has now been a surveillance tool for 13 years," he claimed.

In 2020, Durov alleged that WhatsApp's systems were not as secure as they made out to be.

In a blog post titled 'Why using WhatsApp is dangerous', Durov said WhatsApp marketed end-to-end encryption as some magic incantation that is supposed to make all communications secure automatically.

"However, this technology is not a silver bullet that can guarantee absolute privacy by itself," he said.

Durov claimed that Telegram's 'Secret Chats' is significantly more secure than any competing means of communication.

"Don't let yourself be fooled by the tech equivalent of circus magicians who'd like to focus your attention on one isolated aspect, all while performing their tricks elsewhere. They want you to think about end-to-end encryption as the only thing you have to look at for privacy. The reality is much more complicated," the executive wrote.

Motorola Moto e32 with 6.5-inch HD IPS screen of 90Hz refresh rate launched

Motorola Moto e32

Motorola on Friday launched in India the Moto e32 smartphone at Rs 10,499. The smartphone is available with launch offers on Flipkart. The e-commerce platform is offering a discount of 10 per cent on HDFC Bank credit and debit cards. Besides, Reliance Jio is offering benefits worth Rs 2,549, which includes Rs 2,000 cashback on recharge and Rs 549 discount on annual Zee5 membership.

Motorola Moto e32: Specifications

Powered by the MediaTek Helio G37 processor, the Moto e32 sports a 6.5-inch IPS LCD screen of 90Hz refresh rate. It has a 50-megapixel primary camera sensor on the back, paired with a 2MP depth sensor. On the front, the phone has an 8MP camera sensor for face unlock, selfies and video calls. Camera features include night vision, pro mode, and dual capture. The phone is IP52 rated for splash and dust protection. It comes in 4GB RAM and 64GB internal storage configuration. There is a microSD card slot for storage expandable (up to 1TB). The smartphone boots Android 12 operating system. It is powered by a 5,000mAh battery, supported by 10W wired charging.

Other features include Wi-Fi, Bluetooth 5.0, 3.5mm audio jack, and USB-C port. The smartphone boots Android 12 operating system. It would get security updates for two years, according to Motorola. The phone is 2G, 3G, and 4G compatible. It supports gestures like three-finger screenshot or fast flashlight by chopping down twice. Besides, there is a side-mounted fingerprint scanner, dual-SIM support, and proximity sensor.

New space tech can charge electric cars in just five minutes: NASA

Electric Car

A new NASA-funded technology for future space missions may charge an electric car in just five minutes on Earth, paving the way for increased adoption of such vehicles, the US space agency said.

Researchers at Purdue University, US developed the Flow Boiling and Condensation Experiment (FBCE) to enable two-phase fluid flow and heat transfer experiments to be conducted in the long-duration microgravity environment on the International Space Station (ISS).

The new "subcooled flow boiling" technique results in greatly improved heat transfer effectiveness compared to other approaches and could be used to control the temperatures of future systems in space.

This technology can also have applications on Earth: It could make owning an electric car more appealing, the researchers said.

Currently, charging times vary widely, from 20 minutes at a station alongside a roadway to hours using an at-home charging station.

Lengthy charging times and charger location are both cited as major concerns of people who are considering electric vehicle ownership.

Reducing the charging time for electric vehicles to five minutes -- an industry goal -- will require charging systems to provide current at 1,400 amperes.

Currently, advanced chargers only deliver currents up to 520 amperes, and most chargers available to consumers support currents of less than 150 amperes.

However, charging systems providing 1,400 amperes will generate significantly more heat than current systems, and will require improved methods to control temperature.

Recently, the team applied the technique learned from the NASA FBCE experiments to the electric vehicle charging process.

Using this new technology, dielectric -- non-electrically conducting -- liquid coolant is pumped through the charging cable, where it captures the heat generated by the current-carrying conductor.

Subcooled flow boiling allows the team to deliver 4.6 times the current of the fastest available electric vehicle chargers on the market today by removing up to 24.22 kilowatts of heat, the researchers said.

The charging cable can provide 2,400 amperes, which is far beyond the 1,400 amperes required to reduce time required to charge an electric car to five minutes, they said.

"Application of this new technology resulted in unprecedented reduction of the time required to charge a vehicle and may remove one of the key barriers to worldwide adoption of electric vehicles," the researchers added.

Western Digital launches new SSD for hardcore Indian gamers on Oct 7

Western Digital Logo

Data storage solution company Western Digital on Friday launched a new SSD (solid-state drive) to provide a seamless experience for hardcore gamers in the country.

The SSD, titled 'SN850X NVMe', comes in three capacities -- 1TB, 2TB and 4TB -- and can be purchased at a starting price of Rs 13,119, the company said in a statement.

Powered by an internal PCIe Gen4 SSD, the new drive delivers speeds of up to 7,300 MB per second for better gaming experience.

Gamers can get an amazing gaming experience with quick load times, rich visuals, and uncompromised thermal performance thanks to decreased latency, predictive loading, and adaptive thermal management, the company said.

New Game Mode 2.0 offers extra capabilities to increase PC performance that is included with downloadable WD BLACK Dashboard.

To help maintain top performance, an optional heatsink (1TB and 2TB models) is also available. It incorporates RGB lights to match any gaming computer.

--IANS

aj/na

TikTok rolls out range of creation enhancing, editing tools in US

TikTok (Photo: Reuters)

With an aim to give users more creative freedom with their content, Chinese short-form video app TikTok has rolled outAa range of enhanced new creation and editing tools in the US.

The platform said that the new editing tools will empower users to enjoy more creative freedom, share richer stories, and bring their content ideas to life across formats.

"To expand what's possible with content on TikTok, we've introduced a range of enhanced creation and editing tools," the company wrote in a blogpost.

"We are excited to see how an enhanced editing experience powers storytelling and makes video creation intuitive and more accessible, making it easier than ever to create great content," it added.

The platform said its enhanced editing tools allow users to easily adjust clips, sounds, images, and text in a new editing environment, all within TikTok's creation flow.

TikTok has also released Photo Mode, a new carousel format available on mobile for photo content that's ideal for sharing high-quality images on TikTok.

Photo Mode allows users to share carousel posts of still images that automatically display one after another. Users can add music to soundtrack the images, which viewers can swipe through at their own pace.

Users can now pair your videos and content made in Photo Mode with longer descriptions, up to 2,200 characters for each post.

"With the extra space, we are hopeful creators will have some extra room to build on the stories they have shared in videos or Photo Mode, giving them another space to express themselves and more deeply connect with others," the company said.

In June 2020, the Indian government banned the popular short-form video app amid border tensions with China.

--IANS

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Over 7 in 10 Indians now prefer to chat with businesses: Meta report

People in India increasingly prefer messaging over other forms of communication, finds a new report

In the ever-evolving communication landscape, more than 70 per cent of Indians prefer to message businesses rather than sending an email, calling or visiting their website, a new report said on Friday.

Nearly 75 per cent Indians surveyed said they are more likely to do business with/purchase from a company that they can contact via messaging.

People in India increasingly prefer messaging over other forms of communication, the same way they chat with their friends and family, according to the research by Kantar commissioned by Meta (formerly Facebook).

"Today, customers not only want a quick and easy way to connect with brands, but they also want to engage with a brand to learn more about their product while considering a purchase," said Ravi Garg, Director Business Messaging at Meta.

The findings of the report showed that 86 per cent of adults message a business at least once a week, considerably higher than the global average of 66 per cent.

Majority (83 per cent) of the people surveyed expect businesses to deploy quick and easy modes of communication, such as messaging.

About 72 per cent of the people surveyed in India said they message with a business more often since the start of the pandemic.

Interestingly, 75 per cent are more likely to do business with/purchase from a company that they can contact via messaging.

"Conversational messaging is not only helping brands connect with consumers but also build brand experiences that grow their business," said Ravi Sundararajan, Chief Operating Officer, Gupshup.

--IANS

na/ksk/

iPod inventor Tony Fadell says Apple should move iPhone to USB-C

European Parliament passed a resolution mandating that by the end of 2024, all consumer electronics, including iPhones and AirPods, will use USB Type-C as their standard charging port

Tony Fadell, inventor of the iPod, has said that Apple should include USB-C port in iPhones, as the European Union passed a resolution on USB Type-C as standard charging port.

The debate started when a Twitter user questioned if the iPod would succeed if Apple was forced to utilise USB 1.0 rather than the fast FireWire technology.

"I can't see a problem. The world has converged on USB-C. The physical and user limits have been hit. Next up is wireless per, not a diff physical connection. So I'm not too worried about this regulation. They're simply forcing Apple to do the right thing� it's overdue frankly", Fadell posted on Twitter.

"Not in this case. This is only happening because Apple hasn't been doing the right thing. Period. This is about a monopolist like position not about technology. I hope after Apple is forced to change the regulations will be removed to allow innovation to continue", he added.

Earlier, the European Parliament passed a resolution mandating that by the end of 2024, all consumer electronics, including iPhones and AirPods, will use USB Type-C as their standard charging port.

The Parliament said that the new law is part of a broader EU effort to reduce e-waste and empower consumers to make more sustainable choices.

"Following Parliament's approval, EU consumers will soon be able to use a single charging solution for their electronic devices," the European Parliament said in a statement.

"By the end of 2024, all mobile phones, tablets and cameras sold in the EU will have to be equipped with a USB Type-C charging port. From spring 2026, the obligation will extend to laptops," it added.

--IANS

aj/na

Pixel 7 series to Pixel Watch, everything Google unveiled at hardware event

Google Pixel 2022 Portfolio

Google on October 6 unveiled the Pixel 7 series, Pixel Watch, and Pixel Tablet at its 'Made by Google' event. From the Pixel portfolio 2022, only the smartphones are coming to India. The Pixel 7 and Pixel 7 Pro are currently available for pre-order on Flipkart. Powered by Tensor G2 processor, the Pixel 7 and Pixel 7 Pro are priced at Rs 59,999 and Rs 84,999, respectively. Google is offering a limited-period cashback of Rs 6,000 on Pixel 7 and Rs 8,500 on Pixel 7 Pro. Both devices will be available for purchase in the country from October 13.

On the pre-orders, Flipkart is offering the Pixel Buds A-Series and the Fitbit Inspire2 at a discounted price of Rs 5,999 and Rs 4,999, respectively. Like the Google cashback offer, the bundled offer is available for limited-period. It can be availed through coupons enabled only after the delivery of Pixel 7 and Pixel 7 Pro, according to Flipkart.

Pixel 7: Specifications, features, and more

Powered by Google’s Tensor G2 processor, the Pixel 7 sports 6.3-inch fullHD+ resolution screen of 90Hz refresh rate. It has a dual-camera set-up on the back, featuring a 50-megapixel primary camera sensor and a 12MP ultra-wide-angle camera, which doubles up as a macro camera. On the front, the phone has a 10.8MP ultra-wide-angle camera. The smartphone comes in 8GB + 128GB configuration, and obsidian, lemongrass, and snow colours.

The phone is IP68 certified for water and dust protection. It is powered by a 4,355 mAh battery, supported by 30W fast charging and up to 20W wireless charging. The Pixel 7 has a matte aluminium frame and horizontal camera bar. Other features include face recognition and fingerprint scanner for screen unlock, Bluetooth 5.2, audio message transcribe, face unblur, cinematic blur, and magic eraser.

Pixel 7 Pro: Specifications, features, and more

The Pixel 7 Pro sports a 6.7-inch LTPO AMOLED screen of 120Hz adaptive refresh rate. Powered by Tensor G2 processor, the smartphone comes in 12GB RAM and 128GB storage configuration. It boasts a triple-camera system on the back, featuring a 50MP primary sensor, 12MP ultra-wide-angle sensor, and a telephoto lens for 5x optical zoom. On the front, the phone has a 10.8MP wide-angle camera. It boots Android 13 operating system. It is IP68 rated for water and dust protection.

The phone has a polished aluminium frame and horizontal camera bar. It is available in obsidian, snow, and hazel colours. It is powered by a 5,000 mAh battery with support for 30W fast wired charging and 23W wireless charging.

Pixel Watch: Features

Google’s maiden smartphone, the Pixel Watch is made of recycled aluminium. It has a circular domed design with a tactile crown and side button. The smartwatch boots WearOS 3.5 with built-in Google Assistant for voice controls. It has Fitbit's health-and-fitness features integrated such as ECG app, sleep monitoring, and built-in GPS. Google is offering six months of free Fitbit premium subscription with the watch. However, the Pixel Watch is not available in India yet.

Pixel Tablet: Details

During the event, Google unveiled the Pixel tablet besides the Pixel 7 series and Pixel Watch. Coming in 2023, the tablet will be powered by a Tensor G2 processor as confirmed by the company. It will come with features like split screen, video calling, hands-free Assistant and photo editing. The Pixel tablet will support a charging speaker dock – a magnetic charging stand with speaker built-in. Google said the stand will allow Pixel Tablet owners to charge their tablet while also using it for listening to music, watching videos, etc.

Apple likely to unveil 27-inch mini LED display in first quarter of 2023

Photo: Bloomberg

Tech giant Apple will launch a new 27-inch display with mini LED backlighting in the first quarter of 2023, says a new report.

The rumours of the pro-level display have circulated since Apple revealed the more "affordable" Studio Display. It lacks HDR, ProMotion, and mini LED backlighting found in Apple's MacBook Pros and 12.9-inch iPad Pro, reports AppleInsider.

According to Display Supply Chain Consultants analyst Ross Young, Apple will reveal a 27-inch mini LED display in early 2023. This information was shared with his super followers on Twitter, so the tweet is only visible to paying members.

Apple already sells the high-end Pro Display XDR with a 6K display, but it also lacks the latest pro-grade features found in other Apple products.

That display is meant more for professionals who need expensive reference monitors where colour accuracy is the most important detail.

For those who prioritise display refresh rates and optimised backlighting, there could be a new third monitor on its way. A 27-inch mini LED-backlit display would target the market between Apple's other current monitors, the report said.

--IANS

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Realme witnesses sale of over 1 million 5G smartphones during festive days

As per a report by Frost and Sullivan, The Indian Internet of Things (IoT) market is projected to reach $9.28 billion by 2025 from $4.98 billion in 2020.

The factors driving this growth are increased internet penetration, surging knowledge of connected devices amongst users and more and more brands bringing smart home solutions to the users.

realme, being a tech leader and disruptor, entered the AIoT market in early 2020 with a Smart Band, and since then has expanded its AIoT portfolio exponentially. The brand has constantly and thoroughly studied its market and introduced products with best-in-class technology to meet the evolving needs of its users.

realme has a vision of providing each of its users with a smart, connected and convenient lifestyle and therefore, it started its journey of building a comprehensive TechLife Ecosystem.

The launch of the realme Band in 2020 was a massive hit among users, and that encouraged realme to explore newer categories and expand its footprint in the connected devices market.

Since then, realme has introduced various hearables, wearables, Smart TVs, tablets and laptops -- making these five categories the core categories of realme's TechLife Ecosystem and becoming the stepping stone for the development of realme's 1+5+T strategy, where 1 is the hub, i.e., the smartphone; 5 stands for the five core categories and T stands for TechLife, which includes products catering to the needs of smart life care, smart entertainment, and smart connect.

Over the last two years, with its expansive TechLife portfolio, realme has achieved numerous feats in the market and carved a niche for itself. As per IDC's India Monthly Device Tracker for Q2 2022, realme entered the top-five slot in the wearables category, driven mainly by two TWS products, the Buds Wireless Neo and TechLife Buds N100.

Not just that, as per CMR's Tablet PC Market Report Review, realme stood at number five in the tablet segment, capturing a 13% market share. The brand has been consistent in its innovations in the AIoT segment, like its recently introduced realme PAD X, the first 5G tablet in its segment, and realme's first smartwatch with Bluetooth calling, the Watch R100.

During the realme Festive Days sales this year, the brand has seen a monumental spike in the sales of its 5G smartphones, selling over 1 mn units of its 5G devices, and sold over 230K units of Smart TVs, laptops and tablets.

In the upcoming months, realme will enter the second phase of expansion wherein it will focus on targeted, long-term growth. The brand intends to add more affordable audio and wearable products and continue to offer value-for-money and high-technology audio and consumer electronic products with advanced features, seamless design, and performance, exceeding all consumer's expectations.

By the end of 2022, realme aims to emerge as the No.1 Smart Audio (TWS and Neckband) brand, Online No.1 Tablet brand, and No.1 wearables brand in India.

--IANS

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Samsung delaying Galaxy Tab S9 Series launch amid economic slowdown: Report

South Korean tech giant Samsung is reportedly delaying the launch of the next-generation Galaxy Tab S9 series due to the recent global economic uncertainty.

Earlier this year, Samsung launched the Galaxy Tab S8 series one and a half years after the Galaxy Tab S7 family, citing The Elec GizmoChina reported.

The upcoming premium tablets from the company were initially planned to release in December. But now, it seems that they will be introduced next year, the report said.

As per the report, Samsung's decision is due to the recent global economic uncertainty.

As the Covid-19 global pandemic has almost ended, the demand for IT products has started dropping worldwide, the report said.

Samsung planned to produce 33.6 million units of tablets in 2022. But due to poor demand, the company may not be able to fulfil its plan.

DSCC (Display Supply Chain Consultants) predicts that the overall tablet market will decrease by 8 per cent this year. However, the premium tablet category (OLED and Mini LED) is expected to grow by 22 per cent.

Hence, Samsung is said to have a new plan for its next-gen flagship tablets. The Galaxy Tab S9 series will reportedly have three models, just like the Galaxy Tab S8 series.

--IANS

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Apple iPhone 14 Plus now available for purchase in India: Specs, offers

iPhone 14 Plus (Photo: Apple.com)

Apple has announced the availability of the iPhone 14 Plus in India from October 7. The smartphone is available for pre-order on both Amazon and Flipkart. Starting from Rs 89,900, the phone is available in 128GB, 256GB, and 512GB internal storage variants.

The American technology giant is offering Rs 5,000 cashback on HDFC Bank credit and debit cards, and no cost EMI for up to 6 months. Starting at Rs 3,746 per month, Apple is also offering zero per cent down payment up to 24 months with no cost EMI consumer loans on Bajaj Finance, HDFC Bank and others. Besides, an exchange bonus of up to Rs 3,000 is also being offered. Similar to Apple, Amazon and Flipkart are also providing cashbacks, no cost EMI, and exchange offers.

iPhone 14 Plus: Features

Powered by A15 Bionic processor and 4,323 mAh battery, it sports a 6.7-inch Super Retina XDR OLED screen of 1200nits peak brightness level. It is IP68 rated for water and dust protection. The smartphone has 12-megapixel primary camera sensor with 12MP macro camera on the back and 12MP front camera sensor.

It boots iOS 16 operating system, upgradable to iOS 16.0.2. It packs Bluetooth 5.3 for wireless connectivity, stereo speakers, Face ID, and 5G. iPhone 14 Plus is available in Midnight, purple, starlight, blue, and red colours. It comes in 128GB, 256GB, and 512GB internal storage configuration at Rs 89,900, Rs 99,900, and Rs 119,900, respectively. Other features include dual SIM, crash detection, and emergency texting via satellite.

Chipmakers see 'breathtaking drop' in demand as global recession looms

Photo: Bloomberg

Signs are piling up that the tech downturn may be deeper and longer-lasting than feared.

After years of record capital spending, chipmakers are warning on a weekly basis that demand is sputtering. In the latest sign of trouble, Samsung Electronics Co. and Advanced Micro Devices Inc. reported disappointing results within hours of each other that widely missed projections.

Samsung -- the world’s largest memory chip maker -- reported a 32% dive in operating income, while PC-processor chipmaker AMD said it will miss its earlier forecast by about $1 billion. Analysts’ reactions ranged from “breathtaking” to “Uff-da!”

Those numbers followed grim comments from memory makers Micron Technologies Inc. and Kioxia Holdings Corp., which are slashing spending and output in a bid to stabilize plummeting prices. AMD shares fell, spurring losses in chip and PC makers from Taiwan Semiconductor Manufacturing Co. to Lenovo Group Ltd. on Friday.

“It seems end demand has likely deteriorated markedly in recent weeks, and end customers appear to be aggressively draining inventory,” Bernstein’s Stacy Rasgon said. The cut in AMD’s client-revenue “is admittedly a bit breathtaking.”

Weaker-than-expected demand for consumer electronics is hitting companies along with surging shipping and materials costs. Cost-cutting has become the new norm across the tech industry, and businesses that hoarded chips during the pandemic are now opting to cancel or postpone orders and tap inventory.

The semiconductor industry is also grappling with export restrictions from the US government, which is ratcheting up pressure on its allies to prevent shipment of cutting-edge chips to a growing list of Chinese companies, as it seeks to contain the Asian country.

That’s hampering business for chipmakers from AMD to Nvidia Corp. in the world’s biggest semiconductor market.

“This downcycle is not merely driven by typical supply and demand dynamics. It’s different from the past cycles due to geopolitical risks,” said Heo Pil-Seok, chief executive officer at Midas International Asset Management in Seoul. “The US government’s exports controls would further limit IT companies’ sales in China and a large chunk of demand for chips will be weakened. If AMD, Nvidia can’t sell their chips in China, memory makers’ earnings will deteriorate further.”

The companies themselves are bracing for a prolonged downturn. Samsung’s chip business head, Kyung Kyehyun, said he doesn’t see the memory market rebounding throughout next year. Kyung told employees at an internal event that Samsung cut its guidance for chip sales in the second half of this year by 32% compared to a forecast in April, according to the Korea Economic Daily.

“No party lasts forever,” Rasgon said. “It’s a cyclical industry. There were a few years of very, very strong growth” that prompted companies to ramp up capacity. “You build supply for demand that turns out not to be as real as you thought it was.”

Personal Finance

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International

- OPEC's sovereign right to decide on oil production: Hardeep Singh Puri

- Turkey ready to help peacefully address Ukraine crisis, says Prez Erdogan

- President Zelenskyy outlines key challenges for Ukraine against Russia

- New York declares state of emergency amid rising influx of asylum seekers

- UN adopts new carbon emissions goal to achieve net zero from planes by 2050

- Canada confirms 18,478 new Covid-19 cases in one week

- Canada confirms 1,411 monkeypox cases, 38 hospitalisations: PHAC

- Moody's downgrades Pakistan with 'C rating' citing increased govt liquidity

- Iran's forensic report says Mahsa Amini's death not due to alleged beating

- American Tower Corp weighs offer for stake in Vodafone Towers unit

- Uk needs to cut 200,000 govt jobs over next few years to avoid debt spiral

- Morgan stanley-led banks face $500 million loss on Twitter debt to Musk

- Fading rate hike relief pushes stocks lower, oil up after jobs report

- Four individuals want me assassinated, alleges former Pak PM Imran Khan

- US aims to hobble China's chip industry with sweeping new export rules

- UK PM Liz Truss fires trade minister Conor Burns over alleged misconduct

- Man accused in deadly Las Vegas stabbings to appear in court on Friday

- Facebook is warning 1 million users about stolen usernames, passwords

- Gas price cap: European Union lawmakers struggle to iron out differences

- Risk of nuke 'Armageddon' highest since 1962 crisis, says Joe Biden

OPEC's sovereign right to decide on oil production: Hardeep Singh Puri

It's the sovereign right of the Organization of Petroleum Exporting Countries to decide on the oil production capacities, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said Friday.

Refraining from commenting on the controversial decision of OPEC on cutting oil production by two million barrels a day, which has taken the world by surprise, Puri said it is likely to be scrutinized very carefully.

During an interaction with a group of Indian reporters, he said that India as one of the major consumers of oil and gas also has a major say in the global oil market.

"India is not a part of OPEC. India is at the receiving end of OPEC decisions..., he said in response to a question.

I have always traditionally taken the view, it is their sovereign right to decide what they wish to do, how much oil they want to produce and how much they want to put into the market, Puri said when asked about the decision of OPEC countries to cut oil production.

But I always say that all of this is subject to the doctrine of consequences intended and unintended, he said.

That's why I'm deliberately exercising not just calm, but also restraint in commenting on what has happened, because I'm told that there were assurances given, don't ask me whom, etc., that in fact they were not planning to do this, Puri said.

In our interaction with the oil price producers in the grouping that you call OPEC, or OPEC, plus, our understanding, my understanding, based on what we were told last year that this was a temporary adjustment and what you would see is that by February the amount of crude which is released into the market would be sufficient to cater to the increasing demand, Puri said.

Obviously from March 2020, when the global economy was in a virtual lockdown state there has been a calibrated opening. But now most of the economies are slowly firing on all cylinders, and therefore there's an increase in demand, he said.

But the fact of the matter is that large parts of the world today are either in recession or are experiencing conditions (like) recession, he added.

Observing that OPEC's decisions have been widely commented upon, both here and in other parts of the world, he said, How much of the proposed 2 million barrels which has been curtailed absorbs less production earlier and how much are going to be fresh cuts is something that will be very carefully studied."

The market was already preparing for having a million barrels cut. So, the announcement of a two-million-barrel cuts, has taken large parts of the world by some surprise and questions are bring asked because it stands to reason if there is a large shortfall in the amounts of energy which are released into the global market, then prices will escalate, the minister said.

And prices escalating would in turn exacerbate the movement towards recession which in turn will lead to loss of demand. So, it becomes a vicious cycle."

"Whether that has been fully taken into account or not, it's not for me to comment on the decision has been taken. But I believe that all decisions which are taken and which have global ramifications have both intended and unintended consequences. How these play out we will see, he said.

Turkey ready to help peacefully address Ukraine crisis, says Prez Erdogan

Photo: Bloomberg

Turkey was ready to contribute to a peaceful resolution of the Ukraine crisis in the interests of all, Turkish President Recep Tayyip Erdogan told his Russian counterpart Vladimir Putin in a phone call.

In the phone call, Erdogan and Putin exchanged views on enhancing Turkey-Russia relations as well as the latest developments in the Russia-Ukraine conflict, according to a statement released by the Turkish presidency on Friday.

The Turkish President reiterated that Ankara stood ready to "do its share for a peaceful resolution of the Ukraine issue in the interests of all," the statement said.

Turkey, which has good relations with both Ukraine and Russia, has been acting as a mediator between the two countries since their conflict broke out in late February, Xinhua news agency reported.

On July 22, Ukraine and Russia separately signed a deal with Turkey and the UN in Istanbul to resume food and fertiliser shipments from Ukrainian ports to international markets through the Black Sea.

Russia and Ukraine exchanged nearly 200 prisoners of war as a result of Turkey's mediation, Erdogan announced in September.

--IANS

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President Zelenskyy outlines key challenges for Ukraine against Russia

Ukrainian President Volodymyr Zelensky has outlined the key challenges for Ukraine amid its conflict with Russia, the presidential press service reported.

Speaking through a video link at the informal meeting of the European Council, Zelensky on Friday said that the main challenge for Ukraine is the physical protection of its energy facilities from Russian strikes.

Ukraine needs enough air defence systems to prevent possible attacks on its energy infrastructure, he noted.

Another challenge for Kiev is a demilitarisation of the Zaporizhzhia nuclear power plant in southern Ukraine and the restoration of its functioning, the President said.

Post-conflict reconstruction is the third important task for the government, the Ukrainian leader noted, voicing his appreciation for those countries that have already started working under Ukraine's Fast Recovery Plan, Xinhua news agency reported.

The informal European Council meeting was held in Prague, the Czech Republic, on Friday to discuss the situation in Ukraine, as well as energy and economic issues.

--IANS

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New York declares state of emergency amid rising influx of asylum seekers

New York City Mayor Eric Adams declared a state of emergency in response to a record-breaking influx of asylum seekers into the city, mostly from the southern border of the US.

An executive order was issued on Friday to formally direct all relevant agencies in the city to coordinate their efforts to respond to the asylum seeker humanitarian crisis and construct humanitarian relief centres on a transitory basis.

The state of emergency will remain in effect for 30 days and may be extended, according to the executive order.

Adams also called for emergency federal and state aid to handle the continued influx of asylum seekers, including legislation allowing asylum seekers to work, a decompression strategy at the border, a coordinated effort to move asylum seekers to other cities, emergency financial relief and immigration reform, Xinhua news agency reported.

The shelter system in New York City is now operating at near 100-per cent capacity accommodating more than 61,000 people, and the city would have more than 100,000 asylum seekers next year if current trend continues, according to Adams.

"That's far more than the system was ever designed to handle. This is unsustainable. The city is going to run out of funding for other priorities," he said.

More than 17,000 asylum seekers, mostly from South America, have been bused directly to New York City from the southern border since April, he added.

To accomodate the asylum seekers, the city has contracted 42 hotels as emergency shelters with one humanitarian emergency response and relief centre under construction on Randall's Island, and is working with the New York Governor's office on identifying additional locations for relief centres and staffing resources.

Adams said New York City expects to spend at least $1 billion by the end of this fiscal year starting October 1 on the migrant crisis.

He blamed political motivation and lack of coordination for the man-made humanitarian crisis.

"If our city had had coordination or even just cooperation from any of the states sending buses, or more support from our partners, then maybe we could have budgeted, staffed, and allocated resources for these asylum seekers," he added.

Nearly a month ago, Washington DC Mayor Muriel Bowser declared a public emergency in the nation's capital due to the arrival of thousands of migrants bused from the southern states of Texas and Arizona.

--IANS

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UN adopts new carbon emissions goal to achieve net zero from planes by 2050

A United Nations organization on Friday adopted a long-term aspirational goal of making carbon emissions from air travel net zero by 2050 in response to growing pressure for airlines to reduce their pollution.

Several major environmental groups praised the move, saying it could boost the production of sustainable aviation fuel. But they cautioned that it will be difficult to push countries to follow up with policies that actually reduce emissions.

Aviation is a relatively small contributor to overall climate-changing emissions, but its share is expected to grow. More people are expected to travel on planes in the coming years, and aviation lacks cleaner alternatives such as electric power that are widely available for cars and trucks.

Friday's decision in Montreal occurred during a meeting attended by representatives of nearly 200 nations that belong to the UN's International Civil Aviation Organization, or ICAO.

The decision capped nearly a decade of negotiations and occurred as aviation comes under more pressure to help meet conditions of the 2015 Paris Agreement on climate, which aims to cap the rise in global temperature. Crucially, the ICAO agreement does not set targets for individual countries or airlines.

Mark Brownstein, a senior official at the Environmental Defense Fund, said the resolution raised hope that travel will be more sustainable.

But the work isn't over, he said. Now is the time for countries to act by establishing policies that support achievement of a 2050 net-zero goal for aviation with measurable progress in the interim.

Dan Rutherford, who tracks the issue for the International Council on Clean Transportation, said that to hit the net-zero target, aviation emissions will need to peak and start decreasing as soon as 2025, with richer countries taking the lead.

Environmentalists said reaching net zero will require greater use of so-called sustainable aviation fuel that is not made from fossil fuels because large electric- or hydrogen-powered planes are decades away. Countries could even impose limits on flights.

Canada confirms 18,478 new Covid-19 cases in one week

Canada confirmed 18,478 new Covid-19 cases for the week ending October 1, the Public Health Agency of Canada (PHAC) said.

The number of total Covid-19 cases and deaths in Canada reached 4,270,891 and 45,394 respectively, according to the weekly update issued by the PHAC on Friday.

The daily positive rate during the week averaged at 11.9 per cent, and daily tests per 100,000 people were 59, Xinhua news agency reported.

The Canadian government got rid of Covid-19 border restrictions from October, including mandatory vaccinations, testing and quarantine of international travellers.

Health Canada said vaccination continues to be one of the most effective tools to protect against Covid-19 and that getting booster doses as recommended will help protect individuals against serious illness and other complications from Covid-19 infection.

Health Canada authorised on Friday a second bivalent Covid-19 vaccine booster targeting the Omicron BA.4 and BA.5 subvariants, noting that all mRNA Covid-19 vaccines authorised for use in the country continue to be very effective at preventing severe illness, hospitalisation and death from Covid-19.

--IANS

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Canada confirms 1,411 monkeypox cases, 38 hospitalisations: PHAC

Canada has confirmed 1,411 cases of monkeypox, including 38 hospitalisations, the Public Health Agency of Canada said.

Of the confirmed cases, 674 are from Ontario, 521 from Quebec, 167 from British Columbia, 41 from Alberta, three from Saskatchewan, two from the Yukon and one each from Nova Scotia, Manitoba and New Brunswick, the health agency added on Friday.

The rollout of second doses in Canada started this week. The second dose, only for people who do not have symptoms, can be administered 28 days after the first, Xinhua news agency reported.

Monkeypox is a viral disease that can spread from person to person through close contact with an infected person, including through hugs, kisses, massages or sexual intercourse, according to experts.

--IANS

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Moody's downgrades Pakistan with 'C rating' citing increased govt liquidity

The New York-based credit rating agency Moody's Investors Service has downgraded Pakistan's local and foreign currency and senior unsecured debt ratings to Caa1 from B3, citing increased government liquidity and external vulnerability risks and higher debt sustainability risks, local media reported.

"The outlook remains negative," the New York-based rating agency said amid the devastation floods in Pakistan, Dawn reported.

Debt affordability, a long-standing credit weakness for Pakistan, will remain extremely weak for the foreseeable future.

The downgrade has pushed the country into the C-category after seven years (March 2015).

Pakistan strongly contested Moody's downgrade decision, saying it was taken unilaterally, was based on premature data and did not depict the true picture due to information gaps and contradictions.

In June, Moody's also downgraded Pakistan's outlook to negative from stable amid a delay in a deal with the International Monetary Fund (IMF) for an economic bailout.

"The decision to change the outlook to negative is driven by Pakistan's heightened external vulnerability risk and uncertainty around the sovereign's ability to secure additional external financing to meet its needs," Dawn newspaper reported citing Moody's statement.

Meanwhile, Pakistan's current account deficit widened to USD 13.8 billion during the first 10 months (July to April) of the current fiscal year, compared to a deficit of USD 543 million a year earlier, Dawn reported.

According to data from the IMF, Pakistan's foreign exchange reserves have declined to USD 9.7 billion at the end of April, which can only cover less than two months of imports. This compares with the USD 18.9 billion of reserves at the end of July last year.

Moody's projected the current account deficit to come in at 4.5-5 per cent of GDP for the ongoing fiscal year, slightly wider than the government's expectations.

Moreover, the next elections are due in Pakistan by the middle of 2023. In Moody's view, political parties will find it difficult to continually enact significant revenue-raising measures in the run-up to the elections, especially in a high inflation environment.

Iran's forensic report says Mahsa Amini's death not due to alleged beating

Demonstrators during a protest in Tehran for Mahsa Amini. Photo: Bloomberg

The Iranian Legal Medicine Organisation confirmed that the death of 22-year-old woman Mahsa Amini was not a result of alleged blows to her head or vital organs, a state news media outlet reported.

In its final statement on Amini's death, the forensic organisation on Friday said the conclusion was drawn after examining the CT scans of Amini's brain and lung as well as her corpse, and according to the results of her autopsy and pathological tests.

Amini died because of ineffective cardiopulmonary resuscitation in the early minutes, which caused severe brain hypoxia, it noted, adding she was pronounced dead on September 16 at Tehran's Kasra hospital after multiple organ failure despite all efforts to save her.

She underwent craniopharyngioma surgery at Milad Hospital in Tehran in 2010 to remove a brain tumor, according to forensic organisation, Xinhua news agency reported.

Protests over Amini's death erupted across Iran, first in her native province of Kurdestan before spreading to several other cities, including the capital Tehran.

--IANS

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American Tower Corp weighs offer for stake in Vodafone Towers unit

American Tower Corp. is weighing entering the race for a stake in Vodafone Group Plc’s €13 billion ($12.6 billion) wireless towers unit, people familiar with the matter said.

The US telecommunication infrastructure operator is exploring a possible investment in Frankfurt-listed Vantage Towers AG, the people said, asking not to be identified discussing confidential information.

Vodafone plans to sell part of its roughly 82% interest in Vantage and has invited suitors to participate in an auction process. Private equity firms KKR & Co., Global Infrastructure Partners and EQT AB are already in the running, Bloomberg News reported last month. Spain’s Cellnex Telecom SA has also studied the feasibility of an offer, the people said.

Deliberations are ongoing and there’s no certainty that American Tower or Cellnex will decide to bid. Some of the interested parties may decide to form consortiums and other suitors could also emerge, according to the people. Vodafone expects bids to be made as soon as next week and may announce a new partner for Vantage next month, they said.

American Tower fell 3.5% to close at $194.63 in New York trading Friday, giving the company a market value of about $91 billion.

Representatives for American Tower, Cellnex, Vantage and Vodafone declined to comment.

Europe’s phone carriers have started to sell off infrastructure assets to raise money for investments in costly fiber-optic rollouts and wireless network upgrades, as well as to cut their large debt piles. In July, Deutsche Telekom AG agreed to sell a majority stake in its towers unit to Brookfield Asset Management Inc. and DigitalBridge Group Inc. in a deal valuing the business at €17.5 billion. Cellnex was also bidding for the asset before dropping out.

These assets, which carriers once saw as vital to their business models, are attractive to investment firms thanks to their steady, predictable returns.

UK needs to cut 200,000 govt jobs over next few years to avoid debt spiral

Photo: Bloomberg

The UK needs to cut 200,000 government jobs over the next couple of years to avoid adding billions to the national debt, according to the Institute for Fiscal Studies.

Public-sector wages are on track to increase 5% this year, around half the current rate of inflation but higher than budgeted when spending plans were drawn up in 2021.

Simply to pay for those awards without increasing borrowing, the government will need to find £5 billion ($5.6 billion) of savings this year alone, the think tank said Saturday.

The analysis underscores the challenge Chancellor of the Exchequer Kwasi Kwarteng faces to keep the public finances under control without reversing any more of his tax-cutting pledges. Pressure is coming not just from his tax giveaways but also from higher spending, complicating any plan to stabilize debt as a share of GDP.

Last month, Kwarteng announced a £45 billion tax stimulus that sent the markets into a tailspin on concerns that borrowing would spiral out of control.

On Nov. 23, he plans to unveil a full fiscal plan with a forecast from the Office for Budget Responsibility that will incorporate government policies and the impact of changes to the economic outlook. The Treasury may bring the date forward.

The IFS said about 100,000 job cuts this year would ensure the overall wage bill was unchanged, and avoid cuts elsewhere in departments. If pay increases with inflation in 2023, the government would need to cut another 100,000 jobs to keep the bill in check.

‘Efficiencies’ Ordered

Departments have been told to find internal “efficiencies,” which is often seen as code for job cuts. There is a potential opportunity as the public-sector workforce grew by 250,000 over the pandemic to around 5.5 million.

The government is already pushing through plans to cut around a fifth of the 500,000-strong civil service, those who work directly for the government. It says the headcount reduction could save £3.5 billion a year.

Kwarteng scrapped a tax cut for the richest households that saved £2 billion of the £45 billion but has pledged not to reverse other policies.

He has refused to rule out a £5 billion reduction in benefits, which has prompted a backlash within the ruling Conservative Party as it would hit those who can least afford it during the cost of living crisis.

The government may also be considering plans to change the treatment of the Bank of England’s quantitative easing program to reduce the annual debt-interest bill by £5 billion or more.

Public-sector workers, including nurses and teachers, are threatening the strike over poor pay -- putting even more pressure on spending.

Bee Boileau, research economist at the IFS, said there are no “easy options” for the chancellor.

“Offering higher pay awards without additional funding puts enormous strain on departmental budgets and requires painful cuts elsewhere,” she said “Not offering higher pay awards risks a wave of strikes and ongoing challenges with recruitment and retention.”

The analysis is from a pre-released chapter of the 2022 IFS Green Budget, produced in association with Citi and with funding from the Nuffield Foundation.

Morgan Stanley-led banks face $500 million loss on Twitter debt to Musk

When banks led by Morgan Stanley agreed in April to help finance Elon Musk’s purchase of Twitter Inc., they were eager to aid an important client, the richest person in the world. Now neither Musk nor the banks have an obvious way to wriggle out of it.

Lenders that also include Bank of America Corp., Barclays Plc and Mitsubishi UFJ Financial Group Inc. committed to provide $13 billion of debt financing for the deal. Their losses would amount to $500 million or more if the debt were to be sold now, according to Bloomberg calculations. They agreed to fund the purchase whether or not they were able to offload the debt to outside investors, according to public documents and lawyers who have looked at them.

“I think that those banks would like to get out of it, I think the deal makes less sense for them now, and that the debt will be harder to syndicate to investors,” said Howard Fischer, partner at law firm Moses Singer. But Fischer, a former senior trial counsel at the Securities and Exchange Commission who isn’t involved in Twitter, said there’s no legal basis for them to back out.

Junk bond and leveraged loan yields have surged since April, meaning that banks will lose money from having agreed to provide financing at lower yields than the market will accept now. Any pain the banks bear from this deal comes as lenders have already sustained billions of dollars of writedowns and losses this year after central banks worldwide have started hiking rates to tame inflation.

Even if the banks could find buyers for Twitter debt in the market now, which is far from certain, selling bonds and loans tied to the deal probably wouldn’t be possible before the buyout closes.

Banks have a pipeline of around $50 billion of debt financings they’ve committed to provide in the coming months, according to Deutsche Bank AG estimates. While usually banks would sell bonds and loans to fund those deals, investors are less eager to buy now than they were toward the beginning of the year, and offloading this debt will be hard.

That’s forcing banks to provide the financing themselves on a number of deals, a strain on their earnings and capital requirements. For example, lenders including Bank of America and Barclays expect to have to fund $8.35 billion of debt for the leveraged buyout of Nielsen Holdings next week, Bloomberg reported on Tuesday.

Representatives for Morgan Stanley, Bank of America, Barclays, MUFG and Twitter declined to comment. A representative for Musk did not immediately respond to a request for comment.

Way Out?

Banks may not be able to back out of the Twitter deal, but Musk has been trying to. Twitter said on Thursday that it’s dubious of the billionaire’s promises to close on the transaction. The company said that a banker involved in the debt financing testified earlier Thursday that Musk had yet to send them a borrowing notice, and had otherwise not communicated to them that he intended to close the deal.

The lack of a borrowing notice on its own isn’t necessarily a problem. Usually that document comes toward the end of the process of closing on a purchase, said David Wicklund, a partner at Vinson & Elkins who focuses on complex acquisition and leveraged financings. It’s often submitted to banks two or three days before closing, making it one of the last items to be finished.

But leading up to the closing of a big acquisition typically involves a blizzard of paperwork that has to be negotiated between both parties. There may be 50 to 80 documents that get discussed, Wicklund said.

A Delaware judge said on Thursday that if the transaction isn’t done by October 28, she will set new dates in November for the lawsuit between Twitter and Musk. That date comes from a filing from Musk’s team that said the banks needed until then to provide the debt funding.

On Monday, Musk sent Twitter a letter saying he would go through with his acquisition “pending receipt of the proceeds of the debt financing.” That made it seem like there was some doubt as to whether the banks would provide their promised financing, which became a sticking point in negotiations between the company and the billionaire.

But in a court document on Thursday, Musk’s team said that counsel for the banks “has advised that each of their clients is prepared to honor its obligations.”

Bonds, Loans

The banking group originally planned to sell $6.5 billion of leveraged loans to investors, along with $6 billion of junk bonds split evenly between secured and unsecured notes. They are also providing $500 million of a type of loan called a revolving credit facility that they would typically plan to hold themselves.

Of the more than $500 million of losses that the banks are estimated to have on the Twitter debt, up to about $400 million stems from the riskiest portion, the unsecured bonds, which have a maximum interest rate for the company of about 11.75%, Bloomberg reported earlier this year. The losses exclude fees the banks would usually earn on the transaction.

The rest of the losses are estimated based on where the maximum interest rates would have been determined for the loan and secured bond when compared to the unsecured portion. The expected loss could ultimately be higher or lower.

The banking group is expected to give the cash to Twitter and become a lender to the soon-to-be highly indebted social media giant.

Morgan Stanley would hold onto the most at about $3.5 billion of debt, based on the debt commitment letter:

The banks will have to mark down the debt based on where it would trade in the secondary market, which would likely be at steep discounts to face value, especially for the riskiest portions. BNP Paribas, Mizuho and Societe Generale SA declined to comment. The banks can then wait until better market conditions and try to sell the debt to investors at a later date, likely at a discount to face value.

Fading rate hike relief pushes stocks lower, oil up after jobs report

Federal Reserve Board Chair Jerome Powell (File photo: Reuters)

By Pete Schroeder

WASHINGTON (Reuters) - U.S. stocks tumbled on Friday after a stronger than expected jobs report lowered odds the Federal Reserve will ease its rate-hiking spree, while oil prices hit a 5-week high in response to deep supply cuts.

The Dow Jones Industrial Average was down more than 500 points in midday trading, or 1.9%, with the S&P 500 down 2.55% and the Nasdaq Composite off 3.52% as investors bet the Fed's inflation fight will continue apace.

The MSCI world equity index, which tracks shares in 45 nations, was down 2.23%.

The U.S. Labor Department reported that nonfarm payrolls increased by 263,000 in September - slightly above expectations - with the jobless rate dipping to 3.5%, below forecasts.

The data cemented the view that the Fed and other global central banks have a way to go before easing up on their tightening cycles, after stocks surged earlier in the week on hopes such a pivot may be on the way.

"Today's employment data did little to change the narrative for a Fed committee that has been intensely focused on bringing down inflation," said Charlie Ripley, senior investment strategist for Allianz Investment Management.

"Timing the Fed's pivot away from an aggressive policy stance is proving to be difficult and the current conditions in the labor market are certainly not helping the situation."

The likelihood of ongoing interest rate increases helped drive up the dollar and Treasury yields yet again. The dollar index, which tracks the greenback versus a basket of six currencies, was up 0.22%, and the yield on benchmark 10-year Treasury notes climbed 4.7 basis points to 3.869%.

Markets currently price in a 92% chance of a 75-basis-point increase for next month's Federal Open Market Committee meeting.

Investors will now turn to quarterly corporate earnings kicking off next week, as well as Thursday's update on U.S. inflation.

"The market's negative reaction may be a sign that investors are processing the likelihood that there will be no change in the Fed's aggressive playbook in the near term," said Mike Loewengart, head of model portfolio construction at Morgan Stanley's global investment office.

"Keep in mind the next Fed decision isn't until early November so much more data will need to be digested, not least of which is next week's inflation gauge."

Crude oil continued to ride the announced supply cuts from OPEC+ to a five-week high, shaking off concerns of an economic slowdown.

Brent crude was up 3.81% to $97.99 a barrel and U.S. crude prices were up 4.48% at $92.43 a barrel. [O/R]

Elsewhere, gold took a hit against the surging dollar, with spot prices falling 0.55% to $1,701.48 an ounce.

(Reporting by Pete Schroeder, Lucy Raitano, Kevin Buckland; Editing by Andrea Ricci, Kirsten Donovan)

Four individuals want me assassinated, alleges former Pak PM Imran Khan

Pakistan's former Prime Minister Imran Khan (Photo: Reuters)

Former Pakistan Prime Minister Imran Khan on Friday alleged that four individuals were conspiring to assassinate him on charges on blasphemy, warning that the names of these schemers will be revealed to the nation if anything untoward happens to him.

Addressing a rally in Mianwali in Pakistan's Punjab province, Khan, the chairman of the Pakistan Tehreek-e-Insaf party, said Pakistan Muslim League-Nawaz (PML-N) leaders were accusing him of committing blasphemy in a bid to incite religious hatred against him.

What was the game behind this [allegation] four individuals sitting behind closed doors decided to get me killed over blasphemy allegations, Khan alleged.

He announced that a video containing names of the conspirators' will be released if anything happened to him.

If I get killed then they will say a religious fanatic killed him [Imran] because he had committed blasphemy, he said.

The nation will not forgive these conspirators, he warned.

This is not the first instance that Khan has claimed that his life is in peril.

Over 250 personnel from Khyber Pakhtunkhwa, Islamabad, Gilgit-Baltistan, Frontier Constabulary and Pakistan Rangers are deployed to ensure Khan's security, Islamabad IG Akbar Nasir Khan had said in September.

Khan's latest revelations come when a third alleged audio of Khan surfaced on Friday, featuring him trying to buy the loyalties of lawmakers and also justifying his action before he was ousted in a no-confidence vote in Parliament in April.

US aims to hobble China's chip industry with sweeping new export rules

Photo: Reuters

The Biden administration on Friday published a sweeping set of export controls, including a measure to cut China off from certain semiconductor chips made anywhere in the world with U.S. tools, vastly expanding its reach in its bid to slow Beijing's technological and military advances.

The rules, some of which go into effect immediately, build on restrictions sent in letters earlier this year to top toolmakers KLA Corp, Lam Research Corp and Applied Materials Inc, effectively requiring them to halt shipments of equipment to wholly Chinese-owned factories producing advanced logic chips.

The raft of measures could amount to the biggest shift in U.S. policy toward shipping technology to China since the 1990s.

If effective, they could set China's chip manufacturing industry back years by forcing American and foreign companies that use U.S. technology to cut off support for some of China's leading factories and chip designers.

In a briefing with reporters on Thursday previewing the rules, senior government officials said many of the measures sought to prevent foreign firms from selling advanced chips to China or supplying Chinese firms with tools to make their own advanced chips. They conceded, however, that they have not yet secured any promises that allied nations will implement similar measures and that discussions with those nations are ongoing.

"We recognize that the unilateral controls we're putting into place will lose effectiveness over time if other countries don't join us," one official said. "And we risk harming U.S. technology leadership if foreign competitors are not subject to similar controls."

The expansion of U.S. powers to control exports to China of chips made with U.S. tools is based on a broadening of the so-called foreign direct product rule. It was previously expanded to give the U.S. government authority to control exports of chips made overseas to Chinese telecoms giant Huawei Technologies Co Ltd and later to stop the flow of semiconductors to Russia after its invasion of Ukraine.

On Friday, the Biden administration applied the expanded restrictions to China's IFLYTEK, Dahua Technology, and Megvii Technology, companies added to the entity list in 2019 over allegations they aided Beijing in the suppression of its Uyghur minority group.

The rules published on Friday also block shipments of a broad array of chips for use in Chinese supercomputing systems.

The rules define a supercomputer as any system with more than 100 petaflops of computing power within a floor space of 6,400 square feet, a definition that two industry sources said could also hit some commercial data centers at Chinese tech giants.

U.S. Senate Democratic leader Chuck Schumer welcomed the announcement, arguing the rules would "protect our country's innovations from China's predatory actions." The Semiconductor Industry Association, which represents chipmakers, said it was studying the regulations and urged the United States to "implement the rules in a targeted way - and in collaboration with international partners - to help level the playing field."

Earlier on Friday, the United States added China's top memory chipmaker YMTC and 30 other Chinese entities to a list of companies that U.S. officials cannot inspect, ratcheting up tensions with Beijing and taking aim at a firm that has long troubled the Biden administration.

The "unverified list" is a potential precursor to tougher economic blacklists, but companies that comply with U.S.

inspection rules can come off the list. On Friday, U.S.

officials removed nine such firms, including a unit of China's Wuxi Biologics, which makes ingredients for AstraZeneca Plc's COVID-19 vaccine.

The new regulations will also severely restrict export of U.S. equipment to Chinese memory chip makers and formalize letters sent to Nvidia Corp and Advanced Micro Devices Inc (AMD) restricting shipments to China of chips used in supercomputing systems that nations around the world rely on to develop nuclear weapons and other military technologies.

Reuters was first to report key details of the new restrictions on memory chip makers, including a reprieve for foreign companies operating in China and the moves to broaden restrictions on shipments to China of technologies from KLA, Lam, Applied Materials, Nvidia and AMD.

(Reporting by Stephen Nellis in San Francisco and Karen Freifeld in New York Additional reporting by David Shepardson in Washington Editing by Alexandra Alper, Chris Sanders and Matthew Lewis)

UK PM Liz Truss fires trade minister Conor Burns over alleged misconduct

Photo: Twitter

A British trade minister was fired by Prime Minister Liz Truss and suspended by the Conservative Party on Friday over allegations of misconduct.

The government said Truss had asked Conor Burns to leave the government with immediate effect after a complaint of serious misconduct.

The prime minister took direct action on being informed of this allegation and is clear that all ministers should maintain the high standards of behaviour as the public rightly expects, the prime minister's office said.

The Conservative whips' office said Burns had been suspended from the party's group in Parliament pending investigation into allegations of inappropriate behaviour earlier this week. He remains a lawmaker but will sit as an independent.

British media reported that the alleged misconduct took place at the Conservatives' annual conference in the central England city of Birmingham.

Burns is a long-time ally of former Prime Minister Boris Johnson, who was forced to step down in July.

Johnson endured a series of scandals about money matters and illegal government parties during coronavirus lockdowns, but was finally toppled after appointing to a senior government post a lawmaker accused of sexual misconduct.

Burns, 50, served as a Northern Ireland minister in Johnson's government and was made a trade minister when Truss took office last month.

Man accused in deadly Las Vegas stabbings to appear in court on Friday

Representational Image

An attacker accused of killing two people and wounding six others with a large kitchen knife in stabbings along the Las Vegas Strip is expected in court Friday.

Yoni Barrios, 32, is scheduled to make an initial appearance in the afternoon, according to the Clark County District Attorney's Office. It wasn't immediately known whether Barrios had a lawyer who could comment on his behalf.

He is being held in the Clark County Detention Center on two counts of murder and six counts of attempted murder, the Las Vegas Metropolitan Police Department said in a statement.

Three people were hospitalized in critical condition and another three were in stable condition, according to Las Vegas police, who said they began receiving 911 calls about the stabbings around 11:40 am Thursday across the street from the Wynn casino and hotel.

Barrios, who is not a Las Vegas resident, was detained by Sands security guards and Metropolitan Police officers while running on a Strip sidewalk, police said.

This was an isolated incident, Metropolitan Police Deputy Chief James LaRochelle said in a statement.

All evidence indicates Barrios acted alone and there are no outstanding suspects at this time.

Police said they were continuing to investigate the motive but do not believe there was an altercation before the attacks.

The Clark County coroner's office identified the victims who were killed as Brent Allan Hallett, 47, and Maris Mareen Digiovanni, 30, both Las Vegas residents.

The names of those wounded in the attack were not immediately released.

The initial stabbing was unprovoked and on the eastern sidewalk of Las Vegas Boulevard. The suspect then headed south and stabbed others, LaRochelle said.

The man fled and was followed by 911 callers before he was taken into custody, authorities said. Police recovered the large knife with a long blade believed to have been used, LaRochelle said, calling the case a hard-to-comprehend murder investigation.

Dewaun Turner, 47, a porter at The District at Resorts World, told the Las Vegas Review-Journal that he was walking home when he saw two people dressed as showgirls in red dresses and heels fleeing from a man with a knife.

He saw one slip near an escalator to a pedestrian bridge in front of Wynn Las Vegas. The man stabbed her, jumped up and stabbed the other, then ran south toward the Palazzo, Turner said. The man with the knife didn't say anything, he said.

Turner said he then saw the man stab a man who was walking with a woman, then stab two more women, Turner said.

One of the pair dressed as showgirls was bleeding profusely and wasn't making a sound as the other applied pressure to her companion's wounds, he said.

Ten or 15 steps ahead and I would've been one of the people stabbed, Turner said.

There were no other suspects in the case and the Strip is secure, Clark County Sheriff Joe Lombardo said.

Locals and tourists are the victims of this crime, Lombardo said.

Witnesses told Las Vegas TV stations that some of the victims appeared to be showgirls or street performers who take pictures with tourists on the Strip.

The suspect told a woman that he was a chef who wanted to take a picture with some of the showgirls with his knife, but he started stabbing people when the group declined the man's offer, the woman told KTNV.

Jason Adams told KLAS that he witnessed the attack on a showgirl.

This guy came, ran up, and started stabbing this lady in front of me and she ran around the escalators and she tried to get up under the bridge and her girlfriend was trying to help her, Adams said, adding that the attack happened very quickly.

Pierre Fandrich, a tourist from Canada, told KTNV that he did not see the stabbing suspect as he was walking along the Strip. But he said he thought he heard three or four showgirls laughing, and it turned out to be screaming.

Fandrich said he saw a lot of blood as one woman ran across a bridge, one was on the ground, and another had a stab wound on her back as she tried to help the fallen woman.

Fandrich also told KTNV that he thought one of the victims fell from the bridge because there was so much blood on the ground.

Democratic Gov. Steve Sisolak posted a message on social media saying, Our hearts are with all those affected by this tragedy.

At the State level, we will continue to work with partners in law enforcement to make resources available on the ground and ensure the Las Vegas Strip remains a safe and welcoming place for all to visit, Sisolak said.

Facebook is warning 1 million users about stolen usernames, passwords

Photo: Bloomberg

Meta Platforms said it would notify roughly 1 million Facebook users that their account credentials may have been compromised due to security issues with apps downloaded from Apple Inc. and Alphabet’s software stores.

The company announced Friday that it identified more than 400 malicious Android and iOS apps this year that target internet users in order to steal their login information. Meta said it informed both Apple and Google about the issue in order to facilitate removal of the apps.

The apps worked by disguising themselves as photo editors, mobile games or health trackers, Facebook said.

Apple said 45 of the 400 problematic apps were on its App Store and have been removed. Google removed all the malicious apps in question, a spokesperson said.

“Cybercriminals know how popular these types of apps are, and they’ll use similar themes to trick people and steal their accounts and information,” said David Agranovich, director of global threat disruption at Meta. “If an app is promising something too good to be true, like unreleased features for another platform or social media site, chances are that it has ulterior motives.”

A typical scam would unfold, for example, when a user uploaded an edited photo from a malicious app to their Facebook account.

A phony login prompt would appear, tricking the user into providing their username and password.

Meta said it would be sharing tips with potential victims on how they can avoid being “re-compromised” by learning how to better spot problematic apps that pilfer credentials, whether for Facebook or other accounts. The malicious activity occurred off Meta systems, Agranovich said, adding that not all 1 million people necessarily had their passwords compromised.

Gas price cap: European Union lawmakers struggle to iron out differences

Attendees at the Informal EU 27 Summit and Meeting at Prague Castle (PHOTO: REUTERS)

European Union leaders converged on Prague Castle on a crisp Friday morning to try to bridge significant differences over a natural gas price cap as winter approaches and Russia's war on Ukraine fuels a major energy crisis.

The price cap is one of several measures the 27-nation bloc is preparing to contain an energy crisis in Europe that is driving up prices for consumers and business and which could lead to rolling blackouts, shuttered factories and a deep recession over the winter.

As the Europeans bolster their support for Ukraine in the form of weapons, money and aid, Russia has reduced or cut off natural gas to 13 member nations, leading to surging gas and electricity prices that could climb higher as demand peaks during the cold months.

Standing in the way of an agreement is the simple fact that each member country depends on different energy sources and suppliers, and they're struggling to see eye-to-eye on the best way ahead.

A group of 15 member countries has urged the EU's executive branch, the European Commission, to propose a cap on gas prices as soon as possible, but the idea has not secured unanimous support, with Germany notably blocking.

For now, the commission says, Europe's gas storage capacity stands at about 90 per cent, even as Russian gas supplies to the EU declined by 37 per cent between January and August, with the US and Norway stepping in to provide liquefied natural gas. But those replacement supplies have not been cheap.

I therefore recommend stepping up negotiations with our reliable suppliers to reduce the prices of imported gas of all kinds, commission President Ursula von der Leyen said in a letter to the leaders ahead of Friday's summit in the Czech capital.

Von der Leyen also recommended that countries work together to develop an intervention to limit prices in the natural gas market, where prices have fluctuated wildly over jitters about the war and potentially uncoordinated national responses to the problem.

For now, a breakthrough on the price cap seems a distant prospect, but the leaders may make enough progress to conclude some kind of agreement when they meet again in Brussels on October 20-21.

Risk of nuke 'Armageddon' highest since 1962 crisis, says Joe Biden

US President Joe Biden (Photo: Reuters)

Russian President Vladimir Putin’s threat to use nuclear weapons in Ukraine has brought the world closer to “Armageddon” than at any time since the Cold-War Cuban Missile Crisis, U.S. President Joe Biden said.

Putin celebrated his 70th birthday to a chorus of fawning praise from officials. But with his seven-month invasion unravelling, public events appeared more muted than just a week ago, when he staged a huge concert on Red Square to proclaim the annexation of nearly a fifth of Ukrainian land.

Ukrainian President Volodymyr Zelenskiy said Kyiv’s forces were swiftly recapturing more territory, including more than 500 sq km in the south where they burst through a second major front this week.

Biden said the prospect of defeat could make Putin desperate enough to use nuclear weapons, the biggest risk since US.

“We have not faced the prospect of Armageddon since Kennedy and the Cuban missile crisis,” Biden said in New York. “For the first time since the Cuban Missile Crisis, we have a direct threat to the use of nuclear weapons, if in fact things continue down the path they’d been going.”

Putin was “not joking when he talks about potential use of tactical nuclear weapons or biological or chemical weapons, because his military is, you might say, is significantly underperforming,” Biden said.

The death toll from a missile attack on apartment buildings in a southern Ukrainian city rose to 11 as more Russian missiles and — for the first time — explosive packed drones targeted Ukrainian-held Zaporizhzhia on Friday.

Biden to pardon thousands for marijuana possession

Biden took his first major steps toward decriminalizing marijuana, saying he would pardon thousands of Americans convicted for possession of the drug and ordering a review of its treatment by law enforcement authorities. Biden announced that he would pardon all prior federal offenses for simple possession of marijuana. He will also urge governors to issue similar pardons for state offenses.

“Sending people to prison for possessing marijuana has upended too many lives and incarcerated people for conduct that many states no longer prohibit,” Biden said in a statement, noting that people of color have been disproportionately arrested, prosecuted and convicted for the crime.

The moves fulfill a Biden campaign pledge about a month ahead of midterm congressional elections, which may attract more young people and voters of color Democrats need to show up at the polls. The pardons could affect affect more than 6,500 people charged with simple marijuana possession under federal laws and thousands more under the DC Code, the officials said.

- Bloomberg

Table of Contents

Business Standard

Companies

Yogi Adityanath invites Tata group to participate in investor summit

Tracxn Technologies garners Rs 139 crore from anchor investors

Dabur enters peanut butter market with 'Real Health Peanut Butter' range

Shanghvi says will participate in Suzlon Energy's Rs 1,200-cr rights issue

PNB Housing Finance appoints Vinay Gupta as CFO, to succeed Kapish Jain

CM Gehlot invites Vedanta to set-up semiconductor industry in Rajasthan

Tata Power to develop 10K Mw RE plant in next five years in Rajasthan

Kalyan Jewellers sees 20% revenue growth in Sept qtr despite challenges

Indian carmakers propose tax cut on imports in Britain trade deal

Uber, Ola auto services 'banned' in Bengaluru; aggregators slash fares

HDFC to raise up to Rs 12,000 cr through bonds on private placement basis

JSW Steel Coated Products gets LoI for National Steel and Agro Industries

Hindustan Unilever cuts prices of soaps, detergents after 2 years of hikes

Suzlon appoints Vinod R Tanti as chairman and managing director for 3 years

Retail jobs in India down 12% amid record festive sales, says report

CCI orders another probe against Google for unfair revenue sharing

SpiceJet deposits TDS, Form 16 to be issued to staff in a fortnight

A Balasubramanian re-elected Amfi chairman, Sundeep Sikka to head ETF panel

OYO elevates two senior execs in service experience and revenue functions

Xiaomi rejects speculation over India operations being moved to Pakistan

Economy and Policy

Prices of CNG, piped cooking gas hiked by Rs 3 as natural gas prices rise

72 out of 214 items indigenised by Defence PSUs well before timeline

India's monthly fuel demand slips to 10-month low in September: Govt

CAQM asks agencies to develop gas infrastructure in NCR before next winter

Invest in Goa and be partners in industrial growth: CM Pramod Sawant

India's September fuel demand rises 8.1% YoY, gasoline sale 8.8% higher

India won't yield on national interest to meet FTA deadlines: Piyush Goyal

Finland ties up with Kerala govt to implement 'Little KITEs' model

Farmers receive MSP worth Rs 2,356 crore during 2022-23 Kharif season

Government identifying PSUs with land bank but little business for selloff

Global economy moving from 'relative predictability' to uncertainty: IMF MD

India handled energy crisis in responsible, mature manner: Minister Puri

Finance

YES Bank now on a hunt to buy stressed assets from other lenders

LIC, Centre to sell 60.7% stake in IDBI Bank; DIPAM invites EoIs

Banks loans rose 16.4% YoY in two weeks to Sept 23, deposits up 9.2%: RBI

Forex reserves decline to over two-year low to $532.66 bn: RBI data

IDBI Bank privatisation: Govt, LIC to sell 60.72% stake, invite bids

RBI to launch e-rupee on pilot basis for limited use; issues concept paper

Rupee breaches 82 level vs dollar as Fed officials back rate hike view

RBI sells dollars as rupee hits record low on US interest rate hike fears

No peace for Indian rupee as mighty dollar thunders on: Reuters Poll

RBI likely to set underwriting commission in 1.00-1.50 paise band: Poll

Opinion

Best of BS Opinion: An unmistakable slowdown, lost fragrances & more

Markets

Considering appropriate legal recourse against Sebi's order: Brickwork

On the rise again: Gold rates at a discount to tackle price jump

IiAS to Ambuja investors: Vote against Rs 20K-cr fundraise from Adani firm

Sensex, Nifty close marginally down on profit booking in IT, financials

Low volatility in stock markets signals some respite for Asia: Report

Sebi bars Impact Research, proprietor from securities market for 6 months

Brickwork's ratings lack transparency, riddled with inaccuracies: Sebi

RBI unveils features of digital rupee, plans to launch pilot soon

Electronics Mart IPO subscribed 72x on strong institutional interest

Crypto weekly wrap: Binance hack, inflation fears keep volatility high

BSE gets SEBI's approval to set up a separate social stock exchange

Zomato gains 7% on heavy volumes; stock rebounds 73% from record low

TCS Q2 margin may expand sequentially; revenue seen rising up to 9% YoY

Kalyan, PC Jeweller hit 52-week highs on hopes of strong demand

Power Mech up 4% in a weak mkt; soars 54% in 1-mnth on strong order book

This SME consumer electronics stock zoomed 1078% against its issue price

Varroc Engg tanks 9% as firm sells 4-wheeler lighting biz at reduced price

Crypto exchange ZebPay applies for license in Singapore, also eyeing UAE

Ujjivan Financial, SFB in focus: Stocks hit 52-week highs in volatile mkt

HUL's market capitalisation hits 67% of its parent company Unilever

Technology

Telegram founder warns users to stay away from WhatsApp yet again

Motorola Moto e32 with 6.5-inch HD IPS screen of 90Hz refresh rate launched

New space tech can charge electric cars in just five minutes: NASA

Western Digital launches new SSD for hardcore Indian gamers on Oct 7

TikTok rolls out range of creation enhancing, editing tools in US

Over 7 in 10 Indians now prefer to chat with businesses: Meta report

iPod inventor Tony Fadell says Apple should move iPhone to USB-C

Pixel 7 series to Pixel Watch, everything Google unveiled at hardware event

Apple likely to unveil 27-inch mini LED display in first quarter of 2023

Realme witnesses sale of over 1 million 5G smartphones during festive days

Samsung delaying Galaxy Tab S9 Series launch amid economic slowdown: Report

Apple iPhone 14 Plus now available for purchase in India: Specs, offers

Chipmakers see 'breathtaking drop' in demand as global recession looms

International

OPEC's sovereign right to decide on oil production: Hardeep Singh Puri

Turkey ready to help peacefully address Ukraine crisis, says Prez Erdogan

President Zelenskyy outlines key challenges for Ukraine against Russia

New York declares state of emergency amid rising influx of asylum seekers

UN adopts new carbon emissions goal to achieve net zero from planes by 2050

Canada confirms 18,478 new Covid-19 cases in one week

Canada confirms 1,411 monkeypox cases, 38 hospitalisations: PHAC

Moody's downgrades Pakistan with 'C rating' citing increased govt liquidity

Iran's forensic report says Mahsa Amini's death not due to alleged beating

American Tower Corp weighs offer for stake in Vodafone Towers unit

Uk needs to cut 200,000 govt jobs over next few years to avoid debt spiral

Morgan stanley-led banks face $500 million loss on Twitter debt to Musk

Fading rate hike relief pushes stocks lower, oil up after jobs report

Four individuals want me assassinated, alleges former Pak PM Imran Khan

US aims to hobble China's chip industry with sweeping new export rules

UK PM Liz Truss fires trade minister Conor Burns over alleged misconduct

Man accused in deadly Las Vegas stabbings to appear in court on Friday

Facebook is warning 1 million users about stolen usernames, passwords

Gas price cap: European Union lawmakers struggle to iron out differences

Risk of nuke 'Armageddon' highest since 1962 crisis, says Joe Biden