Source: Economic Times, “Today’s ePaper”, 08 December 2023.
Please contact me at care[at]profitnama.com if you have any questions or concerns regarding the information provided in this post.
Economy Gaining from Manufacturing Boost: Sitharaman
India’s Finance Minister, Nirmala Sitharaman, has highlighted the significant growth in India’s manufacturing sector, which is contributing to the country being one of the fastest-growing major economies. This growth is particularly evident in the increased exports of mobile phones and passenger vehicles from India.
Cos Load Upon Privately Placed Debt
Indian companies are increasingly using private placement of corporate bonds to raise funds. This method, which involves selling bonds directly to a select group of investors, has reached a record high of ₹8.97 lakh crore in 2023, indicating a strong trend in corporate financing.
Centre Releases Advance Fund for Cyclone-Affected TN and Andhra
The Indian government has proactively released funds from the state disaster relief fund to Tamil Nadu and Andhra Pradesh, states recently impacted by Cyclone Michaung. This advance funding aims to aid in immediate relief and recovery efforts in these cyclone-affected regions.
Malik Joins Ajit Camp, Creates Complex Situation for Ally BJP
In a significant political development, NCP MLA Nawab Malik shifted his allegiance to the Ajit Pawar faction, causing a complex situation for the BJP, their ally. This move led to immediate opposition from the BJP, reflecting the dynamic and often unpredictable nature of political alliances.
Govt to Clear 112 Names for HC Judges
The Indian government is set to approve the appointment of 112 High Court judges, as announced by Union Law Minister Arjun Ram Meghwal. This step is part of an integrated process involving the executive and judiciary to fill vacancies and enhance the judicial system’s efficiency.
Ethics Panel Report on Moitra Likely in Lok Sabha Today
The Lok Sabha is expected to discuss a report from the ethics committee recommending the expulsion of Trinamool MP Mahua Moitra in a cash-for-query case. This situation underscores the ongoing efforts to maintain integrity and ethical conduct in the Indian Parliament.
Live-in Relationships Labeled ‘Dangerous Disease’ by BJP MP; Calls for Law Against It
A BJP MP from Haryana described live-in relationships as a “dangerous disease” and called for legal measures against it. This statement, made in the Lok Sabha, reflects the ongoing societal and legal debates regarding personal relationships and marital norms in India.
SC Asks Centre to Furnish Illegal Immigrant Details
The Supreme Court of India has directed the central government to provide details on the number of individuals granted citizenship under a specific provision of the Citizenship Act. The court is also seeking information on steps taken to address illegal immigration, especially in the northeastern states.
Tent Cities Being Erected in Ayodhya to Host Devotees
In anticipation of a large influx of devotees for the Ram temple consecration ceremony in Ayodhya, elaborate arrangements, including extensive tent cities, are being made. This preparation is a testament to the event’s significance and the expected high turnout.
NIA Attaches Property of LeT Operatives in Kashmir
The National Investigation Agency (NIA) has attached properties of two key operatives of Lashkar-e-Taiba in Kashmir. This action is part of the ongoing efforts to counter terrorism and is linked to their involvement in a 2015 attack on a Border Security Force convoy.
NSA Doval Underscores Pivotal Role of Colombo Conclave for IOR Stability
National Security Adviser Ajit Doval emphasized the critical role of the Colombo Security Conclave in ensuring the stability of the Indian Ocean Region. He highlighted the necessity of collaboration to address regional security challenges effectively.
31.6% More Female Students Compared to 2014: Pradhan
The Indian government has reported a significant increase in female student enrollment, with a 31.6% rise since 2014. This statistic reflects the country’s progress in promoting gender equality in education.
Tribal Groups Say Accepting Compensation Would Be Insult to the Dead
Indigenous tribal groups have expressed that accepting compensation for past atrocities would be disrespectful to the memories of those who died. This stance highlights the deep-rooted emotional and cultural implications of historical injustices.
Phone Makers Seek Competitive Tax, Tariff Regime for Export Boost
India’s mobile phone manufacturing industry is advocating for a competitive tax and tariff regime to boost exports. This move is aimed at positioning India as a strong competitor in the global market, especially against countries like China and Vietnam.
Local EV Market Poised for Significant Growth
The domestic electric vehicle market in India is on the cusp of substantial growth. With projections of over 40% market penetration by 2030, this sector is poised for transformation, indicating a shift towards sustainable transportation.
ED Files First Charge Sheet against Vivo, Lava MD and Others
The Enforcement Directorate has filed its first charge sheet against smartphone companies Vivo India and others under the Prevention of Money Laundering Act. This development is part of ongoing investigations into financial irregularities in the corporate sector.
Epigamia Elevates COO Rahul Jain to CEO Post
Health snack brand Epigamia has promoted its co-founder and Chief Operating Officer Rahul Jain to the position of Chief Executive Officer. This leadership change indicates a strategic shift in the company’s direction and growth plans.
Smartphone Overuse Can Strain Parent-Child Relationships: Report
A study commissioned by Vivo highlights the impact of excessive smartphone usage on parent-child relationships. The report reveals that parents spend, on average, over 7 hours daily on their phones, primarily on social media, potentially affecting family dynamics.
LIC Becomes New Major Player on Debt Street
Life Insurance Corporation (LIC) is increasingly investing in debt issued by highly rated non-banking financial companies and corporates, marking a shift in the investment landscape and highlighting the evolving role of institutional investors in India’s financial markets.
Paytm’s Postpaid Loan Reduction Affects Growth Projections
Financial analysts have revised their growth estimates for One97 Communications, the owner of Paytm, following its decision to reduce exposure to the postpaid loan segment. This change reflects the evolving strategies in the fintech sector and its impact on company valuations.
Listed REITs Fail to Meet Expectations in 2023
Real Estate Investment Trusts (REITs) listed in India have not met investor expectations in 2023. Factors like a slow commercial real estate market, IT sector slowdown, and higher interest rates have impacted their performance.
Goyal Encourages Indian Industry to Buy Local Parts
Commerce and Industry Minister Piyush Goyal has urged Indian industries to support domestic manufacturing by incorporating locally made components in their finished products. This initiative is part of a broader push to strengthen India’s manufacturing sector and reduce dependency on imports.
TPG, Matrix & Peak XV to Sell Stake in Five Star
Private equity firms TPG, Matrix Partners, and Peak XV Partners plan to sell a significant stake in Five Star Business Finance. This move indicates a reshuffling in the ownership structure of this non-banking finance company and could have implications for its future strategy and growth.
Global Bond Rally Pauses Amid BOJ and US Jobs Uncertainty
The global bond market, which had been experiencing a rally, saw a pause due to uncertainties around a potential interest rate hike by the Bank of Japan and cautious sentiments about the U.S. job market. These factors contribute to fluctuations in global financial markets.
Senior Executives Exit AB Insurance Brokers Over Samara Deal
Following Samara Capital’s proposed takeover of Aditya Birla Insurance Brokers, several senior executives, including the CEO, resigned in protest against the appointment of Sanjay Radhakrishnan. This leadership crisis reflects internal disagreements over strategic directions in corporate takeovers.
Big Metros Dominate Bank Deposits in India
Despite widespread banking access, a few major metropolitan cities in India, especially those with strong private bank presence, dominate bank deposit mobilization. This trend highlights the economic disparity between urban and rural areas.
Virendra Jain’s Highest Bid for Rolta India
Virendra Jain, vice-chairman of Jai Corp, has placed the highest bid to acquire the debt-laden company Rolta India. This acquisition, amidst investigations of alleged fraud in Rolta India, represents significant shifts in ownership and management in the corporate sector.
10,000 Fuel Pumps Now Offer EV Charging Points
In a move towards sustainable energy, around 10,000 fuel stations across India now provide electric vehicle charging facilities. This integration indicates the energy sector’s adaptation to the growing trend of electric mobility.
MCL Considers Expanding Capacity at Odisha Thermal Plant
Mahanadi Coalfields Ltd, a subsidiary of Coal India, is considering an expansion of its thermal power plant in Odisha. This potential increase in capacity reflects the ongoing demand for energy and the balancing act between development and environmental concerns.
Understanding Solvency Key to Assessing Insurer Performance
Understanding the solvency margin is crucial in evaluating an insurance company’s performance. This financial metric indicates a company’s ability to meet its long-term debts and obligations, which is essential for consumer confidence and industry stability.
FM Announces No Major New Budget Announcements
Finance Minister Nirmala Sitharaman stated that the upcoming interim budget will focus on necessary expenditures without any major new announcements. This approach is typical in a pre-election period and aligns with the government’s fiscal strategy.
Painkiller Meftal Linked to Adverse Reactions: IPC Alert
The Indian Pharmacopoeia Commission issued a drug safety alert for the commonly used painkiller Meftal, warning of potential adverse reactions. This alert is part of ongoing efforts to ensure public health and safety regarding pharmaceutical products.
CVC, Warburg, and Others Compete to Acquire TO THE NEW
CVC Capital and Warburg Pincus, along with three other companies, are competing to acquire the digital technology firm TO THE NEW. This acquisition race reflects the high interest in promising tech companies and the competitive nature of corporate takeovers.
IT SEZs’ Partial Denotification Approved
The Indian government has approved partial and floor-wise denotification of special economic zones, a move that provides flexibility to owners and operators of office parks. This amendment to SEZ Rules is expected to have significant implications for real estate and business operations.
Timely Policy Interventions Maintain India’s Growth
Sanjiv Puri, chairman of ITC, credits government policy interventions and emerging signs of recovery in the rural economy for India maintaining its status as the fastest-growing economy. This perspective highlights the importance of government policies in shaping economic trajectories.
Airline Dispute: Celestial and SpiceJet Get More Time
The National Company Law Tribunal granted additional time for Celestial Aviation and SpiceJet to resolve their dispute over aircraft lease payments. This extension reflects the complexities involved in negotiations between airlines and lessors.
SpiceJet Exploring Options to Raise Fresh Capital
Facing financial challenges, SpiceJet announced that it is exploring options to raise fresh capital through equity or convertible securities. This move is aimed at addressing the airline’s cash crunch and stabilizing its financial position.
Embassy Parks Completes Major Land Acquisition Near Bengaluru
Embassy Industrial Parks has completed a significant land acquisition near Bengaluru, marking a substantial investment in the region. This development indicates ongoing interest and growth in industrial and commercial real estate in and around major cities.
Auto Geek’s Guide to India’s Top Selling Cars
Maruti Suzuki continues to dominate the Indian passenger vehicle market, with several of its models ranking among the top sellers. This trend underscores the brand’s strong presence in the market and the growing popularity of sports utility vehicles.
India Approves Rice Exports to African Nations, Donation to Nepal
India has approved the export of non-basmati white rice to five African countries and a donation to Nepal. This decision, despite a ban on rice exports, reflects the country’s commitment to international aid and its strategic trade relationships.
Ban on Cane Use for Ethanol Amid Low Sugar Output Fears
The government imposed a ban on using sugarcane juice and syrup for ethanol production due to concerns over potential reductions in sugar output. This move is a response to erratic weather patterns affecting agricultural yields.
Sugar Trade Under Quota Eligible for RoDTEP Benefits: HC Ruling
The Gujarat High Court ruled that sugar exports under quota are eligible for benefits under the Remission of Duties and Taxes on Exported Products Scheme. This decision supports the sugar industry’s export initiatives and aligns with international trade norms.
NFRA to Set Rules for AT-1 Bonds Valuation
The National Financial Reporting Authority is likely to propose norms for valuing additional tier-1 bonds issued by banks. This development is aimed at bringing more clarity and standardization in the financial reporting of these complex financial instruments.
Private Sector Urged to Resume Capex Spending
India’s Chief Economic Advisor V. Anantha Nageswaran emphasized the need for the private sector to resume capital expenditure (capex) spending. He argued that it’s an opportune time for Indian companies to make a mark in global supply chains.
Banks Advised to Monitor Large-value Fraud Cases
The finance ministry urged banks to closely monitor large-value fraud cases. The suggestion aims to enhance vigilance and protect bona fide credit decisions from undue scrutiny.
Parliament Watch: Discussion on Silkyara Tunnel Collapse
The Indian Parliament discussed various issues, including the investigation of the Silkyara tunnel collapse in Uttarakhand. This session reflects the government’s responsiveness to national concerns and infrastructure safety.
Indian Jewellers Concerned Over G7 Sanctions on Russian Diamonds
Indian jewellers expressed concerns over G7 sanctions on Russian diamonds, seeking flexibility and clarity on the ban’s implementation. This issue highlights the complexities of international trade and sanctions in the gems and jewellery industry.