India’s two frontline stock indices climbed to all-time highs during the trading session and bond yields retreated to a nearly 31-month low Thursday after the US central bank unexpectedly cut rates by half a percentage point overnight.
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1Front Page
2Pure Politics
President Droupadi Murmu takes part in a cleanliness drive with Madhya Pradesh Governor Mangubhai Patel and Chief Minister Mohan Yadav at Mahakaleshwar Temple, in Ujjain, on Thursday.
Andhra CM has stirred a hornet’s nest with his claim that the previous YSRCP government used animal fat instead of ghee in Tirupati laddoos. Now, YV Subba Reddy, ex-chairman of Tirumala Tirupathi Devasthanam, has said he is ready to swear on Lord Venkateswara to prove no such thing happened.
Prime Minister Narendra Modi on Thursday alleged that NC and Congress were espousing Pakistan’s agenda on Article 370. Addressing BJP rallies in Srinagar and Jammu on Thursday, he also slammed Rahul Gandhi and his party Congress for having a ‘Naxal mindset’.
BJP national president JP Nadda on Thursday released the party’s manifesto ‘Sankalp Patra’ for Haryana promising ₹2,100 per month financial assistance to women, promise to purchase 24 crops on minimum support price (MSP), government job guarantee to Agniveers and ‘Olympic games nurseries’ in every district.
Karnataka’s industries and infrastructure minister MB Patil took exception to Union commerce and industries minister Piyush Goyal’s comment that “we should aspire to have our own Silicon Valley” and asked whether Bengaluru was no longer one.
The US concerns over alleged export of dual-use items from India to Russia may have originated from the fact that it plans to share high-tech products under the Initiative on Critical and Emerging Technologies (iCET) and fears Russia may have access to some of the items or technology via “exports” from here.
The upcoming visit by Prime Minister Narendra Modi for the Quad summit emphasises several important aspects, including developing the Indo-Pacific region and implementing sustainable development goals, foreign secretary Vikram Misri said on Thursday.
Congress leader Pramod Tiwari on Thursday “warned Pakistan against interfering in India’s internal matters”. He said that instead of giving statements on J&K, Pakistan should focus on protecting its citizens from “starvation and poverty”.
The Aam Aadmi Party (AAP) has retained all four ministers in the Cabinet and included only one new member – Sultanpur Majra MLA Mukesh Ahlawat. All five will be sworn in on Saturday alongwith chief minister designate Atishi.
The Congress on Thursday slammed the NDA government in Bihar over the incident of setting ablaze of houses in Nawada, saying it is another proof of the "jungle raj" prevailing in the state and exposes "the horrifying picture of injustice against the Bahujans" there.
AAP supremo Arvind Kejriwal will join the party's campaign in poll-bound Haryana with a roadshow in the Jagadhri constituency on September 20, AAP national general secretary (organisation) Sandeep Pathak said on Thursday.
Trinamool Congress (TMC) leader Sudipto Roy accompanied by his two daughters arrived at the Enforcement Directorate Office in Kolkata on Thursday.
Former CM Omar Abdullah on Thursday said that Pakistan should not interfere or comment on the elections in Jammu and Kashmir as the region is not part of that country.
A special court for people's representatives on Thursday granted conditional bail to BJP MLA N Munirathna, who has been arrested on various charges, including using casteist slurs.
The US District Court for the Southern District of New York, just ahead of PM Narendra Modi’s departure for the US, on Thursday issued summons to the Indian government in response to a civil lawsuit filed by Khalistani terrorist GS Pannun, who alleges an assassination plot against him.
High Net Worth Individuals (HNWI), Chief Executive Officers (CEO), businessmen and Overseas Citizens of India (OCI) are part of India’s first Fast Track Immigration-Trusted Traveller Programme (FTI-TTP). As many as 18,400 individuals, frequent global travellers and OCI card holders have been registered in the programme online for availing the service, said a senior home ministry official.
A potential train accident was averted here after the loco pilot of the Naini Jan Shatabdi Express spotted an iron pole on the tracks and applied emergency brakes, with officials alleging it could be an act of sabotage.
The Financial Action Task Force (FATF) mutual evaluation report on India said that the “most significant” terrorism threats in the country appear to relate to Islamic State or Al-Qaeda-linked groups active in and around Jammu and Kashmir.
In a major development, the West Bengal Junior Doctors Front announced they will resume emergency services from Saturday in the wake of floods in the state.
3Companies & Economy
The ministry of labour and employment has initiated an investigation into the death of 26-year-old Anna Sebastian Perayil, an employee of Ernst & Young, allegedly due to work-related stress following a complaint by her mother.
Etihad Airways Group CEO Antonoaldo Neves has the precarious job of balancing growth with profitability and margins. As he overhauls Etihad’s network, India features among its top three markets globally. In a conversation with ET’s Forum Gandhi and Anirban Chowdhury, Neves talks about India’s role in Etihad, which is aiming to save $150 million a year while doubling its size.
The Petroleum and Natural Gas Regulatory Board (PNGRB) has set up a committee to recommend ways to resolve the two most contentious issues in the domestic natural gas sector: splitting entities that engage in both transport and marketing of gas and ending the monopolies of city gas distributors where required.
The international oil market has changed in a year and will influence the way India negotiates its annual crude purchase deals for next year as the country is witnessing fuel consumption growth while global demand is forecast to be weakening, a petroleum ministry official said.
Social-media was abuzz with the fear of what the simultaneous explosion of pagers and walkie-talkies used by Iran-backed militant group Hezbollah members meant for smartphone users.
PTC India and SEIL Energy India have written to the Bangladesh Power Development Board (BPDB) seeking to invoke their respective bank guarantees in view of non-payment of dues for the power supplied, according to two industry sources aware of the development. This is even as BPDB has started making payments to Adani Power, which has outstanding dues of over $850 million, sources added.
The government has implemented several farmer-friendly policies in its first 100 days of the third term with focus on improving agricultural productivity, reducing cost of production, ensuring good prices for farmers’ produce and compensation in case of damage and increasing usage of technology in farming practices, said union agriculture minister Shivraj Singh Chouhan on Thursday.
The new liquor policy introduced by the Andhra Pradesh’s (AP) government will reverse sales decline over the past five years, making the state among the three top markets, said companies and analysts.
Diamantaire Mehul Choksi has moved the special PMLA court here seeking dismissal of the Enforcement Directorate's plea to declare him a ‘fugitive economic offender' in the multi-million dollar Punjab National Bank scam.
4Companies: Pursuit of Profit
Real estate developers in the National Capital Region (NCR) will be allowed “non-polluting” work at construction sites during the winter spell of higher pollution, according to the fresh guidelines issued by the Commission for Air Quality Management.
The telecom regulator has gone ahead and directed telcos to submit compliance reports from October 1 amid reported reservations of the companies to the new quality of service rules.
S&P Global Mobility, a global forecast and market research firm, has cut its forecast of EV penetration in India’s passenger vehicle market to 19% from the earlier 22% by 2030.
5Economy: Macro, Micro & More
FORECAST No significant rainfall activity over any part of the country.
India will reduce certain charges at ports and buy five more used container vessels as part of a strategy to enhance exports and resolve shipping-related issues in trade such as high freight charges.
Skill development and entrepreneurship minister Jayant Chaudhary on Thursday urged India Inc to take “ownership” and participate in apprenticeship and skill development programmes in the country.
India’s logistics cost will come down to single-digit within the next five years as the country builds a network of world-class highways and expressways, road transport and highways minister Nitin Gadkari said on Thursday.
India and South Korea have started sharing the a key trade document- bill of lading- in an electronic transfer to promote ease of doing business, Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said Thursday at the Deloitte India’s Government Summit 2024.
6The Edit Page
This month, OpenAI launched ChatGPT’s o1 preview model. o1 is supposed to be a more versatile tool with human-like reasoning, spending more time ‘thinking’ before it responds to a user’s prompts.
Forget Viksit Bharat for a moment — it’s 23 years away, so, who’s checking? Instead, consider the possibility — nay, challenge, of India becoming an understated, under-the-top society. In other words, a Bollywood movie without a dance sequence.
Letting go means allowing yourself effortlessly to open up to the moment and feel what is. It implies holding nothing within. When you hold nothing, it is mindfulness. As long as you do not interfere, all thoughts, anxieties and emotions stay a while and go off on their own, like clouds.
Markets took the US Federal Reserve’s half-a-point interest rate cut on Wednesday — the first cut in four years — in their stride on expectations that ‘Fedhead’ Jerome Powell is front-loading the downcycle.
The Union cabinet’s approval for ‘one nation, one poll’ has set the ball rolling for what is, indeed, an ambitious venture. If the proposal is passed by Parliament, India will join an exclusive club. Only three countries — Belgium, Sweden and South Africa — have ONOP.
Over 600 mn consumers have come online in the past decade, creating unprecedented opportunities to deliver services to them. Growth of digital infra has also been instrumental in powering economic growth, enabling innovation, and making the world smaller and faster.
7Et Markets
Ellenbarrie Industrial Gases filed its draft red herring prospectus (DRHP) with Sebi to raise funds through an IPO. The IPO comprises a fresh issue of Rs 400 crore and an offer for sale of 1.44 crore shares by promoters Padam Kumar Agarwala and Varun Agarwal.
The US Federal Reserve cut interest rates for the first time in more than four years citing lower inflation expectations and a slowing jobs market. A look at what it means for investors and Indian equities:
A study of market performance since 1990 reveals that the Sensex gained an average of 25% in four out of five instances within three months of the Fed easing cycle, and 66% in four out of five instances over three years.
Wall Street surged toward records on Thursday as a delayed jubilation sweeps markets worldwide following the Federal Reserve’s big cut to interest rates.
The Securities and Exchange Board of India (Sebi) has barred Axis Capital from taking up any new debt merchant banking activity. In an interim order, Sebi alleged that Axis Capital provided a guarantee toward redemption of NCDs (non-convertible debentures) of Delhi-based Sojo Infotel in the guise of underwriting, which it was not allowed to offer under the existing regulatory framework.
8Smart Investing
Sandur Manganese and Iron Ores plans to raise ₹500 crore through ICICI Prudential, Nippon, and Axis AMC’s private credit funds to help acquire an 80% stake in Arjas Steel, valued at ₹3,000 crore.
The US Federal Reserve’s sharper-than-expected rate cut is unlikely to result in greater flows of foreign money into Indian equity markets due to high valuations of stocks, a leading international financial analyst said.
Chinese policymakers will likely step up measures to at least help the economy meet an increasingly challenging growth target for 2024, analysts and policy advisers say, with a sharper focus on boosting demand to fight persistent deflationary pressures.
Jana Small Finance Bank (SFB) has decided to offer a flat 6.75% rate for short-term deposits over ₹10 lakh and removed penalties for early withdrawal to attract deposits at the short-end of its liability profile.
Elevated foreign inflows into government bonds following India’s inclusion in global bond indices may, over the long term, reduce banks’ role in financing the Centre’s debt and set the stage for a reduction in the statutory liquidity ratio (SLR), S&P Global’s economists said.
National Asset Reconstruction Company (NARCL) is looking to buy out 4-5 distressed accounts including Shri Govindaraja Mills, McLeod Russel and Bareilly Highways in the next couple of months, people aware of the development said.
Recent decline in broader markets (midcap & smallcap 100 indices) can be termed as a shakeout trade. Nifty midcap index was among the major movers since 23. Bearish cross in our customised breadth of midcaps has resulted in decline.
9Sports World Play
The FIA has asked Formula 1 to limit the amount of swearing — usually from drivers over team radio — broadcast on television coverage of races. F1 Management controls the broadcasting of grands prix around the world and usually bleeps out swear words on the official TV feed.
10Brands & Companies
Auto components maker Uno Minda on Thursday announced investments of more than `610 crore on setting up a new plant in Indonesia and expanding domestic capacity in India.
A cola price war is brewing, with Reliance Consumer Products (RCPL) taking its Campa range of soft drinks — sold at half the price of Coca-Cola and PepsiCo brands — to multiple new markets ahead of the festive season.
Tata Consultancy Services (TCS) retained its position as India's most valuable brand for the third consecutive year with a value of $49.7 billion, driven by investments in innovation, particularly in AI and digital transformation, as per a study.
Shubman Gill, one of India’s rising cricket stars, isn’t just selective with his shots — he’s equally discerning with his endorsements, securing 10-11 deals driven by his strong appeal among Gen Z.
Who wouldn’t want to work with their super-achiever parents even if it is an internship? Well, a few at this conglomerate known for its high ethical standards doesn’t seem very impressed that the son of a CXO has landed an internship in the same team the person oversees.
The Supreme Court has rejected a batch of curative petitions filed by telcos seeking to set aside the penalty and interest on penalty in the September 2019 order and seeking a correction in what they called arithmetical errors in the telecom department’s calculation of the adjusted gross revenue (AGR) dues.
Realty developer K Raheja Corp’s subsidiary Inorbit Malls (India) has acquired a retail property spread over gross built-up area of nearly 650,000 sq ft in Karnataka’s Hubli from realtor Suresh Enterprises for over `400 crore, said persons with direct knowledge of the development.
PE firm Advent International-backed Suven Pharma on Thursday announced the appointment of Vivek Sharma as the new executive chairman, effective September 20, as the incumbent Annaswamy Vaidheesh has decided to transition from the board and becomes the vice-chair of Suven’s advisory council.
Jindal India, a down stream steel player, on Thursday announced its plans to invest Rs 1,500 crore to increase its annual production capacity to 1.6 million tonne.
Japan’s largest air-conditioner maker Daikin Industries has pumped in ₹1,400 crore into its Indian subsidiary, marking its largest capital infusion so far into the business to boost local manufacturing of finished products and components.
Realty developer Lodha, listed as Macrotech Developers, has bought out the stake held by a company of Ivanhoé Cambridge in its three different joint entities for `239.56 crore.
11Around the World
Less than three months after he was elected on a promise to restore trust in politics, British Prime Minister Keir Starmer is trying to shake off criticism over donations from a wealthy businessman and the hefty salary of his senior aide.
Apple has been warned by the EU to open up its highly guarded iPhone and iPad operating systems to rival technologies, or eventually risk significant fines under its flagship digital antitrust rules.
European Union (EU) chief Ursula von der Leyen is traveling to war-ravaged Ukraine on Friday with the promise of ₹160 million ($180 million) in fresh energy funds to get the nation through the winter.
Some of Japan’s biggest companies and banks urged the protection of employees in China, following the fatal stabbing on the mainland of a young Japanese boy.
Lebanese authorities on Thursday banned walkie-talkies and pagers from being taken on flights from Beirut airport, the National News Agency reported, after thousands of such devices exploded during a deadly attack on Hezbollah this week.
Kamala Harris plans to meet with Ukrainian President Volodymyr Zelenskyy in Washington next week, according to a person familiar with the matter, as the Democratic nominee tries to broaden her foreign policy profile.
The number of Americans filing new applications for unemployment benefits unexpectedly fell last week, suggesting job growth picked up in September.
US-listed crypto shares jumped before the open on Thursday after a half-percentage point interest rate cut sparked a flight into risky assets, adding to the momentum of an industry that has already secured some big wins this year.
12Disruption: Startups & Tech
Foxconn-backed Japanese company Sharp is actively scouting for an Indian partner to set up a display fab under the India Semiconductor Mission’s (ISM) scheme for display fabrication facilities, people aware of the developments told ET.
M2P Fintech, a software services provider for banks, is in the process of closing a new funding round of around $80 million in a mix of primary and secondary deals.
Infosys on Thursday said it has agreed to invest in space-tech startup, GalaxEye Space Solutions up to ₹17 crore (approximately $2 million) as part of Infosys Innovation Fund.
NowPurchase, a software as a service (SaaS)-enabled marketplace for metal manufacturers, raised $6 million in a funding round led by existing investor Info Edge Ventures.
Early-stage investment firm z21 Ventures, which backs technology startups in India and those founded by Indian-origin entrepreneurs in the US, has raised $20 million in the first close of its $40 million second fund with investment firm WestBridge Capital joining as anchor investor.
US-based software vendor Salesforce doubled its India headcount in the country in the last few years, said Arundhati Bhattacharya, chairperson and CEO of Salesforce India on the sidelines of the firm’s annual conference, Dreamforce 2024 in San Francisco.
Infosys has renewed its partnership by another seven years with European delivery and logistics services provider The Finnish Postal Service Group or Posti Group for Finland, Sweden and the Baltics.
Gurugram-based non banking finance company Aye Finance is set to raise ₹250 crore in a funding round led by ABC Impact, a Singapore based impact investment fund backed by Temasek.
A group of firms including Meta and Spotify blasted the European Union for its “fragmented and inconsistent” decision making on data privacy and AI.
Chinese tech major Alibaba released new open-source AI models and text-to-video AI technology, intensifying its efforts to compete in the area of generative AI.
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ET Print Edition is a digital avatar of the Economic Times newspaper. It has gained immense popularity amongst avid readers in no time. Here’s why it’s being loved by several readers.
In today’s fast-paced world, reading a newspaper while having a cup of tea is a distant dream. Realising the hardship faced by newspaper lovers nowadays, Economic Times has come up with a unique initiative called ET Print Edition.
The ET Print Edition is a digital experience of the Economic Times newspaper, which is published daily. It helps you get the enormous amount of valuable information published in the newspaper daily in the digital form.
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