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Lulu Group plans to invest Rs.3,500 cr in Telangana

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UAE-based retailer Lulu Group, which is all set to enter Telangana with its first Lulu Mall and Hypermarket, plans to invest Rs.3,500 crore in the state over the next five years.

Lulu group Chairman Yusuff Ali told a news conference here on Monday that Lulu Mall and Hypermarket in Hyderabad is likely to be inaugurated in August.

He said that the first project in Hyderabad is part of Rs. 500 crore investment that Lulu committed to the state.

With an investment of Rs 300 crore, the 5 lakh square feet mall will offer international shopping experience to the people of Hyderabad and its surrounding areas.

Earlier known as Manjeera Mall, it will be rebranded as Lulu Mall. It will host a mega Lulu Hypermarket with more than 75 local and international brands, 5 screen cinema with a seating capacity of 1,400, multi cuisine food court, and children’s entertainment centre.

Located at Kukatpally, the mall will generate employment for more than 2,000 personal.

Lulu Hypermarket will offer an extensive range of fresh produce and grocery and will have separate sections for fashion, home appliances, electronics, mobiles, IT, and lifestyle products under the brand names, ‘Lulu Fashion Store’ and ‘Lulu Connect.

There will also be special sections to support and promote the local Telangana based agricultural and trade sectors, to further boost the employment opportunity for local youth.

The Lulu Group will make an additional investment of Rs. 200 crore in an export-oriented modern integrated meat processing plant at Chengicherla with a production capacity of 60 tonnes per day. The project will generate employment for more than 2,500 people. Commercial operations are expected to start at the facility in the next 18 months.

Yusuff Ali said that Lulu Group’s investment in the state is the outcome of several discussions and an MoU it signed with the government of Telangana during industry minister K.T. Rama Rao’s visit to the World Economic Forum last year in Davos.

The Lulu Group also plans to invest another Rs 3,500 crore in Telangana over the next fives, including Destination shopping mall in Hyderabad with the investment of Rs 2,000 crore and Mini malls on the outskirts of Hyderabad and other major cities and towns in the state with an investment outlay of Rs 1,000 crore.

Lulu group also plans an agriculture sourcing and logistics hub near the Hyderabad Airport for facilitating exports and promotion of local Telangana produce across India and the world.

Other plans include a seafood procurement and processing center to support the fishing industry.

Rama Rao welcomed the investment and hoped that this will boost tourism in Telangana.

Hyderabad is the sixth city after Kochi, Thiruvananthapuram, Bengaluru, Lucknow, and Coimbatore where the group has its presence.

With its more than 250 Hypermarkets and 24 shopping malls across 22 nations, Lulu Group has been expanding rapidly in India with investments in food processing and retail projects in Ahmedabad, Chennai, Srinagar, Greater Noida, Varanasi.

Lulu Group under the Chairmanship of Yusuff Ali MA is headquartered in Abu Dhabi, has been known as a trendsetter of the retail industry in the Middle East and North Africa region.

It operates over 250 hypermarkets and supermarkets and is immensely popular with discerning shoppers across the GCC, Egypt, India, Indonesia, and Malaysia.

It also employs more than 65,000 strong workforce from 42 different nations, and has an annual turnover of $8 billion globally.

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India Set To Lead The World In 6G, Says Telecom Minister Jyotiraditya Scindia

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In a bold declaration at the inaugural address of the Indian Mobile Congress 2024 (IMC) on Tuesday, Union Telecom Minister Jyotiraditya M. Scindia has said that India will lead the world in the adoption of 6G.

In his address at the event, Scindia emphasized that India is now prepared to lead the world in the development of 6G technology.

India’s Technological Rise: From Following to Leading

“It is our belief and commitment that India, which followed the world in 4G and marched with it in 5G, will lead the world in 6G,” Scindia stated.

The minister highlighted India’s remarkable achievements in the telecommunications sector over the last ten years, the country has become a global leader in innovation and technology.

“It’s a fundamental change in approach towards technology development,” he said, attributing this transformation to Prime Minister Narendra Modi’s leadership.

Telecom Sector Growth Under PM Modi’s Leadership

“Prime Minister who has always put people at the heart of progress Sabka Sath, Sabka Vikas Sabka Vishvas aur Sabka Prayas combined with his second motto, One Earth, One Family and One Future. It is combination of these two mottos that leads India under PM Narendra Modi leadership one of the leading sectors in the committee of Nations,” Scindia said.

Scindia underscored government’s initiatives to bridge the digital divide, particularly through the BharatNet program, the world’s largest rural broadband connectivity initiative to connect every panchayat of the nation. Over the past three years, the government has invested more than USD 10 billion and laid 7 lakh kilometres of fiber across rural India.

Digital Payments and UPI: Pillars of India’s Digital Economy

He cited staggering growth in mobile and broadband connectivity, with mobile connections rising from 94 million to 1.16 billion, and broadband users growing from 60 million to 924 million in just a decade. India’s optical fibre cable (OFC) networks has expanded from 11 million kilometers to 41 million kilometres over the last ten years, he added.

The minister further said that this growth is accompanied by the success of India’s digital payment systems, the 4G stack, and the Unified Payments Interface (UPI), which serve as pillars of India’s digital economy are expected to contribute significantly to the global digital infrastructure.

Scindia further noted that the government’s efforts to ensure that policy frameworks keep pace with the rapidly evolving digital landscape. “The recent changes to the Telecommunications act 2023 is a case in point. It has been drawing light upon hither to undressed areas such as a high potential sector of satellite communications, addressing the challenges of the digital leader. The most important being cyber security. The telecom sector much like other growth critical sectors in India is aggressive, is ambitioushe said.

“The telecom sector much like other growth critical sectors in India is aggressive, is ambitious and its outlook in our Journey from Amritkal to Shatabdikal is to lead the world,” Scindia said. By mid-next year, India will have achieved 100 per cent saturation of 4G across the entire country, covering even the most remote villages, the minister said.

He emphasised PM Modi’s vision of India as a first mover in 6G technology, underscoring the nation’s resolve to lead the world in future telecom innovations.

“The attitude put forward by the prime minister of not just embracing, but raising ourselves to becoming the first mover in the 6G technology,” he added.

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Indian Markets Gave Better Returns Than China In Last 5 Years, Says Sebi Member

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Sebi Whole-time Member Ananth Narayan G on Monday reminded investors that Indian equities have consistently delivered 15 per cent returns over the last 5 years whereas the same has been zero or even negative in China.

Terming the Indian markets “sone pe suhaga” for delivering higher returns for lower risks, Narayan also flagged a few areas of caution for investors and asked them to be conscious of the risks.

“There’s a lot of talk about China markets over the last few days. But over the last five years, while Indian markets have given around 15 per cent compound annual growth rate consistently, Chinese markets are nowhere close to that. It’s almost zero. In fact, in some cases, like in Hong Kong, it’s actually negative,” Narayan said.

Speaking at an event marking the start of the Investor Awareness Week at NSE, Narayan said FY24 was a “remarkable” year for India, with the benchmark indices returning 28 per cent and the volatility just 10 per cent.

“That’s like ‘sone pe suhaga’. It’s like the best of all worlds: low risk and very high return,” Narayan said, underlining that there are side effects of this as well.

Making it clear that it will not be the same going forward and investors should not assume it to be a one-way street, Narayan said such handsome returns can lead to complacency and pointed to a lot of youngsters opening up demat accounts to join the bandwagon.

Educating people about risks is very important, Narayan said, giving the analogy of driving a car. “There has to be a light push on the accelerator to get more investors to provide risk capital for the economic growth, we also need to be aware of risks and use the brakes if need be.” He said that 40 per cent of the small and midcap scrips have shot up by 5 times in the last five years, because of an imbalance between inflow of investor money and supply of new paper.

On its part, the capital markets regulator is trying hard to ensure that fund-raising clearances are done early so that there is a steady stream of quality paper supply in the market.

From a broader, longer-term perspective, Indian markets will only go north from here given the economic growth prospects in the country, Narayan said, issuing specific advice to investors.

Investors need to have the right intermediaries to capitalise on this opportunity presented by India, and not fall for the unregistered and fly-by-night ‘finfluencers’ who might be driven by vested interests, he said.

Using the oft-repeated idiom of “all roads lead to Rome”, Narayan remarked that Rome is not a traveller-friendly place and one may get scammed there as well. Therefore, it is important to seek advice from the right people for the investors, he said.

He also said that it is in investors’ interests to trade less and stay invested for longer for higher returns, and added that studies prove the same.

Sebi, which has flagged certain areas like derivatives recently, is not against speculation or participants taking short-term trades, but it would want investors to understand the risks, Narayan said.

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Ratan Tata Rubbishes Rumors Of ‘Critical Health’; Says No Cause For Concern

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Ratan Tata Rubbishes Rumors Of 'Critical Health'; Says No Cause For Concern

Tata Group’s Ratan Tata has denied rumours of his critical health that have been reported and have surfaced in the recent hours.

Ratan Tata’s associates took to his official Instagram account to debunk the news of him being ‘Critical’.

In the post, Ratan Tata said, “I am aware of recent rumors circulating regarding my health and want to assure everyone that these claims are unfounded. I am currently undergoing medical check-ups due to my age and related medical conditions.

There is no cause for concern. I remain in good spirits and request that the public and media respect refrain from spreading misinformation.

For more than fifty years, Ratan Tata has led the Indian business community’s entrance hall. The 86-year-old has been suffering from illnesses associated with ageing. Tata has participated in social life to the best of his limited ability despite his health issues.

Recently, on the occasion of Gandhi Jayanti, on October 2, Ratan Tata, expressed his congratulations to the Prime Minister on this occasion. “I congratulate the honourable Prime Minister on the 10-year commemoration of programmes that have benefitted millions in rural India.”

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