Business
World Economic Forum: India participates with record delegation
To mark its presence robustly at the just-concluded World Economic Forums (WEF) annual meeting this year, India had sent a record delegation this year led by Indian Commerce and Industry Minister Piyush Goyal.
The meeting took place in Davos from May 23-25.
This year coincides with the World Economic Forum’s 50th anniversary and 35 years of the Forum’s collaboration with India.
Speaking at the WEF, Goyal said, even as challenges continue to remain on economic front, the government is conscious to move forward and is aware of what to focus on. He said there is a lot of optimism globally regarding India.
Goyal also expressed concern over “excessive dependence” on international supply chains and asked businesses to procure locally “whenever there is an opportunity”.
He also mentioned that India has no plans to immediately lift ban on wheat export. India is now the second largest wheat producer in the whole world. But it had put a ban on private overseas sales as output was hit due to heat wave and domestic price hit a record high.
Nearly 100 participants and dozens of political leaders from India attended the World Economic Forum, and presented the country’s position on the energy situation, food security and health equity at Davos.
In line with the Centre’s priorities, sessions were organised at the India Lounge keeping in mind India’s strategic advantage, existing and upcoming incentive architecture, industry investment potential and market opportunity.
The key topics which were discussed during the sessions include policy and ease of doing business reforms, energy transition, digital economy, opportunities in National Monetization Pipeline, India as an entrepreneurial destination shaping the unicorn story, growing talents in the digital space, emphasis on innovation and research in the healthcare ecosystem.
Attendance from China, Japan and South Korea was sparse this year, mentioned Indian industrialist Gautam Adani, Chairman of Adani Group.
It was an opportune forum for India as European business leaders were eagerly scouting options for diversifying trade and investments. Thanks to its political stability and reformist policies, India seemed to have appeared to be the best option for most of them.
Many global investors endorsed India’s rising economic relevance. For example, Saint Gobain Global CEO Benoit Bazin said that the company plans to invest over Rs 5,500 crore in the next four years in India. Bazin was bullish about the 45-billion-euro company’s growth story in India.
David Rubenstein, co-founder of the private equity Carlyle Group, told reporters in Davos that “India has been more attractive (to buy assets) of late than China”. Clearly, India benefitted from the absence of China and concerns over its heavy-handed �zero Covid’ strategy.
Goyal said that every Indian diplomatic mission had been given the responsibility of supporting Indian industry. “Every mission, every office, every official is now ready to stand for Indian businesses and that is what will spearhead Trade 4.0,” he said.
Ministers from several state governments, including Tamil Nadu, Maharashtra, Telangana, Andhra Pradesh and Madhya Pradesh, were also in Davos to attract global investors.
Andhra Pradesh reportedly signed renewables investment pacts cumulatively worth about Rs 1,600 crore with three companies. The investment commitments were made with India’s Adani Green Energy, GIC-backed Greenko and India’s Aurobindo Realty & Infrastructure.
The Maharashtra delegation reportedly signed at least 23 MoUs worth Rs 30,000 crore. Of these investments, more than 55 per cent are by way of FDI from the US, Singapore, Indonesia and Japan.
Indian delegation also included unicorn founders such as Zerodha’s Nikhil Kamath, EaseMyTrip’s Prashant Pitti, Ashish Singhal of Coinswitch, and Vidit Atrey of Meesho.
Business
Is Market Correction Over? Sensex Soars By Over 1,900 Points; Nifty Gains Over 2%
The marquee indices closed with monumental gains as Dalal Street recovered with some requisite optimism ahead of the Maharashtra state election results on November 23.
Indian Markets Close With Bumper Gains
On Friday, November 22, the marquee indices closed with monumental gains, as Dalal Street recovered with some requisite optimism ahead of the Maharashtra state election results on November 23.
The BSE Sensex closed for the day’s proceeding with some big numbers. The oldest index in Asia closed with gains of a colossal 1961.32 points or 2.54 per cent. This took the overall value of the index to 79,117.11.
The situation was equally euphoric at the National Stock Exchange. The NSE Nifty closed at 23,830.90, having gained 481.00 points or 2.06 per cent.
In addition, the Nifty Bank index also made gains of over 1.5 per cent. Thebanking index closed with gains of 858.50 points or 1.70 per cent, pushing it beyond the coveted 50K mark, propelling it to 51,231.40.
Gainers and Losers
The days went exceedingly well for most listed companies, the day closed with a green wall. At the BSE end, SBI, Titan and TCS were the biggest gainers with all of the said companies gaining over 4 per cent.
ITC, L&T, Infosys and Reliance also made major gains in excess of 3 per cent by the end of day.
This comes after days, nearly a two-week long period of decline, that marred the market, pushing Sensex below its 80K mark, and Nifty, much below its 25K mark.
It remains to be seen, whether the much discussed market correction that brought about bringing the indices to their actual value, has come to an end or whether sea of red will continue in the time to come.
In addition, it also remains to be seen, whether, the election results for teh critical state of Maharahstra would have an effect on the market, in the next trading week.
Asian Markets
The Asian markets also flourished green with great momentum, as these indices closed on a positive note as well.
Japan’s Nikkei gained 0.68 per cent or 257.68 points, moving towards the 40K mark, closing at 38,283.85.
Another Tokyo-based index, TOPIX, closed at 2,696.53, gaining by 0.51 per cent or 13.72 points.
As we move to China, the story was a lot different, as, contrary to the Indian and Japanese markets, the Chinese markets closed in red.
Hang Seng closed with significant losses in its numbers, closing with a massive fall of 1.89 per cent or 371.14 points, at 19,229.97.
The loss was even greater in mainland China, as the Shanghai-based SSE Composite also ended the day’s trade with deep cuts. The index crumbled by 3.06 per cent or 103.21 points of its value and closed at 3,267.19.
South Korea’s KOSPI was in tandem with other market as closed with some good news. KOSPI closed with an increase of 0.83 per cent or 20.61 points, closing for the day at 2,501.24.
Business
‘Innocent Unless And Until Proven Guilty’: Adani Group Issues Statement In The US Bribery Indictment; Denies Charges, Calls Them Baseless
The Adani Group, which has been at the eye of the storm since the beginning of the new day, has issued a statement in the US Indictment matter.
Adani Denies Charges
The company, in a statement procured by the conglomerate-owned IANS, said, “The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied.”
Furthermore, the statement asserted its stance and added, “As stated by the US Department of Justice itself, “the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.” All possible legal recourse will be sought.”
Committed to Highest Standards
The Adani Group further added that it has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations.
US Court Indicts Adani and Co.
The company, in an attempt to assuage stakeholders, partners and employees, said that the company is a law-abiding organisation, fully compliant with all laws.
The storm was kicked off by a post from short-seller group Hindenburg, which shared the news of the US Federal Court’s indictment of Gautam Adani and seven others associated with the company.
Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of a scheme to pay over USD 250 million (about Rs 2,100 crore) bribe to Indian officials in exchange of favourable terms for solar power contracts.
The press release from the US court elaborated on the allegations and claimed that the company and its leadership had indulged in mass bribery activity, in which the company bribed Indian officials to bag a contract for its Adani Green Energy company.
This in turn led to misleading American investors and global financial investors.
The court reportedly also issued an arrest warrant against Gautam Adani and seven others.
Adani Shares Tank
In the aftermath of the report, Adani Group company shares tanked at Dalal Street. With Adani Enterprises shares hitting the lower circuit, losing 20 per cent of their value. The situation was the same with the other Adani stocks, including Adani Green Energy, which is in the middle of the new storm.
Business
Bharat NCAP Awards 5-Star Crash Test Rating to Mahindra Thar Roxx
The Mahindra Thar Roxx has earned a prestigious 5-star rating in Bharat NCAP’s latest crash tests, reflecting its commitment to safety. Recently evaluated under stringent testing, the SUV excelled with a 31.09 out of 32 score for adult occupant protection and 45 out of 49 for child safety.
Tested in its AX5L and MX3 variants, the Mahindra Thar Roxx delivered notable results, scoring 15.09 out of 16 in the Frontal Offset test and a perfect 16 out of 16 in the Side Impact test. The assessment revealed strong protection for most areas, with adequate ratings for the driver’s chest and lower legs.
The Mahindra Thar Roxx has received high marks for child occupant safety, scoring 24 points in Bharat NCAP tests, along with 12 points for CRS (Child Restraint System) installation and a Vehicle Assessment Score of 9. This top-tier safety rating applies to all Thar Roxx units produced from November 2024 onward, underscoring Mahindra’s dedication to enhancing safety features across its SUV range. Additionally, Mahindra’s XUV400 and 3XO models have also achieved 5-star safety ratings, further emphasizing the automaker’s commitment to robust safety standards.
The Mahindra Thar Roxx offers two interior themes – Classic Ivory and a new Dark Mocha Brown. Comfort and convenience are prioritizing with ventilated seats, leatherette upholstery, a digital driver display, a larger 10.25-inch touchscreen, a high-quality Harmon Kardon sound system, a panoramic sunroof, rear AC vents, wireless connectivity for Apple CarPlay and Android Auto, and a six-way adjustable driver’s seat, combining practicality with luxury.
Mahindra Thar 5-door comes packed with safety and interior upgrades to enhance its appeal. On the safety side, it includes essentials like six airbags, three-point seatbelts for all occupants, hill control features, electronic stability control, and a seatbelt reminder. Advanced driver-assist features, such as autonomous emergency braking, adaptive cruise control, lane-keeping support, lane departure alerts, and a 360-degree camera system with blind spot monitoring, add an extra layer of protection.
Mahindra Thar Roxx offers two engine choices: a 2.0-litre turbo-petrol and a 2.2-litre diesel. The petrol engine comes in two setups—150 bhp and 330 Nm of torque for the manual, and 174 bhp with 380 Nm for the automatic. The diesel option is available only with four-wheel drive.
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