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Disruption & Around the WorldET PanacheBrands & Companies
Disruption & Around the WorldET PanacheBrands & Companies

1Front Page

Sales of fast-moving consumer goods (FMCG), cars, smartphones, and household appliances surged in the September quarter, both sequentially and year-on-year, company executives told ET.

Union Cabinet minister Piyush Goyal and minister of state Rajeev Chandrasekhar will be the guests of honour at a dazzling ceremony to celebrate the winners of The Economic Times Startup Awards on Saturday, October 7.

Goods and services tax (GST) collections rose 10% to ₹1.63 lakh crore in September from a year earlier , maintaining the recent robust pace of growth, showed data released on Tuesday.
The Reserve Bank of India’s (RBI) rate-setting panel is likely to keep the policy interest rates unchanged later this week while continuing its protracted vigil on inflation, as the steepest increase in crude oil prices in 10 months amid signs of further rate hardening in the US lengthens the odds on an immediate turnabout in the rate trajectory at home.
As surplus funds of Russian oligarchs, family institutions and treasuries look for safe avenues to invest, some of the large banks in Russia are exploring stepping in as foreign portfolio investors (FPIs) to trade on Indian stock exchanges.
Following several weeks of crisis triggered by a severe cash crunch at Reliance Retail-backed Dunzo, cofounder Dalvir Suri is leaving the embattled instant delivery startup, according to multiple people aware of the matter.
The talent merry-go-round among the Big Four has gathered pace with each firm looking to beef up its advisory practice and fill gaps in its services portfolio amid scorching growth.
Gamers and gaming influencers tanked up their deposits with real-money gaming platforms in the past two months, anticipating the introduction of the 28% goods and services tax (GST) on deposits. The levy came into effect from Sunday.

2Pure Politics

Canada has banned only Babbar Khalsa International and the International Sikh Youth Federation, though India has several times urged it to ban five other pro-Khalistan groups that operate on foreign soil though proscribed under the Unlawful Activities Prevention Act.

Maldives President-elect Mohammed Muizzu may give India a headache in its southern neighbourhood in the backdrop of his pro-China leanings and “India out” campaign. However, the new Maldivian President may not be able to push out India’s footprints from the archipelago given the historical development partnership and New Delhi’s role as the first responder in a crisis.

The Indian Air Force is firmly on the path of indigenisation, with recent acquisitions resulting in a ₹70,000 crore boost to the domestic economy, Air Chief Marshal VR Chaudhari told ET, adding that there has been a quantum increase in defence exports as well which will have a positive cascading impact on the economy in the coming years.
Vivek Johri, an intelligence officer with vast experience in India’s neighbourhood, including Nepal, is set to take charge as the new national security advisor (NSA) to Mauritius, as part of a decades-old arrangement between the two countries. Johri will succeed Ilango, a former senior Indian intelligence officer.
An Indian Air Force helicopter on a routine training mission made a safe “precautionary” landing near a dam in Bhopal district of Madhya Pradesh on Sunday, the IAF said.
Indo-Canada ties have hit rock bottom following Ottawa’s intransigence to act on New Delhi’s request to crack down on radical Sikhs and terror cells. Prime Minister Justin Trudeau’s “credible allegations” on Khalistani terrorist Hardeep Singh Nijjar’s killing on Canadian soil have further worsened ties. Canada hasn’t provided any evidence. During his last week’s trip to the United States, foreign minister S Jaishankar outlined India’s approach on the matter.
The Manipur government has come up with a crop compensation package of ₹38.06 crore for farmers affected by the ethnic violence. It is estimated that the total income loss in the agricultural sector for the state could be ₹226.50 crore.
CBI on Sunday arrested four people in connection with the alleged kidnapping and killing of two Manipuri youths.
Akin to its Madhya Pradesh strategy of fielding MPs and Union ministers for the state assembly polls, the BJP is looking to replicate this model in Rajasthan as well where it may field several MPs in constituencies where their caste is dominant.
‘Family-based’ BRS and Congress have stalled progress of Telangana as the parties were ‘synonymous with corruption,’ Prime Minister Narendra Modi has alleged. Enumerating the Centre’s welfare schemes at a BJP rally in Mahbubnagar on Sunday, Modi claimed Telangana was looking for a change of government.
The Congress on Sunday announced its plan to mobilise defence veterans to launch an agitation against the Centre’s newly notified disability pension rules and demanded the Centre immediately roll-back the new rules.
Senior Congress leader Ajay Maken has staged a comeback to the AICC leadership as party president Mallikarjun Kharge on Sunday appointed him as AICC treasurer.
Trinamool national general secretary Abhishek Banerjee said on Sunday that the government at the Centre has purposely stopped funds for the MGNREGA scheme and were trying to deprive the people of Bengal.
Deputy CM DK Shivakumar on Sunday said the recent rains in and around Bengaluru have increased the outflow of the Cauvery water to Tamil Nadu and there would be no need to release much water from the reservoirs to the neighbouring state.
Karnataka chief minister Siddaramaiah on Sunday rejected the allegations of his own party leader, 92-year-old Shamnur Shivashankarappa, that the Congress regime had neglected the interests of Lingayats in general, and the community officials in particular.
As Jammu and Kashmir is among the top three places across the country to achieve ‘Open Defecation Free Plus Model’ status this year, the administration is now focussing on engaging with 90,000 women from self-help groups and panchayat representatives to sustain the model.

3Companies: Pursuit of Profit

Reliance Jio cemented its dominance of rural India in July as it was the only telco to add mobile users while both Bharti Airtel and Vodafone Idea (Vi) lost ground.

Indian pharmaceutical companies will now be able to supply generic anti-TB drug Bed aquiline to other countries without the fear of litigation, with multinational pharma giant Johnson & Johnson (J&J) confirming that it will not enforce secondary patents for Bed aquiline in any of the low and middle income countries.

Workers of erstwhile General Motors India have threated to go on an indefinite hunger strike from October 2 to protest their alleged non-absorption by Hyundai Motor India, the proposed new owner of the car manufacturing plant near Pune.
DLF, the biggest realty developer in the National Capital region, has ventured into the tier 3 market with a 10-acre plotted development project in Panipat, Haryana.
Up until recently, India’s investment migration market was largely geared towards the US EB-5. Now, residence-by-investment migration programmes in the UAE, Singapore, Greece and other European countries are gaining traction to enhance wealth and global mobility.

4Sports: The Great Games

India's Jyothi Yarraji won the silver medal in Women's 100m hurdles at the Asian Games Athletics competition in dramatic fashion after the race officials made an attempt to get her disqualified along with Chinese competitor Wu Yanni who made a false start.

The flurry of medals continued for India as Tajinderpal Singh Toor won the country’s its second gold in athletics in the ongoing Asian Games on Sunday.

India’s Medals Haul on Day 8.

5ET Markets

Gross sales of Indian equities by overseas funds surged to a record high in September as earnings pressure on companies resurfaced after crude oil prices climbed toward $100 a barrel.

Deloitte-backed resolution professional Vijaykumar Iyer sought a fresh opportunity to seek new bids for Future Retail, springing a surprise for the lenders that rejected Space Mantra’s ₹550-crore buyout offer Saturday evening, people aware of the development told ET. Instantly and unanimously, lenders rejected his proposal to restart the process, the people said.

The Securities and Exchange Board of India(Sebi) has extended the timeline for verification of market rumours by listed companies.
A change in the methodology to calculate the Price to Book (PB) ratio has led to this key valuation measure shrinking for the benchmark Nifty.
Current Account Deficit (CAD) for the June quarter may have been benign, but that is likely to change dramatically for the rest of FY24 with little signs of crude oil prices easing amid shrinking exports.
Neo Asset Management, co-founded by Nitin Jain and Hemant Daga, has successfully secured about ₹600 crore from domestic high-net-worth individual investors for its recently launched India-dedicated Infrastructure Income Fund, according to company officials.
The number of demat account openings at domestic broking firms continued to climb in FY24 so far amid the broad-based rally in the stock market, sustained low brokerage fees and a slew of initial public offerings (IPOs).

6Smart Investing

HDFC Bank — Nifty’s only constituent with a double-digit weighting — has had a rather circumspect run in the September quarter as a merged entity.

7The Edit Page

The branded jewellery industry is a case of effective state intervention to correct market imperfection. India was last year the second largest importer of gold, the bulk of it for domestic jewellery consumption.

The fight against inflation must remain on the front burner. Even if it means rates staying high longer.

True spirituality is sanatan, eternal, constant and real dharma. It is the natural way of the soul; it entails imbibing and living the attributes of the soul.
Last week, Indian high commissioner to Britain Vikram Doraiswami and an official were prevented from disembarking from their car by three protesters when they had gone to meet Sikh leaders at a Glasgow gurdwara. This incident comes on the heels of a slow ramping up of activities targeting Indian missions and officials abroad, particularly in Canada, Britain and the US.
Globally, the renewable energy sector employment reached 13.7 million people in 2022, an increase of one million since 2021 and up from a total of 7.3 million in 2012, according to a report by ILO and IRENA*. China, Brazil, EU, India and the US accounted for most of the new employment.
A few months ago, valuation expert Ashwath Damodaran asserted that ESG is a failure and should be retired. His argument was based on the distinct metrics for environment, social and governance, claiming that they serve different needs. He's right, they do.
In a world where meetings have become an omnipresent fixture of modern professional life, there exists an underappreciated aspect to them: the utter pleasure derived in the conclusion of these gatherings.
Celebrating Shastri Jayanti today, we can raise a glass without being shy.

8Economy & Companies

The ministries of finance and corporate affairs are at an advanced stage of firming up a much-awaited framework for direct listing of Indian companies abroad, which could be introduced later this financial year, said people with knowledge of the matter.

The combined market capitalisation of all the stressed companies resolved under the seven-year-old Insolvency and Bankruptcy Code (IBC) has tripled to ₹6 lakh crore from ₹2 lakh crore, the chief of the insolvency regulator said on Sunday, citing an IIM-Ahmedabad study.

The National Financial Reporting Authority (NFRA) has debarred 18 auditors for up to a year and also imposed penalties on them, citing professional lapses in the audits of various branches of the crisis-hit DHFL.
State-run oil marketing companies are losing ₹5 on each litre of diesel sold at the pumps, as domestic retail prices remain frozen while international rates have surged, according to industry executives.
Commercial cooking gas rates increased by ₹209 per cylinder from Sunday. A 19 kg commercial LPG refill now costs ₹1,731.50 in Delhi and ₹1,684 in Mumbai.
Natural gas price ceiling for difficult gas has dropped 18% to $9.96 per mmbtu for the next six months, a development which will affect profits from the fields managed by the Reliance Industries-BP combine and state-run ONGC.
Leading Indian conglomerate Mahindra & Mahindra has extended its maternity leave policy to cover those women employees who go for surrogacy and adoption, its president, group human resources, Ruzbeh Irani, told ET.
In his first letter to the employees of Larsen & Toubro (L&T) Group after assuming charge as chairman , S N Subrahmanyan, said the world is going through massive changes in terms of ecosystem, energy change, sustainability as a way of life and they must be future ready.
India’s women-specific spending has remained stagnant at around 5% of GDP over the last decade, but there has been more focus in recent years with the Centre spending more than the budgeted amount.

9Disruption & Around the World

India needs to address the real challenge of data centres shortage to support fast supercomputers at a time when the market is burgeoning with tremendous growth in engineering talent, according to startup chipmaker Cerebras Systems.

MyGov chief executive Akash Tripathi is set to take over as CEO of the India Semiconductor Mission (ISM) from October 9, official sources said.

Neo banking firm Fi, which has fired a tenth of its staff and is 30% behind in meeting its bare minimum revenue targets for the fiscal, is counting on credit to revive its troubled operations.
The US narrowly averted a disruptive and costly shutdown of federal agencies as Congress passed compromise legislation to keep the government running until Nov. 17.
YouTube, which dominates digital video consumption in India with its 573 million users, is witnessing a boom in content consumption on both mobile and TV screens across long and short content formats in the country, a top company official said.
Private Equity-Venture Capital (PE-VC) funds invested $6 billion (across 139 deals) in India-based companies during the quarter ended September 2023 (Q3’23), shows data from Venture Intelligence, a research service focused on private company financials, transactions, and their valuations.
In a bid to retain users on its platform, X Corp (formerly Twitter) has paid nearly $20 million (more than ₹166 crore) to creators so far, its CEO Linda Yaccarino has revealed.

10ET Panache

As a new crop of undergraduates start classes at Stanford University, they’ll encounter reminders at every turn of the school’s wealth, prestige and deep ties to Silicon Valley.

The ninth edition of MASCRADE, organised by FICCI Committee Against Smuggling and Counterfeiting Destroying the Economy (CASCADE), shed light on many important aspects related to illicit trade.

The $15-million house in Montecito, California, US seemed perfect for Katy Perry. But the eight bedroom, 11-bathroom estate that sprawls over nine verdant acres have landed Perry and her partner, Orlando Bloom, in a real estate dispute.
The Nobel Peace Prize awarded 50 years ago to then US secretary of state Henry Kissinger and Vietnam’s Le Duc Tho remains one of the most controversial Nobels ever.
Leon Black’s legal nemesis Douglas Wigdor is unapologetic for helping three women accuse the billionaire of sexual abuse, even as the law firm he founded faces a relentless counterattack from his deep-pocketed target.

11Brands & Companies

The Tata Group, India’s biggest conglomerate by market capitalisation, is understood to be considering its options and carefully evaluating whether to bid for UTI Asset Management Company, industry sources told ET, after Mukesh Ambani-owned Jio Financial Services entered the market amid increasing financialisation of savings in a country where real estate and bullion have long been the preferred stores of value.

Apple has acknowledged overheating issues in its recently launched iPhone 15 models, after several users complained that the Pro models were becoming uncomfortably hot during use. The company said it is working to resolve the issue.

Automakers in India set a record in monthly sales selling 363,733 cars and sport-utility vehicles in September as they accelerated dealer dispatches from factories to build stocks ahead of key festivals of Dussehra and Diwali.
A recently concluded Pickleball tournament in Mumbai saw the highest number of participants at 470 and a record number of over 15 sponsors, including Skechers, Decathlon, Selkirk, Franklin, and Pickleball United.
Smartphone retailers have called out an advertisement by Flipkart featuring Amitabh Bachchan which they allege misleads buyers into believing online platforms offer better deals this festive season.
India’s commercial capital Mumbai has recorded its best September performance in terms of property registrations and stamp duty revenue collections, as robust demand boosted sales momentum despite higher mortgage rates and real estate prices.
MUMBAI Capital market investment and trading firm Param Capital’s director Asha Mukul Agarwal has bought 3 luxury apartments for over `263 crore in south Mumbai’s Malabar Hill from Lodha Group’s listed company Macrotech Developers.
Those looking to drive home their dream car or sport-utility vehicle this festive season will have to shell out more with several automakers raising prices and lowering promotional offers on fast-moving models like Kia Seltos, Mahindra XUV700, Honda City and Hyundai Venue amid continued strong demand.
Indian corporate boards and their nomination and remuneration committees (NRCs) are poring over the compensation increases of CEOs at a time when macroeconomic headwinds, geopolitical risks, and stubborn inflation loom large on the horizon, senior board members and C-suite consultants told ET.
The Kishore Chhabria-run Allied Blenders & Distillers (ABD), which is planning to go public with a ₹2,000-crore issue, has hired Alok Gupta as its new managing director and chief executive.
As part of its decarbonisation plan, the company will shift to low-emission electric arc furnace (EAF) process from the blast furnace (BF) route which is nearing the end of life in the next couple of months. India-headquartered Tata Steel owns the UK's largest steelworks of 3 million tonne per annum at Port Talbot in South Wales and employs around 8,000 people across all its operations. “Consultation process with the unions is going.
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