Mahindra & Mahindra (M&M) and Skoda Auto Volkswagen India (SAVWIPL), the Volkswagen Group’s wholly owned India subsidiary, are in advanced stages of forming a 50:50 joint venture to share costs, technology and vehicle platforms for future product development.
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1Front Page
2Pure Politics
Arighaat has been designed in India and can carry K15 missile that has a range of over 750 km. Given its nuclear propulsion, the submarine can stay underwater for months and launch a nuclear strike from any ocean in the world.
Shiv Sena (UBT) leader Aaditya Thackeray has targeted BJP leader Narayan Rane with a stinging remark after their supporters clashed during the former’s visit to the Malvan Fort, where a statue of Chhatrapati Shivaji Maharaj that was unveiled last December collapsed this Monday
A BJP delegation, led by state chief Sukanta Majumdar, MP Dilip Ghosh and others met governor CV Ananda Bose on Thursday and submitted a letter on comments West Bengal CM Mamata Banerjee made on Wednesday and issues related to RG Kar Medical College & Hospital. Later, Bose left for New Delhi.
In Haryana, the BJP is looking to bet on several dynasts as its top leadership gathered here on Thursday to finalise the candidates for the upcoming assembly elections.
Assam assembly on Thursday passed a bill for compulsory registration of Muslim marriages and divorces. The Assam Compulsory Registration of Muslim Marriages and Divorces Bill, 2024, was introduced by minister Jogen Mohan on Tuesday.
“Do we pass orders after consultations with political parties,” an ostensibly provoked Supreme Court asked on Thursday, voicing strong displeasure over Telangana CM A Revanth Reddy’s comments on the apex court granting bail to rival BRS leader K Kavitha in cases linked to alleged Delhi excise policy scam.
Four Manipur police personnel and another individual have been arrested in connection with an arms snatching incident that allegedly took place on Tuesday night at Sekmai Leikinthabi in West Imphal district.
Two YSRCP MPs resigned from the Rajya Sabha on Thursday, which could help its archrival and Andhra Pradesh’s ruling party TDP open its account in RS. Their resignations would also help NDA cross the majority mark in the Upper House.
Himachal Pradesh CM Sukhvinder Singh Sukhu announced on Thursday that he, his ministers, chief parliamentary secretaries and chairpersons and vice-chairpersons of boards and corporations would defer drawing their salaries and allowances for two months, citing the state’s “grim financial situation”.
As former Jharkhand chief minister Champai Soren, the veteran JMM leader who quit the party, is set to join the BJP on Friday, the JMM-Congress-RJD-CPI(ML) ruling coalition in the state is adopting a cautious approach to deal with the potential fallout of the influential tribal leader’s angry exit.
Army officials informed that a joint anti-infiltration operation was launched by the Army and Jammu and Kashmir police following Intelligence inputs regarding likely infiltration bids on the intervening night of Aug 28-29 in Tangdhar of Kupwara district.
West Bengal chief minister Mamata Banerjee on Thursday sought to clarify her statement on protesting doctors and said that she did not threaten junior doctors in her speech at the Trinamool Chhatra Parishad’s Foundation Day rally on Wednesday, adding that her comments were misinterpreted by some people.
Caste census was the predominant issue raised by the Opposition members at the first meeting of the parliamentary panel on the welfare of OBCs, with BJP ally JDU supporting their demand to call Ministry of Home Affairs (MHA) officials to gather more information on OBCs, sources said.
Nagaland deputy CM Y Patton on Thursday told the state assembly that there is no report of influx of illegal Bangladeshi immigrants following the political crisis in the neighbouring country.
3Disruption: Startups & Tech
Billionaire Shiv Nadar-backed IT services major HCLTech is looking to diversify risks and unlock new revenue streams with expansion into geographies such as India, Africa, and the Middle East.
High salary expectations are impacting the recruitment of artificial intelligence (AI) talent in India, at least for 132 companies looking to hire such talent from the technology, finance and manufacturing sectors, according to a senior executive at Deel.
Infosys on Thursday said it has expanded its partnership with American chipmaker NVIDIA to develop GenAI-powered solutions for telecom operators.
Apple is in talks to invest in OpenAI as part of a new fundraising round that would value the ChatGPT maker above $100 billion, Wall Street Journal reported on Thursday.
Public markets-bound Swiggy has appointed former Flipkart senior vice president of category and marketplace Amitesh Jha as chief executive of its quick-commerce business, Instamart, cofounder and group CEO Sriharsha Majety said in an email to employees.
Quick commerce firm Zepto has raised another $340 million (₹ 2,850 crore) from new investors General Catalyst, Mars Growth Capital and Epiq Capital and others, taking the total funds it raised in the past two months to $1 billion.
4Brands & Companies
Indian tablet PC market, including detachable and slates, more than doubled year on-year to 1.84 million units in the second quarter of 2024, market research firm International Data Corporation said in a report.
India can lead the world in 6G, after keeping pace with the world in 3G and 5G, communications minister Jyotiraditya Scindia said. Speaking with Kiran Rathee and Romit Guha, Scindia, also the minister of development of north eastern region (DoNER), said the government has fixed no timeline to sell its stake in Vodafone Idea but is also unconcerned about the day-to-day operations of the professionally-run company
India’s alcoholic beverages market is seeing a surge in mid-sized funding deals by early-stage institutional investors and high net worth individuals (HNIs), looking to exploit a double-digit growth in sales of craft beer, artisanal gin, whisky and vodka.
Online food delivery platform Zomato has received GST tax demand orders of over Rs 4.6 crore, including applicable interest and penalty, from Tamil Nadu and West Bengal authorities.
Word is that this octogenarian entrepreneur who built the business drop by drop has been complaining to his close friends that his only child is keeping a close eye on his communications with outsiders.
Walt Disney will gain from the proposed merger between Star India and Viacom18, which has been greenlighted by the Competition Commission of India’s (CCI), by way of decoupling the Indian operations that has been a drag on its sports and streaming businesses, say media analysts.
Insurers are tweaking and diversifying their products to meet the requirements of Indians pursuing studies abroad, whose number is growing every passing year.
5The Edit Page
Narendra Modi’s visit to Ukraine — via Austria and Poland — last week, followed by calls with Joe Biden and Vladimir Putin, has been 360° diplomacy in action. It also opens the door wider to speculation about India’s role as an honest broker, beyond what the otherwise clichéd term signifies.
China is no different from most economies in employing a countercyclical approach in stimulating growth when external demand is weak. But one crucial difference is that it chooses to take a supply-centric approach in stimulating investment.
Even though achieving women’s financial inclusion is challenging, fintech offers the promise of accelerating progress by providing tailored and affordable solutions to specific needs. Key factors influencing participation of diverse groups of women in the financial landscape include:
GoI’s plan to set up a string of smart cities along industrial corridors is the next step in a broader push for manufacturing exports and lowering logistics costs in the economy.
It’s been the third year running that deposit growth in India has lagged in credit growth. As of July, deposit growth has been 10.5%, while credit growth is over 13%.
What is happiness? Sometimes, physical suffering can even bring a deeper sense of satisfaction like with an athlete after a gruelling workout. So, ‘happiness’ means mainly a sense of deep satisfaction. The object of life or our goal, then, is satisfaction
6Economy: Macro, Micro & More
Moderate flash flood warning over: Saurashtra & Kutch - Amreli, Bhavnagar, Devbhoomi Dwarka, Gir Somnath, Jamnagar, Junagarh, Porbandar, Rajkot, Morbi and Kachchh
Moody’s Ratings Thursday revised upwards India’s economic growth projections for 2024 to 7.2% from 6.8% on signs of a revival in rural demand on the back of improving prospects for agricultural output amid above-normal rainfall. It also expects 6.6% growth in 2025 versus the earlier estimate of 6.4%.
In an advisory to all stakeholders, the finance ministry has said that as per the judgement of the SC, it is clarified that there are no restrictions for persons of the Queer community to open a joint bank account and also to nominate a person in a Queer relationship as a nominee to receive the balance in the account, in the event of the death of the account holder.
Incessant rains across most parts of the country have led to a sharp fall in power prices this month compared with a year ago on the Indian Energy Exchange (IEX).
7Companies: Pursuit of Profit
India is planning a repairability index for mobile phones and electronic products to address the growing e-waste problem and encourage manufacturers to produce more easily repairable items, officials said on Thursday.
Commercial operations at Noida Airport, the second such in the National Capital Region, is scheduled to begin by the end of April 2025.
The Enforcement Directorate (ED) has provisionally attached immovable properties of more than 401 acres and valued at about ₹834 crore belonging to Emaar India Ltd and MGF Developments Ltd. Of the total, properties worth ₹501.13 crore belong to Emaar, with MGF Developments making up the rest ₹332.69 crore.
Aviation regulator DGCA on Thursday imposed a penalty of ₹10 lakh on Air India Express for non-payment of compensation to passengers for cancelled flights.
Union minister Piyush Goyal on Thursday flagged off the inaugural run of a bi-weekly train between Bandra Terminus in Mumbai and Madgaon which will enhance connectivity of the city’s western suburbs with Maharashtra’s Konkan region and Goa.
The Supreme Court has cleared the way for state-run NBCC (India) to generate an additional ₹15,000 crore from Amrapali projects by developing additional flats. The funds will also be used to deliver stalled homes to 16,000 existing homebuyers, said executives.
Tax-friendly jurisdictions like Mauritius are aimed to aid global commerce, transcend trade barriers, benefit nations—and not necessarily conjure suspicions of taxmen who should refrain from throwing additional barriers to deny the advantages of tax treaties between countries to bonafide investors.
Godfrey Phillips chief executive officer Sharad Aggarwal has reposed his faith in the leadership of the company’s chairperson Bina Modi under whose supervision he said the cigarette maker has gained market share at the cost of rivals.
The civil aviation regulator on Thursday said it has yet again placed crisis-hit carrier SpiceJet under enhanced surveillance, a move aimed at ensuring the safety of the airline’s operations.
The World Gold Council (WGC) has raised its projection for India’s gold consumption in 2024 to 850 tonnes from 750 tonnes. A good monsoon coupled with a duty cut on gold will drive the demand, said John Reade, market strategist—Europe and Asia, World Gold Council.
Raymond Lifestyle plans to add 900 stores over the next three years, targeting 12-15% annual sales growth and 18-20% operating profit growth, according to chairman Gautam Singhania.
8Et Markets
Welspun Group Master Trust sold shares of Welspun Living worth Rs 781.47 crore in a block deal on NSE on Thursday. The trust sold 3.80 crore shares at Rs 205.2 apiece.
Traders carried forward mostly bullish futures bets to the September series on the expiry of the August contracts on Thursday as technical indicators are pointing to more upside in the near term, said analysts.
Premier Energies’ ₹2,830-crore initial public offering (IPO) was subscribed 74.4 times on the final day of bidding on Thursday, attracting bids worth over ₹1.49 lakh crore. The strong demand was driven by institutional investors, who placed bids worth ₹1.2 lakh crore.
The rupee appreciated 8 paise to close at ₹83.89 against the American currency on Thursday, supported by easing crude oil prices and a firm trend in domestic equities.
The Securities and Exchange Board of India (Sebi) has received about 6,000 responses from various stakeholders on its discussion paper that proposes to tighten rules on futures and options trading, its chief Madhabi Puri Buch said at the Global Fintech Fest in Mumbai on Thursday.
Rakesh Gangwal, co-founder of Inter Globe Aviation, parent of India’s largest airline IndiGo, sold a 5.25% stake on Thursday for ₹9,549 crore. The Chinkerpoo Family Trust, owned by Gangwal, sold 2.03 crore shares at ₹4,715.53 apiece in a block deal — one of the largest ever, according to BSE data.
Wall Street stocks rose and the Dow hit a record high on Thursday following robust U.S. economic data, while artificial intelligence chipmaker Nvidia slipped after its largely in-line forecast failed to impress investors.
Global index provider MSCI will rebalance its indices on Friday, potentially leading to $5.5 billion in net inflows into Indian stocks, one of the highest ever during the index rejig, according to analysts. The rebalancing was announced on August 13.
9Smart Investing
Adani Group chairman Gautam Adani, with a wealth of Rs 11.6 lakh crore, has clinched the top spot in the 2024 Hurun India Rich list. Adani surpassed Reliance Industries’ chairman Mukesh Ambani.
Bazaar Style Retail, backed by the late Rakesh Jhunjhunwala, is a value retailer in apparel with operations in eastern India.
The recent cases of stress in microfinance institutions (MFI) do not pose a systemic risk, a senior Reserve Bank of India official said, adding that entity-specific concerns have arisen in the MFI space.
Reserve Bank of India (RBI) deputy governor T Rabi Sankar on Thursday urged fintechs that their business interest should not take priority over macroeconomic interest and that they can earn trust if they treat the customers fairly.
The Reserve Bank of India (RBI) has cautioned the public against unscrupulous elements that use various methods to defraud people by using the name of the central bank in some capacity.
The liquidity coverage ratio (LCR) of banks is set to decline as the share of wholesale deposits is set to increase with the relative share of retail deposits reducing. This will require banks to deploy deposits in high-quality liquid assets (HQLA) rather than credit, which could result in a slowdown in credit growth, according to ratings firm ICRA.
A senior Reserve Bank of India (RBI) official urged banks to be responsible lenders while stressing the significance of building consumer trust and protection in digital lending using artificial intelligence and machine learning (AI/ML) models.
The Reserve Bank of India (RBI) is likely to issue final guidelines on provisioning and accounting norms for project finance in two-three months, said a senior official.
10Sports World Play
90 wins for Novak Djokovic at the US Open – second most in the Open era behind Jimmy Connors’ 98 victories
After facing criticism for heavy defeat in the series-opener, Pakistan on Thursday dropped left-arm fast bowler Shaheen Shah Afridi from the must-win second Test against Bangladesh.
Tearful Victoria Azarenka overcame migraine as well as opponent Clara Burel to reach the US Open third round on Wednesday, ending her testing evening by donning sunglasses to conduct an on-court TV interview.
In a pleasant surprise, Thursday’s para-archery event was sold out. And one of the reasons for it becoming such a huge draw for the spectators was India’s Sheetal Devi.
11Around the World
The European Union must rethink its relations with Israel and impose sanctions on some Israeli government ministers, EU foreign policy chief Josep Borrell said on Thursday.
The number of Americans filing for unemployment benefits fell slightly last week as the US labour market remains healthy in the face of high interest rates.
French authorities handed preliminary charges to Telegram CEO Pavel Durov on Wednesday for allowing alleged criminal activity on his messaging app and barred him from leaving France pending further investigation.
German inflation slowed to the European Central Bank’s target in August — supporting the case for another cut in interest rates next month.
China said it found evidence of dumping by European brandy makers in a preliminary probe but stopped short of levying tariffs, in a sign Beijing wants to negotiate with the European Union in managing various trade issues spanning electric cars to agriculture.
Huawei Technologies’ revenue grew for the sixth straight quarter after its smartphones gained market share in China at Apple Inc.’s expense.
Fitch Ratings downgraded the island nation of Maldives on Thursday, citing an increased risk of default, even as bond investors continued to dump the country’s debt that’s already totted up the worst monthly performance in emerging markets.
The Israeli military said it killed five more militants, including a local commander, early Thursday in the West Bank as it pressed ahead with what appeared to be the deadliest military operation in the occupied territory since the start of the war in Gaza.
Russia conducted a heavy aerial attack on Ukraine for the third time in four days Thursday, again launching missiles and scores of drones that mostly were intercepted, Ukraine’s air force said.
The US economy grew last quarter at a healthy 3% annual pace, fuelled by strong consumer spending and business investment, the government said on Thursday in an upgrade of its initial assessment.
China’s onshore yuan erased its year-to-date losses amid bets capital will flow back to the country as the dollar weakens. The currency rose as much as 0.5% to 7.0905 per dollar on Thursday, a level unseen since December.
Israel has agreed to a series of three-day “humanitarian pauses” in Gaza to allow UN health officials to administer polio vaccinations in the territory, the World Health Organization said on Thursday.
The record label for iconic Swedish pop group ABBA said Thursday it has demanded that US Donald Trump stop playing its music at his campaign rallies. Universal Music in Sweden said videos had surfaced of ABBA's music being played at at least one Trump event.
The European Union will press forward with a commitment to secure aid for Ukraine from frozen Russian central bank assets regardless of issues raised by the US, the bloc’s top diplomat said.
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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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