Author Archives: Sridhar P

‘Freedom at Midnight’ Teaser Out, Highlights Gandhi-Jinnah Conflict

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The makers of Freedom at Midnight, a political thriller series, have released a new teaser featuring Sidhant Gupta, Chirag Vohra as Mahatma Gandhi, and Rajendra Chawla. The teaser spotlights the intense conflict between Gandhi and Muhammad Ali Jinnah amidst the backdrop of India’s struggle for independence.

Inspired by Dominique Lapierre and Larry Collins’ acclaimed book, the series delves into key events leading up to India’s 1947 independence, focusing on Gandhi’s non-cooperation movement against British rule.

Director Nikkhil Advani said, “Freedom at Midnight offers a powerful look at one of India’s most pivotal moments in history. The series is based on careful research, capturing the emotional and political chaos of the time while exploring the human experiences that shaped an era.”

Sidhant Gupta, who portrays Jawaharlal Nehru, shared how the role profoundly impacted him. Reflecting on his character, he said, “Independence is more than freedom—it’s courage. After months of filming, I found myself moved by the sight of the Indian flag, realizing the depth of this journey.”

The series features an ensemble cast including Luke McGibney, Cordelia Bugeja, Arif Zakaria, and Ira Dubey. Produced by Emmay Entertainment and StudioNext, Freedom at Midnight will soon premiere on Sony LIV.

Alia Bhatt Surprises Fans in Bengaluru, Appears at DJ Alan Walker’s Concert

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Bollywood star Alia Bhatt stunned fans with an unexpected appearance at Grammy-winning DJ Alan Walker’s concert in Bengaluru. As videos of the moment flood social media, one clip captures Bhatt greeting the crowd with a cheerful “Namaskara (Hello) Bengaluru. Surprise, surprise!”

Dressed in a sleek blue off-shoulder dress, Bhatt waved to the ecstatic audience while Walker, in his signature grey hoodie and black mask, stood by. As they posed together, the track ‘Chal Kudiye’ from Bhatt’s upcoming film Jigra played in the background.

Bhatt’s appearance comes at a time when global artists are increasingly making their mark in India. British rock giants Coldplay are set to perform in Mumbai this January, adding to the international music buzz in the country.

Meanwhile, Bhatt is gearing up for the release of Jigra, directed by Vasan Bala. The film, which also stars Vedang Raina, follows the story of Satya, a sister determined to save her brother Ankur. Set to hit theaters on October 11, Jigra has drawn comparisons to the thriller The Next Three Days, reimagining the plot with a sibling bond at its core.

US Dockworkers End Strike After Reaching Tentative Wage Deal

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The International Longshoremen’s Association (ILA), a major US union representing around 45,000 dockworkers, has ended its strike after reaching a tentative agreement with the United States Maritime Alliance (USMX), which represents ocean carriers and port operators. The strike, which began on October 1, 2024, was the first large-scale strike by the ILA since 1977, affecting 36 ports and the tentative agreement reached on October 4, 2024 enabled work to resume immediately.

The strike had disrupted the supply chain, economy, inflation, and even the US election. Panic buying was reported in big-box stores and supermarkets in multiple states, and over 40 container ships were backed up outside US ports due to the strike. The strike also drew concern over its potential impact on the automotive aftermarket industry, which risked losing up to nearly $340 million each day.

The ILA’s key demands during the strike included a $5 per hour wage increase for each of the six years of a new master contract, assurance against automation or semi-automation of jobs, and a guarantee that all Container Royalty monies would go to the ILA. The union’s demand for higher wages translated into 77% growth in the next six years, while the USMX agreed to a nearly 50% increase in wages.

Tentative Agreement and Wage Increase

The breakthrough came after the USMX offered a 62% increase in wages over the next six years. The details of the agreement on wage increase have not been disclosed so far. However, the tentative deal has been celebrated by the strikers, who are set to see their pay increase significantly over the next six years.

US President Joe Biden expressed support for the workers and did not invoke the Taft-Hartley Act to end the strike. Instead, he directed high-ranking officials to advance negotiations between the parties. The White House stated that both Biden and Vice President Kamala Harris were closely monitoring potential supply chain impacts and assessing ways to address them.

The strike also had a significant impact on the shipping industry. The strike ended sooner than investors had expected, weakening shipping stocks across Asia. Pricing platform Xeneta said it was likely to take two to three weeks for the normal flow of goods to be reestablished.

Impact on Industries and Controversies

The strike also had implications for the roofing industry. Companies installing roofing systems that rely on critical components coming over in these ports were expected to feel the effects first. The industry as a whole, especially companies that import materials and goods from Europe, could be affected.

The strike was not without controversy. In 2005, the U.S. Justice Department accused ILA President Harold Daggett of being an associate of the prominent Genovese crime family. He was, along with fellow ILA member Arthur Coffey, charged with extortion conspiracy and mail and wire fraud conspiracy, according to the Journal of Commerce. Both were later acquitted.

Last time, in 1977 the ILA strike, driven by demands for higher wages and better working conditions, had similar impact on the US economy. The recent strike further highlighted the growing concern among workers about the impact of automation on their jobs as well with the AI taking over operations at the airports soon.

Vijay’s Farewell Film – Thalapathy69 – Launched Amid Speculation Whether Remake of Balayya’s ‘Bhagavanth Kesari’

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Vijay’s much-anticipated farewell film, tentatively titled Thalapathy69, is officially launching today with a pooja ceremony in Chennai. The film’s shoot is expected to begin tomorrow, kicking off with a song sequence, though the makers have yet to confirm this schedule publicly.

Amidst the buzz, fans are eagerly waiting for clarification on persistent rumors that Thalapathy69 might be a remake of Balakrishna’s blockbuster Bhagavanth Kesari. The original film, which focused on the sensitive issue of women’s safety, was a major hit, and adapting its storyline could align with Vijay’s growing political ambitions. With his likely entry into politics, Thalapathy69 could serve as a fitting narrative to further his appeal among voters, particularly if it addresses socially relevant issues.

However, the idea of a remake has sparked mixed reactions among Vijay’s fanbase. While some fans see it as a strategic move that could elevate his political profile, others are disappointed, hoping for an original story for his last movie before stepping into the political arena.

The film has already generated excitement with several high-profile casting announcements. Bollywood actor Bobby Deol, popular actress Pooja Hegde, and rising star Mamitha Baiju have joined the ensemble. Directed by H Vinoth and with music composed by Anirudh Ravichander, Thalapathy69 is being produced by KVN Productions and is slated for release in October 2025.

The stakes are high for Thalapathy69, as it not only marks Vijay’s final film before his potential political transition but also comes with the responsibility of living up to fan expectations. Whether it’s an impactful remake or an original story, the outcome of this film will likely play a key role in shaping Vijay’s legacy as both a superstar and a future political leader.

Stay tuned for further updates as the project unfolds.

Gloom All Over Markets, Sensex Down 589 Points; Middle East Conflict Rattles Globe

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The escalating conflict in the Middle East, particularly between Iran and Israel, has sent shockwaves through global markets, with India feeling the tremors. The Nifty 50 index and the S&P BSE Sensex, key indicators of the Indian stock market, have both seen a decline of over 1%.

At 9.38 a.m., Sensex was down 589 points or 0.69 per cent at 83,686 and Nifty was down 174 points or 0.68 per cent at 25,622. In the early trading hour, broader market trends remained weak. On the National Stock Exchange (NSE), 256 shares were in the green and 1,188 shares were in the red.

Twenty-eight out of 30 Sensex stocks were trading in the red as Wipro, Asian Paints, Tata Motors, M&M, Maruti Suzuki, Reliance, Nestle, ICICI Bank, Titan, TCS, L&T, HUL, Kotak Mahindra Bank, HDFC Bank, Bajaj Finserv, HUL, Axis Bank and Bajaj Finance were the top losers. Only JSW Steel and Tata Steel were in the green.

Among the sectoral indices, Auto, FMCG, realty, media, energy and pvt bank were major gainers. Only the metal index was in the green. This is in line with the performance of Asian peers, which are down by 1.5%. The geopolitical tensions have left investors on edge, as any escalation could have far-reaching implications for the global economy, particularly for countries like India that are heavily reliant on oil imports.

The Middle East is a significant player in the global oil market, and any disruption in the region can lead to a spike in oil prices. This is a major concern for India, which is a significant importer of oil. Raghvendra Nath, managing director at Ladderup Wealth Management, highlighted this concern, stating, “Investors are worried about the Middle East conflict right now as it will have a huge bearing on Indian markets since any rise in oil prices will have an adverse impact on the country, which is an importer of the commodity.”

The impact of the conflict is not limited to the oil sector. Twelve of the 13 major sectoral indexes in India logged losses, with realty and auto indexes set to be the top losers by percentage, dropping about 2.6% and 1.7%, respectively. Among individual stocks, consumer goods firm Dabur lost 5.5% after forecasting its first quarterly revenue decline since 2020. Most brokerage stocks, such as Motilal Oswal Financial Services and 5Paisa Capital, fell about 1.5% each, while SMC Global lost about 2.3%.

Geopolitical Tensions and Global Oil Prices

The geopolitical tensions have also had an impact on oil prices. Crude oil prices slumped to their lowest since December, extending a steep fall of more than 4% in the previous day, amid concerns over lower global demand growth. Brent crude futures for November fell 0.53% to $73.36, after the previous session’s fall of 4.9%. US West Texas Intermediate crude futures for October were down 0.63% at $69.90, after dropping 4.4% on Tuesday. Analysts believe that oil fundamentals are deteriorating sharply, even as the market obsesses about potential supply shocks.

The geopolitical tensions have also affected gold prices. Gold prices climbed one per cent as the dollar and Treasury yields retreated following Federal Reserve Chair Jerome Powell comments signalling an interest rate cut in September. This indicates that investors are seeking safe-haven assets amid the geopolitical uncertainty.

The geopolitical tensions have also had an impact on the economies of West Africa. The upward trend in the cost of goods and services is estimated to continue for the rest of the year. The government has a year-end inflation target of 21.4%. This is highly optimistic and may not be achieved, especially if policy implementation lags are considered. In addition, for a country that is highly import-dependent, the role of the exchange rate cannot be overemphasized.

Impact on Indian Economy and Policy Responses

The geopolitical tensions have also had an impact on the Indian budget. The government projected an expenditure of Rs 47.65 lakh crore for 2024-25, marking a 6 per cent increase over the revised estimate for 2023-24. Interest payments constituted a significant portion, with 25 per cent of the expenditure earmarked for interest payments, accounting for 40 per cent of revenue receipts. Revenue growth, excluding borrowings, were expected to rise by 12 per cent to Rs 30.80 lakh crore in 2024-25, driven largely by a 12 per cent increase in tax revenue.

The geopolitical tensions have also had an impact on the global banking sector. Following a record showing in 2022, the global banking sector continued to exceed expectations during 2023. Global return on tangible equity reached 13 percent in 2023, its highest level since the 2008 financial crisis. Meanwhile, the worldwide Tier 1 ratio hit a ten-year high of 13.4 percent, and net interest margins rose to 2.4 percent, snapping a decade-long contraction.

Long-term Impact and Market Outlook

The geopolitical tensions have also had an impact on South Asia. The Iranian retaliation to the attack by Israel on its embassy in Syria in the form of a barrage of missile attacks threatens a negative impact beyond the region, especially in nearby South Asia which has historical, cultural, religious and economic ties with the Middle-East.

Israel’s attack on the Iranian embassy was a clear violation of diplomatic norms. Yet, the attack elicited no condemnation from Israel’s Western allies, in line with similar silence on Israel’s genocidal six-month war in Gaza. Similarly, in the United Nations they condemned Iran’s attacks, on the premise of self-defense, as disproportionate.

India’s IPO Boom: 15 Companies File Draft Papers in Single Day As Hungry Retail Investors Queue Up

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In a sign of India’s booming equity markets, 15 companies submitted their initial public offering (IPO) draft documents to the Securities and Exchange Board of India (SEBI) on the last day of September. This brings the total number of IPO filings for the month to 41, marking the highest-ever filings in a single month.

Market analysts attribute the surge in filings to the expiration of audited financial statements for the quarter ending March 31, which remain valid only until September 30.

“We anticipate over ₹1.5 lakh crore ($18 billion) to be raised through IPOs this year, with many growth-stage businesses entering the market. Additionally, we expect multinational corporations to increasingly tap into India’s capital market,” said Mahavir Lunawat, Managing Director of Pantomath Capital Advisors.

Lunawat also noted that mutual fund inflows have nearly doubled since the previous quarter, reaching approximately ₹40,000 crore ($4.8 billion) each month. This surge in liquidity has significantly boosted market confidence.

Indian equity markets have reached record highs, reflecting strong investor sentiment, which has been bolstered by expectations of changes in domestic interest rates following the U.S. Federal Reserve’s recent 50-basis-point rate cut. Experts remain optimistic about the overall outlook for India’s stock markets.

India’s inclusion in JP Morgan’s global bond indices has also drawn approximately $18 billion in foreign investment over the past year, with analysts predicting further inflows following recent U.S. interest rate reductions. This trend is expected to lower bond yields and reduce borrowing costs, making Indian debt more attractive to foreign investors. Future monthly inflows could range between $2 billion and $3 billion, further enhancing foreign participation in India’s bond market.

According to Angel One Wealth, more than 5,450 companies have gone public globally in the first half of this year, with India accounting for around 25% of those listings. Last year also saw a high number of IPOs in India, driven by strong domestic investor interest in emerging sectors.

Asian NATO: Japan Proposes, India Reluctant; ‘Too Early’ Says US in Chorus

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Japan’s foreign and defense ministers announced on Wednesday that they are not moving forward with Prime Minister Shigeru Ishiba’s recent proposal to establish an “Asian NATO,” following opposition from key partners, including the U.S. and India.

Ishiba put forth the idea ahead of his victory in Japan’s ruling party leadership election last Friday, suggesting that an Asian NATO-style alliance could strengthen regional security. However, Indian Foreign Minister Subrahmanyam Jaishankar expressed doubts on Tuesday, stating that India does not share Ishiba’s vision. Last month, Daniel Kritenbrink, the U.S. assistant secretary of state for East Asia and the Pacific, also voiced hesitation, stating that it was premature to consider such a proposal.

“It’s one idea for the future, but it’s difficult to immediately establish a mechanism that would enforce mutual defense obligations in Asia,” Japan’s Foreign Minister Takeshi Iwaya said at a press conference in Tokyo. Iwaya emphasized that such a framework would not be directed at any specific country, responding to questions about whether the proposal targeted China.

Japan’s Defense Minister Gen Nakatani also downplayed the notion, stating, “In his instructions yesterday, the prime minister did not mention anything about an Asian version of NATO.” Nakatani’s remarks came during his first press conference since being appointed by Ishiba.

In a recent paper presented to the Hudson Institute, Ishiba argued that a regional alliance resembling NATO, involving the U.S. and allied nations, could act as a deterrent to China’s military ambitions in Asia. He suggested that such an organization could build upon existing groups and partnerships, including the QUAD—comprising the U.S., India, Japan, and Australia—as well as the trilateral security alliance between the U.S., Japan, and South Korea.

FDA Approves Bristol Myers Squibb’s New Antipsychotic Drug Cobenfy for Schizophrenia Treatment

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The U.S. Food and Drug Administration (FDA) has approved Cobenfy (xanomeline and trospium chloride), for the treatment of schizophrenia, a chronic mental health disorder. Developed by Karuna Therapeutics and now owned by Bristol Myers Squibb, Cobenfy works by targeting cholinergic receptors unlike traditional antipsychotic medications that target dopamine receptors.

This marks a significant departure from the conventional approach to schizophrenia treatment, according to the FDA. Schizophrenia is a debilitating mental illness characterized by hallucinations, delusions, disorganized thinking, and behavioral disturbances. Those affected often struggle to maintain a grasp on reality and may experience cognitive impairments.

Globally, about 24 million people are living with schizophrenia, including 2.8 million in the U.S., where it ranks as one of the top 15 causes of disability. Tragically, the condition is linked to a shortened lifespan, with approximately 5% of patients dying by suicide, the FDA noted.

The approval of Cobenfy is seen as a hopeful development for individuals affected by schizophrenia. “Schizophrenia is a leading cause of disability worldwide. It is a severe, chronic mental illness that profoundly impacts quality of life,” said Tiffany Farchione, Director of the Division of Psychiatry at the FDA’s Center for Drug Evaluation and Research. “This drug offers the first new approach to treating schizophrenia in decades, providing an alternative to previously prescribed antipsychotic medications.”

The effectiveness of Cobenfy was demonstrated in two clinical studies. Over a five-week period, patients’ symptoms were measured using the Positive and Negative Syndrome Scale (PANSS), a 30-item tool used to assess schizophrenia symptoms. Results showed that patients treated with Cobenfy experienced a significant reduction in symptoms compared to those on a placebo.

However, the FDA highlighted several side effects associated with the drug, including nausea, constipation, vomiting, increased heart rate, and diarrhea. Due to the risk of severe side effects, the agency advised against prescribing Cobenfy to patients with urinary retention, kidney, or liver disease.

Earlier this year, in March, Bristol Myers Squibb acquired Karuna Therapeutics for $14 billion, gaining exclusive rights to KarXT (Cobenfy). The company plans to launch the drug by the end of October, with a monthly cost of $1,850, or around $22,500 annually, according to Reuters.

Sales are projected to reach $2.5 billion in the U.S. by 2030. Bristol aims to provide insurance coverage for 80% of patients within the first 12 to 18 months of the drug’s release. To further assist patients, Bristol has introduced a support program called “COBENFY Cares.”

1-Minute Phone Breaks Please! Can Boost Classroom Performance, Finds Study

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As concerns over children’s screen addiction grow, a new study suggests that allowing students brief phone breaks in the classroom can actually improve their performance and reduce overall phone use, researchers reported on Wednesday.

A team of U.S. researchers conducted a semester-long experiment, revealing that college students who were given just one-minute phone breaks during class used their phones less and scored higher on tests.

“We found that technology breaks can help curb phone use in college classrooms,” said Professor Ryan Redner from Southern Illinois University, lead author of the study published in Frontiers in Education. “To our knowledge, this is the first study to evaluate the effect of technology breaks in a college setting.”

The study showed that test scores were consistently higher—above 80 percent—when students were given one-minute breaks. The researchers believe this suggests students were less distracted during lectures, leading to better performance.

In today’s classrooms, where phones are typically banned due to their distracting nature, students report using them up to 10 times a day for non-academic purposes. However, the study tested the impact of one, two, or four-minute breaks during lectures over the course of a full term.

During these breaks, students were not permitted to use their phones but were encouraged to ask questions. These breaks occurred 15 minutes into the lecture. The researchers found that one-minute breaks were the most effective in reducing phone use.

“When the breaks lasted just one minute, students used their phones less overall,” said Redner. “It may be that one minute is enough to quickly check messages without getting sucked into longer conversations, which could reduce distractions during the rest of the lecture.”

The findings suggest that structured phone breaks may help manage device use, ultimately improving students’ focus and academic outcomes.

Rahul Gandhi Echoes Mahatma’s Teachings on Gandhi Jayanti, Priyanka Highlights Legacy

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On the occasion of Gandhi Jayanti, Rahul Gandhi paid his respects to Mahatma Gandhi at Rajghat and urged everyone to lead a life without fear, echoing the teachings of the Father of the Nation.

Rahul Gandhi also shared a video on his social media handle, emphasizing the importance of walking on the path of truth, love, compassion, and harmony. He wrote: “Gandhi ji was not just an individual, he was a way of thinking and living. He never feared anything. He taught me that the power of love always overrules the love of power. India was the first country which got Independence through love and compassion.”

Congress President Mallikarjun Kharge also paid tribute to Mahatma Gandhi, recalling his famous teachings, “First they ignore you, then they laugh at you, then they fight you, and then you win.” He expressed his admiration for Gandhi’s ideals of truth, non-violence, and satyagraha, which continue to inspire us today.

Priyanka Gandhi Vadra, Congress General Secretary, also paid her respects to Mahatma Gandhi. She highlighted the importance of travel in understanding the pain and suffering of people. She recounted how Gandhi ji travelled all over India, walking an average of 18 kilometers every day, equivalent to circling the Earth twice.

Mahatma Gandhi’s Connection with Haryana

She also shared an anecdote about Gandhi’s deep connection with Haryana. On April 10, 1919, he was first arrested at Palwal railway station in Haryana while protesting against the Rowlatt Act. He visited Rohtak in 1921, where he laid the foundation of a school to promote education.

On the morning of December 19, 1947, during a prayer meeting, Mewat leader Chaudhary Yasin Khan informed Gandhi that thousands of Muslims of Mewat were ready to migrate to Pakistan. However, after Gandhi’s assurance, they decided to stay. Priyanka Gandhi Vadra emphasized that Gandhi’s life journey was a message of love, peace, harmony, freedom, equality, self-reliance, and self-respect.

Mahatma Gandhi’s teachings continue to inspire people across the globe. His principles of truth and non-violence have been a beacon of hope for many. His belief in the power of love and compassion led India to its independence, making it the first country to achieve freedom through these virtues.

In Mumbai, Maharashtra Congress leaders and Mahatma Gandhi’s great-grandson, Tushar Gandhi, paid tribute to Bapu at his residence, Mani Bhawan, on the occasion of his 155th birth anniversary.

Gandhi’s teachings have been immortalized in numerous quotes that continue to inspire people worldwide. His belief in the power of forgiveness, the importance of living in the present, and the enduring nature of truth are just a few examples of his wisdom.

Gandhi’s commitment to the welfare of all beings and his vision of a society based on higher ethical and spiritual values continue to guide us. His teachings emphasize the unity of all beings and the importance of universal love, friendliness, and shared responsibility.

Revised Transaction Fees on Stock Exchanges, New TDS Rates Take Effect From Oct 1, 2024

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Indian stock exchanges have revised their transaction fees for cash, futures, and options trading, effective from Tuesday. Changes related to Tax Deducted at Source (TDS) and government bonds also came into force.

According to the National Stock Exchange (NSE), the updated transaction fees are as follows:

  • Cash market: ₹2.97 per ₹1 lakh of traded value.
  • Equity futures: ₹1.73 per ₹1 lakh of traded value.
  • Equity options: ₹35.03 per ₹1 lakh of premium value.
  • Currency derivatives (futures): ₹0.35 per ₹1 lakh of traded value.
  • Currency derivatives (options, including interest rate options): ₹31.10 per ₹1 lakh of premium value.

In the Union Budget, the government announced an increase in the Securities Transaction Tax (STT) on Futures and Options to 0.02% and 0.1%, respectively.

Regarding TDS, a 10% rate will now apply to certain Central and State government bonds, including floating rate bonds, once the ₹10,000 threshold is crossed.

Additionally, TDS on rent payments by Hindu Undivided Families (HUFs) or individuals under Section 194-IB has been reduced to 2%, down from 5%. Similarly, under Section 194G, the commission on lottery ticket sales has also been lowered to 2% from the previous 5%.

The interest rates for post office savings deposits and Public Provident Fund (PPF) remain unchanged at 4% and 7.1%, respectively.

From October 1, Indian citizens no longer need to provide their Aadhaar enrollment ID when applying for a PAN card or filing income tax returns.

SEBI Announces New Curbs on F&O Trading, Derivatives to Benefit

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The Securities and Exchange Board of India (SEBI) has announced a series of new measures aimed at curbing speculative trading in the futures and options (F&O) segment, after data revealed that nine out of ten participants have consistently lost money over the past three years.

As part of the new regulations, SEBI has increased the minimum contract size in index derivatives from ₹5 lakh to ₹15 lakh. Additionally, the regulator has reduced the number of weekly index expiries to just one per exchange. This means that each exchange can now offer only one weekly expiry on a single benchmark index.

“In order to address the issue of excessive trading in index derivatives on expiry day, it has been decided to rationalize the number of index derivatives products with weekly expiries. Henceforth, each exchange may offer derivatives contracts for only one of its benchmark indices with a weekly expiry,” SEBI stated in its circular.

The move comes as a response to the heavy losses sustained by retail investors in the F&O segment. According to a recent study by SEBI, over the past three years, a staggering ₹1.81 lakh crore has been lost by 1.10 crore traders. Only 7% of traders have managed to make a profit.

With the implementation of this new circular, the size of derivatives contracts in benchmark indices such as Nifty and Sensex will increase, with the range moving from ₹5 lakh-₹10 lakh to ₹15 lakh-₹20 lakh. The new rules will take effect for all index derivatives contracts introduced after November 20, 2024.

India’s derivatives market has seen substantial growth in recent years. According to SEBI’s report, India’s derivatives market has now surpassed the cash market, accounting for 30% to 50% of global derivatives trading. The turnover in India’s cash market has doubled between FY20 and FY24, while the turnover of index options has surged 12-fold, reaching ₹138 lakh crore in FY24 from ₹11 lakh crore in FY20.

Ola Electric’s EV Market Share Drops 27% to ₹100 Amid Mounting Challenges

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Ola Electric, led by Bhavish Aggarwal, continues to witness a decline in its market share within the Indian electric vehicle (EV) sector. In September, the company’s share dropped further to 27%, impacted by intensifying competition and issues surrounding its service centers.

According to data from the government transportation portal Vahan, Ola Electric sold 24,665 e-scooters in September, a decline from the 27,587 units sold in August. The company’s market share, which had already fallen to 31% in August, has seen a consistent downward trend due to increasing pressure from competitors like TVS Motor and Bajaj Auto.

Both TVS Motor and Bajaj Auto gained ground in September, further closing the gap with Ola. Bajaj Auto registered 19,103 units, up from 16,789 in August, while TVS Motor saw an increase to 18,084 units from 17,649 units. Ather Energy also experienced growth, with sales rising to 12,676 units in September compared to 10,980 units the previous month.

The intensifying competition is partly driven by the launch of new models from Ola’s rivals, which are priced competitively against Ola’s offerings.

In addition to losing market share, Ola Electric’s stock has struggled, currently trading around ₹100 — a significant drop from its all-time high of ₹157.40, representing a 38% decline. The stock has fallen in nine of the last 11 sessions, reflecting the challenges the company is facing.

Reports indicate that Ola’s flagship S1 series e-scooter has been plagued by problems, including hardware malfunctions, software glitches, and a shortage of spare parts, leading to delays in service. Market analysts point to rising competition and persistent service-related issues as key factors behind the company’s volatility.

Trade analysts have also noted that Ola Electric’s stock is currently loss-making and trading at high valuations, contributing to its instability in the market.

Gautam Adani Takes QIP Route, To Sell Flagship Company Shares Next Week To Raise $1.3 Bn

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Billionaire Gautam Adani’s flagship firm, Adani Enterprises, is gearing up to roll out its share sale as early as next week, according to sources familiar with the matter. This marks the company’s return to the public equity markets after a previous plan was shelved following a damning short-seller report in 2023.

Adani Enterprises is planning to raise approximately $1.3 billion through a qualified institutional placement (QIP). The process is expected to commence in the week starting October 7, said the sources, who requested anonymity as the information is not yet public.

The company is also considering including a greenshoe option, with the final terms likely to be confirmed by the board by the end of this week, according to one of the sources. There is reportedly strong interest from several domestic institutional investors in the offering.

In May, the Adani Enterprises board had approved a plan to raise up to ₹16,600 crore (approximately $2 billion) through various methods, including share sales to institutional investors.

While an official response from the Adani Group is yet to be made, sources indicated that the deliberations are still ongoing, and the specifics of the share sale, including its size and timing, are subject to change.

Adani’s Fundraising Amidst IPO Boom in India

The fundraising effort comes at a time when India is experiencing a surge in investor activity, making it the busiest IPO market globally. This marks another significant milestone for the Adani Group, which has been working to recover after U.S.-based short-seller Hindenburg Research accused the conglomerate of corporate fraud in January 2023.

Despite the group’s firm denial of these allegations, the accusations triggered a sharp stock decline that wiped out over $150 billion from Adani Group’s market value and forced the cancellation of a $2.5 billion share sale in February 2023.

Since then, Adani has resumed its growth strategy with notable moves including the acquisition of a port in Africa, a $10 billion chip plant project, and cement company buyouts in India. A successful share sale by Adani Enterprises — which acts as an incubator for the group’s new ventures — would serve as a major vote of confidence from investors.

According to earlier reports by Bloomberg News, ICICI Securities, Jefferies Financial Group, and SBI Capital Markets are advising Adani Enterprises on the share sale.

Adani’s Market Performance and Future Plans

Shares of Adani Enterprises have risen by nearly 12% this year, though they still trail the broader market. The company’s performance has lagged behind the 18.7% rise in the benchmark NSE Nifty 50. However, the stock remains about 7% below the level it was at before the Hindenburg report was published.

This upcoming transaction follows the successful $1 billion share sale by Adani Energy Solutions Ltd. in August, which was also targeted at institutional investors.

In addition to the share sale, Adani Group and its joint venture partner, Wilmar International, are planning to sell a 13% stake in Adani Wilmar Ltd., aligning with India’s shareholding regulations.

NTPC Green Energy Files for ₹10,000 Crore IPO, To Open in Nov 1st Week

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NTPC Green Energy, the renewable energy arm of state-run NTPC, has submitted draft papers to the Securities and Exchange Board of India (SEBI) to raise ₹10,000 crore through an initial public offering (IPO). The entire IPO consists of a fresh issue of equity shares, with no offer-for-sale (OFS) component, according to the draft red herring prospectus (DRHP).

The company plans to use ₹7,500 crore of the IPO proceeds to repay or prepay loans of its subsidiary, NTPC Renewable Energy Ltd (NREL), while the remaining funds will be allocated for general corporate purposes.

Expected Launch Date

Media reports suggest that the NTPC Green Energy IPO is likely to open in the first week of November. The company has planned investor roadshows in India, particularly in Mumbai, and internationally, with a focus on Singapore.

A portion of the IPO will be reserved for NTPC shareholders. Investors who hold NTPC shares on the record date of the RHP (which will be filed later) will be eligible to participate in this category.

To maximize chances of securing an allotment in the IPO, investors can buy at least one NTPC share now. This will make them eligible for the shareholders’ quota when the IPO launches. Those holding NTPC shares as of the record date can apply under this preferential category.

NTPC Green Energy: A ‘Maharatna’ PSU

NTPC Green Energy, a ‘Maharatna’ central public sector enterprise, manages a portfolio of renewable energy assets, including solar and wind power projects across six states.

As of August 2024, the company operates 3,071 MW of solar projects and 100 MW of wind projects. The broader NTPC group has set an ambitious goal of reaching 60 GW of renewable energy capacity by 2032. Currently, the group has 3.5 GW of installed capacity with over 28 GW in development.

India’s renewable energy sector has seen significant growth in recent years, positioning the country as the fourth-largest globally in renewable energy capacity, which includes wind and solar power. The draft papers, citing a Crisil report, state that India’s renewable energy capacity grew from 63 GW in FY12 to 191 GW by March 2024, including large hydro. As of March 2024, renewable energy accounts for nearly 43% of India’s total power generation capacity, with solar energy leading the way.

IDBI Capital Markets & Securities, HDFC Bank, IIFL Securities, and Nuvama Wealth Management are the lead book-running managers for the IPO. Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, highlighted that the IPO comes at a critical time as NTPC looks to diversify its revenue streams by moving away from its dependence on thermal power.

“With green energy gaining focus in the near future, investors are likely to be keen on getting a slice of this pie,” Bathini told Reuters.

Global Markets Dovetail After Iran Unleashes Overnight Missile Attacks on Israel

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Iran’s overnight ballistic missile strike on Israel has sent shockwaves through global markets on expected lines with a significant shift in investor behavior rushing for safer assets. Besides a decline in U.S. Treasury bond yields and a surge in gold prices, the safe-haven dollar has strengthened against the euro, trading close to its strongest in three weeks.

The missile strike, which occurred on October 2, 2024, has had a profound impact on oil prices. Brent crude has gained more than 1% to reach $74.40 per barrel, reflecting the market’s concern over potential supply disruptions in the Middle East due to the heightened tensions.

The geopolitical unrest has also affected stock markets in Asia, with Japan’s Nikkei slumping 1.5%, South Korea’s KOSPI dropping 1.3%, and Australia’s benchmark losing 0.3%. Due to a holiday on Mahatma Gandhi’s birth anniversary, India’s markets were closed on Wednesday.

The U.S. S&P 500 futures also weakened, indicating a risk-averse sentiment among investors. This shift in investor sentiment is a clear indication of the market’s reaction to the escalating geopolitical tensions and the potential impact on the global economy.

Impact on Central Banks’ Policies

The U.S. Federal Reserve’s potential interest rate cut in November is being influenced by a resilient U.S. job market, suggesting a smaller cut might be appropriate. Additionally, eurozone inflation trends are pointing towards an expected European Central Bank (ECB) easing, which could affect the global economic outlook and the Fed’s decision.

Fed Chair Jerome Powell’s comments have pushed back against the likelihood of another large rate cut, as the U.S. economy is seen as being on solid footing. Market expectations for a smaller cut are also shaped by data on job openings and the potential for continued economic growth. These factors are playing a crucial role in shaping investor sentiment and market expectations.

The Federal Reserve’s indication of a smaller interest rate cut in November, due to a resilient U.S. job market, has influenced market sentiment, with investors adjusting their expectations for a more measured approach to monetary easing. This has contributed to a slight unwind of long Treasury bets and a focus on economic data like job openings for further cues.

History Repeats

The geopolitical tensions and their impact on global markets are reminiscent of similar historical events. For instance, the 1990-1991 Gulf War led to a spike in oil prices and a sell-off in global stock markets due to fears of a wider conflict and potential disruptions to oil supplies. Similarly, the 2008 Russia-Georgia war led to a brief spike in oil prices and a dip in global stock markets. These historical events underscore the significant impact geopolitical conflicts can have on global markets and the economy.

The ECB’s expected quarter-point rate cut in response to inflation falling below its target has also shaped expectations, with investors anticipating a supportive monetary policy to boost the eurozone economy. These central bank policies are crucial in managing market expectations, affecting bond yields, the dollar’s strength, and overall investor confidence in the global economic outlook.

Iran Declares Missile Attacks on Tel Aviv Over But Israel and US Vie for Retaliation

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In an overnight escalation of hostilities in the Middle East, Iran on Wednesday declared that its missile strikes on Israel were over unless further provoked, even as Israel and the United States vowed retaliation. This development has intensified fears of a broader conflict in the region, potentially turning it into another World War.

Washington D.C. pledged to work with its ally, Israel, to ensure that Iran faces “severe consequences” for the attack, which Israel claims involved over 180 ballistic missiles. The United Nations Security Council has called an urgent meeting on Wednesday to address the situation, while the European Union has demanded an immediate ceasefire.

“We have completed our action unless the Israeli regime invites further retaliation. In that case, our response will be even stronger,” Iranian Foreign Minister Abbas Araqchi stated on social media platform X early on Wednesday.

Meanwhile, Israel continued its airstrikes on Beirut’s southern suburbs, a known Hezbollah stronghold, with at least a dozen attacks on Wednesday morning. These strikes followed Iran’s largest-ever military assault on Israel, with large plumes of smoke seen rising over the city. Evacuations in the area have been ongoing amid relentless bombings.

Iran’s missile barrage represents its most extensive military strike against Israel to date. Sirens blared across Israel, with explosions reported in Jerusalem and the Jordan River Valley, forcing the population into bomb shelters. While Israel reported no injuries, authorities in the West Bank confirmed one casualty.

Iran described the missile strike as a defensive response, targeting Israeli military facilities, with Tehran claiming that three Israeli military bases were hit. Iranian state media reported that the attack was in retaliation for Israel’s recent actions in Lebanon and Gaza, including the assassination of militant leaders.

Israel’s missile defense system intercepted most of the Iranian missiles with the help of a U.S.-led defense coalition, according to Israeli Rear Admiral Daniel Hagari. “This attack by Iran is a serious and dangerous escalation,” he warned.

Retaliation Fears Grip Global Nations 

Israeli Prime Minister Benjamin Netanyahu, addressing an emergency cabinet meeting, vowed retaliation. “Iran has made a grave mistake tonight, and it will pay the price,” he declared.

The Iranian military has warned that any Israeli response will lead to “vast destruction” of Israeli infrastructure and threats to regional allies. The Revolutionary Guards also claimed to have used hypersonic Fattah missiles for the first time, with a reported 90% success rate in hitting Israeli targets.

In response, U.S. naval forces fired interceptors to defend against Iranian missiles targeting Israel. U.S. President Joe Biden expressed full support for Israel and dismissed Iran’s attack as “ineffective.” Vice President Kamala Harris echoed Biden’s stance, asserting that the U.S. would defend its interests and punish Iran.

The situation has drawn international concern. UN Secretary-General Antonio Guterres condemned the escalating violence, calling for an immediate ceasefire. French President Emmanuel Macron and EU foreign policy chief Josep Borrell also urged restraint, warning that the ongoing cycle of attacks and retaliations risks spiraling into a larger regional conflict.

With the death toll rising in Lebanon due to weeks of cross-border fighting, the world watches anxiously as tensions between Iran, Israel, and the U.S. threaten to ignite a wider war.

Iran Fires Missiles at Israel – Live Twitter Coverage

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Iran fired a salvo of ballistic missiles at Israel on Tuesday in retaliation for Israel’s campaign against Tehran’s Hezbollah allies in Lebanon, reports Reuters. Soon, social media platforms are abuzz with videos covering the skies lighted with an endless rows of missiles, catching the attention of the whole world.

Alarms sounded across Israel and explosions could be heard in Jerusalem and the Jordan River valley after Israelis piled into bomb shelters.
Iran’s Revolutionary Guards said Iran had launched tens of missiles at Israel, and that if Israel retaliated Tehran’s response would be “more crushing and ruinous”.

Here’s a round-up of some tweets on Iran’s attack on Israel live:

Tirupati Laddu Probe Paused As Supreme Court Steps In

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In a recent development that has gripped the nation, the Special Investigation Team (SIT) constituted by the Andhra Pradesh government has temporarily halted its probe into the alleged adulteration of Tirupati laddus. The decision comes in the wake of the Supreme Court’s statement that there is currently no evidence to suggest animal fat was used in the preparation of the laddus during the previous YSRCP regime. The matter is now sub-judice in the Supreme Court.

Andhra Pradesh DGP Ch Dwaraka Tirumala Rao confirmed the development, stating that the SIT had been instructed to stall further proceedings until October 3. Over the last two days, the SIT had visited various places in TTD, the procurement area, and the sample collection area, collecting a significant amount of information. However, in adherence to the Supreme Court order, the investigation has been paused for the time being.

The Supreme Court’s intervention came after a petition was filed regarding the constitution of the SIT. The court is currently examining the case and has asked for the probe to be stalled until it decides whether the SIT should continue the investigation or if an independent agency should take over.

The Tirupati Laddu Controversy

The controversy began when Andhra Pradesh Chief Minister N Chandrababu Naidu made public allegations about the possible use of adulterated ghee in the preparation of Tirupati laddus, suggesting that animal fat might have been used. However, the Supreme Court criticized this move, stating there was no conclusive evidence and that such allegations should not have been made publicly without certainty.

The Tirupati laddus, also known as ‘Srivari Laddus’, hold great significance as they have been the main prasadam (offering) at the Sri Venkateswara Swamy Temple for over 300 years. It is believed to be the favorite offering of Lord Venkateswara. The laddus are prepared in large quantities daily to meet the demands of devotees and are renowned for their unique taste and long shelf life due to advanced packaging techniques. The tradition of making these laddus is deeply rooted in the temple’s culinary history, with the recipe and preparation methods passed down through generations.

The controversy has sparked a heated debate among the public and political circles, with some accusing the Chief Minister of using the issue for political advantage. Despite the controversy, the sale of Tirupati laddus has remained unaffected, with over 16 lakh sold in just five days.

The Role of Judiciary in the Controversy

The Supreme Court’s intervention and the subsequent halt of the SIT probe mark a significant turn in the controversy. The court’s decision to examine the case underscores the gravity of the issue, which affects the religious sentiments of millions of devotees of Lord Venkateswara, the deity of the Tirumala temple.

The case also highlights the role of the judiciary in ensuring the integrity of religious practices and the administration of justice. The Supreme Court’s decision to intervene and examine the case is a testament to its commitment to uphold the rule of law and protect the rights and beliefs of citizens.

As the nation awaits the Supreme Court’s directives on October 3, the controversy serves as a reminder of the delicate balance between religion and politics, and the importance of maintaining the sanctity of religious practices. It also underscores the need for thorough and unbiased investigations in matters of public interest, and the crucial role of the judiciary in upholding justice and truth.

Tension Grips As Iran Missiles Pound Israel, Iron Dome Shelters Targets

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Iran, as warned earlier, fired missiles at Israel at 10 PM (IST) in response Israel’s ground offensive in Lebanon to target Hezbollah and days after the militant outfit’s commander Hassan Nasrallah and a top official from Iran’s Islamic Revolutionary Guard were killed in airstrikes on Beirut.

The Israel Defence Forces (IDF) said at 10.08 pm IST that the missiles were fired a “short while ago”. The launch was confirmed by Iran’s official IRNA news agency, which said the country had launched “a missile attack on Tel Aviv” and confirmed by news agency Reuters quoting Israeli media as saying that as many as 100 missiles had been launched.

Videos showed debris from missiles intercepted by Israel’s famed Iron Dome and Arrow defence systems raining down on Tel Aviv. The Israeli defence forces also confirmed that blasts had been heard in “Jerusalem and elsewhere”. There have been no reports of any casualties so far.

“Iran’s attack is continuing. You are requested to remain in a protected space until further notice. The explosions you are hearing are from interceptions or fallen projectiles,” the IDF said in a statement.

However, the Israeli Defense Forces (IDF) have reaffirmed their high state of preparedness and readiness to respond to any attacks from Iran. In response to the escalating situation, Israel has launched a ground offensive in Lebanon, targeting the Iran-backed militia Hezbollah. This move is seen as a direct response to the killing of Hezbollah’s leader, Hassan Nasrallah, in an Israeli air strike last week.

US Backs Israel’s Defensive Measures

The United States and other Western allies have previously stepped in to help defend Israel against a combined Iranian missile and drone attack in April. This attack was launched by Tehran in retaliation for an Israeli strike on the Iranian consulate in Damascus. The US official added, “A direct military attack from Iran against Israel will carry severe consequences for Iran.”

Despite the escalating tensions, Iran has stated that it would not deploy soldiers to confront Israel. However, Iran’s foreign ministry spokesman, Nasser Kanani, has said that local groups possess the capability to defend themselves against aggression. Israeli Prime Minister Benjamin Netanyahu has issued a stark warning to Iran, stating, “There is nowhere in the Middle East, Israel cannot reach.” He also expressed hope for a future when Iran is finally free, predicting that this would come a lot sooner than people think.

The United States has cautiously backed Israel’s move to dismantle Hezbollah’s ability to attack northern Israel, even as President Joe Biden has called for a ceasefire. US Secretary of State Antony Blinken said that Washington was tracking events in the Middle East very closely. He said, “The United States is committed to Israel’s defense.”

US Boosts Military Presence in the Middle East

In a show of support, the US has boosted its forces in the Middle East by a few thousand troops, bringing in new units while extending others that are already there. The Pentagon has also announced the deployment of more fighter jets to the region. US Defense Secretary Lloyd Austin has offered support to his Israeli counterpart Yoav Gallant for dismantling attack infrastructure belonging to Hezbollah along the border with Lebanon.

The escalating conflict has raised fears of a wider regional conflict that the United States and other world powers have said they want to avoid in the Middle East. The situation remains complex and can change quickly depending on the political situation and recent events.

2006 Lebanon War

The current situation bears a striking resemblance to the 2006 Lebanon War, also known as the July War, which was a 34-day military conflict in Lebanon, Northern Israel, and the Golan Heights. The principal parties were Hezbollah paramilitary forces and the Israel Defense Forces (IDF).

The conflict started on 12 July 2006 and continued until a United Nations-brokered ceasefire went into effect in the morning on 14 August 2006, though it formally ended on 8 September 2006 when Israel lifted its naval blockade of Lebanon.

As the world watches with bated breath, the hope is for a swift resolution to the escalating tensions, with diplomatic efforts being made to ensure civilian safety on both sides of the border. The international community is eager to prevent a full-blown conflict that could have devastating consequences for the region and beyond in the form of a Third World War.

The unfolding events serve as a stark reminder of the fragile peace in the Middle East with potential to upset the global order.