Monthly Archives: October 2024

Sensex Opens Positive, Gains 256 Points; Experts Cite Middle-East Tensions

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India’s equity markets opened higher on Tuesday, buoyed by strong performances in banking stocks and gains in UltraTech Cement, NTPC, and L&T among others on the BSE benchmark index.

By 9:59 a.m., the Sensex had risen by 258 points or 0.32% to 81,308, while the Nifty climbed 58.20 points or 0.23% to 24,853.

Leading the charge in the Sensex were UltraTech Cement, M&M, Axis Bank, HUL, SBI, L&T, HDFC Bank, ICICI Bank, Bharti Airtel, NTPC, Asian Paints, Kotak Mahindra Bank, and IndusInd Bank. On the other hand, Tata Steel, Tata Motors, JSW Steel, Wipro, Titan, HCL Tech, Infosys, TCS, Power Grid, Tech Mahindra, Bajaj Finance, Maruti Suzuki, and Nestle saw declines.

The banking sector emerged as a major driver, with Nifty Bank advancing 262 points or 0.56% to 50,759. Among sectoral indices, financial services, PSU banks, FMCG, media, private banks, infrastructure, services, and healthcare posted significant gains, while auto, IT, metal, realty, and energy sectors lagged.

Midcap and smallcap stocks also saw buying interest. The Nifty Midcap 100 index rose 376 points or 0.66% to 57,676, while the Nifty Smallcap 100 index increased 108 points or 0.60% to 18,351.

Across Asia, markets showed mixed activity, with Tokyo, Hong Kong, and Seoul in the red, while Bangkok and Jakarta were trading higher. U.S. stock markets closed lower on Monday.

Market experts attributed the recent market volatility to negative signals from escalating geopolitical tensions in the Middle East, significant foreign portfolio investor (FPI) outflows, and election-related concerns. “The net FPI selling of ₹50,011 crore over the last six sessions has been largely offset by domestic institutional investor (DII) buying of ₹53,203 crore,” they said, adding that accumulating quality blue-chip financial and IT stocks remains a sound strategy amidst the current volatility.

Hero Motors Withdraws IPO Amid Market Uncertainties Over Middle East Conflict

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Hero Motors Ltd, a subsidiary of two-wheeler giant Hero Motors Company (HMC) Group, has unexpectedly withdrawn its Rs 900 crore initial public offering (IPO), according to a regulatory update from the Securities and Exchange Board of India (SEBI) on Monday. The sudden move is sending ripples through the automotive and financial sectors.

Hero Motors had filed a draft red herring prospectus (DRHP) with SEBI in August, aiming to raise Rs 500 crore via fresh equity and Rs 400 crore through an offer for sale (OFS) by its promoters. The IPO was earmarked to fund expansion at its Gautam Buddha Nagar plant and reduce the company’s debt burden.

The reasons behind the abrupt withdrawal remain undisclosed, with the company only confirming that it retracted the DRHP on October 5, 2024. This surprise decision comes amid rising market volatility, putting the firm’s growth strategy into question.

Hero Motors Ltd, a leading provider of automotive technology and powertrain solutions for major OEMs in the U.S., Europe, India, and ASEAN, had reported strong financial performance ahead of the proposed listing. The company’s revenue surged from Rs 914 crore in FY22 to Rs 1,064 crore in FY24, while gross profit jumped to Rs 419 crore, driven by a robust 22% CAGR over the two years.

Hyundai IPO Signals Strength Despite Market Volatility

In contrast, Hyundai Motor India’s massive Rs 25,000 crore IPO, set to launch on October 14, has received regulatory approval, marking one of the largest Indian listings since LIC’s Rs 21,000 crore IPO. The Hyundai IPO, entirely an OFS of 14.2 crore shares, could place Hyundai India’s market cap at nearly half of its Seoul-listed parent’s $47 billion valuation.

This disparity between Hero’s sudden withdrawal and Hyundai’s ambitious listing highlights diverging strategies in a highly unpredictable market.

The Indian equity market continues to reel under pressure, closing down for the sixth straight session. The BSE Sensex tumbled 638 points to 81,050, while the NSE Nifty shed 219 points to finish at 24,796. This prolonged sell-off has been triggered by foreign fund outflows and geopolitical tensions in the Middle East.

Over the last six trading days, Sensex has plummeted nearly 4,800 points, with Nifty down by 1,420 points. Investor wealth has taken a significant hit, with Rs 25.16 lakh crore wiped out since late September.

As Hero Motors pulls back from the capital markets, Hyundai’s impending listing may signal where investor confidence lies in the current climate. The contrasting moves underscore the need for firms to navigate both market sentiment and global uncertainties with precision.

‘Call Her Daddy’ Podcast: Kamala Harris Defends Modern Families, Rebuts Criticism Over ‘No Biological Kids’

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In a recent appearance on the popular podcast Call Her Daddy, Vice President Kamala Harris addressed criticism from Arkansas Governor Sarah Huckabee Sanders, who questioned Harris’ understanding of family due to her lack of biological children. Harris firmly rejected the criticism, stating that families take many forms, rooted not just in blood but in love.

“We have our family by blood, and then we have our family by love, and I have both,” Harris said, defending the evolving concept of family in modern society. The remarks came as part of Harris’ broader media push ahead of the upcoming November 5 election, where she faces a heated battle against Donald Trump.

Governor Sanders had implied during a Michigan town hall that Harris, without children of her own, lacked humility. Harris countered that Sanders’ views were outdated, noting that she has two stepchildren through her marriage to Doug Emhoff and emphasizing the value of women supporting each other rather than tearing each other down.

Harris also responded to derogatory remarks from Trump’s running mate, JD Vance, who once ridiculed women without children as “cat ladies” unfit to lead. She dismissed his comments as “mean-spirited,” further emphasizing the need to move beyond stereotypes that tie a woman’s worth to her role as a biological mother.

Harris’ appearance on Call Her Daddy, which touched on other pressing issues like reproductive rights and student debt, is part of a strategic media blitz. Along with this podcast, she’s set to appear on prominent shows like 60 Minutes, The View, and The Late Show with Stephen Colbert in a bid to strengthen support as the election nears.

The vice president’s stance reflects a larger shift in societal attitudes toward nontraditional families and challenges long-held views on women in leadership roles. Harris’ message—that family can be defined by love and choice, not just biology—resonates with many who believe that modern family structures and women’s roles in society should not be confined to outdated norms.

Harris’ strong stance on the podcast has been widely praised, sparking further debate about the intersection of gender, family, and leadership. With the election looming, these discussions may influence voters as they consider what leadership in the 21st century looks like.

Thomson Reuters Sells FindLaw to Internet Brands

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In a shift in the legal information landscape, Thomson Reuters, the multinational media conglomerate, has announced that it is selling its FindLaw business to Internet Brands.

FindLaw, a prominent player in the online legal information sector, offers a wide array of resources including legal news, blogs, and comprehensive information on state and federal laws. The decision to sell FindLaw comes as the growth rate of the business has been trailing behind other segments of Thomson Reuters’ legal portfolio, which includes WestLaw and Practical Law.

The company has noted this trend in recent quarters, leading to the strategic decision to divest FindLaw. The deal, the financial details of which have not been disclosed by either Thomson Reuters or Internet Brands, is expected to close in the fourth quarter, subject to regulatory approvals.

The acquisition will add to Internet Brands’ diverse portfolio of online businesses, which includes WebMD, Medscape, and CarsDirect. The sale of FindLaw is a significant development in the legal information industry. FindLaw has been a trusted source of legal information for many years, providing valuable resources to legal professionals and the general public alike.

Future Implications

The acquisition by Internet Brands could potentially lead to a shift in the way legal information is disseminated and consumed online. The use of digital platforms for accessing legal information has been on the rise, with companies like FindLaw playing a crucial role in this transformation.

The acquisition by Internet Brands, a company with a strong presence in the online sector, could further accelerate this trend. The sale of FindLaw is reminiscent of similar deals in the past where traditional information providers have been acquired by digital-focused companies.

For instance, the acquisition of WestLaw by Thomson Reuters in 1996 marked a significant shift in the legal research industry, paving the way for the digitization of legal information. The current deal could potentially have a similar impact, marking a new era in the online legal information sector.

The acquisition also highlights the growing importance of digital platforms in the legal sector. As more and more legal professionals and consumers turn to online resources for legal information, companies like Internet Brands are well-positioned to capitalize on this trend.

The deal also raises questions about the future strategy of Thomson Reuters in the legal information sector. With the sale of FindLaw, the company appears to be focusing more on its other legal businesses, WestLaw and Practical Law. It remains to be seen how this strategy will play out in the coming years.

Insurance Revenue Last Year Doubles to Rs 100 Crore: Report

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Insurance sector has doubled its revenues in fiscal 2023-24 reaching Rs 100.28 crore, compared to Rs 48.74 crore in FY22-23, reports said.

Founded in 2016 by Ankit Agrawal and Ish Babbar, Gurugram-based insurtech platform Insurance Dekho that compares and offers  data on various types of insurance purchases, including motor, health, life, travel, and pet insurance, said in its report. It competes with established players like Acko and Policy Bazaar in India’s growing insurtech sector.

Insurance Dekho has raised a total of Rs 1,742.28 crore over two funding rounds, with its latest Series B round in October 2023 led by MUFG and BNP Paribas Cardif, valuing the company at over Rs 1,000 crore. In April 2023, the platform made strategic acquisitions of IRSS and Verak to expand its footprint.

The company’s financial performance in FY23 showed not only a surge in revenue but also a narrowing of losses. Its net loss reduced to Rs 51.59 crore from Rs 70 crore in FY22. Despite this improvement, Insurance Dekho’s expenses also climbed, reaching Rs 151.88 crore, driven largely by employee benefits, which accounted for over 50% of the total, followed by costs in advertising, finance, and legal services.

The platform’s key financial metrics remained in negative territory, with an EBITDA margin of -44.98% and a Return on Capital Employed (ROCE) of -15.28%, indicating continued challenges in profitability. However, the reduction in losses suggests a path toward greater financial stability as the company scales its operations.

The majority of Insurance Dekho’s shares are held by Amit Jain, who controls over 50%, alongside prominent investors such as West Street and TVS Shriram Growth AIF.

As the insurtech market in India continues to expand, Insurance Dekho’s robust revenue growth and strategic acquisitions position it for further success despite the current hurdles in profitability.

Indian Startups Raise $93 Million Despite Slower Week Amid Funding Dip

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BENGALURU, Oct 5, 2024: In a relatively quiet week for Indian startups, 21 companies raised nearly $93 million across 16 deals, signaling a significant drop compared to the $461 million raised by 29 startups just a week prior. This week’s tally included four growth-stage deals and 12 early-stage fundings.

Agriculture supply chain startup Waycool secured Rs 100 crore (approximately $12 million) in debt financing from Grand Anicut. The company specializes in purchasing fresh produce, including dairy, directly from farmers and supplying it to retailers and restaurants.

In fintech, Basic Home Loan raised $10.6 million (Rs 87.5 crore) in a Series B round led by Bertelsmann India Investments (BII) and CE-Ventures. The funding will help the platform expand its reach in the home loan market.

Millet-based snack brand Troo Good attracted Rs 72 crore in funding, led by Oaks Asset Management, with participation from Puro Wellness and V Ocean Investments, according to Entrackr.

Among the 12 early-stage deals, Mstack, a chemical manufacturing platform, led the way with a significant share of the $59.05 million raised. Drone technology company IG Drones secured $1 million in its first funding round, led by India Accelerator and angel investors.

Meanwhile, mental health startup LISSUN raised $2.5 million from RPSG Capital Ventures and other investors.

Geographically, startups from Bengaluru and Delhi-NCR dominated the funding scene, each securing seven deals. Mumbai, Hyderabad, and Chennai also saw activity.

Broader Funding Trends

In the third quarter of 2024 (July-September), domestic startups raised more than $4 billion, driven by multiple transactions over $300 million and $200 million. The period saw 85 growth and late-stage deals totaling $3.3 billion, while 207 early-stage deals accounted for $754.26 million.

From January to September, India’s tech startup ecosystem garnered $7.6 billion in funding, producing six new unicorns. The IPO market also witnessed a surge, with 29 tech companies going public in 2024 (year to date), up from 15 in the same period last year, according to Tracxn.

Despite this week’s slowdown, the broader landscape remains resilient, with the potential for continued growth in the Indian startup ecosystem.

Boosting Space Startups: India’s Bold Rs 1,000 Cr Fund Redefines Skies For Private Players

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India’s space sector is set to receive a significant boost with the government earmarking Rs 1,000 crore for a venture fund dedicated to space startups. This decision, announced by Science and Technology Minister Jitendra Singh, is a clear indication of the high priority the government gives to the space sector.

The announcement was made within the first 100 days of the Modi 3.0 government, reflecting the administration’s commitment to fostering innovation and entrepreneurship in this strategic sector.

The venture fund is part of a broader strategy to open up the space sector to private players. About four years ago, the government took a revolutionary step to allow private participation in the space sector. This led to the establishment of New India Space Limited (NISL), a new PSU, and IN-SPACe India, an interface with the private sector.

The results of these initiatives have been remarkable, with a quantum jump from just a single-digit startup to more than 200 space sector startups within a short span of time.

The government’s support for space startups is not limited to financial assistance. It has also allowed 100% Foreign Direct Investment (FDI) in the space sector, a move that has proved to be a significant boost for new initiatives and entrepreneurs. This policy has contributed to the growth of startups in India, which has increased from 350 in 2014 to more than 1.5 lakh, raising the country to number three in the world ecosystem.

Government’s Broader Strategy for Space Sector

The government’s focus on the space sector is part of its broader strategy to promote innovation, startups, and the ‘Make in India’ initiative. The Union Budget 2024-25 reflects this strategy, with significant support for the manufacturing sector, particularly through its focus on MSME clusters.

The introduction of easy financing and credit guarantee schemes, along with the facilitation of collateral-free term loans for the purchase of machinery and equipment, will greatly enhance the manufacturers and suppliers network.

The budget also abolished Angel Tax for investors, a move that could indirectly benefit space startups. The government has also introduced reforms that simplify regulatory frameworks and encourage private investment in space activities, such as satellite launches and space-based services.

These measures collectively aim to create an ecosystem that nurtures space startups, encourages innovation, and positions India as a major player in the global space industry.

The Rs 1,000 crore venture fund holds significant importance in the context of India’s overall space program and its goals. It encourages innovation and entrepreneurship in the space sector by providing a financial safety net for startups to develop cutting-edge technologies and applications. This is crucial for India’s aspirations to be a leader in space technology.

Significance of the Venture Fund

By supporting private space startups, India is diversifying its space industry beyond the Indian Space Research Organisation (ISRO), fostering a competitive and dynamic ecosystem that can lead to more rapid advancements. The fund aligns with India’s push for ‘Atmanirbharta’ (self-reliance), reducing dependence on foreign technologies and promoting indigenous development of space capabilities.

Space startups are potential engines of economic growth, creating jobs in high-tech sectors and contributing to the overall GDP through innovation and commercialization of space services. By nurturing startups, India can compete in the global space market, offering services and technologies that can be exported, thus enhancing its international standing in the space community.

The fund signals the government’s commitment to supporting the startup culture, especially in niche sectors like space, which can inspire more young minds to pursue space-related careers and entrepreneurship. It enables the development of technologies that can support ambitious projects like Gaganyaan (India’s human spaceflight program) and other scientific missions, as well as commercial ventures like satellite launches and space-based services.

Indian Stock Market Next Week: RBI MPC Decision, Q2 Earnings, and Mid-East Crisis in Focus

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The Indian stock market is on the cusp of a critical week, with the upcoming RBI Monetary Policy Committee (MPC) meeting, second-quarter (Q2) corporate earnings, and industrial production (IIP) data expected to shape market trends. Investors are bracing for potential volatility as these key indicators, combined with global market dynamics and geopolitical tensions, will provide insights into the health of India’s economy and determine the short-term market outlook.

The RBI’s MPC meeting, set for October 7-9, is expected to maintain the benchmark repo rate at 6.5%, a level it has held steady for nine consecutive meetings since August 2024. This move aligns with market expectations, as the central bank remains focused on reining in inflation while supporting economic growth. With consumer inflation still hovering above the RBI’s target of 4%, there is little room for a rate cut, despite pressures from other global central banks, particularly the U.S. Federal Reserve, which has signaled monetary easing.

Analysts believe that a rate hold would provide stability in the current inflationary environment but note that any surprises—such as a shift in policy stance—could trigger volatility. The market will also look for commentary from the RBI on inflation control measures and future growth prospects, particularly as domestic inflation has been driven by erratic food prices.

Q2 Earnings: Key for Market Sentiment

As the Q2 earnings season kicks off, results from major companies such as TCS, Tata Elxsi, and DMart will be closely monitored. Investors will look for signs of corporate profitability and recovery, especially in sectors sensitive to inflation and global commodity prices. The earnings season will offer a clearer picture of how Indian corporations are navigating rising input costs, driven in part by surging global crude oil prices, which have hit industries reliant on oil derivatives, such as chemicals and paints.

Stronger-than-expected earnings could bolster market sentiment and provide relief after last week’s sharp selloff, when the Nifty and Sensex dropped nearly 4.50%. However, any earnings disappointments, especially from key sectors like IT and consumer goods, could exacerbate the current market downturn.

The upcoming release of IIP data, which tracks the country’s industrial activity, will serve as a barometer for the state of economic recovery. Industrial production is a key indicator for assessing manufacturing growth and overall economic resilience in the face of global headwinds. A strong IIP report could boost investor confidence, signaling that India’s industrial sector is performing well despite inflationary pressures. Conversely, weak numbers could dampen market sentiment, reinforcing concerns about the sustainability of economic growth.

Crude Oil Prices

Global influences are expected to play a major role in determining the market’s direction. The recent diversion of Foreign Institutional Investor (FII) funds to China, following the country’s introduction of monetary stimulus, has been a key driver behind last week’s market slump. FIIs sold equities worth Rs 40,511 crore, even as Domestic Institutional Investors (DIIs) attempted to cushion the blow by purchasing Rs 33,075 crore worth of shares.

Geopolitical tensions in the Middle East, particularly the escalating conflict between Israel and Iran, are also weighing on market sentiment. Rising crude oil prices, driven by these tensions, have led to concerns about input cost inflation for domestic companies. The impact is particularly pronounced in industries dependent on oil-related inputs, such as paints and chemicals, which face shrinking margins if crude prices remain elevated.

Additionally, the minutes from the U.S. Federal Open Market Committee (FOMC) meeting will be scrutinized for signals about future interest rate actions. Any hints of further rate cuts or continued monetary tightening in developed economies could influence FII behavior, either drawing more funds out of Indian markets or stabilizing them depending on the global outlook.

Market Outlook and Risks Ahead

Technical experts warn that the Indian market is entering a decisive phase. Last week’s sharp downturn saw both the Nifty and Sensex break their three-week winning streak, raising concerns about further declines. The Nifty’s critical support level of 24,700 is being closely watched, with analysts warning that a breach of this level could lead to a further slide toward 24,400. Meanwhile, the Bank Nifty is testing its 100-day moving average at 51,100, with the 50,000-49,500 range providing additional support.

Palka Arora Chopra, Director at Master Capital Services, emphasized the growing selling pressure, noting that the Nifty has formed a strong bearish pattern. “If critical support levels break, we may see extended declines,” she warned. Senior Technical Analyst Pravesh Gour of Swastika Investmart echoed this sentiment, adding that the Bank Nifty’s 200-day moving average remains a key support zone.

The coming week is set to be pivotal for the Indian stock market. The outcome of the RBI’s MPC meeting, combined with corporate earnings and IIP data, will determine the immediate direction of the market. Investors are also closely watching global factors, such as FII movements, crude oil prices, and geopolitical risks, which could exacerbate market volatility.

As market experts warn of potential declines if key support levels are breached, investors will need to stay nimble, balancing short-term risks with long-term opportunities as India navigates a challenging economic environment.

RBI Likely to Hold Rates Amid Inflation Concerns, Focus Shifts to Global Trends

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As the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meets from October 7-9, experts are predicting that the central bank will maintain the current policy rates. The decision is expected to be influenced by persistent inflationary pressures and uncertainties in the global economic landscape. While the U.S. Federal Reserve has recently cut rates, signaling a potential easing cycle, the RBI is likely to adopt a cautious stance, prioritizing inflation control over rate cuts, according to analysts.

The primary factor guiding the MPC’s expected decision to maintain the status quo is the central bank’s ongoing battle against inflation. Consumer Price Index (CPI) inflation, which remains above the RBI’s 4% target, has seen fluctuations largely driven by food price volatility. This has led policymakers to tread carefully, avoiding premature rate cuts that could reignite inflation.

Ajit Banerjee, President and Chief Investment Officer at Shriram Life Insurance, noted that the RBI will likely wait until it is certain that inflation has been durably controlled. “The committee is expected to hold rates steady until there’s clear evidence that inflation, especially food-driven spikes, are less of a threat,” he explained.

India’s GDP growth, while not alarmingly low, has been moderate. The first quarter’s 6.7% growth was influenced by a slowdown in government investment, mainly due to election-related factors. With government capital expenditure resuming in the second quarter, GDP growth is expected to align with RBI’s earlier projections. However, experts say the domestic growth trajectory doesn’t warrant urgent rate cuts at this stage.

Mandar Pitale, Head of Treasury at SBM Bank India, pointed out that while growth remains robust, the MPC will likely stay cautious. “Strong GDP growth numbers in India reduce the immediate pressure on the RBI to cut rates. The focus is more on ensuring that inflation stabilizes over the long term,” Pitale added.

Global Economic Uncertainty and Fed Influence

The global economic environment also weighs heavily on the MPC’s deliberations. Recent rate actions by developed economies, particularly the Federal Reserve, have added complexity to the RBI’s decision-making process. While the Fed’s rate cut could suggest a global trend toward monetary easing, the MPC is expected to be wary of following suit too quickly.

Pitale highlighted that global factors, such as inflation trends in developed markets and the Fed’s forward guidance on rates, would play a critical role in the committee’s discussions. “The RBI is aware of the nonlinear guidance coming from global central banks, which creates uncertainties about the future direction of monetary policy globally,” he said.

While no immediate rate cuts are expected, the tone of RBI Governor Shaktikanta Das’s commentary could signal future policy direction. A dovish shift, with hints of a more neutral stance, may emerge if inflation moderates in the coming months. However, the reconstitution of the MPC, with three new external members, makes a drastic policy shift unlikely in this meeting.

Banerjee suggested that while significant changes in this meeting are improbable, a dovish tone could set the stage for future rate cuts, provided inflation eases. “A shift in the MPC’s stance isn’t entirely off the table, but the immediate focus remains on inflation management,” he said.

The RBI’s decision to maintain its restrictive policy is a calculated move to ensure inflation is brought under control, aligning with its long-term target. As global economic dynamics remain uncertain and domestic inflation continues to challenge policy stability, the central bank is likely to hold off on any major policy shifts in the near term.

In the coming months, both domestic inflation trends and global economic factors will determine whether the RBI begins to ease its policy stance. For now, the central bank seems set on a cautious, wait-and-watch approach.

India’s Real Estate Sector Poised to Become Major Employment Hub: Industry Experts

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India’s real estate sector, already the second-largest employer after agriculture, is on track to become the country’s leading job creator, according to industry leaders. With a compound annual growth rate (CAGR) of 18.7 percent, the sector is seeing unprecedented expansion, making it a key hub for young talent.

The real estate industry is booming in both value and volume, supported by a robust network of developers in residential and commercial projects, contractors, consultants, and investors.

“This ‘mother industry’ is driving growth in related sectors, and the surge of PropTech startups, which have attracted over Rs 40,000 crore in investments, is set to create a multitude of career opportunities,” said Vikas Jain, President-Elect of NAREDCO Maharashtra Next-Gen, at a seminar on Saturday.

Rajesh Doshi, Secretary of NAREDCO Maharashtra, highlighted that real estate is no longer confined to traditional roles like engineering and architecture.

“Today, the industry is a place for ambitious individuals who can transform possibilities into reality. With the integration of technology, big data, and 3D modeling, there is growing demand for professionals such as data scientists to forecast industry trends,” Doshi added.

A recent report by Knight Frank and NAREDCO suggested that the future of India’s real estate market remains optimistic. The ‘Current Sentiment Index Score’ moderated to 65 from its peak in Q1 2024, while the ‘Future Sentiment Index’ adjusted from 73 to 65 in Q2 2024, signaling a positive but cautious outlook.

U.S. Immigration Policy Shift: No Renewal for Humanitarian ‘Migrant Parole’ Program

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The Biden administration has announced a significant shift in its immigration policy as the U.S. Department of Homeland Security (DHS) said that it will not renew a temporary humanitarian entry program for hundreds of thousands of migrants who have U.S. sponsors and entered the country in recent years.

The program, known as the parole program, has allowed approximately 530,000 migrants from Cuba, Haiti, Nicaragua, and Venezuela to enter the U.S. since October 2022. These migrants were granted two-year permits under the program, which will begin to expire in the coming weeks.

Despite the non-renewal of the program for current beneficiaries, it will continue to accept new applications from those abroad. This indicates that while the current beneficiaries will not be renewed, the program itself is not being entirely discontinued.

The parole program was launched by the Biden administration as a strategy to provide legal avenues for migrants to enter the U.S. and decrease illegal crossings at the U.S.-Mexico border. The program allows migrants with existing U.S. sponsors to enter the country for humanitarian reasons or if their entry is deemed a significant public benefit.

Future of Migrants in US

The decision not to renew the parole program has raised concerns about the future of the migrants who have benefited from it. “Migrants without permission to remain in the U.S. will need to depart the United States prior to the expiration of their authorized parole period or may be placed in removal proceedings,” DHS spokesperson Naree Ketudat said.

However, other parole programs for Ukrainians and Afghans have been extended, indicating that the administration is not entirely moving away from such programs. Despite the end of the parole program, many of these migrants could remain in the country under other programs. For instance, many Cubans are eligible for permanent residence and eventual citizenship under the 1966 Cuban Adjustment Act.

Most Haitians and Venezuelans in the U.S. are eligible for Temporary Protected Status, which grants them deportation relief and work permits. All four nationalities could apply for asylum.

Not Unprecedented

The Biden administration’s decision to not renew the parole program is reminiscent of previous shifts in U.S. immigration policy. For instance, in the 1980s, the Reagan administration granted amnesty to millions of undocumented immigrants, a move that was controversial but also recognized the reality of large-scale undocumented migration.

Similarly, the Obama administration implemented the Deferred Action for Childhood Arrivals (DACA) program, which provided temporary relief from deportation for undocumented immigrants brought to the U.S. as children. These historical precedents highlight the ongoing evolution of U.S. immigration policy in response to changing circumstances and policy priorities.

The decision comes at a time when immigration is a top voter issue in the upcoming Nov. 5 election that will pit Democratic Vice President Kamala Harris against Republican Donald Trump, who has criticized the parole program. The Biden administration’s immigration policies have been a point of contention, with record numbers of migrants caught crossing illegally during Biden’s presidency.

However, crossings have plummeted in recent months as Biden rolled out new border restrictions. As the country moves forward, the management of migration flows and the balance between humanitarian concerns and national security will continue to be key issues in immigration policy.

‘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.

What are Forever Chemicals? Study Reveals They’re Linked to Sleep Disruptions

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A groundbreaking study led by the University of South California (USC) has unveiled a concerning link between high levels of per- and polyfluoroalkyl substances (PFAS), also known as ‘forever chemicals’, and sleep disruptions.

This research, published in the journal Environmental Advances, has shed light on the potential health risks associated with these pervasive chemicals. PFAS are a group of man-made chemicals that have been used in a variety of industries around the globe since the 1940s. They are found in a wide range of consumer products that people use daily such as cookware, pizza boxes, and stain repellants.

Due to their chemical structure, PFAS are resistant to heat, water, and oil, earning them the moniker forever chemicals. They do not break down easily and can persist in the environment and the human body for extended periods. The USC study examined the blood samples and sleep patterns of 144 participants aged between 19 and 24.

The researchers found that higher levels of four specific types of PFAS – PFDA, PFHxS, PFOA, and PFOS – were significantly associated with less sleep or worse quality of sleep.

The Impact of PFAS on Sleep and Health

Young adults with higher levels of these toxic chemicals in their blood had 80 fewer minutes of sleep at night. They also had trouble falling asleep, staying asleep, waking up, or feeling tired during waking hours. Sleep is a fundamental pillar of health.

A person must sleep 7-8 hours daily. Prolonged poor sleep may raise chronic health issues, including diabetes and Alzheimer’s disease. The study’s findings are particularly concerning given the widespread presence of PFAS in our environment and daily lives.

Previous studies have shown that PFAS have contaminated water, food, and people through products such as Teflon pans, waterproof clothing, stain-resistant carpets and fabrics, and food packaging. They have also been linked to cancers of the breast, ovary, skin, and uterus in women, among other diseases.

The USC study also examined the overlap between genes affected by the four forever chemicals and genes related to sleep disorders. Out of 600-plus candidate genes, seven activated by PFAS seemed to influence sleep.

Historical Parallels and Reducing Exposure

This included HSD11B1, which helps produce the hormone cortisol that plays an important role in regulating the rhythm of sleep and wakefulness. Another gene was cathepsin B, related to cognitive function and memory. Disruption in this gene was linked to Alzheimer’s.

The study’s findings echo historical events where chemicals once deemed safe were later found to have harmful effects on human health. For instance, lead was widely used in paint, gasoline, and plumbing until research revealed its toxic effects, particularly in children. Similarly, asbestos was a popular building material until its fibers were found to cause lung diseases.

The USC study adds to the growing body of evidence suggesting that PFAS could be the next major public health concern.

To reduce exposure to PFAS, individuals can avoid using products that are stain-resistant, waterproof, or nonstick, as these often contain PFAS. They can also choose natural fiber clothing, use glass, stainless steel, or ceramic cookware instead of Teflon or other nonstick pans, and be cautious with food packaging, especially for microwave meals.

Filtering drinking water with a system designed to remove PFAS, if necessary, and being mindful of personal care products, checking labels for PFAS ingredients, can also help. As we continue to learn more about these forever chemicals, it is crucial that we take steps to minimize our exposure and protect our health.

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.

Meta’s Answer to AI Media Startups: ‘Movie Gen’ Ready to Disrupt Film Making Now

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Meta has taken a major leap in artificial intelligence by announcing its latest AI model, Movie Gen. This cutting-edge tool is designed to generate realistic video and audio clips based on user prompts, putting it in direct competition with leading media generation platforms like OpenAI and ElevenLabs.

Movie Gen’s features go beyond just video creation. The AI can also produce background music and sound effects that synchronize with the video’s content. For example, in a demo, it added pom-poms to a man running solo in a desert scene. In another clip, it transformed a dry parking lot into a splashing puddle, enhancing footage of a skateboarder.

Meta’s new tool allows videos to run up to 16 seconds long, with audio extending to 45 seconds. The company claims Movie Gen holds its own against rivals like OpenAI, ElevenLabs, Runway, and Kling, all of which are pushing the boundaries of AI-generated media.

Meta Eyes Hollywood with Movie Gen

The introduction of Movie Gen comes as Hollywood explores the potential of generative AI in video production. Earlier this year, OpenAI, backed by Microsoft, introduced Sora, an AI that can generate movie-like clips from text descriptions, sparking excitement in the entertainment sector. However, concerns about AI systems trained on copyrighted material without permission have also been raised.

There’s growing anxiety about the misuse of AI-generated videos, especially deepfakes, in political campaigns. Incidents of such misuse have been reported in the U.S., India, Pakistan, and Indonesia, drawing attention from lawmakers worldwide.

Despite its powerful capabilities, Meta is unlikely to release Movie Gen widely for developer use, as it did with its Llama language models. Instead, Meta plans to collaborate closely with the entertainment industry and other creators, integrating the tool into its own suite of products next year.

The Road Ahead for AI in Media

Movie Gen was developed using a combination of licensed and publicly available datasets, marking a different approach from OpenAI, which has been in talks with Hollywood about partnerships for its Sora tool. So far, no formal agreements have been reported.

The unveiling of Movie Gen underscores the rapid advancements in AI technology, paralleling the release of OpenAI’s Sora earlier this year. Both innovations signal a transformative shift for industries ranging from filmmaking to politics, pushing the boundaries of what’s possible in media creation.

Amazon Finds New Ally In India Post’s Parcel Delivery Network To tap Rural Consumers

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In a calculated move to enhance logistics operations, Amazon and the Department of Posts signed a Memorandum of Understanding (MoU) on Friday. This partnership will leverage India’s vast postal network, comprising over 1.6 lakh post offices, to facilitate faster parcel delivery across the country, including remote regions.

The collaboration aims to optimize logistics and business operations for both parties. Amazon will gain access to the postal department’s expansive infrastructure, enabling it to improve delivery speed and efficiency while exploring opportunities for business expansion in underserved areas.

Key areas of the partnership include synchronization of logistics operations, knowledge-sharing, and capacity-sharing opportunities, according to a statement from the Ministry of Communications. Both parties will conduct quarterly reviews to assess progress and explore further avenues for enhancing the partnership.

This alliance is set to streamline Amazon’s logistics operations, aligning with its growing e-commerce needs, while also scaling up the Department of Posts’ parcel business. By working closely with Amazon, the postal department aims to enhance its expertise in e-commerce logistics and contribute to India’s broader goal of becoming a global logistics hub.

Amazon and the Department of Posts have been collaborating since 2013, utilizing the postal network for parcel transmission. This new MoU strengthens their ongoing relationship, aiming to support India’s burgeoning e-commerce sector by improving logistical capabilities and fostering economic growth.

In a related development, the Ministry of Labour and Employment recently signed an MoU with Amazon to enhance employment accessibility in India. This two-year partnership focuses on leveraging the National Career Service (NCS) portal to boost job opportunities, particularly for women and ‘divyang’ (differently-abled) candidates.

Snoring Linked to High Blood Pressure, Australian Study Finds

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A new Australian study has revealed that regular snoring may lead to higher blood pressure. Researchers from Flinders University in South Australia found that people who snore often are more likely to suffer from elevated blood pressure and uncontrolled hypertension.

The study monitored 12,287 participants over six months, using home-based sleep tracking technology. It showed that 15% of the participants snored for more than 20% of the night. Those who snored heavily had a 3.8 mmHg higher systolic blood pressure and 4.5 mmHg higher diastolic pressure compared to non-snorers.

Hypertension, commonly known as high blood pressure, occurs when blood vessels have consistently high pressure. This condition can cause heart attacks, strokes, heart failure, and other serious heart diseases.

“For the first time, we can say there’s a strong link between frequent snoring at night and high blood pressure,” said Bastien Lechat, lead author of the research from the College of Medicine and Public Health at Flinders University in Australia. He stressed the importance of addressing snoring in managing hypertension.

The World Health Organization estimates that 1.28 billion adults globally have hypertension, with nearly half of them unaware of their condition.

Swiggy Increases IPO Size to $1.4 Billion, Plans to Expand ‘Instamart’

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In a significant development in India’s burgeoning IPO market, SoftBank-backed food delivery giant, Swiggy, has received approval from its shareholders to increase the size of its fresh issue in its upcoming IPO. The approval will allow the company to raise the fresh issue size to 50 billion rupees ($595 million), a substantial increase from the previously planned 37.5 billion rupees. This information was disclosed by individuals privy to the matter on Thursday, 10th March 2024.

The Indian IPO market has been on a tear, with approximately 250 companies raising over $9 billion so far this year. This figure is more than double the amount raised during the same period last year, according to data from the London Stock Exchange Group (LSEG). The increase in Swiggy’s fresh issue size will further boost this trend, contributing to the market’s robust growth.

Swiggy’s existing shareholders will sell shares worth 66.64 billion rupees, a figure that remains unchanged despite the increase in the fresh issue size.

Swiggy’s IPO: A New Benchmark

The increase in the fresh issue size will push the total size of Swiggy’s initial public offering to $1.4 billion, up from the previously planned $1.25 billion. This makes Swiggy’s IPO one of the largest in the country this year, surpassing NTPC Green Energy’s $1.2 billion public offering filing.

Swiggy, headquartered in Bengaluru, had filed its draft papers for the IPO last week. The company is reportedly targeting a valuation of $15 billion, a testament to its rapid growth and dominant position in India’s food delivery market. However, Swiggy did not immediately respond to a request for comment on these developments.

The company’s investment plans following the IPO are ambitious and forward-looking. A key focus area is the expansion of its quick-commerce business, ‘Instamart’.

Instamart: The Future of Quick Commerce

This service aims to deliver everything from groceries to higher-margin electronics in just 10 minutes, a feat that would revolutionize the e-commerce landscape. Swiggy’s rivals, including Zomato and Zepto, are also racing to establish their presence in this promising segment.

The shareholder approval for the upsized IPO marks a significant milestone for Swiggy. The main shareholder in the company, SoftBank, has been instrumental in supporting Swiggy’s growth and will likely play a crucial role in the IPO process. The upsized IPO, approved on Thursday, 10th March 2024, will provide Swiggy with additional resources to execute its ambitious growth plans.

Historically, the upsizing of IPOs has been a strategy employed by companies expecting strong investor demand. For instance, in 2020, Snowflake Inc., a cloud-based data warehousing startup, upsized its IPO due to overwhelming investor interest, raising $3.4 billion and marking the largest software IPO in history.

Similarly, Swiggy’s decision to upsize its IPO could be indicative of strong investor confidence in the company’s growth prospects and the overall potential of India’s digital economy.

Hyundai India Gears Up to Launch Megasize $3 billion IPO, Largest After LIC’s 2 Years Ago

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Hyundai Motor India, the country’s second-largest car manufacturer, is reportedly planning to launch a $3 billion Initial Public Offering (IPO) on October 14, 2024. This IPO, if it goes ahead, would be the largest in India after the Life Insurance Corporation’s (LIC) IPO, which was around Rs 21,000 crore. The IPO of Hyundai Motor India Limited will be an offer for sale (OFS), with the company planning to sell 14.2 crore shares, which is around 17.5 per cent of the total shareholding.

The IPO has been approved by the Securities Exchange Board of India (SEBI), the country’s market regulator. However, no official statement has been given by Hyundai regarding the IPO dates. The company’s decision to go public is subject to market conditions, particularly the ongoing conflict between Iran and Israel in the Middle East.

Market Conditions and Geopolitical Tensions

The Indian stock market recently experienced a sharp fall due to Iran’s missile attack on Israel, with both the frontline indices Sensex and Nifty closing down by more than 2 per cent. This was the biggest fall in the stock market in the last two months. The launch of Hyundai Motor India’s IPO could be impacted by unexpected changes in the market due to geopolitical tensions. If the situation escalates, it could affect market stability, which might influence the IPO’s launch date or its success.

Hyundai India is a significant player in the Indian automobile market, holding a market share of around 15 per cent. It is the second-largest car company in the country after Maruti Suzuki. The company has been consistently selling around 60,000 units per month, except for the last few months due to industry-wide slowdown. Nearly one in four Hyundai cars is sold in India now.

Hyundai’s Market Position and Future Prospects

After the listing, Hyundai India’s market cap could be almost half the valuation of its Seoul-listed promoter company Hyundai Motors at $47 billion. The IPO comes at a time when the Indian stock market is witnessing a flurry of public issues. Companies like Swiggy, NTPC Green Energy, and Canara Robeco Asset Management Company are also planning to go public soon.

The surge of retail investors, the resilience of India’s economic growth, and rising optimism about the potential start of a rate-cutting cycle have driven the market on an upward trajectory. However, concerns persist about stretched valuations amid unimpressive quarterly earnings of Indian companies.