News Nook: Oct 18, 2024

Indian Sector Specific News:

A) Indian BFSI:

1) Central Bank of India Acquires Stakes in Future Generali Entities

• Central Bank of India received approval from the Competition Commission of India (CCI) to acquire stakes in Future Generali India Insurance (24.91%) and Future Generali India Life Insurance (25.18%) through an insolvency resolution process.
• This acquisition follows Central Bank's successful bid for the assets of debt-ridden Future Enterprises Ltd (FEL), which previously held significant stakes in these insurance companies.
• Source: Economic Times\

2) Rise of Customer-Centric Banking in the BFSI Sector

• The banking, financial services, and insurance (BFSI) industry is shifting towards customer-centric approaches, focusing on tailored experiences rather than just transactions.
• BFSI organizations are revamping their strategies and leveraging digital technologies to enhance customer engagement and satisfaction.
• Implementing the right Customer Experience (CX) platform is crucial for these companies to meet evolving consumer demands and improve service delivery.
• Source: Economic Times

B) Indian IT:

1) Stock Market Sees Decline; IT Sector Stands Out

• The stock market is experiencing a bearish trend, with the BSE 500 index down by 0.95% and 35 sectors declining compared to only 3 advancing sectors.
• The NIFTYIT sector performed well, gaining 1.31%, led by a 6.10% increase in Mphasis stock, while the NIFTYREALTY and NIFTYAUTO sectors saw significant declines of -3.24% and -3.17%, respectively.
• The NIFTYIT sector has a strong advancing-to-declining ratio of 9.0, indicating robust performance, while NIFTYREALTY is struggling with a ratio of 0.09
• Source: marketsmojo

C) Indian Agriculture:

1) Tomato Price Volatility Highlights Gaps in India's Agriculture Supply Chain

• Tomato prices have surged by 125% to 150% at the wholesale level over the past month, contributing to a retail inflation rate rise to a nine-month high of 5.49% in September.
• The significant price increase reflects volatility among the "TOP" vegetables (tomato, onion, and potato), with tomatoes showing the most fluctuation.
• While improvements in supply from Madhya Pradesh and Himachal Pradesh are expected to reduce prices in the coming weeks, uncertainty remains about the sustainability of this relief.
• Source: Business Standard

2) HRM Training on Smart Digital Tools for Sustainable Agriculture Inaugurated

• A 10-day HRM training program focused on smart digital tools for sustainable agriculture was launched at ICAR-Central Research Institute for Dryland Agriculture, Hyderabad, for scientific staff from ICAR institutes and various State Agricultural Universities (SAUs).
• Dr. Sanjay Kumar, Chairman of the Agricultural Scientists Recruitment Board, highlighted the importance of digital tools in crop management and urged participants to apply their learning in data handling and analysis, especially using drones.
• Dr. Shaik N. Meera, Director of ICAR-Agricultural Technology Application Research Institute, discussed innovative applications of new technologies, including drones and AI, and emphasized the potential for India to become a leader in agricultural productivity.
• A compendium titled “Smart Digital Tools for Sustainable Agriculture” was released during the inauguration, attended by 21 participants from 12 states.
• Source: icar

3) Farmers Propose 'Model Farm' Initiative to Promote Profitable Farming

• During a meeting with Agriculture Minister Shivraj Singh Chouhan at the Pusa campus, farmers suggested the government establish a model farm to demonstrate profitable farming techniques on 1 to 2.5 acres of land.
• They shared success stories of profitable farming on one-acre plots and discussed challenges such as water access, fertilizer use, soil health, and losses from natural disasters.
• The minister assured farmers that their suggestions, including promoting millets, would be seriously considered and addressed.
• Source: Business Standard

D) Indian Pharma:

1) Piyush Goyal Meets Pharmaceutical Exporters to Address Concerns

• Union Commerce Minister Piyush Goyal convened with key pharmaceutical stakeholders, including the General Secretary of the Indian Drug Manufacturers Association (IMDA), to discuss challenges facing pharmaceutical exporters.
• The discussions aimed to tackle issues impacting competitiveness in quality and pricing, essential for enhancing India's global standing in the pharmaceutical sector.
• The meeting highlighted the necessity for ongoing collaboration between the government and industry players to maintain and boost India's reputation as a leading pharmaceutical hub.
• The Indian pharmaceutical industry is a major global supplier of generic drugs, making the resolution of these concerns vital for sustained growth and competitiveness.
• Source: Economic Times

E) Indian Automobile:

1) Maruti's Manesar Plant Hits 1 Crore Car Production

• Maruti Suzuki's Manesar plant has produced 1 crore cars, with the Brezza being the milestone model.
• This plant is the fastest among Suzuki's global facilities to reach this number, achieving it in just 18 years.
• The facility, operational since 2006, manufactures popular models and exports to multiple regions.
• Source: India Today

2) Mixed Responses in Auto Sales During Festive Season

• FADA reports a 12% increase in two-wheeler sales during the Navratri period, contrasting with Bajaj Auto's claims of muted festive demand.
• While overall vehicle sales show double-digit growth, the tractor segment is struggling with negative growth.
• Source: CNBC TV18

F) Indian Telecommunication:

1) International Conference of Telecom Regulators Highlights

• The Telecom Regulatory Authority of India (TRAI) held an international conference in New Delhi alongside WTSA-24 and IMC-24, focusing on "Emerging Trends in Regulation."
• Three engaging sessions addressed topics such as regulatory roles in standardization, satellite communications, and OTT service regulations, attracting over 150 participants from more than 30 countries.
• A Memorandum of Understanding was signed with Saudi Arabia's ICT Regulator, emphasizing the need for global cooperation among regulators to tackle emerging technology challenges.
• Source: PIB Delhi

2) TRAI Pushes for OTT Regulation: Focus on WhatsApp and Telegram

• TRAI chairman Anil Lahoti urged global regulators to establish a structured regulatory framework for OTT platforms like WhatsApp and Telegram, addressing concerns from law enforcement about security and spam control.
• While TRAI supports regulation, the Department of Telecommunications (DoT) has clarified it won't regulate OTT services, leading to debates on whether these platforms fall under the new Telecommunications Act.
• Lahoti emphasized the need for balancing innovation with fair competition in the OTT space, as telecom companies highlight issues related to spam and scams on these platforms.
• Source: Business Standard

3) Airtel's New Contracts for 4G and 5G Equipment

• Airtel plans to sign multi-year contracts worth over $2 billion with Nokia, Ericsson, and Samsung for 4G and 5G radio network equipment.
• The contracts aim to deepen Airtel's 4G and 5G coverage, with a focus on launching Standalone (SA) 5G services in India, making it the first provider to offer both 5G NSA and SA networks.
• Ericsson is expected to receive about 50% of the contracts, Nokia 45%, and Samsung 5%, similar to the previous agreement made in August 2022.
• Source: kalingatv

G) Indian Infrastructure:

1) Eknath Shinde's 34 Infrastructure Projects: Transforming Thane into MMR's Next Hub

• Thane and surrounding areas will see a significant boost from 34 major infrastructure projects worth ₹3.97 lakh crore, enhancing connectivity and stimulating real estate growth.
• The projects include new metro lines, bullet trains, expressways, elevated roads, and tunnels, aiming to position Thane as a central suburb in the Mumbai Metropolitan Region (MMR).
• Chief Minister Eknath Shinde's longstanding ties to Thane have facilitated these initiatives, with many projects gaining momentum due to his roles in various key government departments since 2014.
• The 34 projects will not only benefit Thane city but also neighboring areas such as Kalyan, Dombivali, and Ambernath, which are represented by Shinde's family members in the government.
• Infrastructure development is expected to drive job creation, enhance local GDP by 15-18%, and increase property values, making Thane an attractive destination for home buyers and investors.
• Source: Hindustan Times

 Indian Economy and Government Initiaves:

1) Andhra Pradesh's Ambitious Industrial Growth Plan

• CM Chandrababu Naidu aims to attract over ₹40 trillion in investments and create 20 lakh jobs for skilled youth through six newly approved industrial policies in Andhra Pradesh.
• The policies emphasize industrial development, clean energy, MSME support, food processing, electronics manufacturing, and private industrial parks to rejuvenate the state's economy.
• The government will offer competitive incentives, including a 30% capital subsidy for early projects and additional benefits for companies that reduce carbon footprints, aiming to make Andhra Pradesh's industrial policies among the most attractive in India.
• Source: The Print

2) DA Hike for Government Employees

• The Union Cabinet has approved a 3% increase in Dearness Allowance (DA) for central government employees and pensioners, effective July 1, 2024, raising it from 50% to 53% of basic pay.
• This adjustment will benefit approximately 1.15 crore individuals and aims to alleviate the impact of rising inflation.
• Source: Economic Times