News Nook: Nov 14, 2024

Indian Sector Specific News:

A) Indian BFSI:

1) SEBI Relaxes Rules for InvITs and REITs in Employee Benefit Schemes

SEBI has lifted certain lock-in restrictions for Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs), easing their participation in employee benefit schemes.
A standardized quarterly reporting format has been introduced, with entities like Bharat InvITs now required to follow these guidelines.
Source: Economic Times

2) SEBI Proposes Reforms for Angel Funds to Boost Accessibility

SEBI suggests reducing the minimum investment per startup from ₹25 lakh to ₹10 lakh and raising the maximum cap from ₹10 crore to ₹25 crore.
These reforms aim to lower entry barriers for investors and provide fund managers with more flexibility in structuring investments.
Source: LiveMint

3) SEBI Simplifies Registration Process for Foreign Portfolio Investors (FPIs)

SEBI has introduced a simplified registration process allowing FPI applicants to fill only unique information fields, reducing duplication in the Common Application Form (CAF).
Designated Depository Participants (DDPs) will update CAF details for future reference, with the new provisions effective three months from November 12, 2024.
Source: SCC Online

B) Indian Automobile:

1) Volkswagen Increases Investment in Rivian to Strengthen EV Joint Venture

Volkswagen raised its investment in Rivian by 16% to $5.8 billion, boosting their joint venture to develop electric vehicle (EV) architecture and software, with the R2 SUV launch planned for 2026.
The joint venture, Rivian and VW Group Technology LLC, will focus on integrating advanced electrical infrastructure and Rivian’s software across future EVs for both companies, starting production in multiple facilities by 2027.
Source: Republic World

C) Indian Pharma:

1) India Aims to Cut Import Dependence on Key Pharma Ingredients by Half

India inaugurated two plants to locally produce key pharmaceutical ingredients like Penicillin G and Clavulanic Acid, aiming to reduce import reliance, especially on China, by 50%.
These facilities, launched under the Production Linked Incentive (PLI) scheme, will enhance self-reliance in active pharmaceutical ingredients (APIs) and strengthen the domestic pharmaceutical industry.
Source: Business Standard

D) Indian Telecommunication

1) US Uncovers Chinese Cyber Espionage Targeting Telecom Infrastructure

A US investigation has revealed that Chinese government-linked hackers infiltrated several US telecom companies, stealing customer call records and accessing private communications, especially those related to government and political activities.
The FBI and CISA stated that this cyber espionage campaign compromised networks to gather sensitive information, including data requested by US law enforcement agencies.
Source: Times Of India

E) Indian Agriculture

1) Andhra Pradesh’s Natural Farming Model Projected to Outperform Industrial Agriculture by 2050

An FAO-led analysis shows Andhra Pradesh's natural farming model could employ twice as many farmers as industrial agriculture by 2050, decreasing unemployment to 7% while increasing farmer incomes due to reduced production costs and better market prices.
Natural farming is projected to cover more land, producing higher-quality food with more nutrients and without chemicals, potentially offering 5,008 kilocalories per capita daily—surpassing industrial agriculture’s 4,054 kilocalories.
Source: Down To Earth

F) Indian Energy:

1) India’s Crude Imports Steady, Product Exports Surge by 30% in September

India’s crude oil imports averaged 4.5 million barrels per day (mb/d) in September, staying at the high end of its five-year seasonal range, while product exports rose by 30%.
Ongoing geopolitical uncertainties and tightening refining margins, especially for gasoil and jet fuel, have impacted oil futures and increased demand for refined products.
Source: Construction World

2) Oil Prices Hold Steady Amid China’s Economic Stimulus

Oil prices stabilized after an initial dip caused by China's stimulus measures aimed at boosting its economy, as the market awaited further clarity on the impact.
Investors showed resilience, closely watching for signs of demand recovery and economic strengthening in China.
Source: Construction World

G) Indian FMCG:

1) Rural Demand and Government Spending to Propel India’s Growth in FY25

ICICI's report predicts rural demand and government spending will be major growth drivers in the second half of FY25, boosting India’s economic performance.
These factors are expected to counterbalance slower urban growth and support overall economic recovery.
Source: Economic Times

H) Indian IT:

1) AI to Generate 2.73 Million Jobs in India by 2028: ServiceNow Study

A study by ServiceNow and Pearson projects AI to create 2.73 million jobs in India by 2028, with major growth in retail, manufacturing, education, and healthcare sectors.
Retail alone is expected to add 6.96 million roles, increasing opportunities in reskilling areas like software development and data engineering, countering fears of job loss due to AI.
Source: Business Standard

I) Indian Infrastructure:

1) RBI Releases Report on Municipal Finances

The Reserve Bank of India (RBI) released the "Report on Municipal Finances," focusing on revenue generation opportunities and challenges in 232 municipal corporations (MCs), which represent over 90% of MCs in India.
Key insights include MCs’ heavy dependence on government transfers due to insufficient own-source revenues, which limits financial autonomy. Improved property tax systems, such as GIS mapping and digital payments, are recommended to enhance revenue efficiency.
Source: Legally Simplified

Stock Market Overview:

Gland Pharma's stock showed a positive trend on November 14, 2024, indicating growth potential in India’s pharmaceutical sector.
Shares of Akums Drugs and Pharmaceuticals fell 35% over 10 sessions, with a 5% drop on November 14, falling below its IPO price.
India's benchmark indices, Sensex and Nifty, pared gains as FMCG stocks recorded losses for the fourth consecutive day.
EKI Energy Services' stock hit a 52-week low of Rs.223.65 on November 14, prompting a 'Strong Sell' rating from MarketsMOJO.
November 14 saw Q2 earnings releases from major companies, including Hero MotoCorp, HAL, and Glenmark, among 1181 others.