News Nook: Nov 22, 2024

 Indian Sector Specific News:

A) Indian BFSI:

1) Goyal Pushes for Quality, Business-Friendly Reforms

• Commerce Minister Piyush Goyal urged industries to improve quality standards, reduce compliance burdens, and leverage ₹1 trillion under the Anusandhan National Research Foundation to boost innovation.
• The government plans to establish new industrial parks in smaller cities and expand the PLI scheme, which has attracted ₹1.46 trillion investments and boosted exports to ₹4 trillion.
• Source: Economic Times

2) 93% of Indian Firms to Boost Cybersecurity Budgets: PwC

• A PwC report reveals 93% of Indian executives plan to increase cybersecurity budgets in 2025, with 42% prioritizing data protection after recent breaches.
• Cloud-related threats top concerns, but 50% of security leaders feel unprepared to tackle them.
• Source: Economic Times

3) RBI Raises UPI 123Pay Transaction Limits to ₹10,000

• RBI increased UPI 123Pay's transaction limit to ₹10,000, with Aadhaar OTP onboarding and new transaction tagging mandatory by Jan 1, 2025.
• UPI Lite wallet limits were also raised to ₹5,000 for wallet balance and ₹1,000 per transaction.
• Source: Business Standard

4) Sebi Removes 1% Security Deposit Rule for Public Issues

• Sebi abolished the 1% mandatory security deposit requirement for public issues, effective immediately, to simplify processes for issuer companies.
• The move follows reforms like ASBA, UPI payments, and mandatory demat allotments, addressing prior investor complaint concerns.
• Source: Business Standard

B) Indian Automobile:

1) Need for Emission-Focused Scrappage Policy to Tackle Pollution

• Delhi’s air quality crisis, with emissions from vehicles contributing over 50% of local pollution, highlights the need for a revised scrappage policy prioritizing emissions over vehicle age.
• Drawing lessons from Norway and China, India must incentivize EV adoption and modernize anti-pollution strategies to address outdated vehicles effectively.
• Source: ThePrint

2) BMW M5 Launched in India with Powerful Hybrid Engine

• BMW India unveiled the seventh-gen M5 sedan, a plug-in hybrid with a 4.4L V8 engine and electric motor, delivering 727 BHP and 1000 Nm torque, priced at ₹1.99 crore (ex-showroom).
• It offers up to 69 km electric range, advanced features like adaptive M suspension, rear-axle steering, and a premium Bowers & Wilkins sound system.
• Source: Republic World

3) Hyundai Motor India to Set Up Renewable Energy Plants in Tamil Nadu

• Hyundai Motor India Ltd (HMIL) will invest ₹38 crore to establish two renewable energy plants in Tamil Nadu, in partnership with Fourth Partner Energy Ltd (FPEL), aiming for 100% renewable electricity by 2025 under the RE100 initiative.
• Operating in Group Captive Mode, HMIL will hold a 26% stake in the wind and solar power plants, ensuring renewable energy supply for 25 years and reducing its carbon footprint.
• Source: Zee Business

C) Indian Pharma:

1) India’s Pharma Sector Slows in Licensing and Tech Transfers

• India's pharmaceutical industry faces a decline in voluntary licensing agreements and technology transfers, per the 2024 Access to Medicine Index, threatening access to affordable medicines in low- and middle-income countries (LMICs).
• While crucial for generic drug production, these mechanisms are increasingly concentrated in wealthier nations, raising concerns about healthcare delivery in regions like sub-Saharan Africa.
• Source: Business Today

D) Indian Telecommunication:

1) IMEI Registration Now Mandatory for Mobile Phones in India

• Under the new Telecommunications (Telecom Cyber Security) Rules, 2024, all mobile manufacturers must register IMEI numbers of devices made in India, while importers must do the same before importing devices.
• The move aims to enhance security, as tampered IMEI numbers have been linked to criminal activities, ensuring better traceability and compliance.
• Source: News18

E) Indian Agriculture:

1) AI in Agriculture: A Key to Achieving 'Viksit Bharat 2047' Vision

• IIT Guwahati held discussions on the role of Artificial Intelligence (AI) in revolutionizing agriculture, highlighting its potential to significantly contribute to India's goal of becoming a developed nation by 2047, as part of the "Viksit Bharat 2047" vision. 
• The conversation emphasized AI's role in enhancing farming productivity, sustainability, and addressing challenges like climate change. 
• The academic institution explored how AI can provide innovative solutions for Indian agriculture, fostering growth and global competitiveness.
• Source: ANI

F) Indian Energy:

1) TotalEnergies and Oil India Pact

• TotalEnergies and Oil India Ltd have signed an agreement to detect and measure methane emissions at Oil India's sites.
• The initiative is aimed at enhancing environmental sustainability and emissions management in the energy sector.
• Source: Construction World

2) BPCL to Establish Rs 60k Cr Refinery and Hub in Andhra Pradesh

• BPCL will set up a refinery and petrochemical hub in Ramayapatnam, Andhra Pradesh, with a Rs 60,000 crore investment, fulfilling a promise made during the state’s bifurcation.
• The project, spread over 1,000 acres, is expected to boost Chief Minister N. Chandrababu Naidu's agenda, with a formal announcement expected by the end of November.
• Source: Economic Times

3) Adani Group Faces Bribery Charges Over Solar Contracts

• Gautam Adani and seven others are charged in the US for allegedly orchestrating a $250 million bribery scheme to secure solar energy contracts in India.
• The charges involve bribing Indian officials and concealing the payments while raising funds from US investors, leading to a sharp drop in Adani Group stocks.
• Source: Economic Times

G) Indian IT:

1) Andhra Pradesh's IT Industry Growth Plans

• Nara Lokesh, Andhra Pradesh's IT minister, aims to create 5 lakh jobs in the IT sector in the next five years and attract major industries following the Centre’s data policy announcement.
• TCS will open a unit in Visakhapatnam soon, and the state has signed an MoU with Adani to set up a data center.
• Source: Times of India

H) Indian FMCG:

1) Bikaji Foods Extends Investment Timeline for US Subsidiary

• Bikaji Foods International has extended its investment timeline for its US subsidiary, investing $500,000 over the next three months.
• The subsidiary, established in July 2023, aims to strengthen the company’s distribution network in the United States.
• Source: Economic Times

I) Indian Infrastructure:

1) Affordable Housing and Urban Development Powering India’s Vision for 2047

• India’s real estate sector is projected to reach $5.8 trillion by 2047, contributing 15.5% to the GDP, driven by government-backed programs like the Affordable Housing Fund and initiatives such as PMAY.
• With strong demand across residential and commercial spaces, the sector saw a 48% increase in home sales in FY23, while office leasing reached a record high, particularly in Bengaluru and Delhi NCR.
• Source: Economic Times

 Indian Economy and Government Initiatives

1) Govt to Introduce Key Bills in Parliament’s Winter Session

• The Indian government plans to introduce 15 bills, including amendments to banking laws and insurance regulations.
• A significant change in insurance laws could raise the foreign direct investment (FDI) limit to 100%, from the current 74%, to cater to the country’s growing needs.
• Source: Financial Express

2) Centre Aims for 95% Capex Target for FY25

• The Indian government is focusing on utilizing ₹10.55 trillion of its capex in FY25, aiming to meet 95% of the target after undershooting last year.
• Ajay Seth, Economic Affairs Secretary, also mentioned no downside risks to growth, despite concerns over food prices.
• Source: Live Mint

 Stock Market Overview:

• Tech Mahindra's market performance is being tracked, with updates on its trading figures.
• IDBI Bank's stock fell by 3.0% on November 21, underperforming the market with a -7.70% decline over the past month.
• Stove Kraft's stock price showed a positive trend, outperforming its sector by 5.67% on November 19.
• Goldman Sachs forecasts a range-bound market, expecting Nifty to reach 27,000 by the end of 2025.

 Bonus Briefs:

• The Carnegie Endowment explores the geopolitical and economic statecraft of the European Union in the context of the U.S.-China economic competition.
• The European Central Bank's Financial Stability Review highlights the risks of global economic policy uncertainty and financial fragmentation.
• VanEck discusses emerging markets' challenges in the wake of the US elections, focusing on trade, financial stability, and economic growth.