Indian Sector Specific News:
A) Indian BFSI:
1) India-Asean FTA Review Progresses
- India and Asean move closer to reviewing tariffs under the Asean-India Trade in Goods Agreement (AITIGA), with significant progress made in discussions.
- India's trade deficit with Asean has surged to $38.4 billion in 2023-24 from $4.98 billion in 2010-11, with the next review meeting set for February 2025 in Jakarta.
- Source: Financial Express
2) SEBI Strengthens Governance of MIIs
- SEBI mandates MIIs (like stock exchanges) to resolve whistleblower complaints within 60 days and adopt technologies like RegTech and SupTech for better supervision and transparency.
- New rules effective April 2025 include quarterly and half-yearly reporting by compliance and risk officers, stricter policies for KMP discipline, and enhanced investor grievance disclosure.
- Source: Economic Times
3) Adani Group Faces Fresh Troubles
- Adani faces global scrutiny with SEBI probes, US DOJ and FBI investigations, and potential new inquiries amid political uproar and limited access to foreign capital.
- Past controversies, including Hindenburg allegations and SEBI conflict-of-interest charges, have compounded challenges for India’s rapidly growing conglomerate.
- Source: Business Standard
B) Indian Automobile:
1) Tesla Faces Lawsuit Over Phantom Braking
- A U.S. judge allowed a consumer lawsuit against Tesla to proceed, accusing the company of concealing a defect that causes automatic braking without collision risk.
- While some claims were dismissed, Tesla may face further legal scrutiny over its "forward collision monitoring system" and potential safety omissions.
- Source: Republic World
C) Indian Pharma:
1) NPPA Revises Atorvastatin 10 mg Ceiling Price
- NPPA adjusted the ceiling price of atorvastatin 10 mg to ₹4.97 per tablet, following a Department of Pharmaceuticals review favoring Abbott Healthcare’s application, up from ₹4.94.
- Abbott argued NPPA overlooked revised prices from brands like Atchol, Avas, and Lipikind in its calculations; recalculations were ordered for fairness under DPCO provisions.
- Source: PharmaBiz
2) Lexicon Pharmaceuticals to Lay Off 60% of Workforce
- Lexicon is cutting 60% of its staff to save $100M in 2025 and will focus on developing new medicines instead of commercial operations.
- It plans to prioritize key projects like treatments for heart disease, pain, and obesity while addressing challenges with its diabetes drug approval.
- Source: Investing.com
D) Indian Telecommunication:
1) Government Issues New Telecom Cybersecurity Rules
- The government has introduced new rules mandating telecom companies to implement robust cybersecurity policies, report security breaches within six hours, and adopt measures like risk management and network testing.
- Authorities can collect non-content traffic data from telecom operators while ensuring strict confidentiality to safeguard India's communication networks.
- Source: Millennium Post
E) Indian Agriculture:
1) SC Panel Highlights Stagnant Yields and Rising Debt in Agricultural Crisis
- An SC-appointed panel's interim report cites stagnant yield growth since the mid-1990s, rising costs, and inadequate marketing systems as key reasons for agrarian distress, severely affecting small farmers and workers.
- Suggested solutions include legalizing Minimum Support Price (MSP) and providing direct income support to address farmers' grievances and end protests.
- Source: Business Standard
2) National Conference Highlights Need for Agricultural Improvement and Gender Inclusion
- The conference called for improved agricultural practices in Bihar, emphasizing policy changes like altering cropping patterns and investing in agriculture for sustainability.
- Experts also discussed the importance of gender inclusion and the need for investments in healthcare and education to achieve sustainable development goals in the state.
- Source: Times of India
F) Indian Energy:
1) REC Transfers HVDC Project to Power Grid
- REC Limited has transferred the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL), a strategic move in line with the company’s objectives.
- This transfer is expected to strengthen the power transmission infrastructure and contribute to better energy distribution in the country.
- Source: Construction World
G) Indian IT:
1) TCS to Begin Operations in Visakhapatnam Soon, Says Andhra Minister Nara Lokesh
- Nara Lokesh, the IT Minister of Andhra Pradesh, announced that Tata Consultancy Services (TCS) will soon set up its unit and campus in Visakhapatnam, following discussions with various IT companies over the last five months.
- The state government is also working to attract other IT giants like Infosys, aiming for 5 lakh jobs in the IT sector over five years, while also focusing on building a robust ecosystem for data centers and global delivery centers in the region.
- Source: Sunday Guardian Live
H) Indian Infrastructure:
1) Maharashtra Election Results 2024: Real Estate Sector Expects Focus on Growth-Focused Policies
- The real estate sector in Maharashtra is hoping the new government will prioritize policies that foster growth, such as faster clearances for projects, affordable housing, slum rehabilitation, redevelopment projects, and reduced stamp duty.
- Industry leaders urge the government to accelerate infrastructure projects, enhance connectivity, and create a conducive environment for attracting global investments in sectors like IT, BFSI, and manufacturing, with a focus on sustainable urban development and reduced tax burdens.
- Source: Hindustan Times
Bonus Briefs:
- Stocks posted a strong weekly gain, with U.S. yields slipping, as markets focused on potential policies under former President Trump.
- WTI crude rose 1.6% to $71.24, and gold prices surpassed $2,700 for the first time in two weeks, reflecting market reactions to economic data.
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