Top Trending Appointments News & Highlights
FICCI President-Elect Anant Goenka for 2025–2026
Anant Goenka, the vice chairperson of the RPG Group, has been named the Federation of Indian Chambers of Commerce and Industry's (FICCI) 2025–2026 president-elect. A significant leadership change in one of India's oldest and most significant business chambers was announced on Tuesday.In addition to being the Vice Chairperson of RPG Group, a diverse Indian industrial conglomerate with interests in industries like infrastructure, IT, healthcare, and tires (CEAT), Anant Goenka is currently the Senior Vice President of FICCI. Within the RPG Group, Goenka, a third-generation business executive, is renowned for spearheading digital transformation and modernizing processes. He graduated from Northwestern's Kellogg School of Management and the University of Pennsylvania's Wharton School. A generational change and the increasing impact of young industry leaders in influencing India's policy and economic discourse are signaled by his appointment as FICCI president-elect. The incumbent FICCI President and Vice Chairman & Managing Director of Emami Group, Harsha Vardhan Agarwal, will be replaced by Anant Goenka. Second-generation businessman Harsha Vardhan oversaw FICCI during the 2024–2025 term. Under his direction, FICCI made a substantial contribution to business-government cooperation by concentrating on MSME reforms, exports, ESG, and inclusive growth.One of the most well-known business associations in India is the Federation of Indian Chambers of Commerce and Industry, or FICCI, which was established in 1927. Additionally, it is essential to Participating in policy debates on behalf of Indian industries Talking about economic reforms with the authorities Encouraging global trade alliances putting together prestigious events such as the India Innovation Summit, FICCI Frames, and FICCI Flo
Published 16 Oct 2025 05:25 PM
Dan Katz was named the first deputy managing director of the IMF.
Dan Katz joins the IMF as First Deputy Managing Director on October 6, 2025, bringing a wealth of global finance and U.S. Treasury experience.The International Monetary Fund (IMF) Executive Board authorized Dan Katz's nomination as its First Deputy Managing Director on October 3, 2025, with effect from October 6, 2025. IMF Managing Director Kristalina Georgieva made the nomination, which comes at a crucial moment as the world economy negotiates intricate changes in inflation, trade, and geopolitics. With a solid history in international finance, economic policy, and strategic diplomacy, Katz's selection represents a major change in the IMF's leadership. The most recent position Dan Katz held was Chief of Staff at the U.S. Department of the Treasury, where he was Treasury Secretary Scott Bessent's primary counselor. Among his duties were directing discussions on regional and bilateral financial platforms and establishing both domestic and foreign economic policies, most notably the U.S. economic cooperation with Ukraine.
Published 15 Oct 2025 05:42 PM
Vikram Dayal is named the new head of IOCC by Air India after Choorah Singh resigns.
According to sources on Tuesday, Air India has named Vikram Dayal as the new Head of its Integrated Operations Control Centre (IOCC) after Choorah Singh, the IOCC Head and Senior Vice President, resigned.Sources claim that Singh, who assumed the position in October 2023, has resigned to pursue chances in Ireland. He resigned after being identified in a DGCA letter earlier this year along with two other officials for alleged crew scheduling and rostering errors in June.Regarding the leadership transition, the carrier owned by the Tata Group has not yet released a formal comment.On October 26, Air India Express is scheduled to begin operating direct flights between Agartala and Bagdogra, linking the state capital with North Bengal and offering easy access to well-known locations like Darjeeling, Kalimpong, Mirik, and Sikkim. A new chapter in Tripura's aviation connectivity will be marked by the service, which will launch at the same time as the winter flight schedule. A 180-seater Boeing will fly this route every day, according to reports. The return flight will leave Agartala at 6:10 PM and land in Bagdogra at 7:20 PM, while the departure flight will leave Bagdogra at 4:30 PM and arrive in Agartala at 5:40 PM.Bookings for tickets have already begun, and it has been stated that costs have been maintained reasonable for regular travelers, making family vacations to North Bengal more accessible than before.As part of its Northern Winter 2025 schedule, Air India also announced that it will be expanding its flights to the United Kingdom. As on October 26, there will be a fourth daily flight between Delhi and London (Heathrow).According to a press statement, the new route would offer 1,196 seats per week each way between Delhi and London (Heathrow), increasing Air India's frequency from 24 to 28 times per week this winter.
Published 14 Oct 2025 05:42 PM
Castrol India's MD Steps Down, New CEO Takes Over
A significant participant in the lubricant industry, Castrol India, is going through a leadership change. The present Managing Director, Kedar Lele, will leave at the end of December 2025 in order to pursue other possibilities. He continues to serve as Wholetime Director & Head of B2C Sales, although the company has named Saugata Basuray as Interim CEO, effective January 2026.A board decision states that Lele will formally step down as Managing Director on December 31, 2025, at the end of business. His decision to "pursue other opportunities" is cited as the reason. Since assuming leadership duties not long ago, his time as MD has been rather short.Saugata Basuray will take on the additional role of Interim CEO on January 1, 2026, until a new Managing Director is chosen. He is still employed in his previous role as Head of B2C Sales and Wholetime Director. His title will be changed to "Wholetime Director & Interim CEO" in light of the new hire. Having worked for Castrol since 1999 in a variety of leadership roles across verticals and territories, Basuray is an experienced veteran of the organization. Internal stability and continuity: Castrol India appears to emphasize stability during transition if it selects a leader who is already a part of the organization. Leadership development: While a more permanent replacement is being found, Basuray is a viable temporary option due to his extensive expertise and institutional memory. Market reaction: The revelation caused the company's share price to slightly decline, indicating that investors are sensitive to changes in the company's leadership. The upcoming strategic period: This change in leadership comes at a time when the lubricant industry is dealing with issues related to changing mobility trends, like electric cars, the need for sustainability, and shifting automotive ecosystems.
Published 13 Oct 2025 05:21 PM
Appointments
Appointments
Board Appointments Announced by Lazard, Inc., Effective February 1, 2024
With effect from February 1, 2024, Lazard, Inc. announced the appointment of former PayPal CEO Dan Schulman and former US Chairman and Managing Partner of the Americas for Ernst & Young to its board of directors. As the CEO of PayPal, Dan Schulman, an accomplished executive and board member, oversaw the company's metamorphosis to completely change the way consumers transfer and manage money. At the moment, he is a member of the boards of Verizon Communications and Cisco Systems.Previous executive positions include CEO and President of Priceline Group, President at Sprint Nextel Corporation, Group President at American Express, and founding CEO of Virgin Mobile USA. Additionally, Mr. Schulman worked with AT&T for eighteen years, holding a number of positions, including President of the Consumer Markets Division. In addition to being vice-chair of the Economic Club of New York, he is on the boards of the Cleveland Clinic and the Council on Foreign Relations.He graduated from Middlebury College with a B.A. and New York University with an M.B.A. Stephen R. Howe Jr. is a highly esteemed CEO, member of boards, and specialist in corporate governance, audit, and financial services. He worked for Ernst & Young for 35 years. From 2012 to 2018, he guided the company to double-digit yearly growth in his most recent position as US Chairman, Managing Partner for the Americas, and a member of the Global Executive Board.Leading the Financial Services sector practice and managing client service teams for international financial institutions were among the previous positions held by the firm. At the moment, Mr. Howe is a member of the Royal Caribbean board. He is a member of the Liberty Science Center Board, the Peterson Institute for International Economics Board, and the Carnegie Hall Board of Trustees.
The government names one part-time and three full-time members for the 16th Finance Commission.
Soumya Kanti Ghosh, the group chief economic advisor of State Bank of India (SBI), has been selected as a part-time member.New Delhi: The finance ministry announced in a statement on Wednesday that the government has appointed three full-time and one part-time member to the Sixteenth Finance Commission (16th FC).According to the statement, the commission's full-time members are Niranjan Rajadhyaksha, executive director of Artha Global, former special secretary for expenditures and member of the 15th Finance Commission Ajay Narayan Jha.It further stated that Soumya Kanti Ghosh, the group chief economic advisor for State Bank of India (SBI), has been selected as a part-time member.According to the announcement, "it has been requested that the Sixteenth Finance Commission make its recommendations available by October 31, 2025, covering an award period of 5 years commencing 1st April, 2026."In order to propose a devolution formula for tax income between the Center and states, the government last month named Arvind Panagariya, a professor at Columbia University and former vice-chairman of NITI Aayog, as the 16th chairman of the Federal Communications Commission (FC).The government announced the terms of reference (ToR) for the 16th commission on November 29. In addition to reviewing the current arrangements for financing disaster management initiatives, the ToR asked the body to recommend ways to augment state resources for local bodies. Panagariya's appointment order was issued approximately one month later. Ritvik R. Pandey, a joint secretary in the Department of Revenue and an AS officer from the 1998 batch, was assigned as an officer on special duty for the 16th Finance Commission's advance cell on November 6th, with the rank and compensation of an extra secretary."The allocation between the States of the respective shares of such proceeds and the distribution between the Union and the States of the net proceeds of taxes which are to be, or may be, divided between them under Chapter I, Part XII of the Constitution," stated the original set of rules for the commission.The second ToR states, "The principles which should govern the grants-in-aid of the revenues of the States out of the Consolidated Fund of India and the sums to be paid to the States by way of grants-in-aid of their revenues under article 275 of the Constitution for the purposes other than those specified in the provisos to clause (1) of that article."The third treaty on resources (ToR) deals with the actions required to increase a state's consolidated fund in order to augment the resources of municipalities and panchayats, based on the recommendations of the corresponding state finance commissions.According to the statement, the 16th FC may examine current arrangements for funding disaster management activities while taking into account the funds established under the Disaster Management Act and offer pertinent recommendations.
HUF like benefits for single mothers and more, what women want
With a few hours to go for Union Finance Nirmala Sitharaman’s Budget 2024 speech, Prime Minister Narendra Modi and President Droupadi Murmu have already set the tone of the Budget session and made it clear that ‘Nari Shakti’ will be the primary focus.As part of the CNBC-TV18 Budget Ballot initiative we placed ballot boxes at select locations across cities, and thousands of pleas and suggestions came in. A clear indication from women is that they want to achieve financial independence, and therefore want more initiatives for their education and financial security to reach that milestone. As of January 2022, females accounted for 48.04% of India’s total population of 1.42 billion, according to World Bank data. To understand what nearly half of the country’s population wants (and also the other half), CNBC-TV18 engaged with India's citizens for insight into their Budget wish list this year.Not that the government hasn’t already introduced many schemes, including PM Jan Dhan Yojana, Pradhan Mantri Matru Vandana Yojana, Beti Bachao Beti Padhao, Mahila Shakti Kendra and Mission Shakti among the many others, ensuring women empowerment is still a long road. Pune’s Sushma Arvind, who participated in the CNBC-TV18 Budget Ballot, has suggested to Finance Minister Nirmala Sitharaman that there must be a provision introduced in the Budget that allows single mothers to avail income tax benefits similar to those under the Hindu Undivided Family (HUF) provision. She suggests coining the facility Women Run Family (WRF). (An HUF is taxed separately from its members. Therefore, it can claim deductions or exemptions allowed under the tax laws separately.)She also wants an additional discount or special reduced income tax rates for women who have already worked and paid taxes for more than 15 years.Similarly, Bengaluru resident Asish has requested the FM to allow direct tax filing “jointly” by a married couple so that tax deductions of two individuals can be availed on a combined income.
Confident new Parliament building will have productive dialogues, says President Murmu
“We anticipate the Interim Budget 2024 to align with the government’s mission of uplifting the underprivileged and urge the government to introduce beneficiary schemes, especially as the General Sabha election approaches, focusing on the socio-economic empowerment of the marginalised.”“We hope for policies supporting our growth, particularly in Tier 2, 3, and 4 cities, aiming to integrate rural communities into the formal banking system.Incentivising FinTech dedicated to empowering SMEs through financial and technical interventions would mark a significant stride. Addressing loan disbursement including loans against gold/jewellery, we recommend regulations fostering collaboration between traditional banks and digital lenders for accessible loans,” Anuj Arora, Co-founder & COO, SahiBandhu Gold Loans said.“As we approach Budget 2024, we anticipate a continued focus on advancing India’s digital public infrastructure, a key pillar for realising the $5 trillion economy dream. I look forward to enhanced government initiatives fostering financial inclusion benefiting ‘Bharat’, not just India,” said Sarvjeet Virk, Co-founder & MD, Finvasia. “On the tech front, I hope to see further progress in establishing AI Centres of Excellence. I also expect more policies to enable public-private partnership to boost end-use-cases of generative and predictive AI and increase its adoption in India. The fintech industry, as usual, will be the flag bearer of innovation,” Virk added. “The landscape of online new car sales has experienced a substantial surge over the past 4-5 years, driven by an increasing preference for consumers buying cars digitally. We are expecting some key developments from the budget like a reduction in the GST rate that will support home-grown players in investing in newer technologies for enhanced mobility offerings on a global scale. Then, re-evaluation of the import structure for electric vehicles is also sought to address disparities in GST rates, providing a much-needed boost to the start-up community through government loans and investments. As an online new car market player, we are closely monitoring these developments, recognizing their potential impact on the electric vehicle market. Our commitment is to adapt our platform to the evolving landscape, ensuring that our customers have access to the latest and most sustainable automobile options. We look forward to the Union Budget introducing measures that not only support the growth of the electric vehicle industry but also contribute to a more sustainable and eco-friendly future,” Gaurav Aggarwal, CEO and Founder, CarLelo, A Capri Loans Venture said.
Tamil Nadu government retracts announcement about V-C appointments
This happened a few days after M K Stalin, the chief minister, met Ravi in response to the Supreme Court's recent recommendation that they work out their problems.In the midst of the current impasse between the Tamil Nadu government and Raj Bhavan regarding the vice chancellor appointments to three universities, governor R N Ravi revoked three notices he had sent out regarding the subject last year on Tuesday.This happened a few days after M K Stalin, the chief minister, met Ravi in response to the Supreme Court's recent recommendation that they work out their problems.According to a statement released by the Raj Bhavan, "the governor is hopeful that the government will now constitute search committees including a nominee of UGC (University Grants Commission) chairman in line with the judgments of constitutional courts." But he also demanded that the state revoke its three notices and proceed by sending out new ones to form search committees in compliance with the 2018 UGC regulations and rulings from the Supreme Court and lower courts.The Madras High Court's December 19, 2018, ruling, which ordered Puducherry's government and Puducherry Technological University to "amend statutory provisions governing the varsity to bring it in conformity with the UGC Regulations 2018," was cited by Governor Ravi. The statement from Raj Bhavan stated, "In view of this clear enunciation of the law, the Hon'ble Governor of Tamil Nadu, in his capacity as Chancellor of the concerned Universities, is confident that the Government of Tamil Nadu would withdraw its Notifications in deference to constitutional proprietary and legality." "...and awaits appropriate action in this regard from the Government of Tamil Nadu as soon as possible to ensure that the state's future and the cause of higher education are not negatively impacted."GOVT REACTION The Tamil Nadu government, led by the DMK, filed a case in the Supreme Court in November contesting the governor's notifications. Chief Minister M K Stalin led a delegation of senior ministers and bureaucrats to the Raj Bhavan on December 31 in response to the top court's directive that the two meet to resolve outstanding matters.
Aim to double AUM to Rs 20,000 crore by FY27, says HomeFirst MD & CEO
HomeFirst Finance will likely borrow Rs 4,000 crore in 2024-25 (April-March) to grow its loan book, managing director and chief executive officer Manoj Viswanathan, has said. “We have already tied up our requirement for this financial year. We are in discussion with banks for the next year. Most of them are looking to extend lines of credit to us,” he said.Currently, banks loans comprise 56% of the company’s borrowing mix. Going ahead, the non-banking financial company is looking to increase borrowings from development finance institutions, with the Reserve Bank of India has been cautioning non-bank lenders against over-reliance on bank borrowings. “Overall, we feel that our liability profile is balanced. We should not be having any issues for the next few years,” he said. The company’s assets under management stood at around Rs 9,000 crore as on December 31. It expects the AUM to grow to Rs 20,000 crore in the next three years. Housing loans comprise 86% of the AUM. Loan against property and shop loans comprise the remaining 14%.Around 68% of the book comprises loans to the salaried customer segment and the rest is to the self-employed segment. Loan disbursals surpassed Rs 1,000 crore in the December quarter.Currently, around 6% of disbursals are done through the co-lending route. The NBFC has co-lending partnerships with Central Bank of India and Union Bank of India. By the end of 2024-25, around 10% of disbursals will be done through the co-lending route.The company remains focused on increasing its return on equity (RoE). The RoE is expected to improve due to a growth in the loan book and higher leverage. “We are focused on return on equity. As we leverage the book, the return on assets will decline in any case. But, RoEs are improving in spite of net interest margins being lower,” Viswanathan said. The return on equity rose 210 basis points year-on-year to 15.8% in the December quarter.
Star Health Insurance Q3 results: Net profit rises 37.5% to Rs 289.55 cr
The largest standalone health insurer, Star Health Insurance, posted a 37.5 per cent year-on-year (Y-o-Y) growth in net profit to Rs 289.55 crore during the third quarter of the financial year 2023-24, as compared to Rs 210.47 crore in the year-ago period, supported by healthy growth in premium and a fall in commissions expenditure.The net profit jumped by 131 per cent from Rs 125.30 crore in Q2 FY24.The new business premium of the company increased by 16 per cent (Y-o-Y) to Rs 3,605.81 crore from Rs 3,096.68 crore. The net investment income of the firm jumped 40.58 per cent to Rs 162.64 crore from the year ago.The net commission of the health insurer dropped 13.11 per cent (Y-o-Y) to Rs 349.85 crore from Rs 402.64 crore. The solvency ratio of the insurer rose to 223 per cent from 217 per cent. The minimum regulatory requirement is 150 per cent.The combined ratio, which is a measure of the profitability of the general insurer, increased to 97.30 per cent from 94.81 per cent in the year-ago period. A combined ratio of less than 100 is considered to be better; it indicates that the insurer is earning more through premiums as compared to claims paid and the operating expense incurred. Therefore, it is better for the company if the combined ratio is lower.The claims ratio of the company was 67.69 per cent, up from 63.75 per cent in Q2 FY24. The health insurance industry typically witnesses higher claims during the monsoon period due to rainy season-related diseases, whereas historically, insurance premium income is higher towards the end of the financial year considering the tax benefits available to policyholders.
Samsung Galaxy S24 Ultra Review: The most feature packed flagship
Over the past couple of years, Samsung has consistently launched flagship devices at the beginning of the year, and these devices often maintain their top positions in the market throughout the year. The latest addition to this trend is the Samsung Galaxy S24 Ultra, unveiled at the global 'Galaxy Unpacked' event in San Jose. After using the device for the past 10 days, it has left a positive impression. The device is priced at ₹1,29,999, slightly higher than last year's S23 Ultra. But is it worth the investment? Let's delve into the details. I have hands-on experience with previous Ultra models, including the Note series, and the S24 Ultra has made significant advancements. Samsung has slimmed down the sides for this year's model, making it a delight to hold. The titanium frame adds a touch of sophistication, and the phone feels slightly lighter compared to last year's device. On the right edge, you'll find the power and volume buttons, while the bottom edge features the lone USB-C port and a slot for the S Pen. The S Pen employs the tried-and-tested push mechanism for easy ejection, making it convenient to grab even when not directly looking at the screen. Despite its lightweight feel, the stylus appears to be durable. The S Pen is very responsive to the S24 Ultra's display. I appreciate its versatility for note-taking, colouring, drawing, and the added functionality of using the S Pen button as a remote camera shutter. The phone features a 120 Hz adaptive refresh rate and a 6.80-inch touchscreen display, protected by Gorilla Glass Armor. Let’s just say the 6.8-inch 1440 x 3120 OLED screen is the centrepiece of the S24 Ultra. It is perfectly sharp and crisp and with the huge screen, the viewing experience is delightful. The display is exceptionally bright, providing no difficulty in reading emails and messages outdoors, even under direct sunlight. With a brightness of 2,600 nits, a 40% upgrade over the S23 Ultra, and the added protection of Gorilla Glass Armor with an effective anti-reflective coating, the S24 Ultra's screen ensures both durability and visual clarity.
Piramal Enterprises suffers ₹2,378-crore Q3 loss due to AIF provisioning
Piramal Enterprises Ltd, the financial services arm of the Piramal Group, on Monday (January 29) reported a consolidated net loss of ₹2,377.6 crore for the third quarter that ended December 31, 2023. The exceptional loss of ₹3,339.8 crore has to do with its investments in alternative investment funds (AIFs). In the corresponding quarter last year, Piramal Enterprises posted a net profit of ₹3,545.4 crore, the company said in a regulatory filing. The company's revenue from operations declined 11.9% to ₹2,475.7 crore against ₹2,811.2 crore in the corresponding period of the preceding fiscal. The total assets under management (AUM) is up 6% quarter-on-quarter and 9% year-on-year, excluding the impact of AIF provisions. Provisions of ₹3,540 crore, taken according to RBI circular on AIF investments, led to a reduction in AUM. The company remains confident of the full recovery of the AIF investments. Interest income also fell to ₹1,931 crore from ₹2,006 crore in the year-ago period. However, the total expenses of the company stood at ₹2,414 crore against ₹2,807 crore in the same period a year ago, Piramal Enterprises said. Ajay Piramal, Chairman of Piramal Enterprises Ltd, stated, "In response to the RBI circular issued in December, we made complete provisions for our investments in AIFs, subsequently removing them from our AUM. Our confidence in the full recovery of these investments remains strong, which is evident in the positive payment record thus far. We have made substantial enhancements to our net interest margins, achieved robust fee income growth, and optimized opex (operating expense) ratios to deliver a strong core operating profit. Our commitment is to further enhance profitability by optimising operating leverage in our growth business and reducing the contribution of the legacy business." On January 27, Piramal Enterprises announced its intention to sell the entire direct investment of 20% of the fully paid-up equity share capital held in Shriram Investment Holdings Pvt Ltd (formerly known as Shriram Investment Holdings Ltd) to Shriram Ownership Trust (SOT), for a consideration of ₹1,440 crore.The transaction is subject to receipt of requisite regulatory approvals by SOT and is expected to be completed before March 31, 2024, PEL had said in a separate regulatory filing. The contribution of SIHPL in the revenue of the company for the year ende
The state governor has appointed Sanjay Shukla (IAS: 1995: MP) as PS.
The Madhya Pradesh government reorganized its administrative structure, assigning new assignments to eighteen IAS officers and giving thirteen others more responsibility in different departments.On Sunday, the Madhya Pradesh government reorganized its administrative team, giving 18 IAS officers new assignments and giving 13 other officers greater duties in a variety of departments.This is a list of the officers that have been given new duties. The announcement states that Manu Srivastava, Additional Chief Secretary (ACS) for Technical Education, will take over as the ACS of the Energy Department. Sanjay Shukla, the Public Health Engineering Department's current Principal Secretary (PS), has been assigned to the governor of the state. Sukhbir Singh, the incoming PS of Food Processing and Horticulture, will be replaced as Principal Secretary of the Public Works Department (PWD) by DP Ahuja, the outgoing PS to the Governor.The Jail Department's Principal Secretary is now Manish Rastogi. The Tribal Affairs Department's Principal Secretary is now E Ramesh Kumar. In addition, he now holds the additional responsibility of Commissioner of the Department of Religious Trusts and Endowments and the Department of Tribal Affairs. The commissioner of higher education will be Nishant Varwade. Dr. Ramrao Bhosle is now the Commissioner of the Social Justice and Empowerment of Persons with Disabilities Department, having previously served as the Commissioner of the Women and Child Development Department.Sophia Farooqui Wali, a commissioner of the Khadi Village Industries Board, has been appointed to the position of commissioner for the Department of Women and Child Development.Manish Singh, the former commissioner of public relations, has been appointed to the position of Registrar at the Madhya Pradesh State Consumer Redressal Disputes Commission. The Water and Land Management Institute's (Walmi) new director is Tarun Rathi. Saurabh Kumar Suman has been appointed as the Department of Backward Class and Minority Welfare's Director/Commissioner. The position of Managing Director at the Handicrafts Handloom Development Corporation and the Madhya Pradesh Khadi Village Industries Board has been filled by Mohit Bundas. The position of managing director at Women Finance and Development Corporation has been awarded to Nidhi Nivedita.The department of minority welfare and backward classes has appointed Kumar Purushottam as deputy secretary. The department responsible for Free Nomadic and Semi-Nomadic Tribes now has Neeraj Vashishtha as its director. Deputy Secretary of the Forest Department Kishore Kanyal, the collector who was fired for verbally abusing the driver in Shulajalpur, has been promoted.
The Energy Department has appointed Manu Srivastava (IAS: 1991: MP) as Additional Chief Secretary (ACS).
New Delhi: The recently established government of Madhya Pradesh started the transfer of eighteen Indian Administrative Service (IAS) officers in a significant bureaucratic reorganization. Manu Srivastava, who is well-known for his contributions to the energy industry, has been promoted to Additional Chief Secretary in the Department of Power and Renewable Energy, one of the major changes. Prior to his noteworthy involvement in the field of renewable energy, Manu Srivastava was instrumental in guaranteeing his state's uninterrupted electricity supply. His previous work in the Indian government entailed managing natural gas affairs, demonstrating the breadth and depth of his administrative knowledge.Manu Srivastava, who holds an IIT-Delhi degree in Electrical Engineering, adds thirty years of expertise to his new role, including an impressive fifteen years in the energy industry. Notably, he oversaw the ground-breaking 750 MW Rewa Project, which broke grid parity and won the President's Award from the World Bank Group. This project was a turning point in India's solar energy history.The only other project in India that serves an institutional clientele is the Rewa Project, which provides electricity to Delhi Metro. The project's case study has received recognition on a global scale and is being taught at Singapore Management University and Harvard University courses.Apart from his accomplishments in large-scale solar projects, Manu Srivastava has been instrumental in putting solar rooftop initiatives into action with the lowest prices in the nation. He is currently working with NITI Aayog to bring solar rooftop projects to healthcare facilities around the country without receiving funding from the government or beneficiaries.Prior to his noteworthy involvement in the field of renewable energy, Manu Srivastava was instrumental in guaranteeing his state's uninterrupted electricity supply. His previous work in the Indian government entailed managing natural gas affairs, demonstrating the breadth and depth of his administrative knowledge.
The Delhi Government is hiring engineers, and GATE scores are needed.
Assistant executive engineer applications are being accepted by Delhi State Industrial and Infrastructure Development Corporation Limited (DSIIDC), a public sector organization under the Delhi Government. The application must be submitted by February 29th. Those who meet the requirements can apply by going to the official website. Ten open positions are to be filled by the recruitment drive: two for assistant executive engineer (Electrical) and eight for assistant executive engineer (Civil).Age Limit for DSIIDC Recruitment in 2024 Candidates cannot be older than 35 years old.Recruitment by DSIIDC 2024: Application Cost There is a 500 ₹ application fee. Candidates who are female or who fall under the SC, ST, or PWD categories are not required to pay the fee. Recruitment by DSIIDC in 2024: The Selection Process Candidates will be chosen based on their performance in GATE 2021, GATE 2022, and GATE 2023. DSIIDC 2024 Recruitment: Academic Requirements: Civil Assistant Executive Engineer: Candidates must have earned a minimum of 50% in their full-time civil engineering degree from an accredited university. Electrical Assistant Executive Engineer: Candidates should possess a full-time electrical engineering degree from a recognised university with a minimum 50 per cent score.
This $1.3 billion fund manager expects Teslas shares to gain 550% by 2030
Tesla Inc.’s slowing growth and shrinking profit have made it the weakest stock on the Nasdaq 100 this year. Fund manager David Baron is betting it will be a bump in the road for Elon Musk’s company before another parabolic rally.It’s a tough wager to make right now, after the electric-vehicle maker warned on Wednesday that it will expand at a “notably lower” pace this year, prompting a 12% plunge in the stock. It has now lost $209 billion in market value this month through Friday’s close. The manager of the Baron Focused Growth Fund expects Tesla’s stock to reach $1,200 by 2030, up 550% from current levels, citing its strong brand. Tesla and Musk’s privately held SpaceX were the fund’s largest holdings as of December 31. Last year, it climbed 28%, beating the 18% rise in its benchmark, the Russell 2500 Growth Index, and the S&P 500’s 24% gain. And despite Tesla’s outlook for slower sales growth this year — a result in part of the EV winter that’s gripping the entire industry — Baron still expects the stock to touch around $300 in about 12 months, from around $183 at Thursday’s close. “While he may not be growing 50% a year as the company thought,” Baron said in an interview, “this year in a tough environment he’s still growing volume by 15% to 20% per year and making us $7,000 per car of gross profit.” Tesla delivered 1.8 million cars in 2023, up 38% from the year before. This year, Wall Street analysts project unit sales will increase 17%. The company didn’t respond to an email seeking comment. The Tesla holding is a key to Baron’s goal of boosting his fund’s assets to $2 billion this year, from $1.3 billion as of December 31.The fund manager’s father, Wall Street veteran Ron Baron, is famously a big Musk bull. The elder Baron oversees the Baron Partners Fund, which a Bloomberg Intelligence study published in August found was alone among thousands of rivals to beat the Nasdaq 100 over the prior five, 10 and 15 years. As for SpaceX, David Baron projects its valuation will rise 20% in a year, double within three years and triple within five. The space and satellite company is worth $175 billion or more, Bloomberg reported last month. Baron, 43, became co-portfolio manager in 2018 with his father. The small- and mid-cap fund first bought Tesla shares in 2014. Its outperformance last year came as Tesla’s stock doubled, powered in no small part by its artificial-intelligence potential. Replicating that success in 2024 will be tough should Tesla struggle amid waning EV demand. “More investors are beginning to increasingly question the company’s growth narrative,” Toni Sacconaghi, an analyst at Sanford C. Bernstein, wrote in a note after the latest quarterly results. And while Tesla bulls often say innovation by the company can allow it to sustain a cost advantage and strong margins, “the counterargument is that the automotive industry is hyper-competitive, and carmakers have historically been unable to sustain cost advantages,” the analyst added.
India, France agree on joint defence production, expanding bilateral ties in technology, space, and AI
India and France have agreed to work together on the joint production of defence equipment including helicopters and submarines for the Indian armed forces and production for friendly countries, New Delhi said.Macron and Modi agreed to expand bilateral ties in defence production, nuclear energy, space research and the use of artificial intelligence for public services like climate change, health and agriculture, the statement said. After Russia, France is the largest arms supplier to India, which has relied on its fighter jets for four decades. The leaders welcomed the setting up of maintenance, repair and overhaul services by France's Safran for leading-edge aviation propulsion (LEAP) engines in India and adding such services for Rafale engines, and a helicopter partnership. The bilateral summit during Macron's 40-hour visit, was the fifth Macron-Modi meeting since May. India's Tata Group and France's Airbus have signed an agreement to manufacture civilian helicopters together, Indian Foreign Secretary Vinay Kwatra said. French jet engine maker CFM International also announced an agreement with India’s Akasa Air to buy more than 300 of its LEAP-1B engines to power 150 Boeing 737 MAX aircraft.Akasa Air previously ordered 76 aircraft powered by the engine, of which 22 are in use. India and France agreed to intensify cooperation in the southwest Indian Ocean, building on joint surveillance missions carried out from the French island territory of La Reunion in 2020 and 2022, the government statement said. Macron also said France would create conditions to attract up to 30,000 Indian students a year for higher education.
ICJ verdict looms: What if interim ruling goes against Israel on January 26
The International Court of Justice (ICJ) is poised to deliver a highly anticipated verdict on January 26, responding to South Africa's request for an interim ruling against Israel.South Africa brought the case to the court, accusing Israel of "grave violence and genocidal acts" in Gaza and seeking an immediate ceasefire. Israel rebuffed the allegations, characterising them as a "partial and deeply flawed picture." After hearing the arguments on January 11 and 12 at The Hague, the ICJ is now on the verge of delivering its ruling."The ICJ will currently only look at 'provisional measures of protection,' which is the equivalent of the term' interim orders' used in Indian courts,"explained Pratik Bakshi, co-founder at World Law Forum.Bakshi clarified that these measures are designed to prevent ongoing conflicts or disputes from escalating further. "The ICJ will not be deciding on whether Israel is guilty of genocide, and it may be years before the court comes to a conclusion on this point," he noted.Legal experts suggest that if the ICJ issues provisional measure orders against Israel, they will be legally binding and final. However, the path to enforcement may prove challenging. "Orders of the International Court of Justice, including orders indicating provisional measures, are in theory legally binding on the Contracting States to the Genocide Convention, i.e. Israel and South Africa. Such orders are final and without appeal," stated Bindi Dave, senior partner at Wadia Ghandy & Co.Despite the legal binding, Bakshi highlighted that the ICJ lacks real enforcement power. "Israel has the choice to ignore the ICJ's ruling and proceed with its operations in Gaza, as the ICJ lacks an independent enforcement mechanism for ensuring compliance with its decisions," echoed Ankur Mahindro, managing partner at Kred Jure.In such a scenario, the ICJ can turn to the United Nations Security Council to take appropriate measures. "Given, however, that enforcement of sanctions is subject to the veto of any of the five permanent members of the Security Council, a proposed resolution for actual or effective enforcement of any provisional measures is susceptible to getting embroiled in political wrangling, especially given the perceived proximity of the United States to Israel," added Dave. Previous decisions by the ICJ in comparable cases, such as provisional measures against Russia to halt its invasion of Ukraine or to prevent Myanmar's violence against Rohingyas, have not proven effective in improving conflict situations. Nevertheless, experts suggest that Israel might have to temper the intensity of its attacks due to international pressure if the ruling goes against it.
IEA will expedite 2025 oil demand forecast after Opecs early move
The International Energy Agency plans to bring forward publication of its first 2025 oil demand forecast in its monthly report by two or three months to April, the agency told Reuters, after OPEC expedited its forecast by six months. The Organization of the Petroleum Exporting Countries and the IEA are the two most closely watched oil forecasters, whose monthly reports can move oil prices and provide insight into the assumptions behind OPEC supply policy. "We plan to publish the 2025 forecast in April as opposed to June/July previously," Toril Bosoni, head of the IEA's Oil Industry and Markets Division, told Reuters in response to an emailed question. "The reason for this is that we will publish the Medium Term outlook in June so to avoid the overlap and get a first detailed view on 2025 before looking out to 2030 - we advanced the date." The IEA and OPEC disagree on the strength of demand growth in 2024, reflecting their divergent forecasts on how quickly the world will shift from fossil fuels. OPEC believes oil use will keep rising over the next two decades, while the IEA, which represents industrialised countries, predicts it will peak by 2030. Their differing views have led the bodies to clash over investment in new oil supply. The IEA says the end of the growth era for fossil fuels undercuts the rationale for investment. In a break with its tradition of publishing its first forecast for the next year in July, OPEC last week predicted demand will rise by 1.8 million bpd in 2025 and said it brought publication forward to give "long-term guidance for the market". On the same day, OPEC Secretary General Haitham Al Ghais published an article disputing that demand was near a peak, and reiterated the group's call for continued oil industry investment. So far this year, the oil market has been buffeted by uncertainty as doubts about the global economy and demand strength have offset the more bullish impact of possible supply disruption. OPEC forecasts world oil demand will expand by 2.25 million barrels per day (bpd) in 2024, a mild slowdown from 2.46 million bpd in 2023, with total oil use averaging 104.4 million bpd in 2024, bolstered by air travel and road fuel demand. The IEA expects oil demand growth in 2024 to halve to 1.24 million bpd, from its figure for growth of 2.3 million bpd in 2023, partly because an increasing global electric vehicle fleet is curbing gasoline demand. The difference between the OPEC and IEA demand forecasts for this year is about 1% of world demand, almost equivalent to OPEC member Libya's production. A source with knowledge of the matter did not provide details of what the IEA would forecast for 2025 demand, but said it was expected to show further deceleration towards the 2030 peak demand timeline.
Zee-Sony Merger Called Off: These mutual funds have exposure to the stock
India's mutual fund houses have increased their stake in Zee Entertainment in all of the nine quarters since the Sony merger announcement in December 2021. As of the December quarter, the domestic mutual funds held a 32.49% stake in Zee Entertainment, which is more than double the 12.16% stake they held at the end of the December 2021 quarter when the deal was announced. The increase in stake also corresponds with the exit of its largest shareholder Invesco, which along with Oppenheimer, held close to 18% stake in Zee at the time of the merger announcement. While Invesco Developing Markets Fund exited the stock by selling its 7.8% stake in April 2022, the OFI Global China Fund earlier pared a 5% stake between October and December 2022, before making a complete exit in April 2023. Among the funds that own a substantial stake in Zee Entertainment as of the December quarter include ICICI Prudential Value Discovery Fund, Nippon India Multi-Cap Fund, and HDFC Mid-Cap Opportunities Fund, among others. Some of India's largest insurance companies, all listed, also own a stake in Zee Entertainment, including the country's largest insurer LIC, along with HDFC Life and SBI Life Insurance.
Stock Market Nifty 50 falls below 21,500, Zee Entertainment shares down 25%
The Bombay Stock Exchange (BSE) has revised the Dynamic Price Band of shares of Zee Entertainment to 30% downward from 25% earlier. In case further relaxation is needed, it will be done at an interval of 15 minutes, a circular from the BSE said.It must be noted that the stock is currently in the F&O ban and hence there are circuit limits being imposed, something that is a practice with non-F&O stocks. Otherwise, for F&O stocks, there is no price band. Barring ICICI Bank, the remaining 11 stocks in the Nifty Bank index are contributing negatively towards its downside. Reliance Industries shares were in focus on January 23 with analysts expecting up to 23% upside in the Mukesh Ambani-led conglomerate’s stock following the results for the October to December 2023 quarter. Reliance shares traded more than a percent lower after the firm reported a steady third quarter with retail business revenue hitting a record high, Jio reporting a 2% rise in average revenue per user (ARPU) and oil and gas business witnessing record high margin of 86%. Shares of HDFC Bank Ltd. remain the top contributors to the Nifty 50’s downside on Tuesday, declining another 2%. India’s largest private lender is contributing 56 points to the index downside on Tuesday. The lender’s market capitalisation has also slipped below the mark of ₹11 lakh crore, compared to its peak of ₹12.97 lakh crore, which it had on December 29.With Tuesday’s drop, the stock has declined in four out of the last five trading sessions, during which it has seen a drop of 13% from closing levels of January 16. Shares of Medi Assist Healthcare Services listed on the bourses on Tuesday, January 23. The stock listed at a premium of 11% at ₹465 a share on the BSE, and went on to scale an intra-day high of ₹509.60. On the NSE, it listed at ₹460, a premium of 10% against an issue price of ₹418. Ahead of its debut, shares of Medi Assist were commanding a premium of ₹32-36 in the unlisted market. As per trends, the company’s shares were expected to list at a premium of 8%. The initial public offering (IPO) of Nova Agritech Limited (NATL) will open for subscription on Tuesday (January 23). The public offer was postponed by a day due to the market’s holiday on January 22 and would close on January 25. Ahead of the issue launch, the company’s shares are commanding a premium of ₹20 in the unlisted market.Nova Agritech has fixed its price band at ₹39-41 per share, with a lot size of 365 equity shares in one lot and its multiples thereafter.
