India Inc likely to see an average salary hike of 9.6% in 2024: EY report

In 2024, India Inc is likely to receive an average salary hike of 9.6 per cent, similar to that in 2023, a report released by EY said on Wednesday. It will, however, be lower than the 10.4 per cent seen in 2022. According to the "Future of Pay 2024" report, the highest salary hikes are expected to be seen in e-commerce (10.9 per cent), financial services (10.1 per cent) and professional services and real estate (10 per cent each). In 2023, the highest salary hikes were seen in e-commerce (10.5 per cent), auto/vehicle manufacturing and financial services (10.4 per cent each).The report highlighted that the fall in the quantum of salary hikes compared to 2022 is majorly due to the e-commerce sector and technology sub-sectors. "In 2022, certain technology sub-sectors, like cloud platforms and consumer technology, experienced notable growth," it said. "However, there is a projected decrease across all technology sub-sectors by 2024, potentially due to market saturation following rapid digital transformation in previous years." For e-commerce, it said that the fall may be attributed to "pandemic-driven shifts in consumer behaviour or intensified online competition".Variable pay percentage likely to fall In 2023, the average variable pay-out as a percentage of total fixed salary in India was 15.05 per cent. However, the report showed that the proportion of variable pay increases as the person goes up in the organisation. Last year, 9.2 per cent of the salary of individual contributors and 10.7 per cent of people managers were distributed as variable pay. For function heads and executives (CXOs), this was higher at 14.1 per cent and 26.2 per cent, respectively. In 2024, variable pay percentages are likely to decrease at all employee levels except the lowest-paid tier. The report added, "Executives typically get the most variable pay, but their projected salary increases for 2024 are lower than those in 2023."Attrition falls near pre-pandemic levelsThe EY report said that the attrition in India cooled down to near the pre-pandemic level of 18.3 per cent in 2023 from 21.2 per cent in 2022. Different surveys peg the attrition level in the pre-pandemic year in the range of 16-18 per cent. Out of 18.3 per cent, 15.2 per cent was voluntary attrition, and 4.2 per cent was involuntary.  

Stocks to watch: Tata Motors, M&M, IIFL Fin, NTPC, AU SFB, Godrej Agrovet

Over a flattish Monday, the Equity benchmark indices Sensex and Nifty are looking at a muted head start on Tuesday as well as investors will track weakening global markets. At 7:00 am, the Gift Nifty futures were down 11 points at 22,487.50 over Nifty futures’ last close. Investors today may pick on negative global cues in the Asian as well as in the US market. In Asia this morning, Nikkei slipped below the 40,000 mark that it hit on Monday, the index fell by 0.34 per cent, while the Topix dropped by 0.3 per cent. South Korea's Kospi fell by 0.26 per cent, and the small-cap Kosdaq dropped by 0.52 per cent. Hong Kong's Hang Seng index futures at 16,368 also indicate a weaker opening compared to the HSI's close at 16,595.97. In the US, the S&P 500 declined by 0.12 per cent, the Nasdaq Composite slipped by 0.41 per cent, and the Dow Jones Industrial Average lost 0.25 per cent.The Street will also see two new stock debuts. Exicom Tele Systems and Platinum Industries will get listed against their issue prices of Rs 142 and Rs 171, respectively.Tata Motors Ltd.  IIFL Finance: The Reserve Bank of India (RBI) on Monday debarred IIFL Finance, a non-banking financial company (NBFC), from sanctioning and disbursing fresh gold loans following “material supervisory concerns” and to protect the interests of customers with immediate effect. Macrotech Developers: The company has initiated a qualified institutional placement (QIP) to raise Rs 3,300 crore. NTPC: NTPC Green Energy Limited has entered into a joint venture agreement with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited to collaboratively develop renewable power parks and projects in the state of Uttar Pradesh.AU Small Finance Bank: The Reserve Bank of India has approved the amalgamation of Fincare Small Finance Bank with Jaipur-based AU Small Finance Bank, effective from April 1, 2024, creating an entity with a balance sheet of over Rs 1.16 trillion. Godrej Agrovet: The promoters of Godrej Tyson Foods are in talks with potential investors, including private equity (PE) companies, to sell a minority stake in the company, according to a banking source close to the development. Biocon Biologics: Biocon Biologics, a subsidiary of Biocon, on Monday officially announced a settlement with Bayer and Regeneron Pharmaceuticals. This agreement allows Biocon Biologics to launch Yesafili, a proposed biosimilar to EYLEA (aflibercept) Injection, in the Canadian market.Cadila Pharma: Cadila Pharmaceuticals, on Monday announced the launch of a new influenza vaccine called Cadiflu Tetra. Jio Financial Services: Two promoters of Jio Financial Services Ltd. are set to acquire 14 crore shares of the subsidiary. Sikka Ports and Terminals Ltd. and Jamnagar Utilities and Power Pvt. will collectively acquire a 2.2% stake in Reliance Industries Holding Pvt.LTIMindtree: The company’s product division, Fosfor, has introduced the Fosfor Decision Cloud.NBCC: The company’s unit secured an order valued at Rs 92 crore from the Post Graduate Institute of Medical Education and Research in Chandigarh.  

Stock Market Live Today: Closing Bell: Sensex, Nifty scale fresh record highs, rise for 4th day in a row

Benchmark equity indices Sensex and Nifty closed at new record levels on Monday in a highly volatile trade driven by gains in energy and bank shares and a rally in Asian markets.Extending its rally to the fourth straight session, the 30-share BSE Sensex climbed 66.14 points or 0.09 per cent to settle at an all-time high of 73,872.29. During the day, it jumped 183.98 points or 0.24 per cent to 73,990.13. The Nifty rose by 27.20 points or 0.12 per cent to close at a lifetime high of 22,405.60 points. During the day, it hit an all-time high level of 22,440.90.Among the Sensex firms, NTPC, Power Grid, Reliance Industries, Bajaj Finserv, Axis Bank, Tech Mahindra, ICICI Bank, Bharti Airtel and IndusInd Bank were the biggest gainers. JSW Steel, Mahindra & Mahindra, Tata Steel, UltraTech Cement, Infosys and Titan were among the laggards.In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the green.European markets were trading on a mixed note. The US markets ended with gains on Friday. Global rating agency Moody’s on Monday raised India’s growth forecast for 2024 calendar year to 6.8 per cent, from 6.1 per cent estimated earlier, on the back of ‘stronger-than-expected’ economic data of 2023 and fading global economic headwinds. In a special trading session on Saturday, the BSE benchmark Sensex climbed 60.80 points or 0.08 per cent to reach its all-time closing high of 73,806.15. The Nifty went up by 39.65 points or 0.18 per cent to settle at a new closing high of 22,378.40. Leading stock exchanges BSE and NSE conducted a special trading session in the equity and equity derivative segments on Saturday to check their preparedness to handle major disruption or failure at the primary site. Global oil benchmark Brent crude climbed 0.30 per cent to USD 83.80 a barrel.Foreign institutional investors (FIIs) offloaded equities worth Rs 81.87 crore on Saturday, according to exchange data. - PTI  

Highlights of the day: 400 farmer unions to be at Mahapanchayat in Delhi

The Samyukta Kisan Morcha (SKM), which spearheaded a farmers' agitation in 2020-21, said on Saturday that more than 400 farmer outfits will participate in a "Kisan Mahapanchayat" in Delhi on March 14 to press the BJP-led Centre to accept their demands, including a law on the minimum support price (MSP) for crops. US military planes airdrop about 38,000 meals into Gaza in first round of emergency humanitarian aid authorised by Biden, reports AP. Thirty-four Union ministers, two former ministers, Lok Sabha speaker figure in BJP's first list of 195 candidates for LS polls. Prime Minister Narendra Modi to fight Lok Sabha elections from Varanasi, says BJP.In first list, BJP announces candidates for 51 Lok Sabha seats in UP, 20 in West Bengal, five in Delhi, one each in Goa and Tripura. BJP repeats Kiren Rijiju, Tapir Gao from two Arunachal Pradesh seats for Lok Sabha polls.Twenty-eight women, 47 young leaders in BJP's first list of Lok Sabha candidates for 16 states and Union Territories.A ship earlier attacked by Yemen's Houthi rebels has sunk in the Red Sea after days of taking on water, officials say, reports AP. Google has initiated the process to restore Indian mobile apps which had been dropped from the Play Store over a dispute over service fees. The decision was taken after the company's officials held a meeting with IT Minister Ashwini Vaishnaw, sources said.On Friday, Google had removed apps belonging to 10 Indian companies, sparking controversy in one of its fastest-growing markets. Google dominates the Indian market as 94 per cent of phones are based on its Android platform. The list included well-known names such as Bharatmatrimony and Naukri. The dispute primarily revolves around Google's imposition of fees ranging from 11 per cent to 26 per cent on in-app payments. Indian startups have long protested against what they deem as unfair practices by the US tech giant.The BJP is expected to release a first list of candidates for the 2024 Lok Sabha elections this evening, sources said. The list that is said to be announced at a BJP press conference at 6 pm comes days after back-to-back late night meetings in Delhi.   Earlier, the sources told NDTV that the BJP may announce more than 100 names that will include heavyweights such as Prime Minister Narendra Modi and Home Minister Amit Shah.Few investors 'stooped to heartless level', ensuring we are unable to utilise raised funds to pay salaries: Byju Raveendran to staff.  

JSW Steel, Italy govt sign agreement to relaunch Piombino steel hub

JSW Steel Italy has signed a memorandum of understanding (MoU) with the Italian government to relaunch the steelworks site of Piombino with an investment of 143 million euros.In a statement, the company said that an MoU was signed with Italian authorities and its subsidiary, JSW Steel Italy SRL.Apart from doubling the current rail-making capacity from 300,000 tonnes to 600,000 tonnes per annum, the investments at Piombino are aimed at making the rail mill more efficient, the most modern, technologically advanced, and best in class, the company added. The Italian steel industry is undergoing a transformative stage, JSW Group Chairman, Sajjan Jindal said. “JSW Steel Italy’s investments to modernise the Piombino Steelworks site reiterates our commitment to partner with the Italian government’s effort in the growth and economic development of the region. The investments of 143 million euros in modernising the rail mill at Piombino will make the Piombino rail mill the most modern, technologically advanced and best in class rail mill in Europe.”“This project will safeguard the aspiration towards the development of Piombino as a steel hub and will step up domestic production which will result in a reduction of imports of steel products in Italy,” he added. The project envisages setting up a tandem mill, head hardening facility, and increasing the length of rails from 108 to 120 metres.The MoU sets the conditions for efficient and sustainable state support for the production of rails, the company said, adding that it was part of a broader project to kick-start the economic development of the region which also includes the restarting of the production of steel products to safeguard employment and reduce the import of steel products into Italy.v  

Sebi moves to restrict inflows into small- and mid-cap mutual funds

India's market regulator has asked money managers to consider restricting one-off investments from clients in small- and mid-cap stock mutual funds and cut commissions offered for their sale, two sources with direct knowledge of the matter said.The Securities and Exchange Board of India (Sebi) communicated this to the money managers in a meeting earlier this month, the sources, who included a regulatory official, said. The regulator did not specify the quantum of flows it wants restricted, they said. Sebi's communication shows heightened regulatory concern on the surging inflows into Indian small- and mid-cap mutual funds and any potential ripple effects on the financial system if investors suddenly started to yank their money from them. In India, small-cap stocks are defined as those with market capitalisation of less than Rs 5,000 crore ($603.05 million) while mid-cap stocks are those with market values of between Rs 50 crore and Rs 20,000 crore. Small- and mid-cap stocks are generally less liquid compared to their large-cap peers. Assets managed by small-cap funds in India vaulted 86.5 per centover a 10-month period to Rs 2.48 trillion ($29.92 billion) as of end-January and mid-cap funds jumped 58.5 per centto Rs 2.9 trillion . Their assets were not much lower than the Rs 2.99 trillion managed by large cap funds. The Nifty small-cap 100 index has surged 74 per centover the past 52 weeks and the Nifty mid-cap 100 index is up 60.86%, as of Wednesday's close. Those gains far exceed the benchmark Nifty's 26.21 per centrise over the same period. "A nudge to institutional investors such as mutual funds will help soothe extraordinary exuberance building up particularly in small and mid-cap stocks," the regulatory official said. Sebi did not respond to an emailed request for comment. The market regulator's communication to money managers about one-off investments is not an official order. The industry has in the past almost always complied with messages from Sebi. India's mutual fund assets have grown significantly over the years as investors have bought systematic investment plans that make regular contributions towards their portfolios. But domestic investors are also increasingly pumping in one-off, or lumpsum, funds to take advantage of the soaring stock market.  

Reliance, Disney sign $8.5 bn deal to form JV, to merge media ops in India

India's top conglomerate Reliance Industries and Walt Disney on Wednesday announced the merger of their India TV and streaming media assets, creating an $8.5 billion entertainment juggernaut far ahead of rivals in the world's most populous nation.  Reliance, led by Asia's richest man Mukesh Ambani, will inject $1.4 billion in the merged entity, with the company and its affiliates holding a more than 63% stake. Disney will hold about 37%, the companies said in a joint statement.  For Disney, the merger follows its long-drawn struggle to arrest a user exodus from its bleeding India streaming business and financial strain caused by billions of dollars in Indian cricket rights payments, in another example how foreign businesses can struggle to grow in India.  The merger values the India business of the US entertainment giant at just around a quarter of the $15 billion valuation when Disney acquired it as part of its Fox deal in 2019, sources have said.The companies said the transaction values the merged venture at around $8.5 billion on a post-money basis. They did not explain how they arrived at such valuation.  Together, the Reliance-Disney merged entity will have 120 TV channels and two streaming platforms, helping Ambani eclipse rivals such as Japan's Sony, India's Zee Entertainment and Netflix in the country's $28 billion media and entertainment sector.  Reliance said Nita Ambani, wife of Reliance boss Mukesh Ambani, would chair the board of the combined entity, and former top Disney executive Uday Shankar would serve as vice chair. "The JV will be one of the leading TV and digital streaming platforms for entertainment and sports content in India, bringing together iconic media assets across entertainment," the companies said in a joint statement.   The deal comes when Disney is facing pressure globally to streamline its businesses. Bob Iger returned as Disney chief executive in November 2022, less than a year after he retired, and has since restructured the company to make the business more cost effective.  Still, Disney is up against activist billionaire investor Nelson Peltz who is pushing the home of Mickey Mouse to cut costs, create a profitable streaming business globally, improve the performance of its movie studio, and clean up its succession planning.  Iger in November said the company would like to stay in India, but it was considering its options. "Reliance has a deep understanding of the Indian market and consumer," Iger said in the statement on Wednesday, adding the deal will allow "us to better serve consumers with a broad portfolio of digital services and entertainment and sports."    

Microsoft Unveils Copilot for Finance, an AI Solution to Simplify Tasks Associated with Enterprise Finance

Microsoft on Thursday unveiled Copilot for Finance, a new artificial intelligence (AI) tool designed to make everyday mundane tasks easier for financial professionals. The Copilot tool adds new features tailored to financial operations to the already-existing Copilot for Microsoft 365 stack, rather than creating a brand-new AI model. This AI tool, which focuses on enterprises, is currently in public preview. Notably, a recent update from the tech giant revealed additional features and significant enhancements for Windows 11.Microsoft presented its new AI tool in a blog post, pitching it as a means of allowing finance departments within businesses to focus on strategic tasks rather than tedious analysis and report writing. The business also cited a statistic from CFO magazine, stating that the "drudgery of data entry and review cycles" was cited by 62% of finance professionals polled as a reason they could not find time for strategic tasks. The tech giant claims that Copilot for Finance automates a number of financial tasks that would otherwise require users to put in long hours. It can accomplish a wide range of tasks, including using natural language prompts to conduct a variance analysis in Excel, reconciling data in Excel with automated data structure comparisons, giving a comprehensive summary of pertinent customer account details, transforming raw data into visuals and reports, and much more.  

India’s emergence as chip manufacturing hub no longer a distant dream, say experts

Marking a big milestone in India’s decades-old dream of becoming a semiconductor nation, the Centre has approved the proposal for India’s first commercial chip fabrication plant. The development comes two years, two months and 14 days after the government introduced the programme for the Development of Semiconductors and Display Manufacturing Ecosystem in India with a total outlay of Rs. 76,000 crores. Industry hails the development stating this is just the beginning with many more approvals to follow.Of the three proposals approved, the first is of Tata Electronics Private Limited, which will set up a semiconductor fab in partnership with Taiwan’s Powerchip Semiconductor Manufacturing Corp (PSMC) in Gujarat’s Dholera. Investment in this fab will be Rs 91,000 crore. The fabs capacity is pegged at 50,000 wafer starts per month (WSPM). The second proposal approved is also of Tata Group but for Assembly and testing. Tata Semiconductor Assembly and Test Pvt Ltd (“TSAT”) will set up a semiconductor unit in Morigaon, Assam with an investment of Rs.27,000 crore. For this, TSAT semiconductor is developing indigenous advanced semiconductor packaging technologies including flip chip and ISIP (integrated system in package) technologies. With the capacity of testing and packaging 48 million per day, the plant will cover automotive, electric vehicles, consumer electronics, telecom, mobile phones and other segments. The third proposal approved was CG Power’s OSAT in partnership with Renesas Electronics Corporation, Japan and Stars Microelectronics, Thailand. This plant will be setup in Sanand, Gujarat with an investment of Rs 7,600 crore. The CG power semiconductor unit will manufacture chips for consumer, industrial, automotive and power applications and will have a capacity of 15 million per day. Pankaj Mohindroo, Chairman of ICEA says, “The emergence of Bharat as a global semiconductor manufacturing destination no longer seems to be a distant dream. By 2027 we will have the FAB and OSAT units producing. By the end of the decade we may have more than 10 fabs and 20 OSAT units in production besides many semiconductor  product design companies.” Satya Gupta, President, VLSI Society echoes the sentiment saying “The announcement of the approval of Tata and CG Power proposals is fantastic. We are on the Fibonacci path, 1 company in 2023, 2 companies in 2024 and hopefully 3 in 2025 and 5 in 2026. Next we need compound semiconductors fabs producing GaN and SiC devices. By 2030, India will become a significant Semiconductor Product Nation.” Approvals aside, what’s even more important is the timeline India is looking at for commencing construction. Ashwini Vaishnaw, Minister, Ministry of Electronics & IT stated that all three units will start construction within next 100 days. “The most important thing that the world has noted as part of first-of-its-kind sweeping approval by Union Cabinet is that, the government of India has committed to get started (i.e. construction) all the Fab and OSAT projects approved within 100 days – that’s a best in class industry benchmark set by India, which was showcased last year with Micron’s approval by Cabinet and in less than 3 months starting construction for Micron’s ATMP site in Gujarat,” says Danish Faruqui, CEO, Fab Economics. “India is now committed to replicate the Micron success with Tata’s Fab, OSAT and CG Power’s OSAT within 100 days – that’s a very important message for the world and players across semiconductor value chain,” he adds. Per Fab Economics Global Semiconductor Policy Council R&A, such speedy regulatory approval benchmark (100 days) has so far been displayed only in India and Japan in the world.      

What's Trending Globally

Asia

News 2291

Australia/New-Zealand

News 38

Canada

News 13

China

News 39

Europe

News 28

Gulf

News 11

India

News 2907

Pakistan

News 16

Russia

News 16

United Kingdom

News 38

United States

News 111

World

News 75

Sebi moves to restrict inflows into small- and mid-cap mutual funds

India's market regulator has asked money managers to consider restricting one-off investments from clients in small- and mid-cap stock mutual funds and cut commissions offered for their sale, two sources with direct knowledge of the matter said.The Securities and Exchange Board of India (Sebi) communicated this to the money managers in a meeting earlier this month, the sources, who included a regulatory official, said. The regulator did not specify the quantum of flows it wants restricted, they said. Sebi's communication shows heightened regulatory concern on the surging inflows into Indian small- and mid-cap mutual funds and any potential ripple effects on the financial system if investors suddenly started to yank their money from them. In India, small-cap stocks are defined as those with market capitalisation of less than Rs 5,000 crore ($603.05 million) while mid-cap stocks are those with market values of between Rs 50 crore and Rs 20,000 crore. Small- and mid-cap stocks are generally less liquid compared to their large-cap peers. Assets managed by small-cap funds in India vaulted 86.5 per centover a 10-month period to Rs 2.48 trillion ($29.92 billion) as of end-January and mid-cap funds jumped 58.5 per centto Rs 2.9 trillion . Their assets were not much lower than the Rs 2.99 trillion managed by large cap funds. The Nifty small-cap 100 index has surged 74 per centover the past 52 weeks and the Nifty mid-cap 100 index is up 60.86%, as of Wednesday's close. Those gains far exceed the benchmark Nifty's 26.21 per centrise over the same period. "A nudge to institutional investors such as mutual funds will help soothe extraordinary exuberance building up particularly in small and mid-cap stocks," the regulatory official said. Sebi did not respond to an emailed request for comment. The market regulator's communication to money managers about one-off investments is not an official order. The industry has in the past almost always complied with messages from Sebi. India's mutual fund assets have grown significantly over the years as investors have bought systematic investment plans that make regular contributions towards their portfolios. But domestic investors are also increasingly pumping in one-off, or lumpsum, funds to take advantage of the soaring stock market.    

Reliance, Disney sign $8.5 bn deal to form JV, to merge media ops in India

  India's top conglomerate Reliance Industries and Walt Disney on Wednesday announced the merger of their India TV and streaming media assets, creating an $8.5 billion entertainment juggernaut far ahead of rivals in the world's most populous nation.  Reliance, led by Asia's richest man Mukesh Ambani, will inject $1.4 billion in the merged entity, with the company and its affiliates holding a more than 63% stake. Disney will hold about 37%, the companies said in a joint statement.  For Disney, the merger follows its long-drawn struggle to arrest a user exodus from its bleeding India streaming business and financial strain caused by billions of dollars in Indian cricket rights payments, in another example how foreign businesses can struggle to grow in India.  The merger values the India business of the US entertainment giant at just around a quarter of the $15 billion valuation when Disney acquired it as part of its Fox deal in 2019, sources have said. The companies said the transaction values the merged venture at around $8.5 billion on a post-money basis. They did not explain how they arrived at such valuation.  Together, the Reliance-Disney merged entity will have 120 TV channels and two streaming platforms, helping Ambani eclipse rivals such as Japan's Sony, India's Zee Entertainment and Netflix in the country's $28 billion media and entertainment sector.  Reliance said Nita Ambani, wife of Reliance boss Mukesh Ambani, would chair the board of the combined entity, and former top Disney executive Uday Shankar would serve as vice chair.  "The JV will be one of the leading TV and digital streaming platforms for entertainment and sports content in India, bringing together iconic media assets across entertainment," the companies said in a joint statement.  The deal comes when Disney is facing pressure globally to streamline its businesses. Bob Iger returned as Disney chief executive in November 2022, less than a year after he retired, and has since restructured the company to make the business more cost effective.  Still, Disney is up against activist billionaire investor Nelson Peltz who is pushing the home of Mickey Mouse to cut costs, create a profitable streaming business globally, improve the performance of its movie studio, and clean up its succession planning.  Iger in November said the company would like to stay in India, but it was considering its options. "Reliance has a deep understanding of the Indian market and consumer," Iger said in the statement on Wednesday, adding the deal will allow "us to better serve consumers with a broad portfolio of digital services and entertainment and sports."  

Survey Says RBIs Paytm Action Won Affect Merchants Trust

Merchants' trust in the payment platform is unaffected by the severe limitations the Reserve Bank of India (RBI) placed on Paytm Payments Bank (PPBL), according to a survey done. According to Datum Intelligence, a Gurugram-based provider of business consulting and services, 59% of retailers still use Paytm and don't think the government crackdown will have an immediate effect on their business. The business conducted a survey with 2,000 business owners in 12 cities who accept payments through Paytm apps. According to a press release from Datum Intelligence, it was done between February 7 and February 15. Survey Says RBI's Paytm Action Won't Affect Merchants' Trust According to a Datum survey, 76% of retailers accept payments through Paytm. Merchants' trust in the payment platform is unaffected by the severe limitations the Reserve Bank of India (RBI) placed on Paytm Payments Bank (PPBL), according to a survey done. According to Datum Intelligence, a Gurugram-based provider of business consulting and services, 59% of retailers still use Paytm and don't think the government crackdown will have an immediate effect on their business. The business conducted a survey with 2,000 business owners in 12 cities who accept payments through Paytm apps. According to a press release from Datum Intelligence, it was done between February 7 and February 15. According to the survey, 21% of retailers are awaiting additional information The fact that a Paytm representative contacted them following the RBI ruling is what gives retailers their confidence. "After being contacted by a Paytm representative, 71% of merchants feel comfortable continuing to use Paytm for payments. According to the Datum Intelligence survey, only 11% of respondents are less confident about using Paytm for payments, and 14% of respondents are still looking for more information."Overall, the impact is limited on the merchant business and Paytm is engaging with merchants to reduce the damage and merchants are also waiting before deciding on alternatives," it added.

Vodafone Idea set for Rs 20,000 crore fundraise; shareholders nod awaited

Vodafone Idea Ltd is set to raise Rs 20,000 crore through a mix of equity and equity-linked instruments after having received the go ahead from the company's board.In an official statement filed with the exchange, the company stated, "The Board has also authorised the management to appoint various intermediaries, including bankers and counsels to execute the fund raise." To get the green light for the fundraising, the telecom company plans to hold an extraordinary general meeting with its shareholders on April 2.If shareholders give their nod, the company aims to wrap up the equity fundraising in the upcoming quarter. Alongside the fundraising, Vodafone Idea is actively working with its lenders to secure debt funding, which will complement the equity fundraising.Notably, the promoters have pledged to join in the equity raise, as previously committed, Vodafone Idea confirmed. "The equity and debt fund raising will enable the company to make investments towards significant expansion of 4G coverage, 5G network rollout and capacity expansion. These investments will enable the company to improve its competitive positioning and offer an even better customer experience," the company stated, explaining the purpose behind the fundraising. As of the end of December, Vodafone Idea's gross debt amounted to Rs 2.15 lakh crore. This includes deferred spectrum payment obligations, AGR liability due to the government, optionally convertible debentures, and dues towards banks and financial institutions. Despite its financial challenges, Vodafone Idea has been steadily growing its 4G subscriber base and average revenue per user (ARPU) for the past 10 quarters.Currently, Vodafone Idea's bank debt is relatively modest, standing at less than Rs 4,500 crore.    

Rajnath lays down ambitious defence production target

Defence Minister Rajnath Singh, speaking at a media seminar on defence production on Saturday, laid down an annual target of Rs 3,00,000 crore in aerospace and defence services and production by 2028-29. The annual export target for aerospace and defence services and production was also raised to Rs 50,000 crore in the same time frame. "Efforts towards jointness and integration have made our military ready to deal with every challenge together," said the defence minister. "The government is focusing on long-term gains and not short-term outcomes to make India 'Viksit Bharat' (Developed India) by 2047". "The aim is to manufacture high-end systems like aero-engines and gas turbines in India in the next five years," he said.Over the preceding years, indigenous defence production growth has been based on a 2018 Ministry of Defence (MoD) roadmap titled the Defence Production Policy of 2018, or DPrP 2018. The 2018 policy set out an annual target of Rs 1,70,000 crore (then $26 billion) in aerospace and defence services and production turnover by 2025. This would be achieved through an additional investment of nearly Rs 70,000 crores (then $10 billion), creating employment for nearly 2 to 3 million people. The 2018 policy also targeted exports of defence goods and services worth Rs 35,000 crores ($5 billion) by 2025. Rajnath said no military could protect its nation with imported weaponry. He said the "government's persistent efforts" towards self-reliance have increased defence production to Rs 1 trillion. "Earlier, India was known to be an arms importer. But today, under the leadership of the prime minister, we have come out of our comfort zone and found a place in the list of ttop 25arms-exporting nations. Seven-eight years ago, defence exports did not even touch Rs 1,000 crore. Today, it has touched Rs 16,000 crore. By 2028-29, annual defence production is expected to touch Rs 3 trillion and defence exports Rs 50,000 crore," said Rajnath. This was to be achieved by creating a tiered defence industrial ecosystem in the country that would achieve self-reliance by 2025 in the development and manufacture of fighter aircraft, medium lift attack and utility helicopters, warships, land combat vehicles, missile and gun systems, small arms, ammunition and explosives, surveillance systems, electronic warfare (EW) and communications systems, night fighting enablers, submarines, unmanned aerial vehicles (UAVs) and training systems such as simulators.  

RBI asks NPCI to look into One97 Communications plea to become TPAP for UPI usage 

The Reserve Bank of India on Friday said it has advised the National Payments Corporation of India (NPCI) to examine the request of One97 Communications Ltd (OCL), the parent of Paytm, to become a Third-Party Application Provider (TPAP) for UPI channel for continued UPI operation of the Paytm app, as per the norms. Unified Payments Interface is an instant real-time payment system developed by NPCI to facilitate inter-bank transactions through mobile phones.It said that in case, NPCI grants TPAP status to OCL, it may be stipulated that ‘@paytm’ handles are to be migrated in a seamless manner. "In the event of NPCI granting TPAP status to OCL, it may be stipulated that ‘@paytm’ handles are to be migrated in a seamless manner from Paytm Payments Bank to a set of newly identified banks to avoid any disruption. No new users are to be added by the said TPAP until all the existing users are migrated satisfactorily to a new handle," the RBI said in a notification on Friday. A TPAP license will ensure that Paytm users can continue to make digital payments via the Unified Payments Interface (UPI). NPCI is entrusted with the supervision with the regulation and the supervision of UPI and related financial services that work on the network. PSPs need to obtain a TPAP license from NPCI to run UPI services and facilitate merchant transactions through partner banks. "For seamless migration of ‘@paytm’ handle to other banks, NPCI may facilitate certification of 4-5 banks as Payment Service Provider (PSP) Banks with demonstrated capabilities to process high volume UPI transactions. This is in line with NPCI norms for minimising concentration risk1. For the merchants using PayTM QR Codes, OCL may open the settlement accounts with one or more PSP Banks (other than Paytm Payments Bank)," the bank said. The cenytra bank further added for seamless migration of ‘@paytm’ handle to other banks, NPCI may facilitate certification of 4-5 banks as Payment Service Provider (PSP) Banks.On the other hand, 22 entities, including Amazon Pay, Google Pay, Mobikwik, PhonePe, and WhatsApp, currently have a TPAP licence.  

Govt allows onion exports to Bangladesh, Mauritius, Bahrain and Bhutan

The government on Thursday permitted traders to export 54,760 tonnes of onion to Bangladesh, Mauritius, Bahrain and Bhutan till March 31.  We have allowed export of 50,000 tonnes of onion to Bangladesh, 1,200 tonnes to Mauritius, 3,000 tonnes of Bahrain and 560 tonnes to Bhutan with immediate effect," Consumer Affairs Secretary Rohit Kumar Singh told PTI. Traders are allowed to export this quantity till March 31. The modalities are being worked out, he said.  Singh said the decision has been taken following a recommendation from the external affairs ministry. Currently, there is a ban on onion exports till March 31. The ban was imposed on December 8, 2023, in order to boost the domestic supply and check price rise.   

Govt hits 79% of revised EV targets under FAME II as of February 18

The Ministry of Heavy Industries has achieved 79 per cent of its revised target for the number of electric vehicles (EVs) — in two-, three-, and four-wheelers — that it had to support under Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India II (FAME II) as of February 18 (including vehicles under processing for subsidy). The revised number of vehicles across the three segments was pegged at 1.73 million in the five years of the scheme (previously 1.5 million) which ends on March 31. Based on segments, the target achieved in electric two-wheelers is 78 per cent, for electric three-wheelers 88 per cent, and for electric four-wheelers much lower at 56 per cent. The details were divulged by the ministry in a FAME II conclave held on February 20 with EV original equipment manufacturers (OEMs) from these three segments.However, the government has to process 514,064 EVs, accounting for 37 per cent of the total number of vehicles under the scheme whose application for subsidy under FAME II is still pending until February 18. Since 2019-20, as many as 1.36 million EVs have applied for subsidy under the scheme. The revised outlay for subsidy for the three segments for five years was at Rs 7,048 crore — which includes Rs 5,311 crore for electric two-wheelers, Rs 987 crore for electric three-wheelers, and Rs 750 crore for electric four-wheelers. Of this, the government has spent and distributed Rs 4,047 crore until February 18, or 57 per cent of the total money earmarked. In 2023-24 (FY24), the disbursements until February 18 have been Rs 2,167 crore.The scheme’s total funding was enhanced from Rs 10,000 crore to Rs 11,500 crore, which includes electric buses, charging stations, and grants for creating capital assets.The ministry said that the subsidies for demand incentive would be eligible for two-, three-, and four-wheelers until March 31, 2024, or until the funds are available.   

India Accepts All Foreign Investment In The Space Industry

In an effort to facilitate business in the nation, the Indian government approved an amendment on Wednesday that permits 100% foreign direct investment (FDI) in the space sector. The government stated in a statement that the FDI policy reform will encourage growth in investment, income, and employment. The government stated in a statement that the FDI policy reform will encourage growth in investment, income, and employment.