Ram Mandir Inauguration: TN govt slams Finance Minister for spreading falsehood over live telecast ban

The Tamil Nadu government has hit back at Union Finance Minister Nirmala Sitharaman's claims that the state has prohibited the live telecast of Ayodhya Ram Mandir programmes scheduled for January 22. P Sekar Babu, Tamil Nadu Minister for Hindu Religious & Charitable Endowments, dismissed these allegations and criticised Sitharaman for "purposefully propagating this erroneous information"."The Hindu Religious and Charitable Endowments department hasn't imposed any limitations on devotees' freedom to offer food, conduct poojas in the name of Shri Ram, or provide prasad in Tamil Nadu temples. It is unfortunate that people in office, like Union Finance Minister Mrs. Nirmala Sitharaman and others, are purposefully porpagating this erroneous information," Sekar Babu said in a post on X (formerly Twitter). Earlier on Sunday, Sitharaman claimed that the Tamil Nadu government prohibited the live telecast of the prgrammes and took to social media to denounced the Chief Minister MK Stalin-led DMK government, labelling the it as "anti-Hindu" and "hateful."Sitharaman had alleged that the "ban" extends to Hindu Religious and Charitable Endowments (HR&CE) managed temples, where she claimed activities such as puja, bhajan, prasadam, and annadanam in the name of Lord Ram are not permitted. She further accused the police of intervening in privately held temples, preventing them from organising events and issuing threats of dismantling pandals.Sitharaman alleged that individuals are facing obstacles and threats while attempting to organize bhajans, provide food to the needy, distribute sweets, and celebrate, all to witness Prime Minister Narendra Modi's participation in the Ram Temple consecration ceremony at Ayodhya.The Finance Minister went on to claim that cable TV operators have been warned about possible power cuts during the live telecast, branding it as an "anti-Hindu move" orchestrated by the DMK, a key partner in the INDIA alliance. Sitharaman accused the Tamil Nadu government of "unofficially" citing law and order concerns as a justification for the ban on live telecast.    

Governments cash surplus tops Rs 3.4 lakh crore

Apart from the deceleration in government spending, higher direct tax collections and a likely sharp rise in issuances of Treasury Bills by the Centre in FY24 were factors pushing up the government's cash balances, analysts said. The flow of government cash balances to and from the banking system is a key factor that influences liquidity conditions. Mumbai: A constant feature of the Indian banking system over the past couple of months has been the prevalence of large deficit liquidity conditions, and one of the factors behind banks' scramble for funds is a massive build-up of government cash balances as the Centre slows down spending.Apart from the deceleration in government spending, higher direct tax collections and a likely sharp rise in issuances of Treasury Bills by the Centre in FY24 were factors pushing up the government's cash balances, analysts said. The flow of government cash balances to and from the banking system is a key factor that influences liquidity conditions."Government cash surplus as of Janury 12, 2024 is tracking at ₹3.4 lakh crore versus ₹1.6 lakh crore as of January 13, 2023. We see space for expenditure savings for the Centre on transfers to states which consists of finance commission grants, centrally sponsored schemes and central sector schemes, loans for capital expenditure etc," said Gaura Sengupta, economist at IDFC First Bank. "Based on data from Finance Ministry, 15th Finance Commission grants to states are tracking 29%YoY lower in FYTD24 (Apr-Dec)," she said.As on January 16, the headline liquidity deficit in the banking system was at ₹1.94 lakh crore, Reserve Bank of India data showed. Liquidity in the banking system typically tightens around the middle of a month due to tax outflows before easing towards the end of the month as the government spends on salaries and pensions of employees. With banks facing a scarcity of funds at present, the weighted average call rate (WACR) closed at 6.76% on Wednesday, much higher than the repo rate of 6.50%. The elevated money market rates have pushed up costs of funds for banks, and in turn for corporates, looking to raise money through short-term debt."It's speculative to say that the build-up in cash balance is for any particular reason, but one thing is that the government started the year in WMA (Ways and Means Advances), so there might have been a target to build up the cash balance for the end of the year as well," said A Prasanna, head of research at ICICI Securities Primary Dealership. WMA is a funding facility that the RBI extends to the government in order to tide over short-term cash-flow mismatches.Till January 11, the government's net direct tax collections rose 19% annually to ₹14.70 lakh crore, official data released last week showed. Tax collections till then were at 81% of the full-year target.  

HDFC Bank seeks Singapore bank license to grow overseas

HDFC Bank, India's largest private sector lender, is seeking approval for a banking license in Singapore. The bank aims to tap into the Indian diaspora in Singapore for savings and term deposits, as well as cross-sell products like mortgages. HDFC Bank already has a presence in London, Hong Kong, and Bahrain. With a customer base of 93 million, the bank is expanding its reach overseas after a merger with Housing Development Finance Corp. last year.HDFC Bank Ltd, India’s biggest private sector lender, is seeking to open its first branch in Singapore, signaling its overseas ambitions after sewing up a landmark merger with mortgage financier Housing Development Finance Corp. last year.  The bank has applied to the Monetary Authority of Singapore for a banking license and is awaiting approval, according to sources familiar with the matter. It is not clear what kind of banking license HDFC Bank is seeking in Singapore, said one of the people, who declined to be identified as the information is confidential. The banking giant is seeking a bigger presence abroad to tap the Indian diaspora for savings and term deposits, as well as to cross-sell more products, including mortgages, the people said. At home, HDFC has been focusing on deepening its reach in the world’s most populous country through loans to retail customers. HDFC Bank did not respond to an email seeking comment. “As a matter of policy, MAS does not comment on our dealings with financial institutions,” according to a spokesperson from the Singapore regulator. Singapore, with a population of almost 6 million people, houses a large India diaspora. About 650,000 non-resident and persons of Indian origin live in the city-state, according to Indian government data.HDFC Bank is currently not licensed or regulated by the MAS, according to its website. It only provides home loans-related advisory services for the purchase of properties in India, the website states. The categories of banking licenses in Singapore encompass full banks, qualifying full banks and wholesale banks, which impose varying levels of restrictions on the lenders’ activities. State Bank of India and ICICI Bank Ltd. hold qualifying full banking licenses, alongside eight other banks like Bank of China Ltd. and BNP Paribas SA. Such licenses are open only to foreign banks and allow them to have additional branches and/or off-premise ATMs as well as to share ATMs among themselves, according to the Association of Banks in Singapore’s website.The MAS regulates and supervises more than 150 deposit-taking institutions in Singapore, ranging from full banks to finance companies, according to its website.  

Teslas winter woes: A storm of challenges and disruption

Tesla is grappling with operational, strategic, and environmental challenges that impact its stock value and investor focus. The recent challenges placing Tesla in the headlines, including operational disruptions, strategic market adjustments, and technological limitations in cold weather, have impacted its stock price, contributing to a 13% decline in the past thirty days. Tesla's analysts are concerned about business growth, which has shown signs of deterioration in recent quarters. This, combined with the company's high valuation, makes some analysts cautious about Tesla's stock in the medium term.Despite these concerns, Tesla's diverse business operations beyond just manufacturing cars offer some optimism. Its advancements in other areas, like energy solutions and technology innovations, provide potential growth avenues. However, the company's core focus on car manufacturing is subject to market cyclicality, which currently does not favor bullish sentiments.Investors eagerly anticipate the release of the Q4 earnings report and guidance for the fiscal year 2024, as it will impact the company's stock valuation. Manufacturing efficiency and the number of vehicles manufactured are pivotal in influencing investors' interest. While some investors maintain a positive outlook based on potential long-term growth, Tesla’s overall sentiment is a mix of optimism and caution. Some investors and Tesla stock analysts have adopted a bearish stance due to the company's prevailing challenges and market dynamics. Tesla's Berlin gigafactory is pivotal to its European market growth. The Berlin gigafactory has recently halted operations due to supply chain issues linked to the Red Sea blockade. This crucial maritime channel is integral to global trade, and its disruption has had a domino effect, underlining the vulnerability of global manufacturing networks to geopolitical strife. The Berlin factory, known for its state-of-the-art production capabilities, now faces uncertainties that concern investors, particularly regarding potential delays in vehicle production and distribution. This halt impacts Tesla's operational efficiency and places added pressure on its stock value as the market reacts to these unforeseen challenges and the possible implications for Tesla's European market performance and overall global supply chain efficiency.In response to intensifying competition in China and Europe, Tesla has strategically reduced prices for select models in these key markets. This price adjustment is calculated to strengthen Tesla’s standing, especially in China, where the demand for affordable electric vehicles is rapidly expanding. While this strategy could potentially increase Tesla's market share in the short term, it raises crucial questions about its long-term effects on its profitability and financial health. These concerns are particularly pertinent for investors as they weigh the implications of Tesla's pricing strategy on its future revenue streams and overall market sustainability.   

Indias most valuable PSU remains a wealth destroyer

Life Insurance Corporation of India (LIC) overtook State Bank of India on Wednesday to become India's most valuable state-run company in terms of market capitalisation. At the start of trading on Wednesday, LIC had a market capitalisation of ₹5.66 lakh crore, compared to SBI's ₹5.64 lakh crore, though SBI recovered from opening lows to reclaim the top spot for a brief period again. However, despite becoming India's most valued company, LIC has caused loss of investor wealth. The stock listed at a discount in May 2022, a level it only crossed on Tuesday, nearly two years after listing. Although the stock has crossed the retail IPO price of ₹904, it remains below the original IPO price of ₹949. Over the last 12 months, the stock has gained only 27%, compared to other PSE index constituents like REC, PFC, BHEL and HAL, which have gained anywhere between 140% to 250% over the same time frame. In fact, LIC shares are the second-worst performers on the Nifty PSE index over a 12-month period, only ahead of Container Corporation of India, which is up 25%. LIC remains India's biggest IPO where the government sold a 3.5% stake to mobilise over ₹21,000 crore. That is the only stake sold in the open market yet as the government continues to hold the remaining 96.5%. DIPAM Secretary Tuhin Kanta Pandey in his prior interactions with CNBC-TV18 had mentioned that an LIC Follow-On Public Offer (FPO) is not on the cards yet. Additionally, unlike other PSUs, LIC has been granted an exemption from complying with minimum public shareholding norms. It can achieve the 25% minimum public shareholding by May 2032, instead of the usual three years. LIC shares have recovered from their 52-week low of ₹530 and despite this rally are trading at 0.85 times price-to-embedded value. Shares of LIC are trading 0.6% lower at ₹887.2. The stock is up 11% over the last month.  

Vivek Ramaswamy Quits US Presidential Race, Endorses Trump

Vivek Ramaswamy, a 38-year-old Indian-American entrepreneur and political novice who quickly created a name for himself with aggressive policy proposals and an outsized sense of confidence, has withdrawn over of the campaign for the Republican presidential nomination after finishing fourth in the Iowa caucuses, news agency Reuters reported. He then backed former President Donald J. Trump for the presidency. Ramaswamy, who was virtually unknown in political circles when he entered the campaign in February 2023, managed to pique the interest and support of Republican voters with his strong views on immigration and an America-first attitude. In terms of tone and philosophy, his campaign plan closely paralleled that of former President Donald Trump. Ramaswamy attempted to draw into Trump's conservative base, which had pushed him to victory in prior elections.He said, “Tonight, I have to face the truth. It was hard for me to accept, but we have looked at the facts. And the fact is, we did not get the result we hoped for tonight.”Ramaswamy had recently taken a harder stance against Trump, claiming that the former president’s legal troubles and strong political enemies made him a weak candidate. Trump responded by attacking Ramaswamy on social media, calling his campaign “deceitful” and “very sly,” in the first sign of hostility between them.Ramaswamy had been one of Trump’s biggest supporters during the campaign. He had praised Trump as “the greatest president of the 21st century” and stood by him despite the numerous criminal charges and obstacles to his candidacy.On Tuesday, Trump said on social media that his accuser had gained fame and money through "fabricated lies and political shenanigans" in the case.Former US President Donald Trump left Trump Tower on Wednesday morning as he heads back to Manhattan court where rape accuser E. Jean Carroll was poised to testify against him for $10 million defamation case.    

Ayodhya: Massive crowd throngs Ram temple as mandir opens its doors for devotees after ‘pran pratishtha’

Devotees gathered in large numbers since 3am to have darshan of the new Ram Lalla idol on the first morning after the consecration ceremony. A massive crowd thronged the Ram Mandir in Ayodhya as the grand temple opened its doors for devotees to offer prayers on Tuesday morning, a day after the 'pran pratishtha' ceremony of Ram Lalla. Devotees gathered in large numbers since 3am to have darshan (viewing) of the new Ram Lalla idol on the first morning after the consecration ceremony, news agency ANI reported. A large number of devotees, both locals and visitors from other states, gathered near the main gateway along the Ram Path leading to the temple complex late on Monday, seeking entry to the mandir premises. As a large crowd built up near the ceremonial gateway – decked up for the consecration ceremony – police told the devotees that the temple would open to the public from Tuesday.For devotees seeking darshan of Lord Ram Lalla, the Shri Ram Janmabhoomi Teerth Kshetra website has provided specific time slots – morning slot from 7am to 11:30am and afternoon slot from 2 pm to 7pm.‘Aarti’ timings include jagran/shringar at 6:30am and sandhya aarti at 7:30pm. One can obtain passes for the 'aarti' both offline and online. The offline passes are available at the camp office at Shri Ram Janmbhoomi, requiring a valid government identity proof. The 'pran pratishtha' of Ram Lalla in Ayodhya was held amid unbridled celebrations, with Prime Minister Narendra Modi performing the main rituals officiated by a select complement of priests. The 'pran pratishtha' ceremony of Lord Ram was held at 12.29pm on Monday. The ceremonial journey leading up to the mega event included a seven-day ritual that commenced on January 16.The ceremony was attended by people from all walks of life, including representatives of various tribal communities. Major spiritual and religious sect leader were also invited to the consecration ceremony. Built-in the traditional Nagara style, Shri Ram Janmbhoomi Mandir has a length (east-west) of 380 feet and a width of 250 feet. It stands 161 feet above the ground and is supported by a total of 392 pillars and 44 doors. The pillars and walls of the temple showcase intricately sculpted depictions of Hindu deities, Gods, and Goddesses. We are very pleased. Ayodhya has decked up like a bride. We are touched even more to come to terms with the fact that we are going to have 'darshan' of the Ram Lalla," ANI quoted Tejender Singh, a devotee from Chandigarh, as saying.Another devotee said he came all the way from Odisha for the darshan of Lord Ram in Ayodhya."I have come from Odisha's Puri to Ayodhya on bike to have darshan of Lord Ram Lalla. It was a journey of 1224 kilometres. I was very eager to have 'darshan' of Lord Ram Lalla. When I was asked on my way where I was going, I said that that I was going to have darshan of Lord Ram at the temple which was not built for over 500 years," he told ANIIn the sanctum sanctorum of Ram Mandir, the child-like Lord Ram is enthroned.  

Mid-spec Tata Punch EV vs Top-end Tata Tiago EV: Cross-shopping Simplified

Tata Motors recently launched the Punch EV, introducing a new electric micro-SUV in our market. It sports a refreshed look and is based on a completely new electric car-only platform. The Punch EV joins Tata's lineup of electric vehicles, including the Tiago EV. If you are considering both the Punch EV and Tiago EV, we have simplified your decision-making process with a detailed comparison. Check it out. The mid-spec Punch EV Standard Range marginally undercuts the top-spec Tiago EV Long Range. It's important to note that, we are considering the Tiago EV configured with a 7.2 kW AC fast charger, which comes at a premium of Rs 50,000. Both the vehicles come standard with 3.3 kW AC charger. Considering the segment, the Punch EV is undoubtedly a larger vehicle than the Tiago EV, offering more space and a larger boot. It also has a longer wheelbase and that should result in more room inside the cabin.  Things change in the features department, with no significant difference between the two cars. In fact, the Tiago EV offers additional features such as rain-sensing wipers, a larger 8-speaker sound system, and a tyre pressure monitoring system. On the other hand, the Punch EV rides on larger 15-inch wheels and comes equipped with 6 airbags. As seen in the table above, there is barely any difference between the two cars in terms of powertrain specifications. However, the Punch EV's electric motor produces slightly more power. In terms of claimed range, both deliver a similar range. Do note that you get a second powertrain choice with both cars: Medium Range in the Tiago EV and Long Range in the Punch EV.  Ultimately, your decision will depend on whether to choose a larger micro-SUV or a hatchback with a smaller form factor, as both cars more or less offer a similar features set and power figures. Keeping the size factor aside, choosing the Punch EV means opting for a more modern product with an updated design. If you can configure it to higher-spec variants, you also get additional niceties like ventilated seats, and a larger infotainment and digital driver’s display. You also get the novelty factor of an SUVThe Tiago EV, on the other hand, is based on its petrol-powered counterpart, maintains the same design and feel, which might feel dated when compared to the Punch EV. Nevertheless, it does offer some additional conventional features if aesthetics are overlooked. That said, the new Punch EV is definitely the more modern product here and is our pick.

India overtakes Hong Kong as worlds fourth-largest stock market

India's stock market capitalization crossed $4 trillion for the first time on December 5, with about half of that coming in the past four years. India’s stock market has pipped Hong Kong for the first time. The combined value of shares listed on Indian exchanges hit $4.33 trillion as of Monday’s close, against $4.29 trillion for Hong Kong, according to data compiled by Bloomberg, making India the fourth-biggest equity market globally.   Its stock market capitalization crossed $4 trillion for the first time on December 5, with about half of that coming in the past four years.  India has all the right ingredients in place to set the growth momentum further,” Ashish Gupta, chief investment officer at Axis Mutual Fund in Mumbai, told Bloomberg. Hong Kong's slump is also due to an eroding China appeal. Some of China’s most influential and innovative firms are listed in Hong Kong. Beijing’s stringent anti-Covid-19 curbs, regulatory crackdowns on corporations, a property-sector crisis and geopolitical tensions with the West have hit Chinese stocks hard. The total market value of Chinese and Hong Kong stocks have tumbled by more than $6 trillion since their peaks in 2021.   New listings have dried up in Hong Kong, with the Asian financial hub losing its status as one of the world’s busiest venues for initial public offerings. Overseas funds poured more than $21 billion into Indian shares in 2023, helping the country’s benchmark S&P BSE Sensex Index cap an eighth consecutive year of gains.“There is a clear consensus that India is the best long-term investment opportunity,” Goldman Sachs Group Inc. strategists including Guillaume Jaisson and Peter Oppenheimer wrote in a note Jan. 16 with results of a survey from the firm’s Global Strategy Conference.    

Tech layoffs: Tencents Riot Games to lay off 11% employees

Riot Games, based in Los Angeles, is known for popular games like 'League of Legends'. The company stated that teams not directly involved in game development will be most affected by the layoffs.Riot Games, a subsidiary of Tencent Holdings, announced on Monday that it plans to lay off 530 employees, which is about 11% of its global staff. The news was shared in a blog post that included a letter from CEO Dylan Jadeja to the employees.Riot Games, based in Los Angeles, is known for popular games like "League of Legends". The company stated that teams not directly involved in game development will be most affected by the layoffs.  The digital gaming industry is facing challenges as audiences are hesitating to buy expensive titles or are sticking to fewer games due to high inflation. This trend was also seen last year when Electronic Arts Inc cut 6% of its staff and reduced office space. In his letter, Jadeja explained, "We're a company without a sharp enough focus, and we have too many things underway. Some of the significant investments we've made aren't paying off the way we expected them to. Our costs have grown to the point where they're unsustainable."The layoffs will allow Riot to concentrate on its live games portfolio, which includes "League of Legends", "Valorant", "Teamfight Tactics", and "Wild Rift". This was mentioned in a separate blog post by Jadeja and co-founder Marc Merrill.Riot will halt new game development under "Riot Forge" and will reduce some staff and features in "Legends of Runeterra".Tencent, which bought a majority stake in Riot Games in 2011, also has a stake in U.S. video game developer Epic Games.

Cipla shares rally 7% to hit 52-week high on strong Q3 earnings

Shares of Cipla rallied 7 percent to hit a 52-week high of Rs 1,409 in the opening trade on January 23, a day after the company reported a strong performance in Q3 on all key parameters of profit, revenue and profitability. The company's net profit for the quarter grew 32.7 percent on-year to Rs 1,049 crore despite an exceptional loss of Rs 194.8 crore. The bottomline growth was also aided by a 14.2 percent on-year increase in revenue to Rs 6,544 crore in the October-December period. Growth was largely broad-based across markets as the company clocked in its highest ever North American sales at  $230 million, up 18 percent on year. The India business grew nearly 12 percent to Rs 2,859  crore, whereas sales from the South Africa recorded a near 10 percent rise to Rs 603 crore. Growth in the India business was driven by a strong performance across branded prescription, trade generics and consumer health, while that in North America was supported by continuing momentum in key assets and robust demand in base business along with some year-end buying.The South Africa business also benefitted from the increase in revenue in local currency terms. This performance was supported by positive traction in prescription, OTC (over-the-counter) and tender.

Zomato suspends delivery of non-veg items in North India, says this is due to govt order

In response to a government order, Zomato has temporarily suspended the delivery of non-vegetarian items in several states in North India. In respect of the consecration ceremony, meat shops in some states were closed today. Here is everything you need to know. In response to a government order, Zomato has temporarily suspended the delivery of non-vegetarian items in several states in North India. Users across various cities reported the absence of non-veg food options on X (previously Twitter), leading to speculations regarding the cause. It is believed that the move is in respect of the consecration ceremony for the Ram Mandir in Ayodhya, an event of significant cultural and religious importance. Zomato, addressing user concerns on X, clarified that the decision to disable the delivery of non-veg items was in compliance with the government's notice. "We have disabled delivery of non-veg items in Uttar Pradesh, Assam, Chhattisgarh, Madhya Pradesh and Rajasthan as per govt. notice. Hope this clarification helps," stated Zomato's customer care support on the social media platform. It is not surprising because Varun Khera, the head of the National Restaurant Association of India in Uttar Pradesh, affirmed that restaurants across the state had collectively decided to serve only vegetarian food on January 22. Khera emphasized the need to honour the government's order, especially considering the magnitude of the event taking place in Ayodhya. In respect of the ceremony, meat shops in the affected states were closed today. The chief secretary of Uttar Pradesh, Durga Shankar Mishra, had issued an order instructing district magistrates to ensure the closure of liquor vends and meat shops on January 22.