HNIs chase mid, small caps, IEX under bear attack, I-Pru Life tumbles, NHPC in focus

“Current earnings, future prospects, management, marketability are all factors more or less independent of assets which contribute their share to the intrinsic value.” - Benjamin Graham. Sentiment has turned cautious after three successive sessions of fall, but two days of gains could change that. In the past, mid and small caps would take a battering during market corrections and investors would flee to the safety of large caps. But now exactly the opposite is taking place — large caps are sliding harder than second-line stocks when the market falls.Whispers in market is that many of the mid and small cap companies say they have good earnings visibility for the next few quarters. And that is giving HNIs the comfort to hold on their positions in the stocks. The stock prices so far indicate that the market is willing to believe the earnings story. They would flag when there's still a couple of quarters of earnings growth left. Bull argument: Spot LNG prices have softened. Strong demand for LNG across sectors of late, and this trend is likely to strengthen going forward.Bear argument:  Competition is rising, also domestic gas production is increasing. The capex on its proposed petrochemicals foray could weigh on margins. Stock has fallen 16 percent in last couple of trading sessionsBear argument: Huge build up of speculative positions in F&O segment. Uncertainty over the market coupling policy for power exchanges an overhang on the stock.Bull argument: Stock has good support in the Rs 120-125 band. Also, concerns about the market coupling have already been priced in. Stock under pressure as government to sell 2.5 percent stakeBull argument: Seen benefitting from India’s commitment to net-zero as hydro power not polluting like thermal power.  Capacity expected to go up sharply in the coming years.Bear argument: Increase in floating stock could be an overhang in the short term. Right now, power is a fancied sector and there is unusually high demand for PSU stocks. This could change. Earnings could be volatile because of dependency on monsoon. GQG Partners upped its stake in ITC to 2.79 percent from 1.58 percent.Bull argument: A good defensive bet if the market continues to correct further. Cigarette volumes increased in Q2 and the trend is likely to sustain.Bear argument: Revenues from agri-business is under stress in FY24 due to a ban on the exports of wheat and rice. Re-rating story is largely over. Further gains will depend on ability to grow earnings.  

IndusInd Bank Q3 results impress analysts. Should you buy or sell?

IndusInd Bank impressed the street with a healthy set of number for the December quarter and analysts remain bullish on the counter, counting steady margins, improving retail deposit mix and strong loan growth as some of the key positives. In the past year, the stock has jumped more than 31 percent, outperforming Bank Nifty index which is up 8 percent. The stock hit a 52-week high of Rs 1,694 on January 15.The bank's net profit grew 17 percent on-year to Rs 2,301 crore, aided by healthy net interest income (NII) growth of 18 percent and lower provisions, the private lender said on January 18. At a time when banking sector is grappling with higher cost of funds, its net interest margin (NIM) saw a modest expansion of two basis points (bps) YoY to 4.29 percent in the December quarter.  Analysts at Jefferies shared a "buy" call for IndusInd, with a target price of Rs 2,070, saying the lender's NII growth was among the best across coverage.  "IndusInd's profit met estimates but they used Rs 200 crore of contingent buffers. We see 20 percent profit compounded annual growth rate (CAGR) in FY24-26, with return of equity (RoE) of 16 percent in FY25," they wrote in their result review.  HSBC, too, shared a "buy" call, with a target price of Rs 2,040 apiece on the back of in-line Q3 operating performance, but remain wary of higher slippages. "We forecast CAGR of 23 percent for operating profit and 21 percent earnings per share (EPS) over FY24-26," they said. The rise in fresh slippages, or bad loans, however, remained a key concern during the quarter, analysts at Morgan Stanley said, trimming EPS by 0.5 percent for FY24 and a percent for FY25.  The brokerage firm, however, shared an "overweight" call with a target price of Rs 1,850 per share.  IndusInd Bank's fresh slippages rose 20.5 percent on a sequential basis to Rs 1,700 crore in the December quarter due to a elevated slippages in corporate and vehicle finance books. However, the management guided that they will normalise to Rs 1,200 crore going ahead.  Gross non-performing asset (GNPA) and net NPA ratios were stable at 1.9 percent and 0.5 percent, respectively, due to asset reconstruction company (ARC) sale of Rs 3,100 crore. On the business front, analysts at Macquarie said 24 percent on-year growth in retail book was encouraging during the quarter.  "The retail book growth was driven by vehicle book growth. As per liquidity coverage ratio classification mix, retail deposit improved to 45 percent YoY," the brokerage firm said, sharing an "outperform call" with a target price of Rs 1,900 a share.  The lender's loan growth was up by 20 percent YoY, while deposits grew by 13 percent YoY. The management expects loan growth to be in the range of 18-23 percent, with the retail loan mix at 55-60 percent.  "We estimate 21 percent earnings CAGR over FY24-26, leading to RoE of 16.2 percent in FY25," analysts at Motilal Oswal Financial Services said, reiterating a "buy" rating for IndusInd Bank with a target price of Rs 1,900.  Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.  

Interim Budget 2024 Expectations: Govt to target fiscal deficit at 5.3% of GDP for FY2025, says ICRA

ICRA expects the fiscal deficit target for FY2025 to be set at 5.3 per cent of GDP, midway through the expected print of 6.0 per cent for FY2024 and the medium-term target of sub-4.5 per cent by FY2026.With the the Union Finance Minister Nirmala Sitharaman all set to present the interim Budget for the fiscal year 2024-25 on February 1, 2024, an analysis by ICRA suggested that the government is likely to target fiscal deficit at 5.3 per cent of GDP for FY2025, entailing a reasonable degree of fiscal consolidation amid slower capex growth. The upcoming Budget will be an interim one and is said to have no major announcements as it is coinciding with the general elections year which is scheduled for this year. The full budget for the fiscal year 2024-25 will be presented after the formation of the new government following the general elections. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year.However, the expansion in the Government of India’s (GoI’s) capex and the extent of fiscal consolidation would be scrutinised closely, given the implications for growth and G-sec yields, respectively. ICRA expects the fiscal deficit target for FY2025 to be set at 5.3 per cent of GDP, midway through the expected print of 6.0 per cent for FY2024 and the medium-term target of sub-4.5 per cent by FY2026. “This, along with our projection of an appreciable dip in the revenue deficit, would allow for a capex target of Rs 10.2 trillion for FY2025, 10 per cent higher than the expected level for FY2024 vis-à-vis the 20 per cent-plus YoY expansion seen during FY2021-FY2024. A higher capex target would impinge on the GoI’s ability to bridge half the required fiscal consolidation in FY2025, thereby making the task of reaching medium-term fiscal deficit target by FY2026 even more challenging,” ICRA said in a report. Given the favourable macroeconomic backdrop and expectations of the benign domestic environment sustaining in the next fiscal, per the analysis by ICRA, the GoI is expected to continue on the fiscal consolidation path in the Union Budget for FY2025. However, it added that this is likely to entail a slower expansion in capex vis-à-vis that seen in the post-Covid years, which could weigh on the growth in economic activity. Additionally, with the upcoming Budget set to be an interim one for the purpose of a vote-on-account, major policy changes and announcements are unlikely at this juncture, it said.“We expect the GoI’s gross tax revenues (GTR) to grow by a healthy 11 per cent in FY2025, led by direct taxes and GST collections, even as the growth in excise and customs duty collections is likely to be subdued,” it said. The disinvestment target is likely to be pegged at sub-Rs 500 billion for FY2025. Given the uncertainties involved in market transactions, it would be prudent to set a moderate target of sub-Rs 500 billion for FY2025, instead of a higher aim that may disrupt the budget math if there is a large shortfall in such receipts by the end of the fiscal, based on the past year trends. Furthermore, ICRA expects the revenue expenditure to increase by a modest ~4 per cent in FY2025, led by a moderate growth in interest payments amid a slight moderation in allocation for subsidies and a continued focus on curtailment of other expenses. It added, “We estimate the GoI to budget for a capex of Rs 10.2 trillion in FY2025, implying a relatively sedate YoY expansion of ~10 per cent, compared to over 20 per cent expansion seen in each of post-Covid years. The slowdown in capex growth is likely to have some bearing on economic activity and GDP growth.” As already mentioned above, ICRA expects the GoI to target a fiscal deficit of 5.3 per cent of GDP in FY2025, midway through the expected print of 6.0 per cent in FY2024 and the medium-term target of 4.5 per cent for FY2026.  

Dense fog impacts flight operations at Delhi airport

The IGI airport experienced dense fog with visibility ranging between 50 and 100 metres from 12.30 am to 6.30 am, which improved and currently the visibility is 300 metres at 8 am today. Several flights were delayed at Delhi International Airport due to dense fog and low visibility. A few flights were also cancelled due to severe fog conditions in several parts of the country, Flight Information Display Board (FIDB) at Indira Gandhi International (IGI) Airport showed.  The IGI airport experienced dense fog with visibility ranging between 50 and 100 metres from 12.30 am to 6.30 am, which improved and currently the visibility is 300 metres at 8 am today, India Meteorological Department (IMD) mentioned in a tweet while adding that Runway Visual Range (RVR) is between 600-1200 metres. According to the weather forecast agency, very dense fog is when visibility is between 0 and 50 metres, between 51 and 200 metres is dense, between 201 and 500 metres moderate, and between 501 and 1,000 metres shallow. Several flights were also delayed and a few were cancelled due to the prevailing fog. Arrived from Bahrain and my (connecting) flight is delayed by one hour,” a passenger at Delhi’s IGI airport said. People in Delhi woke up to a foggy Thursday morning with the minimum temperature settling at 6.6 degrees Celsius, one notch below the season’s average, the weather department said. The Financial Express logoThe Financial ExpressSign inInterim Budget 2024 Expectations: Govt to target fiscal deficit at 5.3% of GDP for FY2025, says ICRARam Mandir inauguration date draws closer: Find out the top stocks with Ayodhya connection to bet onThe regional Lala Land! From cinemas to TV, OTT, regional content catches the imagination of viewersWhere to invest for your child’s higher educationBusiness NewsBusinessAirlines AviationFlight Operations Hit! Dense Fog Delays Several Flights At Delhi Airport – Details InsideFlight operations hit! Dense fog delays several flights at Delhi Airport – Details insideThe IGI airport experienced dense fog with visibility ranging between 50 and 100 metres from 12.30 am to 6.30 am, which improved and currently the visibility is 300 metres at 8 am today. The IGI airport experienced dense fog with visibility ranging between 50 and 100 metres from 12.30 am to 6.30 am, which improved and currently the visibility is 300 metres at 8 am today, India Meteorological Department (IMD) mentioned in a tweet while adding that Runway Visual Range (RVR) is between 600-1200 metres.Planned model of Rajmata Vijayaraje Scindia Airport in Gwalior (Image/@MoCA_GoI)Gwalior soars higher! Jyotiraditya Scindia boosts regional connectivity with new flights to 3 cities including Ayodhyapenalties for IndiGo and MIAL; Air India, SpiceJet finedMumbai Airport tarmac incident leads to rare high penalties for IndiGo and MIAL; Air India, SpiceJet fined Rs 30 lakh each – Here’s what happenedHindustan 228 aircraft HALHAL to unveil Hindustan-228 aircraft, upgraded Dhruv helicopter at Wings India 2024Air India Express Gwalior to Bengaluru direct flightAir India Express expands footprint: Daily direct flight from Gwalior to Bengaluru takes offAccording to the weather forecast agency, very dense fog is when visibility is between 0 and 50 metres, between 51 and 200 metres is dense, between 201 and 500 metres moderate, and between 501 and 1,000 metres shallow. Several flights were also delayed and a few were cancelled due to the prevailing fog.“I arrived from Bahrain and my (connecting) flight is delayed by one hour,” a passenger at Delhi’s IGI airport said.Dense fog prevails in parts of the country People in Delhi woke up to a foggy Thursday morning with the minimum temperature settling at 6.6 degrees Celsius, one notch below the season’s average, the weather department said.The Indian Meteorological Department has issued a yellow alert for moderate to dense fog at isolated places in the city for the next two days.According to an official release by the IMD, ‘very dense fog’ was observed in isolated parts of Punjab, Haryana, West Rajasthan and Bihar at 5.30 am on Thursday.Similar heavy fog was also reported in isolated parts of Delhi, West Uttar Pradesh, Jharkhand, Odisha and Assam while moderate fog was observed in isolated parts of Sub-Himalayan West Bengal and Sikkim, as per IMD.  

Ram temple tourism: Hospitality, travel industries create up to 20,000 jobs in Ayodhya

A surge in tourist inflows has already increased demand for accommodation and travel, “leading to a significant upswing in Ayodhya’s hospitality sector, with a particular focus on the establishment of adequate infrastructure to host travellers”, he said. “At least 10,000 jobs and up to about 20,000 positions were created in various roles related to hospitality, travel and tourism – including hotel staff, cooks, servers, drivers, etc. in the last six months,” said Balasubramanian A, vice president and head - consumer & ecommerce at TeamLease. According to several officials in the hospitality sector, thousands of jobs in areas such as hospitality managers, restaurant and hotel staff, logistics managers, drivers, etc are likely to open up towards the end of this year or the first half of 2025 – not just in Ayodhya but in neighbouring cities like Lucknow, Kanpur, Gorakhpur, etc - with hotel companies and restaurant owners keeping a close eye on how the demand-supply situation pans out.“In the next three-four months, we should get a clearer picture of the everyday traffic at the temple and the demand for manpower to cater to the devotees,” an industry executive said on condition of anonymity. According to estimates, Tirupati Balaji Temple, which is among the world’s richest temples and remains crowded all year round, attracts an average 50,000 daily devotees in a steady state and the number goes up to 100,000 on festival days or holidays.According to various estimates, the Ram Temple in Ayodhya is likely to see traffic of between 300,000 to 700,000 people in the first week post inauguration.However, most of these jobs are temporary in nature and the count may go up or down, depending on how the demand pans out and the number of devotees that visit the temple, industry experts said. Typically, a hotel from construction stage to getting operational takes about 3-4 years, said Nandivardhan Jain, chief executive of Noesis Capital Advisors. Typically, a hotel from construction stage to getting operational takes about 3-4 years, said Nandivardhan Jain, chief executive of Noesis Capital Advisors. However, in the case of Ayodhya, various permissions could be fast-tracked and, so, the demand for manpower is expected to pour in within the next 18 to 24 months, he added.Hotel companies are watching how the demand-supply situation pans out. Currently Ayodhya is short in supply with only two big, branded hotels – Park Inn by Radisson and Cygnet.  

Budget 2024: A pressing issue that may not wait till full budget

The fiscal deficit target of 5.3% will be set by the government in FY25, keeping in view the fiscal consolidation path till FY26, as it normalises capital spending and refrains from any major announcements in the interim budget before the general elections, Icra and Barclays economists have said. ICRA expects the fiscal deficit target for FY25 to be set at 5.3% of GDP, midway through the expected print of 6.0% for FY2024 and the medium-term target of sub-4.5% by FY26. India's Fast Moving Consumer Goods (FMCG) sector, which has 34% of its market in rural areas, is a good indicator of rural economic health. It is facing challenges in rural areas due to sluggish demand. The deficiency in rainfall in key agricultural states has disrupted the revival of rural demand seen in the first two quarters of the financial year. President of All India Consumer Products Distributors Federation, Dhairyashil Patil, has told TOI that FMCG sales in rural areas are 20-30% lower than usual. Demand for daily household products and groceries continued to be challenging in villages during October-December quarter, potentially hurting volume growth of the overall consumer goods sector. Godrej Consumer Products said demand trends in the fast-moving consumer sector during the third quarter were like the earlier quarter, while Marico said urban markets stayed steady but rural markets offered little cheer."High rural unemployment, along with demand for NREGS, reflects rural stress. El Nino derailed the initial green shoots seen at the start of FY24. Increased aggression of smaller players and alternative avenues of spending such as higher spends on education, medical, telecom charges, are leading to softer growth in the FMCG sector," Abneesh Roy, executive director at Nuvama Institutional Equities, has said. Consumer goods companies and analysts say demand for daily groceries and personal and home products in villages continued to trail urban growth in the December quarter but expect a steady recovery across markets on improving macro indicators, positive consumer sentiment and, importantly, increase in government spending in the election year.Another marker of rural distress is stiff demand for work under the Mahatma Gandhi National Rural Employment Guarantee Scheme. The budgetary outlay of Rs 60,000 crore for the shceme for fiscal 2024 was exhausted by November itself. The government subsequently provided Rs 10,000 crore in urgent assistance to meet demand.The FMCG companies have high hopes from election-year spending that will spur rural consumption. "During an election year, governments often extends benefits which are provided as part of various schemes, offer sops, helping rural households," said Akshay D'souza, chief of growth and insights at retail intelligence platform Bizom.    

Cyprus faces backlash over use of British bases to bomb Houthis

The Cyprus government is facing growing criticism over British military bases on the island being used by UK and US forces to stage airstrikes on Iran-backed Houthi rebels in Yemen.President Nicos Christodoulides has been accused by activists of turning a blind eye to the risks the EU’s most easterly state might confront if the strategic facilities on the island continue to be deployed in military operations.The Guardian has learned that both the US ambassador and British high commissioner briefed the Cypriot president of imminent military action in Yemen before the first round of airstrikes last week.“There are ever more war planes taking off every day,” Tassos Costeas, a prominent Greek Cypriot peace activist, told the Guardian. “The dangers of Cyprus becoming a target are evident. The two installations, retained by the British after the country won independence in 1960 to end decades of colonial rule, operate as sovereign overseas territories beyond the reach of the republic. Both extend across 3% of Cyprus’s land mass, or 98 sq miles.Although never confirmed, EU diplomats in Nicosia, the island’s war-split capital, say US forces are present on the military installation. “If you look over the fence at Akrotiri you’ll see US military surveillance and other aircraft,” one said.On Tuesday, the Cyprus government’s spokesperson, Konstantinos Letymbiotis, emphasised the eastern Mediterranean island was not involved in any military operations, intimating that under the bases’ treaty of establishment, the UK was not obliged to inform Cypriot authorities about activity in the facilities. “The government is in constant communication with the UK within the framework established in relation to the bases’ use,” he said.Protests mounted last week after RAF Akrotiri was used as a launch pad for Typhoon fighter jets conducting targeted airstrikes on Houthi strongholds in Yemen in retaliation for attacks on commercial shipping in the Red Sea. The pro-Palestinian militia has justified its assaults – with one of its missiles recently hitting a Greek-owned cargo ship – by saying it was acting in response to Israel’s ongoing offensive. In an apparent attempt to calm nerves in Cyprus, the British defence minister, Grant Shapps, was on the island on Friday meeting the president. “We want to do everything possible to ensure the security of Cyprus, which is in everyone’s best interests. We appreciate that you are in a difficult neighbourhood and want to do everything possible to make it easier,” he said. The Houthis, he claimed, “do not pose an immediate threat to Cyprus”.The US and UK strikes have exacerbated concerns of the Israel-Gaza war becoming a wider regional conflagration. Washington and London have vowed to continue the airstrikes if necessary. Cypriot activists say they are deeply concerned the British bases may also be used by the US and UK to send military aid to Israel, a claim neither country has confirmed.At Sunday’s protest, demonstrators chanted “out with the bases of death” outside the entrance of RAF Akrotiri, close to the coastal city of Limassol in the island’s south.Within weeks of the Hamas attack, Israel’s Haaretz newspaper reported that “more than 40 US transport aircraft, 20 British transport aircraft and seven heavy transport helicopters [had] arrived at the British Akrotiri base on the island. They carried equipment, arms and forces.”    

South Korea crowd crush: Seoul police chief charged over Halloween disaster in which 158 died

Seoul’s chief of police has been charged with professional negligence over the deadly Halloween crush in 2022 that killed nearly 160 people, prosecutors in the South Korean capital have said.Kim Kwang-ho, head of the Seoul Metropolitan Police Agency (SMPA), was charged with professional negligence resulting in injury or death, Seoul’s western district prosecutors’ office said in a statement released on Friday.As the chief of the SMPA, it is alleged he “did not take necessary measures, such as deploying sufficient police forces and ensuring proper command and supervision” on the day of the crush, the statement claimed, although he was able to “foresee potential dangers arising” from overcrowding in the nightlife area.Kim, the highest-ranking police official to face trial over the tragedy, was charged without detention.On 29 October 2022, tens of thousands of people – mostly in their 20s and 30s – had been out to enjoy post-pandemic holiday celebrations in Seoul’s Itaewon nightlife district. But the night turned deadly when people poured into a narrow, sloping alleyway between bars and clubs, leading to a crowd crush.In January last year, Kim and 22 other officials from the police, rescue and district offices were referred to prosecutors by a special police investigation team for their alleged involvement in the government’s mishandling of the crush. Prosecutors subsequently charged the heads of the police station in Seoul’s Yongsan district, which includes Itaewon, and the Yongsan Ward office, but had been undecided about charging Kim for more than a year.Friday’s statement alleged Kim, “along with the chief of the Yongsan police station and the head of the Yongsan Ward office who are currently on trial, collectively caused the deaths of 158 individuals and injuries to 312 individuals as a result of professional negligence”.Families of the victims said they regretted the prosecution’s lengthy decision-making process before charging Kim.“Chief Kim must immediately step down from his position and face trial,” the families said in a statement. “President Yoon Suk-yeol must dismiss Kim immediately.”Here in the UK, the prime minister, Rishi Sunak, had promised us a government of stability and competence – not forgetting professionalism, integrity and accountability – after the rollercoaster ride of Boris Johnson and Liz Truss. Remember Liz? These days she seems like a long forgotten comedy act. Instead, Sunak took us even further through the looking-glass into the Conservative psychodrama. Elsewhere, the picture has been no better. In the US, Donald Trump is now many people’s favourite to become president again. In Ukraine, the war has dragged on with no end in sight. The danger of the rest of the world getting battle fatigue and losing interest all too apparent. Then there is the war in the Middle East and not forgetting the climate crisis …But a new year brings new hope. There are elections in many countries, including the UK and the US. We have to believe in change. That something better is possible. The Guardian will continue to cover events from all over the world and our reporting now feels especially important. But running a news gathering organisation doesn’t come cheap.  

What the fintech industry hopes for the 2024 budget

A new BankBazaar.com article outlines the budget wish-list of the fintech sector, which includes getting all banks on board with the account aggregator structure, creating parity between digital and non-digital lenders, and treating unlisted equity at par with listed equity for long-term capital gains taxation.Expectations are high regarding certain favors being given to taxpayers and specific industries, even though India's finance minister Nirmala Sitharaman has stated that the upcoming Budget, which is scheduled to be presented on February 1, is only a vote-on-account (approving the continuation of existing programmes) and not a full-fledged Budget.BankBazaar.com has published a list of requests the fintech industry has made of the government in a report. While some of these requests may not be covered by the budget, they can be seen as a comprehensive list of what the fintech industry hopes to see in 2024.Account aggregator (AA) framework with fast tracking – The government introduced the AA framework in September 2021, which makes it possible for financial institutions like banks and insurance companies to securely share a person's data with that person when that person gives consent. The idea is that a person can electronically share their financial information with another financial institution rather than having to send paperwork to each one individually. The person must register with an AA, an organization under RBI regulation.The BankBazaar.com paper discusses getting as many bank accounts as possible integrated into this framework and bringing all banks—public and private—on board the AA system. According to the most recent data, a few banks are still not included in the AA framework, including City Union Bank, Dhanlaxmi Bank, RBL Bank, South Indian Bank, and others.It also discusses incorporating the Goods and Services Tax Identification Number, or GSTIN—a designation that in India identifies businesses that are registered for GST—into the AA framework. Once that occurs, it will open the door for small enterprises and retail consumers to obtain loans from many lenders in a purely digital manner.More documents have been added to DigiLocker. Additional documents including the EPFO passbook, ePAN, and form 26 AS (statement showing tax credit) should be added to DigiLocker, according to a BankBazaar.com article. Customers will benefit from easy access to their papers and the ability to share them with financial institutions for prompt credit disbursement.The Ministry of Electronics & IT introduced DigiLocker, a safe cloud-based platform for document exchange, archiving, and authentication. Using a smartphone or Aadhaar number, one can register for DigiLocker and then submit documents.Creating an even playing field for online and offline lenders The RBI released its rules for digital lending in September 2022, in response to the unscrupulous activities of illicit digital lending apps. The guidelines place the burden of proof on banks and NBFCs to make sure that, among other things, grievance redressal officers are engaged, loan-related costs are disclosed upfront, and digital lending apps and platforms do not misuse customer data. They also state that loan servicing occurs directly with the lender's (regulated entity) account and not the digital lending app or platform.According to the BankBazaar.com research, online and offline lending should be treated equally. This consumer-centric legislation that was put in place for the online lending sector must also be applied to the offline lending sector. According to the research, "the growth of the FinTech industry depends on the level playing field principle."Laws pertaining to the DPDP Act's implementation: The Digital Personal Data Protection Act, 2023 (DPDP Act) mandates that anyone in possession of data take appropriate precautions, obtain consent before using the data, and even face severe fines in the event that a data breach occurs. According to the DPDP Act, a "consent manager" is any third-party organization that is registered with the Data Protection Board and that gives people the ability to grant, monitor, and revoke consent for the use of their data by "data fiduciaries," such the government or a financial institution.   

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"Update on COVID-19 Epidemiology, January 19, 2024

"Over 1.1 million new cases were reported worldwide during the 28-day period from December 11, 2023, to January 7, 2024, a 4% increase over the previous 28-day period. With 8700 new fatalities reported, the number of new deaths fell by 26% from the previous 28-day period. Over 774 million confirmed cases and over seven million deaths had been reported worldwide as of January 7, 2024.   During the period from 11 December 2023 to 7 January 2024, COVID-19 new hospitalizations and admissions to an intensive care unit (ICU) both recorded an overall increase of 40% and 13% with over 173 000 and 1900 admissions, respectively. With 71 countries reporting JN.1 as the most prevalent VOI globally, it accounted for roughly 66% of sequences in week 52 as opposed to about 25% in week 48. Week 52 saw 7.8% of sequences belonging to its stable parent lineage, BA.2.86, compared to week 48's 7.0%. On December 19, 2023, the preliminary risk assessment for JN.1 was released, presenting an overall assessment of low public health risk worldwide, based on the evidence that was at hand.  Included in this edition are: "The worldwide and regional COVID-19 epidemiological update.  An update on ICU admissions and hospital stays.  An update on the SARS-CoV-2 variants of interest (VOI) and variants under monitoring (VUM). 

Media companies rise sharply as election advertisement spending soars.

Expectations of increasing ad sales during the next election season, together with other stock-specific factors like lowering newsprint prices, have propelled media companies to an incredible five-day run.The Bennett, Coleman and Co. subsidiary Entertainment Network India Ltd (ENIL), which runs Radio Mirchi, has increased by 17% during the last five trading days. Rival print media company HT Media Ltd, which publishes Mint and Hindustan Times, saw a 2.65% increase over that time.DB Corp., the publisher of Dainik Bhaskar, and Network18 Media & Investments Ltd. and Sun TV, the television network operators, spearheaded the first boom. However, investors are now banking on print and radio companies as well. Over the last half-year, Network 18 and TV18 Broadcast Ltd have had gains of 87% and 53%, respectively, while DB Corp has experienced a 63% increase and Sun TV has seen a 35% increase.Moneycontrol spoke with analysts who linked the recent jump to anticipation of increasing ad revenues in the run-up to the elections, but stock-specific factors also played a part.Among the largest gainers from political party expenditure in the run-up to elections have been media corporations. Television, print, and radio media companies are expected to benefit from the upcoming advertising frenzy by the Bharatiya Janata Party and its competing political parties over the next six months.According to Karan Taurani, Senior Vice President at Elara Capital, "there is an expectation that advertisement spending will see a strong momentum over the next six to eight months due to the elections." He also added that the rally in media stocks is a result of the general elections' positive impact on radio, television, and print advertising.According to Ashish Goel, Managing Partner and CEO of InvestSavy PMS, political parties are expected to provide media firms with significant revenue growth.Indeed, the rise in advertising revenue in the last quarters of the fiscal years 2014 and 2019 (which happened to be years when there were parliamentary elections) was essentially the same as in years when there were no elections. According to a Moneycontrol research, in the fourth quarter of 2013–14, advertising sales climbed for Jagran Prakashan, HT Media, and DB Corp, respectively, by 12.7 percent, 14%, and 14.3 percent over the same period the previous year. These increases were consistent with the growth observed in non-election years.  

Will banks be open on January 13 for Makar Sankranti and Pongal?

The Reserve Bank of India announced in 2015 that the second and fourth Saturdays of each month will see the closure of all Indian banks, both private and PSU.In light of several regional festivities that will take place around India in the upcoming weeks, banks will be closed in a number of states for three days straight this week. January 2024 will have about sixteen bank holidays overall.In observance of Uttarayana Punyakala/Makara Sankranti Festival/Maghe Sankranti/Pongal/Magh Bihu on January 15, banks will be closed in Karnataka, Orissa, Tamil Nadu, Andhra Pradesh, Telangana, Sikkim, and Assam, according to the holiday schedule of several states. Because January 13 is the second Saturday of the month, Sunday is a recognized bank holiday, and Monday, January 15, is Makar Sankranti in many states, banks will be closed for three days in a row.The bank holiday list used by Center, on the other hand, exclusively adheres to the list maintained by the central government. In honor of Republic Day 2024, banks will only be closed on January 26 in all of the states in the nation.All bank holidays in January 2024 are listed here. On Tuesday, January 16, Thiruvalluvar Day, banks in Tamil Nadu were closed. Wednesday, January 17: Tamil Nadu and Chandigarh banks closed (Day of Sri Guru Gobind Singh Ji/Uzhavar Thirunal) Monday, January 22: Manipur's banks are closed (Imoinu Iratpa) Tuesday, January 23, Manipur: Banks closed (Gaan Ngai) Thursday, January 25: Bank holidays in Tamil Nadu, Maharashtra, and Uttar Pradesh (Thai Poosam/Md. Hazarat Ali's birthday) January 26 (Friday): Banks are closed nationwide, but they are open in West Bengal, Uttarakhand, and Tripura. In the meantime, all states observe Gandhi Jayanti (October 2), Independence Day (August 15), Republic Day (January 26), and Christmas (December 25) as central bank holidays. On January 1, New Year's Day, banks are closed in a few states as well.  

Imran Khans party in Pakistan loses its cricket bat electoral symbol

The Imran Khan-led PTI Takes Away "Cricket Bat" Symbol When SC Says Internal Polls Are "Null and Void"The Pakistan Tehreek-e-Insaf (PTI) intra-party elections were declared unlawful by the Supreme Court of Pakistan late on Saturday night, according to PTI. It ended the contentious discussion over the selection of the famous electoral symbol by stripping the party of the "bat" as an election symbol. The verdict of a two-member bench of the Peshawar High Court (PHC) on Wednesday, which confirmed the PTI party's elections and reinstated the cricket bat as its electoral symbol, was challenged by the Election Commission of Pakistan (ECP).A three-judge panel made up of Chief Justice Qazi Faez Isa, Justice Muhammad Ali Mazhar, and Justice Musarrat Hilali heard the ECP's petition and then reserved their decision, which was made public late on Saturday night.In a ruling that was read aloud by the chief justice, the highest court declared that it would "set aside the PHC judgement and restore the ECP judgement," which had declared the PTI's intra-party elections null and void and removed the party's 'bat' insignia. The controversy around the election symbol started on December 22, when the ECP rejected surveys conducted within the party, depriving the party of its electoral emblem for the February 8 election.The Peshawar High Court, which received a petition from the party, suspended the ECP ruling on December 26 with an interim order.On January 3, the high court overturned the order when the election administration challenged the verdict. The PHC further declared that a two-judge bench will hear arguments over the PTI bat emblem. The ECP challenged the tribunal's ruling before the Supreme Court, but the two-member panel decided to reinstate the "bat" as a PTI insignia.The PTI has traditionally used a bat as its insignia, and it is said that stripping the party of this iconic image would require its candidates to run on different signs, which would confuse party members in rural areas on election day.In addition, the PTI would not be able to claim reserved seats in the national and provincial legislatures, which are split into parties according to the proportion of seats won in elections, if they did not have a single emblem. Barrister Khan has expressed concern that the PTI would suffer a significant loss if these seats in the national and provincial assemblies were lost in the absence of a party insignia. PTI's Ali Zafar responded to the Supreme Court's ruling by saying that, although history will decide the outcome, the PTI candidate would have to run without a common symbol right away."The symbol has been removed by the court, but the party remains a registered entity." All of our candidates would run as independents in accordance with our policy, he was cited by PTI in its story. PTI chairman Barrister Gohar Khan claimed that the political rights of the PTI and its supporters had been violated and expressed shock at the decision.   

Mars Wrigley India appoints Nikhil Rao as CMO

Mars Wrigley India, the chocolate and confectionery arm of Mars Incorporated in India, has announced the appointment of Nikhil Rao as its new Chief Marketing Officer (CMO) today.Nikhil will supervise the end-to-end implementation of Mars Wrigley's portfolio strategy in India, drive strategic initiatives, and set the marketing vision in this important leadership role. He will report to Tamer Kadry, the country general manager of Mars Wrigley India, and be stationed in the company's Gurgaon office.Buyofuel, a prominent participant in the biofuel sector, has announced the introduction of "BuyoTrace," a state-of-the-art function incorporated into its online marketplace for green fuel.The goal of BuyoTrace is to give customers peace of mind about the sustainability and caliber of the biofuels they purchase on the website. In addition to serving consumer interests, this transparency is consistent with Buyofuel's mission to further environmental goals worldwide.Rao will supervise the end-to-end implementation of the business's portfolio strategy in India, drive strategic initiatives, and set the marketing vision, according to the company. He will report to Tamer Kadry, the country general manager of Mars Wrigley India, and be stationed in the company's Gurgaon office. "Our continuous goal has been to drive relevance, be consumer-focused, and agile as our India business grows." In order for Mars Wrigley India to stay innovative in the face of fresh, fierce competition and constantly changing consumer preferences, Nikhil will be essential. Our long-term growth ambitions for India will be shaped and carried out in large part by his breadth of expertise and experience, according to a statement from Kadry.  

Relationship Between US and India Is "Multiplicative," Not "Additive": US Representative

Mumbai (Maharashtra): On Tuesday, US Ambassador to India Eric Garcetti emphasized the importance of the relationship, stressing that it was "multiplicative" and not founded on expediency or calculation. "There is a significant awakening taking place in the US and India. The US and India do not make for a more beneficial partnership. It's a relationship of multiplicity. When India and the US are together, it is India times the US," Garcetti said while speaking on India-US relations at the USC-India Innovation Summit on Tuesday.   He said that the foundation of the bilateral ties is built on four Ps -- peace, prosperity, planet and people.Whether it was our G20 dual diplomacy, the work we're doing in the health sector, or the way we can approach the task of bringing about world peace. The US envoy stated, "The four P's, as I refer to them, are the cornerstone of our vision here as Americans in India through the mission of peace, prosperity, planet, and people. According to Garcetti, he accepted the ambassadorship after US President Joe Biden informed him that India was his top priority.

In the midst of a political dispute, minister says 86% of Indian students avoid Canada.

Ottawa: A senior Canadian official told Reuters that fewer Indian students applied as a result of a diplomatic dispute over the death of a Khalistani terrorist in Canada, and that the number of study permits Canada granted to Indian students fell precipitously late last year after India expelled Canadian diplomats who would process the permits. In an interview, Immigration Minister Marc Miller stated that he thinks it is unlikely that the number of study permits issued to Indians will increase anytime soon. After Canadian Prime Minister Justin Trudeau claimed in June that there was evidence linking Indian agents to the murder of Khalistani terrorist Hardeep Singh Nijjar in British Columbia, diplomatic tensions broke out. According to Miller, the tensions will probably continue to affect the numbers in the future.We can no longer process as many applications from India because of our relationship with that country," Miller said. On directives from New Delhi, Canada was compelled to remove 41 diplomats, or two-thirds of its workforce, from India in October. Furthermore, a minister's spokeswoman stated that the disagreement has led Indian students to look into studying abroad. According to official data that have not been previously released, these factors caused an 86% decrease in the number of study permits granted to Indians in the fourth quarter of last year compared to the previous quarter, from 108,940 to 14,910.

Mahua Moitra has been instructed to leave the government bungalow right away.

According to sources in the Union Housing and Urban Affairs Ministry, the Directorate of Estates served former TMC MP Mahua Moitra with an eviction notice from her government bungalow on Tuesday. Moitra was expelled from the Lok Sabha last month.   The leader of the Trinamool Congress has been asked to leave the bungalow she was given as an MP immediately, they said.We can no longer process as many applications from India because of our relationship with that country," Miller said. On directives from New Delhi, Canada was compelled to remove 41 diplomats, or two-thirds of its workforce, from India in October. In addition, the dispute has prompted Indian students to seek to study in other countries, a spokeswoman for the minister said.   Those factors led to an 86% drop in study permits issued to Indians in the fourth quarter of last year from the previous quarter, to 14,910 from 108,940, according to official data that have not been previously reported.The TMC leader was earlier asked to leave the house by January 7 after her allotment was canceled. She was expelled from the Lok Sabha on December 8 of last year. The Department of Environment (DoE) sent her a notice on January 8 asking her to respond to it within three days explaining why she hadn't left her government housing. She received a second notice on January 12.

Mamata Banerjee has scheduled a communal harmony rally for January 22.

Kolkata: On January 22, the day the Ayodhya Ram temple is dedicated, Bengal Chief Minister Mamata Banerjee announced today that she will pay a visit to the Kalighat temple. "You people never stop asking me about different temples. Regarding it, I have nothing to say. Festivals are for everyone, I say; religion is a matter of personal choice. January 23 and January 26 are our holidays. On January 22, we will hold a rally," she said. After offering puja at Kalighat, one of the biggest pilgrim centres of eastern India, she will hold a rally on behalf of her Trinamool Congress party, the Chief Minister said.Participants in the "Sarba Dharm (all religion) rally" will come from all walks of life, and along the way, they will visit mosques, churches, temples, and Gurudwaras. The rally will come to an end at Park Circus Maidan in south Kolkata, where there will be a public meeting. According to Ms. Banerjee, Trinamool will also host block-by-block rallies with the theme "Sampriti (Affection)" on that day throughout Bengal. According to her party, there will be attendees at the rally from all communities and religions because all religions are equal.   Ms. Banerjee has declined, referring to it as a "political gimmick." She was one of the opposition leaders who had planned to skip the consecration of the Ayodhya Ram temple.