How to do business like Baniya:

Calling a guest for a lunch/dinner, an informal meet still is one of the best ways to talk business. Just call everyone up, it looks like great hospitality and get business done.

~38 million weddings happened in 2023 in a period of 25 days. The very fact that all the major news houses are posting this as the main news for the day should be taken with a pinch of salt.

Why all the noise around the Ambani wedding?

1. The presence of the global tycoons has surely put “Jamnagar” on trending but it can be called strategic.
2. Like Jio in 2016, Reliance is about to roll out “Hanooman” an AI model around March.
3. Jio Brain is an AI platform that uses machine learning and offers services like image, text and video generation across a network of about 450 million subscribers.

What better publicity than the wedding and the guest !?

To top it all, all these vvip whose 5minutes are more important than someone’s entire day, why are they attending!?

Business ki baat hai mota Bhai:

1: Bill Gates: Jio and Microsoft are partnering to launch a global cloud center.

2. Mark Zuckerberg: has less to do with weddings and more for the global foray in the business.
3. Sundar Pichai: If you remember, Google holds 7.73% in Jio platforms along with Meta
4. Bob Iger : Disney’s Star India is merging with Viacom.Reliance is investing $1.4 billion in the venture controlled by RIL and owned 16.34 per cent by RIL, 46.82 per cent by Viacom18, and 36.84 per cent by Disney Star
5. Saudi Aramco’s chairman Yasir Al Rumayyan: The $15 billion deal between Saudi Aramco and Reliance was called off in 2022 due to differences in valuation.But who said things cannot start again!?

• aramco is seeking refining and chemical deals in Asia to rapidly expand the business and secure long-term buyers for its crude and well Reliance has a strong foothold there.

2. Shantanu Narayan: Should not come as a surprise if Jio Brain partners with Adobe !
3. Ivanka Trump: US presidential elections are all set to happen in 2024.Ivanka being the daughter of Donald Trump only makes sense strategically!
4. Celebrities: Mind you, Reliance has a big presence in retail and nothing works better in India than Bollywood and cricket!

Ambani’s don’t do anything without a reason.

Introduction:
A comment by Thailand’s ambassador to WTO Pimchanok Vonkorpon Pitfield accusing India of using subsidised rice procured for the public distribution system for capturing the export market has created a diplomatic storm with the government lodging a protest against the statement and Indian negotiators refusing to participate in discussions where Thai representatives are present

The Thai ambassador’s statement came during the meeting of the World Trade Organisation (WTO) in Abu Dhabi.

What is the genesis of the spat?

1. Back in 1994, the WTO set up an agreement to lower import taxes and subsidies that affect agriculture.
2. Subsidies can make farming and trade unfair because they might encourage overproduction or lower prices too much.
3. The rules allow developing countries to subsidise up to 10% of their agriculture’s value of production. For developed countries, the cap is 5%.
4. But rich countries have found ways to go much higher than their cap. For instance, a paper by the Centre for WTO Studies estimated that EU was providing 150% of its sugar’s value of production as subsidy, and the US 189% to coffee.
5. The rules favour wealthier nations, giving them more ways to support their farmers and dominate the global market. This makes it harder for poorer countries to compete.
6. For example, India has exceeded the 10% subsidy limit for rice, and others might too. The prices, set in the 1980s as a reference for what counts as a subsidy, are outdated, not accounting for inflation or current market prices.
7. Farms are small in India, which makes government support vital. There is also the need to keep food in stock for the poor during crises like the Covid pandemic or global conflicts.
8. Calculations by Centre for WTO Studies show that per farmer support in India is around $300, whereas in US it is around $80,000. So, an American farmer, with average land holding of 180 hectare, gets 267 times what a tiller gets in India, where average land holding is just above one hectare.
9. To move forward with trade discussions, developed countries agreed to a ‘peace clause’ that prevents disputes over subsidy limits. Since then, India and others have been pushing to find a permanent solution.
10. Rich countries think public stockholding programmes distort trade. They’ve accused developing countries like India of exporting subsidised grains. This is where Thai ambassador’s Wednesday allegation comes in.

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Continuously Update Your Knowledge: Stay updated with the latest developments, regulations, and best practices in your field. Take advantage of professional development courses, webinars, seminars, and conferences to enhance your knowledge and skills.

Networking: Build and maintain a strong professional network. Attend industry events, join professional organizations, and engage with peers to increase your visibility, exchange ideas, and explore new opportunities.

Build a Personal Brand: Create a strong personal brand by showcasing your expertise, professionalism, and integrity both online and offline. Develop a professional website, maintain an active presence on social media, and share thought leadership articles to establish yourself as an authority in your field.

Expand Your Skillset: Acquire additional skills that complement your finance expertise. This could include areas like leadership, communication, project management, or technology. Having a diverse skill set can open up new career prospects and make you a more well-rounded professional.

Seek Challenging Assignments: Take on challenging projects or assignments to gain practical experience and expand your knowledge. This will not only enhance your skills but also showcase your capabilities to employers or clients.

Maintain Work-Life Balance: While excelling professionally is important, it is equally crucial to maintain a healthy work-life balance. Prioritize time for your family, friends, hobbies, and self-care to ensure overall well-being.

Give Back to the Community: Engage in activities that contribute to the betterment of society. Volunteer your time and expertise to organizations, participate in community events, or mentor aspiring finance professionals. These activities not only provide personal satisfaction but also enhance your professional reputation.

Setting Goals: Set both short-term and long-term goals for your professional and personal life. Regularly review and update these goals and develop actionable plans to achieve them. Setting clear targets and working towards them will keep you motivated and focused.

Remember, achieving perfection is a continuous journey, and it’s important to be adaptable and embrace lifelong learning. By following the above tips, you can further enhance your professional growth, contribute to your family’s well-being, and become a well-rounded and successful finance professional.

The India Electronics and Semiconductor Association (IESA) has recently launched the 2024 Edition of the Compendium of Semiconductor & Electronic System Design and Manufacturing (ESDM) Policies in India.

The Compendium serves as a comprehensive resource that provides an overview of the policies related to semiconductors and the ESDM sector in India. It aims to facilitate a better understanding of the policies, initiatives, and regulations governing the semiconductor industry and the overall electronics manufacturing ecosystem in the country.

The 2024 Edition of the Compendium is an updated version that takes into account the latest developments, amendments, and additions made to the policies since the previous edition. It covers a wide range of topics such as investment incentives, taxation, intellectual property rights, export promotion, skill development, and research and development initiatives specific to the semiconductor and ESDM sectors.

By launching this report, the IESA aims to provide industry stakeholders, policymakers, investors, and other relevant parties with up-to-date information and insights into the policies and initiatives that can impact the growth and development of the semiconductor and ESDM industries in India.

1. No Changes in Income Tax Slabs
2. No Change in Tax rates for Company, LLP or any other person
3. Some Exemption to Srartups and Extend some concession – extension of tax sops for soverign wealth funds and startups to March 2025
4. Tax payers service – Withdrawal of direct tax demands of period upto ₹25000 for period upto 2009-10 and ₹10000 for period upto 2014-15, 1 Crore people will benefit
5. 40,000 normal railway bogies will be converted to vande Bharat standards
6. 1-lakh crore corpus will be made available with 50 year interest free (long-term financing or refinancing) to encourage the private sector to scale up R&D. Corpus of 1 Lakh Crore for Reduced Rate Loans to Private Sector for Research in Sunrise Domains
7. Rooftop solarisation and free electricity Through rooftop solarisation, 1 crore households will be enabled to obtain up to 300 units of free electricity every month
8. This scheme follows resolve of Prime Minister, on the historic day of consecration of Ram Mandir in Ayodhya
9. Garib, Mahila, Annadata and Yuva will be focus groups
10. SithramanWorking to make India a Vikasit Bharat by 2047
11. Worries about food have been eliminated with free rations for 80 crore people
12. 25 crores Indians were pulled out of multi dimensional poverty by the govt over past 10 yrs
13. Govt could save 2.7-lakh crore through avoidance of leakages
14. Electronic agri Mandi has connected 1051 mandis, transacting ₹2-lakh crore
15. Minimum support prices for ‘Annadata’ (farmers) increased periodically
16. Direct financial assistance was extended to 11.8 crore farmers
17. For our government, social justice is an effective and necessary model
18. Female enrolment in higher education has gone up by 28 per cent in 10 year
19. Avg real income has increased by 50 per cent
20. Every year under PM Kisan Samman Yojana, Direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers
21. PM SVANIDHI has provided credit assistance to 78 lakh street vendors, from that total, 2.3 lakh have received credit for the third time
22. PM JANMAN Yojana reaches out Particularly Vulnerable Tribal Groups
23. PM Vishakarma Yojana provides end to end support to artisans and craftspeople
24. Scheme for empowerment of Divyang and transgender people reflects our resolve to leave no one behind
25. PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore for entrepreneurial aspirations of your youth
26. Fund of Funds, Startup India and Startup Credit Guarantee Schemes are assisting our youth
27. The National Education Policy 2020 is ushering transformational reforms
28. PM Shri is delivering quality teaching
29. Skill India Mission has trained 1.4 crore youth, upskilled and reskillled 54 lakh youth and established 3,000 new ITIs
30. Large no. of institutions of higher learning namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMSs and 390 universities have been set up
31. The country received its highest ever medal tally in Asian Games and Asian Para Games in 2023
32. Chess prodigy and our No. 1 ranked player Praggnanandhaa put up a stiff fight against world champion Magnus Carlsen in 2023, today, India has over 80 chess grandmasters compared to little over 20 in 2010
33. The earlier approach of tackling poverty resulted in very modest outcomes When the poor became empowered partners in development process, government’s power to assist them increases manifold. In the last 10 years, the government has assisted 25 crore people to get freedom from multidimensional poverty
34. 2cr more houses will be built under PM Awas Yojana Gramin 1cr houses will be taken to rooftop solar units to generate free electricity
35. Housing for Middle Class, Govt will launch a new scheme to buy and build their own houses
36. Making Triple Talaq illegal, one third women’s reservation in Lok Sabha and state assemblies, giving over 70% houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity
37. Empowerment of Women through entrepreneurship, ease of living and dignity has gained momentum in last 10 years
38. 30 crore MUDRA Yojana loans have been given to woman entrepreneurs
39. Female enrollment in higher education has gone up by 28% in 10 years
40. In STEM courses, girls and women constitute 43% of enrollment, one of the highest in the world
41. All these are getting reflected in increasing participation of women in workforce
42. Making Triple Talaq illegal, one third women’s reservation in Lok Sabha and state assemblies, giving over 70% houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity
43. Besides delivering on high growth, the government is equally focussed on a more comprehensive GDP – I.e., Governance, Development and Performance
44. Ayushman Bharat scheme cover will be extended to all Asha, Anganwari worker and helpers
45. To ensure housing for middle class, the government will launch a scheme for middle classThis is to help them to buy or build their own houses for those living in slums, chawls or rented houses, she added.
46. A committee to set up more medical colleges, free cervical Cancer vaccines for girls from 9-14 years
47. Nano DAP on various crops will be expanded in all agro-climatic zones
48. GST has enabled One Nation One Market One Tax
49. GIFT IFSC and Unified Regulatory Authority IFSCA are creatin a robust gateway for global capital and financial resources
50. Proactive inflation management has helped keep inflation within the policy band
51. Matsya Sampada Yojana to be expanded to generate more employment, increase earnings
52. Despite the challenges due to COVID, implementation of PM Awas Yojana Rural continued and we are close to achieving the target of 3 crore houses. 2 crore more houses will be taken up in the next 5 years
53. India U.S. Europe sponsored Middle East- europe corridor: potential gateway for world trade for 100s of years.
54. India assumed G20 Presidency during very difficult times, global economy was going through high inflation, low growth, high interest rates, very high public debt, low trade growth and climate changes
55. Pandemic has led to a crisis of food, fertilizer, fuel and finances while India successfully navigated its way and showed the world the way forward
56. India built consensus on global problems, the recently announced India Middle East Europe Economic Corridor is a strategic and economic game changer for India and others
57. Our government is ready to assist states in faster development of aspirational districts and blocks Government will pay utmost attention to make eastern region and its people a powerful driver of India’s growth
58. Social Justice was largely a political slogan. For our government, social justice is an effective and necessary governance model !! The saturation approach of covering all eligible people is the true and comprehensive achievement of social justice, this is secularism in action, reduces corruption, prevents nepotism There is transparency and assurance that benefits are received to all eligible people, all regardless of their social standing get access to opportunities We are addressing systemic inequalities which have plagued our society, our focus is on outcomes and not on outlays so that socioeconomic transformation is achieved
59. Charging of electric vehicles Entrepreneurship opportunities to a large number of vendors for supply and installation, employment opportunities for youth with technical skills in manufacturing, installation and maintenance
60. Rooftop solarisation and free electricity
61. Through rooftop solarisation, 1 crore households will be enabled to obtain up to 300 units of free electricity every month
62. FDI inflows stand at $596 billion, twice more than 2014-15
63. The govt will form a high powered committee to address the concerns of fast population growth and demographic change
64. Fisheries scheme to help reach the target of INR 1 lakh crore exports
65. 2 Crore More Houses To Be Built Under PMAY-Gramin
66. Fiscal deficit for FY 24 revised at 5.8%. lower than earlier estimate of 5.9% in BE
67. FDI is ‘First Develop India. FDI inflow during 2014 to 2023 was Rs 596 billion US dollars, marking a golden era. This was twice the FDI inflow between 2005 to 2014. For sustained FDI, we are negotiating bilateral investment treaties with foreign partners
68. PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore for entrepreneurial aspirations of our youth
69. Revised fiscal deficit estimated for FY24 has been pegged at 5.8% of GDP and the deficit for FY25 is pegged at 5.1%
70. To address fervour for domestic tourism, projects for port connectivity, tourism infra & amenities will be taken on our islands including Lakshadweep
71. Government will further promote private and public investment in post harvest activities including aggregation, modern storage, supply chains, primary and secondary processing, marketing and branding
72. After successful adoption of nano urea, Nano DAP application on various crops will be expanded in all agroclimatic zones
73. Electronic National Agricultural Market has integrated 1,361 mandis and is providing services to 1.8 crore farmers with trading volume of 3 lakh crores of rupees. The sector is poised for inclusive, balanced and higher growth and productivity.
74. I propose to retain the same tax rates for direct and indirect taxes including import duties
75. Govt will lay a white paper in house on mismanagement of the economy before 2014

Budget2024 #NirmalaSitharaman #FM #Budget

Govt reshuffles top executives at IOB, BoB : The Union government on January 30 announced reshuffling of top executives at two state-run banks—Indian Overseas Bank (IoB) and Bank of Baroda (BoB). According to a notification by the Appointments Committee of the Cabinet which Moneycontrol has reviewed, Sanjay Vinayak Mudaliar, who is currently an Executive Director (ED) at IOB, has been moved to BoB as ED for the remainder of his term, which ends on December 31, 2025. Also, Joydeep Dutta Roy, who is currently ED at BoB, has been moved to IoB for the remainder of his term which is up to October 20, 2024, or until further orders, whichever is earlier, the Government said. – moneycontrol.

Banks’ CASA ratio to remain stressed : Banks are unlikely to get any respite from declining current account-savings account (CASA) ratio in the first half of the current calendar year. Bankers do not expect any improvement in CASA ratio in near term as high interest rates on fixed deposits will keep attracting funds from current and savings accounts. “The gap between interest on term deposits and saving accounts has increased too much. So, a part of the amount lying in savings account has moved to term deposits,” said Atul Kumar Goel, MD and CEO, Punjab National Bank, in an earnings call. “Customers who do not need funds immediately would like to move some money from savings account to term deposits, so the pressure is expected to remain on CASA ratio,” he added. – financial express

BOBCARD Ltd: BOB Financial Solutions announces rebranding with new logo and positioning statement : Bank of Baroda’s wholly owned subsidiary, BOB Financial Solutions Limited (BFSL), on Tuesday announced rebranding itself to BOBCARD Limited. The company revealed a new logo, aligned with the positioning statement “Credit Reimagined.” “Beyond a mere visual transformation, the rebranding of BOBCARD embodies a revitalized commitment to reimagine the country’s credit landscape with excellent credit solutions and customer-centric offerings. The new brand promise “Credit Reimagined” is a conviction of a customer-centric, solution-driven assistance that assures service through innovation,” the company said in a press release. – economci times.

Finance Minister to address RBI board on Feb 12 : Finance Minister Nirmala Sitharaman is scheduled to address the Reserve Bank of India’s central board on February 12 and highlight key points of the interim Union Budget. Sitharaman will present the sixth Budget on February 1, where she will outline the roadmap for 2024-25. In the post-budget meeting, the finance minister will address the board members and talk about announcements made in the interim Budget 2024-25. The meeting is being held shortly after the Budget session, as well as the last session of the 17th Lok Sabha, which comes to an end on February 9. – moneycontrol.

Banks’ robust health sets stage for decade’s next credit boom: FinMin ; The Finance Ministry said on Monday that the slew of measures undertaken over the past decade, including recapitalisation of banks and enabling the restructuring of industry, have positioned the economy for the next round of credit and investment growth this decade. “With stronger balance sheets in the non-financial corporate and banking sectors, growth in investments and credit are poised to increase in this decade, as is already evident in the data for the last three years,” said a new report titled ‘The Indian Economy: A Review’, released by the Department of Economic Affairs (DEA) in the Finance Ministry. – Business Line.

RBI to make available additional ₹5,000 cr to Standalone Primary Dealers under Standing Liquidity Facility : In view of the liquidity deficit in the banking system, the Reserve Bank of India (RBI) has decided to make available an additional aggregate amount of ₹5,000 crore to Standalone Primary Dealers (SPDs) under the Standing Liquidity Facility at the prevailing repo rate starting from January 31, 2024. The central bank took this decision based on an assessment of the prevailing and evolving liquidity conditions. The incremental limit for individual SPDs is being conveyed to them separately, RBI said. The repo rate (the interest rate at which banks draw liquidity from the RBI to overcome short-term liquidity mismatches) is at 6.50 per cent. – Business Line.

With use of AI in financial sector, concerns arise about transparency, privacy: RBI Dy Guv Patra : While society harnesses the benefits of emerging technologies in the financial sector, regulators should pay careful attention to the underlying risks, said RBI Deputy Governor MD Patra. Hence, central banks should focus on responsible use, data security and privacy, legal compliance, and ethical questions when it comes to these technologies. New age technologies such as application programming interfaces (APIs), artificial intelligence (AI) and machine learning (ML), biometric-based identification and authentication (biometrics), cloud computing (CC) and distributed ledger technology (DLT) are currently powering innovations in the financial sector worldwide. Patra underscored that with the increasing use of AI, concerns arise about transparency, data biases, governance, privacy and the robustness of algorithms. – Business Line.

AU SFB appoints former RBI deputy guv HR Khan as non-executive chairman : Private sector lender AU Small Finance Bank on Tuesday informed exchanges that it has appointed Harun Rashid Khan, former deputy governor of the Reserve Bank of India (RBI), as non-executive chairman following approval from the shareholders. The lender added that Khan’s tenure will begin from the date of taking charge, January 30, 2024, after approval from the Board of Directors and from the RBI and shareholders of the bank. – Business Standard

Ujjivan Small Finance Bank’s credit-deposit ratio comfortable, says MD : Ujjivan Small Finance Bank is comfortable with its current credit-deposit (CD) ratio of 89 percent, managing director Ittira Davis said, adding that the bank wants to avoid over-lending. In an exclusive interaction with Moneycontrol after announcing its October-December quarter results on January 28, Davis said the Bengaluru-based bank will keep its net interest margin guidance for FY24 at 8.9 percent to 9 percent. Davis said there was an 80 basis points (bps) impact on the bank’s capital ratio after the Reserve Bank of India increased the risk weight asset norms on personal, unsecured and other loans. – moneycontrol.

HDFC Bank holds 95% in HDB Financial. Not for much longer : HDFC Bank Ltd plans to sell some of its shareholding in subsidiary HDB Financial Services over some time, two people aware of the matter said on condition of anonymity. This will be done because the country’s largest private sector lender plans to get into similar lines of business as its subsidiary over the next few years and there could be overlaps. “HDB, as per regulations, has a listing requirement in calendar 2025. The bank currently holds HDB as a financial investment and will monetize over a period of time,” said the first person. “The bank does not appear to have taken a decision on the glide path towards the same.” – Live Mint.

HSBC fined £57 million by UK watchdog for mismarked deposits : HSBC Holdings Plc was fined £57.4 million ($73 million) by the UK for incorrectly excluding billions of pounds of its customers’ money from a depositor protection program. Imposing the penalty, the Prudential Regulation Authority said Tuesday that the lender failed to properly comply with deposit protection rules under the Financial Services Compensation Scheme over many years. The fine, PRA’s second highest, “reflects the seriousness of the failings” that occurred between 2015 and 2022, according to a statement from the arm of the Bank of England. – Live Mint.

NABARD to float bonds worth Rs 7,000 crore on January 31 : National Bank for Agriculture and Rural Development (NABARD) plans to raise up to Rs 7,000 crore through bonds maturing in five years, two months and 29 days, market sources have said. The bonds have a base issue of Rs 2,000 crore and oversubscription of Rs 5,000 crore as a greenshoe option. A greenshoe option gives the underwriter the right to sell investors more bonds than planned if the demand is higher than expected. The bidding for these bonds will take place on January 31 between 10.30 and and 11:30 am on the electronic bidding platform of BSE. – moneycontrol.

Bajaj Finserv health arm acquires Vidal Healthcare valued at Rs 325 crore : Bajaj Finserv Health, a wholly-owned subsidiary of Bajaj Finserv, on Tuesday acquired an entire stake in Vidal Healthcare Services at an enterprise value of Rs 325 crore. The Pune-based healthtech firm has a network of over 1,00,000 doctors, 5,500 labs and 2,100 hospitals. It is a partner with Ayushman Bharat Digital Mission and a key player in facilitating healthcare transactions on the unified health interface network as well. – economic times.

Bajaj Finance rejigs leadership team : In organisational changes, Bajaj Finance announced that executive director Rakesh Bhatt has resigned and decided to pursue new career pursuits outside the company after a 15-year tenure, a regulatory filing said. Bhatt will remain as an advisor to the company and will work with the MD till June 30, 2024. Executive director Anup Saha will be redesignated deputy MD and will oversee all the businesses of the company (excluding loan against securities and commercial lending). He will also have expanded functional responsibilities, assisted by three new COOs. Saha will continue to report to the MD. These changes will be effective from April 1, 2024. – financial express.

Muthoot Microfin lowers lending rates by 55 bps : Muthoot Microfin, the newly-listed lender to the bottom of the pyramid segment, has decided to reduce lending rates by up to 55 basis points on fresh loans to existing customers, after nearly two years of upward movement. This would not affect its net interest margin, which rose to 12.6% for the December 2023 quarter, as the lender managed to bring down its incremental cost of borrowing, chief executive Sadaf Sayeed said. – economic times

Muthoot Microfin Q3 net up 119% at ₹124.57 crore : Muthoot Microfin Ltd has reported a 119.06 per cent increase in net profit for the quarter ended December 31, 2023, at ₹124.57 crore (₹56.86 crore). The bottomline surge was aided by a 53.07 per cent increase in net interest income for the quarter under review at ₹343.07 crore (₹224.13 crore). This is the first quarterly results for the company after its recent public listing of shares. It had raised ₹960 crore through IPO. Asked as to what helped boost Q3 bottomline performance, Sadaf Sayeed, CEO, Muthoot Microfin, told businessline that the performance was bolstered by a 38.64 per cent year-on-year increase in gross loan portfolio at ₹11,458.14 crore (₹8,264.59 crore). – Business Line.

BFSI firms ramp up legal teams : Demand for specialist legal and compliance professionals has surged in the banking, financial services and insurance (BFSI) sector in the past one year with banks, non-banking financial companies (NBFCs), insurance and fintech companies beefing up their senior leadership teams, driven by an increasing need for regulatory adherence and zero tolerance from boards.There was a sixfold jump in managing director level movement in legal and compliance functions in the financial services sector in the past one year, according to data from executive search firm Native. Companies sought to bolster their in-house legal teams with chief legal officers, chiefs of compliance and general counsels amid a push from stricter regulatory guidelines, constantly evolving governance structure and accelerated digitisation of the legal system, according to industry experts. – economic times.

M&M Financial Services Q3 net down 12% on higher expenses, provisions : Mahindra & Mahindra Financial Services posted a net profit of ₹553 crore for Q3 FY24, down 12 per cent on year, largely due to a 16 per cent rise in total expenses at ₹753 crore. A jump in provisions and write-offs to ₹328 crore from ₹155 crore also weighed on the bottomline. Sequentially, the profit after tax was up over two-fold from ₹235 crore in Q2. Net interest income (NII) grew 10 per cent y-o-y and 8 per cent q-o-q to ₹1,779 crore. Net interest margin (NIM) for the quarter was at 6.8 per cent, up from 6.5 per cent a quarter ago, but lower than 7.4 per cent a year ago. – Business Line.

LIC’s $30 billion market rally gives IPO investors chance at redemption : It’s taken almost two years but a 75% rally since late March has brought investors who purchased shares of Life Insurance Corp. of India in the nation’s biggest initial public offering close to recovering their investment. The state-owned life insurer’s stock climbed 1.9% Tuesday, to close at its highest level since its IPO in May 2022. The climb over the past 10 months has coincided with a broader surge in Indian equities that’s added some $30 billion to LIC’s market value. Prime Minister Narendra Modi’s government raised a record $2.7 billion by selling shares in the country’s largest life insurance firm to investors that included millions of families that own the company’s policies. Concerns over LIC’s size, low-profit margins and rigid sales model compared with more agile private peers saw the stock at one point fall more than 40% below its offering price – Business Standard

Shriram General Insurance net profit jumps 51 per cent to Rs 117 crore in Q3 : Shriram General Insurance reported a 51 per cent growth in net profit to Rs 117 crore for the December quarter on higher premium income, market gains, and better claims management. The company said its premium income grew 41 per cent during the quarter, led by motor business that rose 42 per cent, personal accident segment that clipped past 57 per cent, and fire insurance grew 14 per cent, taking the gross written premium during the period to Rs 850 crore. – financial express

Rupee rises 5 paise to 83.11 against US dollar : The rupe appreciated 5 paise to 83.11 (provisional) against the US dollar on Tuesday, following a weak greenback against major currencies overseas amid a muted trend in domestic equities. At the interbank foreign exchange market, the local unit opened at 83.14 against the greenback. Moving in a very tight range, the unit hit an intraday low of 83.15 and a high of 83.11 against the greenback. The local unit finally settled at 83.11 against the dollar, higher by 5 paise (provisional) from its previous close. – Business Line.

Nifty, Sensex extend losses in late session; BPCL, Tata Motors top gainers on Nifty : Sensex, Nifty updates on 30 January 2024: At close, the Nifty was at 21,572, down 165 points or 0.76 per cent. Sensex was at 71,139, down 801.67 points or 1.11 per cent. On the 30-share Sensex, 11 stocks had advanced, while 19 traded in the red. Benchmark equity indices declined on Tuesday, a day after recording sharp gains, with the BSE Sensex falling over 1 per cent due to selling in Reliance Industries, ITC and Bajaj Finance. The 30-share BSE Sensex fell by 801.67 points or 1.11 per cent to settle at 71,139.90. During the day, it plummeted 865.85 points or 1.20 per cent to 71,075.72. The Nifty declined 215.50 points or 0.99 per cent to 21,522.10. Among the Sensex firms, Bajaj Finance fell by 5.03 per cent after its December quarter earnings failed to cheer investors. BPCL, Tata Motors, Hindustan Unilever, Adani Ent and Eicher Motors were the top gainers on the NSE, while Bajaj Finance led the losers. V K Vijayakumar notes strong DII and retail support influencing FIIs. Analysts point to the interim budget and Fed policy as major triggers for domestic equities. Nifty’s Monday bull candle suggests potential resistance at 21851-21970, with support at 21482. Prashanth Tapse recommends HAL stock amid positive global factors. Foreign institutional investors rebounded after a seven-session sell-off, while domestic investors remained net buyers, adding shares worth ₹3,221 crore. – Business Line.
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India and France have decided to deepen their Indo-Pacific security, defense, and space ties, with deals ranging from military-industrial cooperation to boost the former’s exports, jointly building a helicopter engine, constructing additional conventional submarines, and joint satellite launches in the foreseeable future.

These agreements were reached during French President Emmanuel Macron’s state visit to India to be the chief guest at the Republic Day parade. He also met one-on-one with Prime Minister Narendra Modi, after which the two sides signed several agreements in strategic sectors.

The main focus of Macron’s visit, coming as it does for the second time in six months after he visited New Delhi for the G20 summit hosted under India’s presidency in September 2023, was to ramp up the gains the two nations have achieved in the last few years in critical sectors.

Macron and Modi recognized the defense and security partnership as the principal pillar of the two nations’ ties and as a source of strengthening their respective country’s sovereignty and strategic autonomy and advancing peace in the Indo-Pacific region.

Indo-Pacific Security Focus To Counter China’s Expansionism

In a joint statement released after their bilateral meetings, the two leaders reiterated their commitment to further deepen the long-standing partnership between the two countries based on their shared vision for the Indo-Pacific region. The leaders emphasized the region’s significance for their respective sovereign and strategic interests.

They also acknowledged “the crucial role of their partnership in the region for advancing a free, open, inclusive, secure, and peaceful Indo-Pacific and beyond,” an euphemism for countering the aggressive, expansionist plans of Communist China.

India and France signed a Comprehensive Roadmap in July 2023 to boost their engagement in the Indo-Pacific region against China, which is a pain for Indo-Pacific nations with its territorial claims. China has inflicted military conflicts not only with India but also with other nations, such as the Philippines, with which it has behaved aggressively in recent times over claims to the Second Thomas Shoal.

India’s ties with France extend from intelligence and information exchange to military exercises and defense equipment purchases across all domains from the seabed to space.

Defense-Industrial Cooperation To Boost India’s Arms Exports

The two leaders also committed to further deepening the integration between the two countries’ respective defense industrial sectors and “to work together to identify opportunities for co-design, co-development, and co-production with the objective of not only fulfilling the defense needs of the Indian armed forces but also of providing a viable and reliable source of arms supplies to other friendly countries.”

The aim is to boost India’s defense industrial capabilities and capacities to meet its target of US$25 billion in military production and US$5 billion in arms exports by 2025. The defense industrial collaboration, especially from the design stage, not only creates quality jobs for the youth and advances Modi’s vision of a ‘Self-Reliant India’ but also supports broader progress in scientific, technological, digital, and material sciences fields to realize the vision of ‘Developed India’ for 2047.

Airbus, Tata Tie-Up For Civilian Helicopters

The two leaders also announced Airbus’s decision to partner with Tata Advanced System to begin the assembly of single-engine H125 civilian helicopters in India. The two companies will become the first private sector companies to produce helicopters in India, in line with the Indian government’s strategy of self-reliance.

Airbus has decided to give growing orders for aircraft parts in India for its European assembly plants. The Final Assembly Line for H125s will be ready in 24 months after the two companies decide on the location, and the India-made helicopters will roll out from 2026.

Scorpene Submarine Localization Plan

The two sides also announced a comprehensive helicopter partnership with a Joint Venture for an Indian Multi-Role Helicopter engine between Hindustan Aeronautics Limited (HAL) and Safran, apart from localization of the Scorpene submarines being constructed in India, including indigenization.

In July 2023, when Modi was in France, the two nations announced the construction of three additional Scorpene submarines by the Mumbai-based Mazagon Dock and Shipbuilders Limited (MDL). Still, they removed it from the joint statement then.

Joint Satellite Launches Soon

India and France are already cooperating in the Space sector, with each other’s satellites being launched by their respective space agencies. This Space sector relationship has lasted for six decades, and the two nations established the Strategic Space Dialogue in June 2023 to take their cooperation a notch higher by providing strategic guidance and direction across all aspects of space cooperation.

India and France committed this time to further expanding space cooperation for “the benefit of their countries, humanity, and the planet, including through co-development, manufacture and launch of satellites and payloads, research in new launch vehicle technologies and reusable launch vehicles and connecting the startups and users in both countries.”