In market news, the much-anticipated Hyundai Motor India IPO has opened, marking the first automaker’s public listing since Maruti Suzuki in 2003. Early signs indicate a strong response, with notable subscription from retail investors and employees.
Meanwhile, Maharashtra and Jharkhand brace for upcoming Assembly elections, with voting set to take place in November,
On the global front, crude oil prices plunged by more than 4%, as forecasts of an oil surplus for 2024 overshadowed concerns surrounding the ongoing Israel-Iran conflict.
India-Canada Rift: Threat of sanctions can’t intimidate India, says former diplomat
As diplomatic tensions escalate between India and Canada, Harsha Vardhan Shringla, former Foreign Secretary and G20 Chief Coordinator, has voiced his concerns over the deterioration of bilateral relations.
He describes sanctions as an overrated tool, asserting that India, with its $3 trillion economy, will not be intimidated and can impose counter-sanctions that would also harm the Canadian economy.
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Uncertainty shrouds Indian students and visa aspirants
As the rift between Canada and India over the probe into the killing of Khalistani separatist Hardeep Singh Nijjar deepens, the plight of more than 4 lakh Indian students in Canada and aspirants from both countries has become a serious cause for concern.
India-Canada tensions on the rise from September 2023
Relations between the two countries have been fraught since last year when Trudeau said he had evidence linking Indian agents to the assassination of a Sikh separatist leader in his country.
Sensex slips 153 points, Nifty holds 25,000; Midcaps and oil stocks outperform
The equity benchmark indices closed mixed on Tuesday (October 15), with the Sensex down 153 points at 81,820 and the Nifty slipping 71 points to 25,057. Broader markets outperformed, as the Midcap Index rose by 155 points to reach 59,620, and the Nifty Bank gained 89 points to close at 51,906.
Reliance Industries pressured the Nifty, while ICICI Bank lent support, aiding the index in holding above 25,000. Oil marketing companies rallied, posting gains of 2-4% amid a significant drop in crude oil prices, which also boosted paint stocks like Asian Paints and Berger by 1-2%.
Hyundai Motor India IPO subscribed 18% on Day 1; GMP rises to 3%
Hyundai Motor India Ltd.’s initial public offering (IPO), received a subdued response on the first day of bidding, with only 18% of the ₹27,870 crore offer getting booked.
The company, which is currently carrying out India’s largest IPO till date, raised ₹8,315 crore from 225 anchor investors before bidding opened on Tuesday.
The category reserved for retail investors was booked 26%, while the non-institutional investors’ portion was subscribed 13%. Meanwhile, the quota set aside for qualified institutional buyers (QIBs) was booked 5%. Half of the IPO has been reserved for institutional investors.
Crude oil falls 4% as IEA surplus forecast outweighs Iran-Israel conflict risks
Crude oil futures tumbled more than 4% on Tuesday as expectations of a global oil surplus in 2024 overshadowed fears of supply disruptions caused by the ongoing conflict between Israel and Iran.
West Texas Intermediate (WTI) crude for November delivery slid $3.55, or 4.9%, to settle at $70.28 per barrel, while Brent crude, the global benchmark, for December delivery dropped $3.65, or 4.8%, to $73.81 per barrel.
Year-to-date, WTI has decreased by 2%, and Brent has fallen by approximately 4%.
Maharashtra to vote on Nov 20, Jharkhand on Nov 13 and Nov 20; result on Nov 23
The Election Commission on Tuesday (October 15) announced the schedule for Assembly elections in Maharashtra and Jharkhand.
Maharashtra will vote on November 20 and the result for the 288-member Assembly will be declared on November 23.
Jharkhand will vote on two phases on November 13 and November 20. The result will be declared on November 23.
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IMC 2024 | India leads the world in data affordability at just 12 cents per GB, says PM Modi
Prime Minister Narendra Modi spoke about India’s remarkable achievement in reducing data costs, stating that the country now offers internet access at an astonishingly low rate of just 12 cents per gigabyte (GB). This significant drop in prices has positioned India as a leader in global digital affordability, he said.
Modi was addressing the India Mobile Congress (IMC) 2024. With over 1.2 billion mobile users and 950 million internet users, he emphasised the significance of hosting the World Telecommunication Standardization Assembly (WTSA) and IMC together.
Israel Targets Residential Building In Northern Lebanon
Over 21 people have been killed in an Israeli airstrike on Northern Lebanon on Oct 14. Meanwhile, Israel’s Prime Minister Netanyahu has pledged to ‘strike Hezbollah in every part of Lebanon’
Nandan Nilekani is on a new project with the chief banker for global central banks
Agustín Carstens, General Manager of the Bank for International Settlements (BIS), is collaborating with Nandan Nilekani on an ambitious project called the “Finternet.”
This initiative aims to revolutionise the global financial system by creating an international ‘payment plus’ system that goes beyond basic transactions. Drawing inspiration from technological advances like the iPhone, Carstens envisions a system wherein individuals can conduct any financial transaction, anywhere, at any time. The project leverages tokenised assets and unified ledgers to create a seamless, inclusive, and accessible financial ecosystem for all.
Tamil Nadu shuts schools, colleges, and govt offices on Oct 16 amid heavy rainfall
The Tamil Nadu government has declared a holiday for schools, colleges, and government offices on October 16 due to widespread heavy rainfall across the state, triggered by a developing low-pressure system over the Bay of Bengal. The India Meteorological Department (IMD) has warned that the low-pressure area is likely to intensify into a depression in the next two days, bringing more rains to north Tamil Nadu, Puducherry, and parts of Andhra Pradesh.
Intermittent rains have already been lashing Chennai and its suburbs since Monday night, leading to waterlogging in several areas. However, Civic authorities in Chennai have initiated preventive measures to address potential water stagnation.
Consumer affairs department issues rules against misleading ‘green’ product ads
Under the new norms, terms such as “organic,” “natural,” “pure,” “sustainable,” “eco-friendly,” “clean,” “green,” “good for the planet,” “cruelty-free,” or “regenerative” cannot be used without adequate substantiation and disclosure regarding the product. Advertisers making claims about organic products must disclose the reasons behind their advertisements.
Consumer Affairs Secretary Nidhi Khare stated that individual or class actions may be initiated by the Central Consumer Protection Authority (CCPA) if investigations indicate violations of the Consumer Protection Act, greenwashing guidelines, and other relevant rules.
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