WTO chief Ngozi Okonjo-Iweala acknowledged disruptions to the multilateral trading system and urged India to support China-backed investment facilitation, despite India's opposition. She emphasized India's leadership role for the upcoming MC14, particularly in agriculture, while highlighting the need to address India's concerns in that sector. Reform discussions are anticipated at the mini-ministerial meeting.
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The Mumbai consumer commission has directed Flynas, a Saudi-based budget airline, to compensate a passenger Rs 1.25 lakh for losing her baggage during a trip from Istanbul to Mumbai via Riyadh. The commission criticized the airline's lack of effort in tracing the lost bag and failure to attend the hearing, deeming their conduct as "mala fide negligence."
The Centre has increased financial thresholds for scientific equipment procurement by research institutions, as per revised General Financial Rules. Vice-chancellors and directors can now directly procure instruments up to Rs 2 lakh, while purchase committees can approve up to Rs 25 lakh. Senior authorities can also approve global tenders up to Rs 200 crore, streamlining processes and fostering innovation.
Yes Bank shares plunged 7.4% to Rs 21.55 following reports of a 3% equity stake changing hands via block deals, potentially involving a PE investor.
Mercedes Benz, Skoda-Volkswagen, Hyundai, and Kia have expressed interest in manufacturing electric vehicles in India, according to Heavy Industries Minister H D Kumaraswamy. This follows discussions regarding the 'Scheme to Promote Manufacturing of Electric Passenger Cars in India'. The scheme aims to attract global manufacturers with incentives like reduced customs duty on imported electric cars.
Raamdeo Agrawal predicts Sensex reaching 1.5 lakh by 2030 and 3 lakh by 2035. He attributes this to consistent domestic capital inflows. Agrawal highlights quick commerce, capital markets boom, energy transition, and manufacturing as key investment themes. He advises caution, emphasizing buying at the right price. Agrawal notes the shift in market structure with increasing domestic participation.
Eternal Limited shares saw a significant jump. This surge follows Morgan Stanley's positive outlook. Eternal's Q4 earnings showed a profit decline. However, operational revenue increased substantially. The company remains a key player on the Nifty50. Other gainers included Power Grid and Reliance Industries. Some companies like Bajaj Finance experienced declines.
The IEA cautions that concentrated critical mineral mining could disrupt global supplies and prices, urging diversification. Executive Director Fatih Birol advises India to incentivize electric vehicles to reduce reliance on oil imports, highlighting the economic benefits of EVs. He also lauded India's successful green energy transition, noting the significant shift in investment towards clean energy sources.
India's Ministry of Heavy Industries has launched the “Scheme to Promote Manufacturing of Electric Passenger Cars in India” (SPMEPCI) to attract EV manufacturing investments. The scheme offers reduced customs duties on imported EVs for approved applicants who meet minimum investment and localization targets.
The Indian government has reduced the basic customs duty on crude edible oils to 10%, a move lauded by SEA and IVPA. This aims to support domestic refiners by discouraging refined palmolien imports. The decision widens the duty gap between crude and refined oils, potentially lowering domestic prices and benefiting consumers.