The Adani Group is evaluating multiple cement companies for acquisition including Hyderabad-based Penna Cement, Gujarat-headquartered Saurashtra Cement and the cement business of Jaiprakash Associates as well as ABG Shipyard-owned Vadraj Cement, according to people familiar with the matter.
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1Front Page
Finance minister Nirmala Sitharaman on Wednesday said the reforms momentum will continue, which will spur growth and ensure macro-economic stability, presenting an “optimistic economic outlook” for the coming years.
Bharat Petroleum Corp Ltd has mandated SBI Capital Markets to arrange a ₹31,000 crore loan for the planned capital expenditure at its Bina refinery complex located in Madhya Pradesh, according to people familiar with the matter.
2Pure Politics
In the season of taking charge across ministries, various auspicious timings were discussed. Sarbananda Sonowal was one of the first to take charge — on the evening of June 10 itself after portfolios were announced.
With two militants and a CRPF personnel killed and seven security personnel injured in three separate operations in Kathua and Doda districts of Jammu division, J&K Police officials suspect that it is the handiwork of fresh batches of infiltrators, who have recently crossed LoC and international border.
The appointment of Neerabh Kumar Prasad, who was to retire this month-end, as new chief secretary of Andhra Pradesh, five days before CM Chandrababu Naidu took oath, has raised eyebrows, with queries being made on who approved the order as the new CM was yet to assume office.
Kerala CM Pinarayi Vijayan on Wednesday wrote to external affairs minister S Jaishankar seeking the Centre’s intervention in the Kuwait fire incident which claimed over 40 lives, including several Malayalees. Terming the incident as “utmost painful”, Vijayan condoled the loss of lives in the tragedy.
It is being ascertained if Tamils were among those killed in Kuwait fire, the Tamil Nadu government said on Wednesday. The state government has provided the Commissionerate’s helpline numbers of +91 1800 309 3793 (within India) and +91 80 6900 9900, +91 80 6900 9901 (for calls from abroad).
While talking about NCP’s dismal performance in the recent Lok Sabha polls, party leader Chhagan Bhujbal pointed to the paradoxical nature of campaigns conducted by party candidates.
Telugu Desam Party chief Chandrababu Naidu was sworn in as the chief minister of Andhra Pradesh for the fourth time in Vijayawada on Wednesday.
BJP leader Mohan Charan Majhi was sworn in on Wednesday as the 15th chief minister of Odisha in Bhubaneswar in the presence of Prime Minister Narendra Modi, former chief minister Naveen Patnaik and others.
BJP’s perceived preference for a collective leadership in states has seen it appoint two deputies for its chief ministers in big states. The move has helped it balance caste equations better in each state. Odisha became the fourth such consecutive big state for the strategy.
Buoyed by their impressive performance in the Lok Sabha elections, the Opposition Maha Vikas Aghadi (MVA) comprising the Congress, Shiv Sena (UBT) and NCP (SCP) has decided to start their discussions early for seat-sharing in the assembly elections in the state, due within four months.
A day after the Congress accused Uddhav Thackeray of unilaterally announcing his party's candidates for the upcoming Maharashtra Legislative Council polls, the two parties finalised the deal on Wednesday with the Shiv Sena (UBT) deciding to contest three out of four seats, while the grand old party will fight one.
Pakistan has increased its defence budget by a sharp 16.4%, even as it seeks a bailout deal from the International Monetary Fund (IMF) to avert a complete collapse of its economy. The increase in military spending was announced on Wednesday in the annual budget, which also hiked government salaries by 25%.
Congress leader Rahul Gandhi on Wednesday attacked Prime Minister Narendra Modi, accusing him of being busy responding to congratulatory messages and not hearing cries of the families of pilgrims killed in a terrorist attack in J&K’s Reasi.
Kanimozhi, elected as MP from the Thoothukudi Lok Sabha constituency, has been appointed as the DMK’s parliamentary party leader.
India will bring the issues of Global South to the fore during its interventions at the Italy G7 Summit that will be attended by PM Narendra Modi.
Bangladesh, a major buyer of weapons from China for decades, has complained to Beijing of supplying faulty parts as well as technical problems with its imported military hardware.
Suspense over Rahul Gandhi choosing between Raebareli or Wayanad continued even as the Congress leader on Wednesday said that whatever he decides both constituencies will be happy with his decision.
The Congress has brushed aside RSS chief Mohan Bhagwat’s comments on the desirable decorum for leaders, quality of campaign and the need for restoring peace in Manipur and told him the attitude of the Modi government was a reflection of him and his outfit and that the RSS had maintained silence on many worrisome issues and, in the process, was made “irrelevant” by the Modi regime.
What if with a few clicks on computer, one could pinpoint why students in a particular school in Bihar are doing poorly in Mathematics or why the attendance of girl students is consistently low in schools in a particular block in Maharashtra, or whether a mid-day meal was served to all children in a district in Assam or not?
The Supreme Court on Wednesday asked the Delhi government to apprise the court on steps taken to contain water tanker “mafias” who were allegedly diverting water supply meant to tackle the ongoing water shortage in the capital.
National Security Guards (NSG) will soon create its units in Ayodhya, Pathankot and Kerala. Confirming the development, a senior officer said the process has been in the pipeline for some time.
The National Testing Agency (NTA) will approach the Supreme Court seeking transfer of petitions filed by NEET-UG candidates before several high courts over alleged random grant of grace marks, paper leak and anomalies in evaluation to certain questions, the Delhi High Court was informed on Wednesday.
After BJP’s loss in West Bengal, another MLA Bishnu Prasad Sharma has publicly criticised the state leadership, pointing out the party’s weak organisational framework and how opinions of MLAs were not even heard. The BJP got only 12 seats in the Lok Sabha polls, down from 18 in 2019.
3Companies: Pursuit of Profit
As many as four out of five smartphones sold exclusively online are finding their way into the grey market through aggregators who buy all available stock from online channels, causing an artificial shortage, trade bodies have claimed.
Independent directors have begun openly voicing dissent on corporate boards, emboldened by market watchdog Sebi’s directives urging them to make more disclosures and uphold corporate governance standards.
India is the best-represented country globally in Times Higher Education’s (THE) Impact Rankings 2024, which measures universities’ efforts to drive forward the United Nation’s (UN) 17 sustainable development goals (SDGs).
Fintech firm One97 Communications, owner of the Paytm brand, will now focus on the distribution of insurance products of other insurers after the Insurance Regulatory and Development Authority of India accepted Paytm General Insurance’s registration withdrawal application.
The National Company Law Tribunal (NCLT) Wednesday extended the timeline for Go First’s corporate insolvency resolution process (CIRP) by 60 days beyond the June 3 deadline, following a Delhi High Court order and prospective resolution applicants (PRA) seeking revision of the resolution plan.
4The Edit Page
AI is now better at picking stocks than humans. Thus spake not Zarathustra but a May 2024 Chicago Booth research paper, ‘Financial Statement Analysis with Large Language Models’.
The new government is keen to show that it means business. And business also means reading the riot act to law-breakers with a perverted notion of virtue-signalling.
World trade has grown signifi cantly over the years, as economies continue to integrate into the global system. Here’s a chart showing how developing countries have greatly increased their participation in global goods trade.
With a 7%-plus GDP growth rate for the third consecutive year in FY24, India sits on the cusp of advancement while facing several challenges.
You’re in Seoul and want to savour trad Korean cuisine but with a twist. Look no farther than Mingles. After a long stint under Basque legend Martín Berasategui, Mingles chef Kang Min-goo had one clear aim.
In a culture of show-and-tell — and then show and tell the show-and-tell — conspicuous arrogance has had a great run. Salman Khan with his shirt off has got his fair share of cheers from the front stalls.
5ET Markets
Indian equity indices ended higher on Wednesday with the Nifty closing at all-time highs, but gains were limited after early upsides fizzled out ahead of the US Federal Reserve’s policy meeting outcome late at night.
Indian elections may have sprung a surprise, denying an outright majority on its own to the BJP, but the likelihood of policy continuity and prospects of strong growth through Narendra Modi’s third premiership provide sufficient comfort to international businesses to commit funds here, José Viñals, chairman, Standard Chartered, tells Bhaskar Dutta and MC Govardhana Rangan.
The Rs740-crore initial public offering (IPO) of Le Travenues Technology, the parent company of online travel platform Ixigo, was subscribed 98.1 times on Wednesday, the final day of bidding.
Haryana-based DEE Development Engineers has set the price band of its Rs418- crore initial public offering (IPO) at Rs193-203.
6Smart Investing
The Insurance Regulatory and Development Authority of India (IRDAI) has asked insurance companies to offer a surrender value from the first year itself, a move that could impact their margins.
The Securities and Exchange Board of India(Sebi) has barred PTC India Financial Services (PFS) chairman Rajib Kumar Mishra from holding the director’s post in any listed company for six months and imposed a fine of ₹10 lakh on him.
India’s ATM operators have approached the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) for an increase in the interchange fee paid by customers on cash withdrawals.
The RBI on Tuesday witnessed a technical glitch in the facility that allows banks to either deploy surplus funds or borrow money from the central bank, market participants said.
Indian banks and non-banking financial companies are well placed to seize the opportunity from the country’s strong economic prospects through lending in various sectors, even though loan growth is expected to moderate by about 3%, according to a report by rating firm ICRA.
7Economy: Macro, Micro & More
The commerce department is chalking out a 100-day action plan that is likely to focus on allowing special economic zones (SEZs) to sell in the domestic market, setting up an all-encompassing trade information platform, standard operating procedures to negotiate free trade agreements (FTAs), and ecommerce export zones.
India’s biggest consumer goods maker Hindustan Unilever is reducing the content of palm oil and its derivatives in soaps by 25%, part of a wider strategy to offset volatility in commodity prices as well as reduce environmental impact. The company said this is a global first.
8Brands & Companies
A restructuring exercise has set off alarm bells among employees at the India office of this consulting firm counted among the Big Four. The trickle is becoming an exodus as many partners and mid to senior-level talent are leaving to join safer havens, according to an insider.
Suraksha Realty, the successful bidder of Jaypee Infratech, will pay an exit price to the retail shareholders while taking the company private, setting a precedent in cases where distressed listed companies are being acquired through the Corporate Insolvency Resolution Process (CIRP).
Enforcement Directorate (ED) is learnt to have written to Mumbai police, seeking details of its investigation in a cheating case registered by the city police in connection with a bid to acquire Religare Enterprises by Burman family.
The government on Wednesday held exploratory talks with online news publishers and other related departments on the demand of the Digital News Publishers Association (DNPA) for a revenue sharing mechanism with big tech firms such as Google and Meta for using their content.
The regulator’s deliberations to charge telecom companies for numbering resources allocated to them will not solve the problem of inefficient use of mobile connections, but will result in the cost being passed on to users, industry executives said.
After a delay of nearly seven years, lenders of Era Infra Engineering are likely to recover a part of their dues after a bankruptcy court approved the company’s acquisition by lesser-known SA Infrastructure Consultants.
Packaged food maker Nestle India said on Wednesday it will continue with its current royalty rate of 4.5% with its Swiss parent Nestle S.A. for the next five years.
Large direct-to-consumer (D2C) brands have started to scale down advertisements and influencer posts amid escalation of complaints about these brands putting out misleading ad claims and violating the Advertising Standards Council of India (ASCI) code.
9ET Panache
People don’t trek to Art Basel in Switzerland just for fun. Famed for being the highest quality art fair in the world, the Swiss fair is a place where people tend to stay exactly as long as they need to and no longer.
In a recent interview, actor Kevin Spacey has revealed that his house has been foreclosed on due to many millions of dollars in legal fees from his sexual misconduct trials, according to Variety.
10Sports World Play
Suryakumar Yadav hit an unbeaten half-century and left-arm seamer Arshdeep Singh claimed a career-best 4/9 as India defeated the United States by 7 wickets to reach the T20 World Cup second round on Wednesday.
Uncapped I an Maatsen was holidaying on a yacht off Mykonos when he got a call up on Monday night for the European Championship and was asked to join up with the Netherlands squad as quickly as he could.
Australia marched into the Super Eights of the T20 World Cup with a nine-wicket demolition of Namibia at the Sir Vivian Richards Stadium in Antigua on Tuesday.
Former champions Sri Lanka are on the brink of an early exit from the T20 World Cup after heavy rain washed out their Group D match against Nepal in Lauderhill, Florida on Tuesday.
Manchester United manager Erik ten Hag will remain in the job for next season and has entered into talks with the Old Trafford club over a contract extension despite the team’s lowest ever Premier League finish of eighth, British media reported.
Rafael Nadal and Carlos Alcaraz will play doubles together for Spain at the Paris Olympics, the Spanish tennis federation said Wednesday.
Jerry West, widely regarded as one of the greatest basketball players of all-time whose silhouette was the inspiration for the National Basketball Association’s logo, has died at the age of 86.
11Disruption: Startups & Tech
With the Narendra Modi-led NDA government starting a third term, the manufacturing sector is looking forward to policy continuity, capital infusion, and fresh PLI schemes to further bolster India as a manufacturing destination of choice for foreign firms as well as to build a robust and resilient supply chain ecosystem.
Deepak Goel, scientist of National Informatics Centre (NIC), which designs and develops IT systems for the government, has been designated as Group Coordinator of Cyber Laws and Data Governance division of the ministry of electronics and information technology (MeitY) from July 1 this year.
The linking of Unified Payments Interface with RuPay credit cards has given a major push to these domestic cards. Around 30% of new credit cards issued in the country now are on the RuPay network, two people in the know said.
Palo Alto, California-based cybersecurity enterprise firm Rubrik, which went public in April, reported its maiden quarterly earnings on Wednesday post listing.
Direct-to-consumer (D2C) skincare firm Foxtale has raised $18 million (₹150 crore) in a funding round led by Singapore-based Panthera Growth Partners.
Tiger Global and Peak XV Partners-backed neobanking startup Jupiter has secured a prepaid payments instrument licence from the Reserve Bank of India.
India is a hotbed for global startups and one of the key global markets for Google Cloud, said a top company executive here on Wednesday. Matt Renner, president-global sales at Google Cloud, said the company has taken this fiscal year to specifically double down on its investments in startups.
Google said on Tuesday it has chosen Brazil, a country where nearly two cellphones are pilfered every minute, to test a new Artificial Intelligence system to automatically block stolen Android smartphones.
Buoyed by the production-linked incentive (PLI) scheme of the Prime Minister Narendra Modi-led government, Apple has managed to export iPhones worth more than `16,500 crore (nearly $2 billion) in the first two months of FY25, shows industry data.
12Around the World
US Federal Reserve officials said Wednesday that inflation has fallen further toward their target level in recent months but signaled that they expect to cut their benchmark interest rate just once this year.
The European Commission told automakers on Wednesday it would impose extra duties of up to 38.1% on imported Chinese electric vehicles (EVs) from July, risking retaliation from Beijing which called it “protectionist”.
Wet weather helped bring Britain's economic growth to a halt in April after a strong start to 2024, and the opposition Labour Party jumped on the figures to attack Prime Minister Rishi Sunak's pre-election claims of a turnaround.
A United Nations inquiry had found that both Israel and Hamas had committed war crimes early in the Gaza war, and that Israel’s actions also constituted crimes against humanity because of the immense civilian losses.
When disinformation researcher Wen-Ping Liu looked into China's efforts to influence Taiwan's recent election using fake social media accounts, something unusual stood out about the most successful profiles.
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ET Print Edition is a digital avatar of the Economic Times newspaper. It has gained immense popularity amongst avid readers in no time. Here’s why it’s being loved by several readers.
In today’s fast-paced world, reading a newspaper while having a cup of tea is a distant dream. Realising the hardship faced by newspaper lovers nowadays, Economic Times has come up with a unique initiative called ET Print Edition.
The ET Print Edition is a digital experience of the Economic Times newspaper, which is published daily. It helps you get the enormous amount of valuable information published in the newspaper daily in the digital form.
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