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Wednesday, August 31, 2022

Market LIVE Updates: Indices off day's low, Nifty above 17,600; August Manufacturing PMI at 56.2 - Moneycontrol

September 01, 2022 / 10:46 AM IST

Steel Strips Wheels achieves net turnover of Rs 352.93 crore in August 2022

Steel Strips Wheels has achieved net turnover of Rs 352.93 crore in August 2022 versus Rs 308.09 crore in August 2021, recording a growth of 14.55% YOY and achieved Gross turnover of Rs 436.67 crore in August 2022 versus Rs 373.03 crore in August 2021, thereby recording a growth of 17.06%.

 Steel Strips Wheels achieves net turnover of Rs 352.93 crore in August 2022 Steel Strips Wheels has achieved net turnover of Rs 352.93 crore in August 2022 versus Rs 308.09 crore in August 2021, recording a growth of 14.55% YOY and achieved Gross turnover of Rs 436.67 crore in August 2022 versus Rs 373.03 crore in August 2021, thereby recording a growth of 17.06%.
September 01, 2022 / 10:40 AM IST

ICICI Bank hikes lending rates by 10 bps across tenures w.e.f September 1, reported CNBC-TV18.

ICICI Bank was quoting at Rs 880.90, down Rs 6.70, or 0.75 percent on the BSE.

September 01, 2022 / 10:39 AM IST

JUST IN - India August Manufacturing PMI at 56.2 versus 56.4, MoM.

September 01, 2022 / 10:37 AM IST

Asian Markets Update:

 Asian Markets Update:
September 01, 2022 / 10:34 AM IST

NCLT approves merger of Aleor Dermaceuticals with Alembic Pharma

Hon'ble National Company Law Tribunal, Ahmedabad Bench (NCLT), has sanctioned the Scheme of Arrangement in the nature of Amalgamation between Aleor Dermaceuticals Limited and Alembic Pharmaceuticals Limited and their respective shareholders.

The Scheme will become effective upon filing of the said Order with the Registrar of Companies, Gujarat.

 NCLT approves merger of Aleor Dermaceuticals with Alembic Pharma Hon'ble National Company Law Tribunal, Ahmedabad Bench (NCLT), has sanctioned the Scheme of Arrangement in the nature of Amalgamation between Aleor Dermaceuticals Limited and Alembic Pharmaceuticals Limited and their respective shareholders. The Scheme will become effective upon filing of the said Order with the Registrar of Companies, Gujarat.
September 01, 2022 / 10:20 AM IST

Raghvendra Nath, MD, Ladderup Wealth Management on Q1 FY23 GDP

This is in line with market expectations which was in the range of 13% to 16.5 %. This quarter witnessed better economic recovery despite global uncertainties and high inflation. Indian stock market should take this number in a positive note.

However, higher interest rates can hit economic activities in the next few quarters which may slowdown the pace of India’s economic growth. 

We can expect another rate hike of 25 to 50 basis points in the coming months. Thus, despite India remaining the world’s fastest growing economy, all eyes are place on global recession fears and rising borrowing costs.

September 01, 2022 / 10:18 AM IST

Ashok Leyland bags mega order:

Ashok Leyland, the flagship brand of the Hinduja Group, on Wednesday announced bagging orders from major fleets for 1,400 school buses in the UAE, the company's largest ever supply of school buses in this country.

The total fleet deal worth AED 276 Million (USD 75.15 million) for the GCC-made buses has been bagged by Chennai-based Ashok Leyland's UAE distribution partners, Swaidan Trading - Al Naboodah Group.

 Ashok Leyland bags mega order: Ashok Leyland, the flagship brand of the Hinduja Group, on Wednesday announced bagging orders from major fleets for 1,400 school buses in the UAE, the company's largest ever supply of school buses in this country. The total fleet deal worth AED 276 Million (USD 75.15 million) for the GCC-made buses has been bagged by Chennai-based Ashok Leyland's UAE distribution partners, Swaidan Trading - Al Naboodah Group.
September 01, 2022 / 10:11 AM IST

Route Mobile Large Trade | 12.59 lakh shares (2% Equity) worth Rs 180 crore change hands at Rs 1,444 per share, reported CNBC-TV18.

 Route Mobile Large Trade | 12.59 lakh shares (2% Equity) worth Rs 180 crore change hands at Rs 1,444 per share, reported CNBC-TV18.
September 01, 2022 / 10:09 AM IST

Nifty PSU Bank index rose 1 percent led by the Canara Bank, Bank of Baroda, Indian Bank

 Nifty PSU Bank index rose 1 percent led by the Canara Bank, Bank of Baroda, Indian Bank
September 01, 2022 / 10:06 AM IST

JUST IN | Moody's cuts India's 2022 GDP growth forecast to 7.7% from 8.8% and also cuts 2023 GDP growth forecast to 5.2% from 5.4%, reported CNBC-TV18.

September 01, 2022 / 10:01 AM IST

Market at 10 AM

Benchmark indices erased some of the opening losses but still trading lower with Nifty around 17600.

At 10:00 IST, the Sensex was down 510.57 points or 0.86% at 59026.50, and the Nifty was down 142.60 points or 0.80% at 17616.70. About 1890 shares have advanced, 1011 shares declined, and 139 shares are unchanged.

 Market at 10 AM Benchmark indices erased some of the opening losses but still trading lower with Nifty around 17600. At 10:00 IST, the Sensex was down 510.57 points or 0.86% at 59026.50, and the Nifty was down 142.60 points or 0.80% at 17616.70. About 1890 shares have advanced, 1011 shares declined, and 139 shares are unchanged.
September 01, 2022 / 09:53 AM IST

Lakshmi Iyer, Chief Investment Officer (Debt) & Head Products Kotak Mahindra Asset Management Company:
 
Q1FY23 GDP robust growth data was on expected lines given the low base of last year as also recovery in key industries and services sector. 

However, this may not lead to much reaction in Indian bond yields as the key focus for debt markets would hinge on direction of US treasuries and dollar index movement. 

Also key to note is potential global growth slowdown headwinds could linger on in terms of domestic sentiments as well.

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Market LIVE Updates: Indices off day's low, Nifty above 17,600; August Manufacturing PMI at 56.2 - Moneycontrol
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Stocks to Watch: SpiceJet, Dish TV, Zomato, GMR, Zee, Vodafone Idea | Mint - Mint

Here is the list of top 10 stocks that will be in focus today

SpiceJet: Low-cost carrier SpiceJet on Wednesday said the company's Chief Financial Officer Sanjeev Taneja had resigned amid widening losses and an increase in in-flight incidents. The airline recorded a net loss of 789 crore for the first quarter ending 30 June, as compared with a loss of 729 crore in the year-ago period, as the carrier's business was severely impacted by record high fuel prices and a depreciating Rupee. Total revenue for the quarter under review came at 2,478 crore, as against 1,266 crore in the same quarter of the previous year, SpiceJet said in a regulatory filing.

Dish TV India: Direct-to-Home operator Dish TV on Tuesday said its Chairman Jawahar Lal Goel will vacate his position at the company's upcoming AGM on September 26, 2022. Goel, whose proposal for reappointment as Managing Director was rejected by the shareholders in an extraordinary meeting (EGM) held in June this year, has not reapplied for continuation as Chairman. In a regulatory filing Dish TV said:" Jawahar Lal Goel, Chairman and Non-Executive Director, shall vacate his office at the ensuing AGM on account of having expressed his unwillingness to offer himself for reappointment as a Director."

Zomato: Online food delivery platform Zomato has decided to narrow its focus on three key areas of food ordering and delivery; supplies to restaurants through 'Hyperpure' and quick commerce, company Chairman Kaushik Dutta said on Tuesday. In his address to shareholders at the company's annual general meeting, Dutta said the move was part of a strategy to focus "only on areas that have the potential to become meaningfully large businesses ten years from now".

Zee Entertainment: A merger between the Indian unit of Japan's Sony and Zee Entertainment to create a $10 billion TV enterprise will potentially hurt competition by having "unparalleled bargaining power", the country's antitrust watchdog found in an initial review, according to an official notice seen by Reuters. The Competition Commission of India's (CCI) Aug. 3 notice to the two companies stated the watchdog is of the view that a further investigation is merited.

GMR Infrastructure: GMR Coal Resources Pte Ltd (GCRPL), a step-down subsidiary of GMR Power and Urban Infra Limited, has entered into definitive agreements to divest the 30% equity stake it holds in PT Golden Energy Mines Tbk (PT GEMS) to PT Radhika Jananta Raya for $420 million. On closing, GMR Coal Resources Pte Ltd will receive a gross consideration of $420 million

Vodafone Idea: Shareholders of Vodafone Idea have approved the elevation of the company's chief financial officer Akshaya Moondra as the new chief executive officer, according to the voting result of the annual general meeting released on Tuesday. The company held its 27th AGM (annual general meeting) on Monday in which 99.75% of shareholders voted in favour of the special resolution to appoint "Akshaya Moondra as chief executive officer of the company". Moondra's appointment comes at a time when the company is reeling under debt of close to 2 lakh crore and has been incurring huge losses.

NTPC: NTPC has got shareholders' approval to raise up to 12,000 crore through the issuance of non-convertible debentures on a private placement basis. The resolution was passed with the requisite majority in the annual general meeting held on Tuesday. The funds to be raised in one or more tranches (not exceeding 12) will be used for capital expenditure, working capital and general corporate purposes, as per the notice for the AGM.

Tata Steel: Tata Steel on Tuesday said it will invest more than 65 million euros for hydrogen-based steel manufacturing in the Netherlands. Hydrogen has the potential to decarbonise steel manufacturing. Tata Steel has inked pacts with three firms -- McDermott, Danieli and Hatch -- for the further technical preparations for hydrogen-based steel manufacturing in the Dutch city of Ijmuiden.

NDTV: Adani Group will launch its open offer on October 17 for acquiring an additional 26% stake in media firm NDTV. The open offer for acquiring 1.67 crore equity shares, for which a price of 294 per share has been fixed, will tentatively close on November 1, said an advertisement by JM Financial, which is managing the offer. If fully subscribed at a price of 294 per share, the open offer will amount to 492.81 crore.

Indiabulls Housing Finance: Indiabulls Housing Finance will raise up to 1,000 crore by floating bonds in a public issue scheduled to open on September 5. The securities issuance committee of the board of directors of the company, in a meeting held on August 29, 2022, approved the public issue of secured redeemable non-convertible debentures of a base issue size of 100 crore with an option to retain oversubscription up to 900 crore, the company said in a regulatory filing on Tuesday. The fundraising plan is within the shelf limit of 1,400 crore.

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Stocks to Watch: SpiceJet, Dish TV, Zomato, GMR, Zee, Vodafone Idea | Mint - Mint
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Centre hikes windfall profit tax on exports of diesel, ATF; raises tax on local crude - Moneycontrol

The government has hiked the windfall profit tax on the export of diesel to Rs 13.5 per litre and on jet fuel exports to Rs 9 a litre, besides raising the levy on domestically-produced crude oil in line with the hardening of global prices.

At the fourth fortnightly review, the government raised the windfall profit tax on the export of diesel to Rs 13.5 per litre from Rs 7 per litre.

The tax on Aviation Turbine Fuel (ATF) exports too has been hiked to Rs 9 from Rs 2 per litre with effect from September 1, according to a finance ministry notification issued late Wednesday night. Alongside, the tax on domestically-produced crude oil too has been hiked to Rs 13,300 per tonne from Rs 13,000.

The tax on exports has been raised as margins rose, while the levy on domestically-produced oil was increased marginally on slight changes in international oil prices and on expectations of a price rise on hopes of a production cut by the Organisation of the Petroleum Exporting Countries (OPEC) and its allies.

India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. But international oil prices have cooled since then, eroding the profit margins of both oil producers and refiners.

On July 1, export duties of Rs 6 per litre (USD 12 per barrel) were levied on petrol and ATF and a Rs 13 a litre tax on the export of diesel (USD 26 a barrel). A Rs 23,250 per tonne windfall profit tax on domestic crude production (USD 40 per barrel) was also levied.

Thereafter, in the first fortnightly review on July 20, the Rs 6 a litre export duty on petrol was scrapped and the tax on the export of diesel and jet fuel (ATF) was cut by Rs 2 per litre each to Rs 11 and Rs 4 respectively. The tax on domestically-produced crude was also cut to Rs 17,000 per tonne.

On August 2, the export tax on diesel was cut to Rs 5 a litre and that on ATF scrapped, following a drop in refinery cracks or margins. But the levy on domestically-produced crude oil was raised to Rs 17,750 per tonne, in line with a marginal increase in international crude prices.

On August 19, the export tax on diesel was hiked to Rs 7 a litre, while a Rs 2 per litre tax on ATF was brought back. The levy on domestic crude oil output was cut to Rs 13,300 per tonne, in line with the softening of crude prices.

At the fourth fortnightly review on August 31, the taxes on diesel and ATF exports as also on domestically-produced crude oil have been raised. Global Brent crude oil prices were hovering around USD 105 a barrel, against USD 95 per barrel a fortnight ago.

(With PTI inputs)

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Centre hikes windfall profit tax on exports of diesel, ATF; raises tax on local crude - Moneycontrol
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Tuesday, August 30, 2022

Lenders receive 14 resolution proposals for Reliance Capital - Economic Times

Lenders to Reliance Capital (RCap) received 14 resolution plans on Monday as part of the Anil Ambani-founded holding company's insolvency proceedings. A Piramal Group-led consortium, Oaktree Capital, Torrent Investments, IndusInd International and Cosmea Financial Services are among bidders who have either offered to acquire the entire company or submitted plans for select clusters, said two people aware of the development.

Advent International and Zurich Insurance have bid for 100% stake in

General Insurance (RGI), the people said. The Naveen Jindal group, through Jindal Power, bid for stakes in Reliance Asset Reconstruction Co as well as Reliance Capital. has also bid for the company.

Since

has about 20 financial services companies including securities broking, insurance and an asset reconstruction company (ARC) in its fold, administrator Nageswar Rao Y had given potential applicants a choice to bid for the whole or for subsidiaries and real estate.
The administrator, Piramal, and Torrent Investments did not respond to ET's queries. Jindal Power, Oaktree and Advent declined to comment.

Zurich Insurance confirmed bidding for the RGI stake.

The administrator had invited binding bids by the end of August 29 (Monday midnight). Submissions were opened at the Sahara Star hotel in Mumbai on Tuesday, the people said.

The Piramal consortium and Oaktree are said to be the front-runners, said one of the persons cited above.

90% of Recoveries Likely from Insurance Cos
The Piramal-led consortium includes APAC Investment IV Ltd, APAC Investment VII Ltd, India Resurgence Fund and PEL Finhold Pvt. If the grouping emerges as the winning bidder, it will be the second acquisition of a financial services company by it under the Insolvency and Bankruptcy Code (IBC) after Dewan

(DHFL). Oaktree was in the fray for DHFL as well. Sam Ghosh, founder promoter of Cosmea Financial Holdings, was heading Reliance Capital for almost nine years until 2017.

The administrator received 54 expressions of interest (EoIs), including applications for Reliance Capital in its entirety and individual units. About 90% of recoveries are estimated to come from life and general insurance companies. Bids for the entire company could range from ₹7,000 crore to ₹8,000 crore, according to a banker's estimate.

upgrab

The administrator has verified claims of ₹23,666 crore from financial creditors; the highest is from

, followed by . is seeking buyers for its ₹3,400 crore debt exposure in Reliance Capital and has invited binding bids by September 5 from ARCs, as reported by ET on August 22.

Although lenders are proceeding with the sale of Reliance Capital, some investors fear that the process may get hindered if the share pledge of RGI is not released by the debenture trustee, as reported by ET on June 27. This is one reason bidders may make conditional offers, said the banker cited above.

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Lenders receive 14 resolution proposals for Reliance Capital - Economic Times
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Zomato to focus on Hyperpure, expects it to be larger than food business | Mint - Mint

During its first annual general meeting (AGM) since going public, Dutta said the move was part of strategy to focus "only on areas that have the potential to become meaningfully large businesses ten years from now".

In FY 2021-2022, Dutta said the food major was able to achieve strong top line growth while keeping its "adjusted EBITDA burn under control", despite multiple challenges such as disruptions due to Covid-19 pandemic, macro-economic uncertainty, rising inflation, fuel prices, among others.

In 2022, after reflecting on the strategic priorities as a firm, given the size and scale of the company now, he said it was decided that the focus would be only on areas that have the potential to become meaningfully large businesses 10 years from now.

Subsequently, he said Zomato would narrow its focus to three crucial areas – food ordering and delivery; Hyperpure and quick commerce.

For the first quarter of FY23, revenue from operations for Hyperpure surged 40% to 272.7 crore from 194.2 crore in the previous quarter.

For the whole of FY22, adjusted revenues of Hyperpure came at 540 crore, while that of Zomato’s food delivery business stood at 4,760 crore.

Zomato's core food delivery business is stable and headed for profitability, he said, adding in India food delivery still has a large runway for growth.

While restaurant food consumption has increased in the past few years, its overall penetration in India is still significantly low as compared to global counterparts, he reasoned.

On Hyperpure -- Zomato's supply platform for restaurants for fresh items, he said the company is now starting to see strong adoption of its services by restaurant partners.

"We think that this business has the potential of becoming as large or even larger than our food delivery business because the addressable market here is potentially larger than food delivery," he added.

On quick commerce, he said the acquisition of Blinkit was completed this month and the integration of the two teams has started.

In June this year, Zomato had announced acquisition of Blink Commerce Pvt Ltd (formerly known as Grofers) for 4,447.48 crore in a share-swap deal as part of its strategy of investing in quick commerce business.

Dutta said Zomato considers quick commerce as a natural extension to its core food delivery business and increases its addressable market manifold.

It has the potential to help the company build a more profitable business by cross leveraging existing customer base and increase hyperlocal delivery fleet utilisation, he added.

"With this, we now have a clear execution plan around these three businesses and our focus as a team will be to get these businesses to meaningful scale and profits," Dutta said.

He also said Zomato's dining-out and certain other segments saw a revenue decline of 15 per cent in FY22, due to discontinuation of most of its international operations as well as certain non-core businesses. The dining-out business was adversely impacted in FY22 by Covid-related lockdowns.

He also said the company is making progress in its efforts for adoption of electric vehicles with around 4,500 active EV based delivery partners and around 18 per cent of orders delivered on bicycles as of March 2022.

In reply to shareholder queries, Zomato founder & CEO Deepinder Goyal said the company does not expect to make any other strategic minority investments for the foreseeable future as it has made all the investments that needed to for its future plans.

On safety of delivery partners, he said it has always been a priority for Zomato and "no compromises have been or will be made here", while also asserting that the platform does not incentivise riders to be on time.

Goyal also said Zomato will put a phone number on the bags of its delivery partners for people to call and report if any one of them were found to be speeding.

Zomato appoints 4 CEOs

Zomato will be appointing chief executive officers to lead its key business units after winning approval to acquire another delivery startup.

In an internal memo, the food delivery major said that it will name CEOs to at least four units after the deal for grocery-delivery startup Blinkit. The target company also owns a business-to-business unit called Hyperpure, which delivers ingredients and kitchen supplies to restaurants.

Zomato net loss halves to 186 cr in June qtr

Earlier this month, Zomato said its consolidated net loss in the first quarter of the current financial year almost halved to 186 crore due to higher income.

The company had reported a net loss of 360.7 crore in the year-ago period.

During the quarter under review, the company's total income rose to 1,582 crore against 916.6 crore in the corresponding period of last year.

However, its total expenses also shot up to 1,767.7 crore from 1,259.7 crore, the company had said.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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Zomato to focus on Hyperpure, expects it to be larger than food business | Mint - Mint
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Should employees be allowed to moonlight? India Inc is a divided house - Moneycontrol

Image Credits: CareerBuilder

Image Credits: CareerBuilder

A few weeks ago, Wipro chairman Rishad Premji posted a one-line message on Twitter – “There is a lot of chatter about people moonlighting in the tech industry.  This is cheating - plain and simple.”

Premji has his reasons. A survey by Kotak Institutional Equities of 400 Information Technology and Information Technology Enabled Services (IT/ITeS) employees a few weeks ago revealed that 65 percent of respondents said they either were engaged in part-time opportunities during work-from-home (WFH) or knew a colleague who was.

Moonlighting is an additional cause for concern for IT companies, which are already struggling with elevated attrition levels across the board. With hybrid work here to stay and managers not being able to look over employees’ shoulder anymore, there may be concerns around productivity.

The concerns surrounding moonlighting employees also come at a time when companies are facing a tough business environment with clients sounding caution, and as Premji earlier said, the Indian IT industry is in a “perfect storm”.

A glance through responses to Premji’s tweet on moonlighting shows several employees having a different view — what they do on their time after work is theirs to decide. Meanwhile, the issue of moonlighting in tech is now a raging debate and India Inc seems to be a divided house.

What is moonlighting?

Moonlighting refers to people holding more than one full-time job in addition to their nine-to-five employment. It also includes those who take up part-time work or gigs on the side and is not limited to the IT sector.

Moonlighting gained prominence when employees restricted to their homes during the pandemic took up gigs with no one looking over their shoulder.

Aditya Narayan Mishra, Chief Executive Officer (CEO) of CIEL HR Services, told Moneycontrol that there are three primary drivers to employees moonlighting — time, passion or an additional source of income without being questioned for it.

Concerns of employers 

Experts say the type of moonlighting where the industry and functions of the jobs the employee is working on are different is comparatively harmless.

“In this format, the industry or the function (of the two jobs) does not hamper one another. Generally, the need for the second job is for additional income generated and there is no scope of cross leveraging data or information,” said Vijay Sivaram, CEO of Quess IT Staffing.

However, when it is the same industry function, Sivaram said there is a risk of confidential information being shared. “There also could be a risk of negligent behaviour or productivity loss from an employee,” he said.

While the risk persists, there is little hope of employees giving up their shot at an additional income or a side hustle for passion, especially in the remote-work era.

“Historically, when an employee came to the office, you would see him working eight to nine hours a day in front of you. There were visible eight hours of productive time for the organisation. Today, as the employee is working from home, that element of risk exists,” added Sivaram.

Time to put it on paper?

After Premji called moonlighting "cheating", other honchos in the tech industry are divided in their opinions on the practice.

According to a Business Today report, while Tata Consultancy Services’ chief operating officer NG Subramaniam termed it an ethical issue, many like Tech Mahindra CEO CP Gurnani and TV Mohandas Pai, Infosys’ Former Director disagreed and said they found no harm in it.

“Employees are bound by an employment agreement and its terms, but apart from that, are free to do what they want as long as they are not using company’s IP (Intellectual Property), its assets or anything else,” Pai told Moneycontrol.

He added that it is unethical and illegal if an employee is moonlighting during the hours they have committed to their employer, as that would be breaking the contract.

However, he makes a differentiation for managers or people with fiduciary responsibility, where they cannot do this.

To resolve issues like such, Tech Mahindra’s Gurnani reportedly also added that the company might ideate a policy around moonlighting.

Like him, many in the industry feel that while the practice can not be eradicated, it can be tamed with a policy that lays down what is acceptable and what is off-limits for those moonlighting.

Recently, to set the rules straight, the food and grocery delivery platform Swiggy allowed employees to take up external projects and came up with a moonlighting policy. Swiggy said jobs that pose a higher risk of conflict of interest or interfere with employees' duties to the company will be subject to an approval process.

Also Read: Moonlight on the high street: Can India Inc. swing it like Swiggy?

Experts say there is a need for every organisation to follow suit and come out with a clear policy around moonlighting.

“Organisations need to communicate more effectively to employees on what kind of moonlighting is accepted and what is not,” says Sivaram. “Companies need to allow transparency as well as clear-cut structures on how an employee could inform the organisation if they are moonlighting.”

Hazy disclosures 

Sivaram says no one really knows how deep the problem is because employees have not disclosed it, with a lot of it being based on assumptions.

CIEL’s Mishra says moonlighting will continue, as you cannot curb people’s passion or change the realities surrounding hybrid work, which is possibly why a company like Swiggy came up with its policy on moonlighting.

Sivaram from Quess adds that for transparency from employees, companies need to build structures and communication platforms where employees could disclose information on the second job and come to ask queries if need be, along with just outlining dos and don’ts.

“This is governance or a risk mitigation system. An employee could still choose to do so (moonlight), but at least this way you're giving them an opportunity to disclose and assure (their employer) that a second job will not hurt their productivity or data confidentiality as an employee there,” he said.

The lack of disclosure, he believes, has also added to the uncertainty around how big the problem actually is.

“Over a period of time, these disclosures will be genuine and then you know exactly what kind of employees or how many employees are moonlighting. At this point, the problem is people don't know the depth of it.”

What is India Inc’s stand?

Owing to the gap in India Inc's knowledge on the magnitude of the issue, apart from the debate on the internet, experts believe companies aren’t rushing to make moves on the policy and are just keeping an eye on the matter.

Sivaram says while there have been quite a few conversations over the last seven to eight months, no one is fixated on it but adds that the intent is there.

On the other hand, Teamlease co-founder Rituparna Chakraborty says moonlighting is still just a leisure topic of discussion and is not looked at as a topic that demands immediate attention.

“CHROs (chief human resources officers) and other top-level management of organisations are not actually sitting together and thinking that we should really do something about it. Everyone wants to wait and watch whether there is an actual difference on the ground before they take a step,” she said.

Chakraborty also feels there is no need for a debate at all on moonlighting.

“There is no question of cheating or an ethical issue here. That (disclosing information about moonlighting) is something based on trust with one’s employer, some like to share and others like to keep their private lives private.”

She also asks if managements really have the wherewithal and supervisory ability to probe into every employee's life to figure out what they are doing outside of work, and if there’s a point to doing so.

Chakraborty believes the regular employment processes and HR policies today are strong enough to ensure that employees are committed to their work and are not divulging information elsewhere. “Everything doesn’t require a separate policy.”

Amid the debate, however, Pai added that companies need to ask why employees want to moonlight in the first place for additional compensation.

“I think up to five or six years, people are getting paid less. If you study the compensation, 10 years back and now, we see that fresher compensation has not increased much. That is what these companies have to answer and think for themselves,” he said.

Employees' take

Twenty-seven-year-old Ashish Sharma has a passion for singing and plays gigs two to three days a week, especially on weekends. Over the last two years, he also took an international gig where he moved to another country on a six-week contract to play gigs there. The only hitch is, Sharma's boss at the IT company where he works has no clue about this.

However, he remains unfazed by the debate.

“I don’t see the need for my boss to know exactly what I am doing once I shut my system down every evening. My gigs help me stay in touch with my passion and also provide me with some additional income. And it’s not hurting anyone,” said Sharma.

“I log in on time in my work hours and I give it my full, what I do after is my own business, right?” he added.

Also Read: Moonlighting is here to stay. Here’s why

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Should employees be allowed to moonlight? India Inc is a divided house - Moneycontrol
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Monday, August 29, 2022

Ambani Outlines Roles for Reliance Heirs at $220 Billion Empire - Bloomberg

[unable to retrieve full-text content]

  1. Ambani Outlines Roles for Reliance Heirs at $220 Billion Empire  Bloomberg
  2. Mukesh Ambani Introduces Daughter Isha As Leader Of Reliance's Retail Business  NDTV Profit
  3. Reliance Foundation to Launch New School, Give Education Benefits to Children: Isha Ambani  News18
  4. Mukesh Ambani gives strongest signal yet on Reliance's succession plan | Mint  Mint
  5. Mukesh Ambani Hints At RIL's Succession Plan | The News  NDTV
  6. View Full coverage on Google News

Ambani Outlines Roles for Reliance Heirs at $220 Billion Empire - Bloomberg
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Mukesh Ambani says, KG-D6 to contribute 30% of India's gas production | Mint - Mint

In the 45th annual general meeting (AGM), Reliance Industries chairman Mukesh Ambani on Monday said KG-D6 will contribute ~30% of India’s gas production. He was addressing RIL's 45th annual general meeting for shareholders, investors, and others. Ambani congratulated its Oil and Gas team for a spectacular turnaround, with production jumping 9x and revenues crossing $1 billion. At present, KG-D6 is contributing 20% of India's domestic gas production.

While addressing in the AGM, Ambani said, "Let me congratulate our Oil & Gas team for a spectacular turnaround, with production jumping nine times and revenues crossing a billion dollars."

Ambani highlighted that with 19 million standard cubic meters per day of production in ultra-deep water fields, KG-D6 is contributing 20% of India's domestic gas production.

Going forward, Ambani said, "With the commissioning of the MJ Field by end-2022, KG-D6 will increase its contribution to nearly 30% of India's gas production."

Last year, in April, supermajor bp had stated RIL and bp have been developing three deep-water gas developments in block KG D6 – R Cluster, Satellite Cluster, and MJ – which together are expected to produce around 30 mmscmd (1 billion cubic feet a day) of natural gas by 2023, meeting up to 15% of India’s gas demand.

Notably, the developments will each utilize the existing hub infrastructure in the KG D6 block. RIL is the operator of the block with a 66.67% participating interest and bp holds a 33.33% participating interest.

The third KG D6 development, MJ, is expected to come on stream by end of December 2022.

According to Ambani, this will help meet India's growing demand indigenously, leading to import savings of nearly $9 billion/ annum. Natural gas is a major source of clean and affordable energy for India, particularly in times of significant global energy crisis.

In Q1FY23, in oil and gas business, the company's revenue increased by 183.0% yoy to 3,625 crore. Segment EBITDA sharply increased to 2,737 crore. This was primarily due to improved gas price realization in KG D6 and CBM, and higher production in KG D6.

Notably, KGD6 Gas production during 1Q FY23 was at 40.6 BCF (RIL’s share) vis-Ă -vis 33.1 BCF (RIL’s Share) in 1Q FY22. The average gas price realized for KGD6 was $ 9.72/MMBTU in 1Q FY23 vs $3.62/MMBTU in 1Q FY22. CBM gas production was at 2.4 BCF in 1Q FY23 vis-Ă -vis 2.7 BCF in 1Q FY22. Gas price realized for CBM was higher at $22.48/MMBTU(GCV) almost 3.75x of realized prices in 1Q FY22.

During the AGM, Ambani also announced new energy business as the newest growth engine for the company. RIL aims to establish and enable at least 100GW of solar energy by 2030. It has announced to set up new Giga Factory for Power Electronics.

Further, to boost Oil to Chemicals business, Ambani announced an investment of 75,000 crore in expanding capacities in existing and new value chains.

Reliance has commenced its journey to become net carbon zero by 2035 with a set of concrete actions.

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Dollar touches 20-year high, but kept in check by euro, as rates in focus By Reuters - Investing.com

Dollar touches 20-year high, but kept in check by euro, as rates in focus © Reuters. FILE PHOTO: U.S. Dollar banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration

By John McCrank and Dhara Ranasinghe

NEW YORK (Reuters) -The dollar touched a fresh 20-year high on Monday, fuelled by hawkish comments by Federal Reserve Chair Jerome Powell, but was kept in check by the euro, which was supported by growing expectations for European Central Bank (ECB) rate hikes.

The , which measures the currency's value against a basket of peers, scaled a fresh two-decade peak of 109.48 before retreating.

The greenback was up 0.73% against Japan's yen, while Britain's pound notched a fresh 2-1/2 year low in thin trading, with the UK on a public holiday.

Powell told the Jackson Hole central banking conference in Wyoming on Friday that the Fed would raise rates as high as needed to restrict growth, and would keep them there "for some time" to bring down inflation that is running at more than three times the Fed's 2% goal.

"Powell's comments endorsed the pricing of a higher Fed funds rate for a longer period," said Kenneth Broux, a currency strategist at Societe Generale (OTC:). "The assumption that the Fed would start cutting rates in mid-2023 is premature."

Money markets ramped up bets for a more aggressive Fed rate hike in September, with the chances of a 75 basis point hike now seen around 70%. U.S. Treasury yields shot up, with two-year bond yields hitting a 15-year high at around 3.49%.

The euro clawed its way higher, helped by "ECB comments and rumors including contemplation of a 75bps hike at the September 8th ECB meeting," said Derek Holt, head of capital markets economics at Scotiabank.

The euro was last up 0.34% against the dollar, but remained below parity at $0.99985.

ECB board member Isabel Schnabel warned on Saturday that central banks risk losing public trust and must act forcefully to curb inflation, even if that drags their economies into a recession.

"Central banks have no interest in being anything but hawkish right now, given inflation, so they will hike rates aggressively," said Nordea chief analyst Jan von Gerich.

A comment by German Economy Minister Robert Habeck that he expects gas prices to fall soon, with Germany making progress on its storage targets, may also have supported the euro.

The dollar index, after hitting its highest level in 20 years, pulled back, mainly based on the euro's rise, and was down 0.403% at $108.74 at 10:40 a.m. (1440 GMT).

Sterling fell to a 2-1/2-year low of $1.1649 versus the greenback and was last down 0.14% at $1.1713.

In cryptocurrencies, bitcoin recovered some ground to trade back above the $20,000 level.

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Sunday, August 28, 2022

Maruti Suzuki goes beyond auto, it's the story of India's manufacturing potential: RC Bhargava, non-executive Chairman - The Indian Express

Maruti Suzuki India, the nation’s largest carmaker, completes 40 years of its operations this year. When Maruti was set up, the life expectancy given to the nascent public sector-run unit that partnered with a Japanese company was rather short, its non-executive Chairman RC Bhargava told this newspaper. “People called it a political project. Today, everyone takes the automobile industry in India and the success story of the last four decades as a given,” he pointed out. In a chat with Pranav Mukul and Anil Sasi, he recounted the early days of Maruti and detailed some of the key milestones in the company’s initial strategies that charted its course to becoming a case-study for the Indian manufacturing sector. Edited excerpts:

What are some elements of the Maruti story that can be emulated by India’s manufacturing sector today?

The first thing that applies to us is the whole question of trust: how important is trust. Unfortunately, largely thanks to our colonial past, our whole system is built on distrust. The British rules and regulations, which we have largely continued, are all based on system of checks and balances. Checks and balances lead to enormous delays everywhere.

With Suzuki, one of the reasons why this whole thing went so smoothly is because of Osamu Suzuki, and therefore Suzuki Motor Company had no distrust with their Indian partners right from the beginning. Once I asked Mr Suzuki, why did you take this decision to partner with the government at a time when no company was willing to put money into India. He said, “the first time when I met Mr V Krishnamurthy (founder chairman of Maruti Udyog Ltd) and you, I judged that these are two guys I can work with.” That’s it. Normally, Japanese do a very big survey of the country they’re going to enter. Nissan was doing that looking at the component industry. He did nothing.

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The second factor that worked in our favour — we had made a decision that we have to learn from the Japanese and see if we could do in India what the Japanese were doing in Japan. I think that was a major decision. We became learners. The important factor that led to our success (was) that we were willing to learn from Japan.

We had enough experience to realise that we can’t just transplant practices from a different country to India. So our role became to learn from Japan and to adapt those practices in a manner that while the result would remain what we wanted, some tweaks in the method would make it implementable in the Indian environment.

What are some of these lessons that Maruti took from the Japanese culture in its early days? And how easy or difficult was it for a company in the government setup to absorb these changes?

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When we talk that we adapted Japanese management culture, it doesn’t mean we adapted in cut and paste. What are these major changes? The most important one was to change the relationship between the management and workers. Those were the days of frequent strikes and labour unrests. The biggest contributor to the success was the contribution of workers. The traditional thinking that labour and capital are always in conflict is actually a fallacy. It was valid when there was no competition, when quality and cost didn’t matter too much. This is what the Japanese did and we had to do in India — to convince the workers that they and the company were linked in terms of understanding what each would be at the end of one’s career span of 35 years. In Japan, it’s much simpler because everybody is educated and disciplined. Our situation is very different. That’s why we had to adapt. We wanted workers to be in a certain frame of mind. It took time, several years.

For example, attendance in a factory. In India, the usual practice is that 85 per cent of the working days, the worker comes to work, the remaining is all kinds of leaves. The Japanese told us right in the beginning — Mr Suzuki said that you have to have at least 95 per cent attendance. He cut out the leave reserve, he said you can’t have a leave reserve. After few years, we were getting more than 95 per cent attendance. Second was punctuality. In most factories, the actual working time is maybe 5-6 hours. A shift of 8 hours had to mean workers worked for 8 hours. So they had to come 15-20 minutes before the shift started. This was a new culture but with various ways we got that going.

Just not having leave reserves meant higher productivity by 15 per cent. Starting work on time is another 15-20 per cent productivity increase. Then we started this system of annual maintenance shutdown. It served two purposes. It’s an eight-day block Sunday to Sunday. It gives employees a chance to go off on a small break. So you have the workers going off at the same time, so in a way this compensates people. Second benefit is that it prevents machines breaking down in the course of production. Preventive maintenance meant every item of machines was overhauled, parts were changed. These things led to much higher productivity.

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What was among the most important strategies when it came to human resources?

We had to win the trust of our workers. They didn’t have to do that in Japan and that required some work. Every month, I would personally have a meeting with the union executives. Before the meeting, we would circulate a note on some aspect of industrial working to educate the workers. This process carried on and on. During the meeting, we would try to educate them on other aspects — why management and workers together can actually be a win-win for both sides, whereas if you fight with each other neither wins.

Unfortunately, we don’t recognise that, our labour laws don’t recognise that. Most managements also don’t realise that their interests are aligned with those of the workers. And the results showed for us: within 10 years of starting our operations in the early 1990s, more than 2,000 of our workers had their own houses. People who were 25 or 26 or 27 years old were house owners. A large number of our workers today own cars. Children of our workers today are working as doctors, lawyers, consultancy companies, MNCs, etc. Our commitment to workers was that when the company prospers, you will share that prosperity.

How crucial was the decision to start exporting cars?

The decision to export cars was essentially to expose ourselves to competition. At that time, Maruti was getting all the praise in the Indian market. But the fact is that there was no benchmark to see whether we were producing quality cars. Hindustan Motors and Premier were not benchmarks. The only thing which we could’ve learned from was from outside. Expose yourself to European standards and learn from there.

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Suzuki didn’t back the initial export plan. Mr Krishnamurthy was also opposed to it. He said we’re not going to make any money out of this and we will get a bad name. But somebody has to pay the cost of learning, and we had to learn.

I was the managing director, so I had the last word. Cars had to be homologated to European standards and Suzuki said we can’t help you, we don’t have the manpower. But our engineers said they will get it done. They got cars homologated in France and Italy. And Suzuki started helping when we were selling. There were a lot of quality issues in the beginning — things that we never thought of. They looked at the gap between the door and the fender and said the gap is not uniform. I never looked at it before. Little things like this, it was quite a learning experience. We didn’t make money but we learned.

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There are a lot of other players from Japan, Europe and America that have come in subsequently but have not tasted the success in India that they’ve seen elsewhere like in China. Why is that?

One, the market here has not grown as fast as the Chinese car market. India is a small car market despite all this hype about SUVs and customers moving towards bigger cars and all that. The fact is that majority of customers are small car users and will remain small car users for a long time to come. No country in the world has 200 million plus scooter owner strength. A scooter owner doesn’t user a scooter out of choice. He uses it out of compulsion because he can’t afford, but his aspiration is to buy a four-wheeler. So what will these 200 million people upgrade to? Has to be low-cost cars.

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This feeling that India will become a large car market doesn’t recognise the reality of our situation. Lot of people are making this mistake. All these people who came to India, what did they come to India with? Mostly big cars. Who succeeded in India first? Daewoo got success because they had a small car, Hyundai was successful because they had a small car. Tata got successful because they had the Indica. Having a reliable low-cost car enables millions of Indians to start economic activities. Today, the percentage of women in the job market as employees or entrepreneurs is much higher than it used to be. One of the things that has made this possible is the availability of low-cost reliable transport.

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Saturday, August 27, 2022

Forex Reserves Slump To Over 2-Year Low As RBI Defends Rupee To Below 80 - NDTV Profit

Forex Reserves Slump To Over 2-Year Low As RBI Defends Rupee To Below 80

Foreign exchange reserves decline to $564.053 billion

India's forex reserves slumped to the lowest in over two years, marking the third straight week of decline as the Reserve Bank of India, true to its word, intervened to keep the rupee from weakening past 80 per dollar during a week when the dollar surged to over two-decade highs.

The RBI's weekly statistical data showed the country's foreign exchange reserves fell by $6.687 billion to $564.053 billion in the week ending August 19, marking its lowest in over two years and the third week of decline in a row. The quantum of fall in the latest week, $6.687 billion, was the largest since mid-July.

In the week prior, during the week ending August 12, the country's import cover had declined by $2.238 to $570.74 billion. Barring the increase in the last week of July, which seems like a statistical blip, India's forex war chest has declined every single week since early July. It has fallen for 20 of the 26 weeks since Russia invaded Ukraine in late February. 

That slump in forex reserves by a touch over $67 billion since the Ukraine crisis and nearly $80 billion from its all-time highs last year echoes the slide in the rupee from about 74 per dollar to near 80, a level which analysts say the RBI has defended ferociously.

The fate of the Indian currency has been driven by the rampant dollar in international markets, driven by an exodus of capital into dollar-denominated assets and at the cost of almost every other major currency in the world.

On Friday, the Indian rupee marked easing against the greenback for the third week running, as pressures from firmer oil prices and the dollar blunted some of the optimism from a report about adding the Asian nation to a coveted emerging-market bond index.

The Financial Times reported that JPMorgan is seeking investor views on whether to make a large chunk of the Indian government bond market eligible for inclusion in its widely tracked GBI-EM Global Diversified index of a local currency debt.

However, Kunal Sodhani, vice president of the global trading centre at Shinhan Bank, told Reuters that these inflows were insufficient to help the rupee.

"I don't think the report has anything to do with today's session. The rupee is weakening because the dollar index is inching closer to 109 and...there are barely any inflows," Mr Sodhani said.

"Oil has bounced back to $102, and that pressure is there because the underlying reality of India has not changed. The trade deficit number is still a great concern."

Due to rising crude imports, which the country relies on for over 80 per cent of its oil needs, India's trade imbalance increased to an all-time high of $31 billion last month, raising concerns about the country's ability to maintain its current account.

"The bid for dollars remains strong from the oil marketing companies, while exporters too are jumping in to lock in (higher forward) rates," Arnob Biswas, head of research at SMC Global Securities, told Reuters.

The technical picture for the rupee "looks tired", with the Reserve Bank of India possibly seeking to defend the 80 levels on the one hand and strong dollar demand from importers on the other, Mr Biswas added.

To blunt a geo-political event's impact on the wider economy, the RBI has intervened and has openly said it would do whatever it takes to defend the rupee from wild volatility.

While the rupee briefly hit its all-time weak level of 80 against the dollar, the RBI has helped keep the Indian currency below that level by selling dollars in the spot and futures markets.

In doing so, the central bank has drawn down the country's import cover.

Still, India's forex reserves are the fourth largest globally, according to RBI governor Shaktikanta Das after the latest rate-setting meeting when the central bank hiked rates for the third consecutive time.

A report showed that India has built up buffers against cyclical difficulties and has ample foreign exchange reserves to withstand pressure on credit worthiness, S&P Global Ratings said on Thursday. 

Speaking at the India Credit Spotlight 2022 webinar, S&P Sovereign & International Public Finance Ratings Director Andrew Wood said the country has a strong external balance sheet and limited external debt, making debt servicing not so expensive.

"The country has built up buffers against cyclical difficulties like those, which we are experiencing right now," Mr Wood said.

He added that the rating agency does not expect the near-term pressures to impact India's credit worthiness seriously. 

The RBI has a stated policy of intervening in the forex markets if it sees volatilities, but the central bank never lets out a targeted level. In the current episode, it has successfully defended the rupee depreciating above the 80-per-dollar-mark.

A separate Reuters report quoting government and industry sources showed that India might offer incentives to exporters settling deals in rupees to promote the currency's attractiveness and raise the sales of commodities to Russia, which have decreased due to western sanctions.

After the RBI established a framework for international trade settlements using the rupee last month, the measure is intended to increase Russian commerce. Indian businesses are already exchanging dollars and euros for Asian currencies to settle transactions to dodge the sanctions the West has imposed on Russia due to its invasion of Ukraine.

According to those Reuters sources, bankers and dealers have not yet increased their usage of the rupee for settlements since they are still waiting on further information about the government's and central bank's incentives to use the rupee.

A separate study by Saurabh Nath, Vikram Rajput and Gopalakrishnan S from the RBI's financial markets operations department, which does not represent the central bank's views, said the reserves were depleted by 22 per cent during the 2008-09 global financial crisis as compared to only 6 per cent in the current episode following Russian invasion on Ukraine.

On an absolute basis, the 2008-09 global financial crisis led to a drawdown of $70 billion in the reserves, which came down to $17 billion during the COVID-19 period and stood at $56 billion as of July 29 this year due to the Ukraine invasion-related impact.

But for now, the current crisis is far from over and may mean a further erosion in the country's forex war chest.

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Forex Reserves Slump To Over 2-Year Low As RBI Defends Rupee To Below 80 - NDTV Profit
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Tata Nexon, Harrier, Safari Jet variants launched - MotorOctane

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  1. Tata Nexon, Harrier, Safari Jet variants launched  MotorOctane
  2. Tata Nexon, Harrier and Safari Jet Editions launched  Autocar India
  3. Tata Motors launches Jet Edition range for three models  ETAuto
  4. View Full coverage on Google News

Tata Nexon, Harrier, Safari Jet variants launched - MotorOctane
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Mukesh Ambani succession, spinoffs in focus at Reliance’s shareholder meeting - Economic Times

Mukesh Ambani’s once-a-year speech to investors has over time evolved into an eagerly-awaited pronouncement on his $222 billion empire akin to Warren Buffett’s annual letters to Berkshire Hathaway shareholders.

This year,

.’s investors will be looking for insight on Monday around the company’s 5G rollout, how he plans to unlock the value of his telecom and retail units through separate listings, and when and how his children will take over the reins.

Anticipation is high as the 65-year-old billionaire, who built

into India’s largest company by market value and a powerhouse conglomerate, has used the speech for a series of big announcements. These include the launch of his disruptive telecom service in 2016, Saudi Arabian Oil Co.’s proposed investment in Reliance’s energy business in 2019 and a strategic shift to green energy last year.
This year’s shareholder meeting comes as the refining-to-retail group faces the twin challenges of a global recession and the blistering rise of Gautam Adani, who eclipsed Ambani as Asia’s richest man earlier this year and is emerging as an alternative power center on the corporate landscape.

Reliance investors will have in mind how Adani’s conglomerate split its business into different listings years ago, unlocking value, and will expect “clarity and specific time lines for the next big things” from Ambani’s more-centralized holdings, Kranthi Bathini, equity strategist at WealthMills Securities Pvt Ltd. in Mumbai. Adani’s wealth has surged $58 billion this year riding the stocks rally compared to $3.3 billion rise in Ambani’s.

Here’s where investors are expecting news:

Succession
The patriarch signaled that succession planning atop Reliance will be expedited in last year’s shareholder meet and reiterated it explicitly in December. His three children -- daughter Isha and sons Akash and Anant -- are already holding various directorships in the group’s unlisted firms and are becoming more visible in their leadership.

Ambani stepped down as the chairman of Reliance Jio

. in June, making way for his elder son, Akash, who took over the helm at India’s largest wireless operator. As rumors keep swirling around Ambani’s health, investors will look for more concrete steps to be taken in leadership transition, with Isha, Anant and possibly his wife, Nita, taking on more responsibility.

5G Rollout
Reliance Jio Infocomm bought airwaves worth over $11 billion at a local spectrum auction as it sought to cement its edge over the smaller rivals --

. and . -- in the rollout of speedier 5G networks. That will be key to boosting revenues and luring high-value users.

Investors will be looking for proof of the pudding here. The technology is yet to return profits for Asian wireless operations despite investing billions of dollars, even for those in China which have been offering 5G service since 2019. Details like a nationwide rollout date, tariff plans for 5G services as well as where demand lies for the service will be crucial for Reliance Jio to reveal.

The Ambani children may demonstrate some of the key features of the 5G services at the meeting, just as they’ve showcased new telecoms products in the past.

Spinoffs, IPOs
The street has been waiting to get better clarity around the initial public offerings of Reliance Jio and Reliance

. especially after the two consumer businesses raked in $27 billion from marquee global investors in 2020.

Both companies are market leaders in their respective sector with a formidable lead over their rivals. Their listings -- or even spinoffs -- could propel Ambani’s net worth. “The timelines are crucial to get the mojo back for Reliance stock,” Bathini said. Reliance has gained just about 11% this year compared to the more than 40% rise by top performers in S&P BSE Sensex.

New Energy, Old Energy
The $76 billion pivot toward green energy is the biggest transformation that Ambani is helming currently. It’s also a difficult transition given the conglomerate’s roots in petrochemicals and crude oil refining and the continued out-sized contribution of the fossil fuel-led businesses in Reliance’s yearly revenue.

Investors will look for updates around last year’s announced plans to build four giga-factories to make solar modules, hydrogen electrolyzers, fuel cells and storage batteries. Ambani has also been on a tear acquiring small green energy firms globally for expertise and technology. There are also plans to become among the world’s top blue hydrogen makers.

Going Global
Ambani emphasized his vision for the “internationalization of Reliance” in his speech last year.

In the past year, Reliance has made overtures toward big overseas deals like a potential acquisition of the British drugstore chain Boots, which was never completed. Investors will want to see if the appetite for global acquisitions still exists amid a slowing worldwide economy.

Then there’s always the possibility of a curveball at the meeting, said Bathini. “Never underestimate the power of senior Ambani” to surprise the market, he said.

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Govt’s fiscal consolidation plan to aid private sector, boost capex revival - Moneycontrol

Finance Minister Nirmala Sitharaman The 2024 Interim budget is based on the robust framework of “Viksit Bharat by 2047.” Driving this gr...