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Saturday, December 21, 2024

US drops $10 million bounty on Syrian rebel leader who ousted Assad The announcement followed a meeting in Damascus between the leader of Hayat Tahrir al-Sham, or HTS, Ahmad al-Sharaa, who was once aligned with al-Qaida, and the top US diplomat for the Middle East :-The Business Standard

 

The Biden administration said Friday it has decided not to pursue a $10 million reward it had offered for the capture of a Syrian rebel leader whose forces led the ouster of President Bashar Assad earlier this month.

The announcement followed a meeting in Damascus between the leader of Hayat Tahrir al-Sham, or HTS, Ahmad al-Sharaa, who was once aligned with al-Qaida, and the top US diplomat for the Middle East, Barbara Leaf, who led the first US diplomatic delegation into Syria since Assad's ouster.

HTS remains designated a foreign terrorist organisation, and Leaf would not say if sanctions stemming from that designation would be eased. But, she told reporters that al-Sharaa had committed to renouncing terrorism and as a result the US would no longer offer the reward.We discussed the critical need to ensure terrorist groups cannot pose a threat inside Syria or externally, including to the US and our partners in the region, she said.

Based on our discussion, I told him that we would not be pursuing the Rewards for Justice reward offered, Leaf said in a telephone news conference from Jordan where she travelled after visiting Syria.

Leaf and other US officials have said al-Sharaa's public statements about protecting minority and women's rights are welcomed, but they remain sceptical that he will follow through on them in the long run.

He came across as pragmatic, she said. It was a good first meeting. We will judge by deeds not just by words.

The US delegation's visit was aimed at pushing for an inclusive government and seeking information on the whereabouts of missing American journalist Austin Tice.

Along with Leaf, former special envoy for Syria Daniel Rubinstein and the Biden administration's chief envoy for hostage negotiations, Roger Carstens, joined the meetings with interim leaders and members of civil society.

Carstens said there was no new information confirming Tice's fate or whereabouts but vowed that efforts to find him would continue. He travelled previously to Lebanon to seek information. More US officials are expected to visit Syria in the coming days to pick up the search, he said.

We're going to be like bulldogs on this, Carstens said, adding that the US was focusing on about six prisons where it believed Tice may have been held in the past. He said the US also had information about three more prisons where Tice might have been incarcerated, and up to 40 sites may end up being examined for evidence of Tice's presence.

Tice, who has had his work published by The Washington Post, McClatchy newspapers and others, disappeared at a checkpoint in a contested area west of Damascus as the Syrian civil war intensified.

A video released weeks after Tice went missing showed him blindfolded and held by armed men and saying, Oh, Jesus. He has not been heard from since. Assad's government publicly denied that it was holding him.

Leaf's team was the first group of American diplomats to formally visit Syria in more than a decade, since the US shuttered its embassy in Damascus in 2012, although a small number of US diplomats had been assigned to political advisory roles with military units inside Syria since then.

Shortly before the delegation arrived in Damascus, the US military said it had conducted airstrikes in northeastern Syria on Thursday, killing a leader of the Islamic State group and one other militant. The strike was part of an ongoing effort to prevent IS insurgents from taking advantage of the upheaval in Syria, including any plan to release the more than 8,000 IS prisoners held in detention by Kurds who have partnered with the US, Central Command said in a statement.

The Pentagon revealed Thursday that the US had doubled the number of its forces in Syria to fight IS before Assad's fall. There are roughly 2,000 there now.

The diplomats' visit to Damascus will not result in the immediate reopening of the US embassy, which is under the protection of the Czech government, according to US officials, who said decisions on diplomatic recognition will be made when the new Syrian authorities make their intentions clear.


Canada PM Trudeau looks set to lose power after key ally vows to topple him The House of Commons is on a winter break and a formal motion of no-confidence cannot be presented until after legislators have returned on Jan 27. :-The Indian Express

 

Canadian Prime Minister Justin Trudeau on Friday looked set to lose power early next year after a key ally said he would move to bring down the minority Liberal government and trigger an election.

New Democratic Party leader Jagmeet Singh, who has been helping keep Trudeau in office, said he would present a formal motion of no-confidence after the House of Commons elected chamber returns from a winter break on Jan. 27.

If all the opposition parties back the motion, Trudeau will be out of office after more than nine years as prime minister and an election will take place.A string of polls over the last 18 months show the Liberals, suffering from voter fatigue and anger over high prices and a housing crisis, would be badly defeated by the official opposition right-of-center Conservatives.A string of polls over the last 18 months show the Liberals, suffering from voter fatigue and anger over high prices and a housing crisis, would be badly defeated by the official opposition right-of-center Conservatives.

The New Democrats, who like the Liberals aim to attract the support of center-left voters, complain Trudeau is too beholden to big business.

“No matter who is leading the Liberal Party, this government’s time is up. We will put forward a clear motion of non-confidence in the next sitting of the House of Commons,” said Singh.

The leader of the Bloc Quebecois, a larger opposition party, promised to back the motion and said there was no scenario where Trudeau survived.The Conservatives said they would ask Governor General Mary Simon – the personal representative of King Charles, Canada’s head of state – to recall Parliament to hold a no-confidence vote before the end of the year. Constitutional experts say Simon would reject such a move.

“We cannot have a chaotic clown show running our government into the ground. What is clear is that Justin Trudeau does not have the confidence of Parliament,” Conservative leader Pierre Poilievre told reporters.

Shortly after Singh issued his letter a smiling Trudeau, under growing pressure to quit after the shock resignation of his finance minister this week, presided over a cabinet shuffle.

Trudeau’s office was not immediately available for comment.

Trudeau, who has not publicly spoken about Freeland’s exit, usually addresses reporters after cabinet shuffles but left without saying a word. Major domestic media organizations said his office had canceled traditional end-of-year interviews.Votes on budgets and other spending are considered confidence measures. Additionally, the government must allocate a few days each session to opposition parties when they can unveil motions on any matter, including non-confidence.

Singh’s move is a political risk, since the polls showing a bad defeat for the Liberals also have bad news for the NDP.

Darrell Bricker, CEO of polling firm Ipsos-Reid, said Singh saw a chance to replace the Liberals as the first choice for voters who opposed the Conservatives.

“Waiting to give the Liberals and even Trudeau a chance to get off the mat is ill-advised,” he said by email.Before Singh made his announcement, a source close to Trudeau said the prime minister would take the Christmas break to ponder his future and was unlikely to make any announcement before January.

Liberal leaders are elected by special conventions of party members, which take months to arrange.

Singh’s promise to act quickly means that even if Trudeau were to resign now, the Liberals could not find a new permanent leader in time for the next election. The party would then have to contest the vote with an interim leader, which has never happened before in Canada.The timing of the crisis comes at a critical time, since U.S. President-elect Donald Trump is due to take office on Jan. 20 and is promising to impose a 25% tariff on all imports from Canada, which would badly hurt the economy.The premiers of the 10 provinces, seeking to create a united approach to the tariffs, are complaining about what they call the chaos in Ottawa.





Pakistan slams US sanctions on ballistic missile programme, calls them ‘discriminatory’ The US sanctions come in light of the continuing proliferation threat of Pakistan’s long-range missile development. :-The Indian Express

 

Just two days after the United States slapped sanctions on four Pakistani entities on charges of them contributing to Pakistan’s ballistic missile programme, the latter condemned the move, labelling them as “discriminatory” and warning of potential risks to regional peace and security.

Pakistan’s Ministry of Foreign Affairs issued a strong statement on Thursday, cautioning that the sanctions could have “dangerous implications for the strategic stability of our region and beyond”, as reported by Al-Jazeera.

The US sanctions, which come in light of the continuing proliferation threat of Pakistan’s long-range missile development, froze all US-based assets belonging to targeted Pakistani businesses and prohibited American entities from engaging in trade with them.

According to the US Department of State, one of the sanctioned organisations, the Islamabad-based National Development Complex (NDC), was involved in acquiring materials for Pakistan’s long-range ballistic missile programme, which includes the SHAHEEN series. Three other entities—Akhtar and Sons Private Limited, Affiliates International, and Rockside Enterprise—were also sanctioned for their alleged involvement in weapons proliferation.

In its response, Pakistan’s foreign ministry dismissed the allegations as baseless. “These sanctions are based on mere doubts and suspicion without any evidence whatsoever,” the ministry said, adding that such actions reflect “double standards,” especially when the US grants waivers for advanced military technologies to other nations, Al-Jazeera reported.

The sanctions follow similar measures imposed earlier this year on foreign entities, including a Chinese research institute, accused of supporting the programme.

‘Emerging threat to the US’

Jon Finer, the US Deputy National Security Adviser, has also raised concerns about Pakistan’s advancing missile technology. Speaking at the Carnegie Endowment for International Peace, Finer stated that Islamabad’s long-range ballistic missile capabilities could potentially threaten targets outside South Asia, including the United States, news agency Reuters reported.

“Candidly, it’s hard for us to see Pakistan’s actions as anything other than an emerging threat to the United States,” Finer remarked. He also noted that the country has pursued “increasingly sophisticated missile technology, from long-range ballistic missile systems to equipment, that would enable the testing of significantly larger rocket motors,” Reuters quoted.

“If these trends continue,” Finer warned, “Pakistan will have the capability to strike targets well beyond South Asia, including in the United States.”

Pakistan as a nuclear power

Pakistan, which became a nuclear power in 1998 following its first nuclear weapons tests—more than 20 years after India’s first test blast—has long maintained a robust missile development programme.According to estimates by The Bulletin of the American Scientists research organization, Pakistan has a stockpile of about 170 warheads, the Reuters report stated.




Telcos to soon get bank guarantee waiver letters Read more at: https://economictimes.indiatimes.com/industry/telecom/telecom-news

 

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The Department of Telecommunications (DoT) plans to send bank guarantee (BG) waiver letters to all telecom operators in the next few days, giving a fillip to struggling Vodafone Idea (Vi), which was earlier bound to provide BGs worth more than ₹24,700 crore. Once communications minister Jyotiraditya Scindia gives the go-ahead, the letters will be sent to the telcos immediately, officials said.

"The letters containing provisions of the BG waiver will be sent to telcos soon. The latest reform will enable continued investments in the telecom sector," said one of the officials, who did not wish to be identified.


The Cabinet had approved the BG waiver last month.

With the latest step, telcos need not give any BGs for any of the past spectrum auctions. Only in case of a shortfall in payments,a certain BG needs to be provided.

While the BG waiver applies to all telcos, Vi is the main beneficiary of the measure. Of the ₹33,000 crore worth of BG relief to the telecom sector, nearly ₹25,000 crore will be for Vi.

The BG waiver will give lenders more leeway to extend credit to Vi, which is looking to raise debt urgently to expand 4G operations speedily and roll out 5G in a bid to take on rivals Reliance Jio and Bharti Airtel effectively on the ground, said experts.

The waiver terms would apply to the spectrum auctions of 2012, 2014, 2015, 2016 and 2021, subject to the companies agreeing to the terms, and there won't be any immediate financial implications for the government. The telecom reforms package announced in 2021 had rationalised the need to submit BGs. Based on the package, spectrum auctions conducted in 2022 and 2024 did away with the requirement for BGs.

This is the second instance where the DoT has amended the notice inviting application (NIA) for past spectrum auctions.

US House approves bill to avert midnight shutdown, sends to Senate :-ET

 

U.S. House Speaker Mike Johnson (R-LA) speaks to the media following the passage of a spending legislation to avert a government shutdown, on Capitol Hill in Washington, U.S., December 20, 2024. REUTERS/Nathan Howard

The US House approved a bill to prevent a government shutdown. The bill extends funding until March. It includes disaster aid and farm subsidies. The bill does not raise the debt ceiling. President-elect Trump wanted the debt ceiling raised. The Senate needs to pass the bill. President Biden will then sign it.

German Christmas Attack News Live Updates: Saudi man arrested after German Christmas Market car attack claims 2 lives, injures 60 :-ET


 German Christmas Attack News Live Updates: A car plowed into a Christmas market in Magdeburg, Germany, killing two and injuring nearly 60 others. Authorities suspect the incident was an attack.


A 50-year-old Saudi doctor, a permanent resident of Germany, was arrested as the suspected driver. Saxony-Anhalt Governor Reiner Haseloff stated, “As things stand, he is a lone perpetrator, so that as far as we know there is no further danger to the city.”

Saudi Arabia’s foreign ministry condemned the attack.

A video circulating on social media, verified by CNN, shows a black car driving into the crowd. People scattered, seeking cover in market stalls. The video depicts injured individuals and debris throughout the market.

Police confirmed extensive emergency measures are underway at the scene.

Thursday, December 19, 2024

Kailash Yatra, river data sharing, border trade set to unfreeze as India-China take steps to break barriers Read more at: https://economictimes.indiatimes.com/news

 

New Delhi: NSA Ajit Doval met his Chinese counterpart and foreign minister Wang Yi in Beijing on Wednesday as part of the special representative (SR) mechanism and provided positive directions to cross-border cooperation and exchanges, including resumption of the Kailash Mansarovar yatra, border trade and data sharing on trans-border rivers.

They laid stress on the need to ensure 'peaceful conditions on the ground' so that border issues don't hold back normal development of bilateral relations.

The SRs met in accordance with the decision taken during the recent meeting between Prime Minister Narendra Modi and President Xi Jinping in Kazan.

Doval and Wang affirmed the implementation of the disengagement agreement of October, resulting in patrolling and grazing in relevant areas. Sources said that resumption of the Kailash Mansarovar yatra, data sharing on trans-border rivers and border trade were among the low-hanging fruits that the two sides agreed as part of efforts to normalise ties.

They reiterated the importance of maintaining a political perspective of the overall bilateral relationship while seeking a fair, reasonable and mutually acceptable framework for settlement of the boundary question, and resolved to inject more vitality into this process, according to Indian officials.

This was the first meeting of the SRs since frictions had emerged in the western sector of the India-China border areas in 2020.

Focus on border peace


Doval and Wang underlined the importance of maintaining peace and tranquillity in border areas to promote overall development of the relationship. They emphasised the need for peaceful conditions on the ground so that issues on border do not hold back the normal development of bilateral relations, Indian officials said.

They discussed various measures to maintain peace and tranquillity on the border and advance effective border management, according to a readout by the Indian side.

The SRs exchanged views on bilateral, regional and global issues of mutual interest. They agreed on the salience of stable, predictable and amicable relations for regional and global peace and prosperity, according to the readout.

According to the Chinese readout, both sides evaluated solutions to promote ties, take measures to maintain peace and tranquillity. They decided to show commitment to mutually acceptable border solutions under 2005 guidelines, as per the readout.

Doval invites Wang, meets VP


Doval invited Wang for the next round of SR talks here in 2025. Chinese Vice President Han Zheng welcomed Doval for talks on border de-escalation, stressing that both nations are ancient civilizations and emerging powers.

Han added that 2025 will mark 75 years of diplomatic ties with India, and that the countries should foster mutual trust and cooperate across spheres.

India moves to guard against Trump’s likely tariff strike :-ET

 

New Delhi: India has begun a detailed sector-wise analysis, drawing up multiple scenarios, to prepare for a possible increase in tariffs on product exports to the United States under the Donald Trump administration, multiple people familiar with the matter told ET.

“Ministries and departments are examining various scenarios, apprehending such a move by the US and possible remedies,” one of the persons said.


Also Read: Trump's another stark warning to India puts a lot at stake

President-elect Trump on Tuesday had said the US will impose reciprocal tariffs on Indian goods because New Delhi imposes high tariffs on American goods. Independent experts said India could relook at import duty on specific products and enhance market access for certain imports from the US to address Trump’s concerns.The US has in the past raised issues on high import duty on Harley Davidson and limited market access to medical devices and equipment as well as its dairy products into India.

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Addressing US Concerns

Officials maintain that India’s most favoured nation (MFN)-weighted average import tariff is quite low at about 5-6%. Select agricultural products faced higher tariffs, but even those are much lower than the rates bound at the World Trade Organization (WTO).

Most countries, including the US, apply high tariffs as well as several non-tariff barriers on agri goods, they said. For example, dairy products, fruits and vegetables, cereals and food preparations, and oils face tariffs as high as 130- 190% in the US.

Another person said any firm assessment of impact or measures needed can be made only after a concrete announcement by the Trump administration, which will take charge on January 20.

Experts said New Delhi also has the option of imposing retaliatory tariffs or approaching the WTO even as they suggested a strategic approach.

“There is no harm in relooking at some of the products on which India can tweak tariffs to address the concerns of the US,” said one of the experts who did not wish to be identified due to the sensitivity of the matter.

While tariffs are WTO-bound or linked to MFN status between nations and not country-specific, there is a view that a calibrated approach can be adopted when looking at the list of products traded between India and the US.“It is not possible for India to have country specific tariffs because it violates most-favoured nation (MFN) principle,” said Ajay Sahai, director general of Federation of Indian Export Organisations (FIEO).

Tariff review

Sahai is of the view that India can relook at some of the tariff lines and strategise accordingly even if it means a marginal duty loss to the nation on some of the products.




An uphill task for new stockbrokers as Sebi cracks down on excessive speculative trades Read more at: https://economictimes.indiatimes.com/tech/technology

 

Regulator Sebi’s action to check excessive speculation in the stock markets might have dented growth targets of established stockbrokers like Zerodha, Angel One and Groww, but early-stage founders are still setting up new ventures in this space.Venture investors tracking this space mostly talk about the under penetration of the Indian equities market and the growth of the economy as the reasons for investing in new players, despite the known headwinds.


Former Swiggy chief technology officer Dale Vaz and Kotak Securities senior executive Manish Jain launched Sahi earlier this month. The company secured $7 million in equity funding from Accel and Elevation Capital.

Market Pulse Securities, a Sebi registered broker, launched technology platform Punch and raised a $7 million round earlier this year from the likes of Stellaris Venture Partners, Prime Ventures and others.“There could be around 10 crore Indians investing in the markets and within that there are around 5 crore active traders, as per NSE data… This market can definitely grow and technology will be able to solve this,” the founder of a wealth-tech firm said on the condition of anonymity.

However, industry insiders feel these early-stage startups could face an uphill climb in the race to grab market share, given the changing regulatory environment and the losses being reported by retail investors.Starting fresh

New-age founders, though, feel it is never late to start a wealth tech firm in India.

“Our aim is to create a level-playing field for retail traders… We are focusing on serious traders who are keen to make the right choices for long-term investing,” said Vaz of Sahi.

Being a trader himself for around 17 years, Vaz believes the Indian stock market needs new users and they can come in and trade for the long term only when they are equipped to make the right choices.

Sahi, with its focus on educational content, simplified charts and financials and an easy-to-use mobile-first platform, is hoping to grab a sizeable chunk of the new entrants into the stock markets over the coming years.

Amit Dhakad, cofounder of Punch, said regulations are being designed in a way that can actually make the Indian equities market more sustainable in the long run.“If there are investors who are taking a very short term two-three-year window (to enter the markets), then they might think differently, if the investors are looking at it from a 10-year window, then they are very bullish,” Dhakad said.

IndStocks, which is the broking arm of Gurgaon-based wealth management firm IndMoney, entered this arena only in November last year. It currently has 732,437 active traders, as per the NSE.“We launched stock trading last year to complete the entire gamut of investment services for our users, while we entered the market late, we have seen healthy growth in our active user base,” said Nikhil Behl, chief executive officer-stocks at IndMoney. “I think from here on, the trading base will further grow and with our advanced platforms, we can grab a significant chunk of that market.”

Tougher market

A report published by Sebi in September this year showed 93% of the over 10 million individual traders who traded in futures and options (F&O) incurred an average loss of Rs 2 lakh and above. Only 1% of individual traders managed to earn profits exceeding Rs 1 lakh after adjusting for settlement charges, the report found.

“The market has definitely gotten tougher… Some of the investments have happened as a part of conversations that might have started earlier and are closing now,” said a senior executive at a Bengaluru-based venture firm.He said F&O as a market segment will continue to remain a niche segment and there is limited scope for platforms to get more retail traders to generate healthy profits out of options trading.

Investors are also backing players who are building some offline distribution capabilities beyond online ones in a bid to diversify their bets.

ET wrote on November 21 that wealth tech firms ZFunds and AssetPlus, which both raised venture funding recently, are focusing on empowering offline distributors of mutual fund products.

Wednesday, December 18, 2024

Russia’s chief of nuclear protection forces killed in bomb explosion in Moscow Lt. Gen. Igor Kirillov, who is chief of Russia's Nuclear, Biological and Chemical Protection troops, was leaving an apartment building on Tuesday when the bomb hidden in the scooter detonated. :-The Indian Express

 

A senior general in the Russian armed forces, who was in charge of nuclear protection forces, was killed in an explosion after a bomb hidden in an electric scooter went off on Tuesday, Russia’s investigative committee said.

Lieutenant General Igor Kirillov, who is chief of Russia’s Nuclear, Biological and Chemical Protection Troops, was leaving an apartment building on Tuesday when the bomb hidden in the scooter detonated, killing him and reportedly his assistant as well.

“Igor Kirillov, the head of the radiation, chemical and biological protection forces of the armed forces of the Russian Federation, and his assistant were killed,” Russian authorities investigating the case said, reported Reuters.Photos on Russia’s Telegram channels displayed a building with rubble littered and the entrance of the apartment shattered with two bodies lying in a pool of blood-stained snow.A police cordon was also visible in the footage posted by Reuters, as the Russian authorities opened a criminal probe into the case. Russia’s special troops ‘RKhBZ’, the radioactive, chemical and biological defence forces, operate under conditions of radioactive, chemical and biological contamination.

Igor Kirillov was appointed to head the force in April 2017, as per BBC. According to Russian state news agency TASS, Kirillov attended the Kostroma Higher Military Command School of Chemical Defence.



Doval-Wang talks today, China says ready to work with India, enhance trust Need to deliver on common understandings between our leaders: China Foreign Ministry :-The Indian Express

 

As National Security Advisor Ajit Doval reached Beijing for talks Wednesday between the Special Representatives of the two countries, China said Tuesday it is ready to work with India to “deliver on important common understandings reached between our two leaders” and “enhance mutual trust and mutual confidence”.

China’s Foreign Minister Wang Yi will represent Beijing at the Special Representative-level talks.

Responding to a query on the talks, Chinese Foreign Ministry spokesperson Lin Jian told the media: “China stands ready to work with India to deliver on important common understandings reached between our two leaders, enhance mutual trust and mutual confidence through dialogue and communication, honour our commitments and promote our bilateral relations to go back to the sound and steady growth.”The Chinese Foreign Ministry statements did not make any reference to the military standoff along the Line of Actual Control in eastern Ladakh, now in its fifth year, but focused on “important common understandings” and “honour commitments” — a reference to the border patrolling arrangement announced on October 21 and the subsequent meeting between Prime Minister Narendra Modi and Chinese President Xi Jinping on the sidelines of the BRICS Summit in Kazan, Russia on October 23.

Doval and Wang will hold the 23rd round of talks between the Special Representatives. They are expected to discuss a range of issues to rebuild bilateral ties which dived south following Chinese incursions in eastern Ladakh in 2020.This SR-level meeting comes less than a fortnight after India and China held official-level talks in New Delhi, following troop disengagement at two friction points along the LAC in eastern Ladakh.

On Monday night, the Ministry of External Affairs said, “As agreed during the meeting of the two leaders in Kazan on October 23, the two SRs will discuss the management of peace and tranquility in the border areas and explore a fair, reasonable and mutually acceptable solution to the boundary question.”.

After the Modi-Xi meeting in Kazan, their first after five years, External Affairs Minister S Jaishankar and Wang Yi met on the sidelines of the G20 Summit in Rio de Janeiro, Brazil in November, followed by a meeting of the Working Mechanism for Consultation & Coordination on China-India Border Affairs (WMCC).

The WMCC meeting in New Delhi on December 5 “reflected on the lessons” learnt from the border standoff and emphasised the need for “effective border management” and “maintenance of peace and tranquillity”.

The two sides agreed to revive several dialogue mechanisms, including the dialogue between Special Representatives on the boundary question. The last round of the SR-level talks took place in New Delhi in December 2019.



Tuesday, December 17, 2024

2024 ends on positive note as business activity hits 4-mth high Read more at: https://economictimes.indiatimes.com//news/economy

 

India's business activity touched a four-month high of 60.7 in December, ending the year on a positive note with a rise in new business intakes, according to a private survey released on Monday.

The HSBC Flash India Composite Output Index, compiled by S&P Global, increased from November's reading of 58.6. On average, the reading was 60.4 in 2024, compared with 59.6 in 2023.

Both goods and services sectors reported increased output.The Composite Purchasing Managers Index (PMI) is a weighted average of comparable manufacturing and services PMI indices.

The HSBC Flash India Manufacturing PMI rose to 57.4 from a two-month low of 56.5 in November."The small rise in the headline manufacturing PMI in December was mainly driven by gains in current production, new orders and employment. The expansion in new domestic orders quickened, suggesting a pickup in growth momentum in the economy," said HSBC economist Ines Lam.

The HSBC Flash India Services PMI Business Activity Index climbed to 60.8 from 58.4.

Continued international demand for goods and services bolstered sales, the survey highlighted.Hiring remained strong across manufacturing and service sectors. "Anecdotal evidence indicated that panellists hired a combination of permanent and temporary workers," the survey mentioned. Cost pressures eased from the 15-month high in September across the private sector. Where costs increased, companies cited rising expenses on food, freight, labour, leather and rubber.

Although the rate of charge inflation slowed from November's 12-year high, it remained above the series trend, according to the survey.

Manufacturing firms increased input purchasing in December, it added. "Sustained increases in input costs have pushed manufacturers to continue to raise selling prices. The output price index rose to its highest level since February 2013," said Lam.



Downturn blues ease as Q3 advance tax mop-up jumps 16.8% :-ET

 


Advance tax collections in the third quarter rose 16.8% from a year earlier to ₹3.14 lakh crore, which economists see as a likely indication of the economy shrugging off the downturn blues triggered by weak growth in the previous three months.

Advance tax collections for the current financial year until December 15 totalled ₹7.5 lakh crore, up 20.19% from a year earlier. The figure comprises corporate advance tax of ₹5.60 lakh crore and personal income tax of ₹1.91 lakh crore.


The data take into account payments made till 11:30 pm on December 15, the last day for paying advance tax for the third quarter, and the final figure may marginally vary following settlement of transfer from banks, said an official.

Advance tax is paid in four instalments in June, September, December and March. It is based on the taxpayers' assessment of projected income and provides an indication of the corporate sector's performance in the months ahead.

Typically, 15% of the tax liability is paid in June, 45% by September, 75% by December and the remaining by March.

Economists said the economy may have turned the corner after posting the slowest growth in seven quarters at 5.4% in the July-September period. The second-quarter reading had raised concerns about a slowdown and many private economists and multilateral institutions had slashed their projections for fiscal 2025.

"High frequency data does point to a turnaround in GDP growth in the ongoing quarter," ICRA chief economist Aditi Nayar said. "We expect the 5.4% GDP growth in Q2 to represent a trough."

Meanwhile, direct tax collections, net of refunds, rose 14% to ₹15.78 lakh crore till December 15. These included corporate tax of ₹7.42 lakh crore, personal income tax of ₹7.93 lakh crore and security transaction tax of ₹40,113 crore.

Net collections grew at a healthy pace despite the department issuing ₹3.35 lakh crore of refunds, 48.8% more than a year earlier. "While advance tax growth has been quite robust, refunds have dampened the overall Y-o-Y rise in direct tax collections," Nayar said. The Centre had budgeted ₹20.1 lakh crore for direct tax collections for the fiscal year, including ₹10.20 lakh crore of corporate tax and ₹11.87 lakh crore of personal income tax.



Monday, December 16, 2024

Reliance Power Share Price Live blog for 16 Dec 2024 :-livemint

 


Reliance Power Share Price Today Live Updates : Reliance Power stock price went up today, 16 Dec 2024, by 2.6 %. The stock closed at 46.24 per share. The stock is currently trading at 47.44 per share. Investors should monitor Reliance Power stock price closely in the coming days and weeks to see how it reacts to the news.

Reliance Power Share Price Today Live Updates
Reliance Power Share Price Today Live Updates

Reliance Power Share Price Today Live Updates : On the last trading day, Reliance Power opened at 46.7 and closed at 46.24, marking a slight decline. The stock reached a high of 48 and a low of 44.56 during the session. With a market capitalization of 19,060.53 crore, Reliance Power's shares traded heavily, with a BSE volume of 4,187,939. Over the past year, the stock's 52-week high was 54.25, while the low was 19.37.

Disclaimer: This is an AI-generated live blog and has not been edited by LiveMint staff.

16 Dec 2024, 08:45:34 AM IST

Reliance Power Share Price Live Updates: Key support and resistance levels

Reliance Power Share Price Live Updates: The key support and resistance levels for Reliance Power on the daily timeframe are given below. Please note these support and resistance levels are derived from the classic pivot table.

Resistance LevelsPriceSupport LevelsPrice
Resistance 148.75Support 145.3
Resistance 250.1Support 243.2
Resistance 352.2Support 341.85
16 Dec 2024, 08:20:45 AM IST

Reliance Power Share Price Live Updates: Reliance Power volume yesterday was 25 mn as compared to the 20 day avg of 18054 k

Reliance Power Share Price Live Updates: The trading volume yesterday was 40.2% higher than the 20 day average. Yesterday’s NSE volume was 21 mn & BSE volume was 4 mn.

16 Dec 2024, 08:05:30 AM IST

Reliance Power Share Price Live Updates: Reliance Power closed at ₹46.24 on last trading day & the technical trend suggests Bullish near term outlook

Reliance Power Share Price Live Updates: The stock traded in the range of 48 & 44.56 yesterday to end at 47.44. The stock is currently experiencing a strong bullish trend