News Highlights: NPS Vatsalya offers parents a way to invest in children's future, says FM

A BIS study identifies several factors that affect flows to emerging markets: interest rate differentials, the level of the USD, the level of the VIX, and finally there are the factors collectively called ‘’financial conditions’’. These are all proxies for gauging risk appetite (Read More)

The smartphone and electronics manufacturing industry plans to discuss tariff rationalisation, ease of doing business and reforms in meetings with the Prime Minister's Office (PMO) and the finance ministry later this month. (Read More)

Private equity firm Blackstone-owned Care Hospitals is in advanced talks for a so-called reverse merger with Dr Azad Moopen’s Aster DM Healthcare Limited, a transaction that will result in the hospital chain getting listed on the exchanges, people aware of the development told Moneycontrol. (Read More)

Hindustan Zinc Ltd plans to invest $2.5 billion (Rs 20,900 crore) to double its annual production capacity to 2 million tonnes of zinc, lead and silver, Chief Executive Officer Arun Misra said in an interview. The expansion is expected to start in the first quarter of the next fiscal year, he said. (Read More)

Reliance Industries Ltd has issued a final call for payment of any instalments due on the partly-paid shares issued in 2021. The partly paid shares face the risk of forfeiture if dues are not paid by September 20, the company said. (Read More)

The Centre has reportedly fast-tracked the review of the Income Tax Act, an NDTV Profit report said on Wednesday. The report added that the government aims to complete review in January 2025 ahead of the Union Budget 2025. According to NDTV Profit report, as many as 120 sections and clauses of the Income Tax Act, 1961 are likely to be scrapped.

IndiGo is getting engines periodically from P&W and does not expect any more planes to be grounded due to engine issues, say aviation sources. The sources further said that most of IndiGo's pilots flying Delhi, Bengaluru, Calcutta and Bombay are CAT-III qualified.

India is ready to continue purchasing oil from Russian companies permitted to make such sales, as the prices are favorable, according to Oil Minister Hardeep Singh Puri. In an interview with Reuters at the GasTech conference in Houston, Puri mentioned that Western sanctions on Russia, due to its war with Ukraine, have set a price cap on Russian crude. India, he emphasized, is willing to buy oil and gas from any source offering the lowest prices. “If a company isn’t under sanctions, we will undoubtedly buy from the most affordable supplier,” Puri said. He added that European nations and Japanese businesses are also buying from Russia, making India’s actions part of a broader trend.

IndiGo keeps spare parts at nearly 20 domestic airports out of the 88 domestic destinations it services to address AOG issues, say aviation sources. The sources further added that "IndiGo does not cannibalize parts from other airports to fix a new AOG."

The Indian government, Hindustan Zinc's largest shareholder, remains opposed to the miner's proposal to split into different units, a government source with direct knowledge of the matter said on Thursday. "Hindustan Zinc has presented their case but our stand is the same that we oppose it," said the source. (Reuters)

• IndiGo categories an aircraft as an AOG (Aircraft on Ground) if in causes a cancelation of a flight or if the aircraft is grounded for more than 5 hours, say aviation sources.
• IndiGo was avoiding sending aircraft to Leh in July to avoid AOG situation with its aircraft due to high temperature issues on a higher altitude, say aviation sources
• The impact of AOG is multi-fold, it disrupts flight operations for an airline, impacts reputation of the airline, has financial implications for the airline, and is a resource strain, say aviation sources

TCS is partnering with McDonald’s Philippines to modernise its IT operations across over 760 restaurants. the IT majort has signed a 2-year partnership With GADC Master Franchise holder of McDonald's in The Philippines. reacting to the development, TCS Philippines Country Head Shiju Varghese said, "We are pleased to partner with GADC on this significant engagement that marks an important step for TCS Philippines as we expand our presence in the region's fast-food industry. By leveraging the advanced capabilities of SAP S/4HANA and the innovative potential of SAP BTP, we aim to enhance McDonald's operational efficiency and customer experience, for business innovation and excellence."

Zee Entertainment said that Star has filed its statement of case before LCIA Arbitral Tribunal, a CNBC-TV18 report says. According to the statement, Star has sought to declare alliance agreement between Star & co validly terminated, claims damages of $940 million along with costs, expenses & applicable interest. Zee Entertainment has categorically refuted all claims and assertions made by Star including its claims for damages, CNBC-TV18 further reported.

Amazon is rebranding its free ad-supported streaming service Amazon miniTV as Amazon MX Player, indicating that the online retail giant has closed the asset purchase of rival streaming platform MX Player. The company has changed the branding of miniTV on X, the social media platform previously known as Twitter, with the account bio now saying "Amazon MX Player is available on multiple surfaces — Amazon shopping app, Prime Video, Fire TV, Xiaomi Smart TVs, Google TV, Play Store and App Store". (Read More)

Currently, data for 75 companies is available in terms of the approximate size of the offering and the cumulative value is pegged at around Rs 1.39 lakh crore though the actual amount would be significantly higher – nearly 140 companies are yet to disclose the size of their respective QIP offering. (Read More)

India is currently addressing the challenge of rising steel imports, Steel Minister HD Kumaraswamy said on Wednesday, though he did not provide specific details, a Reuters report says. Steelmakers are facing increasing import pressures, even as domestic demand for the metal continues to grow, Kumaraswamy told reporters at an industry event. As the world's second-largest producer of crude steel, India was a net steel importer for the fiscal year ending March 2024 and has continued this trend from April to July. During this period, China was India's largest steel exporter, followed by Japan and South Korea.

Competition Commission can now appoint agencies to monitor the implementation of its orders, with the notification of amended regulations. The move also comes amid instances of some entities flagging concerns about non-compliance with certain orders of the regulator, which works to ensure fair competition in the market place. The Competition Commission of India (General) Regulations, 2024 were notified on Tuesday. (PTI)

Centre has approved NPCIL-NTPC JV for nuclear power projects, reports Bloomberg. The report further said that the government has given exemption on Rs 5,000 crore investment in one JV Unit.

In a latest development in the ICICI Securities Delisting Case, Quantum Mutual Fund has filed an appeal against NCLT Mumbai order, an NDTV Profit report says. The NCLT has approved ICICI Securities delisting despite objections from the minority stakeholders.

Government upgrades Garden Reach to 'schedule A' status, will help to enhance senior management capacity, according to an exchange filing

Reliance Infra completes one-time settlement with LIC w.r.t NCDs worth Rs 600 crore issued by company.  It further said that Reliance Infra has reduced its standalone external debt from Rs 3,831 crore to Rs 475 crore, the company said in an exchange filing. It further said that it has cleared funded outstanding dues to LIC, Edelweiss ARC, ICICI Bk, Union Bank and other lenders

Innomet Advanced Materials shares had a remarkable debut on the NSE SME platform on Wednesday, September 18, listing with a 90% premium. The shares were priced at Rs 190 per share, significantly higher than the issue price of Rs 100. (Read More)

The allotment for the Western Carriers India IPO is anticipated on 20th September 2024, this Friday. According to the ‘T+3’ listing rule, the IPO is likely to be listed on 24th September 2024, next Tuesday.

The grey market has turned highly bullish on the Western Carriers India IPO. According to stock market observers, the company's shares are currently trading at a premium of Rs 58 in the grey market. This marks an increase from the Rs 30 premium observed last Friday, making the current Grey Market Premium (GMP) Rs 58.

Western Carriers India has set the IPO price band between Rs 163 and Rs 172 per equity share. The book-built issue is set to list on both the BSE and NSE, with the company targeting to raise Rs 492.88 crore through a combination of fresh shares and an Offer for Sale (OFS).

The bidding for the Initial Public Offering (IPO) of Western Carriers (India) Limited began on 13th September 2024, last Friday. The public issue will stay open until 19th September 2024, this Thursday.

India has surpassed China to become the world's largest MSCI Emerging Markets (EM) market, according to MSCI IMI data as of the end of August. Since its peak in early 2021, China's weight in the index has decreased by half a percentage point, allowing India to secure the sixth position globally, just behind France. Read more.

Hindustan Zinc Ltd (HZL) is set to invest approximately $2.5 billion (Rs 2,094.3 crore) in its expansion plan, which aims to double the company's annual output to 2 million tonnes, according to CEO Arun Misra. The expansion is expected to commence in the first quarter of the financial year 2026 (Q1FY26). According to a media report from July, Hindustan Zinc Ltd (HZL) engaged two Australian firms for mine planning and contracting to develop a strategy for doubling its mining capacity. Learn more.

The US Federal Reserve is scheduled to announce its monetary policy decision at 11:30 pm IST on September 18, with markets expecting a 25-basis-point rate cut—the first reduction in four years. The key question remains whether the cut will be 25 or 50 basis points. Investors are also keen to hear Fed Chair Jerome Powell's remarks on inflation and employment, which will offer insights into the state of the economy and potential future rate cuts.

Finance Minister Nirmala Sitharaman will unveil the online platform for subscribing to NPS Vatsalya, release a scheme brochure, and distribute Permanent Retirement Account Number (PRAN) cards to minor subscribers. The launch of NPS Vatsalya underscores the Government of India's commitment to fostering long-term financial planning and security. It represents a significant step towards ensuring a financially secure and independent future for India's future generations.

Under the NPS Vatsalya scheme, managed by the Pension Fund Regulatory and Development Authority (PFRDA), parents can begin saving for their child's retirement. The scheme provides flexible contribution options, allowing parents to invest as little as Rs 1,000 annually in their child's name. This accessible initiative is designed to accommodate families from all economic backgrounds.

Finance Minister Nirmala Sitharaman is set to officially launch the NPS Vatsalya scheme today. Announced in the Union Budget 2024, this new initiative is an extension of the existing National Pension Scheme (NPS) and is designed to benefit children. The scheme aims to provide a pathway for long-term wealth accumulation through investments made in this account.

The logistics solutions provider plans to use Rs 163.5 crore from the fresh issue proceeds to repay existing debt. Additionally, Rs 151.7 crore will be allocated for the purchase of commercial vehicles, 40-foot specialised containers, 20-foot standard shipping containers, and reach stackers.

The Kolkata-based logistics company announced on Thursday that it had raised Rs 148 crore from anchor investors ahead of the public offering. The IPO, available in the price range of Rs 163-172 per share, aims to raise Rs 492.88 crore and remains open for subscription until September 18.

The Retail Individual Investors (RIIs) portion of Western Carriers India's initial public offering (IPO) received 13.26 times subscription, while the non-institutional investors' quota was subscribed 12.74 times. The category for Qualified Institutional Buyers (QIBs) saw a more modest response, with a 9 percent subscription.