Cabinet Decisions Highlights: PM Modi ‘very happy’ that Bengali granted classical language status during Durga Puja

"Will make food producers self-reliant, strengthen food security," says PM Modi after Cabinet nod for two agri schemes with Rs 1 lakh crore outlay

In a post on X, Prime Minister Narendra Modi said, "I am very happy that the great Bengali language has been conferred the status of a Classical Language, especially during the auspicious time of Durga Puja."

Bengali literature has inspired countless people for years, he added.

Having marked a 20-year milestone in India, global tech giant Google is upbeat about its next innings with Artificial Intelligence (AI) playing a big role in it, India MD Roma Datta Chobey said on Thursday, adding that the company is aligning its vision and strategy fully to the country's growth and ambitions.

India is a very important market for Google, she said, underlining the company's deep commitment in areas spanning AI, payments, Google Pixel manufacturing and skilling amongst others.

Prime Minister Narendra Modi on Thursday said Marathi language is India’s pride, while Maharashtra Deputy Chief Minister Devendra Fadnavis thanked him for the Central government’s decision to accord the “classical language” tag to Marathi.

The Union Cabinet earlier in the day approved conferring classical language status to Marathi, Pali, Prakrit, Assamese and Bengali languages.

The move comes ahead of Maharashtra assembly elections, likely to be held next month.

“We are inviting businessmen and industrialists to Odisha. We have huge resources of minerals. In the roadshow today, we invited 400 people and 600 showed up. Our industrial policy is clear, and we believe that there will be more than Rs 5 lakh crore investment in the state. We will surely be successful in this initiative,” says Odisha CM Mohan Charan Majhi

West Bengal Chief Minister Mamata Banerjee on Thursday expressed her delight over Bengali being conferred the status of classical language and said the state government had been actively working to secure this recognition from the Centre and had submitted extensive research to support their case.

The Union Cabinet approved conferring the status of classical language to Marathi, Pali, Prakrit, Assamese and Bengali languages.

Assam Chief Minister Himanta Biswa Sarma wrote on X, “On behalf of the people of Assam, I extend my gratitude to Prime Minister Narendra Modi and the entire Union Cabinet for the historic decision to accord Assamese the status of Classical Language...”

He added, “Given the sacrifices our generation has made to protect the Assamese language and culture, today is one of the happiest days of my life.”

“Productivity Linked Bonus for Railway employees of Rs 2,029 crore has been approved by the cabinet for the good performance of railways which will benefit 11,72,240 employees... The recruitment process for the vacancy of 58,642 is going on. I have put this number as the opposition tries to misguide people by using a very small number...”

Ashwini Vaishnaw says Cabinet has approved productivity-linked reward scheme for 20,704 port employees.

The Cabinet has also approved productivity-linked bonus for railway employees with an outlay of Rs 2029 crore, he added.

"It (farmers income and food security) is a very big programme, it has multiple components, many of the components have already been approved by the Cabinet as separate schemes, and some of the components will be done by the ministry and some more will come into the Cabinet for approval, but overall this creates a complete package or a complete umbrella of schemes for the farmers and to increase their income and for making sure that the food security for middleclass families is maintained," says Union Minister Ashwini Vaishnaw

Cabinet approves conferring status of ‘Classical Language’ to Marathi, Pali, Prakrit, Assamese and Bengali languages

Cabinet approves Rs 63,246 crore for Chennai metro phase 2 covering length of 119 km, Ashwini Vaishnaw says.

It will be implemented by Chennai Metro Rail Ltd, the existing SPV with 50:50 share of Center and the Tamil Nadu state government.

With an aim to make India self-reliant in oilseed production in the next seven years, the Cabinet has approved the National Mission on Edible Oils – Oilseeds (NMEO-Oilseeds) for 2024-25 to 2030-31 with an outlay of Rs 10,103 crore.

The aim of the national mission on edible oils would be to increase edible oil production from 12.7 million tonnes to 20.2 million tonnes by 2031.

Under the scheme, the govt aims to increase the area under oilseed production from the current 29 million hectare to 33 million hectare.

Union minister Ashwini Vaishnaw says the two schemes will promote agricultural mechanisation including crop residue management and accelerator fund for agri startups

He added that the agri schemes will focus on emergent challenges in the agricultural landscape including climate resilience, value chain development, and startups.

Cabinet approves the PM Rashtriya Krishi Vikas Yojana (PM-RKVY) to promote sustainable agriculture and Krishonnati Yojana (KY) to achieve food security for self sufficiency with combined total proposed expenditure of Rs 1 lakh crore

-- Bank Of Baroda’s global business went up 10.23% YoY at Rs 25.06 lakh crore

-- The bank’s global deposits went up 9.11% YoY at Rs 13.63 lakh crore

-- It’s domestic deposits rose 7.14% YoY at Rs 11.50 lakh crore

US initial jobless claims for the week ended September 28 rises to 2.25 lakh as against 2.19 lakh reported in the previous week.

The number of Americans filing new applications for unemployment benefits rose marginally last week, but Hurricane Helene's rampage in the US Southeast and strikes at Boeing opened new tab and ports could distort the labour market picture in the near term.

Indian Hotels Company on October 3 said it has signed 35 properties and opened 12 new hotels in the first half of the ongoing fiscal, taking its total portfolio to 345 properties.

The company has a pipeline of 115 hotels in H1 FY 2025, Indian Hotels Company (IHCL) said in a statement.

"Capturing the buoyancy in the travel and tourism sector, IHCL has demonstrated accelerated growth with a record 35 new signings in the first half of this fiscal year," IHCL Executive Vice President - Real Estate & Development Suma Venkatesh said.

Avenue Supermarts Q2FY25 standalone revenue stands at Rs 14,050.32 crore vs Rs 12,307.72 crore (YoY)

The total number of stores as of September 30, 2024, stands at 377.

Aarti Drugs receives UK Medicines and Healthcare products Regulatory Agency (MHRA) certificate of GMP compliance of a manufacturer for arm’s Baddi manufacturing facility.

The PM Internship Scheme aims to provide one crore internships in five years to youth from economically weaker section.

As per source in the Ministry of Commerce, around one lakh candidates are expected to begin internship under the scheme by December 2024.

The source added, 111 companies have been on-boarded for the PM Internship Scheme so far, belonging to various backgrounds such as agriculture, automotive, and pharma sector.

The Cabinet will likely approve the Budget outlay for the PM Internship Scheme in FY25, a Commerce Ministry sources said.

The pilot scheme will cost Rs 800 crore to govt, but Cabinet approval is not required for this.

The pilot will be launched in 7 districts across 4 states -- Gujarat, Maharashtra, Uttarakhand, and Telangana.

Department for Promotion of Industry and Internal Trade (DPIIT) and Johnson Controls-Hitachi Air Conditioning India Ltd have inked an initial pact to establish an incubator to support manufacturing-focused startups in Gujarat.

This marks a significant milestone in Johnson Controls-Hitachi Air Conditioning India's commitment to nurturing innovation and supporting the manufacturing ecosystem in the country, a statement said.

Odisha Chief Minister Mohan Charan Majhi on Thursday said that his meeting with ambassadors and representatives of various countries regarding their investment in the state was fruitful.

Majhi said this after holding discussions with ambassadors, high commissioners, consul-generals, trade commissioners, and senior diplomats of 34 countries at an event in New Delhi.

Mahindra Group's Swaraj Tractors on Thursday unveiled its new Target 625 tractor model, available in both two-wheel and four-wheel drive variants, as the company seeks to expand its footprint in the country's competitive agricultural machinery market.

The new model, featuring an 83.1 Nm torque diesel engine and adjustable track widths, aims to cater to farmers looking to adopt modern farming techniques while navigating narrow field spaces.

-- The government has launched the pilot project for the PM Internship Scheme on October 3.

-- The scheme aims at enhancing skill development through a centralised online platform.

-- This platform, developed by the Ministry of Corporate Affairs (MCA), will enable partner companies to offer internships.

-- Each intern will get financial assistance of Rs 5,000 per month, government sources said.

Commerce and Industry Minister Piyush Goyal has held a series of meetings with US business leaders in New York to seek investments in India.

He met Chief Operating Officer of BlackRock Robert Goldstein, Chairman and CEO of Systems Technology Group Anup Popat, CEO of Tillman Holdings Sanjiv Ahuja, chief executive officer of C4V Shailesh Upreti, and Janus Henderson Investors CEO Ali Dibadj.

During the meetings, Goyal discussed opportunities for collaboration to position India as a global manufacturing hub and invited the investors to increase their commercial and trade footprints in India, the commerce ministry said.

Biocon Biologics, a subsidiary of Biocon Ltd., has successfully refinanced its $1.1 billion long-term debt by issuing $800 million in senior secured notes, as reported in an exchange filing by the parent company. This marks the largest high-yield debut USD bond issuance from India in the past decade. In rupee terms, the long-term debt amounts to Rs 9,346.8 crore, while the $800 million senior secured notes translate to Rs 6,676.3 crore. The notes, which are due in 2029, have been priced with a coupon rate of 6.67%. The bonds are anticipated to receive a BB rating from both S&P and Fitch and will be listed on the Singapore Stock Exchange. The transaction is expected to settle on October 9, pending customary closing conditions.

Google has sourced 186 MW of clean energy in India through wind and solar projects in Karnataka in collaboration with CleanMax. Additionally, Google is partnering with Adani to further its clean energy initiatives.

Mahindra & Mahindra Ltd says its newly launched Thar ROXX has registered 1,76,218 bookings within 60 minutes of booking commencement at 11 am

RITES signs MoU with Delhi Metro to execute metro projects In India & abroad

In the second quarter, REC reported a 13.7% increase in loan disbursement, reaching Rs 47,303 crore. Notably, loans for renewable energy saw a significant rise of 37.4% year-on-year, totaling Rs 5,946 crore.

Google claims to have helped save Rs 13,000 crore from financial scams in the past year, issuing 41 million warnings to safeguard Indian users from fraudulent transactions. Additionally, the company has announced the launch of a Safety Engineering Center in India, aimed at developing online safety products, set to open in 2025.

India boasts the third-largest AI talent pool in the world, according to Roma Dutta Choubey, Managing Director of Google India. Additionally, she announced that Google's Gemini AI is now available in Hindi and eight other Indian languages, expanding its reach across the country.

J Kumar Infraprojects gets LoA for design & construction project worth Rs 1,848 crore from MMRDA.

Ashok Leyland has entered into a comprehensive partnership agreement with Nidec Motor Corporation, a wholly-owned subsidiary of Japan-based Nidec Corporation. This collaboration aims to develop innovative electric drive motors and systems tailored to the specific requirements of India's commercial vehicle sector, as announced in a recent press release.

Cement companies hike prices by Rs 20-30/50 kg in Andhra Pradesh & Telangana - report

(From NDTV Profit)

Emcure Pharmaceuticals has entered into a royalty-free voluntary licensing agreement with Gilead Sciences to manufacture and supply generic versions of Lenacapavir. This drug is utilized for the prevention and treatment of HIV.

ITD Cementation bags order worth Rs 1,937 cr in Uttar Pradesh

Shares of Thinking Hats Entertainment Solutions had a healthy stock market debut on October 3, defying a sluggish broader market. The stock listed at Rs 60, reflecting a premium of over 36 percent over its issue price of Rs 44 per share on the NSE SME platform.

The listing gains, however, miss grey market estimates where shares were trading at a premium of almost 70 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. More details, here

Shares of TechEra Engineering made a decent start on its stock market debut on October 3, after listing at Rs 125, commanding a premium of over 52 percent over the issue price of Rs 82 on the NSE SME platform.

The listing gains, however, miss grey market estimates where shares were trading at a premium of almost 70 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Read here

In its latest quarterly update, Punjab National Bank (PNB) has announced robust growth in both domestic and global advances and deposits for the second quarter of the financial year.

The bank reported that domestic advances increased by 11.84% year-on-year and 2.82% quarter-on-quarter, reaching a total of Rs 10.13 lakh crore. Global advances also saw a significant rise, up 13.03% year-on-year and 3.47% quarter-on-quarter, totaling Rs 10.64 lakh crore.

In terms of deposits, PNB's domestic deposits rose by 11% year-on-year and 3.47% quarter-on-quarter, amounting to Rs 14.17 lakh crore. The bank's global deposits experienced a similar upward trend, increasing by 11.4% year-on-year and 3.63% quarter-on-quarter, reaching Rs 14.59 lakh crore.

This strong performance reflects PNB's effective strategies and continued focus on expanding its lending and deposit base in a competitive banking environment.

In a recent update, the ministerial panel on Goods and Services Tax (GST) rate rationalisation is evaluating the possibility of reducing the tax on several essential items, including medicines and tractors, to 5%. This decision comes as the panel aims to balance tax rates while maintaining revenue stability, according to a report by The Times of India.

Currently, tractors are subject to GST rates of either 12% or 28%, depending on their classification. To offset the potential revenue loss from lower tractor rates, there is discussion around increasing the GST on high-end electric vehicles (EVs), priced above Rs 40 lakh and imported, from the current rate of 5%.

A reduction in GST rates for health and term insurance is also on the horizon, although the exact rate is yet to be determined. Health insurance could see a decrease from 18% to 12%, while term insurance may attract a GST of 5%. There are suggestions to place term insurance in a 'nil' rate segment; however, this could deter suppliers of goods and services to life insurance companies from claiming input tax credits, making a 5% rate more appealing.

Initiate Buy Call On JSW Steel , Target At Rs 1,220/Sh

Initiate Buy Call On JSPL, Target At Rs 1,200/Sh

Strong Domestic Demand, Continued Deleveraging To Support Indian Steel Majors

Domestic HRC Prices To Remain Rangebound In H2FY25; Expect Marginal Recovery In FY26

Cost Drivers To Partially Offset Moderation In Realisation

China Hot Rolled Coil (HRC) Margin Trading At Trough Levels; Expect Recovery Soon

Weakened Domestic Demand, Monetary Tightening & Expansion Delays Are Downside Risks

Upgrade JSPL To Overweight From Equal-Weight, Target Raised To Rs 1,200/Sh From Rs 970/Sh

Upgrade JSW Steel To Overweight From Equal-Weight, Target Raised To Rs 1,150/Sh From Rs 895/Sh

Upgrade Tata Steel Equal-Weight From Underweight, Target Raised To Rs 175/Sh From Rs 135/Sh

Maintain Underweight Call On SAIL, Target Raised To Rs 125/Sh From Rs 105/Sh

Domestic Inventory Digestion Has Been Muted

China's Recent Stimulus Should Drive Positive Sentiment And Support Steel Prices

Lower Risks Of Imports Should Also Support Spreads In The Near-term

Lift Estimates & Expect Stocks To Do Well Over Next Few Months

Last week, Amazon CEO Andy Jassy announced that remote work is ending permanently, requiring all employees to return to the office five days a week starting January 2, 2025. This decision has raised concerns among other tech companies. In response, a report from Business Insider indicates that Google is maintaining a more flexible approach, allowing employees to work in the office three days a week.

During a recent town hall meeting, Google employees inquired whether the company would follow Amazon's lead and mandate daily office attendance. John Casey, Google's vice president of global compensation and benefits, reassured them that the current hybrid model is effective and there are no plans for a full return to the office. Read here

The U.S. Securities and Exchange Commission (SEC) announced on Wednesday that it is appealing a court ruling that limited its authority to regulate cryptocurrency markets.

The SEC plans to ask the 2nd U.S. Circuit Court of Appeals in Manhattan to review a July 2023 decision in which U.S. District Judge Analisa Torres ruled that the XRP token, sold by Ripple Labs on public exchanges, did not qualify as a security.

This ruling, which affected sales worth approximately $757 million, exempted the token from investor protection laws enforced by the SEC.

If the appeals court upholds the decision or narrowly defines securities, it could hinder the SEC's ability to regulate cryptocurrency platforms like Coinbase and other entities dealing with newer financial products.

The long-awaited dearness allowance (DA) hike for central government employees is likely to be announced today, October 3, as reports suggest the Union Cabinet will make a decision during a special meeting.

Central government employees have been eagerly anticipating the DA hike, which is typically announced by the end of September. However, this year, the announcement has been delayed as October has already begun.

KRN Heat Exchanger and Refrigeration Ltd is set to debut on the stock exchanges on October 3, following an impressive subscription of 213.26 times on the final bidding day, September 27.

The company's IPO received bids for 234 crore shares, far exceeding the 1.09 crore shares on offer. Prior to the public issue, Rs 100 crore was raised from anchor investors.

The Rs 342-crore IPO, with a price band of Rs 209-220 per share, will channel Rs 242.5 crore towards its wholly-owned subsidiary, KRN HVAC Products, for establishing a new manufacturing facility in Neemrana, Alwar, Rajasthan. The remaining funds will be allocated for general corporate purposes.

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