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It was a calm Sunday afternoon until comedian Kunal Kamra took to his X handle and began criticising the service quality of Ola Electric’s S1 series scooters, posting a photo of several Ola scooters gathering dust at a dealership, seemingly awaiting repairs. Kamra expressed concern about the state of Ola’s service, asking whether Indian consumers "deserve this". He also tagged Minister Nitin Gadkari and the Department of Consumer Affairs for comment. Ola CEO Bhavish Aggarwal then stepped in and responded to Kamra, saying that his tweet is a paid one and that he can pay him even more. <h2>Ola CEO Bhavesh Aggarwal and Kunal Kamra's war of words</h2>"Since you care so much, @kunalkamra88, come and help us out! I’ll even pay more than you earned from this tweet or your failed comedy career," Aggarwal wrote, adding that Ola was working to expand its service network and clear backlogs. A war of words thus ensured and Twitter currently stands divided. On one hand, people are accusing Aggarwal of being arrogant and on the other hand, some users are advising the OLA CEO to not indulge in the heated debate. Kamra also fired back, sharing a video clip of a well-received stand-up show, calling the Ola CEO "arrogant and substandard." He went further, challenging Aggarwal to offer refunds to any customers who purchased an Ola scooter in the last four months but were dissatisfied. “People not being able to get to their workplace need your accountability,” Kamra wrote. Aggarwal dismissed Kamra’s challenge, claiming that Ola already has support programs for customers facing delays, stating, "If you were a genuine one, you’d have known." He invited Kamra to come "do some real work" instead of engaging in “armchair criticism.” The most recent tweet by Aggarwal, at the time of writing this story, reads, "Comedian ban na sake, chaudhary banne chale. Do your research better next time. And the offer to come and help us out in our service center remains open. Take up the challenge. Maybe you’ll learn some real skills for a change." <div type="image" title="ola" msid="113985177" hostid="261" sizebytes="452180"></div> <h2>What does the internet say? </h2> The online spat, while entertaining for some, exposed real frustrations from Ola customers, many of whom chimed in, echoing concerns about service quality and sharing their own experiences. What started as a battle of words between two public figures quickly turned into a larger conversation about accountability in India's growing electric vehicle market. "Its all fun and all Bhavish sir. But with all the complaints of people the Bhavishya of OLA Scooter is not looking good. Rather than hitting out on Kunal personally try using the platform to tel people the plan to solve the 80k and growing complains," a user wrote while another added, "Maybe instead of fighting with him, you should better start making good quality vehicle in the first place so as that they don’t break down so frequently that you need so many service centres and service personal." Here are some other reactions: <div type="image" title="google (3)" msid="113985018" hostid="261" sizebytes="381638"></div> On the other hand, few users are also siding with Aggarwal. "Kunal Kamra has a rare disease of poking everywhere where he can revive his sinking career! Ignore these stuffs @bhash , you’ve built an amazing company," a user wrote while another added, "Founder mode on." <meta content="cms.next" name="cmsei" />

‘Comedian ban na sake, Chaudhary banne chale’: Ola CEO Bhavish Aggarwal after Kunal Kamra criticises Ola EV service

Amul, India's iconic dairy cooperative, is looking forward to enter the European market after the successful launch of its milk in the US, according to Jayen Mehta, Managing Director of Amul and the Gujarat Co-operative Milk Marketing Federation Ltd (GCMMF). As per a PTI report, Mehta made the announcement while delivering the 11th Dr. Verghese Kurien Memorial Oration at XLRI, Jamshedpur, saying that this move would mark a historic milestone for the brand. Mehta framed dairy as more than a business, describing it as "a lifeline for rural India," a statement that reflects the deep cultural and economic significance of milk in the country. He credited Amul’s success to its focus on offering protein-rich, organic, and chemical-free products that consumers trust, while continually expanding its production capacity and infrastructure. Amul’s journey is rooted in the cooperative model pioneered by Dr. Verghese Kurien, often referred to as the "Milkman of India," whose vision turned India from a milk-deficient country into the world’s largest milk producer. Mehta added, "If India could offer a gift to the world, it would be the cooperative working system-a gift Dr Kurien gave us. His belief in cooperation has sparked a new revolution in India." Amul’s daily collection of 310 lakh litres of milk, processed across 107 dairy plants in India, has turned it into a global powerhouse, with over 50 products and an annual sale of 22 billion packs. With a turnover of ₹80,000 crore, the brand is now ranked as the strongest dairy and food brand globally, owned by 3.6 million farmers. Amul’s entry into the European market would solidify India’s growing influence in the global dairy sector, as well as honour the cooperative system that has powered Amul’s success. Nirmala Kurien, daughter of Dr. Verghese Kurien, echoed these sentiments, highlighting her father’s vision that transformed India from a milk-deficient nation to a self-sufficient one. India’s deep connection to Amul goes beyond mere consumption. The cooperative’s rise is tied to the country’s rural development and empowerment of farmers, making it a symbol of economic self-reliance. As Amul prepares to conquer new markets, it carries with it the legacy of Dr. Kurien, whose commitment to making a difference continues to inspire millions. (With PTI inputs) <meta content="cms.next" name="cmsei" />

Amul thinking to enter European market after US success, MD Jayen Mehta calls it the lifeline for rural India

Legendary Hollywood actor Al Pacino, known for his iconic roles in The Godfather trilogy and Scarface, recently opened up about a terrifying moment during the COVID-19 pandemic when he thought he had "experienced death." The 84-year-old actor, in an interview with People magazine, recounted how he fainted while battling the virus in 2020 and was left questioning his very existence when a nurse attending to him couldn’t detect a pulse. Pacino revealed that it was his "great assistant" Michael Quinn who quickly acted, summoning paramedics to his Los Angeles home. "He got the people coming, because the nurse that was taking care of me said, 'I don't feel a pulse on this guy,'" Pacino recalled, describing the scene as something straight out of a movie. For a brief moment, the actor believed he had passed away. "I thought I experienced death," Pacino said, "because how did all those people gather together? There was an ambulance in front of my house, six paramedics in my living room, and two of my doctors in space suits. I opened my eyes and thought, 'What happened to me?'" But despite the dramatic circumstances, Pacino doesn’t seem too shaken by the ordeal. "Everybody thought I was dead. I didn't," he said. "If I was dead, I fainted. And when I came to, it was all gone." Quoting Shakespeare's famous line from Hamlet—“To be, or not to be”—Pacino mused on the fragility of life but admitted the experience didn’t leave any lasting change on how he lives. When asked whether the health scare had any effect on his outlook, Pacino simply responded, "Not at all." Pacino, who has lived a life filled with memorable roles, fame, and critical acclaim, seems to be taking this near-brush with death in stride. In fact, he’s keeping busy, with his upcoming memoir *Sonny Boy* on the horizon and a role in Johnny Depp's directorial project *Modi - Three Days on the Wing of Madness*, which is set for a December 5 release. While many may see such a health scare as a turning point, Pacino remains remarkably unchanged by it. His outlook on life and death, much like his characters on screen, is marked by a sense of calm amidst the chaos. Whether fainting during a pandemic or standing before the camera, Pacino's resilient spirit continues to define him as one of Hollywood's most enduring stars. <meta content="cms.next" name="cmsei" />

'I thought I experienced death': Al Pacino talks about battling Covid-19

Mumbai: The Reserve Bank is unlikely to cut the benchmark interest rate in its forthcoming bi-monthly monetary policy review later in the week as retail inflation is still a cause of concern, and there is a possibility of the Middle East crisis deteriorating further, impacting crude oil and commodity prices, say experts. Earlier this month, the government reconstituted the Reserve Bank's rate-setting panel -- Monetary Policy Committee (MPC). The reconstituted panel, with three newly appointed external members, will commence its maiden meeting on Monday. MPC Chairman RBI Governor Shaktikanta Das will reveal the outcome of the three-day discussion on Wednesday (October 9). The Reserve Bank of India (RBI) has kept the repo or short-term lending rate unchanged at 6.5 per cent since February 2023, and experts think some easing could only be possible in December. The government has tasked the central bank to ensure that Consumer Price Index (CPI) based retail inflation remains at 4 per cent with a margin of 2 per cent on either side. In the current context, experts feel that the RBI may not follow the US Federal Reserve, which lowered the benchmark rates by 50 basis points, and the central banks of some developed nations, which have reduced the interest rates. "We do not expect any change in the repo rate or stance by MPC. The reason is that inflation for September and October will be above 5 per cent, and the present low inflation is due to the base effect. Besides, core inflation is inching upwards," said Madan Sabnavis, Chief Economist, Bank of Baroda. Further, the recent Iran-Israel imbroglio can intensify, and there is uncertainty here, he said. "Hence, the status quo is the most likely option even for new members. Inflation forecast may be lowered by 10-20 bps and no change in GDP forecast likely," said Sabnavis. The central bank last hiked the repo rate to 6.5 per cent in February 2023 and since then, it has held the rate at the same level. Icra Chief Economist Aditi Nayar said that given the undershooting in the initial first quarter GDP growth relative to the MPC's forecast and the likely sizeable undershooting in the second quarter CPI inflation print as well, "we believe a stance change to neutral may be appropriate in the October 2024 policy review". This could be followed by a shallow rate-cutting cycle of 25 bps each in December 2024 and February 2025, she added. "The abundant monsoon offers some insurance for crop inflation. The impact of global political developments and geopolitical uncertainty on the growth inflation dynamics remains a risk," Nayar added. An HSBC report said three developments stand out -- softer growth numbers have trickled in recently, inflation has been falling, and the external environment has moved from rate hikes to cuts. "We believe the RBI doesn't gain from waiting any longer. We think it will change its stance from a hawkish 'withdrawal of accommodation' to 'neutral' in the upcoming 9 October policy meeting, followed by repo rate cuts of 25 bps each in the December and February meetings, taking the repo rate to 6 per cent," the report said. The RBI kept the repo rate unchanged at 6.5 per cent in its August bi-monthly review amid risks from higher food inflation. This was the ninth consecutive MPC meeting, which decided to maintain the status quo on the rate front. Pradeep Aggarwal, founder and chairman, Signature Global (India) Limited, said while the real estate industry, developer community, and homebuyers are hoping for an interest rate cut in the upcoming monetary policy review, the RBI is likely to hold on to the interest rate cuts for the tenth consecutive time. "The apex bank still seems uncomfortable with the overall retail inflation scenario, particularly food inflation. As such, it is expected to maintain the status quo. The recent interest rate cut by the US Federal Reserve has ignited similar hopes even in India, but the domestic scenario is very different," he added. SBM Bank India Head Treasury Mandar Pitale believed that the MPC has persistently advocated a restrictive policy until inflation aligns durably towards the 4 per cent target. "With the unfavourable base effect taking the next couple of CPI prints near 5 per cent plus or minus, it will pose a major challenge for MPC to start easing from the October meeting," Pitale said, adding that the MPC is also expected to deliberate upon the global factors like growth-inflation behaviour in developed economies. The government has appointed Ram Singh, Saugata Bhattacharya, and Nagesh Kumar as external members of the MPC. They have replaced Ashima Goyal, Shashanka Bhide, and Jayanth R Varma. Apart from the Governor, the other internal members are the RBI Deputy Governor in charge of monetary policy Michael Debabrata Patra and the Executive Director monetary policy department of RBI Rajiv Ranjan. In an off-cycle meeting in May 2022, the MPC raised the policy rate by 40 basis points and it was followed by rate hikes of varying sizes, in the subsequent meetings till February 2023. The repo rate was raised by 250 basis points cumulatively between May 2022 and February 2023.<meta content="cms.next" name="cmsei" />

Status-quo on interest rate likely, say experts ahead of RBI's policy review

New Delhi: After a wave of initial public offerings (IPOs) in recent weeks, the primary market will experience a brief slowdown, with only two new public issues scheduled for the next week, aiming to raise Rs 365 crore. There were 12 IPOs in the mainboard segment and 40 in the SME (small and medium enterprise) segment in September. IPOs scheduled for next week, beginning October 7, are Garuda Construction and Engineering on the main board and Shiv Texchem on the SME segment. Garuda Construction is seeking to raise Rs 264 crore, and Shiv Texchem is aiming for over Rs 101 crore through their respective IPOs available for public subscription during October 8-10. The stock market has seen a significant correction in the equity market since the start of October amid intensifying conflict between Israel and Iran. Despite the temporary slowdown, overall, the outlook for the IPO market is promising, with 26 firms proposing to raise Rs 72,000 crore presently holding Sebi's approval while another 55 companies looking to garner about Rs 89,000 crore are awaiting the regulator's clearance, according to the Primedatabase. This month will see Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, hitting the primary market to raise around Rs 25,000 crore. The company's IPO is likely to be launched on October 14, according to sources. If the offering proceeds as planned, it will surpass Life Insurance Corporation's (LIC) public offering of Rs 21,000 crore, becoming the largest IPO in India's history. Moreover, 63 companies have already mobilised around Rs 64,000 crore via mainboard, marking a 29 per cent increase from Rs 49,436 crore collected by 57 firms through the route in 2023. The strong momentum in IPO markets is being driven by several key macroeconomic, sector-specific factors and the willingness of funds to look at new ideas. In particular, strong inflows into domestic mutual funds and robust capital formation across corporate India are playing key roles, experts said. Garuda Construction and Engineering's IPO is a mix of fresh issue of 1.83 crore equity shares and an offer of sale (OFS) of 95 lakh equity shares by promoter PKH Ventures. The price band has been fixed at Rs 92 to Rs 95 per share. About Rs 100 crore from its fresh issuance proceeds will be utilised for working capital requirements and the balance towards general corporate purposes, including unidentified inorganic acquisitions. Shiv Texchem's IPO is a completely new offering of over 61 lakh shares and is a book-built issue of Rs 101.35 crore. It has set a price band of Rs 158 to Rs 166 per equity share for the IPO. Further, the SME IPO of Khyati Global Ventures, which opened for public subscription on October 4, will close on October 8. Additionally, six companies from the SME segment are set to list in the coming week. HVAX Technologies and Saj Hotels will debut on October 7, followed by Subam Papers and Paramount Dye Tec on October 8. NeoPolitan Pizza and Foods will begin trading on October 9, with Khyati Global Ventures to follow on October 11.<meta content="cms.next" name="cmsei" />

IPO market braces for brief slowdown, 2 new issues targeting Rs 365 crore next week

In a disturbing incident in Maharashtra’s Latur city, nearly 50 students from the Puranmal Lahoti Government Polytechnic were hospitalised due to suspected food poisoning after dinner at their hostel. The meal, which included rice, chapattis, okra curry, and lentil soup, was served around 7 pm on Saturday. By 8:30 pm, several students began feeling nauseous, with some experiencing vomiting, a PTI report said. Upon being informed, the college principal contacted Dr. Uday Mohite, dean of the Vilasrao Deshmukh Government Medical College and Hospital in Latur, and ambulances were dispatched to transport the affected students. By midnight, nearly 50 students were admitted to the hospital. Twenty of them were discharged by 3 am on Sunday, while 30 remained under treatment. Thankfully, none of the students are in critical condition. The PTI report also added that parents of the students were given assurance that there was no need to worry. Dr. Mohite said that all necessary treatments, including administering saline, are being provided and the students are stable. The college principal, VD Nitnaware, said that a thorough health check-up is underway to prevent further complications, and the police have collected food samples to determine the cause of the food poisoning. "Upon receiving reports of some hostel students being unwell, we reached there immediately. All the affected students were sent for treatment. A thorough health check-up is being conducted to ensure no further risk to any student. There is no cause for concern. Some girls are kept in the hospital to help the affected students," Nitnaware, told PTI. Local authorities, including Congress MP Shivaji Kalge, visited the hospital and urged the district administration to take strict action against those responsible once the cause is determined. (With PTI inputs) <meta content="cms.next" name="cmsei" />

50 students hospitalised for suspected food poisoning after having dinner at hostel in Maharashtra

India’s carbonated soft drinks (CSD) segment has hit a roadblock, unable to expand and reach its full potential, largely due to the high tax burden under the Goods and Services Tax (GST) regime. A recent report from PTI, originally attributed to the economic think tank ICRIER says that despite the government’s initiatives like ‘Make in India’ and ‘Aatmanirbhar Bharat’, the CSD industry is struggling to scale up due to the steep taxation. According to the report, India imposes one of the highest tax rates on sugar-sweetened beverages (SSBs), with a total tax rate of 40% as of 2023. This figure is significantly higher than that of over 90% of the countries that tax SSBs, based on comparative data compiled by the World Bank. The report also added that global and domestic consumers are increasingly opting for low-sugar and zero-sugar varieties. Manufacturers around the world are reformulating their products to cater to health-conscious consumers, offering options like low-sugar, fruit-flavored, and zero-calorie drinks. In India, however, companies face an uphill battle. The high tax of 40%, irrespective of sugar content, is preventing firms from innovating and scaling their low-sugar or fruit-based CSD offerings. The report also highlighted that India, a leading global producer of fruits like mangoes and bananas, has untapped potential for incorporating these ingredients into the CSD sector. Yet, the country’s CSD industry lags behind other developing nations, such as Thailand and the Philippines, in terms of product variety and revenue generation. Despite generating $18.25 billion in revenue in 2022 and growing at a compound annual growth rate (CAGR) of 19.8% from 2017 to 2022, the sector remains underdeveloped. The report also underscored that India’s CSD market could be a major driver for investment and job creation, particularly in Tier 2 and 3 cities. However, the high tax rates, seen as a lucrative source of revenue for the government, are acting as a deterrent to the sector’s growth, preventing it from becoming a global competitor and unlocking its full economic potential. (With PTI inputs) <meta content="cms.next" name="cmsei" />

Indian consumers shifting towards low-sugar beverages, high GST rates stalling growth in carbonated soft drinks market

New Delhi: The upcoming Initial Public Offering (IPO) of Hyundai Motors India has sparked significant interest in the Indian markets, but a recent report by Aequitas Investments suggests it may not be as promising for Indian investors as anticipated. The report highlighted several concerns, pointing to broader industry challenges and the valuation mismatch as reasons for caution. It said "Given the headwinds that the Global Automobile Industry is facing coupled with signs of a slowdown in India, the upcoming IPO might not be a great deal for Indian Investors" Hyundai Motor Company, the parent firm based in South Korea, is set to offload shares worth Rs 25,000 crore through an Offer for Sale (OFS) in the Indian market. However, the report suggested that the current global headwinds facing the automobile industry, combined with signs of a slowdown in India, may make this IPO less attractive for Indian investors. One of the key issues flagged in the report is the valuation of Hyundai Motors India. The report noted that despite contributing only 6.5 per cent of Hyundai's global revenue and 8 per cent of its overall profitability, the Indian unit is expected to be valued at approximately 42 per cent of the parent company's market capitalization upon listing. This valuation discrepancy raises concerns about whether the IPO price is justified given the Indian unit's relatively modest contribution to Hyundai's global business. "Despite contributing only 6.5 per cent of the global revenues and 8 per cent of the profitability, Hyundai's India unit will be valued at approx. 42 per cent of the Parent Co.'s MCap on listing" the report added. From Hyundai's perspective, the move makes sense. In South Korea, Hyundai's stock currently trades at a price-to-earnings (P/E) ratio of just 5x, making the sale in India potentially more lucrative. The report argues that Hyundai is looking to take advantage of the relatively higher valuations in India. It said "From Hyundai's perspective it's a no-brainer as their stock in S.Korea trades at a measly 5x P/E" Hyundai Motor Group, which includes both Hyundai and Kia, is the third-largest automaker globally, having sold 7.3 million vehicles in 2023. While Hyundai Motors India does not have a stake in Kia Motors India, the parent company owns a controlling 34 per cent stake in Kia Motors globally and fully owns Genesis Motors, a luxury brand in South Korea. <meta content="cms.next" name="cmsei" />

Hyundai IPO might not be a great deal for Indian investors: Report

<ul class="summary-list"><li>The US Navy is recruiting for positions on its submarines on Reddit.</li><li>The military has faced recruitment challenges in recent years, forcing it to get creative.</li></ul>The US Navy is looking for more tech-savvy recruits to make up the less than 1% of sailors who serve on submarines, and it thinks Reddit might be the best place to find them.The US Military is no stranger to <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/us-military-social-media-failures-and-mistakes-2019-2#a-string-of-explicit-tweets-2">gimmicky recruitment campaigns</a>. There were <a target="_blank" class="" href="https://www.youtube.com/watch?v=f4pvQ32XWzE&amp;t=1s">these 1987 ads</a> that compared joining the Marines to being a medieval fantasy knight. The Simpsons even <a target="_blank" class="" href="https://www.businessinsider.com/the-simpsons-at-war-2014-8">parodied the phenomenon</a> in 2001 when Bart's short-lived boyband, the "New Kids on the Blecch," released a top hit that subliminally encouraged children to <a target="_blank" class="editor-rtfLink" href="https://www.youtube.com/watch?v=7V02QF9bwcY">join the Navy</a>.While Navy ad campaigns can make enlisting seem like an exciting adventure, some military wings have seen difficulties in recruitment in recent years.Last year, the Army sent letters to 1,900 active-duty soldiers who had been relieved of their duties after refusing to take the COVID-19 vaccine, asking them to <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/us-army-invites-back-vaccine-refusing-soldiers-amid-recruitment-crisis-2023-11">come back</a>. According to NPR, experts say the percentage of young and physically fit Americans prepared to join the military has been shrinking over time.To find its "next generation of submariners," the US Navy is now looking to Reddit to find recruits with "a rare blend of intellect and curiosity," according to VML, the marketing agency behind the Navy's new Reddit campaign. The Navy and VML partnered to create the new <a target="_blank" class="" href="https://www.reddit.com/user/AmericasNavy/comments/1fr003y/command_directive_information_for_specialized/">"Sub Hunter" campaign</a>, in which VML says Redditors will have access to activities that use skills Navy submarine crew members must have, like deciphering sonar recordings.The campaign will offer clues about famous events and submarines in Navy history for Reddit users to decipher. Redditors will have access to redacted coordinate data from famous Navy historical events and a collection of submarine recordings with a hidden, encrypted sound-byte that users will listen to "just like a Navy Sonar Technician" to uncover the message, VML says.Ryan Blum, VML chief creative officer, said in the statement that the campaign's goal is to look "deep into the world of subreddits" to find the "special kind of person" that it takes to serve on a Navy submarine."We know less than 1% of future sailors qualify to serve on a submarine," Blum said. "These online communities are teeming with passionate, knowledgeable individuals, and we are challenging them to discover something they didn't even know they were looking for."The Navy did not immediately return a request for comment about the Reddit campaign.<meta content="cms.next" name="cmsei" />

The US Navy has launched a high-tech scavenger hunt on Reddit to recruit the 'next generation of submariners'

<ul><li>The Reserve Bank of India is expected to shift its monetary stance to 'neutral'.</li><li>As per a report by Nuvama, rate cuts are likely to commence in December.</li><li>The Monetary Policy Committee (MPC) is likely to maintain the repo rate at 6.5% in its upcoming sitting.</li></ul>The Reserve Bank of India (RBI) will shift its monetary stance to 'neutral' from the current 'withdrawal of accommodation' in credit policy this month, and rate cuts are likely to commence in December, according to a report by Nuvama. As per the report, the Monetary Policy Committee (MPC) is likely to maintain the repo rate at 6.5% in its upcoming sitting. However, several factors, including a slowdown in economic activity and benign core inflation, are likely to prompt the central bank to soften its stance, the report added. A weaker-than-expected Q1 GDP growth continued slowing of high-frequency indicators in the second quarter, core inflation to near record lows, and fiscal tightening could be the key reasons behind the move, the report added. Additionally, the U.S. Federal Reserve's recent move which indicates ease in the rates will influence RBI’s decision, the report added. The growth rate for the first quarter of financial year 2025 was below the RBI's projection at 7%. The growth rate for the same period stood at 6.7%, signalling weak economic activities. Since then, indicators such as vehicle sales, cement volumes, fuel consumption, GST collections, and rural wages have witnessed sluggishness. The government spending has also been subdued in recent months. Exports have also witnessed a sluggishness after showing recovery earlier this year. "Overall, domestic demand is slowing amid weak exports. At the same time, fiscal policy is tightening while core inflation is near a series-low. Against this evolving growth-inflation mix, a tight monetary stance may not be warranted, particularly when the Fed has also commenced easing," the report added. Going forward the report highlighted that the economy may be reverting to pre-pandemic levels of weak demand, with capital expenditure-to-GDP ratios plateauing. Further supporting its assertion, it stated that while headline inflation remains above target, core inflation has consistently declined over the past 16 months, currently ranging between 3.1% and 3.3%. This reflects weak pricing power in the economy and muted growth in consumption-driven sectors, the report added. Furthermore, it states that the RBI's fiscal policy is contractionary, with tax revenue growth declining into the single digits. This could have an effect on the government's ability to increase capital expenditure in the upcoming quarters. Given the slowing domestic demand, weak exports, and the tightening fiscal stance, the RBI's current monetary stance may no longer be appropriate, according to the report. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/september-auto-sales-automakers-report-a-decline-mahindra-and-mahindra-overtakes-tata-motors/articleshow/113925972.cms">September Auto sales – Automakers report a decline, Mahindra and Mahindra overtakes Tata Motors</a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-continues-to-lose-market-share-as-bajaj-auto-and-tvs-motor-gain/articleshow/113900252.cms">Ola Electric continues to lose market share as Bajaj Auto and TVS Motor gain</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms">Upcoming smartphones launching in India in October 2024</a> <meta content="cms.next" name="cmsei" />

RBI may shift monetary stance to 'Neutral', rate cuts likely by December 2024: Nuvama

New Delhi: Life Insurance Corporation of India (LIC) has increased its stake in Bank of Maharashtra, the company informed the exchange in a filing. In an official statement on Saturday, LIC announced that it has raised its shareholding in the bank from 4.05 per cent to 7.10 per cent following a Qualified Institutional Placement (QIP). "..the Life Insurance Corporation of India ("the Corporation") has increased its shareholding in Bank of Maharashtra ("Company") from 4.05 per cent (pre-allotment) to 7.10 per cent (post allotment)" said LIC. The increased shareholding comes after LIC was allotted 25.96 crore equity shares as part of the QIP issued by the Bank of Maharashtra. Prior to this allotment, LIC held a 4.05 per cent stake in the bank. With the new shares, LIC now owns a 7.10 per cent stake, marking a significant rise in its ownership. The allotment was made under the guidelines of Regulation 30 of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations. LIC noted that it has complied with the regulatory requirements, including the details stipulated under the SEBI circular issued in July 2023, which governs disclosure obligations for listed entities. A Qualified Institutional Placement is a way for listed companies to raise capital by issuing equity shares to institutional investors, and this transaction indicates LIC's confidence in the growth potential of Bank of Maharashtra. Bank of Maharashtra is one of the public sector banks, and this infusion of capital through QIP will help strengthen its balance sheet and support its expansion plans. <meta content="cms.next" name="cmsei" />

LIC increases stake in Bank of Maharashtra from 4.05 percent to 7.1 percent through QIP

<ul><li>Gold prices have hit a new all-time high at ₹78,450 per 10 grams.</li><li>Motilal Oswal in a report has said that gold will see a correction ranging from 5 to 7%.</li><li>Over the next 2 years, gold will hit the levels of ₹86,000 per 10 grams.</li></ul>Gold prices could see some consolidation near the recent highs, Motilal Oswal said in a report as its prices hit a fresh all-time high of ₹78,450 per 10 grams. The wealth management firm said that gold will see a correction ranging from 5 to 7% as historically, it has never added gains of 32% in any year since 2000. "We expect gold to correct by 5-7 per cent, before the next leg up," the report added. As per the report, gold will hit the levels of ₹86,000 per 10 grams over the next 2 years. Gold prices are on an upward trajectory backed by firm demand, and the steam seems to remain till the end of this festival season. As per the report, the US presidential election next month could add further volatility to the market. The domestic exchange-traded fund (ETF), imports SPDR Holdings and CFTC positions are supporting the case for Bulls. Citing major reasons behind the recent surge, the report mentions that in the 9 months of 2024, the US Federal Reserve's stance and geopolitical intentions have pushed gold prices around the globe. Going further, it adds that gold buying from the central bank, and festive and wedding-related domestic demand will boost the sentiments in the market. As per the various reports and experts, the rural demand, in particular, is showing signs of recovery. With an improved monsoon season and higher crop sowing this year, rural economic conditions are set to strengthen, which is anticipated to drive increased gold purchases, especially during the festive period. Gold demand in India has remained robust, particularly following an initial surge after the import duty cut. Indian gold exchange-traded funds (ETFs) have witnessed a surge in investor interest since the import duty cut and changes to long-term capital gains tax for gold ETFs were announced in the Union Budget. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/september-auto-sales-automakers-report-a-decline-mahindra-and-mahindra-overtakes-tata-motors/articleshow/113925972.cms">September Auto sales – Automakers report a decline, Mahindra and Mahindra overtakes Tata Motors</a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-continues-to-lose-market-share-as-bajaj-auto-and-tvs-motor-gain/articleshow/113900252.cms">Ola Electric continues to lose market share as Bajaj Auto and TVS Motor gain</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms">Upcoming smartphones launching in India in October 2024</a> <meta content="cms.next" name="cmsei" />

Gold prices may decline by up to 7% before the next rally

<ul class="summary-list"><li>US stocks rose 1% as September jobs report eased fears of an economic slowdown.</li><li>The US added 254,000 jobs, surpassing estimates. The unemployment rate fell to 4.1%.</li></ul>US stocks surged about 1% on Friday after <a target="_blank" class="" href="https://www.businessinsider.com/september-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-10">the September jobs</a> report soothed fears of an economic slowdown.All three major averages closed slightly higher for the week to cap off a four-week winning streak.The US economy added 254,000 jobs last month, well ahead of economist estimates of 150,000 jobs. The strong job gains pushed the unemployment rate lower to 4.1% from 4.2%.The leisure and hospitality sector saw the most job gains in September at 78,000, followed by health care, which added about 72,000 jobs, while government jobs rose by 31,000.Economists were mostly thrilled with the jobs report, with many arguing that the decline in the unemployment rate while inflation has continued to trend lower was evidence of productivity gains."The fact that inflation is easing at the same time means productivity growth is strong, and that should keep the Fed on track for more rate cuts — an added tailwind for the economy and markets," Carson Group strategist Sonu Varghese told Business Insider.In terms of future rate cuts, the <a target="_blank" class="" href="https://www.businessinsider.com/september-jobs-report-fed-rate-cut-outlook-november-labor-market-2024-10">market slashed its expectations of another jumbo 50 basis point cut</a> at the Federal Reserve's next FOMC meeting in November.According to the CME FedWatch Tool, odds of a 50-basis point cut dropped to 0% from 53% last week. Consensus now expects two 25-basis point rate cuts from the Fed at their next two FOMC meetings before year-end."This solid payroll report validates an potential half point reduction in fed funds was completely unwarranted. Fed funds futures market is responding accordingly," LPL Financial chief economist Jeffrey Roach said.ING's chief economist, James Knightley, said the jobs report was "unambiguously strong.""On the face of this the Fed should be hiking rates with these sorts of figures, not cutting rates," Knightley said in a note on Friday.Here's where US indexes stood shortly at the 4:00 p.m. closing bell on Friday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,751.07, up 0.9% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,352.75, up 0.81% (_341.16 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,137.85, up 1.22% </li></ul>Here's what else happened today:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/spirit-airlines-chapter-11-bankruptcy-billion-debt-restructuring-2024-10">Spirit Airlines stock plunged after a report said it was considering filing for Chapter 11 bankruptcy protection.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/september-jobs-payroll-report-fed-rate-cut-outlook-labor-market-2024-10">Why one firm is skeptical about the blockbuster jobs report and is still expecting another jumbo rate cut.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-ukraine-war-outlook-moscow-sanctions-west-firms-uchicago-2024-10">Russia is facing a 'time bomb' at the heart of its economy amid its ongoing war with Ukraine, an economist said.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/costco-starts-selling-platinum-bars-gold-silver-retail-success-2024-10">Costco is selling platinum bars for $1,090 as it diversifies its booming precious-metals business.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-jensen-huang-blackwell-gpu-demand-ai-tech-2024-10">Nvidia stock moved higher after CEO Jensen Huang said demand for its next-generation GPU chip was "insane."</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil was up 1.00% to $74.45 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was higher by 0.55% to $78.05 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was down 0.39% to $2,668.80 an ounce.</li><li>The 10-year Treasury yield was higher by 13 basis points at 3.98%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was higher by 2.59% to $62,320. </li></ul><meta content="cms.next" name="cmsei" />

Stock market today: US stocks notch 4-week win streak after strong jobs report eases fears of an economic slowdown

The Supreme Court has dismissed petitions seeking to review the 9-judge bench judgement, which held that states have the power to levy tax on mines and minerals bearing lands under the Constitution and also ruled that royalty payable on extracted minerals is not a tax. A bench of Chief Justice of India DY Chandrachud with Justices Hrishikesh Roy, Abhay S Oka, BV Nagarathna, JB Pardiwala, Manoj Misra, Ujjal Bhuyan, Satish Chandra Sharma and Augustine George Masih rejected the review petitions. However, Justice Nagarathna dissented from the majority and a case of review was made out and notice was issued on review petitions. She had also dissented in the judgement under review as well. "Having perused the review petitions, there is no error apparent on the face of the record. No case for review under Order XLVII Rule 1 of the Supreme Court Rules 2013 has been established," the order on review pleas stated. Seeking to review a judgement of the nine-judge bench of the apex court that allowed states to collect royalty on extracted minerals and to levy tax on mineral-bearing land, the Central government in September had approached the top pointing out several 'errors apparent in the judgement'. On July 25, a nine-judge bench in a majority 8:1 verdict, had ruled that the legislative power to tax mineral rights vests in states and not Parliament. In a subsequent order on Aug 14, the apex court clarified that the judgement will not have prospective effect and allowed states to collect past dues on royalty and tax on mines and mineral bearing land from April 1, 2005, from Centre and mining lease holders. It had said that past dues would be paid in a staggered manner over the next 12 years from April 1, 2026. The apex court had further stated that there should be no levy of interest or penalty for the demand made for the period before July 25, 2024. July 25 majority judgement had stated, "Royalty is not a tax. Royalty is a contractual consideration paid by the mining lessee to the lessor for enjoyment of mineral rights. The liability to pay royalty arises out of the contractual conditions of the mining lease. The payments made to the Government cannot be deemed to be a tax merely because the statute provides for their recovery as arrears." It had said that the legislative power to tax mineral rights vests with the state legislatures and Parliament does not have the legislative competence to tax mineral rights under Entry 54 of List 1, as it being a general entry. "Since the power to tax mineral rights is enumerated in Entry 50 of List 2, Parliament cannot use its residuary power with respect to that subject matter," it had added. Justice Nagarathna disagreeing with the majority verdict, had held that royalty is in the nature of a tax. Hence, the provisions of the Union law- Mines and Minerals (Development and Regulation) Act 1957 (MMDR Act) regarding levy of royalty denude the States of their power to levy taxes on minerals. The minority judgement stated that allowing States to levy taxes on minerals would lead to a lack of uniformity on a national resource. This could also lead to unhealthy competition among the States and this may result in the breakdown of the federal system, Justice Nagarathna said. The case involved the issue of whether State governments are denuded of powers to tax and regulate activities concerning mines and minerals in view of the enactment of the Mines and Minerals (Development &amp; Regulation) Act (Mines Act). SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/september-auto-sales-automakers-report-a-decline-mahindra-and-mahindra-overtakes-tata-motors/articleshow/113925972.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/september-auto-sales-automakers-report-a-decline-mahindra-and-mahindra-overtakes-tata-motors/articleshow/113925972.cms" target="_blank">September Auto sales – Automakers report a decline, Mahindra and Mahindra overtakes Tata Motors</a><a href="https://www.businessinsider.in/business/auto/news/kia-ev9-electric-suv-launched-in-india-at-1-3-crore/slidelist/113906569.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/kia-ev9-electric-suv-launched-in-india-at-1-3-crore/slidelist/113906569.cms" target="_blank">Kia EV9 electric SUV launched in India at ₹1.3 crore</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms" target="_blank">Upcoming smartphones launching in India in October 2024</a> <meta content="cms.next" name="cmsei" />

SC dismisses review pleas on allowing states to levy tax on minerals

<ul class="summary-list"><li>Meta just launched Movie Gen, an AI video generator to compete with OpenAI's Sora.</li><li>Movie Gen can make videos with accompanying audio using a text prompt. It can also edit by prompt.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/category/meta">Meta</a> released a new AI video-generating tool on Friday that is also the company's latest volley in its battle with OpenAI for AI supremacy."Today, we're excited to premiere Meta Movie Gen, our breakthrough generative AI research for media, which includes modalities like image, video, and audio," the company said in a <a target="_blank" class="" href="https://ai.meta.com/blog/movie-gen-media-foundation-models-generative-ai-video/">press release</a>. "Movie Gen outperforms similar models in the industry across these tasks when evaluated by humans."In its press release, Meta called Movie Gen the "most advanced and immersive storytelling suite of models," including video generation, audio generation, personalized video generation, and video editing. The models were trained using publicly available data and licensed data, the company said.With a text prompt, Movie Gen can create videos up to 16 seconds long at 16 frames a second while reasoning "about object motion, subject-object interactions, and camera motion." Users can upload a picture of themselves to be incorporated into personalized videos, and Movie Gen can edit videos with text instructions from the user.Meta's example video shows an underwater perspective of a baby hippo (<a target="_blank" href="https://www.businessinsider.com/hottest-tiktok-makeup-trend-right-now-moo-deng-blush-2024-9">Moo Deng</a> reference, anyone?) happily swimming around in a serene aquatic scene.Another shows a koala on a surfboard and the accompanying prompt: "A fluffy koala bear surfs. It has a gray and white coat and a round nose. The surfboard is yellow. The koala bear is holding onto the surfboard with its paws. The koala bear's facial expression is focused. The sun is shining."With audio generation, users can "create and extend sound effects, background music or entire soundtracks" up to 45 seconds long, the press release said. An example clip of a snake slithering through a wooded area includes the prompt: "Rustling leaves and snapping twigs, with an orchestral music track."Meta is a little late to the audio- and video-generation game as top competitors like OpenAI and Google have already claimed a foothold in the space. OpenAi <a target="_blank" class="" href="https://www.businessinsider.com/openai-sora-new-video-generator-model-ai-sam-altman-2024-2">launched Sora</a>, its video generator, in February, and <a target="_blank" class="" href="https://www.businessinsider.com/google-unveils-ai-video-generator-veo-openai-sora-2024-5">Google followed suit with Veo</a> in May.Meta, however, has given <a target="_blank" class="" href="https://www.businessinsider.com/openai-chatgpt-sam-altman-agi-race-rivals-chatbots-2024-6">OpenAI a run for its money</a> in the AI arms race. Though OpenAI's ChatGPT debuted first and launched the company to worldwide fame, recent iterations of Meta's Llama model have been well received. Many <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-finally-found-something-agree-with-mark-zuckerberg-on-2024-7">viewed Llama 3.1</a>, which came out in July, as superior to OpenAI's GPT-4o, which came out shortly before.Meta says its new "state-of-the-art models" outperform competitors in A/B human comparisons. For video generation, those Meta surveyed preferred Movie Gen over <a target="_blank" class="" href="https://www.businessinsider.com/sora-openai-text-video-generator-testers-pros-cons-2024-8">OpenAI Sora</a>, the company's press release said. Meta didn't share an A/B comparison with Google's Veo, which also offers sound effects and music, but Meta said in a lengthy accompanying <a target="_blank" class="" href="https://ai.meta.com/static-resource/movie-gen-research-paper">research paper</a> that it believes Google's video-to-audio generation models may be more limited in length than Meta's.Meta, OpenAI, and Google did not immediately respond to a request for comment.<meta content="cms.next" name="cmsei" />

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