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<ul class="summary-list"><li>The small-cap-heavy Russell 2000 jumped as much as 5% on Wednesday after Donald Trump's victory.</li><li>Small-caps stand to benefit from Trump's protectionist trade and deregulation policies.</li></ul>Small-cap stocks have taken off after Donald Trump secured a second term in the White House.The <a target="_blank" href="https://markets.businessinsider.com/stocks/ishares_russell_2000_etf_cert_deposito_arg_repr_01_sh-stock?miRedirects=1">Russell 2000</a> surged as much as 5% on Wednesday. The index tracks small-cap companies, which are seen as major beneficiaries of a Trump presidency. The index is now up roughly 17% year-to-date.The Trump administration's protectionist plan is at least partially designed to protect domestic business. Throughout his campaign, Trump has promised double-digit tariffs on virtually all US exports, citing that China could face as much as a 60% tax rate.In a note ahead of the election, JPMorgan also noted that small-caps could benefit under Trump due to deregulation and possible tax cuts targeting domestic-oriented businesses.Small-caps were not the only <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-truth-social-djt-tesla-stock-crypto-election-energy-2024-11">sector to jump after Trump's victory</a>.Financial stocks also gained on the prospect of easier regulation and tax cuts. Meanwhile, Trump's supportive stance on cryptocurrency sent <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-truth-social-djt-tesla-stock-crypto-election-energy-2024-11">bitcoin soaring to fresh record high</a>.Amid market losers, however, were clean-energy stocks, with stocks such as <a target="_blank" href="https://markets.businessinsider.com/stocks/plug-stock">Plug Power</a> and <a target="_blank" href="https://markets.businessinsider.com/stocks/run-stock">SunRun</a> falling over 10% in pre-market trading. Concern has mounted that the president-elect could try to repeal the Inflation Reduction Act that provides tax credits to renewable-energy firms.

The market's smallest stocks are rocketing higher with Trump's protectionist policies seen favoring domestic operators

<keyword id="19931193" type="General" weightage="20" keywordseo="Maruti-Suzuki-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Maruti Suzuki India" meta.hostid="261" meta.entityid="Maruti Suzuki India">Maruti Suzuki India</keyword> reported its <keyword id="20025887" type="General" weightage="20" keywordseo="highest-ever" source="keywords">highest-ever</keyword> <keyword id="20423741" type="General" weightage="20" keywordseo="monthly-sales" source="keywords">monthly sales</keyword> volume at 206,434 units. Total sales in the month include <keyword id="20025843" type="General" weightage="20" keywordseo="domestic-sales" source="keywords">domestic sales</keyword> of 163,130 units, sales to other original equipment manufacturers (OEMs) of 10,136 units and the highest-ever monthly <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> of 33,168 units. Festival season and on top of that the deep discounts offered by various automakers have invariably helped dealers sell more cars this October. Here is a table listing out the <keyword id="19909974" type="General" weightage="100" keywordseo="Maruti-Suzuki" source="keywords">Maruti Suzuki</keyword> India car-wise sales figures in October: In October, total sales, domestic plus exports combined, were 3.6 per cent higher year-on-year. So far in 2024-25 - April to October, the total sales were 1.64 per cent higher year-on-year. Coming to exports, the shipments in October and April-October were 51 per cent and 17 per cent, higher year-on-year, respectively. In the fiscal year 2023-24, the company exported over 2.8 lakh units to more than 100 countries, holding a commanding 42 per cent share in the country's passenger vehicle exports. In other news, Maruti Suzuki India recently reached a significant milestone, with ist <keyword id="21943254" type="General" weightage="20" keywordseo="Manesar-facility" source="keywords">Manesar facility</keyword> crossing the 1 crore cumulative production mark. The Manesar plant achieved this feat in just 18 years, making it the fastest among Suzuki's global automobile manufacturing facilities to reach the 1 crore production milestone. The facility, which commenced operations in October 2006, is spread over 600 acres and manufactures a range of models, including Brezza, Ertiga, XL6, Ciaz, Dzire, Wagon R, S-Presso, and Celerio. These vehicles serve both domestic and international markets, with exports reaching regions such as Latin America, the Middle East, Africa, and neighboring Asian countries. Since its inception, Maruti Suzuki has produced over 3.1 crore vehicles, reinforcing its leadership in the Indian <keyword id="19945567" type="General" weightage="20" keywordseo="automotive-industry" source="keywords">automotive industry</keyword>. Maruti Suzuki India Limited also started the export of its acclaimed 'Made-in-India' SUV, the Fronx.

Maruti Suzuki India registers highest-ever monthly sales in festive-filled October

India remains highly dependent on imports for minerals critical to accelerating its <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>, with a full reliance on shipping in lithium, cobalt and nickel, according to a report released Monday. The report, published by the Institute for Energy Economics and Financial Analysis (IEEFA), said that India's demand for <keyword id="19978839" type="General" weightage="20" keywordseo="critical-minerals" source="keywords">critical minerals</keyword> is expected to more than double by 2030, while domestic mining operations may take over a decade to start producing. It stresses that India needs a carefully crafted import strategy to mitigate potential trade risks while balancing international relationships to secure these essential minerals. IEEFA's report examines five critical minerals (and their compounds) - cobalt, copper, graphite, lithium and nickel - from the perspectives of import dependency, trade dynamics, domestic availability, and global price fluctuations. The findings show that India remains largely import-dependent for these minerals and their compounds, with 100 per cent import reliance for minerals like lithium, cobalt, and nickel. "India should strive to de-risk its critical minerals sourcing by identifying new international resources and expediting <keyword id="20681115" type="General" weightage="20" keywordseo="domestic-production" source="keywords">domestic production</keyword>. A concerted effort to partner with and foster bilateral relations with <keyword id="23713985" type="General" weightage="20" keywordseo="mineral-rich-nations" source="keywords">mineral-rich nations</keyword> should be a priority for India," said the report's co-author Charith Konda, Energy Specialist, IEEFA. "The country can also explore investment opportunities in resource-rich, friendly nations, such as Australia and Chile, as well as African countries like Ghana and South Africa," he added. The report said India depends heavily on China for synthetic graphite and natural graphite and it should explore cooperation initiatives with countries like Mozambique, Madagascar, Brazil and Tanzania which are some of the highest graphite producing countries. "As part of the Global South cooperation initiatives, these countries could be favourable partners for India for <keyword id="23713984" type="General" weightage="20" keywordseo="graphite-trading" source="keywords">graphite trading</keyword>," said the report's co-author Kaira Rakheja, Energy Analyst, IEEFA. India is also highly import-dependent for copper cathodes and nickel sulphates from just two countries - Japan and Belgium. The report suggests India could look at the US, the fifth largest producer of copper in the world, to diversify its suppliers and enhance <keyword id="23714709" type="General" weightage="20" keywordseo="supply-security" source="keywords">supply security</keyword>. For minerals like lithium oxide and nickel oxide, the dependency is low on one country, but overall imports largely come from Russia and China, both countries with potential trade risks. "Developing domestic lithium refining capacity will help India integrate with the global lithium supply chain," said Rakheja. The report also notes the significant efforts that the Indian government is making to improve domestic production of critical minerals with the auctions by the Ministry of Mines and the planned Critical Minerals Mission. "The critical minerals mining block auctions can serve as an opportunity for India to focus on building refining and processing capabilities to emerge as a global value-adding hub," said Rakheja. "Government support in the form of viability gap funding and technology development will help promote such auctions and ultimately the domestic production of critical minerals. "A stable supply of critical minerals is imperative for India to achieve its <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> goals," Konda said. India has committed to achieving 500 gigawatts (GW) of non-fossil fuel-based electricity installed capacity by 2030. Currently, the country's renewable energy installed capacity stands at 201 GW, with solar energy accounting for 91 GW. According to another study, the fast-developing South Asian nation needs to install around 7,000 GW of renewable energy capacity to achieve net-zero emissions by 2070.

Energy transition: India remains highly dependent on imports of critical minerals, says report

Domestic firms will <keyword id="6356112" type="General" weightage="100" keywordseo="lease" source="Orion">lease</keyword> an estimated 60-65 million square feet of <keyword id="181150" type="General" weightage="20" keywordseo="office-space" source="Orion">office space</keyword> between 2024 and 2025, according to <keyword id="20060150" type="General" weightage="20" keywordseo="cbre" source="keywords">CBRE</keyword> South Asia's report, '<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> Inc's Ascension - The Rise of Domestic Firms as an Office Demand Driver'. Domestic companies have been responsible for nearly 47 per cent of office leasing activity from 2022 to H1 2024, marking a departure from the traditional dominance of global corporations, particularly American firms. During 2022-2023, domestic firms experienced a 60 per cent surge in office space absorption compared to the pre-pandemic period of 2018-2019. Key occupier groups have secured significant spaces in prime locations across major cities, with <keyword id="19913115" type="General" weightage="20" keywordseo="delhi-ncr" source="keywords">Delhi-NCR</keyword> leading, followed by <keyword id="6354321" type="General" weightage="20" keywordseo="bengaluru" source="Orion">Bengaluru</keyword> and Mumbai. E-commerce and life sciences companies have driven occupancy in Bengaluru and Hyderabad, respectively, while Mumbai has captured a substantial 43 per cent share of domestic <keyword id="19910880" type="General" weightage="20" keywordseo="bfsi" source="keywords">BFSI</keyword> leasing, with strong contributions from Delhi-NCR and Chennai. The report attributes the robust growth of India's office market to several factors, including government initiatives like Make in India and the <keyword id="19952889" type="General" weightage="20" keywordseo="production-linked-incentive" source="keywords">Production Linked Incentive</keyword> (PLI) Scheme. These programs, along with increased domestic manufacturing, employment generation, and a well-capitalized banking sector, have created a supportive environment for business expansion. Other contributing factors include low corporate leverage ratios and improved access to capital, which have enhanced the investment capacity of Indian companies. India's talent pool, with approximately 2.5 million STEM graduates and a thriving start-up ecosystem featuring over 100 unicorns, has also been a major driver of growth. With over 38 sector skill councils, the government's focus on bridging the skill gap is preparing domestic firms for future demands, further bolstering the office leasing sector. Flexible space operators, technology, and BFSI sectors have emerged as the primary drivers of office leasing, collectively accounting for two-thirds of all domestic activity. The RCA sector, which includes legal, taxation, HR, and media services, is also playing a significant role in boosting domestic leasing. Additionally, Indian engineering and manufacturing firms, which currently represent 7-8 per cent of domestic office leasing, are expected to expand into <keyword id="20270212" type="General" weightage="20" keywordseo="tier-ii" source="keywords">Tier-II</keyword> and Tier-III cities, which are emerging as manufacturing hubs. Anshuman Magazine, Chairman and CEO, India, Southeast Asia, Middle East &amp; Africa, CBRE, said, "India's rapidly expanding start-up ecosystem and talent abundance are major drivers of this demand. As India's major urban centers continue to grow and diversify, the demand for premium office spaces will shape the future of the commercial real estate market, setting new standards for innovation and excellence. He added, "India's top nine cities are poised to see an impressive addition of ~185 million sq. ft. of premium office space by 2026. This dramatic increase in office space is a testament to several key factors driving the transformation of the commercial real estate landscape". Ram Chandnani, Managing Director, Advisory and Transaction Services, CBRE India, said, "Advances in technology, especially artificial intelligence (AI), are poised to further transform the office sector. While AI may cause job displacement in some areas, it will also create new opportunities and necessitate comprehensive workforce reskilling. The surge in workforce needs, driven by digitalization, evolving workplace strategies, and enhanced business confidence, has substantially boosted leasing activity."

Domestic firms to lease 60-65 million sq ft office space by 2025: CBRE report

<ul class="summary-list"><li>Fires at DHL warehouses this year may have been part of Russian sabotage operations, officials have said.</li><li>The Kremlin is suspected of ramping up hybrid attacks on Europe in recent months.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/spy-chief-warns-suspected-sabotage-nearly-caused-plane-crash-2024-10">Suspected Russian sabotage activities</a> targeting the air freight industry have been on the rise this year, and the industry is preparing for further action.Brandon Fried, the executive director of the Airforwarders Association, which represents US air cargo companies, told Business Insider that the industry had been on high alert since 9/11."So regardless of who is perpetrating this, whether it's another country or whether it's a terrorist organization, our industry has been vigilant for quite some time," he said, referencing two fires at DHL warehouses earlier this year that have been linked to Russia."They want to cause fear and panic, but we, as a community, are not going to let them. One of our overriding messages is that we're vigilant," Fried said.Western officials have said the <a target="_blank" class="" href="https://www.businessinsider.com/spy-chief-warns-suspected-sabotage-nearly-caused-plane-crash-2024-10">fires, which took place at two DHL sites in the UK and Germany</a> in July, may have been part of Russian sabotage operations that ultimately aimed to target North America, <a target="_blank" class="" href="https://www.wsj.com/world/russia-plot-us-planes-incendiary-devices-de3b8c0a">The Wall Street Journal</a> reported earlier this week.One package caught fire before being loaded onto a plane at a DHL freight center in Leipzig, eastern Germany, while a similar incident took place at a DHL warehouse in Birmingham in the UK.Thomas Haldenwang, the president of Germany's domestic intelligence agency, said in October that it was a "lucky coincidence" that the package in Leipzig caught fire on the ground and not during the flight.Haldenwang did not explicitly blame Moscow, but the German news agency DPA reported that security services were working on the assumption that the attack was connected to Russia, per the <a target="_blank" rel=" nofollow" class="" href="https://www.ft.com/content/b83353a7-bdf0-486b-8f12-d2834261d44f">Financial Times</a>.A police spokesperson told BI that counterterrorism officers were leading an investigation into the Birmingham incident and working to identify any links to similar incidents across the continent.The Wall Street Journal report said the fires were caused by electric massagers implanted with a magnesium-based flammable substance.The devices that ignited in the UK were traced to Lithuania, where officials say they appear to have been part of a wider Russian plot to get such devices on planes to North America, the Journal reported.Frank Umbach, a research director at the European Cluster for Climate, Energy, and Resource Security at the University of Bonn, said that Russian hybrid warfare had escalated from spying on critical infrastructure to active sabotage across the whole of Europe."Hybrid warfare has intensified here in Europe, particularly against Germany," Umbach said, adding that there was concern that German intelligence services had been "heavily penetrated" by Russian agents.Moscow has already been linked to a number of <a target="_blank" class="" href="https://www.businessinsider.com/russian-sabotage-germany-factory-weapons-car-parts-ukraine-diehl-2024-6">sabotage incidents</a> in Europe this year, including arson attempts and a reported plan to <a target="_blank" class="" href="https://www.businessinsider.com/russia-planned-to-assassinate-german-arms-firm-ceo-report-2024-7">kill the CEO of the German arms firm Rheinmetall, </a>which has made munitions and military equipment for Ukraine.Russia is suspected of using <a target="_blank" class="" href="https://www.occrp.org/en/investigation/make-a-molotov-cocktail-how-europeans-are-recruited-through-telegram-to-commit-sabotage-arson-and-murder">social media platforms such as Telegram</a> to recruit proxies to carry out such activities.Speaking a few months after the DHL fires, the chief of the UK's MI6 intelligence service, Richard Moore, said he believed Russian intelligence services had "gone a bit feral."And experts think it's unlikely such incidents will stop any time soon.Shashank Joshi, a former senior research fellow at the Royal United Services Institute who is now the defense editor at The Economist, told BI that he believed the suspected Russian sabotage operations were part of a "pretty broad-brush campaign" that could see the Kremlin target any EU or NATO member."I don't think that anyone is particularly immune as such," Joshi said.A spokesperson for Germany's Military Counterintelligence Service, known as BAMAD, said that the German military and NATO forces in Germany "continue to be a priority target for Russian espionage activities."Kremlin Spokesman Dmitry Peskov has denied Russia's involvement in sabotage operations in Europe.The Federal Office for the Protection of the Constitution, Germany's domestic intelligence services, and the BND declined to comment further.<div type="image" title="The RT logo at the company's headquarters in Moscow." height="683" width="1024" msid="115082510" hostid="261" sizebytes="75584"></div>Western officials say Moscow has also launched <a target="_blank" class="" href="https://www.ncsc.gov.uk/news/russia-behind-cyber-attack-with-europe-wide-impact-hour-before-ukraine-invasion">cyberattacks</a> and sought to <a target="_blank" class="" href="https://www.state.gov/disarming-disinformation/">spread disinformation</a> as part of its alleged sabotage operations.Russian state media sites like RT have already faced sanctions in the <a target="_blank" class="" href="https://www.state.gov/alerting-the-world-to-rts-global-covert-activities/">US</a> and the <a target="_blank" class="" href="https://www.consilium.europa.eu/en/press/press-releases/2022/03/02/eu-imposes-sanctions-on-state-owned-outlets-rtrussia-today-and-sputnik-s-broadcasting-in-the-eu/">EU</a> over allegations of disinformation.Keir Giles, a senior consulting fellow at Chatham House's Russia and Eurasia Program, said that Russian disinformation campaigns, espionage operations, and sabotage attempts were "intimately interlinked.""Objectives in the information domain can be served by kinetic actions and vice versa," Giles said. "The information component of warfare is seen as an integral part and interdependent with all of the other activities that Russia is undertaking.""That's something that's played out very clearly in Russia's war on Ukraine after the full-scale invasion," he added.

The air freight industry is on high alert after fires at DHL warehouses were linked to Russian sabotage operations

New Delhi: The decision of the <keyword id="20330004" type="General" weightage="100" keywordseo="Defence-Acquisition-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="Defence Acquisition Council" meta.hostid="261" meta.entityid="Defence Acquisition Council">Defence Acquisition Council</keyword> (DAC) to accept 10 <keyword id="22515789" type="General" weightage="20" keywordseo="capital-acquisition" source="keywords">capital acquisition</keyword> proposals worth Rs 1.4 trn will not only boost <keyword id="23034601" type="General" weightage="20" keywordseo="domestic-defence-manufacturing" source="keywords">domestic defence manufacturing</keyword> but will contribute to the growth of the <keyword id="20362868" type="General" weightage="20" keywordseo="PSU-companies" source="keywords">PSU companies</keyword> in the defence sector, highlighted a report by Antique Stock Broking. The report noted that the growth of domestic defence manufacturing in the country has picked up significantly over the last few years and is expected to grow further in the future. It added that the government's focus on enhancing domestic capabilities is evident from its initiatives in FY24, where Acceptance of Necessity (AoN) was accorded to proposals worth approximately Rs 3.61 trillion under various capital procurement categories. These initiatives are in line with the Defence Acquisition Procedure (DAP) 2020, which strongly promotes domestic manufacturing. "The government, in FY24, accorded Acceptance of Necessity (AoN) to proposals worth approximately INR 3.61 trn under various categories of capital procurement, which promotes domestic manufacturing as per DAP-2020" said the report. A significant milestone highlighted in the report is the remarkable increase in the share of domestic procurement in India's defence sector. The share has improved from 54 per cent in FY19 to 75 per cent in FY24. The report noted that this trend is expected to strengthen further, driven by the fact that more than 99 per cent of the announced proposals are to be sourced from the domestic industry under the "Buy (Indian)" and "Buy (Indigenously Designed, Developed, and Manufactured)" categories. "The total share of domestic procurement has seen a phenomenal improvement from 54% in FY19 to 75% in FY24 and is expected to improve further. The report stated that the DAC's (Defence Acquisition Council) approval of proposals worth Rs 1.45 trillion is aimed at enhancing the operational capabilities of the Indian Armed Forces. The report further emphasizes that with Rs 1.45 trillion worth of projects already approved in the year-to-date FY25, the <keyword id="20994345" type="General" weightage="20" keywordseo="defence-PSUs" source="keywords">defence PSUs</keyword> are poised for strong growth in the near to long term. "With approval for Rs 1.45 trn worth of projects in YTDFY25, we believe defence PSUs have strong growth opportunities in the near to long term" the report added. The Defence Acquisition Council (DAC), under the chairmanship of Defence Minister Rajnath Singh on Tuesday accorded Acceptance of Necessity (AoN) for 10 capital acquisition proposals amounting to Rs 1,44,716 crore. Of the total cost of AoNs, 99 per cent is from Indigenous sources under the Buy (Indian) and Buy (Indian-Indigenously Designed Developed and Manufactured) categories, the Ministry of Defence stated. For the modernisation of the tank fleet of the Indian Army, the proposal for procurement of Future Ready Combat Vehicles (FRCVs) has been cleared. The FRCV will be a futuristic Main Battle Tank with superior mobility, all-terrain ability, multilayered protections, precision and lethal fires over and real-time situational awareness, the release stated. The AoN was also accorded for procurement of Air Defence Fire Control Radars, which will detect and track aerial targets and provide firing solutions. The proposal has also been approved for Forward Repair Team (Tracked) which has suitable cross-country mobility for carrying out in-situ repair during mechanised operations.

DAC capital acquisition of Rs 1.4 trn to boost defence PSUs: Report

<keyword id="20021345" type="General" weightage="20" keywordseo="TVS-Motor-Company" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motor Company" meta.hostid="153" meta.entityid="TVS Motor Company">TVS Motor Company</keyword> expects to grow faster than the competition across domestic and <keyword id="20108266" type="General" weightage="20" keywordseo="international-markets" source="keywords">international markets</keyword> this fiscal, riding on the back of new <keyword id="22697277" type="General" weightage="20" keywordseo="product-launches" source="keywords">product launches</keyword> and strengthening of operations across key regions, according to CEO KN Radhakrishnan. He noted that in the <keyword id="20046426" type="General" weightage="20" keywordseo="domestic-market" source="keywords">domestic market</keyword>, the company expects growth momentum to continue with normal monsoons likely to add strength to the <keyword id="19929089" type="General" weightage="20" keywordseo="rural-markets" source="keywords">rural markets</keyword>. In international markets, Radhakrishnan exuded hope to perform better in key markets like Africa this year while expanding operations in other regions like the Middle East and Latin America. "Our strong product portfolio; our unwavering focus on the consumers, quality, new products and attractive quality and technology, we are confident that we will outperform the industry both in the domestic and international markets," Radhakrishnan said in an analyst call. He noted that the growth momentum is likely to be maintained with the budget focusing on employment generation, continued higher commitment to infrastructure and rural economy. "We are expecting rural markets to recover. With the expected normal monsoon, we could witness robust growth in Q2," Radhakrishnan stated. He noted that for the first time the company is witnessing that the rural areas were doing slightly better than the urban markets. The improving road infrastructure and economic environment will drive the demand for two-wheeler mobility, he added. The <keyword id="21048623" type="General" weightage="20" keywordseo="two-wheeler-segment" source="keywords">two-wheeler segment</keyword> has got a huge opportunity in the medium and the long term given the challenges in mobility as well as also investments from the government on the infrastructure and road development, he said. The company, which has earmarked over Rs 1,000 crore capex this year, is gearing up to introduce one product each in the electric and internal combustion engine segments in the ongoing quarter. A significant proportion of the earmarked capital is expected to go towards the design and development of new products, Radhakrishnan stated. "I want to highlight that the company will be launching one product in ICE and one product in EV in this quarter and that will further strengthen our range of product portfolio," he said. Commenting on international business, Radhakrishnan said that the Red Sea issue has led to challenges in terms of enhanced transit periods for overseas dispatches. He noted that <keyword id="62356" type="General" weightage="100" keywordseo="TVS" source="Orion">TVS</keyword> has taken enough countermeasures to mitigate these challenges and the situation is likely to improve in the ongoing quarter. Certain select African markets are facing challenges due to currency devaluation and persistent inflation, he said. "However, considering the base effect in our assessment, the possibility of further decline in Africa is low. We feel that we will be doing better in Africa this year," he added. He further said: "Besides, Latin America gives us a huge opportunity. We have started exporting to LATAM. In Asia, we are seeing some challenges in Bangladesh, but we are hopeful that things will settle down soon." The Middle East is also a huge opportunity for TVS and the company is strengthening its operations in the region, he stated. For the April-June quarter this fiscal, <keyword id="46156" type="General" weightage="20" keywordseo="TVS-Motor" source="Orion">TVS Motor</keyword> Company reported a 6 per cent year-on-year increase in consolidated net profit at Rs 461 crore. Total income rose to Rs 10,448 crore for the period under review as compared to Rs 9,142 crore in the year-ago period.

TVS confident of outperforming industry in domestic, global markets following new product launches, ops strengthening

<ul class="summary-list"><li>Western defense companies are increasingly setting up operations on Ukrainian soil.</li><li>Two companies announced this week that they are starting new projects based in Ukraine.</li></ul>US and European defense companies are increasingly setting up operations in Ukraine, with the brutal war raging on and presenting plenty of opportunities.Two companies said this week that they will work more on key weapons in Ukraine, adding to what has been a growing presence of Western defense manufacturers in the country since <a target="_blank" class="" href="https://www.businessinsider.com/why-did-russia-invade-ukraine-putin-politics-motive-2023-6">Russia launched its full-scale invasion</a> in February 2022.KNDS, a French-German defense group, announced on Tuesday that it had opened a subsidiary in Kyiv, Ukraine's capital, where one of its aims is to "carry out maintenance, repair and overhaul work" on some of its systems that Ukraine's military is using.This includes the <a target="_blank" class="" href="https://www.businessinsider.com/ukrainian-soldier-reveals-why-leopards-are-better-than-soviet-tanks-2023-9">Leopard 1 and 2 main battle tanks</a>, the CAESAR <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-artillery-arsenal-creates-logistical-maintenance-problems-2023-7">artillery gun</a>, the AMX10 RC armored fighting vehicle, the PzH 2000 <a target="_blank" class="" href="https://www.businessinsider.com/mud-makes-trouble-ukraines-howitzers-super-sensitive-dirt-vacuum-cleaner-2023-5">armored howitzer</a>, and the <a target="_blank" class="" href="https://www.businessinsider.com/gepard-cannons-are-defeating-russias-drones-but-ukraine-needs-ammo-2023-4">Gepard self-propelled antiaircraft gun</a>.The company said in a press statement that the new subsidiary "will support the cooperation between Ukrainian government institutions, the Ukrainian armaments industry and KNDS."Meanwhile, AeroVironment, an American defense contractor headquartered in Virginia, signed an agreement with an undisclosed Ukrainian company to make the Switchblade 600, a loitering munition, in Ukraine, the Kyiv Independent <a target="_blank" class="" href="https://kyivindependent.com/us-company-aerovironment-plans-to-start-producing-switchblade-loitering-munitions-in-ukraine/">reported</a>.The moves build on a growing Western defense industry presence in Ukraine.Ukraine's defense minister, Rustem Umerov, said in December that his country had signed "dozens of new contracts" that included joint production agreements with Western partners.German arms maker Rheinmetall has opened a plant in Ukraine and its CEO <a target="_blank" class="" href="https://newsukraine.rbc.ua/news/rheinmetall-to-open-air-defense-plant-in-1715848545.html">said</a> in May that the company will open a new air defense facility in the country.It also said that it would produce Lynx armored vehicles in Ukraine.BAE, a major British defense firm, meanwhile, announced last year that it was opening a new base in Ukraine to "ramp up" its support for the country's armed forces.And an unnamed US State Department official <a target="_blank" class="" href="https://www.defenseone.com/business/2024/08/warily-us-companies-eye-co-production-deals-ukraine/398616/">told Defense One</a> that more American defense companies seem interested in establishing themselves in Ukraine.But the official also warned of the dangers involved, saying no company wants their facilities targeted or employees hurt.The efforts are part of a wider push to integrate Western and Ukrainian defense efforts, including by sharing technologies, Ukrainian weapons specialists working in the West, and Western countries repairing and storing Ukrainian weaponry.These efforts will "allow Ukraine to become self-sufficient over time and integrate Ukraine into the broader Western security network," Washington DC-based think tank the Institute for the Study of War <a target="_blank" class="" href="https://understandingwar.org/backgrounder/ukraine%E2%80%99s-long-term-path-success-jumpstarting-self-sufficient-defense-industrial-base">said</a> in January.Most of Ukraine's weaponry comes from its allies, but it has also dramatically increased its own production. This includes <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-make-72-howitzers-next-year-struggle-ammo-report-2023-12">making its own howitzers</a>, <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-making-own-bombs-counter-russian-devastation-us-ones-jam-2024-6">glide bombs</a>, and <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-on-track-produce-more-mortar-drones-than-planned-official-2024-7">drones</a>.<a target="_blank" class="" href="https://www.businessinsider.com/russia-finally-serious-about-its-war-spelling-trouble-for-ukraine-2024-5">Russia is also ramping up its own production</a>, sparking concerns in the West.Russia's invasion of Ukraine has been a major boost for Western defense companies, with many nations increasing their defense spending.Countries have increased their orders, and <a target="_blank" class="" href="https://www.businessinsider.com/russia-forced-west-boost-weapon-production-gear-no-longer-made-2024-7">many companies have increased their production, including equipment that had stopped being made</a> — not only to aid Ukraine but to prepare for any future Russian conflict with the West.The benefit has been huge for US companies: Of the $113 billion pledged by Congress up until April 2024 in relation to the war, as much as $68 billion was destined to be invested in domestic companies, <a target="_blank" class="" href="https://www.csis.org/analysis/how-supporting-ukraine-revitalizing-us-defense-industrial-base">according to</a> the Center for Strategic and International Studies think tank.

More US and European defense companies are setting up operations in Ukraine as the war rages on

Markets regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword> has asked the <keyword id="20677983" type="General" weightage="20" keywordseo="mutual-fund-industry" source="keywords">mutual fund industry</keyword> to proactively conduct stress tests, a key component of <keyword id="20383727" type="General" weightage="20" keywordseo="risk-management" source="keywords">risk management</keyword> for the financial sector, which will help strengthen the ecosystem, its whole-time member Ananth Narayan Gopalakrishnan said on Friday. The regulator's stress testing emphasizes the need to assess and manage liquidity risks, especially in small and midcap equity schemes. Speaking at a mutual fund event, Gopalakrishnan highlighted the importance of modelling stress scenarios not just for individual schemes or fund houses, but for the entire mutual fund ecosystem. "It is also important to model stress scenarios for the entire composite mutual fund ecosystem. I would strongly encourage the industry and <keyword id="20090036" type="General" weightage="20" keywordseo="AMFI" source="keywords" meta.keywordsubtype="org" meta.entityname="AMFI" meta.hostid="153" meta.entityid="AMFI">AMFI</keyword> to take the lead and proactively conduct objective and credible industry wide stress tests. themselves," Gopalakrishnan said. He also emphasized the need to find better ways to communicate the risks associated with different mutual fund schemes. The SEBI official mentioned that while the current risk measurement system is straightforward and has had a significant impact, it doesn't fully capture the differences in risks among various investment schemes. According to him, many schemes are just labelled as high risk, even though they have different kinds of risks. The goal is to improve this system to better reflect those differences, while keeping it simple and easy to understand. One possible approach is to consider the portfolio's volatility and liquidity from stress tests to give a clearer picture. "While ensuring simplicity and ease of understanding remains a key objective, perhaps the underlying volatility of the portfolio along with the liquidity of the portfolio from stress tests could be used to provide better colour all around," he added. This comes at a time when the holdings of mutual funds by <keyword id="20234284" type="General" weightage="20" keywordseo="domestic-institutional-investors" source="keywords">Domestic Institutional Investors</keyword> (DIIs) and individuals have risen from about 54.3% of free float of all mid cap and small cap companies, as of March 2020 to 60.6% as of March 2024. Several fund houses have proactively stopped lump sum investments in some small-cap schemes and also capped the amount that can be invested through <keyword id="20675888" type="General" weightage="20" keywordseo="systematic-investment-plan" source="keywords">Systematic Investment Plan</keyword> (SIP) into small-cap schemes. He also highlighted the potential mismatch between the demand for paper and the supply of fresh paper coming into the ecosystem. Gopalakrishnan said the industry can make more progress in streamlining operations and improving efficiency for investors. "At a time when instantaneous fund transfers have become ubiquitous in our country, perhaps we should look to improve our internal processes and the security settlement ecosystem, to ensure that funds are passed on to investors on the day of the settlement itself, rather than a day after or two days after," he added. Over the last few years, the mutual fund industry has made impressive strides, and is now playing a crucial role in channeling financial savings towards risk capital formation. This was driven by stable macros, increased formalization, robust corporate earnings, digitisation and user friendly access. Moreover, the number of mutual fund investors has grown significantly from about 2 crore as of March 2019 to nearly 4.7 crore as of June 2024, an impressive compounded annual growth rate of 18% during that period. Gopalakrishnan mentioned that several exciting initiatives are in the works, developed with input from all stakeholders. These include a proposed low-ticket SIP, further breaking down regular SIPs into smaller, more accessible units (sachetisation and tokenization), and the introduction of "mutual funds lite" regulations. These new regulations will simplify rules for passively managed funds, reducing the compliance burden and encouraging competition and innovation. Additionally, a new class of higher-risk schemes is proposed for investors with a greater capacity to handle risk.

SEBI asks mutual fund industry to proactively conduct stress test

<ul class="summary-list"><li>A satellite image shows China's two operational aircraft carriers docked together.</li><li>Liaoning and Shandong were pier-side at Sanya Naval Base on Hainan Island in the South China Sea.</li></ul>A rare satellite image captured China's two fully operational <a target="_blank" class="" href="https://www.businessinsider.com/why-china-wants-to-build-aircraft-carriers-2024-6">aircraft carriers</a> sitting pier-side together in the South China Sea earlier this week.The carriers arrived at the naval base after several weeks of exercises in the region.Business Insider obtained the satellite image from <a target="_blank" class="" href="https://www.blacksky.com">BlackSky</a>, a real-time, space-based intelligence company. It shows the Chinese People's Liberation Army Navy's Liaoning and Shandong carriers docked at the same pier at Sanya Naval Base on Hainan Island, just east of Vietnam. <div type="image" title="A satellite image shows China's two operational aircraft carriers docked at the same naval base." height="720" width="1280" msid="114130375" hostid="261" sizebytes="35766"></div>The image was taken on Tuesday. Open-source intelligence accounts on social media also noted the rare occurrence of both carriers being seen docked together. The Liaoning, China's first carrier, was built from the stripped hulk of an unfinished Soviet-era Kuznetsov-class carrier that China purchased in the late 90s. It entered service in 2012 but was not deemed combat-ready until four years later. Given its origins, China's Liaoning resembles Russia's sole aircraft carrier, the Admiral Kuznetsov.<div type="image" title="A man stands in front of two models of China's aircraft carriers, which feature model fighter jets on them, at a museum with other exhibits and displays highlighting China's naval aviation." height="5472" width="8256" msid="114130374" hostid="261" sizebytes="5298600"></div>The Shandong, China's second carrier, is the country's first domestically-produced aircraft carrier. The ship is, however, still based on the design for the Liaoning, featuring similar characteristics, such as the ski-jump style ramp for launching planes, but also some differences, like the ability to carry a larger air wing, specifically more of China's carrier-based J-15 fighters. The vessel was commissioned into the PLAN in 2019.These ships are the predecessors to <a target="_blank" class="" href="https://www.businessinsider.com/chinas-new-aircraft-carrier-more-to-learn-to-match-us-2024-5">China's newest aircraft carrier, the Fujian</a>, which is not yet in active service and has been undergoing sea trials. Unlike the others, the new ship features an <a target="_blank" class="" href="https://www.businessinsider.com/chinas-newest-aircraft-carrier-seen-with-aircraft-mock-ups-images-2024-4">advanced catapult launch system</a> akin to the kind used on the US Navy's new Ford-class carriers.<div type="image" title="A J-15 fighter taking off from aircraft carrier Shandong" height="4340" width="6509" msid="114130373" hostid="261" sizebytes="671206"></div>Prior to docking together in Sanya, the Liaoning and Shandong were operating in different waterways. In mid-September, the Liaoning was spotted sailing from the East China Sea to the Philippine Sea. It then conducted exercises in the Western Pacific involving fighter jets and helicopters.The Shandong, on the other hand, docked in Hainan after participating in drills in the South China Sea late last month. Though there has been some speculation, it is unclear if the carriers will conduct dual-carrier operations.<div type="image" title="An aerial drone photo taken on May 1, 2024 shows China's third aircraft carrier, the Fujian, during its maiden sea trials." height="683" width="1024" msid="114130376" hostid="261" sizebytes="74856"></div>China's naval exercises have come amid drills with Russia and clashes with its neighbors. Beijing has been <a target="_blank" class="" href="https://www.businessinsider.com/china-taking-over-south-sea-us-not-stopping-experts-philippines-2024-9">harassing and attacking Philippine vessels</a> in disputed waters, specifically around the Scarborough Shoal. The territory, which China unjustly claims, has seen increased conflict in recent months, which <a target="_blank" class="" href="https://www.businessinsider.com/philippines-expects-us-to-intervene-if-china-takes-rusted-warship-2024-9">Chinese vessels shooting water at and ramming Philippine ships</a>.Just this week, the Philippines accused Chinese vessels of firing water cannons at government ships taking supplies to fishermen in the area.These fights involve the white-hulled coast guard instead of the Chinese navy gray hulls, such as destroyers and aircraft carriers, that would be needed in a major maritime conflict.

Rare satellite image shows China's only two operational aircraft carriers together at a base in the South China Sea

The financial capital of the country, <keyword id="19895282" type="General" weightage="20" keywordseo="Mumbai" source="keywords">Mumbai</keyword>, is set to get its first <keyword id="22447857" type="General" weightage="20" keywordseo="underground-metro" source="keywords">underground metro</keyword> (<keyword id="20470518" type="General" weightage="20" keywordseo="Aqua-Line" source="keywords">Aqua Line</keyword>) on July 24, <keyword id="19931558" type="General" weightage="20" keywordseo="Bharatiya-Janata-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharatiya Janata Party" meta.hostid="261" meta.entityid="Bharatiya Janata Party">Bharatiya Janata Party</keyword>'s general secretary Vinod Tawde said in a post on "X". BJP Leader Tawde said in a post on social media "X", "Prime Minister @NarendraModi ji had given a guarantee to make the life of Mumbaikars easier and this is going to be fulfilled. Mumbai's first underground metro (Aqua Line) is starting from July 24, which will give new impetus to the speed of the city." This new metro line will cover a distance of 33.5 kilometres. Mumbai's first underground metro line will run through Colaba, <keyword id="19907248" type="General" weightage="20" keywordseo="Bandra" source="keywords">Bandra</keyword>, and <keyword id="20170419" type="General" weightage="20" keywordseo="SEEPZ" source="keywords">SEEPZ</keyword> (Santacruz Electronics Export Processing Zone). Running a 33.5 km route from Aarey Colony to Cuffe Parade with 27 stops, it will transform urban transit, easing travel across Mumbai's streets and reducing traffic congestion. The new metro line will have stations at Cuffe Parade, Vidhan Bhavan, Churchgate, Hutatma Chowk, CST Metro, Kalbadevi, Girgaon, Grant Road, Mumbai Central Metro, Mahalaxmi, Science Museum, Acharya Atre Chowk, Worli, Siddhivinayak, Dadar, Shitladevi, Dharavi, BKC, Vidyanagari, Santacruz, Domestic Airport, Sahar Road, International Airport, Marol Naka, MIDC, SEEPs and Aarey Depot. Separately, in the last week of June this year, the government of Maharashtra decided to complete the <keyword id="21117856" type="General" weightage="100" keywordseo="Mumbai-Metro" source="keywords">Mumbai Metro</keyword> 3 project by the end of December 2024. The first phase of Mumbai Metro 3, will run between SEEPZ (Santacruz Electronics Export Processing Zone) and Bandra Kurla Complex. The project will be completed by the end of December 2024, which was initially scheduled to be completed by September 2024. During the cabinet meeting, Maharashtra's Chief Minister Eknath Shinde gave its nod to giving the state government's share of Rs 1,163 crore directly to the Mumbai Metro Rail Corporation, instead of the Mumbai Metropolitan Region Development Authority (MMRDA) for the completion of the project. According to the government, the project has achieved the completion of 98% and its revised cost is Rs 37,275.50 crore. As per the information available on the website of Mumbai Metro Rail Corporation, about 99.2% of civil works under the project have been completed. About 97% of the overall station construction has been completed. Under the project, tunnelling works have been fully completed, while 77.6% of overall systems work, depot civil works 99.8% and mainline track works have been completed almost 87% The introduction of the metro transportation system has witnessed a significant response in the city as the daily ridership of the Mumbai Metro has witnessed a significant increase. On July 24, 2023, the ridership reached 2,12,490, followed by 2,18,635 on July 25, 2023. The highest recorded ridership was on July 26, 2023, with 2,22,290 passengers. This surge in ridership has been observed specifically on the Metro 2A and 7 lines, Mumbai Metro Rail Corporation said in a release.

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