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Mumbai: Indian stock markets rallied on Monday after the <keyword id="20032950" type="General" weightage="20" keywordseo="BJP-led-government" source="keywords">BJP-led government</keyword> secured a majority in the latest state elections in Maharashtra. The <keyword id="20641216" type="General" weightage="100" keywordseo="Nifty-50" source="keywords">Nifty 50</keyword> index gained more than 1.45 per cent or 346.30 points to open at 24,253.55 points, while the BSE <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> index surged 1,076 points or 1.36 percent to open at 80,193.47 points. Experts noted that the election results have an impact on the markets today, and if past trends are followed, the markets may witness some rally amid the return of the BJP in the Maharashtra state elections. <keyword id="20161891" type="General" weightage="20" keywordseo="Ajay-Bagga" source="keywords">Ajay Bagga</keyword> Banking and Market Expert stated that "The just concluded elections in Maharashtra, the results of which were declared on November 23rd, will have a positive immediate impact on the stock markets. The landslide win for the BJP lead coalition in the Maharashtra state elections could lead to a short-term boost to the Indian stock markets which have been in a declining mode" He further added "Investors will interpret this mandate as favourable for the capex and infrastructure push that is ongoing in Maharashtra. The beneficiary sectors of this election are industrials, infrastructure, manufacturing, real estate and financials". In the sectoral indices on the National Stock Exchange, <keyword id="20065014" type="General" weightage="20" keywordseo="Nifty-Realty" source="keywords">Nifty Realty</keyword> and <keyword id="19941314" type="General" weightage="20" keywordseo="Nifty-PSU-Bank" source="keywords">Nifty PSU Bank</keyword> rallied with a surge of more than 2 percent, while other major indices also gained more than 1.5 per cent, including Nifty Metal, Nifty Media, and Nifty Oil &amp; Gas. In the Nifty 50 list, 49 stocks gained during the opening session, while only one stock declined. Shri Finance opened as the top gainer in the Nifty 50. The shares of the AdGroup also surged around 2 percent at the time of filing this report. <keyword id="19967296" type="General" weightage="20" keywordseo="Adani-Green" source="keywords">Adani Green</keyword> also climbed around 4 percent. "We are most likely to break the falling 20-day average that lies at 24,030, which will be the first time that'd happen since the record high of 27th September. Seasonality trends between now and the end of the year have been historically positive, with the Nifty rising 80% of the time during this period with an average return of over 4 per cent" Akshay Chinchalkar, Head of Research, Axis Securities. In other Asian markets, Japan and South Korea indices rallied. The Nikkei 225 index surged more than 1.5 percent, South Korea's Kospi also rose by 1.5 percent, Taiwan's Weighted Index was up by 0.48 percent, while Hong Kong's Hang Seng index was down marginally by 0.14 percent at the time of filing this report.

Nifty, Sensex rallied around 1.5 % after Maharashtra election results, Experts noted short term rally

The stock of <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords">Reliance Industries</keyword> Ltd climbed nearly 3 per cent during the late afternoon trade on Thursday following the announcement that the company's board will consider issuing 1:1 bonus shares on September 5. Shares of the firm jumped 2.63 per cent to Rs 3,074.80 on the BSE as soon as the announcement came in. At the NSE, the bellwether stock climbed 2.58 per cent to Rs 3,074. The company's market valuation also surged Rs 42,399.24 crore to Rs 20,60,461.42 crore. <keyword id="10926" type="General" weightage="20" keywordseo="Reliance" source="Orion">Reliance</keyword>, the nation's most valuable company, had last issued bonus shares in September 2017. "A meeting of the Board of Directors of the company is scheduled to be held on Thursday, September 5, 2024, to consider and recommend to the shareholders for their approval, issue of bonus shares in the ratio of 1:1 to the equity shareholders of the company by capitalisation of reserves," the firm said in the stock exchange filing. Prior to the 1:1 bonus issue in 2017, Reliance had in 2009 issued 1:1 bonus share.

Reliance Industries valuation jumps by Rs 42,399 crore following 1:1 bonus shares consideration announcement

<ul class="summary-list"><li>The crypto industry has spent tens of millions on pro-crypto candidates this election cycle.</li><li>Donald Trump and Kamala Harris have both made crypto a part of their campaign.</li></ul>With the US presidential election just two weeks away, the world is about to find out just how influential the <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/category/cryptocurrency">cryptocurrency</a> industry really is.Crypto companies, executives, and super PACs have spent huge sums this election cycle, outspending even perennial big spenders like the <a target="_blank" class="" href="https://www.businessinsider.com/koch-brothers-fortune-power-conservative-crusade-american-politics-2019-8">Koch family</a>, according to Federal Election Commission filings.The crypto industry has <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/crypto-bitcoin-election-spending-kamala-harris-donald-trump-2024-8">outspent every other industry</a>, injecting almost $120 million into federal races as of August, according to OpenSecrets, a nonprofit that tracks campaign spending. Fairshake, the leading pro-crypto super PAC, raised over $204 million for the 2024 election cycle.While Faireshake has donated in favor of candidates on both sides of the aisle, it only spent against Democrats. According to OpenSecrets, Fairshake spent over $13 million in total against three Democrats — Sen. Katie Porter, Rep. Jamaal Bowman, and Rep. Cori Bush — who each lost their primaries.Perhaps nowhere has the industry's spending been more acute than in Ohio, where the once-favored Democratic Sen. Sherrod Brown is now in a tight race against Republican Bernie Moreno, a blockchain entrepreneur. Crypto supporters have zeroed in on the race, spending tens of millions to support Moreno.Former President Donald Trump and Vice President Kamala Harris have both made overtures to the crypto community during their campaigns, but just how far the industry's influence can stretch won't be clear until after Election Day.Industry leaders told Business Insider that many in the crypto world hope a crypto-friendly Congress or president can influence how the government regulates digital currencies or, at the very least, encourage the Securities and Exchange Commission to provide clear rules on how it wants crypto companies to protect consumers.JP Richardson, the CEO at Exodus Crypto Wallet, told BI that he donated the maximum contribution that he could — $844,000 — to Trump's campaign.Trump, who once <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/trump-called-crypto-scam-now-owns-million-ethereum-disclosure-bitcoin-2024-8">called crypto a scam</a>, has more recently fueled hope that he'd be <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-soars-crypto-president-donald-trumps-election-betting-odds-2024-10">good for crypto entrepreneurs</a>. On the campaign trail, he has promised to make America<a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/donald-trump-going-for-crypto-bro-vote-world-liberty-financial-2024-9"> "the crypto capital of the planet."</a>The rhetoric is paying off for him. A pro-Trump political action committee has raised at least<a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/trump-pac-raised-millions-crypto-donations-since-june-2024-10"> $7.5 million in crypto donations</a> since June, and as Trump's<a target="_blank" class="editor-rtfLink" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-soars-crypto-president-donald-trumps-election-betting-odds-2024-10"> betting market odds climb</a> ahead of the election, there's been a corresponding surge in bitcoin's value.Trump <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/trump-bitcoin-stance-2024-7">visited the Bitcoin 2024</a> crypto conference in Nashville in July, where he pledged to fire SEC Commissioner Gary Gensler and keep all of the federal government's bitcoin in a "strategic national bitcoin stockpile" if elected.The audience gave Trump a standing ovation at the mention of firing Gensler, Richardson said, "because the industry wants that clear regulatory guidance from the SEC.""I personally have supported Trump, and I would have been happy to extend that same support to Harris if she had come out with a bold stance in supporting the industry in the same way that Trump did, but she has not done that," Richardson said.Harris has been <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/kamala-harris-tech-issues-ai-big-tech-crypto-silicon-valley-2024-7">less vocal</a> about her position on crypto, but she has started to show <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/kamala-harris-donald-trump-crypto-bitcoin-donors-young-men-2024-9">quiet support</a> for the industry on the campaign trail in recent months. In September, she addressed crypto at a Wall Street fundraiser, where she said her administration would "encourage innovative technologies like AI and digital assets while protecting our consumers and investors."Barry DiRaimondo, cofounder and CEO of <a target="_blank" class="editor-rtfLink" href="https://therealdeal.com/sanfrancisco/2024/05/28/steelwave-debuts-500m-real-estate-fund-with-digital-tokens/">real estate crypto fund</a> SteelWave Digital, said he thinks a Trump victory is still the best outcome for crypto because he "is advocating for getting crypto regulated so it can become a mainstream financial product.""If you're long in bitcoin and Trump wins, you're going to be a happy camper," DiRaimondo said.Still, he said he didn't donate to any political groups because "if we're playing in the political landscape, we're playing both sides of the fence.""Politically, as a company, we're very neutral," he said.Richardson said Exodus also donated $1.3 million to Stand With Crypto, an advocacy organization that focuses on voter registration and informing people about political candidates who support crypto."We see the importance of getting pro-crypto candidates elected, and this, by the way, should be very bipartisan," Richardson said. "So Stand With Crypto will educate people on these candidates.""We want to help with that education, and so the $1.3 million is targeted to helping in these swing states," Richardson added.For Richardson, the "turning point" in his decision to get involved in politics came on May 9 when his company planned to uplist on the New York Stock Exchange. Before the opening bell, the SEC postponed the listing to review the company's registration statement, the company said."Before this moment, I didn't really care about politics, and now I feel like I was forced and backed into a corner to really care about politics more than I ever have," Richardson said.

The crypto industry has spent millions this election. Here's what it hopes to get in return.

Tesla attracts millions of job seekers annually. The few who receive offers typically face a calculated gamble: Accept lower base pay up front for the chance of a potentially lucrative future payout.Business Insider secured access to an internal Tesla pay database, covering nearly 100,000 employees as of December 2021. That data, along with public filings and interviews with people who have worked for the automaker, reveal the company's pay strategy. Tesla offers lower base salaries than its tech and automotive peers but offers substantial stock grants.Even Tesla's top earners must bet on the company. This high-risk, high-reward system is coupled with a selective hiring process that has in the past included <a target="_blank" href="https://www.businessinsider.com/elon-musk-email-tesla-approve-new-hires-2023-5">Elon Musk's sign-off for every hire</a>.Using Tesla's internal salary database, BI looked at median base pay for the roughly 13,000 full-time, salaried, US-based employees across the internal job categories that Tesla uses to define workers in business units, such as engineering, manufacturing, or data management. (BI excluded pay for hourly workers, many of whom work in manufacturing, as it was not possible to accurately calculate their median annual pay based on hourly payroll data.)BI further broke down the data to look at median base pay by job title, analyzing the numbers for full-time, US-based, salaried roles with at least five employees.The base pay for these titles, which include directors of engineering and managers who work in Tesla's service centers fixing vehicles, ranges from about $35,000 to $324,000, according to the data.Nine current and former workers told BI the pay structure has largely remained in place since December 2021 and is ultimately part of Musk's quest to hire only the most <a target="_blank" href="https://www.businessinsider.com/elon-musk-tells-twitter-tesla-staff-be-hardcore-old-email-2022-11">"hardcore" workers</a>."The whole system is set up to find the fanatics," a current Tesla worker with knowledge of the company's hiring process said. "They could get better pay somewhere else, but we want the people who are die-hard Tesla."A former Tesla recruiter who worked with the company until 2024 said the automaker's <a target="_blank" href="https://www.businessinsider.com/how-to-get-hired-at-tesla-job-interview-process">interview process</a> for engineers — which typically entails at least nine interviews and can take months — and the company's pay structure are designed to weed out workers who are looking to just "clock in and clock out.""It's a culture thing," the former recruiter said. "It's not even about how smart you are or how much you know. They're looking for a willingness to learn and put in the extra hours."Tesla, Musk, and the company's board of directors did not respond to requests for comment.In a December 2023 <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.sec.gov/Archives/edgar/data/1318605/000162828024002390/tsla-20231231.htm">regulatory filing</a>, Tesla reported it employed more than 140,000 people worldwide. In April, Tesla told staff it planned to <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/elon-musk-sent-tesla-employees-email-announcing-layoffs-read-memo-2024-4">cut more than 10% of its workforce</a>. A June <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.cnbc.com/2024/06/21/tesla-has-downsized-by-at-least-14percent-this-year-internal-number-shows.html#:~:text=Tesla%20internal%20records%20viewed%20by,includes%20hourly%20and%20salaried%20workers.">estimate</a> from CNBC placed Tesla's headcount at just over 120,000.Using separate data from the Securities and Exchange Commission, BI compared the company's median base pay with that of traditional automakers and the six largest tech firms by market cap. Tesla lags behind all of them except Amazon. While there are a variety of factors that can affect a company's median salary — for example, Amazon's large warehouse workforce or Apple's large retail workforce — the data is consistent with what four current and former Tesla employees say: Tesla's base salaries are generally less than competitors'.Nvidia, Ford, Meta, and Amazon declined to comment on their employee compensation packages. Apple, Microsoft, and Alphabet did not respond to a request for comment. GM said it has doubled its staff in Silicon Valley over the past six months and is competitive in hiring talent away from tech firms.Nine current and former people in engineering and sales said that Tesla's stock grants make it easier to accept lower base salaries. Tesla stock could make them rich, if only on paper. On November 8, the automaker's stock surged more 8% in the wake of Donald Trump's re-election, hitting a market cap of $1 trillion.Some Tesla employees can receive millions of dollars in stock. In 2020 and 2021, 44 US-based employees were offered stock worth more than $1 million, according to the database.To get a sense of which employees were more likely to take home large grants, BI broke up stock grants based on job category. The data show that most workers in engineering received stock grants above $25,000. The value of the stock is based on the value of the shares at the time they were granted, but it's subject to change based on Tesla's share price.Of the stock offerings at Tesla, about 75% were restricted stock units, or RSUs, while nonqualified stock options made up 21%, and were given exclusively as merit-based compensation, according to BI's analysis of US-based, full-time workers. Only 4% of employees — including many executives and other high-level workers — received the stock as incentive stock options, or ISOs.Zaheer Mohiuddin, the cofounder of <a target="_blank" href="http://Levels.fyi">Levels.fyi</a>, said RSUs are very common in tech, while incentive stock options are typically reserved for longtime high-level employees or nonpublic companies. RSUs are typically included in standard compensation packages, while nonqualified stock options and ISOs are often used as additional incentives.RSUs give employees actual shares that vest over time, while ISOs simply provide the right to purchase stock at a preset price before expiration — which is potentially profitable if the stock price rises above that level, but also requires the employee to have money on hand to pay for the stock in the first place.Outside of one person within Tesla's executive job category who had no stock amount listed, Tesla executives received stock offerings worth between $950,000 and $20 million, according to the database, which displayed the latest stock amount for each employee as of December 2021. All but one of the executives' offerings were ISOs.Tesla is far from the first company to enhance base pay with stock grants. Companies like Meta, Google, and Amazon have been known to offer employees healthy stock grants. Employee survey data from 2024 from the compensation-benchmarking company <a target="_blank" href="http://Levels.fyi">Levels.fyi</a> found that Tesla's median base pay and stock grants for US-based software engineers are slightly lower than that of US-based software engineers at Meta, Amazon, Apple, Netflix, and Alphabet, collectively.Over the past five years, Tesla's stock has spiked well over 1,000%; that performance potentially makes those grants attractive.Greg Selker, a managing director at the executive recruitment firm Stanton Chase, told BI that while other Big Tech companies might have higher base pay and equity grants to match, Tesla's strength also lies in its image."There's a mission-driven element to it that allows Tesla to get away with paying less," Selker said. "These people are working to bring about the decarbonization of the planet."Musk has previously described what the stock options can do for employees. "We give everyone stock options; we've made many people who are just working the line — who didn't even know what stocks were — we've made them millionaires," he <a target="_blank" href="https://fortune.com/2023/11/30/tesla-elon-mus-unionize-staff-millionaires-stock-options/">said</a> last year.BI examined the median stock grants and the percentage of employees who received grants for each job category and found that a majority of workers in nearly every category received some type of stock grant.Tesla's pay strategy has more in common with other Silicon Valley companies like Google or Meta than it does with traditional automakers, Harley Shaiken, an auto industry and labor expert, told BI. Traditional automakers like GM or Ford rely on higher base pay while companies like Tesla, which has seen higher stock returns over the past five years, can attract talent through stock grants, Shaiken said."Tech workers are looking for the opportunity for a big payday, not just an incremental salary bump," he said.One former sales manager said Tesla's stock offerings initially attracted him to the role, but he compared them to "golden handcuffs.""The stock is the major hook. You might be unhappy in your role, but you just decide, 'I'm going to keep my head down and wait a few months longer until I vest,'" he said.Tesla's stock offerings have given some workers opportunities for major paydays. Drew Baglino, Tesla's former senior vice president of powertrain and energy engineering, and Zachary Kirkhorn, the former CFO, were awarded $20 million each.Other executives, including Musk's right-hand man Omead Afshar, received $10 million in stock offerings, according to the database."It's part of the benefit of taking a chance on a company like Tesla," one engineer who joined the company in 2015 told BI. "You might have to deal with the aches and pains of a startup — the long hours, some of the uncertainty — but there can also be a significant payoff."Aaron Greenspan, a vocal critic of Musk and the founder of PlainSite, an organization that provides access to legal documents and advocates for legal transparency, first referenced Afshar's stock grant in a lawsuit filed against defendants including Musk and Tesla, accusing them of defamation, among other claims. Lawyers for Musk and Tesla have called his claims "largely unintelligible allegations." The lawsuit is ongoing.Tesla awards stock grants with promotions and annual reviews and bases them on the company's performance, according to the salary database and conversations with four current employees. Last year, the company cut back on merit-based stock awards for staff, <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-12-19/tesla-skips-merit-based-stock-awards-squeezing-compensation">Bloomberg reported</a> and the four employees told BI. In June, Musk told staff he planned to award <a target="_blank" href="https://www.businessinsider.com/tesla-stock-option-grants-awards-elon-musk-email-2024-6#:~:text=Tesla%20will%20reward%20employees%20for,at%20Tesla%20earlier%20this%20year.">additional stock grants for "exceptional performance."</a> During annual performance reviews in July, managers were limited to recommending no more than 20% of their team to be considered for the extra award, two people with knowledge said. Tesla typically awards employees restricted stock units that vest over a period of four years, the data show.Selker said historically Tesla workers have been able to count on their stock continuing to grow."It's a bet they have to make," he said. So far, stock grants have "proven to be better than cash in your pocket.""Now, if the stock were to become inconsistent or halve, then Tesla will have to change its strategy," he added.Tesla's stock has experienced significant volatility this year, slumping as low as 44% in mid-April from its price at the start of the year. Following Donald Trump's re-election, it's up nearly 30% overall year to date.At least one longtime Tesla staffer worries about new hires."I feel lucky that I got in early, but I see a lot of younger engineers expecting to reap the same benefits," they said. "And I'm not sure they will."Do you work for Tesla or have a tip? Reach out to the reporter via a non-work email and device at <a target="_blank" href="mailto:gkay@businessinsider.com">gkay@businessinsider.com</a> or <a target="_blank" rel="noopener noreferrer nofollow" class="c-link">248-894-6012</a>.

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Nifty, Sensex rallied around 1.5 % after Maharashtra election results, Experts noted short term rally

ANI

Reliance Industries valuation jumps by Rs 42,399 crore following 1:1 bonus shares consideration announcement

PTI

The crypto industry has spent millions this election. Here's what it hopes to get in return.

Katie Balevic,Kenneth Niemeyer

Internal Tesla salary database shows Elon Musk's strategy: Lower salaries, bigger stock grants

Grace Kay,Madison Hoff

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